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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN  46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Item 1. Reports To Stockholders.

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

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

Table of Contents

Message from the President	3
Performance	5
Praxis Intermediate Income Fund
Schedule of portfolio investments	7
Praxis Core Stock Fund
Schedule of portfolio investments	13
Praxis International Index Fund
Schedule of portfolio investments	15
Praxis Value Index Fund
Schedule of portfolio investments	24
Praxis Growth Index Fund
Schedule of portfolio investments	28
Praxis Small Cap Fund
Schedule of portfolio investments	31
Praxis Genesis Conservative Portfolio
Schedule of portfolio investments	33
Praxis Genesis Balanced Portfolio
Schedule of portfolio investments	34
Praxis Genesis Growth Portfolio
Schedule of portfolio investments	35
Financial Statements
Statements of Assets and Liabilities	36
Statements of Operations	39
Statements of Changes in Net Assets	42
Financial Highlights	45
Notes to Financial Statements	54
Additional Fund Information (unaudited)	71

2

Message from the President

Dear Praxis shareholder:

Many of the shareholder letters you receive this year will, no doubt, mention the continued volatility in the equities market, the uncertainty of the economy, the debt crisis in Europe and unemployment numbers. While all of those issues concern us and impact our investment work, we remain focused on providing solid returns to our shareholders. But at Praxis Mutual Funds, we’re committed to doing more – like our work in shareholder advocacy and community development. A brief update of our shareholder advocacy activities follows the investment review.

Fund review

We’re pleased with the acceptance the Praxis International Index Fund has received since its launch in 2011. Many of our investors selected this Fund for their international allocation when the Praxis International Fund was closed on April 30, 2012. The Praxis International Index Fund invests in companies in the developed markets of Europe, Australia and the Far East, as well as multiple emerging market countries.

During the first six months of 2012, domestic large capitalization equities, as measured by the Standard & Poor’s 500 Index, rose 9.49 percent, but the period was a difficult one for most active managers. The Class A Shares (without load) of the Praxis Core Stock Fund rose by 5.45 percent, and underperformed its benchmark, the Standard & Poor’s 500 Index. Over the same period, the Class A Shares (without load) of the Praxis Value Index Fund rose by 7.4 percent, and underperformed its benchmark, the Standard & Poor’s 500 Value Index, which rose 8.92 percent. The Class A Shares (without load) of the Praxis Growth Index Fund rose by 12.55 percent, and outperformed its benchmark – the Standard and Poor’s Growth Index, which rose by 9.97 percent. The Class A Shares (without load) of the Praxis Small Cap Fund rose by 4.95 percent and underperformed its benchmark, the Russell 2000 Index, which rose by 8.53 percent.

The Praxis International Index Class A Shares (without load) rose 2.18 percent and underperformed its benchmark, the MSCI ACWI ex-U.S., which rose 2.77 percent over the same period.

Coming off of strong performance in 2011, the Praxis Intermediate Income Fund continues to provide positive returns for the six month period. The Class A Shares (without load) posted a gain of 2.37 percent for the period ending June 30, 2012. This Fund’s benchmark, Barclays U.S. Aggregate Bond Index, also returned 2.37 percent over the same six-month period.

For those investors wishing to invest in portfolios with periodic asset rebalancing, the Praxis Genesis Portfolios, offering three “fund-of funds,” continue to be popular. As of June 30, 2012, over $92.5 million was invested in the Genesis Portfolios, which have lower minimum investment requirements than our individual Funds.

Shareholder advocacy

During the first two quarters of 2012, Praxis continued to focus its shareholder advocacy efforts around modern slavery and food and water sustainability.

Human trafficking and major sporting events

Major sporting events are a time when tens of thousands of people come together to enjoy competition and festivities. Sadly, they are also a venue for human trafficking and sexual exploitation. Praxis is actively leveraging investor power to raise awareness and help prevent exploitation at these events.

Leading up to the 2012 Super Bowl in Indianapolis, Praxis Mutual Funds helped coordinate anti-trafficking advocacy with other faith-based investors and local officials. The work focused on hotels (which tend to be human trafficking activity hotspots) and included awareness raising and training for workers. The week before the Super Bowl, Praxis issued a press release and hosted a national media call promoting shareholder efforts to engage Indianapolis-area hotels.

Recently, Praxis sent a shareholder letter to Rio Tinto1, as part of a larger investor campaign to raise awareness on human trafficking among major sponsors of the 2012 Olympic Games in London. The letter inquired about the company’s human trafficking-related policies. Praxis received a response from Rio Tinto’s chief executive officer, outlining the steps the company takes to prevent trafficking and abide by international codes.

3

Message from the President (continued)

Hershey announces certified cocoa line

The Hershey Company2 announced in early 2012 that it will begin making its Hershey’s Bliss chocolate products 100 percent with cocoa from Rainforest Alliance Certified farms, which have met comprehensive sustainability standards to protect the environment, employees and communities. Hershey will use an independent, third-party certification system to ensure its Bliss cocoa is grown sustainably – and without the use of forced and child labor.

Since 2009, Praxis has urged Hershey to address its cocoa bean sourcing, encouraging equitable pay for farmers and fair labor standards for workers. In 2011, Praxis led other concerned investors in conversations with Hershey to discuss the company’s first corporate responsibility report, and also led efforts to encourage Hershey to begin using certified cocoa in at least one of its chocolate lines.

BP takes steps addressing shareholder concerns

Since the April 2010 Gulf Oil Spill, Praxis has co-led an engagement with BP3 focused on improvements in safety and risk management, restoration of the Gulf, and strengthened Board oversight. These engagements have involved several meetings with the company’s senior management, including BP Chairman Carl-Henric Svanberg.

Early this year, BP took steps to address shareholder concerns, including the release of a freestanding 2011 Gulf of Mexico Restoration Report providing increased detail on remediation efforts, progress to date and confirmed successes. BP also appointed an independent expert to oversee the company’s implementation of the Bly Report recommendations for fixing the safety management problems that led to the 2010 disaster.

The decision of Sir William Castell – former chair of the BP Safety, Ethics and Environmental Assurance Committee (SEEAC) – to not stand for Board re-election was seen as an affirmative response to concerns voiced by shareholders, as was the appointment of retired U.S. Admiral Skip Bowman to SEEAC and Dame Ann Dowling, a highly regarded academic with a background in pollution mitigation, to the BP Board and SEEAC.

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

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

Sincerely,

David C. Gautsche

President

1As of March 31, 2012 the Praxis Core Stock Fund held 0.57 percent of assets and the Praxis International Fund held 1.06 percent of its assets in Rio Tinto.

2As of March 31, 2012 the Praxis Growth Index Fund held 0.22 percent of its assets in Hershey.

3As of March 31, 2012, the