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

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

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: (800) 977-2947

Date of fiscal year end: 12/31

Date of reporting period: December 31, 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.

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	4

Stewardship investing report	6

Praxis Intermediate Income Fund
Portfolio managers’ letter	8
Performance review	9
Schedule of portfolio investments	10

Praxis Core Stock Fund
Portfolio managers’ letter	15
Performance review	16
Schedule of portfolio investments	17

Praxis International Fund
Portfolio manager’s letter	19
Performance review	22
Schedule of portfolio investments	23

Praxis International Index Fund
Portfolio managers’ letter	26
Performance review	27
Schedule of portfolio investments	28

Praxis Value Index Fund
Portfolio manager’s letter	37
Performance review	38
Schedule of portfolio investments	39

Praxis Growth Index Fund
Portfolio manager’s letter	43
Performance review	44
Schedule of portfolio investments	45

Praxis Small Cap Fund
Portfolio manager’s letter	49
Performance review	50
Schedule of portfolio investments	51

Table of Contents (continued)

Praxis Genesis Conservative Portfolio
Portfolio manager’s letter	53
Performance review	54
Schedule of portfolio investments	55

Praxis Genesis Balanced Portfolio
Portfolio manager’s letter	53
Performance review	56
Schedule of portfolio investments	57

Praxis Genesis Growth Portfolio
Portfolio manager’s letter	53
Performance review	58
Schedule of portfolio investments	59

Financial Statements
Statements of Assets and Liabilities	60
Statements of Operations	63
Statements of Changes in Net Assets	66
Financial Highlights	69

Notes to Financial Statements	79

Report of Independent Registered Public Accounting Firm	94

Additional Fund Information (unaudited)	95

Management of the Trust (unaudited)	105

Message from the President

Dear Praxis shareholder:

While the U.S. economy seems to show signs of improvement, the constant volatility in the equities market and historically low interest rates made it very difficult for investors to feel confident about the future. If the past is any predictor of the future, at least in the short-term, there is little to assure us that volatility won’t be with us into the coming year.

Domestic equities, as measured by the Standard & Poor’s 500 Index, rose by 2.11 percent for the one year period ending December 31, 2011, following a gain of 15.09 percent for the prior year. The Praxis Core Stock Fund Class A Shares (without load) underperformed its benchmark and fell by -3.89 percent. Over the same period, the Class A Shares (without load) of the Praxis Value Index Fund fell by -3.58 percent and the Praxis Growth Index Fund (without load) rose by 1.12 percent. The Class A Shares (without load) of the Praxis Small Cap Fund rose by 5.63 percent and outperformed its benchmark, the Russell 2000, which fell by -4.18 percent. The developed international markets equity benchmark MSCI EAFE Index fell by -12.14 percent for the one-year period ending December 31, 2011. The Praxis International Fund Class A Shares (without load) underperformed its benchmark over the one year period and fell by -15.54 percent. A broader measure of international equity markets, the MSCI ACWI ex-US Index, which also includes emerging markets, fell -13,71 percent for the one-year period ending December 31, 2011. The Praxis International Index Fund Class A Shares (without load), which commenced operations on December 31, 2010, fell by -16.54 percent during 2011.

The Class A Shares of the Praxis Intermediate Income Fund (without load) posted a gain of 6.43 percent for the year ending December 31, 2011. While strong in absolute terms, the Fund’s performance lagged that of the Barclays Capital U.S. Aggregate Bond Index which rose 7.84 percent in 2011. The three-year annualized returns for Class A Shares (with load) of the Fund were 6.36 percent and five-year annualized returns were 5.59 percent.

We continue to be encouraged by the performance of the Praxis Genesis Portfolios, which we launched in 2010. These Portfolios utilize a “fund of funds” strategy that invests in a combination of other Praxis Mutual Funds rather than directly investing in individual stocks, bonds, or other securities. We currently offer three portfolios: The Conservative Portfolio (without load) returned 2.88 percent, the Balanced Portfolio (without load) returned -0.21 percent, and the Growth Portfolio (without load) returned -2.24 percent.

In 2011, our fund family changed its name to Praxis Mutual Funds. Formerly MMA Praxis Mutual Funds, the “MMA” portion of our name was eliminated to more closely conform to the name of the Praxis Mutual Funds’ adviser, Everence Capital Management. (The fund adviser changed its name from MMA Capital Management in November 2010 because its parent company changed its identity to Everence from MMA.)

Because shareholder advocacy is an important aspect of our stewardship investing philosophy and practice, Praxis has created a new outlet for your voice to be heard. Cell phones and other devices depend on minerals like tin, tantalum, tungsten and gold to work. Some of these minerals are mined in areas where adults and children are violently forced to work in the mines. You can encourage your cell phone provider to take notice and provide conflict-free phones, via an online email submission form available at www.praxismutualfunds.com. Additional information regarding this campaign can also be found in the stewardship investing report.

On the following pages, you will find portfolio managers’ letters and performance review for each of the Praxis Mutual Funds, as well as an update on our stewardship investing activities. The work we do on your behalf in company screening, shareholder advocacy and community development are reminders that you can have significant impact by the way you invest your dollars. I encourage you to read these letters for further expansion and explanation of factors that impacted performance and perspective on 2011.

Message from the President (continued)

Thank you for being an investor with Praxis Mutual Funds. We are committed to helping you integrate your investments with the values important to you. As always, we strive to be responsible stewards of the resources entrusted to us, and we are grateful for your support.

Sincerely,

David C. Gautsche

President

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

The views expressed are those of the President of the Praxis Mutual Funds as of December 31, 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.

Praxis stewardship investing report

Annual report to shareholders

Praxis Mutual Funds engages a wide range of companies on a number of critical environmental, social and governance issues. Many of the efforts in 2011 focused on issues related to the scourge of modern slavery (human trafficking) and concerns of food and water safety and security.

Calling for conflict-free cell phones

In the Democratic Republic of Congo, miners – including children – are forced to work through the use of rape and violence. The reason for the oppression: the extraction of minerals (particularly tin, tantalum, tungsten and gold) essential in the manufacturing of our most common electronic devices, including cell phones. Sales of these so-called “conflict minerals” fuel the violence and instability in the country and region.

In November, Praxis launched a major campaign to encourage cellular service providers (namely, Verizon1, AT&T2, Sprint/Nextel3, T-Mobile4) to be an active and leading part of the effort to make conflict-free cell phones a reality. Individuals can visit www.everence.com/conflictminerals to send a message directly to their cellular service provider, encouraging them to be involved in finding solutions. The Web page also has educational information, a photo slideshow of conflict mineral mining, and links to more educational resources.

Praxis will begin dialogues with these companies in early 2012, to explore just how they can use their unique influence to help change the conflict mineral trade.

Wyndham signs anti-trafficking code

Wyndham Worldwide Corporation5 is the latest major hotel chain to take a stand against the commercial sexual exploitation of children by signing the Tourism Child-Protection Code of Conduct (“The Code”). Wyndham agreed to sign The Code after extended dialogue with members of the Interfaith Center on Corporate Responsibility, including Praxis Mutual Funds.

The Code, an industry-driven responsible tourism initiative in collaboration with ECPAT International, specifically focuses on the protection of children from sexual exploitation in the travel and tourism industries. While The Code has been signed by more than 1,000 travel industry members worldwide, Wyndham, one of the world’s largest hospitality companies, is only the fifth U.S. company to sign.

As a subscriber to The Code, Wyndham will implement policies that condemn child trafficking and provide training to help their employees identify and report trafficking activities. Wyndham will also raise awareness among its business partners and customers by including information about the issue and The Code through its website and meetings, and by annually reporting on its progress.

ConocoPhillips expands its human rights statement

The ConocoPhillips6 board has approved an addition to its human rights position statement, and now officially references the rights of indigenous peoples.

Praxis and other socially-concerned investors have been in conversation with ConocoPhillips for several years, focused primarily on the oil company’s operations in the Amazon rainforest. Indigenous groups in the Amazon can be negatively affected by resource development, including oil extraction, though they have no documented claim to their historic land and are not necessarily recognized by the nation-state in which their territory lies. By recognizing the rights of indigenous peoples, ConocoPhillips is required to take into consideration the engagement and consent of such communities in areas of operation.

ConocoPhillips states, “The Company’s approach to engagement with indigenous communities, in locations where they are an important stakeholder group for our operations, is consistent with the principles of the International Labour Organization Convention 169, concerning Indigenous and Tribal Peoples, and the United Nations Declaration on the Rights of Indigenous Peoples.”

Ending child labor in the cocoa trade

In West Africa, tens of thousands of children are forced to work on cocoa plantations – particularly in Ghana and the Ivory Coast, the world’s top two cocoa exporting nations. Many of these children are smuggled in from extremely poor countries such as Mali and Burkina Faso. Since most cocoa beans come from hundreds of thousands of small farms and pass through three or more companies before reaching the major confectioners, documenting labor abuses and certifying ethical farms is difficult.

Social investors are working with the world’s largest chocolate companies to establish industry-wide solutions to the problem of forced labor and low pay on cocoa farms. Since 2009, Praxis Mutual Funds has been meeting with The Hershey Company7 to discuss its cocoa bean sourcing – specifically, how Hershey can encourage equitable pay for farmers and fair labor standards for workers.

Recently, with other socially concerned investors, Praxis organized an investor call with staff from CocoaLink, a new Hershey program meant to provide pertinent information and child labor awareness to Ghanian farmers through a cell phone network.

Praxis stewardship investing report, continued

Annual report to shareholders

After several months of communication, Kraft Foods8 – the world’s largest chocolate manufacturer – has agreed to a meeting with shareholders on these issues in January 2012.

Moving toward restoration

Praxis Mutual Funds, in partnership with Christian Brothers Investment Services, has lead engagement efforts with BP9 since the days immediately following the Gulf Oil spill in April 2010. Dialogue with company officials has not only focused on the restoration of the Gulf Coast environment and economy from the damage of 4.9 million barrels of spilled crude oil, but also on the restoration of the company’s reputation for operational safety and community “license to operate” in the U.S. and around the world.

Shareholders met twice in 2011 with BP senior executives. In May, a meeting with Mark Bly, BP executive vice president of safety and operational risk, and Bernard Looney, BP executive vice president of oil development, focused on progress in implementing the Bly Report – a new safety management program to address failings leading to the 2010 spill.

In October, the shareholder coalition met with Carl-Henrik Svanberg, BP chairman, along with Bly and Looney, for a review of progress in the Bly Report’s implementation and discussion of BP’s strategy on expanding its work with emerging markets and high-risk development projects. Shareholders were also able to pursue a number of governance concerns related to the board’s composition and oversight of safety and risk functions.

Strengthening consumer financial protection through the CFPB

Over seven years ago, Praxis Mutual Funds helped lead shareholder engagement of the credit card industry around increasingly abusive practices. These practices were contributing factors in the economic collapse in 2007, and were addressed in the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. This legislation also established the Consumer Financial Protection Bureau, which combines disparate regulatory functions and adds new authority. It focuses on educating consumers, clarifying regulations, restricting abusive practices, enforcement and monitoring.

Praxis was an invited participant in a recent social investor roundtable with CFPB senior staff. The goal of the Bureau is to help the consumer finance marketplace work smoothly and equitably for both consumers and financial service providers. The CFPB also combines regulatory functions from seven different agencies to provide education and engagement, consumer response, research and rule-writing, supervision and enforcement functions. Investor participants were impressed at the level of the engagement and commitment of staff to many of the issues and values we’ve addressed over the years.

Mark Regier

Director of Stewardship Investing

1As of Dec. 31, 2011, the Praxis Intermediate Income Fund had invested 0.2 percent of its assets and the Praxis Value Index Fund had invested 2.48 percent of its assets in Verizon.

2As of Dec. 31, 2011, the Praxis Intermediate Income Fund had invested 0.53 percent of its assets and the Praxis Value Index Fund had invested 3.78 percent of its assets in AT&T.

3As of Dec. 31, 2011, the Praxis Value Index Fund had invested 0.17 percent of its assets in Sprint/Nextel.

4As of Dec. 31, 2011, the Praxis International Index Fund had invested 0.3 percent of its assets in Deutsche Telekom (which owns T-Mobile).

5As of Dec. 31, 2011, the Praxis Value Index Fund had invested 0.18 percent of its assets in Wyndham.

6As of Dec. 31, 2011, the Praxis Intermediate Income Fund had invested 0.45 percent of its assets and the Praxis Value Index Fund had invested 2.22 percent of its assets in ConocoPhillips.

7As of Dec. 31, 2011, the Praxis Growth Index Fund had invested 0.25 percent of its assets in The Hershey Company.

8As of Dec. 31, 2011, the Praxis Core Stock Fund had invested 2.19 percent of its assets and the Praxis Value Index Fund had invested 1.36 percent of its assets in Kraft Foods.

9As of Dec. 31, 2011, the Praxis International Fund had invested 1.32 percent of its assets and the Praxis International Index Fund had invested 1.14 percent of its assets in BP.

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

The views expressed are those of the Director of Stewardship Investing as of December 31, 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.

Praxis Intermediate Income Fund

Annual report to shareholders

Portfolio Managers’ letter (unaudited)

For the full year the Praxis Intermediate Income Fund’s Class A Shares (without load) return was 6.43 percent versus the Barclays Aggregate U.S. Bond Index, which generated a return of 7.84 percent.

The main reasons for the Fund’s underperformance versus its benchmark during the period were falling interest rates and the relative strength of U.S. Treasury bonds. Interest rates declined far more than we expected, and especially so with the August announcement by the Federal Reserve that it planned to keep the federal funds rate at “exceptionally low levels” through mid-2013. We were also somewhat surprised that interest rates fell after U.S. Treasuries were downgraded by Standard & Poor’s from AAA to AA+.

The portfolio began the year with an effective duration that was less than the benchmark and as interest rates fell further during the year, we continued to reduce the effective duration of the portfolio. Through the end of period, interest rates had not reversed and moved higher, which hurt the Fund’s relative performance in the second half of the year. The rally in Treasuries due to market concerns about the Euro also detracted from relative performance. Given the Fund’s mandate to not own U.S. Treasury securities, we expect performance to lag during periods when a flight to safety like this occurs.

Outlook

As we turn to 2012, our expectations for the U.S. economy and the outlook for interest rates are extraordinarily uncertain. The primary source of the uncertainty is Europe, where an increasingly dysfunctional currency (the Euro) and the political environment are driving the regional economy into a recession. If that was the end of the story, we would make a few adjustments and move on. But, the reality is that the European banking system is in very bad shape and the risk of a 2008-style financial meltdown is not out of the question. The dysfunction of the Eurozone is putting the global economic system in jeopardy. As a result, we expect to build in at least some hedges against the uncertainties that are present.

If it weren’t for the problems in Europe, the prospects for the U.S. would be roughly equivalent to 2011. We expect growth to remain weak, thanks to the drag from housing, and interest rates are likely to remain low. Heading into an election year, we expect little movement on policy issues since there is a standoff in Washington with regard to just about everything.

With the uncertainty about Europe, U.S. interest rates could go even lower if nothing is done about the situation. At a minimum, this will keep us cautious for a while. Even so, the market has priced in a lot of risk with corporate spreads at roughly the same levels that we saw back in the early 2000s in the wake of the Enron debacle. This suggests there still is some room for attractive returns in parts of the bond market that have more risk than Treasuries.

From a longer-term perspective, the yields in today’s market are very low. The Barclays Aggregate Index has a yield to maturity of only 2.33 percent and the 10-year U.S. Treasury note ended 2011 at a yield of 1.88 percent. To put things into perspective, Japan’s 10-year bond yields around 0.98 percent and the Swiss 10-year bond yields 0.74 percent, so U.S. Treasury rates can conceivably still go lower. On the other hand, an increase in perceived credit risk could counter this impulse and push yields higher. A good example is French 10-year government bonds, whose yields have widened 0.90 percent relative to the current U.S. Treasury 10-year note since July 4. This has largely been due to rising concerns about a credit downgrade for French government bonds. While investors greeted the downgrade of U.S. Treasury bonds in the summer by increasing their buying, it is not inconceivable that investors could also react to the increasing indebtedness of the U.S. Treasury by demanding higher yields.

Delmar King

Praxis Intermediate Income Fund Co-Portfolio Manager

Benjamin J. Bailey, CFA®

Praxis Intermediate Income Fund Co-Portfolio Manager

The views expressed are those of the portfolio managers as of December 31, 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.

Praxis Intermediate Income Fund

Performance Review

Growth of $10,000 investment from 12/30/01 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/01 to 12/31/11, and includes the reinvestment of dividends and capital gains.


					Annualized
	Inception Date	One Year Ended			Three Year Ended			Five Year Ended			Ten Year Ended			Expense Ratio*** Gross / Net
Intermediate Income
Class A (Without Load)			6.43	%		7.71	%		6.41	%		5.38	%		1.17	%	0.99	%
Class A *			2.41	%		6.36	%		5.59	%		4.97	%
Class I **	5/1/06		6.98	%		8.11	%		6.75	%		5.55	%		0.59	%	0.59	%
Barclays Capital Aggregate Bond Index1			7.84	%		6.77	%		6.50	%		5.78	%

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

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

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. 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.

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

Schedule of Portfolio Investments
Praxis Intermediate Income Fund	December 31, 2011


	PRINCIPAL		FAIR
	AMOUNT		VALUE
ASSET BACKED SECURITIES—1.5%
Cabela’s Master Credit Card Trust, 0.88%,
6/17/19+(a)	$	1,000,000	$	1,006,217
GTP Acquisition Partners I LLC, 4.35%,
6/15/16(a)		800,000		796,595
Hyundai Auto Receivables Trust, 1.65%,
2/15/17		1,000,000		1,015,342
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000		771,025
Trip Rail Master Funding LLC, 2.78%,
7/15/41+(a)		950,973		950,961
TOTAL ASSET BACKED SECURITIES				4,540,140

COLLATERALIZED MORTGAGE OBLIGATION—0.0%**
JPMorgan Mortgage Trust, 4.50%, 9/25/34		50,839		50,908

COMMERCIAL MORTGAGE BACKED SECURITIES—6.3%
Banc of America Merrill Lynch Commercial
Mortgage, Inc., 5.12%, 7/11/43		193,070		194,136
Bear Stearns Commercial Mortgage Securities,
4.52%, 11/11/41		19,643		19,644
Bear Stearns Commercial Mortgage Securities,
4.67%, 6/11/41		1,000,000		1,075,666
Bear Stearns Commercial Mortgage Securities,
4.95%, 2/11/41		103,984		103,974
Bear Stearns Commercial Mortgage Securities,
5.12%, 2/11/41+		1,000,000		1,083,584
Bear Stearns Commercial Mortgage Securities,
5.13%, 10/12/42+		605,540		605,306
Bear Stearns Commercial Mortgage Securities,
5.54%, 9/11/41		2,000,000		2,226,614
Bear Stearns Commercial Mortgage Securities,
5.61%, 6/11/50		899,864		930,766
Bear Stearns Commercial Mortgage Securities,
5.74%, 9/11/42+		1,000,000		1,150,417
CS First Boston Mortgage Securities Corp.,
5.12%, 8/15/38+		622,602		626,815
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		736,990		771,896
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.63%, 3/15/46		262,694		265,932
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.90%, 10/15/42		1,000,000		1,008,558
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.92%, 10/15/42+		1,000,000		1,087,120
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.13%, 5/15/47		529,174		545,810
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.17%, 8/12/40+		772,647		789,251
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.40%, 5/15/45		2,000,000		2,203,416
LB-UBS Commercial Mortgage Trust,
4.65%, 7/15/30		140,245		140,858
Morgan Stanley Capital I, 3.88%, 9/15/47(a)		1,000,000		1,050,826
Morgan Stanley Capital I, 4.83%, 6/12/47		278,238		278,101
Morgan Stanley Capital I, 5.01%, 1/14/42		202,657		202,858
Morgan Stanley Capital I, 5.86%, 10/15/42+		281,463		289,467
Morgan Stanley Capital I, 5.81%, 8/12/41+		1,000,000		1,142,339
Morgan Stanley Dean Witter Capital I,
5.93%, 12/15/35		1,225,000		1,232,333
Wachovia Bank Commercial Mortgage Trust,
5.04%, 3/15/42		314,521		325,477
TOTAL COMMERCIAL MORTGAGE
BACKED SECURITIES				19,351,164

FOREIGN BONDS—1.1%
Arab Republic of Egypt, 4.45%, 9/15/15	$	2,000,000	$	2,237,440
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,074,535
TOTAL FOREIGN BONDS				3,311,975

MUNICIPAL BONDS—2.2%
Cincinnati Ohio Water System Rev.,
6.46%, 12/01/34		600,000		678,072
Columbus Multi-High School Building
Corp. Rev., 6.45%, 1/15/30		1,000,000		1,089,490
Fort Wayne International Airport Air Trade
Center Building Corp., 4.25%, 7/15/16		500,000		529,780
Houston Independent School District,
6.17%, 2/15/34		1,000,000		1,108,480
Indianapolis Public School Multi-School
Building, 5.73%, 7/15/29		1,500,000		1,647,420
LL&P Wind Energy, Inc. (XLCA),
5.73%, 12/01/17(a)		1,000,000		990,710
Wisconsin Department of Transportation,
5.84%, 7/01/30		800,000		882,056
TOTAL MUNICIPAL BONDS				6,926,008

CORPORATE BONDS—44.5%
ADVERTISING—0.6%
Interpublic Group of Cos., Inc.,
10.00%, 7/15/17		750,000		856,875
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,139,951
				1,996,826
AUTO COMPONENTS—0.4%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,110,819

BIOTECHNOLOGY—0.2%
Biogen Idec, Inc., 6.00%, 3/01/13		500,000		525,723

BROADCASTING & CABLE TV—0.6%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,137,232
DIRECTV Holdings LLC / DIRECTV
Financing Co., Inc., 7.63%, 5/15/16		750,000		795,937
				1,933,169
BUILDING PRODUCTS—0.4%
Masco Corp., 6.13%, 10/03/16		500,000		513,101
Owens Corning, 6.50%, 12/01/16		800,000		873,106
				1,386,207
CAPITAL MARKETS—0.6%
BlackRock, Inc., 3.50%, 12/10/14		1,000,000		1,067,826
Franklin Resources, Inc., 2.00%, 5/20/13		670,000		676,830
				1,744,656
CHEMICALS—0.7%
Airgas, Inc., 3.25%, 10/01/15		1,000,000		1,028,845
Ecolab, Inc., 3.00%, 12/08/16		500,000		517,205
Nalco Co., 8.25%, 5/15/17		500,000		567,500
				2,113,550
COMMERCIAL BANKS—1.8%
ANZ National International Ltd.,
3.13%, 8/10/15(a)		1,000,000		999,736
Bank of New York Mellon Corp.,
5.13%, 8/27/13		830,000		883,092
Canadian Imperial Bank of Commerce,
2.00%, 2/04/13(a)		1,000,000		1,011,135
State Street Corp., 7.35%, 6/15/26		1,000,000		1,299,941
Wells Fargo & Co., 5.25%, 10/23/12		1,250,000		1,293,846
				5,487,750

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	December 31, 2011


	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.5%, continued
COMMERCIAL SERVICES & SUPPLIES—0.7%
GATX Corp., 9.00%, 11/15/13	$	944,431	$	1,058,496
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,079,120
				2,137,616
COMPUTERS & PERIPHERALS—0.2%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		510,552

CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc.,
6.60%, 4/15/18		1,000,000		1,053,688

CONSUMER FINANCE—1.4%
American Express Credit Corp.,
2.80%, 9/19/16		1,000,000		1,004,900
American Honda Finance Corp.,
4.63%, 4/02/13(a)		1,500,000		1,552,990
Ford Motor Credit Co. LLC, 7.00%, 4/15/15		1,000,000		1,075,000
Harley-Davidson Financial Services, Inc.,
3.88%, 3/15/16(a)		150,000		155,387
SLM Corp., 5.38%, 1/15/13		500,000		503,450
				4,291,727
CONTAINERS & PACKAGING—0.5%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		541,088
Sealed Air Corp., 7.88%, 6/15/17		1,000,000		1,054,766
				1,595,854
DIVERSIFIED FINANCIAL SERVICES—3.3%
Ally Financial, Inc., 6.75%, 12/01/14		600,000		603,000
Bank of America Corp., 4.50%, 4/01/15		500,000		482,493
Citigroup, Inc., 5.13%, 5/05/14		1,000,000		1,023,408
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,107,405
General Electric Capital Corp.,
6.15%, 8/07/37		1,000,000		1,093,888
Goldman Sachs Group, Inc.,
5.50%, 11/15/14		250,000		257,567
JPMorgan Chase & Co., 4.65%, 6/01/14		1,000,000		1,055,888
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,389,119
NASDAQ OMX Group, Inc., 4.00%, 1/15/15		750,000		768,509
National Rural Utilities Cooperative Finance
Corp., 10.38%, 11/01/18		780,000		1,122,228
UBS AG, 3.88%, 1/15/15		1,000,000		997,250
				9,900,755
ELECTRIC UTILITIES—4.4%
AEP Texas North Co., 5.50%, 3/01/13		1,000,000		1,043,957
Atlantic City Electric Co., 7.75%, 11/15/18		500,000		660,045
CenterPoint Energy Houston Electric LLC,
7.00%, 3/01/14		1,000,000		1,124,059
CMS Energy Corp., 4.25%, 9/30/15		600,000		606,419
Consumers Energy Co., 6.70%, 9/15/19		625,000		791,556
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		568,612
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,938,575
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		559,499
Portland General Electric Co.,
6.10%, 4/15/19		1,100,000		1,356,037
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,099,666
Potomac Electric Power Co.,
6.50%, 11/15/37		1,000,000		1,348,233
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,232,925
TransAlta Corp., 4.75%, 1/15/15		500,000		537,056
TransAlta Corp., 6.65%, 5/15/18		500,000		578,233
				13,444,872
ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21	$	500,000	$	546,339

FOOD & STAPLES RETAILING—0.2%
Kroger Co., 7.50%, 1/15/14		500,000		558,790

FOOD PRODUCTS—0.2%
Ralcorp Holdings, Inc., 4.95%, 8/15/20		500,000		509,704

GAS UTILITIES—0.9%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		297,411
Michigan Consolidated Gas Co.,
8.25%, 5/01/14		1,000,000		1,138,500
National Fuel Gas Co., 6.50%, 4/15/18		500,000		566,613
Sempra Energy, 6.50%, 6/01/16		600,000		699,900
				2,702,424
HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
DENTSPLY International, Inc.,
2.75%, 8/15/16		570,000		575,470
Mead Johnson Nutrition Co.,
3.50%, 11/01/14		500,000		522,147
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		544,920
				1,642,537
HEALTH CARE PROVIDERS & SERVICES—0.8%
Express Scripts, Inc., 6.25%, 6/15/14		550,000		599,465
Howard Hughes Medical Institute,
3.45%, 9/01/14		843,000		899,059
Laboratory Corp of America Holdings,
3.13%, 5/15/16		500,000		519,389
McKesson Corp., 6.00%, 3/01/41		474,000		605,850
				2,623,763
HOTELS, RESTAURANTS & LEISURE—0.3%
Hyatt Hotels Corp., 5.75%, 8/15/15(a)		750,000		803,155

HOUSEHOLD DURABLES—0.4%
Snap-On, Inc., 4.25%, 1/15/18		500,000		537,869
Stanley Black & Decker, Inc.,
6.15%, 10/01/13		725,000		780,881
				1,318,750
HOUSEHOLD PRODUCTS—0.2%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		520,889

INDUSTRIAL CONGLOMERATES—1.3%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,788,404
Cooper U.S., Inc., 5.45%, 4/01/15		1,000,000		1,118,162
Harsco Corp., 5.75%, 5/15/18		1,000,000		1,150,511
				4,057,077
INDUSTRIAL MACHINERY—0.4%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,157,436

INSURANCE BROKERS—0.3%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,061,858

INTEGRATED TELECOMMUNICATION SERVICES—1.5%
AT&T, Inc., 4.95%, 1/15/13		1,000,000		1,042,219
AT&T, Inc., 5.55%, 8/15/41		500,000		588,708
Frontier Communications Corp.,
7.88%, 4/15/15		500,000		506,875
GTE Corp., 6.84%, 4/15/18		1,000,000		1,197,817
Qwest Corp., 6.75%, 12/01/21		476,000		518,840
Verizon Communications, Inc.,
6.00%, 4/01/41		500,000		619,936
				4,474,395

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	December 31, 2011


	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.5%, continued
INTERNET & CATALOG RETAIL—0.2%
QVC, Inc., 7.13%, 4/15/17(a)	$	500,000	$	530,000

IT SERVICES—1.8%
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		256,794
Dun & Bradstreet Corp., 6.00%, 4/01/13		1,000,000		1,054,475
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,169,948
Fiserv, Inc., 3.13%, 10/01/15		250,000		256,101
Fiserv, Inc., 3.13%, 6/15/16		666,000		678,117
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,033,086
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,033,434
				5,481,955
LIFE & HEALTH INSURANCE—0.3%
Ohio National Financial Services, Inc.,
6.35%, 4/01/13(a)		355,000		370,917
Prudential Financial, Inc., 4.75%, 4/01/14		641,000		675,806
				1,046,723
MACHINERY—0.2%
Pall Corp., 5.00%, 6/15/20		500,000		566,029

METALS & MINING—0.9%
Carpenter Technology Corp., 6.63%, 5/15/13		500,000		516,674
Newcrest Finance Pty Ltd.,
4.45%, 11/15/21(a)		1,000,000		986,370
Teck Resources Ltd., 9.75%, 5/15/14		750,000		881,377
Xstrata Canada Financial Corp.,
3.60%, 1/15/17(a)		500,000		504,120
				2,888,541
MULTI-LINE INSURANCE—1.7%
American International Group, Inc.,
4.25%, 9/15/14		750,000		728,346
Horace Mann Educators Corp.,
6.85%, 4/15/16		750,000		807,643
Kemper Corp., 6.00%, 11/30/15		800,000		837,022
Liberty Mutual Group, Inc.,
7.30%, 6/15/14(a)		750,000		802,975
MetLife, Inc., 4.75%, 2/08/21		500,000		540,897
Metropolitan Life Global Funding I,
5.13%, 6/10/14(a)		500,000		538,364
Principal Life Global Funding I,
6.25%, 2/15/12(a)		1,000,000		1,006,338
				5,261,585
MULTILINE RETAIL—1.0%
J.C. Penney Co., Inc., 5.75%, 2/15/18		500,000		502,500
Wal-Mart Stores, Inc., 1.50%, 10/25/15		1,000,000		1,015,700
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,460,264
				2,978,464
OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		531,338

OIL, GAS & CONSUMABLE FUELS—2.0%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,363,296
Merey Sweeny LP, 8.85%, 12/18/19(a)		682,304		783,749
Motiva Enterprises LLC, 5.20%, 9/15/12(a)		1,000,000		1,020,828
Newfield Exploration Co., 7.13%, 5/15/18		500,000		533,750
Pioneer Natural Resources Co.,
5.88%, 7/15/16		500,000		544,146
Ras Laffan Liquefied Natural Gas Co.
Ltd. III, 5.83%, 9/30/16(a)		775,800		830,106
Shell International Finance BV,
4.00%, 3/21/14		1,000,000		1,074,840
				6,150,715
PAPER & FOREST PRODUCTS—0.3%
Domtar Corp., 9.50%, 8/01/16	$	702,000	$	842,400

PHARMACEUTICALS—1.2%
Abbott Laboratories, 5.13%, 4/01/19		1,000,000		1,161,139
Novartis Capital Corp., 4.13%, 2/10/14		1,250,000		1,337,404
Roche Holdings, Inc., 6.00%, 3/01/19(a)		1,000,000		1,215,413
				3,713,956
PIPELINES—1.2%
Enbridge Energy Partners LP,
5.20%, 3/15/20		500,000		555,462
Enterprise Products Operating LLC,
3.70%, 6/01/15		1,000,000		1,048,376
Florida Gas Transmission Co. LLC,
4.00%, 7/15/15(a)		1,000,000		1,047,342
Texas Gas Transmission LLC,
4.60%, 6/01/15		1,000,000		1,065,154
				3,716,334
PROPERTY & CASUALTY INSURANCE—1.1%
21st Century Insurance Group,
5.90%, 12/15/13		973,000		998,992
Markel Corp., 6.80%, 2/15/13		1,000,000		1,037,353
Progressive Corp., 6.70%, 6/15/37+		500,000		505,000
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		747,676
				3,289,021
PUBLISHING—0.6%
McGraw-Hill Cos., Inc., 5.38%, 11/15/12		1,000,000		1,039,746
Washington Post Co., 7.25%, 2/01/19		575,000		670,903
				1,710,649
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%
Pan Pacific Retail Properties, Inc.,
5.95%, 6/01/14		1,000,000		1,067,152
ProLogis LP, 6.13%, 12/01/16		1,000,000		1,092,041
				2,159,193
ROAD & RAIL—0.5%
Burlington Northern Santa Fe LLC,
5.75%, 5/01/40		1,000,000		1,196,412
CSX Transportation, Inc.,
8.38%, 10/15/14		440,202		501,232
				1,697,644
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Analog Devices, Inc., 5.00%, 7/01/14		1,000,000		1,091,405
Applied Materials, Inc., 2.65%, 6/15/16		370,000		378,785
Applied Materials, Inc., 7.13%, 10/15/17		500,000		606,079
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,153,153
				3,229,422
SOFT DRINKS—0.4%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,166,661

SPECIALTY RETAIL—0.6%
Ethan Allen Global, Inc., 5.38%, 10/01/15		500,000		498,066
Home Depot, Inc., 5.95%, 4/01/41		1,000,000		1,290,192
				1,788,258
SUPRANATIONAL—2.0%
Corporation Andina de Fomento,
5.20%, 5/21/13		1,000,000		1,046,120
Inter-American Development Bank,
3.50%, 3/15/13		1,000,000		1,034,038

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	December 31, 2011


	PRINCIPAL		FAIR
	AMOUNT		VALUE
CORPORATE BONDS—44.5%, continued
SUPRANATIONAL—2.0%, continued
Inter-American Development Bank,
3.50%, 7/08/13	$	1,000,000	$	1,041,919
International Bank for Reconstruction &
Development, 2.00%, 12/04/13		2,000,000		2,052,294
International Finance Corp., 2.25%, 4/28/14		1,000,000		1,035,456
				6,209,827
TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.38%, 11/01/15		500,000		500,643

THRIFTS & MORTGAGE FINANCE—0.3%
Countrywide Financial Corp., 5.80%, 6/07/12		1,000,000		1,002,104

TRANSPORTATION SERVICES—0.2%
Golden State Petroleum Transport Corp.,
8.04%, 2/01/19		784,382		759,070

TRUCK MANUFACTURERS—0.3%
PACCAR, Inc., 6.88%, 2/15/14		760,000		851,430

TRUCKING—0.3%
JB Hunt Transport Services, Inc.,
3.38%, 9/15/15		1,000,000		1,013,422

UTILITIES—1.6%
Cedar Brakes II LLC, 9.88%, 9/01/13(a)		728,208		762,587
FPL Energy American Wind LLC,
6.64%, 6/20/23(a)		463,400		478,660
FPL Energy National Wind LLC,
5.61%, 3/10/24(a)		141,304		145,792
Harper Lake Solar Funding Corp.,
7.65%, 12/31/18(a)		558,467		564,240
Kiowa Power Partners LLC,
4.81%, 12/30/13(a)		711,082		634,049
Midland Cogeneration Venture LP,
6.00%, 3/15/25(a)		670,000		681,867
Salton Sea Funding Corp., 7.48%, 11/30/18		846,925		929,526
SteelRiver Transmission Co. LLC,
4.71%, 6/30/17(a)		570,411		572,554
				4,769,275
WATER UTILITIES—0.4%
American Water Capital Corp.,
6.09%, 10/15/17		1,000,000		1,163,246
TOTAL CORPORATE BONDS				136,228,786

CORPORATE NOTES—1.1%

DEVELOPMENT AUTHORITIES—1.1%
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)		1,210,000		1,195,920
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)		977,500		968,634
Everence Community Investment, Inc.,
0.78%, 12/15/14+(b)		1,227,500		1,216,367
TOTAL CORPORATE NOTES				3,380,921

INTEREST-ONLY BONDS—0.0%**		��
Freddie Mac REMICS, 5.00%, 4/15/29		421,431		3,215
Government National Mortgage Association,
0.70%, 4/16/27+		1,854,505		10,635
TOTAL INTEREST-ONLY BONDS				13,850

U.S. GOVERNMENT AGENCIES—36.9%

FEDERAL FARM CREDIT BANK — 0.8%
4.88%, 12/16/15		2,000,000		2,307,058

FEDERAL HOME LOAN BANK — 6.5%
3.38%, 6/12/20	$	3,500,000	$	3,822,850
3.88%, 6/14/13		300,000		315,242
5.00%, 11/17/17		2,000,000		2,400,200
5.00%, 12/10/21		2,625,000		3,209,425
5.50%, 7/15/36		7,820,000		10,143,377
				19,891,094
FEDERAL HOME LOAN MORTGAGE CORP. — 12.6%
2.48%, 5/01/34+		340,879		359,486
2.48%, 5/01/34+		199,131		210,000
3.75%, 3/27/19		1,700,000		1,940,603
4.00%, 10/01/25		1,440,920		1,512,701
4.50%, 6/01/18		558,602		594,290
4.50%, 10/01/35		2,120,735		2,253,143
4.50%, 6/01/39		2,225,003		2,359,748
4.50%, 7/01/39		2,583,566		2,740,025
4.50%, 11/01/39		2,759,526		2,926,641
4.50%, 9/01/40		3,215,199		3,408,905
4.88%, 6/13/18		1,700,000		2,048,366
5.00%, 4/01/19		395,913		426,756
5.00%, 12/01/21		769,867		828,640
5.00%, 2/15/32		869,852		896,069
5.00%, 7/01/35		864,233		929,891
5.00%, 6/01/39		3,771,885		4,057,267
5.50%, 7/18/16		3,500,000		4,173,775
5.50%, 4/01/22		460,582		498,622
5.50%, 11/01/33		403,916		440,219
5.50%, 3/01/36		569,425		619,892
5.50%, 6/01/36		862,073		937,535
5.50%, 12/01/36		840,280		913,834
6.00%, 9/01/17		337,626		366,153
6.00%, 4/01/27		910,575		1,000,384
6.00%, 6/01/36		579,727		636,905
6.00%, 8/01/37		493,452		542,121
7.00%, 2/01/30		256,506		291,785
7.00%, 3/01/31		183,440		208,669
7.50%, 7/01/30		441,257		508,838
				38,631,263
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 13.6%
1.25%, 8/20/13		1,103,000		1,118,438
1.83%, 2/01/34+		197,059		197,694
2.40%, 6/01/33+		86,026		87,105
2.46%, 5/01/34+		261,195		274,873
3.50%, 7/01/20		1,740,945		1,823,047
3.50%, 10/01/25		1,116,388		1,168,493
3.50%, 2/01/41		2,859,965		2,943,890
4.00%, 1/01/41		2,716,324		2,856,028
4.13%, 4/15/14		900,000		973,848
4.38%, 10/15/15		4,700,000		5,310,948
4.50%, 9/01/40		2,076,275		2,211,191
4.50%, 10/01/40		2,058,279		2,190,694
5.00%, 4/15/15		5,500,000		6,254,441
5.00%, 2/13/17		1,800,000		2,125,712
5.00%, 7/01/18		325,134		350,565
5.00%, 9/01/18		452,492		487,885
5.00%, 4/01/25		682,274		745,941
5.00%, 7/01/25		587,423		640,037
5.00%, 10/01/25		736,049		801,974
5.00%, 10/01/35		1,158,107		1,254,235

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	December 31, 2011


	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
U.S. GOVERNMENT AGENCIES—36.9%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 13.6%, continued
5.50%, 6/01/22	$	583,367	$	634,465
5.50%, 11/01/25		197		216
5.50%, 2/01/34		400,564		437,756
5.50%, 1/01/35		834,986		912,513
5.50%, 10/01/35		1,305,348		1,426,547
5.50%, 6/01/36		501,579		548,150
5.50%, 11/01/36		774,283		846,174
5.52%, 5/01/37+		573,991		611,354
6.00%, 10/01/33		239,489		263,821
6.00%, 11/01/34		862,496		950,124
6.00%, 10/01/35		525,517		578,908
6.00%, 6/01/36		500,405		551,245
7.00%, 7/01/15		2,562		2,753
7.00%, 11/01/19		29,828		33,793
7.00%, 11/01/19		45,029		51,037
8.50%, 9/01/26		168,240		201,568
				41,867,463
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.4%
2.50%, 1/20/34+		134,470		139,226
5.50%, 10/20/38		596,656		653,432
6.50%, 11/20/38		117,717		126,448
6.75%, 4/15/16		38,474		42,374
7.00%, 12/20/30		64,421		74,886
7.00%, 10/20/31		43,777		50,888
7.00%, 3/20/32		135,216		157,180
				1,244,434
SMALL BUSINESS ADMINISTRATION — 0.2%
0.60%, 2/25/32+		506,080		505,853
1.00%, 9/25/18+		31,497		31,684
				537,537
U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT — 0.5%
1.80%, 8/01/14		1,440,000		1,484,359

FDIC GUARANTEED(c)—2.3%
Citibank NA, 1.75%, 12/28/12		7,000,000		7,106,988
TOTAL U.S. GOVERNMENT AGENCIES				113,070,196

INVESTMENT COMPANY—1.2%
MUTUAL FUND—1.2%
Pax World High Yield Bond Fund, Individual
Investor Class		530,984		3,801,844

SHORT TERM INVESTMENT—3.9%
INVESTMENT COMPANY—3.9%
JPMorgan U.S. Government Money Market
Fund, Agency Shares		11,963,129		11,963,129

TOTAL INVESTMENTS (Cost*
$285,753,152)—98.7%			$	302,638,921
Other assets in excess of liabilities — 1.3%				4,078,270
NET ASSETS—100%			$	306,717,191

+	Variable rate security. Rates presented are the rates in effect at December 31, 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 December 31, 2011, these securities were valued at $28,880,445 or 9.4% 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.		0.52	%		1,210,000		12/2009
Everence Community Investment, Inc.		0.78	%		977,500		12/2009
Everence Community Investment, Inc.		0.78	%		1,227,500		12/2009

	At December 31, 2011, these securities had an aggregate market value of $3,380,921, representing 1.1% of net assets.

(c)	Securities are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). Under this program, the FDIC guarantees, with the full faith and credit of the U.S. government, the payment of principal and interest. The expiration of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

FDIC	— Federal Deposit Insurance Corporation
REMICS	— Real Estate Mortgage Investment Conduits
Rev.	— Revenue
XLCA	— XL Capital Assurance, Inc.

See accompanying notes to financial statements.

Praxis Core Stock Fund

Annual report to shareholders

Portfolio Managers’ letter (unaudited)

For the year ending December 31, 2011, Praxis Core Stock Fund Class A Shares (without load) returned -3.89 percent, underperforming its benchmark, the Standard & Poor’s 500 Index (“Index”), which returned 2.11 percent.

Factors effecting the Fund’s performance

The sectors within the Index that turned in the weakest performance over the year were financials and materials. The sectors that turned in the strongest performance over the year were utilities, consumer staples and health care.

Material companies were the most important detractor from performance on both an absolute basis and relative to the Index. The Fund’s material companies underperformed the corresponding sector within the Index (down 38 percent versus down 10 percent for the Index) and had a higher relative average weighting (6 percent versus 4 percent for the Index) in this weaker performing sector. Sino-Forest and Sealed Air were among the most important detractors from performance.

The Fund had more invested in financial companies than in any other sector, and they were the second most important detractor from absolute performance. The Fund’s financial companies outperformed the corresponding sector within the Index (down 9 percent versus down 17 percent for the Index), but had a higher relative average weighting (28 percent versus 15 percent for the Index) in this weaker performing sector. American Express was among the most important contributors to performance. Bank of New York Mellon, Wells Fargo and Julius Baer were among the most important detractors from performance.

Energy companies were important detractors from performance on both an absolute basis and relative to the Index. The Fund’s energy companies significantly underperformed the corresponding sector within the Index (down 12 percent versus up 5 percent for the Index) and had a lower relative average weighting (11 percent versus 13 percent for the Index). Devon Energy, Canadian Natural Resources and Transocean were among the most important detractors from performance.

Consumer staple companies were the most important contributor to performance, both on an absolute basis and relative to the Index. The Fund’s consumer staple companies outperformed the corresponding sector within the Index (up 16 percent versus up 14 percent for the Index), and also benefited by having a higher relative average weighting (19 percent versus 11 percent for the Index) in this stronger performing sector. Costco Wholesale, CVS Caremark, Kraft Foods and Unilever were among the most important contributors to performance.

The Fund held approximately 17 percent of its assets in foreign companies (including American Depositary Receipts) at December 31, 2011. As a whole, these companies underperformed the domestic companies held by the Fund.

As of December 31, 2011, three companies had dropped out of the Fund’s top 10 holdings from the end of 2010. This is consistent with our low-turnover strategy. Procter & Gamble, Devon Energy and Loews were replaced among the top 10 holdings by Bank of New York Mellon, Iron Mountain and Johnson & Johnson.

Christopher C. Davis

Praxis Core Stock Fund Portfolio Manager

CEO of Davis Advisors

Kenneth C. Feinberg

Praxis Core Stock Fund Portfolio Manager

Davis Advisors

Praxis Core Stock Fund

Performance Review

Growth of $10,000 investment from 12/30/01 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/01 to 12/31/11, and includes the reinvestment of dividends and capital gains.


				Annualized
		One		Three		Five		Ten		Expense
	Inception	Year		Year		Year		Year		Ratio***
	Date	Ended		Ended		Ended		Ended		Gross / Net
Core Stock
Class A (Without Load)			-3.89%		11.40%		-4.01%		-0.10%		1.74	%	1.74	%
Class A *			-8.95%		9.41%		-5.03%		-0.64%
Class I **	5/1/06		-3.18%		12.07%		-3.51%		0.19%		0.94	%	0.94	%
S&P 500 Index1			2.11%		14.11%		-0.25%		2.92%

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

1 The S&P 500 Composite Stock Price 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.

Schedule of Portfolio Investments
Praxis Core Stock Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—97.4%
AUTOMOBILES—0.5%
Harley-Davidson, Inc.		19,500	$	757,965

BEVERAGES—1.5%
Coca-Cola Co.		30,430		2,129,187

CAPITAL MARKETS—7.6%
Ameriprise Financial, Inc.		14,500		719,780
Bank of New York Mellon Corp.		300,900		5,990,919
Charles Schwab Corp.		53,090		597,793
Goldman Sachs Group, Inc.		5,660		511,834
Julius Baer Group Ltd.(Switzerland)(a)		78,120		3,055,604
				10,875,930
CHEMICALS—2.1%
Air Products & Chemicals, Inc.		8,980		765,006
Ecolab, Inc.		12,130		701,236
Potash Corp of Saskatchewan, Inc.(Canada)		22,361		923,062
Praxair, Inc.		5,200		555,880
				2,945,184
COMMERCIAL BANKS—5.4%
Wells Fargo & Co.		278,258		7,668,790

COMMERCIAL SERVICES & SUPPLIES—3.3%
Iron Mountain, Inc.		151,400		4,663,120

COMPUTERS & PERIPHERALS—0.7%
Hewlett-Packard Co.		37,550		967,288

CONSTRUCTION MATERIALS—0.4%
Martin Marietta Materials, Inc.		6,650		501,477

CONSUMER FINANCE—5.0%
American Express Co.		152,000		7,169,840

CONTAINERS & PACKAGING—0.4%
Sealed Air Corp.		36,600		629,886

DISTRIBUTORS—0.3%
Li & Fung Ltd.(Hong Kong)		245,000		453,622

DIVERSIFIED FINANCIAL SERVICES—0.3%
CME Group, Inc., Class A		990		241,233
JPMorgan Chase & Co.		7,050		234,413
				475,646
ENERGY EQUIPMENT & SERVICES—0.5%
Transocean Ltd.(Switzerland)		18,955		727,682

FOOD & STAPLES RETAILING—12.6%
Costco Wholesale Corp.		126,600		10,548,312
CVS Caremark Corp.		183,822		7,496,261
				18,044,573
FOOD PRODUCTS—4.3%
Kraft Foods, Inc., Class A		83,900		3,134,504
Unilever NV - NY Registry Shares
(Netherlands)		88,300		3,034,871
				6,169,375
HEALTH CARE EQUIPMENT & SUPPLIES—0.7%
Baxter International, Inc.		8,560		423,549
Becton Dickinson and Co.		7,510		561,147
				984,696
HEALTH CARE PROVIDERS & SERVICES—1.7%
Express Scripts, Inc.(a)		55,820	$	2,494,596

HOUSEHOLD DURABLES—0.2%
Hunter Douglas NV(Netherlands)		8,300		311,741

INSURANCE—9.6%
ACE Ltd.(Switzerland)		13,240		928,389
AON Corp.		4,600		215,280
Berkshire Hathaway, Inc., Class A(a)		25		2,868,875
Everest Re Group Ltd.(Bermuda)		2,240		188,362
Loews Corp.		110,600		4,164,090
Markel Corp.(a)		480		199,042
Progressive Corp.		166,050		3,239,635
Transatlantic Holdings, Inc.		34,343		1,879,592
				13,683,265
INTERNET & CATALOG RETAIL—1.3%
Expedia, Inc.		14,395		417,743
Liberty Interactive Corp., Series A(a)		38,475		623,872
NetFlix, Inc.(a)		6,910		478,794
TripAdvisor, Inc.(a)		14,395		362,898
				1,883,307
INTERNET SOFTWARE & SERVICES—6.0%
Google, Inc., Class A(a)		13,200		8,525,880

IT SERVICES—0.5%
Visa, Inc., Class A		6,370		646,746

LIFE SCIENCES TOOLS & SERVICES—0.3%
Agilent Technologies, Inc.(a)		11,800		412,174

MACHINERY—0.3%
PACCAR, Inc.		12,330		462,005

MARINE—1.0%
China Shipping Development Co. Ltd.,
Class H(China)		406,000		253,534
Kuehne + Nagel International
AG(Switzerland)		10,900		1,224,263
				1,477,797
MEDIA—1.6%
Grupo Televisa SAB, ADR(Mexico)		15,180		319,691
Walt Disney Co.		51,930		1,947,375
				2,267,066
METALS & MINING—1.2%
BHP Billiton plc(United Kingdom)		30,400		886,390
Rio Tinto plc(United Kingdom)		16,500		800,766
				1,687,156
OIL, GAS & CONSUMABLE FUELS—7.8%
Canadian Natural Resources Ltd.(Canada)		109,600		4,095,752
Devon Energy Corp.		21,200		1,314,400
EOG Resources, Inc.		49,700		4,895,947
OGX Petroleo e Gas Participacoes
SA(Brazil)(a)		120,500		879,887
				11,185,986
PAPER & FOREST PRODUCTS—0.1%
Sino-Forest Corp.(Canada)(a) (b)		111,360		76,838

PERSONAL PRODUCTS—0.2%
Natura Cosmeticos SA(Brazil)		12,200		237,165

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Core Stock Fund	December 31, 2011


	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
COMMON STOCKS—97.4%, continued
PHARMACEUTICALS—11.0%
Johnson & Johnson		66,100	$	4,334,838
Merck & Co., Inc.		223,916		8,441,633
Roche Holding AG(Switzerland)		17,700		2,999,936
				15,776,407
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%
Brookfield Asset Management, Inc., Class A
(Canada)		39,900		1,096,452
Hang Lung Group Ltd.(Hong Kong)		231,000		1,265,554
				2,362,006
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%
Intel Corp.		16,720		405,460
Texas Instruments, Inc.		61,580		1,792,594
				2,198,054
SOFTWARE—1.5%
Activision Blizzard, Inc.		66,900		824,208
Microsoft Corp.		42,280		1,097,589
Oracle Corp.		10,700		274,455
				2,196,252
SPECIALTY RETAIL—2.9%
Bed Bath & Beyond, Inc.(a)		59,670		3,459,070
CarMax, Inc.(a)		23,800		725,424
				4,184,494
TRANSPORTATION INFRASTRUCTURE—1.2%
China Merchants Holdings International
Co. Ltd.(Hong Kong)		579,794		1,683,408

WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Series L,
ADR(Mexico)		10,010		226,226

TOTAL COMMON STOCKS				139,142,830

COMMERCIAL PAPER—1.5%
Barclays US Funding Corp., 0.00%, 1/03/12	$	2,227,000		2,226,962

CORPORATE NOTES—1.3%
DEVELOPMENT AUTHORITIES—1.3%
Everence Community Investment, Inc.,
0.52%, 12/15/12+(c)		703,000		694,819
Everence Community Investment, Inc.,
0.78%, 12/15/13+(c)		566,000		560,867
Everence Community Investment, Inc.,
0.78%, 12/15/14+(c)		566,000		560,867
TOTAL CORPORATE NOTES				1,816,553

SHORT TERM INVESTMENT—0.0%**
INVESTMENT COMPANY—0.0%**
JPMorgan U.S. Government Money Market
Fund, Agency Shares		1,952		1,952

TOTAL INVESTMENTS (Cost* $125,688,495)—100.2%			$	143,188,297
Liabilities in excess of other assets — (0.2)%				(285,831	)
NET ASSETS—100%			$	142,902,466

+	Variable rate security. Rates presented are the rates in effect at December 31, 2011.
(a)	Non-income producing securities.
(b)	Fair valued security.
(c)	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	%		703,000		12/2009
Everence Community Investment, Inc.		0.78	%		566,000		12/2009
Everence Community Investment, Inc.		0.78	%		566,000		12/2009

	At December 31, 2011, these securities had an aggregate market value of $1,816,553, 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.

Praxis International Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited)

Last year proved to be a difficult year for international equity markets, as the MSCI EAFE Index fell -12.14 percent. Sovereign debt concerns in Europe dominated much of the year. European bank stocks led the way down, reflecting both their direct exposure to such countries as Greece and Portugal, as well as higher funding costs and concerns about the need to meet tough new capital requirements. In the face of a hesitant response among European policy makers, sovereign bond yields soared, and bank funding became increasingly difficult. It was an exceptionally volatile year across most asset classes, including stocks, bonds and exchange rates. Reflecting these uncertainties, economic growth slowed and earnings projections were revised downwards. The Asia-Pacific region faced lower growth as well. Japan was hit by the effects of the tsunami early in the year, while policy tightening and slower export growth dampened Chinese economic prospects. The year ended on a more promising note, however. The MSCI EAFE Index was up 3.34 percent in the fourth quarter, and the Praxis International Fund Class A Shares (without load) gained 5.19 percent (with load -0.31 percent). The upturn appeared to reflect several factors. Pessimism and valuations had reached extreme levels in the third quarter. The U.S. economy displayed some resilience as well. And in Europe, the European Central Bank injected some $600 billion into the banking system via three-year loans, thereby greatly reducing concerns about access to funding. Although fiscal austerity has dampened growth in Europe; new governments and new economic plans in Italy and Spain provided hope that more deep-seated structural reforms, such as labor market liberalization, may help raise longer-term growth prospects.

Contributors to performance

In a year of negative absolute returns, cash, averaging 5.5 percent of assets during the period, contributed strongest towards relative performance. The portfolio also benefitted from stock outperformance within information technology, telecommunication services and consumer discretionary. Within information technology, NetEase.com, the China-based Internet video game company benefitted from a strong pipeline of new games that were launched in China in 2011. These included several in-house developed games and blockbuster titles that NetEase licensed from Activision Blizzard for operation in the China market. The company consistently beat earnings estimates and was given a premium valuation in the market for its growth, pipeline visibility, and portfolio of very successful titles. ASML, a market leader in lithography semiconductor capital equipment, also contributed positively in the sector. Shares of the company benefitted from expectations that equipment orders bottomed in the third quarter and an improved outlook for semiconductor capital spending in 2012 as semiconductor manufacturers invest in new technology to improve productivity and reduce costs. Management’s strong track record of shareholder returns through dividends and share buybacks continued in 2011 providing additional support for the stock price.

Telecommunication services outperformed as a result of our exposure to Vodafone and Telenor. Vodafone benefitted from a number of factors in 2011, including improved performance of its jointly owned U.S. asset, Verizon Wireless, and Vodafone Germany due to the launch of the iPhone in these markets. The company also sold several non-core assets to reduce debt and increase shareholder returns. Lastly, Verizon Wireless announced a dividend of $10 billion in 2012 to its two shareholders, Verizon and Vodafone. Management intends to use its 4 percent share to further pay down debt and issue a special dividend increasing the company’s fiscal year 2012 shareholder return yield to 12 percent. Also within the sector, Norwegian-based telecom provider Telenor benefitted from strong revenue and EBITDA growth due to its emerging markets assets in Asia, allowing management to upgrade guidance for 2011. In addition, the stock price has benefitted from management’s turnaround of its loss making India business unit and a renewed emphasis on boosting cash flows and shareholder returns through increased dividend and share buybacks.

Outperformance within Consumer discretionary was primarily attributed to Korean-based auto manufacturer Hyundai Motor. During the year, the company benefitted from competitor supply shortages and improved pricing in the market. Hyundai’s new models such as the Sonata and the Elantra also proved successful in the marketplace, allowing for continued earnings improvement. Although we believe the company remains attractively valued, the position was eliminated from the portfolio due to its inclusion in the socially responsible restricted list.

Geographically, stock outperformance translated into gains within emerging markets, particularly within China and South Korea.

Detractors from performance

Detractors were primarily attributed to stock selection within consumer staples, industrials and materials. Metro AG, the German-based supermarket operator, led underperformance within consumer staples as consumer sentiment in Germany and the remainder of Europe suffered throughout the year. We believed the company’s diversified portfolio with exposure to cash and carry,

Praxis International Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited), continued

hypermarkets, department stores and real estate management services would hold up relatively well in a potentially weak economic environment. However, the stock performed poorly throughout the year and was eliminated from the portfolio before management reduced earnings guidance in the fourth quarter.

Within industrials, exposure to professional staffing companies led to underperformance. Randstad and USG People are pan-European staffing companies with higher exposure to their Netherlands home market. The Dutch market, traditionally a late cycle market, lagged in recovery this cycle relative to other European markets. Austerity also adversely impacted results. This added to pressure on estimates for both companies and affected stock performance in the middle of the year. In the second half of the year, staffing stocks saw a sharp sell off on the back of recession fears in Europe given the cyclical nature of their earnings, despite relatively stable operating performance. USG People is currently trading close to previous cycle lows, pricing in significant deterioration of earnings, and Randstad is trading close to the lower end of its valuation range. As a result, we see significant potential for returns over the cycle in both names.

Lastly, performance within materials was negatively impacted by our position in Canadian miner, Teck Resources. Mining names came under pressure along with commodities globally in the second half of the year on concerns over recession risks in the developed world and a slowdown in China. Partially offsetting stock underperformance, we moved to an underweight position within the materials sector during the second half of the year and continued to reduce our exposure given weakening fundamentals. Additionally, Teck Resources was adversely impacted by production disruptions due to strikes and lower operational results relative to its targets.

Geographically, underperformance attributed to GAME Group and Teck Resources, mentioned above, led to weak results within the United Kingdom and Canada, respectively. GAME group shares suffered during the year as the company was negatively impacted by the weak video game market in the U.K. and Europe. Also, management was forced to twice lower their fiscal year 2011 sales and gross profit margin guidance due to increased pricing competition.

Manager outlook

Moving into 2012, markets remain unsettled. Indeed, the year that we are now entering is likely to prove critical in determining the outcome of many of the risk factors that markets have been grappling with during 2011.

Outcomes related to the viability of the Eurozone, the sustainability of Chinese growth rates and the political direction of the United States will all be major factors affecting investor confidence in 2012. The year is also starting off with a general weakening of global growth, particularly in Europe and continued fears in both bond and equity markets. Financials continue to deleverage globally and are suffering from high funding costs, a lack of sources for capital, a challenging operating environment and a harsh regulatory environment. The situation of the financial sector is another hurdle to spurring global gross domestic product growth. On the positive side, the injection of $600 billion in three year loans by the European Central Bank has helped to increase liquidity within the euro banking system.

The most significant dilemmas are still found at the sovereign level where combined goals of fiscal austerity and growth are at odds. This friction is most clearly manifested with the Eurozone periphery and most noticeably in Greece. Indeed, for Greece the math simply does not add up and the country will need to reschedule its debt load. The question is whether this will be done with assistance of Eurozone members, or through a unilateral disorderly default. However, questions have arisen for other countries such as Spain, Italy and even France. All of these will need to be resolved during 2012 for markets to be able to function normally again. A two-pronged solution will ultimately be required, providing fiscal adjustment on the one hand, with a much more active and explicit European Central Bank sovereign bond buying program. We believe that once decisive action is implemented by the European Central Bank, market fears will calm. At this point, this looks like the only viable solution to keeping the Eurozone intact. A disorderly breakup of the Eurozone would be a negative event of cataclysmic proportions, and we view it as a small probability. If it did occur, we would experience extreme disruptions in bond, equity and currency markets, which would make the volatility and downturn we experienced in 2008 look like a good year. China’s performance will be another significant input for equity outcomes and global gross domestic product growth in 2012. China has been fine tuning its centrally planned economic model for several years. As time goes on, and as the economy becomes larger and more interrelated, central planning becomes more difficult. Policymakers will

Praxis International Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited), continued

require almost surgical precision to manage several aspects of the economy including a deflating property bubble, the taming of growth in lending while ensuring the continued liquidity and solvency of the banks, and the transition from a heavily export based economy. The bottom line is that we would like to see China continuing to grow in excess of 8 percent, a feat that is increasingly difficult to achieve.

Equities are inexpensive relative to virtually any other investment and fairly inexpensive relative to their own history. We are facing a very high equity risk premium in an environment of low borrowing costs, healthy balance sheets, lean corporate operations and high profitability. As a result, companies are in pretty good shape to face upcoming turbulence if it comes. If the difficult challenges we face this year are overcome successfully, we could see a very strong wave of corporate investing which could raise rates of capital expenditures, hiring, and mergers and acquisitions. We seem to be far off from that as confidence has been eroded in every area of the economy: consumers, corporations and investors. Nevertheless, it generally pays to buy equities when they are inexpensive and unpopular, and we definitely fulfill that condition. It is also interesting to see that long term investors, such as Warren Buffett, have stepped up and increased equity purchases significantly during 2011. Indeed, we are seeing some very attractive equity valuations virtually across the globe, including Europe and China. Ultimately we think this will bode well for returns in the strategy, although we believe market turbulence is likely to persist.

Francis Claró, CFA®

Praxis International Fund Portfolio Manager

Wells Capital Management

The views expressed are those of the portfolio manager as of December 31, 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.

Praxis International Fund

Performance Review

Growth of $10,000 investment from 12/30/01 to 12/31/11


				Annualized
		One		Three		Five		Ten		Expense
	Inception	Year		Year		Year		Year		Ratio***
	Date	Ended		Ended		Ended		Ended		Gross / Net
International Fund
Class A (Without Load)			-15.54%		2.83%		-6.30%		1.41%		2.12	%	2.12	%
Class A *			-19.96%		0.99%		-7.31%		0.87%
Class I **	5/1/06		-14.78%		3.62%		-5.75%		1.75%		1.13	%	1.13	%
MSCI EAFE Index1			-12.14%		7.65%		-4.72%		4.67%

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

1 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.

Schedule of Portfolio Investments
Praxis International Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—96.1%
ARGENTINA—1.2%
ENERGY—0.4%
YPF SA- ADR		5,590	$	193,861

REAL ESTATE—0.8%
IRSA Inversiones y Representaciones
SA- ADR		43,108		447,030
				640,891
AUSTRALIA—3.7%
BANKS—2.1%
Commonwealth Bank of Australia		13,781		693,766
Westpac Banking Corp.		20,835		426,201
				1,119,967
INSURANCE—0.5%
AMP Ltd.		68,509		285,189

MATERIALS—1.1%
Newcrest Mining Ltd.		19,747		597,838
				2,002,994
CANADA—4.0%
ENERGY—2.2%
Canadian Natural Resources Ltd.		17,824		667,471
Suncor Energy, Inc.		18,485		533,094
				1,200,565
MATERIALS—0.7%
Teck Resources Ltd., Class B		10,287		362,607

REAL ESTATE—1.1%
Brookfield Asset Management, Inc., Class A		21,504		590,930
				2,154,102
CHILE—0.8%
MATERIALS—0.8%
Antofagasta plc		23,901		450,987

CHINA—5.6%
CAPITAL GOODS—2.3%
Shanghai Electric Group Co. Ltd., Class H		2,713,000		1,254,046

SOFTWARE & SERVICES—2.4%
Baidu, Inc.- ADR (a)		3,761		438,043
Sina Corp. (a)		8,799		457,548
Tencent Holdings Ltd.		19,100		383,889
				1,279,480
TECHNOLOGY HARDWARE & EQUIPMENT—0.9%
ZTE Corp., Class H		165,000		517,311
				3,050,837
FRANCE—5.6%
BANKS—0.2%
BNP Paribas SA		3,315		130,215

CAPITAL GOODS—0.4%
Cie de Saint-Gobain		5,655		217,118

ENERGY—2.0%
Technip SA		11,411		1,072,502

FOOD, BEVERAGE & TOBACCO—1.7%
Danone SA		14,888		935,885

MEDIA—0.4%
Publicis Groupe SA		4,200	$	193,217

RETAILING—0.9%
PPR		3,320		475,453
				3,024,390
GERMANY—9.2%
CAPITAL GOODS—0.7%
Hochtief AG		6,341		366,805

CONSUMER DURABLES & APPAREL—0.8%
Adidas AG		6,765		440,056

HEALTH CARE EQUIPMENT & SERVICES—2.4%
Fresenius SE & Co. KGaA		14,167		1,310,632

INSURANCE—1.9%
Allianz SE		6,414		613,550
Muenchener Rueckversicherungs
Gesellschaft AG		3,481		427,011
				1,040,561
PHARMACEUTICALS & BIOTECHNOLOGY—1.8%
Bayer AG		15,351		981,481

SOFTWARE & SERVICES—1.1%
SAP AG		10,760		568,882

UTILITIES—0.5%
E.ON AG		12,845		277,133
				4,985,550
HONG KONG—1.5%
TELECOMMUNICATION SERVICES—1.5%
China Mobile Ltd.- ADR		17,352		841,398

ISRAEL—1.4%
PHARMACEUTICALS & BIOTECHNOLOGY—0.7%
Teva Pharmaceutical Industries Ltd.- ADR		8,834		356,540

SOFTWARE & SERVICES—0.7%
Check Point Software Technologies Ltd. (a)		7,739		406,607
				763,147
ITALY—1.3%
ENERGY—1.3%
ENI SpA		32,952		682,796

JAPAN—11.5%
AUTOMOBILES & COMPONENTS—4.6%
Isuzu Motors Ltd.		186,000		860,284
Toyota Motor Corp.		49,700		1,656,236
				2,516,520
BANKS—2.1%
Mitsubishi UFJ Financial Group, Inc.		151,100		641,934
Sumitomo Mitsui Financial Group, Inc.		17,100		476,321
				1,118,255
CAPITAL GOODS—0.5%
Makita Corp.		9,000		291,269

INSURANCE—0.9%
NKSJ Holdings, Inc.		24,850		487,508

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%
Tokyo Electron Ltd.		7,300		371,307

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—96.1%, continued
JAPAN—11.5%, continued
SOFTWARE & SERVICES—1.4%
Nintendo Co. Ltd.		3,500	$	482,006
Yahoo! Japan Corp.		866		278,916
				760,922
TECHNOLOGY HARDWARE & EQUIPMENT—1.3%
Canon, Inc.		15,500		686,696
				6,232,477
NETHERLANDS—4.9%
COMMERCIAL & PROFESSIONAL SERVICES—1.0%
USG People NV		68,149		565,374

DIVERSIFIED FINANCIALS—0.4%
ING Groep NV, CVA (a)		27,372		196,970

FOOD, BEVERAGE & TOBACCO—2.0%
Unilever NV, CVA		31,395		1,079,618

MATERIALS—0.4%
New World Resources plc, Class A		32,899		226,287

SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—1.1%
ASML Holding NV		14,382		604,486
				2,672,735
NORWAY—2.3%
TELECOMMUNICATION SERVICES—2.3%
Telenor ASA		74,577		1,223,238

SINGAPORE—0.7%
BANKS—0.7%
DBS Group Holdings Ltd.		40,000		355,268

SPAIN—3.8%
BANKS—0.4%
Banco Santander SA		27,700		210,444

ENERGY—2.6%
Repsol YPF SA		45,860		1,408,774

RETAILING—0.8%
Inditex SA		5,301		434,153
				2,053,371
SWEDEN—0.8%
BANKS—0.8%
Swedbank AB, Series A		32,438		420,201

SWITZERLAND—10.1%
CAPITAL GOODS—0.7%
ABB Ltd. (a)		21,028		395,800

COMMERCIAL SERVICES & SUPPLIES—0.3%
Adecco SA (a)		3,974		166,483

CONSUMER DURABLES & APPAREL—1.6%
Swatch Group AG		2,236		836,744

DIVERSIFIED FINANCIALS—0.9%
Credit Suisse Group AG (a)		12,089		284,046
UBS AG (a)		18,217		216,827
				500,873
INSURANCE—1.4%
Zurich Financial Services AG (a)		3,343	$	756,295

PHARMACEUTICALS & BIOTECHNOLOGY—5.2%
Novartis AG		24,128		1,379,403
Roche Holding AG		8,507		1,441,834
				2,821,237
				5,477,432
UNITED KINGDOM—27.7%
BANKS—4.3%
Barclays plc		112,877		308,612
HSBC Holdings plc		153,872		1,173,429
Standard Chartered plc		38,819		849,428
				2,331,469
CAPITAL GOODS—2.1%
Ashtead Group plc		171,534		602,047
Travis Perkins plc		42,450		524,432
				1,126,479
COMMERCIAL SERVICES & SUPPLIES—1.7%
Experian plc		48,793		663,415
Intertek Group plc		8,421		266,133
				929,548
CONSUMER DURABLES & APPAREL—2.2%
Burberry Group plc		31,806		585,327
Persimmon plc		86,643		632,416
				1,217,743
ENERGY—5.9%
BG Group plc		40,384		863,291
BP plc		99,224		709,607
Royal Dutch Shell plc, Class A		43,968		1,618,973
				3,191,871
ENERGY EQUIPMENT & SERVICES—0.6%
Subsea 7 SA (a)		17,896		332,136

MATERIALS—3.6%
BHP Billiton plc		24,496		714,244
Rio Tinto plc		8,643		419,456
Xstrata plc		51,970		789,338
				1,923,038
MEDIA—0.9%
WPP plc		45,956		482,102

PHARMACEUTICALS & BIOTECHNOLOGY—2.0%
GlaxoSmithKline plc		48,007		1,097,075

RETAILING—0.9%
Kingfisher plc		121,133		471,616

TELECOMMUNICATION SERVICES—3.5%
Vodafone Group plc		673,471		1,871,116
				14,974,193
TOTAL COMMON STOCKS				52,006,007

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Fund	December 31, 2011

	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
CORPORATE NOTES—1.6%
DEVELOPMENT AUTHORITIES—1.6%
Everence Community Investment, Inc.,
0.52%, 12/15/12+(b)	$	343,000	$	339,009
Everence Community Investment, Inc.,
0.78%, 12/15/13+(b)		256,000		253,678
Everence Community Investment, Inc.,
0.78%, 12/15/14+(b)		256,000		253,678
TOTAL CORPORATE NOTES				846,365

SHORT TERM INVESTMENT—1.5%
INVESTMENT COMPANY—1.5%
JPMorgan U.S. Government Money
Market Fund, Agency Shares		828,235		828,235

TOTAL INVESTMENTS (Cost*
$48,237,735)—99.2%			$	53,680,607
Other assets in excess of liabilities — 0.8%				364,588
NET ASSETS—100%			$	54,045,195

+	Variable rate security. Rates presented are the rates in effect at December 31, 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	%		343,000		12/2009
Everence Community Investment, Inc.		0.78	%		256,000		12/2009
Everence Community Investment, Inc.		0.78	%		256,000		12/2009

	At December 31, 2011, these securities had an aggregate market value of $846,365, representing 1.6% 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.

Praxis International Index Fund

Annual report to shareholders

Portfolio Managers’ letter (unaudited)

The past year proved to be yet another volatile year for global equity markets. Foreign developed and emerging markets were relatively flat for the first seven months of the year. In August, once the European debt crisis began to unfold, the markets started to tumble, reflecting a diminished appetite by investors for risky assets.

With weak markets as backdrop, the Fund’s Class A shares (without load) lost 16.54 percent during the one year period ended December 31, 2011. The MSCI All Country World ex-U.S. Index, the Fund’s benchmark, finished the year with a negative 13.71 percent return.

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

During the period, the Fund underperformed its index by 2.83 percent net of fees and 1.18 percent gross of fees. The 1.18 percent underperformance can be explained by slightly different weights versus the benchmark in industries, such as a lower weighting in food and tobacco as well as risk factors, such as a slight emphasis on lower momentum stocks versus the benchmark. In addition, stock-specific risk not explained by industries or factors contributed to a little more than half of the total underperformance gross of fees. Given the limitations previously identified, the results were consistent with forecasted tracking error, a measure of variability of returns relative to the benchmark.

Ran Lesham

Praxis International Index Fund Portfolio Manager

Aperio Group LLC

Patrick Geddes

Praxis International Index Fund Portfolio Manager

Aperio Group LLC

Praxis International Index Fund

Performance Review

Growth of $10,000 investment from 12/31/10 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/10 to 12/31/11, and includes the reinvestment of dividends and capital gains.


	One		One	Expense
	Inception	Year		Ratio**
	Date	Ended		Gross / Net
International Index Fund
Class A (Without Load)	12/31/10		-16.54%		1.67	%	1.65	%
Class A *	12/31/10		-20.89%
Class I	12/31/10		-16.05%		0.96	%	0.96	%
MSCI All Country World Index ex-US1			-13.71%

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

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

Schedule of Portfolio Investments
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%
ARGENTINA—0.1%
COMMERCIAL BANKS—0.1%
Banco Macro SA- ADR		94	$	1,833
BBVA Banco Frances SA- ADR		8,475		41,273
				43,106
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0%**
Telecom Argentina SA- ADR		1,459		26,087
				69,193
AUSTRALIA—5.4%
BANKS—0.2%
Commonwealth Bank of Australia		2,579		129,832

BIOTECHNOLOGY—0.2%
CSL Ltd.		2,163		70,794
CSL Ltd.- ADR		3,812		62,059
				132,853
CAPITAL MARKETS—0.1%
Macquarie Group Ltd.		463		11,266
Macquarie Group Ltd.- ADR		1,947		47,312
				58,578
CHEMICALS—0.1%
Orica Ltd.		1,786		44,280

COMMERCIAL BANKS—1.9%
Australia & New Zealand Banking Group
Ltd.- ADR		19,766		411,528
National Australia Bank Ltd.- ADR		17,077		408,653
Westpac Banking Corp.- ADR		4,270		437,248
				1,257,429
CONTAINERS & PACKAGING—0.2%
Amcor Ltd.		3,344		24,660
Amcor Ltd.- ADR		3,211		94,724
				119,384
FOOD & STAPLES RETAILING—0.1%
Woolworths Ltd.		3,078		79,019

INSURANCE—0.1%
Suncorp Group Ltd.		5,969		51,161

METALS & MINING—2.1%
Alumina Ltd.- ADR		30,755		141,781
BHP Billiton Ltd.- ADR		15,356		1,084,594
Newcrest Mining Ltd.- ADR		6,768		205,138
				1,431,513
OIL, GAS & CONSUMABLE FUELS—0.4%
Origin Energy Ltd.		4,010		54,713
Woodside Petroleum Ltd.		2,190		68,587
Woodside Petroleum Ltd.- ADR		5,045		158,413
				281,713
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Westfield Group REIT		4,207		33,606
				3,619,368
AUSTRIA—0.1%
COMMERCIAL BANKS—0.1%
Erste Group Bank AG		757		13,381
Erste Group Bank AG- ADR		6,494		56,173
				69,554
BELGIUM—0.3%
FOOD & STAPLES RETAILING—0.3%
Delhaize Group SA- ADR		3,820	$	214,913

BRAZIL—3.6%
BANKS—0.4%
Banco Bradesco SA- ADR		14,911		248,716

CHEMICALS—0.1%
Braskem SA- ADR		4,460		62,886

COMMERCIAL BANKS—0.4%
Banco do Brasil SA- ADR		3,372		42,487
Itau Unibanco Holding SA- ADR		13,110		243,322
				285,809
ELECTRIC UTILITIES—0.5%
Cia Energetica de Minas Gerais- ADR		10,490		186,617
Cia Paranaense de Energia- ADR		3,096		64,954
CPFL Energia SA- ADR		3,666		103,418
				354,989
FOOD & STAPLES RETAILING—0.2%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar- ADR		4,117		149,982

FOOD PRODUCTS—0.3%
BRF - Brasil Foods SA- ADR		10,945		213,975

METALS & MINING—0.7%
Cia Siderurgica Nacional SA- ADR		3,783		30,945
Gerdau SA- ADR		3,330		26,008
Vale SA- ADR		17,525		375,911
				432,864
OIL, GAS & CONSUMABLE FUELS—0.8%
OGX Petroleo e Gas Participacoes
SA- ADR (a)		9,914		72,273
Petroleo Brasileiro SA- ADR		15,443		383,758
Ultrapar Participacoes SA- ADR		5,554		95,529
				551,560
WATER UTILITIES—0.2%
Cia de Saneamento Basico do Estado
de Sao Paulo- ADR (a)		1,622		90,264
				2,391,045
CANADA—8.4%
AUTO COMPONENTS—0.2%
Magna International, Inc.		3,617		120,482

CHEMICALS—0.8%
Agrium, Inc.		2,526		169,520
Methanex Corp.		3,910		89,226
Potash Corp of Saskatchewan, Inc.		6,056		249,992
				508,738
COMMERCIAL BANKS—2.0%
Bank of Montreal		4,663		255,579
Bank of Nova Scotia		4,462		222,252
Canadian Imperial Bank of Commerce		1,803		130,483
Royal Bank of Canada		6,893		351,267
Toronto-Dominion Bank		4,675		349,737
				1,309,318
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Progressive Waste Solutions Ltd.		790		15,476

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
CANADA—8.4%, continued
HOTELS, RESTAURANTS & LEISURE—0.3%
Tim Hortons, Inc.		3,707	$	179,493

INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.3%
TransAlta Corp.		10,165		209,602

INSURANCE—0.3%
Manulife Financial Corp.		10,283		109,205
Sun Life Financial, Inc.		3,504		64,894
				174,099
MATERIALS—0.0%**
Agnico-Eagle Mines Ltd.		912		33,124

MEDIA—0.1%
Shaw Communications, Inc., Class B		4,332		86,077

METALS & MINING—0.9%
Barrick Gold Corp.		5,488		248,332
Eldorado Gold Corp.		6,382		87,497
Kinross Gold Corp.		4,398		50,137
Taseko Mines Ltd. (a)		7,158		19,542
Teck Resources Ltd., Class B		5,519		194,214
Thompson Creek Metals Co., Inc. (a)		4,395		30,589
				630,311
OIL, GAS & CONSUMABLE FUELS—2.3%
Advantage Oil & Gas Ltd. (a)		8,265		34,217
Canadian Natural Resources Ltd.		7,690		287,375
Cenovus Energy, Inc.		8,298		275,494
Enbridge, Inc.		9,924		371,257
Encana Corp.		6,563		121,612
Nexen, Inc.		4,747		75,525
Penn West Petroleum Ltd.		1,667		33,007
Suncor Energy, Inc.		9,224		265,928
Talisman Energy, Inc.		8,318		106,054
				1,570,469
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Asset Management, Inc., Class A		10,492		288,320

ROAD & RAIL—0.8%
Canadian National Railway Co.		4,449		349,514
Canadian Pacific Railway Ltd.		2,299		155,573
				505,087
				5,630,596
CHILE—0.6%
AIRLINES—0.1%
Lan Airlines SA- ADR		3,234		75,158

BEVERAGES—0.1%
Embotelladora Andina SA, Class B- ADR		2,340		60,910

CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile
SA- ADR		4,115		221,593

COMMERCIAL BANKS—0.1%
Corpbanca- ADR		3,709		73,772
				431,433
CHINA—1.9%
AIRLINES—0.2%
China Eastern Airlines Corp. Ltd.- ADR (a)		2,802	$	49,764
China Southern Airlines Co. Ltd.- ADR (a)		3,560		90,602
				140,366
CHEMICALS—0.1%
Sinopec Shanghai Petrochemical
Co. Ltd.- ADR		1,403		46,411

COMMERCIAL BANKS—0.3%
China Construction Bank Corp.- ADR		16,143		225,033

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR		2,843		162,421

INSURANCE—0.6%
China Life Insurance Co. Ltd.- ADR		10,166		375,837

INTERNET SOFTWARE & SERVICES—0.4%
Tencent Holdings Ltd.- ADR		12,651		254,791

ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		5,665		99,931
				1,304,790
COLOMBIA—0.6%
COMMERCIAL BANKS—0.2%
BanColombia SA- ADR		2,860		170,342

OIL, GAS & CONSUMABLE FUELS—0.4%
Ecopetrol SA- ADR		5,333		237,425
				407,767
DENMARK—0.7%
COMMERCIAL BANKS—0.1%
Danske Bank A/S (a)		3,457		43,910
Danske Bank A/S- ADR (a)		6,614		41,668
				85,578
PHARMACEUTICALS—0.6%
Novo Nordisk A/S- ADR		3,470		399,952
				485,530
FINLAND—0.2%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR		10,739		51,762

PAPER & FOREST PRODUCTS—0.1%
Stora Enso OYJ- ADR		11,880		70,567
				122,329
FRANCE—5.2%
AUTO COMPONENTS—0.3%
Cie Generale des Etablissements
Michelin- ADR		6,835		80,106
Cie Generale des Etablissements
Michelin, Class B		1,074		63,490
Valeo SA- ADR		2,914		57,639
				201,235
CAPITAL GOODS—0.1%
Cie de Saint-Gobain		1,071		41,120

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
FRANCE—5.2%, continued
COMMERCIAL BANKS—0.6%
BNP Paribas SA- ADR		11,326	$	222,556
Credit Agricole SA		5,199		29,337
Societe Generale SA- ADR		27,285		118,963
				370,856
CONSTRUCTION & ENGINEERING—0.2%
Bouygues SA		956		30,122
Vinci SA- ADR		12,602		136,858
				166,980
CONSTRUCTION MATERIALS—0.1%
Lafarge SA		430		15,115
Lafarge SA- ADR		6,876		59,684
				74,799
DIVERSIFIED FINANCIAL SERVICES—0.0%**
Credit Agricole SA- ADR		11,953		32,751

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
France Telecom SA- ADR		14,895		233,256
Vivendi SA		2,408		52,732
				285,988
ELECTRICAL EQUIPMENT—0.4%
Schneider Electric SA		914		48,122
Schneider Electric SA- ADR		18,000		189,180
				237,302
ENERGY EQUIPMENT & SERVICES—0.7%
Cie Generale de Geophysique - Veritas-
ADR (a)		8,845		205,381
Technip SA- ADR		10,744		253,558
				458,939
FOOD & STAPLES RETAILING—0.3%
Carrefour SA- ADR		46,315		207,491

FOOD PRODUCTS—0.7%
Danone SA- ADR		38,055		481,015

HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
Cie Generale d’Optique Essilor
International SA		900		63,541

INSURANCE—0.3%
AXA SA- ADR		15,563		200,140

MEDIA—0.2%
Publicis Groupe SA- ADR		5,226		119,519

MULTI-UTILITIES—0.2%
GDF Suez- ADR		1,918		52,112
Veolia Environnement SA- ADR		6,669		73,693
				125,805
PERSONAL PRODUCTS—0.4%
L’Oreal SA		382		39,899
L’Oreal SA- ADR		11,470		238,920
				278,819
SOFTWARE—0.2%
Dassault Systemes SA- ADR		1,484		119,328
				3,465,628
GERMANY—5.7%
AIR FREIGHT & LOGISTICS—0.2%
Deutsche Post AG		8,337	$	128,187

AIRLINES—0.1%
Deutsche Lufthansa AG- ADR		6,684		78,737

AUTOMOBILES—0.5%
Bayerische Motoren Werke AG- ADR		16,181		359,704

CAPITAL MARKETS—0.3%
Deutsche Bank AG		6,317		239,162

CHEMICALS—0.7%
BASF SE- ADR		7,020		489,505

CONSUMER DURABLES & APPAREL—0.1%
Adidas AG		717		46,640

DIVERSIFIED FINANCIALS—0.2%
Deutsche Boerse AG (a)		1,237		66,160
Deutsche Boerse AG- ADR		10,140		55,770
				121,930
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Deutsche Telekom AG- ADR		17,448		199,779

HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA- ADR		4,618		313,932

INSURANCE—0.8%
Allianz SE- ADR		32,610		308,817
Muenchener Rueckversicherungs AG- ADR		12,150		149,202
Muenchener Rueckversicherungs
Gesellschaft AG		763		93,596
				551,615
MACHINERY—0.2%
MAN SE		1,327		117,990
MAN SE- ADR		5,576		49,729
				167,719
MULTI-UTILITIES—0.1%
RWE AG- ADR		1,927		67,310

PHARMACEUTICALS—0.5%
Bayer AG- ADR		4,941		315,236

SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.1%
Infineon Technologies AG- ADR		5,899		44,301

SOFTWARE—0.7%
SAP AG- ADR		8,579		454,258

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Adidas AG- ADR		4,712		153,658
Puma SE		105		30,577
				184,235
TRUCKING—0.1%
Deutsche Post AG- ADR		3,960		61,063
				3,823,313
GREECE—0.1%
BEVERAGES—0.1%
Coca Cola Hellenic Bottling Co. SA- ADR (a)		3,160		52,582

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
HONG KONG—3.4%
COMMERCIAL BANKS—0.4%
BOC Hong Kong Holdings Ltd.		41,500	$	98,318
BOC Hong Kong Holdings Ltd.- ADR		1,754		82,719
Hang Seng Bank Ltd.		4,200		49,833
				230,870
DISTRIBUTORS—0.1%
Li & Fung Ltd.		12,000		22,218
Li & Fung Ltd.- ADR		12,287		45,093
				67,311
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
China Unicom Hong Kong Ltd.- ADR		18,054		381,481

INDUSTRIAL CONGLOMERATES—0.3%
Jardine Matheson Holdings Ltd.		751		35,334
Jardine Matheson Holdings Ltd.- ADR		3,366		159,919
				195,253
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%
Hang Lung Properties Ltd.		11,000		31,300
Henderson Land Development Co. Ltd.		8,000		39,760
Sun Hung Kai Properties Ltd.		11,000		137,879
Sun Hung Kai Properties Ltd.- ADR		11,170		139,625
Swire Pacific Ltd., Series A		6,500		78,461
Swire Pacific Ltd., Series A- ADR		19,254		231,048
Wharf Holdings Ltd.		8,000		36,155
				694,228
SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.		2,500		3,225
Esprit Holdings Ltd.- ADR		4,499		11,248
				14,473
TELECOMMUNICATION SERVICES—1.0%
China Mobile Ltd.- ADR		14,334		695,056
				2,278,672
HUNGARY—0.2%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Magyar Telekom Telecommunications plc- ADR		11,582		122,769

INDIA—1.8%
BANKS—0.4%
ICICI Bank Ltd.- ADR		9,235		244,081

COMMERCIAL BANKS—0.5%
HDFC Bank Ltd.- ADR		11,833		310,971

IT SERVICES—0.5%
Infosys Ltd.- ADR		4,655		239,174
Wipro Ltd.- ADR		12,002		122,301
				361,475
METALS & MINING—0.2%
Sterlite Industries India Ltd.- ADR		23,169		160,561

PHARMACEUTICALS—0.2%
Dr. Reddy’s Laboratories Ltd.- ADR		3,670		108,008
				1,185,096
INDONESIA—0.9%
COMMERCIAL BANKS—0.4%
PT Bank Mandiri- ADR		34,457		251,536

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telekomunikasi Indonesia Tbk PT- ADR		5,638	$	173,312

MACHINERY—0.3%
United Tractors Tbk PT- ADR		3,427		198,972
				623,820
IRELAND—1.3%
COMMERCIAL SERVICES & SUPPLIES—0.3%
Experian plc		3,191		43,387
Experian plc- ADR		12,244		166,151
				209,538
CONSTRUCTION MATERIALS—0.2%
CRH plc- ADR		5,815		115,253

MEDIA—0.2%
WPP plc- ADR		2,532		132,246

PHARMACEUTICALS—0.6%
Elan Corp. plc- ADR (a)		10,509		144,394
Shire plc- ADR		2,266		235,437
				379,831
				836,868
ISRAEL—0.6%
PHARMACEUTICALS—0.4%
Teva Pharmaceutical Industries Ltd.- ADR		6,936		279,937

SOFTWARE—0.2%
Check Point Software Technologies Ltd. (a)		2,576		135,343

WIRELESS TELECOMMUNICATION SERVICES—0.0%**
Partner Communications Co. Ltd.- ADR		993		8,778
				424,058
ITALY—1.3%
BANKS—0.0%**
UniCredit SpA		1,478		12,281

COMMERCIAL BANKS—0.1%
Intesa Sanpaolo SpA		4,425		7,411
Intesa Sanpaolo SpA- ADR		4,639		46,111
				53,522
ELECTRIC UTILITIES—0.1%
Enel SpA		9,543		38,832

INSURANCE—0.0%**
Assicurazioni Generali SpA		2,092		31,489

OIL, GAS & CONSUMABLE FUELS—0.8%
ENI SpA- ADR		12,492		515,545

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Luxottica Group SpA- ADR		6,042		168,753

TRANSPORTATION INFRASTRUCTURE—0.1%
Atlantia SpA		2,222		35,574
				855,996

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
JAPAN—14.5%
AUTO COMPONENTS—0.4%
Bridgestone Corp.		1,656	$	37,544
Bridgestone Corp.- ADR		426		19,170
Denso Corp.		4,700		129,819
Denso Corp.- ADR		6,048		82,676
				269,209
AUTOMOBILES—2.1%
Honda Motor Co. Ltd.- ADR		17,326		529,309
Nissan Motor Co. Ltd.- ADR		15,548		276,444
Toyota Motor Corp.- ADR		8,625		570,371
				1,376,124
BUILDING PRODUCTS—0.2%
Asahi Glass Co. Ltd.		3,000		25,179
Asahi Glass Co. Ltd.- ADR		16,078		132,804
				157,983
CAPITAL GOODS—0.2%
Makita Corp.		600		19,418
Makita Corp.- ADR		3,753		121,410
				140,828
CAPITAL MARKETS—0.3%
Daiwa Securities Group, Inc.		16,000		49,890
Daiwa Securities Group, Inc.- ADR		27,761		87,169
Nomura Holdings, Inc.- ADR		26,917		80,213
				217,272
CHEMICALS—0.3%
Nitto Denko Corp.		500		17,890
Nitto Denko Corp.- ADR		2,830		100,550
Shin-Etsu Chemical Co. Ltd.		800		39,392
Sumitomo Chemical Co. Ltd.		7,000		25,555
Toray Industries, Inc.		6,000		42,952
				226,339
COMMERCIAL BANKS—1.4%
Mitsubishi UFJ Financial Group, Inc.- ADR		114,193		478,469
Mizuho Financial Group, Inc.- ADR		37,946		101,695
Sumitomo Mitsui Financial Group, Inc.- ADR		53,820		296,548
Sumitomo Mitsui Trust Holdings, Inc.		2,980		8,750
Sumitomo Mitsui Trust Holdings, Inc.- ADR		9,732		27,639
				913,101
COMMERCIAL SERVICES & SUPPLIES—0.7%
Dai Nippon Printing Co. Ltd.		50,000		480,707
Dai Nippon Printing Co. Ltd.- ADR		37		350
				481,057
COMPUTERS & PERIPHERALS—0.1%
Fujitsu Ltd.		2,000		10,394
Fujitsu Ltd.- ADR		1,240		32,054
Seiko Epson Corp.		600		7,974
Seiko Epson Corp.- ADR		5,156		33,617
				84,039
CONSTRUCTION & ENGINEERING—0.1%
JGC Corp.		2,000		48,019
Obayashi Corp.		9,000		39,989
				88,008
DIVERSIFIED FINANCIAL SERVICES—0.3%
ORIX Corp.		230		19,005
ORIX Corp.- ADR		4,868		199,344
				218,349
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Nippon Telegraph & Telephone Corp.- ADR		8,468	$	214,494

ELECTRIC UTILITIES—0.1%
Chubu Electric Power Co., Inc.		1,800		33,605
Tohoku Electric Power Co., Inc.		2,200		21,123
Tokyo Electric Power Co., Inc. (a)		2,400		5,706
				60,434
ELECTRICAL EQUIPMENT—0.4%
Nidec Corp.- ADR		10,848		234,100

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
FUJIFILM Holdings Corp.- ADR		3,926		91,319
Hoya Corp.		2,800		60,314
Hoya Corp.- ADR		1,734		37,420
Kyocera Corp.		700		56,295
Kyocera Corp.- ADR		620		49,482
Murata Manufacturing Co. Ltd.		500		25,692
				320,522
HEALTH CARE EQUIPMENT & SUPPLIES—0.0%**
Terumo Corp.		600		28,258

HOUSEHOLD DURABLES—0.9%
Panasonic Corp.- ADR		18,555		155,676
Sekisui House Ltd.		2,000		17,747
Sekisui House Ltd.- ADR		12,610		109,833
Sharp Corp.		10,000		87,437
Sharp Corp.- ADR		3,930		34,270
Sony Corp.- ADR		12,560		226,582
				631,545
INSURANCE—0.3%
MS&AD Insurance Group Holdings- ADR		15,706		142,768
Tokio Marine Holdings, Inc.- ADR		1,609		35,398
				178,166
INTEGRATED TELECOMMUNICATION SERVICES—0.2%
KDDI Corp.- ADR		9,600		154,560

MACHINERY—1.1%
FANUC Corp.- ADR		18,354		464,356
Kubota Corp.- ADR		5,155		214,242
SMC Corp.		300		48,409
				727,007
MARINE—0.1%
Nippon Yusen KK- ADR		7,243		37,301

METALS & MINING—0.1%
Nippon Steel Corp.		13,000		32,428
Sumitomo Metal Mining Co. Ltd.		4,000		51,397
				83,825
OFFICE ELECTRONICS—0.5%
Canon, Inc.- ADR		7,331		322,857

PERSONAL PRODUCTS—0.7%
Kao Corp.- ADR		10,519		286,117
Shiseido Co. Ltd.- ADR		10,527		190,854
				476,971

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
JAPAN—14.5%, continued
PHARMACEUTICALS—0.8%
Astellas Pharma, Inc.		2,600	$	105,730
Astellas Pharma, Inc.- ADR		2,174		87,764
Daiichi Sankyo Co. Ltd.		1,700		33,704
Takeda Pharmaceutical Co. Ltd.		2,100		92,218
Takeda Pharmaceutical Co. Ltd.- ADR		10,224		225,439
				544,855
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd.- ADR		1,547		183,025
Mitsubishi Estate Co. Ltd.		7,000		104,586
Mitsubishi Estate Co. Ltd.- ADR		7,140		106,315
Mitsui Fudosan Co. Ltd.		2,000		29,154
Sumitomo Realty & Development Co. Ltd.		2,000		35,027
				458,107
ROAD & RAIL—0.5%
Central Japan Railway Co.		5		42,224
East Japan Railway Co.		290		18,462
East Japan Railway Co.- ADR		21,954		229,419
Keikyu Corp.		5,000		44,888
				334,993
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.0%**
Advantest Corp.- ADR		323		3,056
Rohm Co. Ltd.- ADR		602		13,870
				16,926
SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR		4,016		68,031

TECHNOLOGY HARDWARE & EQUIPMENT—0.1%
TDK Corp.		200		8,861
TDK Corp.- ADR		576		25,309
				34,170

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		2,019		131,881

TRADING COMPANIES & DISTRIBUTORS—0.4%
Mitsui & Co. Ltd.- ADR		800		247,600

WIRELESS TELECOMMUNICATION SERVICES—0.4%
NTT DoCoMo, Inc.- ADR		11,000		201,850
Softbank Corp.		1,300		38,289
				240,139
				9,719,051
JERSEY—0.2%
METALS & MINING—0.2%
Randgold Resources Ltd.- ADR		1,091		111,391

MEXICO—1.6%
BEVERAGES—0.3%
Coca-Cola Femsa SAB de CV- ADR		1,960		186,611

CONSTRUCTION & ENGINEERING—0.0%**
Empresas ICA SAB de CV- ADR (a)		5,565		26,601

CONSTRUCTION MATERIALS—0.1%
Cemex SAB de CV- ADR (a)		14,990		80,796

FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico SAB de CV- ADR		6,638		181,815

MEDIA—0.3%
Grupo Televisa SAB- ADR		8,430	$	177,536

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		2,949		99,558

WIRELESS TELECOMMUNICATION SERVICES—0.4%
America Movil SAB de CV, Series L- ADR		12,573		284,150
				1,037,067
NETHERLANDS—4.4%
AIR FREIGHT & LOGISTICS—0.0%**
PostNL NV		667		2,124
PostNL NV- ADR		1,500		4,755
TNT Express NV		667		4,984
TNT Express NV- ADR		1,509		11,106
				22,969
CHEMICALS—0.2%
Akzo Nobel NV- ADR		2,998		144,803

DIVERSIFIED FINANCIAL SERVICES—0.3%
ING Groep NV- ADR (a)		26,134		187,381

FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		17,207		231,434

FOOD PRODUCTS—0.3%
Unilever NV - NY Registry Shares		5,040		173,225

INDUSTRIAL CONGLOMERATES—0.4%
Koninklijke Philips Electronics NV		13,992		293,132

INSURANCE—0.1%
Aegon NV (a)		17,021		68,424

LIFE SCIENCES TOOLS & SERVICES—0.3%
QIAGEN NV (a)		12,181		168,220

MEDIA—0.1%
Wolters Kluwer NV		954		16,490
Wolters Kluwer NV- ADR		4,559		78,050
				94,540
OIL, GAS & CONSUMABLE FUELS—2.2%
Royal Dutch Shell plc, Class A- ADR		19,665		1,437,315

SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.2%
ASML Holding NV - NY Registry Shares		2,915		121,818
				2,943,261
NORWAY—1.1%
CHEMICALS—0.3%
Yara International ASA- ADR		4,876		194,309

METALS & MINING—0.2%
Norsk Hydro ASA		13,975		64,818
Norsk Hydro ASA- ADR		13,201		60,065
				124,883
OIL, GAS & CONSUMABLE FUELS—0.6%
Statoil ASA- ADR		16,927		433,500
				752,692

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
PERU—0.2%
METALS & MINING—0.2%
Cia de Minas Buenaventura SA- ADR		3,621	$	138,829

PORTUGAL—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Portugal Telecom SGPS SA- ADR		11,106		64,082

ELECTRIC UTILITIES—0.0%**
EDP - Energias de Portugal SA		10,966		33,935
				98,017
RUSSIA—0.7%
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Mobile Telesystems OJSC- ADR		30,270		444,364

SINGAPORE—2.0%
BANKS—0.1%
DBS Group Holdings Ltd.		6,656		59,117

COMMERCIAL BANKS—1.1%
DBS Group Holdings Ltd.- ADR		9,299		329,371
United Overseas Bank Ltd.		5,187		61,066
United Overseas Bank Ltd.- ADR		14,915		351,397
				741,834
DIVERSIFIED TELECOMMUNICATION
SERVICES—0.3%
Singapore Telecommunications Ltd.		24,000		57,176
Singapore Telecommunications Ltd.- ADR		5,834		139,374
				196,550
INDUSTRIAL CONGLOMERATES—0.5%
Keppel Corp. Ltd.- ADR		25,160		358,278
				1,355,779
SOUTH AFRICA—2.0%
COMMERCIAL BANKS—0.2%			��
Standard Bank Group Ltd.- ADR		5,847		143,778

METALS & MINING—1.0%
AngloGold Ashanti Ltd.- ADR		6,543		277,750
Gold Fields Ltd.- ADR		5,538		84,455
Harmony Gold Mining Co. Ltd.- ADR		15,958		185,751
Impala Platinum Holdings Ltd.- ADR		4,489		92,518
				640,474
OIL, GAS & CONSUMABLE FUELS—0.4%
Sasol Ltd.- ADR		6,092		288,761

WIRELESS TELECOMMUNICATION SERVICES—0.4%
MTN Group Ltd.- ADR		13,825		244,702
				1,317,715
SOUTH KOREA—2.7%
COMMERCIAL BANKS—1.2%
KB Financial Group, Inc.- ADR		9,707		304,218
Shinhan Financial Group Co. Ltd.- ADR		4,718		321,815
Woori Finance Holdings Co. Ltd.- ADR		6,203		151,477
				777,510
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
KT Corp.- ADR		12,858		201,099

ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS—0.3%
LG Display Co. Ltd.- ADR		16,866		177,599

METALS & MINING—0.5%
POSCO- ADR		4,454	$	365,673

WIRELESS TELECOMMUNICATION SERVICES—0.4%
SK Telecom Co. Ltd.- ADR		21,403		291,295
				1,813,176
SPAIN—2.7%
COMMERCIAL BANKS—1.0%
Banco Bilbao Vizcaya Argentaria SA- ADR		30,234		259,105
Banco Santander SA- ADR		53,071		399,094
				658,199
DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%
Telefonica SA- ADR		25,429		437,125

ELECTRIC UTILITIES—0.3%
Iberdrola SA- ADR		8,213		197,933

METALS & MINING—0.0%**
Acerinox SA		2,098		26,909

OIL, GAS & CONSUMABLE FUELS—0.6%
Repsol YPF SA- ADR		13,760		419,818

RETAILING—0.1%
Inditex SA		678		55,528
				1,795,512
SWEDEN—1.7%
COMMUNICATIONS EQUIPMENT—0.4%
Telefonaktiebolaget LM Ericsson- ADR		24,127		244,406

MACHINERY—0.8%
Atlas Copco AB- ADR		7,261		155,748
Atlas Copco AB, Class A		7,174		154,278
Sandvik AB		7,901		96,954
Sandvik AB- ADR		9,009		109,910
				516,890
PAPER & FOREST PRODUCTS—0.1%
Svenska Cellulosa AB, Class B		4,800		71,142

RETAILING—0.1%
Hennes & Mauritz AB (H&M), Class B		1,624		52,222

SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB- ADR		38,425		244,383
				1,129,043
SWITZERLAND—6.6%
CAPITAL MARKETS—0.9%
Credit Suisse Group AG- ADR		9,044		212,353
Julius Baer Group Ltd. (a)		936		36,611
UBS AG (a)		30,219		357,491
				606,455
CHEMICALS—0.5%
Syngenta AG- ADR (a)		6,200		365,428

COMPUTERS & PERIPHERALS—0.1%
Logitech International SA (a)		6,216		48,360

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Swisscom AG- ADR		4,870		184,670

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
SWITZERLAND—6.6%, continued
ELECTRICAL EQUIPMENT—0.9%
ABB Ltd.- ADR (a)		33,319	$	627,397

INSURANCE—0.7%
Swiss Re AG (a)		2,040		103,965
Zurich Financial Services AG- ADR (a)		15,220		345,190
				449,155
METALS & MINING—0.5%
Xstrata plc- ADR		106,960		316,602

PHARMACEUTICALS—2.4%
Novartis AG- ADR		16,695		954,453
Roche Holding AG- ADR		15,944		678,417
				1,632,870
PROFESSIONAL SERVICES—0.0%**
Adecco SA (a)		710		29,744

TRADING COMPANIES & DISTRIBUTORS—0.3%
Wolseley plc		581		19,237
Wolseley plc- ADR		45,040		146,380
				165,617
				4,426,298
TAIWAN—2.3%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Chunghwa Telecom Co. Ltd.- ADR		1,055		35,110

ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS—0.2%
AU Optronics Corp.- ADR		36,684		158,475

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%
Advanced Semiconductor Engineering,
Inc.- ADR		57,229		248,374
Siliconware Precision Industries Co.- ADR		37,265		162,476
Taiwan Semiconductor Manufacturing
Co. Ltd.- ADR		55,923		721,966
United Microelectronics Corp.- ADR		112,138		239,975
				1,372,791
				1,566,376
TURKEY—0.2%
COMMERCIAL BANKS—0.2%
Turkiye Garanti Bankasi AS- ADR		44,384		138,034

UNITED KINGDOM—12.5%
CAPITAL MARKETS—0.0%**
Man Group plc		3,940		7,691
Man Group plc- ADR		7,608		14,684
				22,375
COMMERCIAL BANKS—1.3%
Barclays plc- ADR		10,131		111,340
HSBC Holdings plc- ADR		19,343		736,968
Lloyds Banking Group plc- ADR (a)		19,484		30,590
				878,898
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc- ADR		3,811		112,958

ELECTRIC UTILITIES—0.3%
SSE plc- ADR		10,880		218,579

ENERGY EQUIPMENT & SERVICES—0.1%
Subsea 7 SA- ADR (a)		2,434	$	45,297

FOOD & STAPLES RETAILING—0.4%
J Sainsbury plc		4,806		22,608
J Sainsbury plc- ADR		11,869		221,357
WM Morrison Supermarkets plc		7,868		39,858
				283,823
HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Smith & Nephew plc- ADR		2,331		112,238

HOTELS, RESTAURANTS & LEISURE—0.4%
Carnival plc- ADR		1,539		50,679
Compass Group plc- ADR		22,238		210,816
				261,495
HOUSEHOLD PRODUCTS—0.3%
Reckitt Benckiser Group plc		1,019		50,324
Reckitt Benckiser Group plc- ADR		16,130		158,719
				209,043
INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.2%
International Power plc		4,881		25,561
International Power plc- ADR		1,872		97,718
				123,279
INSURANCE—0.3%
Aviva plc		6,027		28,155
Prudential plc- ADR		9,831		194,064
				222,219
MATERIALS—0.1%
Antofagasta plc		3,335		62,928

MEDIA—0.7%
British Sky Broadcasting Group plc		3,176		36,129
British Sky Broadcasting Group plc- ADR		2,267		102,672
Pearson plc- ADR		12,578		237,347
Reed Elsevier plc- ADR		3,719		119,901
				496,049
METALS & MINING—1.2%
Antofagasta plc- ADR		3,393		126,966
Rio Tinto plc- ADR		13,599		665,263
				792,229
MULTILINE RETAIL—0.1%
Marks & Spencer Group plc- ADR		6,941		66,078

MULTI-UTILITIES—0.9%
Centrica plc		7,002		31,459
Centrica plc- ADR		6,310		112,444
National Grid plc- ADR		6,366		308,624
United Utilities Group plc- ADR		7,667		144,676
				597,203
OIL, GAS & CONSUMABLE FUELS—2.3%
BG Group plc- ADR		5,385		576,195
BP plc- ADR		17,559		750,471
Tullow Oil plc		5,148		112,088
Tullow Oil plc- ADR		7,812		83,948
				1,522,702

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis International Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.7%, continued
UNITED KINGDOM—12.5%, continued
PHARMACEUTICALS—1.8%
AstraZeneca plc- ADR		8,910	$	412,444
GlaxoSmithKline plc- ADR		17,749		809,887
				1,222,331
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT—0.2%
ARM Holdings plc- ADR		5,285		146,236

SOFTWARE—0.1%
Sage Group plc		3,343		15,274
Sage Group plc- ADR		2,441		44,377
				59,651
SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		13,881		106,745

WIRELESS TELECOMMUNICATION SERVICES—1.2%
Vodafone Group plc- ADR		28,368		795,155
				8,357,511
UNITED STATES—0.8%
HEALTH CARE TECHNOLOGY—0.2%
SXC Health Solutions Corp. (a)		1,818		102,681

MEDIA—0.1%
Thomson Reuters Corp.		2,653		70,755

METALS & MINING—0.2%
Sims Metal Management Ltd.- ADR		10,460		134,411

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Office Properties, Inc.		13,940		218,022
				525,869

TOTAL INVESTMENTS (Cost* $75,176,140)—98.7%			$	66,085,305
Other assets in excess of liabilities — 1.3%				857,633
NET ASSETS—100%			$	66,942,938

(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

Praxis Value Index Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited)

For nearly two years, U.S. equity markets have been on a rally that began in March 2009, when the most acute phases of the credit crisis came to an end. In 2011, however, stock indexes paused. Significant geopolitical events ranging from the Arab Spring to the sovereign debt crisis in Europe to the credit downgrade of the U.S. Treasury caused investors to seek safety. Despite the credit downgrade, billions of dollars flowed to U.S. Treasuries, driving rates lower during the year. Also, to the extent investors sought safety in their stock portfolios, strategies that favored larger, more stable, dividend paying companies generally performed better than broad equity market indexes.

The interconnectedness of the global economy and the effects this phenomenon has had on the increasing correlations between U.S. and international stocks over the last decade has been well documented. In 2011, however, the fates of U.S. and international stock markets diverged, with U.S. stocks delivering flat to modestly positive returns while many of the largest international equity indexes declined for the year.

In the U.S., value style of equity investing marginally underperformed the growth style during 2011. The Praxis Value Index Fund’s Class A shares (without load) declined 3.58 percent versus positive return of 1.24 percent its benchmark, the MSCI Prime Market Value Index. The Fund’s underpeformance can be attributed to strong performance from several companies excluded from the fund, particularly Chevron, ExxonMobil, and Pfizer that generated performance that outpaced the index. While less of an impact, the Fund’s overweight to major banks also detracted from performance, particularly during the first half of the year. By contrast, the Fund’s exclusion of mining company Freeport-McMoran Copper & Gold contributed to performance.

Chad Horning, CFA®

Praxis Value Index Fund Manager

Praxis Value Index Fund

Performance Review

Growth of $10,000 investment from 12/30/01 to 12/31/11


				Annualized
		One		Three		Five		Ten		Expense
	Inception	Year		Year		Year		Year		Ratio***
	Date	Ended		Ended		Ended		Ended		Gross / Net
Value Index Fund
Class A (Without Load)			-3.58%		10.27%		-5.61%		0.86%		1.38	%	1.38	%
Class A *			-8.64%		8.32%		-6.62%		0.31%
Class I **	5/1/06		-2.80%		10.99%		-5.14%		1.13%		0.50	%	0.50	%
MSCI US Prime Market Value Index1			1.24%		11.50%		-2.32%		3.80%

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

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

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

Schedule of Portfolio Investments
Praxis Value Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%
AIRLINES—0.5%
Delta Air Lines, Inc.(a)		10,780	$	87,210
Southwest Airlines Co.		10,063		86,139
United Continental Holdings, Inc.(a)		4,220		79,632
				252,981
AUTO COMPONENTS—0.3%
Autoliv, Inc.		1,478		79,058
Lear Corp.		1,715		68,257
				147,315
AUTOMOBILES—0.3%
General Motors Co.(a)		8,898		180,362

BEVERAGES—0.3%
Coca-Cola Enterprises, Inc.		4,031		103,919
Dr. Pepper Snapple Group, Inc.		1,738		68,616
				172,535
BIOTECHNOLOGY—0.5%
Amgen, Inc.		4,057		260,500

BUILDING PRODUCTS—0.1%
Masco Corp.		5,766		60,428

CAPITAL MARKETS—3.5%
Ameriprise Financial, Inc.		2,516		124,894
Bank of New York Mellon Corp.		14,747		293,613
BlackRock, Inc.		1,071		190,895
Goldman Sachs Group, Inc.		5,731		518,254
Invesco Ltd.		6,002		120,580
Legg Mason, Inc.		2,963		71,260
Morgan Stanley		17,185		260,009
Raymond James Financial, Inc.		1,790		55,419
State Street Corp.		5,540		223,318
				1,858,242
CHEMICALS—2.0%
Air Products & Chemicals, Inc.		983		83,742
Airgas, Inc.		1,048		81,828
Ashland, Inc.		1,112		63,562
CF Industries Holdings, Inc.		772		111,924
E.I. du Pont de Nemours & Co.		9,887		452,627
Huntsman Corp.		5,701		57,010
International Flavors & Fragrances, Inc.		1,490		78,106
LyondellBasell Industries NV, Class A		3,478		113,000
				1,041,799
COMMERCIAL BANKS—6.4%
BB&T Corp.		8,292		208,710
CIT Group, Inc.(a)		2,126		74,134
Comerica, Inc.		2,829		72,988
Fifth Third Bancorp		11,090		141,065
Huntington Bancshares, Inc.		10,533		57,826
KeyCorp		12,151		93,441
M&T Bank Corp.		1,320		100,769
PNC Financial Services Group, Inc.		6,056		349,250
Regions Financial Corp.		16,978		73,005
SunTrust Banks, Inc.		5,600		99,120
U.S. Bancorp		21,290		575,894
Wells Fargo & Co.		55,454		1,528,312
Zions Bancorp		2,042		33,244
				3,407,758
COMMERCIAL SERVICES & SUPPLIES—0.8%
Avery Dennison Corp.		2,140	$	61,375
Pitney Bowes, Inc.		3,859		71,546
R.R. Donnelley & Sons Co.		3,672		52,987
Waste Management, Inc.		6,946		227,204
				413,112
COMMUNICATIONS EQUIPMENT—0.4%
Motorola Mobility Holdings, Inc.(a)		1,290		50,052
Motorola Solutions, Inc.		3,976		184,049
				234,101
COMPUTERS & PERIPHERALS—1.9%
Dell, Inc.(a)		11,287		165,129
Hewlett-Packard Co.		22,746		585,937
SanDisk Corp.(a)		1,270		62,497
Seagate Technology plc		5,352		87,773
Western Digital Corp.(a)		3,409		105,508
				1,006,844
CONSTRUCTION MATERIALS—0.2%
Vulcan Materials Co.		2,061		81,100

CONSUMER FINANCE—0.9%
Capital One Financial Corp.		5,236		221,430
Discover Financial Services		6,193		148,632
SLM Corp.		6,152		82,437
				452,499
CONTAINERS & PACKAGING—0.3%
Bemis Co., Inc.		4,163		125,223
Owens-Illinois, Inc.(a)		2,366		45,853
				171,076
DISTRIBUTORS—0.3%
Genuine Parts Co.		2,370		145,044

DIVERSIFIED CONSUMER SERVICES—0.1%
H&R Block, Inc.		4,703		76,800

DIVERSIFIED FINANCIAL SERVICES—6.3%
Bank of America Corp.		113,071		628,675
Citigroup, Inc.		33,421		879,306
CME Group, Inc., Class A		694		169,107
JPMorgan Chase & Co.		42,858		1,425,028
Moody’s Corp.		2,056		69,246
NASDAQ OMX Group, Inc.(a)		2,172		53,236
NYSE Euronext		3,488		91,037
				3,315,635
DIVERSIFIED TELECOMMUNICATION SERVICES—7.1%
AT&T, Inc.		66,090		1,998,562
CenturyLink, Inc.		7,428		276,322
Frontier Communications Corp.		14,847		76,462
Verizon Communications, Inc.		32,653		1,310,038
Windstream Corp.		9,242		108,501
				3,769,885
ELECTRIC UTILITIES—3.0%
Duke Energy Corp.		6,857		150,854
FirstEnergy Corp.		4,525		200,457
NextEra Energy, Inc.		5,890		358,583
Northeast Utilities		3,436		123,936

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
ELECTRIC UTILITIES—3.0%, continued
Pepco Holdings, Inc.		5,153	$	104,606
PPL Corp.		3,830		112,679
Progress Energy, Inc.		950		53,219
Southern Co.		10,416		482,157
				1,586,491
ELECTRICAL EQUIPMENT—0.2%
Cooper Industries plc		2,273		123,083

ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS—1.0%
Arrow Electronics, Inc.(a)		1,980		74,072
Corning, Inc.		17,762		230,551
Flextronics International Ltd.(a)		9,429		53,368
TE Connectivity Ltd.		4,666		143,759
				501,750
ENERGY EQUIPMENT & SERVICES—0.4%
Nabors Industries Ltd.(a)		4,507		78,151
Noble Corp.(a)		1,933		58,415
Patterson-UTI Energy, Inc.		2,566		51,269
				187,835
FOOD & STAPLES RETAILING—1.4%
CVS Caremark Corp.		16,455		671,035
Safeway, Inc.		4,013		84,433
				755,468
FOOD PRODUCTS—2.8%
ConAgra Foods, Inc.		7,530		198,792
H.J. Heinz Co.		1,906		103,000
Hormel Foods Corp.		2,434		71,292
J. M. Smucker Co.		1,238		96,774
Kraft Foods, Inc., Class A		19,291		720,712
McCormick & Co., Inc.		2,169		109,361
Ralcorp Holdings, Inc.(a)		690		58,995
Tyson Foods, Inc., Class A		4,742		97,875
				1,456,801
GAS UTILITIES—0.1%
National Fuel Gas Co.		1,408		78,257

HEALTH CARE EQUIPMENT & SUPPLIES—1.7%
Boston Scientific Corp.(a)		21,282		113,646
CareFusion Corp.(a)		2,330		59,205
Covidien plc		5,754		258,988
Hologic, Inc.(a)		4,950		86,675
Medtronic, Inc.		10,310		394,357
				912,871
HEALTH CARE PROVIDERS & SERVICES—1.9%
Aetna, Inc.		4,164		175,679
Cardinal Health, Inc.		4,105		166,704
Cigna Corp.		3,085		129,570
Coventry Health Care, Inc.(a)		2,032		61,712
Humana, Inc.		1,892		165,758
WellPoint, Inc.		4,257		282,026
				981,449
HOTELS, RESTAURANTS & LEISURE—0.8%
Carnival Corp.		4,993		162,972
Darden Restaurants, Inc.		1,878		85,599
Hyatt Hotels Corp., Class A(a)		1,486		55,933
Wyndham Worldwide Corp.		2,582		97,677
				402,181
HOUSEHOLD DURABLES—0.8%
D.R. Horton, Inc.		5,775	$	72,823
Leggett & Platt, Inc.		2,910		67,046
Mohawk Industries, Inc.(a)		722		43,212
Newell Rubbermaid, Inc.		4,509		72,820
Toll Brothers, Inc.(a)		3,106		63,424
Whirlpool Corp.		1,759		83,465
				402,790
HOUSEHOLD PRODUCTS—4.0%
Church & Dwight Co., Inc.		2,046		93,625
Procter & Gamble Co.		30,331		2,023,381
				2,117,006
INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.1%
NRG Energy, Inc.(a)		4,298		77,880

INSURANCE—8.8%
ACE Ltd.		4,050		283,986
Aflac, Inc.		5,211		225,428
Allstate Corp.		6,829		187,183
American International Group, Inc.(a)		5,323		123,494
AON Corp.		2,267		106,096
Assurant, Inc.		2,380		97,723
Assured Guaranty Ltd.		5,355		70,365
Berkshire Hathaway, Inc., Class B(a)		7,101		541,806
Chubb Corp.		3,860		267,189
Cincinnati Financial Corp.		922		28,084
Everest Re Group Ltd.		955		80,306
Fidelity National Financial, Inc., Class A		3,675		58,543
Genworth Financial, Inc., Class A(a)		9,227		60,437
Hartford Financial Services Group, Inc.		5,940		96,525
Lincoln National Corp.		4,385		85,157
Loews Corp.		3,484		131,173
Markel Corp.(a)		219		90,813
Marsh & McLennan Cos., Inc.		6,770		214,067
MetLife, Inc.		12,042		375,469
Principal Financial Group, Inc.		4,754		116,948
Progressive Corp.		7,694		150,110
Prudential Financial, Inc.		5,225		261,877
RenaissanceRe Holdings Ltd.		1,255		93,334
Torchmark Corp.		2,383		103,398
Transatlantic Holdings, Inc.		2,330		127,521
Travelers Cos., Inc.		4,849		286,915
Unum Group		4,968		104,676
White Mountains Insurance Group Ltd.		180		81,623
Willis Group Holdings plc		2,720		105,536
XL Group plc		4,703		92,978
				4,648,760
INTERNET & CATALOG RETAIL—0.2%
Liberty Interactive Corp., Series A(a)		7,606		123,331

INTERNET SOFTWARE & SERVICES—0.2%
Yahoo!, Inc.(a)		7,289		117,572

IT SERVICES—0.3%
Fidelity National Information Services, Inc.		3,883		103,249
Paychex, Inc.		2,084		62,749
				165,998

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
LEISURE EQUIPMENT & PRODUCTS—0.4%
Hasbro, Inc.		1,817	$	57,944
Mattel, Inc.		5,796		160,897
				218,841
MACHINERY—1.7%
Dover Corp.		1,882		109,250
Illinois Tool Works, Inc.		6,373		297,683
Ingersoll-Rand plc		4,972		151,497
Parker Hannifin Corp.		2,385		181,856
Stanley Black & Decker, Inc.		2,321		156,900
				897,186
MEDIA—2.0%
DISH Network Corp., Class A		2,260		64,365
Time Warner, Inc.		12,812		463,026
Walt Disney Co.		13,426		503,475
				1,030,866
METALS & MINING—0.9%
Cliffs Natural Resources, Inc.		1,169		72,887
Nucor Corp.		3,890		153,928
Reliance Steel & Aluminum Co.		2,338		113,837
Steel Dynamics, Inc.		3,833		50,404
United States Steel Corp.		2,781		73,585
				464,641
MULTILINE RETAIL—0.8%
J.C. Penney Co., Inc.		2,635		92,620
Macy’s, Inc.		6,152		197,971
Nordstrom, Inc.		2,610		129,743
Sears Holdings Corp.(a)		870		27,649
				447,983
MULTI-UTILITIES—2.6%
Alliant Energy Corp.		2,331		102,820
CenterPoint Energy, Inc.		6,705		134,704
CMS Energy Corp.		3,424		75,602
Consolidated Edison, Inc.		3,801		235,776
DTE Energy Co.		3,860		210,177
MDU Resources Group, Inc.		4,677		100,368
NiSource, Inc.		4,934		117,479
OGE Energy Corp.		1,140		64,649
SCANA Corp.		1,363		61,417
Sempra Energy		1,928		106,040
Wisconsin Energy Corp.		4,376		152,985
				1,362,017
OFFICE ELECTRONICS—0.3%
Xerox Corp.		18,621		148,223

OIL, GAS & CONSUMABLE FUELS—6.8%
Anadarko Petroleum Corp.		2,993		228,456
Apache Corp.		4,551		412,229
Chesapeake Energy Corp.		7,342		163,653
Cimarex Energy Co.		1,068		66,109
ConocoPhillips		16,095		1,172,843
Devon Energy Corp.		4,897		303,614
Energen Corp.		650		32,500
Hess Corp.		3,530		200,504
Marathon Oil Corp.		8,847		258,952
Marathon Petroleum Corp.		3,669		122,141
Murphy Oil Corp.		2,385		132,940
Newfield Exploration Co.(a)		2,812		106,097
Noble Energy, Inc.		930	$	87,783
Southern Union Co.		1,638		68,976
Spectra Energy Corp.		7,434		228,595
				3,585,392
PAPER & FOREST PRODUCTS—0.5%
International Paper Co.		5,831		172,598
MeadWestvaco Corp.		2,902		86,915
				259,513
PHARMACEUTICALS—11.0%
Abbott Laboratories		17,940		1,008,766
Bristol-Myers Squibb Co.		21,356		752,586
Eli Lilly & Co.		12,210		507,448
Forest Laboratories, Inc.(a)		2,965		89,721
Johnson & Johnson		30,523		2,001,698
Merck & Co., Inc.		36,440		1,373,788
Watson Pharmaceuticals, Inc.(a)		1,413		85,260
				5,819,267
REAL ESTATE INVESTMENT TRUSTS (REITS)—4.1%
American Capital Agency Corp.		1,776		49,870
Annaly Capital Management, Inc.		10,507		167,692
AvalonBay Communities, Inc.		1,518		198,251
Equity Residential		2,432		138,697
Federal Realty Investment Trust		1,074		97,466
HCP, Inc.		5,514		228,445
Health Care REIT, Inc.		1,442		78,632
Host Hotels & Resorts, Inc.		5,451		80,511
Kimco Realty Corp.		6,550		106,372
Liberty Property Trust		3,216		99,310
Macerich Co.		1,986		100,492
Plum Creek Timber Co., Inc.		3,200		116,992
ProLogis, Inc.		4,972		142,149
Rayonier, Inc.		1,950		87,029
Regency Centers Corp.		1,634		61,471
SL Green Realty Corp.		1,136		75,703
UDR, Inc.		2,982		74,848
Vornado Realty Trust		2,270		174,472
Weingarten Realty Investors		3,339		72,857
				2,151,259
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%
Applied Materials, Inc.		15,397		164,902
Intel Corp.		65,362		1,585,028
KLA-Tencor Corp.		2,395		115,559
Maxim Integrated Products, Inc.		3,463		90,177
Microchip Technology, Inc.		2,894		106,007
Micron Technology, Inc.(a)		12,628		79,430
Texas Instruments, Inc.		4,128		120,166
				2,261,269
SOFTWARE—1.8%
Microsoft Corp.		32,220		836,431
Synopsys, Inc.(a)		3,565		96,968
				933,399
SPECIALTY RETAIL—1.2%
Best Buy Co., Inc.		3,095		72,330
GameStop Corp., Class A(a)		2,804		67,661
Home Depot, Inc.		9,871		414,977

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	December 31, 2011


	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
SPECIALTY RETAIL—1.2%, continued
Orchard Supply Hardware Stores Corp.,
Class A(a) (b)		39	$	—
Staples, Inc.		7,496		104,119
				659,087
THRIFTS & MORTGAGE FINANCE—0.2%
New York Community Bancorp, Inc.		5,331		65,944
People’s United Financial, Inc.		4,388		56,386
				122,330
WATER UTILITIES—0.2%
American Water Works Co., Inc.		2,056		65,504
Aqua America, Inc.		2,869		63,262
				128,766
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Sprint Nextel Corp.(a)		39,309		91,983
TOTAL COMMON STOCKS				52,269,561

PREFERRED STOCK—0.0%**
SPECIALTY RETAIL—0.0%**
Orchard Supply Hardware Stores Corp., Perpetual,
Series A - Zero Coupon (a) (b)		39		—
TOTAL PREFERRED STOCKS				—

CORPORATE NOTES—1.1%
DEVELOPMENT AUTHORITIES—1.1%
Everence Community Investment, Inc.,
0.52%, 12/15/12+(c)	$	175,000		172,964
Everence Community Investment, Inc.,
0.78%, 12/15/13+(c)		192,500		190,754
Everence Community Investment, Inc.,
0.78%, 12/15/14+(c)		192,500		190,754
TOTAL CORPORATE NOTES				554,472

TOTAL INVESTMENTS (Cost* $51,301,616)—100.0%			$	52,824,033
Other assets in excess of liabilities — 0.0%				21,794
NET ASSETS—100%			$	52,845,827

+	Variable rate security. Rates presented are the rates in effect at December 31, 2011.
(a)	Non-income producing securities.
(b)	Fair valued securities.
(c)	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%		175,000		12/2009
Everence Community Investment, Inc.		0.78%		192,500		12/2009
Everence Community Investment, Inc.		0.78%		192,500		12/2009

	At December 31, 2011, these securities had an aggregate market value of $554,472, representing 1.1% of net assets.

*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

plc	— Public Liability Company
REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Growth Index Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited)

The 1.12 percent return for the Praxis Growth Index Fund Class A Shares (without load) trailed the 1.96 percent return of its benchmark, the MSCI Prime Market Growth Index. The stewardship investing screens applied to the growth side of the market tend not to bind quite as tightly as on the value side, and as a result, the Praxis Growth Index Fund usually tracks its benchmark closer than the Praxis Value Index tracks its benchmark. For the period ending December 31, 2011, the Fund’s under-performance can be primarily attributed to the fees associated with managing the Fund.

Chad Horning, CFA®

Praxis Growth Index Fund Manager

Praxis Growth Index Fund

Performance Review

Growth of $10,000 investment from 5/1/07 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/11, and includes the reinvestment of dividends and capital gains.


				Annualized
		One		Three				Expense
	Inception	Year		Year		Since		Ratio***
	Date	Ended		Ended		Inception		Gross / Net
Growth Index Fund
Class A (Without Load)	5/1/07		1.12%		15.44		0.06%		2.68	%	1.10	%
Class A *	5/1/07		-4.22%		13.38		-1.08%
Class I	5/1/07		1.73%		15.87		0.42%		0.58	%	0.58	%
MSCI US Prime Market Growth Index1			1.96%		17.72		1.58%

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

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

Schedule of Portfolio Investments
Praxis Growth Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—99.0%
AIR FREIGHT & LOGISTICS—1.9%
C. H. Robinson Worldwide, Inc.		1,398	$	97,552
Expeditors International of Washington, Inc.		1,536		62,915
FedEx Corp.		2,084		174,035
United Parcel Service, Inc., Class B		5,181		379,197
				713,699
AUTO COMPONENTS—0.6%
BorgWarner, Inc.(a)		812		51,757
Goodyear Tire & Rubber Co.(a)		2,001		28,354
Johnson Controls, Inc.		5,008		156,550
				236,661
AUTOMOBILES—0.9%
Ford Motor Co.(a)		24,509		263,717
Harley-Davidson, Inc.		1,740		67,634
				331,351
BEVERAGES—4.7%
Coca-Cola Co.		13,976		977,901
Hansen Natural Corp.(a)		654		60,259
PepsiCo, Inc.		10,939		725,803
				1,763,963
BIOTECHNOLOGY—2.4%
Alexion Pharmaceuticals, Inc.(a)		1,530		109,395
Amgen, Inc.		3,835		246,245
Biogen Idec, Inc.(a)		553		60,858
Celgene Corp.(a)		3,239		218,957
Gilead Sciences, Inc.(a)		4,987		204,118
Vertex Pharmaceuticals, Inc.(a)		1,259		41,811
				881,384
CAPITAL MARKETS—1.5%
Affiliated Managers Group, Inc.(a)		629		60,352
Charles Schwab Corp.		6,954		78,302
Eaton Vance Corp.		2,701		63,851
Franklin Resources, Inc.		1,121		107,683
Northern Trust Corp.		1,751		69,445
SEI Investments Co.		2,882		50,003
T. Rowe Price Group, Inc.		1,784		101,599
TD Ameritrade Holding Corp.		1,312		20,533
				551,768
CHEMICALS—1.4%
Air Products & Chemicals, Inc.		797		67,896
CF Industries Holdings, Inc.		345		50,018
Ecolab, Inc.		1,868		107,989
Praxair, Inc.		2,111		225,666
Sigma-Aldrich Corp.		1,156		72,204
				523,773
COMMERCIAL SERVICES & SUPPLIES—0.4%
Copart, Inc.(a)		902		43,197
Iron Mountain, Inc.		1,622		49,957
Stericycle, Inc.(a)		729		56,804
				149,958
COMMUNICATIONS EQUIPMENT—4.3%
Acme Packet, Inc.(a)		1,289		39,843
Cisco Systems, Inc.		39,715		718,047
F5 Networks, Inc.(a)		544		57,729
Juniper Networks, Inc.(a)		3,530		72,047
Motorola Mobility Holdings, Inc.(a)		2,317		89,900
QUALCOMM, Inc.		11,606	$	634,848
Riverbed Technology, Inc.(a)		153		3,596
				1,616,010
COMPUTERS & PERIPHERALS—8.5%
Apple, Inc.(a)		6,350		2,571,750
Dell, Inc.(a)		7,540		110,310
EMC Corp.(a)		14,601		314,505
NetApp, Inc.(a)		2,370		85,960
SanDisk Corp.(a)		1,413		69,534
				3,152,059
CONSTRUCTION & ENGINEERING—0.2%
Fluor Corp.		1,432		71,958

CONSUMER FINANCE—1.1%
American Express Co.		8,747		412,596

CONTAINERS & PACKAGING—0.1%
Crown Holdings, Inc.(a)		1,550		52,049

DIVERSIFIED CONSUMER SERVICES—0.4%
Apollo Group, Inc., Class A(a)		871		46,921
ITT Educational Services, Inc.(a)		929		52,851
Weight Watchers International, Inc.		615		33,831
				133,603
DIVERSIFIED FINANCIAL SERVICES—0.2%
IntercontinentalExchange, Inc.(a)		406		48,943
Moody’s Corp.		923		31,087
				80,030
ELECTRICAL EQUIPMENT—1.4%
AMETEK, Inc.		1,324		55,740
Emerson Electric Co.		5,506		256,525
Rockwell Automation, Inc.		1,274		93,473
Roper Industries, Inc.		838		72,797
Sensata Technologies Holding NV(a)		1,455		38,238
				516,773
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS—0.4%
Amphenol Corp., Class A		1,690		76,709
Trimble Navigation Ltd.(a)		1,341		58,200
				134,909
ENERGY EQUIPMENT & SERVICES—1.7%
Cameron International Corp.(a)		1,770		87,066
Diamond Offshore Drilling, Inc.		731		40,395
FMC Technologies, Inc.(a)		1,710		89,313
Helmerich & Payne, Inc.		838		48,906
National Oilwell Varco, Inc.		3,619		246,056
Noble Corp.(a)		880		26,594
Weatherford International Ltd.(a)		5,139		75,235
				613,565
FOOD & STAPLES RETAILING—3.8%
Costco Wholesale Corp.		3,149		262,375
Kroger Co.		4,956		120,034
Walgreen Co.		6,108		201,931
Wal-Mart Stores, Inc.		12,494		746,641
Whole Foods Market, Inc.		1,082		75,286
				1,406,267

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Growth Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—99.0%, continued
FOOD PRODUCTS—1.6%
General Mills, Inc.		4,304	$	173,924
Green Mountain Coffee Roasters, Inc.(a)		1,055		47,317
H.J. Heinz Co.		1,196		64,632
Hershey Co.		1,517		93,720
Kellogg Co.		1,539		77,827
Mead Johnson Nutrition Co.		1,738		119,453
				576,873
HEALTH CARE EQUIPMENT & SUPPLIES—2.5%
Baxter International, Inc.		3,841		190,053
Becton Dickinson and Co.		1,404		104,907
C.R. Bard, Inc.		773		66,092
DENTSPLY International, Inc.		1,554		54,374
Edwards Lifesciences Corp.(a)		825		58,327
Intuitive Surgical, Inc.(a)		269		124,550
ResMed, Inc.(a)		1,256		31,902
St. Jude Medical, Inc.		2,362		81,017
Stryker Corp.		2,340		116,321
Varian Medical Systems, Inc.(a)		811		54,442
Zimmer Holdings, Inc.(a)		1,166		62,288
				944,273
HEALTH CARE PROVIDERS & SERVICES—3.2%
AmerisourceBergen Corp.		1,765		65,640
DaVita, Inc.(a)		733		55,569
Express Scripts, Inc.(a)		3,554		158,828
Henry Schein, Inc.(a)		841		54,186
Laboratory Corp. of America Holdings(a)		706		60,695
McKesson Corp.		1,993		155,275
Medco Health Solutions, Inc.(a)		2,804		156,743
Quest Diagnostics, Inc.		1,816		105,437
UnitedHealth Group, Inc.		7,601		385,219
				1,197,592
HEALTH CARE TECHNOLOGY—0.2%
Cerner Corp.(a)		904		55,370

HOTELS, RESTAURANTS & LEISURE—3.9%
Chipotle Mexican Grill, Inc.(a)		213		71,939
Marriott International, Inc., Class A		2,248		65,574
McDonald’s Corp.		7,636		766,120
Starbucks Corp.		6,289		289,357
Starwood Hotels & Resorts Worldwide, Inc.		1,434		68,789
Yum! Brands, Inc.		3,227		190,425
				1,452,204
HOUSEHOLD PRODUCTS—1.3%
Clorox Co.		1,525		101,504
Colgate-Palmolive Co.		3,602		332,789
Energizer Holdings, Inc.(a)		736		57,025
				491,318
INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS—0.1%
AES Corp.(a)		4,097		48,508

INDUSTRIAL CONGLOMERATES—1.7%
3M Co.		5,600		457,688
Tyco International Ltd.		3,784		176,751
				634,439
INSURANCE—0.5%
Berkshire Hathaway, Inc., Class B(a)		2,189	$	167,021
Brown & Brown, Inc.		1,455		32,926
				199,947
INTERNET & CATALOG RETAIL—2.0%
Amazon.com, Inc.(a)		2,820		488,142
Expedia, Inc.		805		23,361
priceline.com, Inc.(a)		458		214,211
TripAdvisor, Inc.(a)		805		20,294
				746,008
INTERNET SOFTWARE & SERVICES—4.5%
Akamai Technologies, Inc.(a)		1,478		47,710
eBay, Inc.(a)		7,408		224,685
Google, Inc., Class A(a)		1,866		1,205,249
Rackspace Hosting, Inc.(a)		802		34,494
VeriSign, Inc.		1,821		65,046
Yahoo!, Inc.(a)		6,175		99,603
				1,676,787
IT SERVICES—8.3%
Accenture plc, Class A		5,254		279,671
Automatic Data Processing, Inc.		3,773		203,780
Cognizant Technology Solutions Corp.,
Class A(a)		1,991		128,041
Fiserv, Inc.(a)		1,482		87,053
International Business Machines Corp.		8,224		1,512,229
Mastercard, Inc., Class A		720		268,430
Paychex, Inc.		1,693		50,976
Teradata Corp.(a)		1,177		57,096
VeriFone Systems, Inc.(a)		727		25,823
Visa, Inc., Class A		3,476		352,918
Western Union Co.		6,068		110,802
				3,076,819
LIFE SCIENCES TOOLS & SERVICES—0.7%
Covance, Inc.(a)		419		19,157
Life Technologies Corp.(a)		1,718		66,847
Thermo Fisher Scientific, Inc.(a)		2,866		128,884
Waters Corp.(a)		650		48,133
				263,021
MACHINERY—1.1%
AGCO Corp.(a)		611		26,255
Deere & Co.		3,377		261,211
Joy Global, Inc.		746		55,927
PACCAR, Inc.		2,221		83,221
				426,614
MEDIA—5.3%
Cablevision Systems Corp., Class A		4,166		59,240
CBS Corp., Class B		4,258		115,562
Comcast Corp., Class A		14,252		337,915
Comcast Corp. - Special, Class A		4,379		103,169
DIRECTV, Class A(a)		5,581		238,644
Discovery Communications, Inc., Class C(a)		2,020		76,154
Discovery Communications, Inc., Class A(a)		2,442		100,049
Interpublic Group of Cos., Inc.		4,104		39,932
Liberty Global, Inc., Class A(a)		856		35,122
Liberty Media Corp. - Liberty Capital, Series A(a)		1,300		101,465

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Growth Index Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—99.0%, continued
MEDIA—5.3%, continued
McGraw-Hill Cos., Inc.		1,927	$	86,657
Omnicom Group, Inc.		1,958		87,288
Sirius XM Radio, Inc.(a)		28,051		51,053
Time Warner Cable, Inc.		2,448		155,619
Viacom, Inc., Class B		3,986		181,004
Virgin Media, Inc.		2,280		48,746
Walt Disney Co.		4,340		162,750
				1,980,369
METALS & MINING—0.2%
Cliffs Natural Resources, Inc.		590		36,786
Molycorp, Inc.(a)		1,214		29,112
				65,898
MULTILINE RETAIL—1.3%
Dollar Tree, Inc.(a)		925		76,877
Family Dollar Stores, Inc.		952		54,892
Kohl’s Corp.		2,523		124,510
Target Corp.		4,561		233,615
				489,894
OIL, GAS & CONSUMABLE FUELS—3.8%
Anadarko Petroleum Corp.		3,354		256,011
Cabot Oil & Gas Corp.		1,009		76,583
Concho Resources, Inc.(a)		654		61,313
Denbury Resources, Inc.(a)		2,865		43,262
El Paso Corp.		7,074		187,956
EOG Resources, Inc.		1,873		184,509
Noble Energy, Inc.		598		56,445
Pioneer Natural Resources Co.		771		68,989
QEP Resources, Inc.		2,475		72,518
Range Resources Corp.		1,251		77,487
SM Energy Co.		263		19,225
Southwestern Energy Co.(a)		2,293		73,238
Ultra Petroleum Corp.(a)		1,269		37,600
Whiting Petroleum Corp.(a)		940		43,889
Williams Cos., Inc.		4,431		146,312
				1,405,337
PERSONAL PRODUCTS—0.6%
Avon Products, Inc.		2,561		44,741
Estee Lauder Cos., Inc., Class A		790		88,733
Herbalife Ltd.		1,365		70,529
				204,003
PHARMACEUTICALS—0.9%
Allergan, Inc./United States		2,365		207,505
Mylan, Inc.(a)		2,727		58,521
Perrigo Co.		673		65,483
				331,509
PROFESSIONAL SERVICES—0.5%
Dun & Bradstreet Corp.		1,177		88,075
IHS, Inc., Class A(a)		404		34,809
Robert Half International, Inc.		2,389		67,991
				190,875
REAL ESTATE INVESTMENT TRUSTS (REITS)—2.2%
Boston Properties, Inc.		981		97,708
Host Hotels & Resorts, Inc.		2,962		43,749
Public Storage		1,186		159,469
Simon Property Group, Inc.		3,290	$	424,213
Weyerhaeuser Co.		5,024		93,798
				818,937
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
CBRE Group, Inc.(a)		2,723		41,444

ROAD & RAIL—1.2%
CSX Corp.		8,276		174,292
Kansas City Southern(a)		1,081		73,519
Norfolk Southern Corp.		2,750		200,365
				448,176
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Altera Corp.		2,067		76,686
Analog Devices, Inc.		2,349		84,047
Atmel Corp.(a)		7,573		61,341
Avago Technologies Ltd.		2,151		62,078
Broadcom Corp., Class A(a)		3,029		88,931
Lam Research Corp.(a)		772		28,579
Marvell Technology Group Ltd.(a)		3,343		46,301
NVIDIA Corp.(a)		3,354		46,487
Texas Instruments, Inc.		7,039		204,905
				699,355
SOFTWARE—7.0%
Activision Blizzard, Inc.		3,596		44,303
Adobe Systems, Inc.(a)		4,171		117,914
Autodesk, Inc.(a)		1,538		46,648
BMC Software, Inc.(a)		2,772		90,866
Citrix Systems, Inc.(a)		1,209		73,410
Electronic Arts, Inc.(a)		2,092		43,095
Informatica Corp.(a)		422		15,584
Intuit, Inc.		1,857		97,660
Microsoft Corp.		33,803		877,526
Nuance Communications, Inc.(a)		1,773		44,609
Oracle Corp.		29,309		751,776
Red Hat, Inc.(a)		1,450		59,870
Rovi Corp.(a)		3,423		84,137
Salesforce.com, Inc.(a)		802		81,371
Symantec Corp.(a)		4,563		71,411
TIBCO Software, Inc.(a)		1,238		29,601
VMware, Inc., Class A(a)		912		75,869
				2,605,650
SPECIALTY RETAIL—3.5%
AutoZone, Inc.(a)		224		72,793
Bed Bath & Beyond, Inc.(a)		1,559		90,375
CarMax, Inc.(a)		1,462		44,562
Gap, Inc.		3,188		59,137
Home Depot, Inc.		7,364		309,582
Lowe’s Cos., Inc.		8,739		221,796
O’Reilly Automotive, Inc.(a)		964		77,072
PetSmart, Inc.		1,009		51,752
Ross Stores, Inc.		1,804		85,744
Tiffany & Co.		949		62,881
TJX Cos., Inc.		3,125		201,719
Tractor Supply Co.		527		36,969
				1,314,382

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Growth Index Fund	December 31, 2011


	PRINCIPAL
	AMOUNT/		FAIR
	SHARES		VALUE
COMMON STOCKS—99.0%, continued
TEXTILES, APPAREL & LUXURY GOODS—1.7%
Coach, Inc.		2,052	$	125,254
Fossil, Inc.(a)		691		54,838
Lululemon Athletica, Inc.(a)		1,003		46,800
NIKE, Inc., Class B		2,474		238,419
Ralph Lauren Corp.		478		66,002
VF Corp.		733		93,084
				624,397
TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		1,954		85,214
W.W. Grainger, Inc.		402		75,250
				160,464
WIRELESS TELECOMMUNICATION SERVICES—0.9%
American Tower Corp., Class A		2,840		170,428
Crown Castle International Corp.(a)		1,874		83,955
MetroPCS Communications, Inc.(a)		4,654		40,397
NII Holdings, Inc.(a)		2,438		51,930
				346,710
TOTAL COMMON STOCKS				36,859,549

CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Everence Community Investment, Inc.,
0.52%, 11/30/13+(b)	$	35,000		34,593
Everence Community Investment, Inc.,
0.78%, 11/30/13+(b)		230,000		227,914
Everence Community Investment, Inc.,
0.78%, 12/15/14+(b)		75,000		74,320
TOTAL CORPORATE NOTES				336,827

SHORT TERM INVESTMENT—0.2%
INVESTMENT COMPANY—0.2%
JPMorgan U.S. Government
Money Market Fund, Agency Shares		61,504		61,504

TOTAL INVESTMENTS (Cost* $32,327,827)—100.1%			$	37,257,880
Liabilities in excess of other assets — (0.1)%				(51,274	)
NET ASSETS—100%			$	37,206,606

+	Variable rate security. Rates presented are the rates in effect at December 31, 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	%		230,000		12/2010
Everence Community Investment, Inc.		0.78	%		75,000		9/2011

	At December 31, 2011, these securities had an aggregate market value of $336,827, representing 0.9% of net assets.

*	Represents cost for financial reporting purposes.

plc	— Public Liability Company
REIT	— Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis Small Cap Fund

Annual report to shareholders

Portfolio Manager’s letter (unaudited)

The Praxis Small Cap Fund A Shares (without load) gained 5.63 percent versus the Russell 2000’s decline of 4.18 percent in 2011. It was a challenging and volatile year for the market that saw a strikingly different phase and performance in each quarter. The first quarter saw solid market gains as a continuation of the global growth coming out of 2010. Second quarter’s consolidation wasn’t a surprise, but the third quarter’s bear-market correction caught most investors off guard as macro issues, namely the European sovereign debt crisis and our own debt ceiling stalemate, sent the markets reeling lower. October witnessed a sharp rebound, which resulted in a positive, double-digit return in the fourth quarter as the U.S. economy proved resilient to the global challenges. We believe the U.S. economy remains positioned for further growth.

The increased uncertainty and volatility of 2011 caused many investors to exit the markets, thus putting additional downward pressure on the markets. We believe this cautious sentiment on the markets, despite the recent rebound, should position us for positive returns in 2012 as continued economic growth, low interest rates and excess capital should support higher stock prices.

We are pleased with the absolute and relative returns generated in 2011. The majority of the Fund’s outperformance came from our stock selection, while our sector allocation decisions were a slight drag on our results. We remained optimistic about the underlying economic trends during the year and were underweight the defensive sectors, utilities and consumer staples, which proved to be the two best performing sectors in 2011. Stock selection was additive in most sectors, especially in the consumer discretionary, energy, financials and materials sectors, as our focus on high quality, best positioned companies was rewarded. Given our investment approach, it’s not uncommon for our strategy to perform well in challenging, volatile markets. The Fund also benefited from five of our portfolio companies being acquired in 2011, and we expect merger and acquisition activity to continue in 2012.

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

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

J. Luther King, Jr., CFA®

Praxis Small Cap Fund Co-Portfolio Manager

Luther King Capital Management

Steven R. Purvis, CFA®

Praxis Small Cap Fund Co-Portfolio Manager

Luther King Capital Management

Praxis Small Cap Fund

Performance Review

Growth of $10,000 investment from 5/1/07 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 5/1/07 to 12/31/11, and includes the reinvestment of dividends and capital gains.


				Annualized
		One		Three				Expense
	Inception	Year		Year		Since		Ratio***
	Date	Ended		Ended		Inception		Gross / Net
Small Cap Fund
Class A (Without Load)	5/1/07		5.63%		21.78%		1.07		2.80	%	1.70	%
Class A *	5/1/07		0.10%		19.62%		-0.08
Class I	5/1/07		6.06%		22.25%		1.42		1.09	%	1.09	%
Russell 2000 Index1			-4.18%		15.63%		-0.63

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.

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

Schedule of Portfolio Investments
Praxis Small Cap Fund	December 31, 2011


			FAIR
	SHARES		VALUE
COMMON STOCKS—93.8%
AEROSPACE & DEFENSE—1.7%
Hexcel Corp.(a)		47,475	$	1,149,370

AIR FREIGHT & LOGISTICS—1.1%
UTi Worldwide, Inc.		56,800		754,872

CAPITAL MARKETS—1.5%
Greenhill & Co., Inc.		27,825		1,011,995

COMMERCIAL BANKS—5.5%
Home Bancshares, Inc.		24,075		623,783
Prosperity Bancshares, Inc.		25,065		1,011,373
Texas Capital Bancshares, Inc.(a)		34,600		1,059,106
Umpqua Holdings Corp.		79,410		983,890
				3,678,152
COMMERCIAL SERVICES & SUPPLIES—0.5%
Interface, Inc., Class A		30,075		347,065

COMMUNICATIONS EQUIPMENT—4.2%
Brocade Communications Systems, Inc.(a)		174,575		906,044
Ciena Corp.(a)		34,325		415,333
Infinera Corp.(a)		49,075		308,191
Ixia(a)		48,100		505,531
Loral Space & Communications, Inc.(a)		9,800		635,824
				2,770,923
CONTAINERS & PACKAGING—1.1%
Silgan Holdings, Inc.		18,250		705,180

DISTRIBUTORS—0.8%
LKQ Corp.(a)		17,425		524,144

DIVERSIFIED CONSUMER SERVICES—0.9%
American Public Education, Inc.(a)		13,475		583,198

ELECTRICAL EQUIPMENT—2.7%
Belden, Inc.		27,600		918,528
Franklin Electric Co., Inc.		21,025		915,849
				1,834,377
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS—2.9%
Anixter International, Inc.(a)		12,075		720,153
National Instruments Corp.		27,200		705,840
Rofin-Sinar Technologies, Inc.(a)		21,950		501,557
				1,927,550
ENERGY EQUIPMENT & SERVICES—2.6%
Atwood Oceanics, Inc.(a)		13,025		518,265
CARBO Ceramics, Inc.		5,175		638,233
Dril-Quip, Inc.(a)		8,655		569,672
				1,726,170
FOOD & STAPLES RETAILING—1.3%
Ruddick Corp.		20,025		853,866

HEALTH CARE EQUIPMENT & SUPPLIES—4.6%
Cyberonics, Inc.(a)		9,625		322,437
DexCom, Inc.(a)		76,900		715,939
Endologix, Inc.(a)		49,700		570,556
Zoll Medical Corp.(a)		22,750		1,437,345
				3,046,277
HEALTH CARE PROVIDERS & SERVICES—7.5%
Catalyst Health Solutions, Inc.(a)		18,190	$	945,880
Health Management Associates, Inc., Class A(a)		46,365		341,710
HMS Holdings Corp.(a)		41,475		1,326,371
MWI Veterinary Supply, Inc.(a)		16,600		1,102,904
PSS World Medical, Inc.(a)		20,000		483,800
Team Health Holdings, Inc.(a)		35,500		783,485
				4,984,150
HEALTH CARE TECHNOLOGY—0.3%
Computer Programs & Systems, Inc.		3,550		181,440

HOUSEHOLD DURABLES—0.3%
Tempur-Pedic International, Inc.(a)		4,250		223,253

INDUSTRIAL CONGLOMERATES—1.1%
Raven Industries, Inc.		12,280		760,132

INSURANCE—1.4%
AmTrust Financial Services, Inc.		39,825		945,844

INTERNET SOFTWARE & SERVICES—2.4%
Active Network, Inc.(a)		24,450		332,520
LivePerson, Inc.(a)		44,005		552,263
LogMeIn, Inc.(a)		18,425		710,284
				1,595,067
MACHINERY—8.6%
Actuant Corp., Class A		38,925		883,208
Albany International Corp., Class A		27,900		645,048
Astec Industries, Inc.(a)		25,275		814,108
Chart Industries, Inc.(a)		9,250		500,148
CLARCOR, Inc.		18,350		917,316
Middleby Corp.(a)		10,550		992,122
Westport Innovations, Inc.(a)		30,225		1,004,679
				5,756,629
MARINE—1.3%
Kirby Corp.(a)		13,025		857,566

MEDIA—0.9%
Cinemark Holdings, Inc.		34,000		628,660

METALS & MINING—3.2%
Carpenter Technology Corp.		23,375		1,203,345
Haynes International, Inc.		17,050		930,930
				2,134,275
OIL, GAS & CONSUMABLE FUELS—7.1%
Approach Resources, Inc.(a)		42,750		1,257,278
Gulfport Energy Corp.(a)		27,585		812,378
Kodiak Oil & Gas Corp.(a)		36,200		343,900
Northern Oil and Gas, Inc.(a)		22,000		527,560
Oasis Petroleum, Inc.(a)		27,875		810,884
Rosetta Resources, Inc.(a)		22,075		960,262
				4,712,262
PHARMACEUTICALS—0.8%
Endo Pharmaceuticals Holdings, Inc.(a)		15,800		545,574

PROFESSIONAL SERVICES—1.4%
Insperity, Inc.		35,620		902,967

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued
Praxis Small Cap Fund	December 31, 2011

		PRINCIPAL
		AMOUNT/		FAIR
		SHARES		VALUE
COMMON STOCKS—93.8%, continued
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%
FirstService Corp.(a)		12,788	$	338,754

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.2%
Cirrus Logic, Inc.(a)		51,365		814,135

SOFTWARE—5.8%
Aspen Technology, Inc.(a)		57,500		997,625
Interactive Intelligence Group, Inc.(a)		14,950		342,654
MicroStrategy, Inc., Class A(a)		7,450		806,984
NICE Systems Ltd., ADR(a)		27,500		947,375
Pegasystems, Inc.		16,850		495,390
TIBCO Software, Inc.(a)		12,400		296,484
				3,886,512
SPECIALTY RETAIL—12.0%
Bebe Stores, Inc.		20,975		174,722
DSW, Inc., Class A		17,850		789,149
Genesco, Inc.(a)		14,675		906,034
GNC Holdings, Inc., Class A(a)		31,750		919,163
Group 1 Automotive, Inc.		24,475		1,267,805
Hibbett Sports, Inc.(a)		27,425		1,239,061
Monro Muffler Brake, Inc.		23,400		907,686
Select Comfort Corp.(a)		30,825		668,594
Sonic Automotive, Inc., Class A		54,425		806,034
Ulta Salon Cosmetics & Fragrance, Inc.(a)		4,500		292,140
				7,970,388
TEXTILES, APPAREL & LUXURY GOODS—2.3%
Crocs, Inc.(a)		20,100		296,877
Vera Bradley, Inc.(a)		18,725		603,881
Warnaco Group, Inc.(a)		12,150		607,986
				1,508,744
THRIFTS & MORTGAGE FINANCE—1.5%
Capitol Federal Financial, Inc.		87,485		1,009,577

TRADING COMPANIES & DISTRIBUTORS—1.8%
WESCO International, Inc.(a)		22,875		1,212,604

WIRELESS TELECOMMUNICATION SERVICES—1.0%
Leap Wireless International, Inc.(a)		69,000		641,010
TOTAL COMMON STOCKS				62,522,682

CORPORATE NOTES—0.5%

DEVELOPMENT AUTHORITIES—0.5%
Everence Community Investment, Inc.,
0.52%, 11/30/13+(b)	$	80,000		79,069
Everence Community Investment, Inc.,
0.78%, 11/30/13+(b)		195,000		193,231
Everence Community Investment, Inc.,
0.78%, 12/15/14+(b)		75,000		74,320
TOTAL CORPORATE NOTES				346,620

SHORT TERM INVESTMENT—6.8%
INVESTMENT COMPANY—6.8%
JPMorgan U.S. Government Money Market
Fund, Agency Shares		4,527,114		4,527,114

TOTAL INVESTMENTS (Cost* $56,823,331)—101.1%			$	67,396,416
Liabilities in excess of other assets — (1.1)%				(724,670	)
NET ASSETS—100%			$	66,671,746

+	Variable rate security. Rates presented are the rates in effect at December 31, 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:

Security	Yield		Shares		Acquisition Date
Everence Community Investment, Inc.		0.52		80,000		12/2010
Everence Community Investment, Inc.		0.78		195,000		12/2010
Everence Community Investment, Inc.		0.78		75,000		9/2011

	At December 31, 2011, these securities had an aggregate market value of $346,620, representing 0.5% of net assets.

*	Represents cost for financial reporting purposes.

ADR	— American Depositary Receipt

See accompanying notes to financial statements.

Praxis Genesis Portfolios

Annual report to shareholders

Portfolio Manager’s letter (unaudited)

The year ending December 31, 2011, was marked by the volatility we have come to expect since the early days of the credit crisis that struck in 2008. U.S. equities, depending on the index, eked out positive returns, while international stocks, weighed down by the sovereign debt crisis in Europe, struggled to move off of their lows reached at the end of the third quarter.

The year was a lesson in the value of investing in diversified portfolios. Bonds again provided a damper against weak U.S. small caps and international stocks. Bonds have continued to play this role longer than many had forecasted. And, in a reversal of recent trends, the correlation between the returns of U.S. stocks and international stocks was very low.

Europe’s troubles have been attracting attention across the globe, but U.S. equity markets bucked the negative sentiment, even though it may not have felt that way to many investors. With the Standard & Poor’s 500 Index and Dow Jones Industrial Index up during the period, it wasn’t just U.S. Treasuries that benefited from a flight to relative safety and stability. Investors have been lapping up large, stable U.S.-based companies whose strong balance sheets and global brands provided solace. By contrast, equity markets declined across the globe, with some prominent markets falling more than 10 percent for the year.

This divergence in returns between the U.S. and Europe is somewhat surprising on the surface given the interconnectedness global financial systems. Mitigating the concern about Europe has been a relatively consistent improvement in the U.S. economy. Recovery hasn’t been fast enough to reduce the unemployment rate quickly or to buoy consumer sentiment, but on the on ground, things have been improving.

U.S. bond markets, too, have signaled a global desire for safety. Investors seemed to thumb their noses at Standard and Poor’s downgrade of U.S. Treasuries late this summer, and instead flocked to the benchmark bonds to the point of driving yields for the shortest maturities to almost zero. Bond investors seem to be betraying a bit more fear about the state of the world than equity investors by their willingness to buy recently-downgraded paper with very little promise of future return.

During this period of risk aversion, conservative strategies generally outperformed more aggressive investment strategies, which played out in the returns of the Genesis portfolios. The Conservative Portfolio Class A Shares (without load) registered 2.88 percent for the period versus the 7.84 percent return of the Barclays Aggregate U.S. Bond Index, the Portfolio’s benchmark. While the Portfolio’s bond allocation performed relatively well compared to its benchmark, the Portfolio’s investments in international and small cap equities caused it to underperform the benchmark.

The Balanced Portfolio Class A Shares (without load) -0.21 percent return for the period slightly underperformed its benchmark, the Russell 3000 Index, which gained 1.03 percent. The Portfolio’s allocation to bonds, which performed well, was offset by its investments in small cap and international equities, which underperformed the benchmark.

The Growth Portfolio Class A Shares (without load) declined 2.24 percent during the period. The Portfolio’s heavier allocation to small cap and international equities caused it to trail the return of its benchmark, the Russell 3000 Index, which gained 1.03 percent.

The underlying investments in the Genesis Portfolios are the Praxis Mutual Funds, including six equity funds and one fixed income fund, which are held in proportions matching the risk profile of each of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying Funds, relying on the premise that higher risk equity funds are expected to generate higher long term returns than lower risk fixed income investments. During the period, the allocation between the stocks and bonds for each of the Portfolios remained close to the long term targets we set at the inception of the Portfolios. These targets also determine the weights of the various indexes used in creating the composite benchmarks.

Chad Horning, CFA®

Praxis Growth Index Fund Manager

Praxis Genesis Conservative Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 1/1/10 to 12/31/11, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Conservative Portfolio
Class A (Without Load)	12/31/09		2.88%		5.46%		1.64	%	1.32	%
Class A*	12/31/09		-2.52%		2.68%
Barclays Capital Aggregate Bond Index1			7.84%
Composite Benchmark2			4.74%

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

*	The total return figures shown reflect the maximum sales charge applicable to Class A.
**	Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. 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 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%).

Schedule of Portfolio Investments
Praxis Genesis Conservative Portfolio	December 31, 2011

			FAIR
	SHARES		VALUE
Mutual Funds — 100.1%
Praxis Core Stock Fund, Class I (a)	116,126	$	1,417,900
Praxis Growth Index Fund, Class I (a)	70,312		700,304
Praxis Intermediate Income Fund, Class I (a)	925,435		9,809,613
Praxis International Fund, Class I (a)	55,674		523,332
Praxis International Index Fund, Class I (a)	62,958		520,663
Praxis Small Cap Fund, Class I (a)(b)	32,928		351,347
Praxis Value Index Fund, Class I (a)	95,047		714,750
Total Mutual Funds			14,037,909

TOTAL INVESTMENTS (Cost* $13,586,225)—100.1%		$	14,037,909
Liabilities in excess of other assets — (0.1)%			(19,932	)
NET ASSETS—100%		$	14,017,977


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

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 1/1/10 to 12/31/11, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Balanced Portfolio
Class A (Without Load)	12/31/09		-0.21		5.14		1.68	%	1.42	%
Class A*	12/31/09		-5.45		2.36
Russell 3000 Index1			1.03
Composite Benchmark2			1.71

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

*	The total return figures shown reflect the maximum sales charge applicable to Class A.
**	Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.
1	The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.
2	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).

Schedule of Portfolio Investments
Praxis Genesis Balanced Portfolio	December 31, 2011


			FAIR
	SHARES		VALUE
Mutual Funds — 100.1%
Praxis Core Stock Fund, Class I (a)		625,004	$	7,631,295
Praxis Growth Index Fund, Class I (a)		283,780		2,826,444
Praxis Intermediate Income Fund, Class I (a)		1,422,067		15,073,907
Praxis International Fund, Class I (a)		299,419		2,814,541
Praxis International Index Fund, Class I (a)		338,750		2,801,466
Praxis Small Cap Fund, Class I (a)(b)		355,181		3,789,779
Praxis Value Index Fund, Class I (a)		383,348		2,882,777
Total Mutual Funds				37,820,209

TOTAL INVESTMENTS (Cost* $36,105,106)—100.1%			$	37,820,209
Liabilities in excess of other assets — (0.1)%				(50,156	)
NET ASSETS—100%			$	37,770,053


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

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review

Growth of $10,000 investment from 12/31/09 to 12/31/11

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 1/1/10 to 12/31/11, and includes the reinvestment of dividends and capital gains.

				Annualized
	Inception Date	One Year Ended		Since Inception		Expense Ratio** Gross / Net
Genesis Growth Portfolio
Class A (Without Load)	12/31/09		-2.24%		4.90%		2.00	%	1.49	%
Class A*	12/31/09		-7.37%		2.13%
Russell 3000 Index1			1.03%
Composite Benchmark2			-0.31%

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

*	The total return figures shown reflect the maximum sales charge applicable to Class A.
**	Reflects the expense ratios as reported in the Prospectus dated May 1, 2011. Contractual fee waivers are in effect from May 1, 2011 through April 30, 2012 for Class A.
1	The Russell 3000 Index is a widely recognized unmanaged market capitalization-weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.
2	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

Schedule of Portfolio Investments
Praxis Genesis Growth Portfolio	December 31, 2011

			FAIR
	SHARES		VALUE
Mutual Funds — 100.0%
Praxis Core Stock Fund, Class I (a)		616,849	$	7,531,732
Praxis Growth Index Fund, Class I (a)		298,726		2,975,312
Praxis Intermediate Income Fund, Class I (a)		561,230		5,949,041
Praxis International Fund, Class I (a)		315,244		2,963,298
Praxis International Index Fund, Class I (a)		356,721		2,950,085
Praxis Small Cap Fund, Class I (a)(b)		420,674		4,488,594
Praxis Value Index Fund, Class I (a)		403,631		3,035,306
Total Mutual Funds				29,893,368

TOTAL INVESTMENTS (Cost* $28,278,517)—100.0%			$	29,893,368
Liabilities in excess of other assets — 0.0%				(10,921	)
NET ASSETS—100%			$	29,882,447


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

See accompanying notes to financial statements.

Statements of assets & liabilities

December 31, 2011

		Praxis Intermediate Income Fund			Praxis Core Stock Fund			Praxis International Fund
Assets
Total investment securities, at cost	$	285,753,152		$	125,688,495		$	48,237,735
Investments in unaffiliated securities, at fair value	$	299,258,000		$	141,371,744		$	52,834,242
Investments in affiliates, at fair value		3,380,921			1,816,553			846,365
Total investment securities, at fair value		302,638,921			143,188,297			53,680,607
Cash		110,033			—			—
Foreign currency, at fair value (cost $68,850)		—			—			69,573
Receivable for investments sold		1,659			1,306,274			—
Receivable for capital shares sold		2,401,595			132,060			73,627
Receivable for dividends and interest		2,638,422			220,283			112,222
Receivable for tax reclaims		—			46,212			330,863
Prepaid expenses		1,829			1,995			976
Total Assets		307,792,459			144,895,121			54,267,868
Liabilities
Payable for capital shares redeemed		835,236			1,779,460			73,294
Unrealized depreciation on foreign forward currency exchange contracts		—			—			31,335
Accrued expenses and other payables:
Investment advisory fees		107,867			89,939			42,517
Administration fees		24,428			12,397			4,735
Compliance service fees		6,797			3,297			1,872
Distribution fees		14,112			18,739			6,574
Other		86,828			88,823			62,346
Total Liabilities		1,075,268			1,992,655			222,673

Net Assets	$	306,717,191		$	142,902,466		$	54,045,195
Components of Net Assets
Paid-in capital	$	289,794,505			171,196,636			62,986,963
Accumulated net investment income (loss)		—			(106,586	)		675,715
Accumulated net realized gains (losses)
on investments and foreign currency transactions		36,917			(45,691,163	)		(15,052,130	)
Net unrealized appreciation (depreciation)
on investments and foreign currency translations		16,885,769			17,503,579			5,434,647
Net Assets	$	306,717,191		$	142,902,466		$	54,045,195
Pricing of Class A Shares
Net assets attributable to Class A shares	$	72,105,614		$	48,108,710		$	20,656,786
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		6,780,883			3,972,713			2,226,261
Net asset value and redemption price per share	$	10.63		$	12.11		$	9.28
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]	$	11.04		$	12.78		$	9.79
Pricing of Class I Shares
Net assets attributable to Class I shares	$	234,611,577		$	94,793,756		$	33,388,409
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		22,137,701			7,764,342			3,558,417
Net asset value, offering price and redemption price per share	$	10.60		$	12.21		$	9.38

See accompanying notes to financial statements.

Statements of assets & liabilities, continued

December 31, 2011

	Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Assets
Total investment securities, at cost	$	75,176,140		$	51,301,616		$	32,327,827		$	56,823,331
Investments in unaffiliated securities, at fair value	$	66,085,305		$	52,269,561		$	36,921,053		$	67,049,796
Investments in affiliates, at fair value		—			554,472			336,827			346,620
Total investment securities, at fair value		66,085,305			52,824,033			37,257,880			67,396,416
Receivable for investments sold		500,816			349,742			99,272			—
Receivable for capital shares sold		477,317			45,342			65,302			120,648
Receivable for dividends and interest		156,735			84,325			32,346			24,625
Receivable for tax reclaims		1,342			—			—			—
Prepaid expenses		9,488			2,572			1,931			976
Total Assets		67,231,003			53,306,014			37,456,731			67,542,665
Liabilities
Bank overdraft		152,639			151,367			—			—
Payable for capital shares redeemed		90,971			235,461			224,316			804,450
Accrued expenses and other payables:
Investment advisory fees		22,471			13,294			8,654			47,953
Administration fees		5,270			4,510			2,845			6,895
Compliance service fees		822			1,156			688			815
Distribution fees		506			12,711			716			1,195
Other		15,386			41,688			12,906			9,611
Total Liabilities		288,065			460,187			250,125			870,919

Net Assets	$	66,942,938		$	52,845,827		$	37,206,606		$	66,671,746
Components of Net Assets
Paid-in capital	$	76,383,064		$	66,247,904			35,746,793			58,884,190
Accumulated net investment income (loss)		(14,776	)		860,529			—			—
Accumulated net realized gains (losses)
on investments and foreign currency transactions		(334,419	)		(15,785,023	)		(3,470,240	)		(2,785,529	)
Net unrealized appreciation (depreciation)
on investments		(9,090,931	)		1,522,417			4,930,053			10,573,085
Net Assets	$	66,942,938		$	52,845,827		$	37,206,606		$	66,671,746
Pricing of Class A Shares
Net assets attributable to Class A shares	$	2,362,655		$	20,775,501		$	3,363,197		$	5,541,343
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		286,419			2,744,262			337,681			527,250
Net asset value and redemption price per share	$	8.25		$	7.57		$	9.96		$	10.51
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]	$	8.71		$	7.99		$	10.51		$	11.09
Pricing of Class I Shares
Net assets attributable to Class I shares	$	64,580,283		$	32,070,326		$	33,843,409		$	61,130,403
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,806,569			4,267,257			3,397,611			5,728,516
Net asset value, offering price and redemption price per share	$	8.27		$	7.52		$	9.96		$	10.67

See accompanying notes to financial statements.

Statements of assets & liabilities, continued

December 31, 2011

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Assets
Investments in affiliates, at cost	$	13,586,225		$	36,105,106		$	28,278,517
Investments in affiliates, at fair value	$	14,037,909		$	37,820,209		$	29,893,368
Cash		6,365			—			27,287
Receivable for investments sold		5,029			3,821			972
Receivable for capital shares sold		107,771			284,782			221,826
Due from adviser		—			81			1,777
Prepaid expenses		704			1,147			1,350
Total Assets		14,157,778			38,110,040			30,146,580
Liabilities
Bank overdraft		—			171			—
Dividend payable		108,325			283,339			222,728
Payable for capital shares redeemed		12,219			17,552			71
Accrued expenses and other payables:
Compliance service fees		30			81			70
Distribution fees		2,900			6,127			4,713
Other		16,327			32,717			36,551
Total Liabilities		139,801			339,987			264,133

Net Assets	$	14,017,977		$	37,770,053		$	29,882,447
Components of Net Assets
Paid-in capital	$	13,532,995		$	36,065,999		$	28,320,423
Accumulated net investment income (loss)		(1,157	)		(2,013	)		(1,000	)
Accumulated net realized gains (losses) on investments in affiliates		34,455			(9,036	)		(51,827	)
Net unrealized appreciation (depreciation) on investments in affiliates		451,684			1,715,103			1,614,851
Net Assets	$	14,017,977		$	37,770,053		$	29,882,447
Pricing of Class A Shares
Net assets attributable to Class A shares	$	14,017,977		$	37,770,053		$	29,882,447
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,334,430			3,555,590			2,797,292
Net asset value and redemption price per share	$	10.50		$	10.62		$	10.68
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]	$	11.08		$	11.21		$	11.27

See accompanying notes to financial statements.

Statements of operations

For the year ended December 31, 2011

	Praxis Intermediate Income Fund			Praxis Core Stock Fund			Praxis International Fund
Investment Income
Dividends	$	289,191		$	2,812,623		$	2,192,153
Foreign tax withholding		—			(48,183	)		(167,036	)
Interest		12,206,211			4,577			—
Interest from affiliates		19,277			13,245			6,354
Total Investment Income		12,514,679			2,782,262			2,031,471
Expenses
Investment advisory fees		1,204,917			1,170,394			674,663
Administration fees		151,681			79,887			37,617
Distribution fees - Class A		174,463			142,968			67,898
Transfer agent fees - Class A		117,235			154,706			99,313
Transfer agent fees - Class I		1,991			600			825
Compliance service fees		72,208			38,070			14,282
Registration fees - Class A		29,096			32,150			28,547
Registration fees - Class I		474			250			1,183
Shareholder report printing fees - Class A		26,107			44,577			28,332
Professional fees		145,378			74,420			26,467
Custodian fees		23,313			33,429			74,297
Trustees’ fees and expenses		49,195			26,400			12,616
Other expenses		72,976			38,227			6,104
Total Expenses Before Reductions		2,069,034			1,836,078			1,072,144
Expenses waived by Investment Adviser		(83,384	)		—			—
Net Expenses		1,985,650			1,836,078			1,072,144

Net Investment Income (Loss)		10,529,029			946,184			959,327
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		3,529,389			3,037,838			5,220,933
Net realized gains (losses) on foreign currency transactions		—			(7,224	)		(164,207	)
Change in unrealized appreciation (depreciation) of investments		5,852,350			(9,680,764	)		(16,953,277	)
Change in unrealized appreciation (depreciation) on foreign currency translations		—			(601	)		(59,666	)
Net Realized and Unrealized Gains (Losses) on Investments
and Foreign Currency Transactions		9,381,739			(6,650,751	)		(11,956,217	)
Net Change in Net Assets from Operations	$	19,910,768		$	(5,704,567	)	$	(10,996,890	)

See accompanying notes to financial statements.

Statements of operations, continued

For the year ended December 31, 2011

	Praxis International Index Fund			Praxis Value Index Fund			Praxis Growth Index Fund			Praxis Small Cap Fund
Investment Income
Dividends	$	1,380,297		$	1,433,022		$	442,721		$	242,885
Foreign tax withholding		(30,469	)		(671	)		(1,606	)		(247	)
Interest from affiliates		—			4,562			1,649			1,612
Total Investment Income		1,349,828			1,436,913			442,764			244,250
Expenses
Investment advisory fees		260,180			171,148			106,593			344,374
Administration fees		21,292			28,280			17,767			21,953
Distribution fees - Class A		2,173			59,809			8,356			13,237
Transfer agent fees - Class A		5,763			85,150			16,065			18,096
Transfer agent fees - Class I		4,977			1,285			1,481			1,519
Compliance service fees		10,326			18,037			8,287			9,738
Registration fees - Class A		22,388			22,796			17,791			18,966
Registration fees - Class I		49			56			3,706			3,529
Shareholder report printing fees - Class A		2,872			21,482			5,507			7,232
Shareholder report printing fees - Class I		2,231			98			150			37
Professional fees		24,322			34,119			22,603			20,606
Custodian fees		20,246			5,306			3,794			8,923
Trustees’ fees and expenses		6,180			10,355			5,959			6,247
Other expenses		26,116			21,526			9,274			6,929
Total Expenses Before Reductions		409,115			479,447			227,333			481,386
Expenses waived by Investment Adviser		(27,509	)		—			(30,195	)		(24,721	)
Net Expenses		381,606			479,447			197,138			456,665

Net Investment Income (Loss)		968,222			957,466			245,626			(212,415	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(338,353	)		1,419,699			(410,056	)		2,306,507
Change in unrealized appreciation/depreciation of investments		(9,090,931	)		(4,040,891	)		709,605			2,495,223
Net Realized and Unrealized Gains (Losses) on Investments		(9,429,284	)		(2,621,192	)		299,549			4,801,730
Net Change in Net Assets from Operations	$	(8,461,062	)	$	(1,663,726	)	$	545,175		$	4,589,315

See accompanying notes to financial statements.

Statements of operations, continued

For the year ended December 31, 2011

	Praxis Genesis Conservative Portfolio			Praxis Genesis Balanced Portfolio			Praxis Genesis Growth Portfolio
Investment Income
Dividends from affiliates	$	394,528		$	733,547		$	405,472
Expenses
Investment advisory fees		6,756			18,396			14,560
Administration fees		4,061			11,200			12,966
Distribution fees		33,782			91,979			72,796
Transfer agent fees		27,653			83,761			106,090
Compliance service fees		371			897			682
Registration fees		17,426			19,799			18,121
Shareholder report printing fees		6,000			20,230			19,284
Professional fees		6,203			7,479			7,108
Trustee fees and expenses		321			772			583
Other expenses		2,340			6,773			7,876
Total Expenses Before Reductions		104,913			261,286			260,066
Expenses waived/reimbursed by Investment Adviser		(22,806	)		(37,883	)		(83,266	)
Net Expenses		82,107			223,403			176,800

Net Investment Income (Loss)		312,421			510,144			228,672
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		29,679			154,246			196,197
Distribution of realized gains received from affiliates		97,292			149,291			58,915
Change in unrealized appreciation (depreciation) of investments in affiliates		(63,696	)		(976,321	)		(1,261,194	)
Net Realized and Unrealized Gains (Losses) on Investments in affiliates		63,275			(672,784	)		(1,006,082	)
Net Change in Net Assets from Operations	$	375,696		$	(162,640	)	$	(777,410	)

See accompanying notes to financial statements.

Statements of changes in net assets

	Praxis Intermediate Income Fund						Praxis Core Stock Fund						Praxis International Fund
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
From Operations
Net investment income (loss)	$	10,529,029		$	10,295,310		$	946,184		$	558,463		$	959,327		$	349,601
Net realized gains (losses) on investments		3,529,389			2,184,059			3,030,614			2,054,066			5,056,726			4,372,140
Net change in unrealized appreciation (depreciation)on investments and foreign currency translations		5,852,350			4,100,541			(9,681,365	)		16,944,220			(17,012,943	)		6,848,343
Net Change in Net Assets from Operations		19,910,768			16,579,910			(5,704,567	)		19,556,749			(10,996,890	)		11,570,084
Distributions to Shareholders
From net investment income
Class A		(2,329,750	)		(2,422,822	)		—			—			(112,539	)		(70,839	)
Class I		(8,662,057	)		(8,000,422	)		(450,728	)		(933,114	)		(179,417	)		(856,430	)
From net realized gains
Class A		(716,002	)		(237,301	)		—			—			—			—
Class I		(2,313,692	)		(801,163	)		—			—			—			—
Change in Net Assets from Distributions to Shareholders		(14,021,501	)		(11,461,708	)		(450,728	)		(933,114	)		(291,956	)		(927,269	)

Change in Net Assets from Capital Transactions		4,428,533			40,311,187			(23,319,101	)		(41,143,871	)		(34,493,973	)		(4,022,253	)
Change in Net Assets		10,317,800			45,429,389			(29,474,396	)		(22,520,236	)		(45,782,819	)		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	$	306,717,191		$	296,399,391		$	142,902,466		$	172,376,862		$	54,045,195		$	99,828,014

Accumulated Net Investment Income (Loss)	$	—		$	—		$	(106,586	)	$	(594,918	)	$	675,715		$	172,551

See accompanying notes to financial statements.

Statements of changes in net assets, continued

	Praxis International Index Fund					Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	For the Year Ended December 31, 2011			For the Period Ended December 31, 2010 (a)		For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
From Operations
Net investment income (loss)	$	968,222		$	—	$	957,466		$	957,250		$	245,626		$	158,403		$	(212,415	)	$	(139,207	)
Net realized gains (losses) from security transactions		(338,353	)		—		1,419,699			(962,043	)		(410,056	)		(405,208	)		2,306,507			2,556,316
Net change in unrealized appreciation (depreciation)on investments		(9,090,931	)		—		(4,040,891	)		7,423,705			709,605			4,144,656			2,495,223			5,467,725
Net Change in Net Assets from Operations		(8,461,062	)		—		(1,663,726	)		7,418,912			545,175			3,897,851			4,589,315			7,884,834
Distributions to Shareholders
From net investment income
Class A		(26,943	)		—		(260,528	)		(272,240	)		(3,535	)		—			—			—
Class I		(958,603	)		—		(712,182	)		(655,340	)		(240,262	)		(172,241	)		—			—
Change in Net Assets from Distributions to Shareholders		(985,546	)		—		(972,710	)		(927,580	)		(243,797	)		(172,241	)		—			—
Change in Net Assets from Capital Transactions		76,369,546			20,000		(723,767	)		(12,168,388	)		4,592,806			7,303,087			33,157,639			(1,487,604	)
Change in Net Assets		66,922,938			20,000		(3,360,203	)		(5,677,056	)		4,894,184			11,028,697			37,746,954			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	$	66,942,938		$	20,000	$	52,845,827		$	56,206,030		$	37,206,606		$	32,312,422		$	66,671,746		$	28,924,792

Accumulated Net Investment Income (Loss)	$	(14,776	)	$	—	$	860,529		$	889,887		$	—		$	—		$	—		$	—

(a) Commenced operations on December 31, 2010.

See accompanying notes to financial statements.

Statements of changes in net assets, continued

	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
		For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
From Operations
Net investment income (loss)	$	312,421		$	230,718		$	510,144		$	400,626		$	228,672		$	218,043
Net realized gains (losses) on investments in affiliates		29,679			13,841			154,246			53,989			196,197			51,859
Distributions of realized gains by investment company affiliates		97,292			31,183			149,291			47,420			58,915			18,422
Net change in unrealized appreciation (depreciation) on investments in affiliates		(63,696	)		515,380			(976,321	)		2,691,424			(1,261,194	)		2,876,045
Net Change in Net Assets from Operations		375,696			791,122			(162,640	)		3,193,459			(777,410	)		3,164,369
Distributions to Shareholders
From net investment income
Class A		(373,346	)		(233,151	)		(603,427	)		(405,913	)		(265,340	)		(221,272	)
From net realized gains
Class A		(78,557	)		—			(323,879	)		—			(341,941	)		—
Change in Net Assets from Distributions to Shareholders		(451,903	)		(233,151	)		(927,306	)		(405,913	)		(607,281	)		(221,272	)

Change in Net Assets from Capital Transactions		1,399,508			12,136,705			4,677,562			31,394,891			4,594,275			23,729,766
Change in Net Assets		1,323,301			12,694,676			3,587,616			34,182,437			3,209,584			26,672,863

Net Assets
Beginning of period		12,694,676			—			34,182,437			—			26,672,863			—
End of period	$	14,017,977		$	12,694,676		$	37,770,053		$	34,182,437		$	29,882,447		$	26,672,863

Accumulated Net Investment Income (Loss)	$	(1,157	)	$	28,131		$	(2,013	)	$	42,797		$	(1,000	)	$	16,611

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the year indicated.

Praxis Intermediate Income Fund - Class A

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	10.43		$	10.20		$	9.62		$	9.78		$	9.66
Income (loss) from investment operations:
Net investment income		0.34			0.37			0.43			0.45			0.41
Net realized and unrealized gains (losses) on investments		0.32			0.27			0.56			(0.16	)		0.15
Total from investment operations		0.66			0.64			0.99			0.29			0.56
Less distributions:
Dividends from net investment income		(0.35	)		(0.37	)		(0.41	)		(0.45	)		(0.44	)
Distributions from net realized gains		(0.11	)		(0.04	)		—			—			—
Total distributions		(0.46	)		(0.41	)		(0.41	)		(0.45	)		(0.44	)
Paid-in capital from redemption fees (b)		—			—			—			—			—
Net asset value at end of period	$	10.63		$	10.43		$	10.20		$	9.62		$	9.78
Total return (excludes sales charge)		6.43	%		6.26	%		10.49	%		3.09	%		5.91	%
Net assets at end of period (000s)	$	72,106		$	67,259		$	74,965		$	49,693		$	48,951
Ratio of net expenses to average net assets		0.96	%		0.98	%		0.92	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		3.19	%		3.49	%		4.22	%		4.49	%		4.23	%
Ratio of gross expenses to average net assets*		1.08	%		1.16	%		1.27	%		1.21	%		1.27	%
Portfolio turnover rate		36.12	%		26.75	%		28.56	%		25.46	%		29.22	%

Praxis Intermediate Income Fund - Class I

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	10.39		$	10.17		$	9.61		$	9.77		$	9.65
Income (loss) from investment operations:
Net investment income		0.38			0.40			0.45			0.47			0.43
Net realized and unrealized gains (losses)on investments		0.33			0.27			0.57			(0.16	)		0.15
Total from investment operations		0.71			0.67			1.02			0.31			0.58
Less distributions:
Dividends from net investment income		(0.39	)		(0.41	)		(0.46	)		(0.47	)		(0.46	)
Distributions from net realized gains		(0.11	)		(0.04	)		—			—			—
Total distributions		(0.50	)		(0.45	)		(0.46	)		(0.47	)		(0.46	)
Paid-in capital from redemption fees		—			—			—			—	(b)		—
Net asset value at end of period	$	10.60		$	10.39		$	10.17		$	9.61		$	9.77
Total return (excludes sales charge)		6.98	%		6.60	%		10.79	%		5.21	%		6.18	%
Net assets at end of period (000s)	$	234,612		$	229,140		$	176,005		$	153,332		$	212,097
Ratio of net expenses to average net assets		0.57	%		0.58	%		0.67	%		0.63	%		0.63	%
Ratio of net investment income to average net assets		3.59	%		3.86	%		4.51	%		4.73	%		4.48	%
Ratio of gross expenses to average net assets*		0.57	%		0.58	%		0.72	%		0.64	%		0.77	%
Portfolio turnover rate		36.12	%		26.75	%		28.56	%		25.46	%		29.22	%

*	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Core Stock Fund - Class A

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	12.60		$	11.30		$	8.79		$	14.87		$	15.40
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.07	)		0.01			0.05			0.13
Net realized and unrealized gains (losses) on investments		(0.48	)		1.37			2.54			(6.08	)		(0.24	)
Total from investment operations		(0.49	)		1.30			2.55			(6.03	)		(0.11	)
Less distributions:
Dividends from net investment income		—			—			(0.04	)		(0.05	)		(0.14	)
Distributions from net realized gains		—			—			—			—			(0.28	)
Total distributions		—			—			(0.04	)		(0.05	)		(0.42	)
Paid-in capital from redemption fees (b)		—			—			—			—			—
Net asset value at end of period	$	12.11		$	12.60		$	11.30		$	8.79		$	14.87
Total return (excludes sales charge)		(3.89	)%		11.50	%		29.00	%		(40.64	)%		(0.68	)%
Net assets at end of period (000s)	$	48,109		$	65,185		$	93,120		$	55,151		$	99,838
Ratio of net expenses to average net assets		1.61	%		1.74	%		1.44	%		1.31	%		1.45	%
Ratio of net investment income (loss) to average net assets		0.15	%		(0.16	)%		0.15	%		0.42	%		0.81	%
Ratio of gross expenses to average net assets*		1.61	%		1.74	%		1.69	%		1.56	%		1.70	%
Portfolio turnover rate		14.83	%		7.43	%		12.64	%		29.73	%		12.17	%

Praxis Core Stock Fund - Class I

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	12.67		$	11.37		$	8.84		$	14.94		$	15.45
Income (loss) from investment operations:
Net investment income		0.11			0.08			0.06			0.09			0.20
Net realized and unrealized gains (losses) on investments		(0.51	)		1.33			2.53			(6.11	)		(0.24	)
Total from investment operations		(0.40	)		1.41			2.59			(6.02	)		(0.04	)
Less distributions:
Dividends from net investment income		(0.06	)		(0.11	)		(0.06	)		(0.08	)		(0.19	)
Distributions from net realized gains		—			—			—			—			(0.28	)
Total distributions		(0.06	)		(0.11	)		(0.06	)		(0.08	)		(0.47	)
Paid-in capital from redemption fees		—			—			—			—	(b)		—
Net asset value at end of period	$	12.21		$	12.67		$	11.37		$	8.84		$	14.94
Total return (excludes sales charge)		(3.18	)%		12.38	%		29.35	%		(40.43	)%		(0.26	)%
Net assets at end of period (000s)	$	94,794		$	107,192		$	101,777		$	90,820		$	159,737
Ratio of net expenses to average net assets		0.91	%		0.94	%		1.08	%		1.01	%		1.05	%
Ratio of net investment income to average net assets		0.85	%		0.66	%		0.57	%		0.72	%		1.20	%
Portfolio turnover rate		14.83	%		7.43	%		12.64	%		29.73	%		12.17	%

*	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis International Fund - Class A

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	11.04		$	9.88		$	8.61		$	15.42		$	14.23
Income (loss) from investment operations:
Net investment income		0.10			—	(b)		0.08			0.16			0.12
Net realized and unrealized gains (losses) on investments		(1.81	)		1.19			1.19			(6.44	)		1.65
Total from investment operations		(1.71	)		1.19			1.27			(6.28	)		1.77
Less distributions:
Dividends from net investment income		(0.05	)		(0.03	)		—			(0.15	)		(0.21	)
Distributions from net realized gains		—			—			—			(0.36	)		(0.37	)
Tax return of capital		—			—			—			(0.02	)		—
Total distributions		(0.05	)		(0.03	)		—			(0.53	)		(0.58	)
Paid-in capital from redemption fees (b)		—			—			—			—			—
Net asset value at end of period	$	9.28		$	11.04		$	9.88		$	8.61		$	15.42
Total return (excludes sales charge)		(15.54	)%		12.20	%		14.75	%		(41.01	)%		12.59	%
Net assets at end of period (000s)	$	20,657		$	30,665		$	41,158		$	26,005		$	50,709
Ratio of net expenses to average net assets		2.01	%		2.11	%		1.70	%		1.67	%		1.72	%
Ratio of net investment income (loss) to average net assets		0.76	%		(0.20	)%		1.04	%		1.40	%		0.75	%
Ratio of gross expenses to average net assets*		2.01	%		2.11	%		1.98	%		1.92	%		1.97	%
Portfolio turnover rate		88.27	%		72.01	%		194.23	%		148.65	%		59.13	%

Praxis International Fund - Class I

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	11.06		$	9.91		$	8.61		$	15.39		$	14.20
Income (loss) from investment operations:
Net investment income		0.23			0.05			0.14			0.15			0.17
Net realized and unrealized gains (losses) on investments		(1.86	)		1.24			1.16			(6.38	)		1.65
Total from investment operations		(1.63	)		1.29			1.30			(6.23	)		1.82
Less distributions:
Dividends from net investment income		(0.05	)		(0.14	)		—			(0.17	)		(0.26	)
Distributions from net realized gains		—			—			—			(0.36	)		(0.37	)
Tax return of capital		—			—			—			(0.02	)		—
Total distributions		(0.05	)		(0.14	)		—			(0.55	)		(0.63	)
Net asset value at end of period	$	9.38		$	11.06		$	9.91		$	8.61		$	15.39
Total return (excludes sales charge)		(14.78	)%		13.30	%		15.23	%		(40.85	)%		13.02	%
Net assets at end of period (000s)	$	33,388		$	69,163		$	52,049		$	48,830		$	110,001
Ratio of net expenses to average net assets		1.10	%		1.12	%	��	1.39	%		1.32	%		1.31	%
Ratio of net investment income (loss) to average net assets		1.58	%		0.71	%		1.56	%		1.47	%		1.13	%
Portfolio turnover rate		88.27	%		72.01	%		194.23	%		148.65	%		59.13	%

*	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis International Index Fund - Class A

	Year Ended December 31, 2011(a)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.03
Net realized and unrealized gains (losses) on investments		(1.68	)
Total from investment operations		(1.65	)
Less distributions:
Dividends from net investment income		(0.10	)
Total distributions		(0.10	)
Paid-in capital from redemption fees (b)		—
Net asset value at end of period	$	8.25
Total return (excludes sales charge)		(16.54	)%
Net assets at end of period (000s)	$	2,363
Ratio of net expenses to average net assets		1.73	%
Ratio of net investment income to average net assets		0.89	%
Ratio of gross expenses to average net assets*		4.87	%
Portfolio turnover rate		2.44	%

Praxis International Index Fund - Class I

	Year Ended December 31, 2011(a)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.12
Net realized and unrealized gains (losses) on investments		(1.73	)
Total from investment operations		(1.61	)
Less distributions:
Dividends from net investment income		(0.12	)
Total distributions		(0.12	)
Net asset value at end of period	$	8.27
Total return (excludes sales charge)		(16.05	)%
Net assets at end of period (000s)	$	64,580
Ratio of net expenses to average net assets		0.86	%
Ratio of net investment income to average net assets		2.25	%
Portfolio turnover rate		2.44	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	The Fund commenced operations of December 31, 2010, and commenced public offering and investment operations on January 3, 2011.
(b)	Amount is less than $0.005 per share.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis Value Index Fund - Class A

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009(a)			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	7.95		$	7.09		$	5.80		$	10.12		$	11.43
Income (loss) from investment operations:
Net investment income		0.12			0.14			0.10			0.18			0.17
Net realized and unrealized gains (losses) on investments		(0.40	)		0.81			1.21			(4.21	)		(0.93	)
Total from investment operations		(0.28	)		0.95			1.31			(4.03	)		(0.76	)
Less distributions:
Dividends from net investment income		(0.10	)		(0.09	)		(0.02	)		(0.18	)		(0.20	)
Distributions from net realized gains		—			—			—			(0.11	)		(0.35	)
Total distributions		(0.10	)		(0.09	)		(0.02	)		(0.29	)		(0.55	)
Paid-in capital from redemption fees (b)		—			—			—			—			—
Net asset value at end of period	$	7.57		$	7.95		$	7.09		$	5.80		$	10.12
Total return (excludes sales charge)		(3.58	)%		13.40	%		22.64	%		(40.15	)%		(6.66	)%
Net assets at end of period (000s)	$	20,776		$	24,341		$	30,983		$	20,019		$	28,209
Ratio of net expenses to average net assets		1.32	%		1.38	%		1.01	%		0.97	%		0.90	%
Ratio of net investment income to average net assets		1.19	%		1.15	%		1.96	%		2.35	%		1.87	%
Ratio of gross expenses to average net assets*		1.32	%		1.38	%		1.33	%		1.27	%		1.18	%
Portfolio turnover rate		29.11	%		24.12	%		25.72	%		20.66	%		33.34	%

Praxis Value Index Fund - Class I

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
Net asset value at beginning of period	$	7.91		$	7.05		$	5.77		$	10.07		$	11.38
Income (loss) from investment operations:
Net investment income		0.15			0.17			0.14			0.20			0.24
Net realized and unrealized gains (losses) on investments		(0.37	)		0.85			1.18			(4.19	)		(0.97	)
Total from investment operations		(0.22	)		1.02			1.32			(3.99	)		(0.73	)
Less distributions:
Dividends from net investment income		(0.17	)		(0.16	)		(0.04	)		(0.20	)		(0.23	)
Distributions from net realized gains		—			—			—			(0.11	)		(0.35	)
Total distributions		(0.17	)		(0.16	)		(0.04	)		(0.31	)		(0.58	)
Net asset value at end of period	$	7.52		$	7.91		$	7.05		$	5.77		$	10.07
Total return (excludes sales charge)		(2.80	)%		14.53	%		22.82	%		(39.94	)%		(6.46	)%
Net assets at end of period (000s)	$	32,070		$	31,865		$	30,900		$	24,893		$	29,843
Ratio of net expenses to average net assets		0.49	%		0.50	%		0.73	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.03	%		2.06	%		2.28	%		2.71	%		2.12	%
Ratio of gross expenses to average net assets*		0.49	%		0.50	%		0.73	%		0.64	%		0.68	%
Portfolio turnover rate		29.11	%		24.12	%		25.72	%		20.66	%		33.34	%

*	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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis Growth Index Fund - Class A

	Year Ended December 31, 2011			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		0.01			0.01			0.03			0.01			0.02
Net realized and unrealized gains (losses) on investments		0.10			1.14			2.20			(3.89	)		0.38
Total from investment operations		0.11			1.15			2.23			(3.88	)		0.40
Less distributions:
Dividends from net investment income		(0.01	)		—			(0.02	)		(0.02	)		—
Distributions from net realized gains		—			—			—			—			—	(b)
Total distributions		(0.01	)		—			(0.02	)		(0.02	)		—	(b)
Paid-in capital from redemption fees		—	(b)		—	(b)		—			—	(b)		—	(b)
Net asset value at end of period	$	9.96		$	9.86		$	8.71		$	6.50		$	10.40
Total return (excludes sales charge)		1.12	%		13.20	%		34.38	%		(37.34	)%		4.03	%(c)
Net assets at end of period (000s)	$	3,363		$	2,911		$	4,714		$	2,504		$	2,232
Ratio of net expenses to average net assets		1.10	%		1.10	%		0.93	%		0.94	%		1.16	%(d)
Ratio of net investment income to average net assets		0.14	%		0.13	%		0.42	%		0.19	%		0.68	%(d)
Ratio of gross expenses to average net assets*		2.01	%		2.68	%		1.54	%		1.51	%		3.65	%(d)
Portfolio turnover rate		21.18	%		28.55	%		30.99	%		28.40	%		36.64	%(c)

Praxis Growth Index Fund - Class I

	Year Ended December 31, 2011			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		0.07			0.05			0.04			0.04			—	(b)
Net realized and unrealized gains (losses) on investments		0.10			1.15			2.20			(3.90	)		0.42
Total from investment operations		0.17			1.20			2.24			(3.86	)		0.42
Less distributions:
Dividends from net investment income		(0.07	)		(0.06	)		(0.03	)		(0.04	)		(0.01	)
Distributions from net realized gains		—			—			—			—			—	(b)
Total distributions		(0.07	)		(0.06	)		(0.03	)		(0.04	)		(0.01	)
Net asset value at end of period	$	9.96		$	9.86		$	8.72		$	6.51		$	10.41
Total return (excludes sales charge)		1.73	%		13.74	%		34.46	%		(37.09	)%		4.18	%(c)
Net assets at end of period (000s)	$	33,843		$	29,401		$	16,570		$	12,388		$	24,203
Ratio of net expenses to average net assets		0.50	%		0.58	%		0.81	%		0.65	%		0.82	%(d)
Ratio of net investment income to average net assets		0.75	%		0.70	%		0.54	%		0.45	%		0.34	%(d)
Ratio of gross expenses to average net assets*		0.50	%		0.58	%		0.87	%		0.73	%		2.41	%(d)
Portfolio turnover rate		21.18	%		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.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis Small Cap Fund - Class A

	Year Ended December 31, 2011			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)		(0.09	)		(0.11	)		(0.04	)		(0.03	)		—	(b)
Net realized and unrealized gains (losses) on investments		0.64			2.51			1.77			(3.65	)		(0.50	)
Total from investment operations		0.55			2.40			1.73			(3.68	)		(0.50	)
Paid-in capital from redemption fees		0.01			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value at end of period	$	10.51		$	9.95		$	7.55		$	5.82		$	9.50
Total return (excludes sales charge)		5.63	%		31.79	%		29.73	%		(38.74	)%		(5.00	)%(c)
Net assets at end of period (000s)	$	5,541		$	3,341		$	4,227		$	2,307		$	1,398
Ratio of net expenses to average net assets		1.71	%		1.69	%		1.49	%		1.46	%		1.65	%(d)
Ratio of net investment loss to average net assets		(1.09	)%		(1.08	)%		(0.80	)%		(0.52	)%		(0.04	)%(d)
Ratio of gross expenses to average net assets*		2.17	%		2.79	%		2.34	%		2.20	%		3.78	%(d)
Portfolio turnover rate		67.48	%		84.26	%		60.33	%		64.37	%		30.37	%(c)

Praxis Small Cap Fund - Class I

	Year Ended December 31, 2011			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		0.64			2.51			1.79			(3.64	)		(0.50	)
Total from investment operations		0.61			2.47			1.75			(3.66	)		(0.49	)
Less distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Total distributions		—			—			—			—			(0.01	)
Net asset value at end of period	$	10.67		$	10.06		$	7.59		$	5.84		$	9.50
Total return (excludes sales charge)		6.06	%		32.54	%		29.97	%		(38.53	)%		(4.91	)%(c)
Net assets at end of period (000s)	$	61,130		$	25,584		$	18,300		$	15,392		$	15,406
Ratio of net expenses to average net assets		1.04	%		1.08	%		1.36	%		1.22	%		1.35	%(d)
Ratio of net investment income (loss) to average net assets		(0.44	)%		(0.46	)%		(0.66	)%		(0.29	)%		0.47	%(d)
Ratio of gross expenses to average net assets*		1.04	%		1.08	%		1.53	%		1.27	%		2.18	%(d)
Portfolio turnover rate		67.48	%		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.

Financial Highlights, continued

For a share outstanding throughout the period indicated

Praxis Genesis Conservative Portfolio - Class A

	Year Ended December 31, 2011			Year Ended December 31, 2010(a)
Net asset value at beginning of period	$	10.55		$	10.00
Income from investment operations:
Net investment income		0.24			0.25
Net realized and unrealized gains on investments		0.06			0.55
Total from investment operations		0.30			0.80
Less distributions:
Dividends from net investment income		(0.29	)		(0.25	)
Distributions from net realized gains		(0.06	)		—
Total distributions		(0.35	)		(0.25	)
Paid-in capital from redemption fees (b)		—			—
Net asset value at end of period	$	10.50		$	10.55
Total return (excludes sales charge)		2.88	%		8.22	%
Net assets at end of period (000s)	$	14,018		$	12,695
Ratio of net expenses to average net assets (c)		0.61	%		0.65	%
Ratio of net investment income to average net assets (c)		2.31	%		2.60	%
Ratio of gross expenses to average net assets (c)*		0.78	%		0.97	%
Portfolio turnover rate		15.03	%		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 December 31, 2009 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis Genesis Balanced Portfolio - Class A

	Year Ended December 31, 2011			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		0.15			0.16
Net realized and unrealized losses on investments		(0.17	)		0.91
Total from investment operations		(0.02	)		1.07
Less distributions:
Dividends from net investment income		(0.18	)		(0.16	)
Distributions from net realized gains		(0.09	)		—
Total distributions		(0.27	)		(0.16	)
Paid-in capital from redemption fees (b)		—			—
Net asset value at end of period	$	10.62		$	10.91
Total return (excludes sales charge)		(0.21	)%		10.88	%
Net assets at end of period (000s)	$	37,770		$	34,182
Ratio of net expenses to average net assets (c)		0.61	%		0.64	%
Ratio of net investment income to average net assets (c)		1.39	%		1.80	%
Ratio of gross expenses to average net assets (c)*		0.71	%		0.90	%
Portfolio turnover rate		15.11	%		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 December 31, 2009 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the period indicated.

Praxis Genesis Growth Portfolio - Class A

	Year Ended December 31, 2011			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		0.08			0.10
Net realized and unrealized losses on investments		(0.33	)		1.15
Total from investment operations		(0.25	)		1.25
Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)
Distributions from net realized gains		(0.12	)		—
Total distributions		(0.22	)		(0.10	)
Paid-in capital from redemption fees (b)		—			—
Net asset value at end of period	$	10.68		$	11.15
Total return (excludes sales charge)		(2.24	)%		12.65	%
Net assets at end of period (000s)	$	29,882		$	26,673
Ratio of net expenses to average net assets (c)		0.61	%		0.64	%
Ratio of net investment income to average net assets (c)		0.79	%		1.33	%
Ratio of gross expenses to average net assets (c)*		0.89	%		1.15	%
Portfolio turnover rate		15.54	%		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 December 31, 2009 (commencement of operations) through December 31, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Notes to Financial Statements

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of December 31, 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.

As of December 31, 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, certain other class specific expenses and income, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Intermediate Income Fund which is 3.75 percent.

2. Significant Accounting Policies:

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

Securities Valuation:

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

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

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the Funds, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established will be reviewed by Everence Capital Management, Inc. (the “Adviser”) under general supervision of the Board of Trustees. 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. The Portfolio’s investments in the underlying Funds (the “Underlying Funds”) are valued at the closing net asset value per share.

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

The Pricing Committee of Everence Capital Management has established a policy and methodology, which was approved by the board, for pricing the Everence Community Investments notes held by the several of the Praxis funds. The methodology takes into consideration the fundamental quality of the notes, the nature and duration of restrictions on the disposition of the securities, and an evaluation of the forces that influence the market in which these securities are purchased and sold. Accordingly, the committee applied discounts to the notes, for which there is not an active market, based on the credit quality, maturity, and liquidity characteristics of what the committee determined to be similar securities.

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:

Notes to Financial Statements, continued

December 31, 2011

•	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 December 31, 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:

Praxis Intermediate Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Asset Backed Securities	$	—	$	4,540,140	$	—	$	4,540,140
Collateralized Mortgage Obligations		—		50,908		—		50,908
Commercial Mortgage Backed Securities		—		19,351,164		—		19,351,164
Foreign Bonds		—		3,311,975		—		3,311,975
Municipal Bonds		—		6,926,008		—		6,926,008
Corporate Bonds		—		136,228,786		—		136,228,786
Corporate Notes		—		—		3,380,921		3,380,921
Interest-Only Bonds		—		13,850		—		13,850
U.S. Government Agencies		—		113,070,196		—		113,070,196
Investment Company		3,801,844		—		—		3,801,844
Short Term Investment		11,963,129		—		—		11,963,129
Total Investments	$	15,764,973	$	283,493,027	$	3,380,921	$	302,638,921

The 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		550,000
Change in unrealized appreciation (depreciation)		27,714
Balance as of December 31, 2011	$	3,380,921

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Core Stock Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	139,065,992	$	—	$	76,838	$	139,142,830
Commercial Paper		—		2,226,962		—		2,226,962
Corporate Notes		—		—		1,816,553		1,816,553
Short Term Investment		1,952		—		—		1,952
Total Investments	$	139,067,944	$	2,226,962	$	1,893,391	$	143,188,297

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


Investments	Common Stock		Corporate Notes			Total
Balance as of December 31, 2010	$	—	$	2,179,868		$	2,179,868
Proceeds from Sales		—		(400,000	)		(400,000	)
Cost of Purchases		—		—			—
Change in unrealized appreciation (depreciation)		—		36,685			36,685
Transfer Into Level 3*		76,838		—			76,838
Balance as of December 31, 2011	$	76,838	$	1,816,553		$	1,893,391

*	Common stock transfer from level 1 to 3 was Sino-Forest Corporation. This security halted trading and at December 31, 2011 was valued by the Fund’s Valuation Committee.

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis International Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	52,006,007	$	—	$	—	$	52,006,007
Short Term Investment		828,235		—		—		828,235
Corporate Notes		—		—		846,365		846,365
Total Investments	$	52,834,242	$	—	$	846,365	$	53,680,607


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Liabilities:
Foreign Forward Currency Exchange Contracts	$	—	$	(31,335	)	$	—	$	(31,335	)
Total Other Financial Instruments	$	—	$	(31,335	)	$	—	$	(31,335	)

*	Other financial instruments are derivative instruments not reflected in total investments. Amounts shown represent unrealized appreciation/depreciation.

The 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		(250,000	)
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		16,852
Balance as of December 31, 2011	$	846,365

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis International Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	66,085,305	$	—	$	—	$	66,085,305
Total Investments	$	66,085,305	$	—	$	—	$	66,085,305

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Value Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	52,269,561	$	—	$	—	$	52,269,561
Corporate Notes		—		—		554,472		554,472
Total Investments	$	52,269,561	$	—	$	554,472	$	52,824,033

The 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		(200,000	)
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		16,994
Balance as of December 31, 2011	$	554,472

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Notes to Financial Statements, continued

December 31, 2011

Praxis Growth Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	36,859,549	$	—	$	—	$	36,859,549
Corporate Notes		—		—		336,827		336,827
Short Term Investment		61,504		—		—		61,504
Total Investments	$	36,921,053	$	—	$	336,827	$	37,257,880

The 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		(190,000	)
Cost of Purchases		340,000
Change in unrealized appreciation (depreciation)		(3,173	)
Balance as of December 31, 2011	$	336,827

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Small Cap Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	62,522,682	$	—	$	—	$	62,522,682
Corporate Notes		—		—		346,620		346,620
Short Term Investment		4,527,114		—		—		4,527,114
Total Investments	$	67,049,796	$	—	$	346,620	$	67,396,416

The 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		(200,000	)
Cost of Purchases		350,000
Change in unrealized appreciation (depreciation)		(3,380	)
Balance as of December 31, 2011	$	346,620

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Genesis Conservative Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	14,037,909	$	—	$	—	$	14,037,909
Total Investments	$	14,037,909	$	—	$	—	$	14,037,909

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Genesis Balanced Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	37,820,209	$	—	$	—	$	37,820,209
Total Investments	$	37,820,209	$	—	$	—	$	37,820,209

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

Praxis Genesis Growth Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total
Investments
Mutual Funds	$	29,893,368	$	—	$	—	$	29,893,368
Total Investments	$	29,893,368	$	—	$	—	$	29,893,368

There were no significant transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2011.

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

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 International Financial Reporting Standards (“IFRS”). 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 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 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. A Portfolio’s 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

Notes to Financial Statements, continued

December 31, 2011

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 Fund to invest a limited portion of its 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 “ECI-Notes”). Assets raised through offerings of ECI-Notes are then invested directly in non-profit and not-for-profit community development organizations. Each Fund, in accordance with guidelines established by the Board 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 ECI-Notes. ECI-Notes have certain specific risk factors associated with them. These types of investments offer a rate of return below the prevailing market rate at acquisition and are considered illiquid, unrated and below-investment grade. They also involve a greater risk of default or price decline than investment-grade securities. However, these investments have been determined by the Adviser and the Board 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. An application to amend the current exemptive order to allow certain changes to the terms of these investments is pending with the SEC.

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 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 their prospectuses. Amounts charged are included in Paid in Capital Transactions as disclosed in Note 7 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 holdings 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 Funds 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 December 31, 2011, the International Fund had the following forward foreign currency exchange contracts outstanding as follows:

Settlement Date	To Receive/ To Deliver		Counterparty		Initial Value		Market Value		Net Unrealized Depreciation
Contract to Buy
1/5/2012		1,130,000		GBP Barclays
				Bank plc		1,783,558		1,754,874	$	28,684
Contract to Sell
1/5/2012		1,130,000		GBP Barclays
				Bank plc		1,752,224		1,754,875		2,651
									$	31,335

GBP- British Pound

Derivative Instruments and Hedging Activities:

The following table is the summary of the effect of derivative instruments on the Statements of Operations for the year ended December 31, 2011:

International Fund

The Effect of Derivative Instruments on the Statements of Operations

for the year Ended December 31, 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 Derivative
	Forward Foreign Currency Exchange Contracts		Net realized gains on foreign currency transactions, Change in unrealized appreciation/depreciation on foreign currency translations		$	(200,371)		$	(31,335)

The average monthly contract amount of the forward foreign currency contracts during the year ended December 31, 2011 are detailed in the table below:

		Average			Average
		Contract			Contract
		Market Value –			Market Value –
Fund		Short			Long
International Fund	$	(1,398,959	)	$	2,567,377

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 year ended December 31, 2011 were as follows:

	Purchases		Sales
Intermediate Income Fund	$	104,763,126	$	111,765,122
Core Stock Fund		23,113,627		44,225,458
International Fund		63,550,994		94,957,693
International Index Fund		76,515,000		1,024,044
Value Index Fund		16,657,880		17,331,124
Growth Index Fund		12,226,200		7,514,943
Small Cap Fund		56,632,630		27,115,797
Conservative Portfolio		3,415,288		2,027,946
Balanced Portfolio		10,135,874		5,578,779
Growth Portfolio		8,880,203		4,549,301

Notes to Financial Statements, continued

December 31, 2011

5. Investment Transactions with Affiliates:

The Adviser provides investment advisory services to the Funds and Portfolios. The Portfolios invest in the underlying Praxis Mutual Funds and therefore, the Underlying Funds are deemed affiliates, and the related activity in those investments were as follows:


	For the year ended December 31, 2011
Affiliate	Fair value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at December 31, 2011		Fair value at December 31, 2011
Praxis Conservative Allocation Portfolio
Praxis Core Stock Fund	$	1,298,563	$	287,676	$	119,815	$	(4,876	)	$	6,619		116,126	$	1,417,900
Praxis Growth Index Fund		640,325		113,965		59,907		(1,505	)		4,936		70,312		700,304
Praxis Intermediate Income Fund		8,803,625		1,995,130		1,177,265		92,750			356,741		925,435		9,809,613
Praxis International Fund		962,105		160,606		525,350		47,187			2,808		55,674		523,332
Praxis International Index Fund		—		656,456		44,506		(4,038	)		7,718		62,958		520,663
Praxis Small Cap Fund		325,498		46,721		41,195		403			—		32,928		351,347
Praxis Value Index Fund		654,467		154,735		59,907		(2,950	)		15,706		95,047		714,750
Total	$	12,684,583					$	126,971		$	394,528			$	14,037,909

	For the year ended December 31, 2011
Affiliate	Fair value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at December 31, 2011		Fair value at December 31, 2011
Praxis Balanced Allocation Portfolio
Praxis Core Stock Fund	$	6,917,392	$	1,370,662	$	372,558	$	(24,738	)	$	35,620		625,004	$	7,631,295
Praxis Growth Index Fund		2,558,882		429,241		184,787		(5,586	)		19,920		283,780		2,826,444
Praxis Intermediate Income Fund		13,402,811		3,078,834		1,700,106		147,383			558,046		1,422,067		15,073,907
Praxis International Fund		5,124,809		788,151		2,690,681		220,722			15,101		299,419		2,814,541
Praxis International Index Fund		—		3,454,258		139,709		(17,829	)		41,520		338,750		2,801,466
Praxis Small Cap Fund		3,465,970		461,981		351,228		(5,438	)		—		355,181		3,789,779
Praxis Value Index Fund		2,615,325		552,748		139,709		(10,977	)		63,340		383,348		2,882,777
Total	$	34,085,189					$	303,537		$	733,547			$	37,820,209

	For the year ended December 31, 2011
Affiliate	Fair value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at December 31, 2011		Fair value at December 31, 2011
Praxis Growth Allocation Portfolio
Praxis Core Stock Fund	$	6,716,678	$	1,345,004	$	240,211	$	(18,093	)	$	35,139		616,849	$	7,531,732
Praxis Growth Index Fund		2,650,426		529,661		227,604		(7,106	)		20,959		298,726		2,975,312
Praxis Intermediate Income Fund		5,206,075		1,386,121		761,195		62,256			223,123		561,230		5,949,041
Praxis International Fund		5,307,825		854,256		2,754,083		258,035			15,891		315,244		2,963,298
Praxis International Index Fund		—		3,598,558		96,084		(14,287	)		43,701		356,721		2,950,085
Praxis Small Cap Fund		4,037,354		586,118		374,039		(16,904	)		—		420,674		4,488,594
Praxis Value Index Fund		2,709,105		580,485		96,084		(8,789	)		66,659		403,631		3,035,306
Total	$	26,627,463					$	255,112		$	405,472			$	29,893,368

6. Related Party Transactions:

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

Intermediate Income Fund	0.40%
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 L.P. 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 year ended December 31, 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%

For the year ended December 31, 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)	$	83,384
International Index Fund (Class A)		27,509
Growth Index Fund (Class A)		30,195
Small Cap Fund (Class A)		24,721
Conservative Portfolio (Class A)		22,806
Balanced Portfolio (Class A)		37,883
Growth Portfolio (Class A)		83,266

Notes to Financial Statements, continued

December 31, 2011

As of December 31, 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		2009		2012	$	78,489
		2010		2013		126,302
		2011		2014		83,384
					$	288,175
Core Stock Fund		2009		2012	$	3,112
International Fund		2009		2012	$	17,440
International Index Fund		2011		2014	$	27,509
Value Index Fund		2009		2012	$	12,461
Growth Index Fund		2009		2012		30,231
		2010		2013		49,945
		2011		2014		30,195
					$	110,371
Small Cap Fund		2009		2012		31,813
		2010		2013		36,427
		2011		2014		24,721
					$	92,961
Conservative Portfolio		2010		2013		20,073
		2011		2014		22,806
					$	42,879
Balanced Portfolio		2010		2013		54,714
		2011		2014		37,883
					$	92,597
Growth Portfolio		2010		2013		83,521
		2011		2014		83,266
					$	166,787

During the year ended December 31, 2011, amounts subject to repayment to the Adviser expired as follows:


		Balance
Intermediate Income Fund	$	96,568
International Fund		4,106
Value Index Fund		24,950
Growth Index Fund		31,734
Small Cap Fund		23,174

JPMorgan Chase Bank, N.A. (“JPMorgan”) provides administrative, accounting, 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 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	$	5,481
Core Stock Fund		5,238
International Fund		2,220
International Index Fund		273
Value Index Fund		2,587
Growth Index Fund		816
Small Cap Fund		1,346
Conservative Portfolio		4,536
Balanced Portfolio		16,382
Growth Portfolio		15,017

The Trust has adopted a Plan of Distribution (“Rule 12b-1 plan”) under which each Fund and Portfolio may directly incur or reimburse the Adviser or the Underwriter for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50 percent of the average daily net assets of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25 percent. 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 Trustee receives an annual retainer of $6,000. The meeting attendance fee is $2,000 per Trustee for each quarterly in-person meeting and $1,000 for telephonic meetings. The Trust paid $110,000 in aggregate Trustee fees during the year ended December 31, 2011.

7. Capital Share Transactions:

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


	Intermediate Income Fund						Core Stock Fund						International Fund
	Year Ended December 31 2011			Year Ended December 31, 2010			Year Ended December 31 2011			Year Ended December 31, 2010			Year Ended December 31 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	17,842,649		$	16,338,985		$	2,784,590		$	4,428,945		$	2,980,122		$	4,499,797
Dividends reinvested		2,575,381			2,366,991			—			314,061			105,199			66,214
Cost of shares redeemed		(16,909,001	)		(28,007,803	)		(17,396,336	)		(39,407,861	)		(8,743,137	)		(17,995,216	)
Redemption fees		4,892			2,306			428			531			1,003			1,044
Class A Share Transactions	$	3,513,921		$	(9,299,521	)	$	(14,611,318	)	$	(34,664,324	)	$	(5,656,813	)	$	(13,428,161	)
Class I Shares:
Proceeds from shares issued	$	37,031,789		$	71,176,908		$	12,985,466		$	22,759,027		$	6,734,957		$	20,292,824
Dividends reinvested		6,614,676			4,651,592			271,979			738,180			151,343			559,358
Cost of shares redeemed		(42,731,853	)		(26,217,792	)		(21,965,228	)		(29,976,754	)		(35,723,460	)		(11,446,274	)
Class I Share Transactions	$	914,612		$	49,610,708		$	(8,707,783	)	$	(6,479,547	)	$	(28,837,160	)	$	9,405,908
Net increase (decrease) from capital transactions	$	4,428,533		$	40,311,187		$	(23,319,101	)	$	(41,143,871	)	$	(34,493,973	)	$	(4,022,253	)
Share Transactions:
Class A Shares:
Issued		1,681,985			1,558,925			221,037			385,848			277,370			452,088
Reinvested		243,211			226,275			—			27,793			11,373			6,009
Redeemed		(1,594,755	)		(2,685,416	)		(1,423,750	)		(3,480,062	)		(841,053	)		(1,843,831	)
Change in Class A Shares		330,441			(900,216	)		(1,202,713	)		(3,066,421	)		(552,310	)		(1,385,734	)
Class I Shares:
Issued		3,503,049			6,807,757			1,065,943			2,003,349			631,776			2,068,778
Reinvested		626,565			445,815			22,202			60,440			16,169			50,667
Redeemed		(4,037,063	)		(2,517,124	)		(1,786,986	)		(2,552,665	)		(3,341,185	)		(1,118,050	)
Change in Class I Shares		92,551			4,736,448			(698,841	)		(488,876	)		(2,693,240	)		1,001,395
Net increase (decrease) from share transactions		422,992			3,836,232			(1,901,554	)		(3,555,297	)		(3,245,550	)		(384,339	)

Notes to Financial Statements, continued

December 31, 2011


	International Index Fund					Value Index Fund						Growth Index Fund						Small Cap Fund
	Year Ended December 31, 2011			Year Ended December 31, 2010		Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,760,359		$	10,000	$	8,501,858		$	4,266,903		$	1,104,221		$	801,174		$	6,139,929		$	588,024
Dividends reinvested		24,995			—		249,363			258,121			3,268			12,108			—			—
Cost of shares redeemed		(240,521	)		—		(11,210,403	)		(13,951,117	)		(684,462	)		(2,938,142	)		(4,069,720	)		(2,326,953	)
Redemption fees		281			—		585			1,028			34			10			4,371			6
Class A Share Transactions	$	2,545,114		$	10,000	$	(2,458,597	)	$	(9,425,065	)	$	423,061		$	(2,124,850	)	$	2,074,580		$	(1,738,923	)
Class I Shares:
Proceeds from shares issued	$	76,906,807		$	10,000	$	9,149,054		$	8,733,406		$	7,432,380		$	11,447,062		$	44,566,871		$	10,730,518
Dividends reinvested		499,998			—		531,740			480,087			154,285			176,792			—			—
Cost of shares redeemed		(3,582,373	)		—		(7,945,964	)		(11,956,816	)		(3,416,920	)		(2,195,917	)		(13,483,812	)		(10,479,199	)
Class I Share Transactions	$	73,824,432		$	10,000	$	1,734,830		$	(2,743,323	)	$	4,169,745		$	9,427,937		$	31,083,059		$	251,319
Net increase (decrease) from capital transactions	$	76,369,546		$	20,000	$	(723,767	)	$	(12,168,388	)	$	4,592,806		$	7,303,087		$	33,157,639		$	(1,487,604	)
Share Transactions:
Class A Shares:
Issued		310,802			1,000		1,052,346			564,826			109,490			90,595			589,722			73,267
Reinvested		3,048			—		32,811			45,709			327			1,390			—			—
Redeemed		(28,431	)		—		(1,401,411	)		(1,922,416	)		(67,448	)		(337,731	)		(398,215	)		(297,101	)
Change in Class A Shares		285,419			1,000		(316,254	)		(1,311,881	)		42,369			(245,746	)		191,507			(223,834	)
Class I Shares:
Issued		8,141,416			1,000		1,162,008			1,204,577			740,388			1,302,570			4,438,638			1,338,188
Reinvested		60,753			—		70,429			61,712			15,429			18,615			—			—
Redeemed		(396,600	)		—		(992,993	)		(1,618,796	)		(340,778	)		(238,378	)		(1,253,761	)		(1,205,918	)
Change in Class I Shares		7,805,569			1,000		239,444			(352,507	)		415,039			1,082,807			3,184,877			132,270
Net increase (decrease)
from share transactions		8,090,988			2,000		(76,810	)		(1,664,388	)		457,408			837,061			3,376,384			(91,564	)


	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Year Ended December 31 2011			Year Ended December 31, 2010			Year Ended December 31 2011			Year Ended December 31, 2010			Year Ended December 31 2011			Year Ended December 31, 2010
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,700,684		$	12,845,366		$	8,071,927		$	33,056,765		$	6,475,721		$	24,915,475
Dividends reinvested		443,264			228,751			920,144			402,086			605,034			220,356
Cost of shares redeemed		(1,744,443	)		(937,427	)		(4,314,580	)		(2,064,731	)		(2,486,516	)		(1,406,473	)
Redemption fees		3			15			71			771			36			408
Class A Share Transactions	$	1,399,508		$	12,136,705		$	4,677,562		$	31,394,891		$	4,594,275		$	23,729,766
Net increase (decrease)
from capital transactions	$	1,399,508		$	12,136,705		$	4,677,562		$	31,394,891		$	4,594,275		$	23,729,766
Share Transactions:
Class A Shares:
Issued		253,638			1,271,551			732,804			3,297,446			572,049			2,507,828
Reinvested		41,807			22,174			85,326			38,103			56,139			20,002
Redeemed		(163,973	)		(90,767	)		(394,905	)		(203,184	)		(223,233	)		(135,493	)
Change in Class A Shares		131,472			1,202,958			423,225			3,132,365			404,955			2,392,337
Net increase (decrease)
from share transactions		131,472			1,202,958			423,225			3,132,365			404,955			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, 2011 and 2010 was (as applicable) as follows:

	Intermediate Income Fund				Core Stock Fund				International Fund				International Index Fund
	2011		2010		2011		2010		2011		2010		2011		2010
From ordinary income	$	11,842,578	$	11,366,009	$	450,728	$	933,114	$	291,956	$	927,269	$	985,546	$	—
From long-term capital gains		2,178,923		95,699		—		—		—		—		—		—
Total distributions	$	14,021,501	$	11,461,708	$	450,728	$	933,114	$	291,956	$	927,269	$	985,546	$	—

	Value Index Fund				Growth Index Fund				Small Cap Fund
	2011		2010		2011		2010		2011		2010
From ordinary income	$	972,710	$	927,580	$	243,797	$	172,241	$	—	$	—
From long-term capital gains		—		—		—		—		—		—
Total distributions	$	972,710	$	927,580	$	243,797	$	172,241	$	—	$	—

	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2011		2010		2011		2010		2011		2010
From ordinary income	$	448,448	$	233,151	$	922,863	$	405,913	$	605,525	$	221,272
From long-term capital gains		3,455		—		4,443		—		1,756		—
Total distributions	$	451,903	$	233,151	$	927,306	$	405,913	$	607,281	$	221,272

The following information is computed on a tax basis for each item as of December 31, 2011:

	Intermediate			Core						International
	Income			Stock			International			Index
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	285,753,152		$	125,949,143		$	50,351,564		$	75,180,059
Gross unrealized appreciation		18,185,781			30,509,211			7,068,694			1,408,214
Gross unrealized depreciation		(1,300,012	)		(13,270,057	)		(3,739,651	)		(10,502,968	)
Net unrealized appreciation (depreciation)		16,885,769			17,239,154			3,329,043			(9,094,754	)
Undistributed ordinary income		—			—			763,746			—
Undistributed long-term capital gains		36,917			—			—			—
Capital loss carryforward		—			(45,210,748	)		(12,143,272	)		(102,510	)
Post-October losses		—			(326,353	)		(914,396	)		(242,766	)
Other temporary differences		—			3,777			23,111			(96	)
Accumulated earnings (deficit)	$	16,922,686		$	(28,294,170	)	$	(8,941,768	)	$	(9,440,126	)

				Value Index			Growth Index			Small Cap
				Fund			Fund			Fund
Tax cost of portfolio investments				$	52,924,062		$	32,660,352		$	56,857,037
Gross unrealized appreciation					7,355,971			6,660,959			11,454,432
Gross unrealized depreciation					(7,456,000	)		(2,063,431	)		(915,053	)
Net unrealized appreciation (depreciation)					(100,029	)		4,597,528			10,539,379
Undistributed ordinary income					860,531			—			—
Capital loss carryforward					(13,730,985	)		(2,605,933	)		(1,947,720	)
Post-October losses					(431,594	)		(531,782	)		(804,103	)
Accumulated earnings (deficit)				$	(13,402,077	)	$	1,459,813		$	7,787,556

Notes to Financial Statements, continued

December 31, 2011

		Conservative			Balanced			Growth
		Portfolio			Portfolio			Portfolio
Tax cost of portfolio investments	$	13,620,470		$	36,221,962		$	28,362,594
Gross unrealized appreciation		515,164			2,193,008			2,222,659
Gross unrealized depreciation		(97,725	)		(594,761	)		(691,885	)
Net unrealized appreciation (depreciation)		417,439			1,598,247			1,530,774
Undistributed ordinary income		179			—			—
Undistributed long-term capital gains		68,521			107,968			44,523
Post-October losses		—			(147	)		(12,273	)
Other temporary differences		(1,157	)		(2,014	)		(1,000	)
Accumulated earnings (deficit)	$	484,982		$	1,704,054		$	1,562,024

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

As of the end of tax year ended December 31, 2011, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the table below. Under the provisions of the Regulated Investment Company Modernization Act of 2010, CLCFs that originated in a tax year that began before December 23, 2010 (pre-effective CLCFs) may be carried forward, subject to certain limitations, and applied to offset future capital gains, and thus reduce the amount of distributable capital gains, for up to eight succeeding tax years, after which any unutilized CLCFs expire. Pre-effective CLCFs are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that originate in tax years beginning after December 22, 2010 (post-effective CLCFs), are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year, and thus take precedent over the application of pre-effective CLCFs. Post-effective CLCFs can be carried forward indefinitely.

Pre-effective CLCFs subject to expiration:


		Amount	Expires
Core Stock Fund	$	9,048,875	2016
		32,345,717	2017
		3,816,156	2018
	$	45,210,748
International Fund	$	12,143,272	2017
Value Index Fund		8,855,662	2017
		4,875,322	2018
	$	13,730,984
Growth Index Fund	$	353,168	2016
		2,252,765	2017
	$	2,605,933
Small Cap Fund		1,947,720	2017

International Index Fund had a post-effective Short Term CLCF of $102,510 that is not subject to expiration for the year ended December 31, 2011.

During the year ended December 31, 2011 the Core Stock Fund, International Fund, Value Index Fund, Growth Index Fund, and Small Cap Fund utilized $3,348,839, $5,907,881, $2,010,074, $330,501,$3,094,463 of capital loss carryforwards, respectively.

Certain reclassification, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, investments in Real Estate Investment Trusts, net investment losses and sales of contributed securities. These reclassifications have no impact on the net assets or net asset value per share of the Funds and Portfolios and are designed to present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2011:


	Paid in Capital			Accumulated Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses)
Intermediate Income Fund	$	—		$	462,778		$	(462,778	)
Core Stock Fund		—			(7,224	)		7,224
International Fund		—			(164,207	)		164,207
International Index Fund		(6,482	)		2,548			3,934
Value Index Fund		—			(14,114	)		14,114
Growth Index Fund		91,721			(1,829	)		(89,892	)
Small Cap Fund		(219,396	)		212,415			6,981
Conservative Portfolio		(921	)		31,637			(30,716	)
Balanced Portfolio		(1,360	)		48,473			(47,113	)
Growth Portfolio		(478	)		19,057			(18,579	)

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2008 through 2011) and have concluded that no provision for income tax is required in their financial statements.

9. Commitments and Contingencies

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

10. Subsequent Events

The Funds and Portfolios evaluated subsequent events from December 31, 2011 through the date these financial statements were issued. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

of the Praxis Mutual Funds:

We have audited the accompanying statements of assets and liabilities of the Praxis Mutual Funds (formerly MMA Praxis Mutual Funds) (comprised of the Praxis Intermediate Income Fund, Praxis Core Stock Fund, Praxis International Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio) (collectively, the “Funds”), including the schedules of portfolio investments, of as of December 31, 2011, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Praxis Mutual Funds at December 31, 2011, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Cincinnati, Ohio

February 27, 2012

Additional Fund Information (unaudited)

December 31, 2011

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the year ended December 31, 2011.

Intermediate Income Fund
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		1.5%
Collateralized Mortgage Obligation		0.0%
Commercial Mortgage Backed Securities		6.3%
Foreign Bonds		1.1%
Municipal Bonds		2.2%
Corporate Bonds		44.5%
Corporate Notes		1.1%
Interest-Only Bond		0.0%
Federal Farm Credit Bank		0.8%
Federal Home Loan Bank		6.5%
Federal Home Loan Mortgage Corp.		12.6%
Federal National Mortgage Association		13.6%
Government National Mortgage Association		0.4%
Small Business Administration		0.2%
U.S. Department of Housing and Urban Development		0.5%
FDIC Guaranteed		2.3%
Mutual Fund		1.2%
Short Term Investment		3.9%
Total		98.7%

Core Stock Fund
		Percentage of
Security Allocation		Net Assets
Common Stocks		97.4%
Commercial Paper		1.5%
Corporate Notes		1.3%
Short Term Investment		0.0%
Total		100.2%

International Fund
		Percentage of
Security Allocation		Net Assets
Argentina		1.2%
Australia		3.7%
Canada		4.0%
Chile		0.8%
China		5.6%
France		5.6%
Germany		9.2%
Hong Kong		1.5%
Israel		1.4%
Italy		1.3%
Japan		11.5%
Netherlands		4.9%
Norway		2.3%
Singapore		0.7%
Spain		3.8%
Sweden		0.8%
Switzerland		10.1%
United Kingdom		27.7%
Corporate Notes		1.6%
Short Term Investment		1.5%
Total		99.2%

International Index Fund
	Percentage of
Security Allocation	Net Assets
Argentina	0.1%
Australia	5.4%
Austria	0.1%
Belgium	0.3%
Brazil	3.6%
Canada	8.4%
Chile	0.6%
China	1.9%
Colombia	0.6%
Denmark	0.7%
Finland	0.2%
France	5.2%
Germany	5.7%
Greece	0.1%
Hong Kong	3.4%
Hungary	0.2%
India	1.8%
Indonesia	0.9%
Ireland	1.3%
Israel	0.6%
Italy	1.3%
Japan	14.5%
Jersey	0.2%
Mexico	1.6%
Netherlands	4.4%
Norway	1.1%
Peru	0.2%
Portugal	0.1%
Russia	0.7%
Singapore	2.0%
South Africa	2.0%
South Korea	2.7%
Spain	2.7%
Sweden	1.7%
Switzerland	6.6%
Taiwan	2.3%
Turkey	0.2%
United Kingdom	12.5%
United States	0.8%
Total	98.7%

Value Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	98.9%
Preferred Stock	0.0%
Corporate Notes	1.1%
Total	100.0%

Additional Fund Information (unaudited), continued

December 31, 2011

Growth Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	99.0%
Corporate Notes	0.9%
Short Term Investment	0.2%
Total	100.1%

Small Cap Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	93.8%
Corporate Notes	0.5%
Short Term Investment	6.8%
Total	101.1%

Genesis Conservative Portfolio
	Percentage of
Security Allocation	Net Assets
Mutual Funds	100.1%

Genesis Balanced Portfolio
	Percentage of
Security Allocation	Net Assets
Mutual Funds	100.1%

Genesis Growth Portfolio
	Percentage of
Security Allocation	Net Assets
Mutual Funds	100.0%

Additional Fund Information (unaudited), continued

December 31, 2011

Proxy Voting:

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

Quarterly Portfolio Disclosure:

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

Dividends Received Deduction:

For corporate shareholder, the following ordinary dividends paid during the year ended December 31, 2011 qualify for the corporate dividends received deduction:

Core Stock Fund		100.0%
Value Index Fund		100.0%
Growth Index Fund		100.0%
Conservative Portfolio		6.9%
Balanced Portfolio		14.9%
Growth Portfolio		23.7%

Qualified Dividend Income:

The funds designated the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-div for the calendar year 2011.

Additional Fund Information (unaudited), continued

December 31, 2011

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 through December 31, 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.

					Expense Paid		Expense Ratio
	Beginning		Ending		During Period*		During Period**
	Account Value		Account Value		07/1/2011-		07/1/2011-
	7/1/11		12/31/11		12/31/2011		12/31/2011
Intermediate Income Fund
Class A	$	1,000.00	$	1,036.70	$	4.83		0.94	%
Class I		1,000.00		1,038.90		2.83		0.55	%
Core Stock Fund
Class A		1,000.00		952.00		7.72		1.57	%
Class I		1,000.00		955.40		4.44		0.90	%
International Fund
Class A		1,000.00		823.70		9.06		1.97	%
Class I		1,000.00		827.60		4.93		1.07	%
International Index Fund
Class A		1,000.00		820.70		7.94		1.73	%
Class I		1,000.00		823.00		3.68		0.80	%
Value Index Fund
Class A		1,000.00		926.90		6.65		1.37	%
Class I		1,000.00		930.80		2.43		0.50	%
Growth Index Fund
Class A		1,000.00		963.30		5.39		1.09	%
Class I		1,000.00		966.30		2.33		0.47	%
Small Cap Fund
Class A		1,000.00		917.90		8.22		1.70	%
Class I		1,000.00		919.80		4.94		1.02	%
Conservative Portfolio
Class A		1,000.00		998.60		2.77		0.55	%
Balanced Portfolio
Class A		1,000.00		960.90		2.72		0.55	%
Growth Allocation Portfolio
Class A		1,000.00		936.50		2.73		0.56	%

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

** Annualized

Additional Fund Information (unaudited), continued

December 31, 2011

Hypothetical Example for Comparison Purposes:

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

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

					Expense Paid		Expense Ratio
	Beginning		Ending		During Period*		During Period**
	Account Value		Account Value		07/1/2011-		07/1/2011-
	7/1/11		12/31/11		12/31/2011		12/31/2011
Intermediate Income Fund
Class A	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Class I		1,000.00		1,022.43		2.80		0.55	%
Core Stock Fund
Class A		1,000.00		1,017.29		7.98		1.57	%
Class I		1,000.00		1,020.67		4.58		0.90	%
International Fund
Class A		1,000.00		1,015.27		10.01		1.97	%
Class I		1,000.00		1,019.81		5.45		1.07	%
International Index Fund
Class A		1,000.00		1,016.48		8.79		1.73	%
Class I		1,000.00		1,021.17		4.08		0.80	%
Value Index Fund
Class A		1,000.00		1,018.30		6.97		1.37	%
Class I		1,000.00		1,022.68		2.55		0.50	%
Growth Index Fund
Class A		1,000.00		1,019.71		5.55		1.09	%
Class I		1,000.00		1,022.84		2.40		0.47	%
Small Cap Fund
Class A		1,000.00		1,016.64		8.64		1.70	%
Class I		1,000.00		1,020.06		5.19		1.02	%
Conservative Portfolio
Class A		1,000.00		1,022.43		2.80		0.55	%
Balanced Portfolio
Class A		1,000.00		1,022.43		2.80		0.55	%
Growth Allocation Portfolio
Class A		1,000.00		1,022.38		2.85		0.56	%

** Annualized

Additional Fund Information (unaudited), continued

December 31, 2011

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Section 15(c) of the 1940 Act requires that each mutual fund’s board of trustees, including a majority of trustees who are not “interested persons” of the fund (“Independent Trustees”), annually review and approve any continuation of the fund’s investment advisory and sub-advisory agreements. At its November 14, 2011 meeting, the Funds’ Board of Trustees, which is comprised of a majority of Independent Trustees, unanimously approved a one-year renewal of each Fund’s Advisory Agreement. Also at its November 14, 2011 meeting, the Board approved a one-year renewal of the Sub-Advisory Agreements for the Core Stock Fund, the International Fund, the International Index Fund and the Small Cap Fund. In this section, Advisory and Sub-Advisory Agreements are referred to as the “Agreements.”

In reaching its decisions to approve the renewals, the Board considered information furnished to the Board throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual contract review process that took place at various meetings in October and November 2011.

In determining to approve the renewals, the members of the Board reviewed and evaluated all of this information and factors they believed, in light of legal advice furnished to them by independent legal counsel and through the exercise of their own business judgment, to be relevant and appropriate.

The Board’s conclusions with respect to the renewals were based in part on the Board’s consideration of the investment advisory and sub-advisory agreements in prior years. The Board also observed that there is a range of investment options available to shareholders of the Funds, including other mutual funds, and that the Funds’ shareholders have chosen to invest in the Funds.

The Board’s decision to approve the Agreements was not based on any single factor. Each member of the Board may have weighed certain factors differently. A discussion of factors that figured prominently in the Board’s decision to approve the Agreements is provided below.

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

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

Nature, Quality and Extent of Services

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

Investment Performance of the Funds and Everence

In evaluating each Fund’s investment performance, the Board considered performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board reviewed historical performance data for the Funds, and considered each Fund’s historical performance relative to its benchmark and peer groups for those Funds with at least one full year of investment operations. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board reached the following conclusions regarding the Funds that do not have Sub-Advisers: Intermediate Income Fund: while the Fund’s gross performance trailed its benchmark for the one-year period, it exceeded its benchmark for the three- and five-year periods, and measured against its peer groups, the Fund ranked between the 21st and 51st percentiles over those periods; Value Index Fund: while the gross performance of the Fund relative to its benchmark and peer groups for the one-, three- and five-year periods was disappointing, the Fund had slightly outperformed its screened index for the one- and five-year periods; Growth Index Fund: noting that the Fund had only three full years of performance history, the Fund’s gross performance trailed its benchmark slightly for the one- and three-year periods, and measured against its peer groups, the Fund ranked between the 26th and 49th percentiles over those periods; Conservative Portfolio: noting that the Portfolio had only one full year of performance, which was too short to provide a meaningful point of comparison for long-term performance, measured against its peer groups, the Portfolio ranked in the top quartile for that period; Balanced Portfolio: noting that the Portfolio had only one full year of performance, which was too short to provide a meaningful point of comparison for long-term performance, measured against its peer groups, the Portfolio ranked in the 44th percentile for that period; Growth Portfolio: noting that the Portfolio had only one full year of performance, which was too short to provide a meaningful point of comparison for long-term performance, measured against its peer groups, the Portfolio ranked in the 27th and 52nd percentile for that period.

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Additional Fund Information (unaudited), continued

December 31, 2011

Costs of Services and Profitability of Everence and Affiliates

The Board then reviewed information and data regarding the costs of providing the advisory services to the Funds and the profits to be realized by the Adviser and its affiliates from their relationship with the Funds. Representatives of the Adviser addressed the Board’s questions regarding guidelines for manager selection, cost allocations and compensation levels, revenue sharing arrangements and expense waivers and reimbursements. In their review of the Funds’ total and net expenses, the Board considered the Adviser’s fees, as well as other Fund expenses, such as transfer agent, custodial, legal and audit fees. The Board also noted the effects of any current expense waivers and expense reimbursements on fees and expense levels, as well as proposed changes to the current expense limitations. As part of its review, the Board considered the expense ratios and profitability information by Fund compared with peer group fund expense ratios. In addition, the Board reviewed the fee structures and other information provided by the Adviser regarding its services to other clients. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the costs to the Funds of the services provided to the Funds by the Adviser were fair.

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH DAVIS SELECTED ADVISERS, L.P.

In approving the continuation of the Sub-Investment Advisory Agreement between Everence Capital Management, Inc. and Davis Selected Advisers, L.P. (“Davis”), with respect to portfolio management of Praxis Core Stock Fund, the Board gave weight to the following factors, among others:

Nature, Quality and Extent of Services

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

Investment Performance of the Core Stock Fund and Davis

The Board reviewed historical performance data for the Core Stock Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, the gross performance of the Fund relative to its benchmark and peer groups was disappointing over the one-, three- and five-year periods. The Board also noted that relative to its peer groups, the Fund ranked between the 69th and 93rd percentiles over those periods.

Costs of Services and Profitability of Davis and Affiliates

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

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Additional Fund Information (unaudited), continued

December 31, 2011

Economies of Scale

The Board noted that Davis’s sub-advisory fee schedule currently incorporates breakpoints. The Board also acknowledged Davis’s belief that the current fee schedule anticipates economies of scale that would be realized as assets in the Core Stock Fund grow.

Other Benefits

The Board considered the extent to which Davis or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Davis’s relationship with the Core Stock Fund. The Board noted Davis’s statement to the Board that its research analysts may take into account the research resources and execution capacity of a brokerage firm in selecting brokers, and Davis may receive certain types of research services from firms to which transactions are directed. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that Davis did not derive material benefits, other than its sub-advisory fees and potentially, certain research services from its relationship with the Core Stock Fund.

SUB-INVESTMENT ADVISORY AGREEMENT WITH WELLS CAPITAL MANAGEMENT INCORPORATED

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

Nature, Quality and Extent of Services

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

Investment Performance of the International Fund and WellsCap

The Board reviewed historical performance data for the International Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. In addition, the Board considered the impact of SRI criteria on performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, the gross performance of the Fund relative to its benchmark and peer groups over the one-, three- and five-year periods was disappointing. The Trustees also observed that measured against its peer groups, the Fund ranked between the 63rd and 90th percentiles over those periods.

Costs of Services and Profitability of WellsCap and Affiliates

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

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

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

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of services Aperio provides to the International Index Fund. Among other things, the Board considered Aperio’s experience in serving as Sub-Adviser to the Fund, including the experience of senior personnel at

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Additional Fund Information (unaudited), continued

December 31, 2011

Aperio providing portfolio management and other services to the Funds. The Board considered Aperio’s compliance capabilities, its compliance record with respect to the International Index Fund, and the quality of communication among the Adviser, Aperio and the Board. The Board also considered Aperio’s compliance with the Fund’s investment objectives and policies, and its performance in implementing Board directives as they relate to the Fund. In addition, the Board considered Aperio’s track record and experience providing portfolio management services to the Fund. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that it was generally satisfied with the nature, quality and extent of services provided to the International Index Fund by Aperio.

Investment Performance of the International Index Fund and Aperio

The Board reviewed historical performance data for the International Index Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the Fund’s short operating history of less than one full year was too short to provide a meaningful point of comparison.

Costs of Services and Profitability of Aperio and Affiliates

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

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH LUTHER KING CAPITAL MANAGEMENT

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

Nature, Quality and Extent of Services

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

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

The Board reviewed historical performance data for the Small Cap Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups, noting that the Fund had only three full years of performance history. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the Fund’s gross performance exceeded its benchmark for the one- and three-year periods, and, measured against its peer groups, the Fund ranked in the top 26th percentile for the three-year period and the top 3rd percentile for the one-year period.

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

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

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Additional Fund Information (unaudited), continued

December 31, 2011

Economies of Scale

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

Other Benefits

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

104

Management of the Trust (unaudited)

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

Management of the Trust

	Position with the		Number of	Other
	Company, Term of	Principal	Portfolios in	Trusteeships
Name, Age and	Office and Length	Occupation During the	Fund Complex	Held by
Address	of Time Served	Past Five Years	Overseen by Trustee	Trustee
Interested Trustees1
Howard L. Brenneman	Chairman and Trustee,	Self-employed Consultant,	10	N/A
1110 North Main Street	Indefinite, since 12/2/93	Consult, Inc. (2006 - Present);
Goshen, IN 46528		President and CEO, Mennonite
Birth date: 3/26/40		Mutual Aid (December 1991 -
		2005)

Larry Miller	Trustee, Indefinite, since	President and CEO of	10	Chair of Board of Directors of
1110 North Main Street	2/19/07	Everence Financial (January		Everence Trust Company
Goshen, IN 46528		2007 - Present); President
Birth date: 8/11/49		and CEO of Everence Federal
		Credit Union (September
		1990 - December 2006)

1 These Trustees are “interested” persons under the Investment Company Act of 1940 because of their affiliation with the Adviser.

Independent Trustees
Bruce Harder	Trustee, Indefinite, since	Retired; Executive Director for	10	N/A
1110 North Main Street	2/11/00	Finance and Administration,
Goshen, IN 46528		Tri-Met, the Tri-County
Birth date: 1/17/41		Metropolitan Transportation
		District of Oregon, public
		transportation system for
		Portland, Oregon (1986 -
		2003); Chairman of the Board,
		Mennonite Mutual Aid,
		Goshen Indiana
		(1997 - 2003)

Karen Klassen Harder, Ph.D.	Trustee, Indefinite, since	Professor, Bluffton University	10	N/A
1110 North Main Street	12/2/93	(September 2001 - present)
Goshen, IN 46528
Birth date: 1/22/56

R. Clair Sauder	Trustee, Indefinite, since	Retired; Partner, Encore	10	N/A
1110 North Main Street	6/30/02	Enterprises, LLC, retail home
Goshen, IN 46528		furnishings (May 2001 -
Birth date: 1/11/43		October 2008); Partner, C&D
		Enterprises Unlimited,
		commercial real estate (1982 -
		present)

105

Management of the Trust (unaudited), continued

	Position with the		Number of	Other
	Company, Term of	Principal	Portfolios in	Trusteeships
Name, Age and	Office and Length	Occupation During the	Fund Complex	Held by
Address	of Time Served	Past Five Years	Overseen by Trustee	Trustee
Independent Trustees
Donald E. Showalter, Esq.	Trustee, Indefinite, since	Senior Partner, the law firm of	10	N/A
1110 North Main Street.	12/2/93	Wharton, Aldhizer, & Weaver
Goshen, IN 46528		(June 1965 - present)
Birth date: 2/23/41

Candace L. Smith	Trustee, Indefinite, since	CFO MicroVest Capital	10	N/A
1110 North Main Street	11/16/07	Management LLC (July 2005 -
Goshen, IN 46528		present); Investment
Birth date: 7/10/58		Committee Member,
		CleanTech Fund LP (2004 -
		2008); Self- Employed
		Consultant (2003 - 2005);
		COO, Environmental
		Enterprises Assistance Fund
		(1999 - 2003)

Don E. Weaver	Trustee, Indefinite, since	CFO, Hesston College (2006 -	10	N/A
1110 North Main Street	5/21/07	present); CIO, Koch Industries
Goshen, IN 46528		and Flint Hills Resources
Birth date: 11/14/62		(1987 - 2006)

	Position with the Company, Term of	Principal Occupation During the Past
Name, Age and Address	Office and Length of Time Served	Five Years
Officers
David C. Gautsche	President, Indefinite, since 11/17/08	Senior Vice President, Everence Financial (2008 -
1110 North Main Street		Present); Regional Vice President, Everence Financial
Goshen, IN 46528		(1999 - 2008)
Birth date: 5/26/63

Marlo J. Kauffman	Vice President, Indefinite, since 12/2/93	Financial Services Operation Manager,
1110 North Main Street		Everence Financial (1981 - present);
Goshen, IN 46528		President, Everence Securities, Inc.
Birth Date: 9/19/56		(2004 - present); OSJ Principal,
		ProEquities, Inc., a broker-dealer
		(1994 - Present); Assistant Secretary,
		Everence Financial (1990 - Present)

Trent M. Statczar	Treasurer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to
4041 N. High Street Suite 402		present: Vice President, Citi Fund Services Ohio, Inc.
Columbus, OH 43214		from 2004 to 2007.
Birth date: 8/31/1971

George L. Stevens	Chief Compliance Officer, Indefinite,	Director, Beacon Hill Fund Services, Inc. 2008 to
4041 N. High Street Suite 402	since 1/1/09	present: Vice President, Citi Fund Services Ohio, Inc.
Columbus, OH 43214		from 2004 to 2007.
Birth date: 2/10/1951

Charles J. Daly, Esq.	Secretary, Indefinite, since 11/14/11	Vice President, Senior Regulatory Administration
70 Fargo Street		Advisor, JPMorgan Chase Bank, N.A (2010 - Present)
Boston, Massachusetts 02210
Birth Date: 1/10/71

106

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

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Telephone: 1-800-977-2947

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

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

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

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

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

Investment Company Act file no. 811-08056

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2101988

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Audit fees totaled $139,950 for the December 31, 2011 fiscal year and $125,640 for the December 31, 2010 fiscal year, including fees associated with the annual audit and filing of the registrant’s Form N-SAR.

(b) Audit-Related Fees. There were no audit-related fees for the December 31, 2011 or December 31, 2010 fiscal years.

(c) Tax Fees. Tax fees totaled $30,600 for the December 31, 2011 fiscal year and $28,500 for the December 31, 2010 fiscal year and consisted of fees for tax compliance services during both years. Tax fees for the PFIC Analyzer amounted to $10,000 and $7,000 in fiscal 2011 and 2010, respectively.

(d) All Other Fees. There were no other fees for the December 31, 2011 or December 31, 2010 fiscal years.

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

(A) Audit Services

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

(B) Permissible Non-Audit Services

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

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

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

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

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

(e) (2) 0.0% for fiscal years ended December 31, 2011 and December 31, 2010.

(f) Not applicable

(g) The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $40,600 for the December 31, 2011 fiscal year and $35,500 for the December 31, 2010 fiscal year.

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

Item 5. Audit Committee of Listed 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)

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

(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: March 9, 2012

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: March 9, 2012

By: (Signature and Title)

/s/ Trent Statczar

Trent Statczar

Treasurer and Chief Financial Officer

Date: March 9, 2012

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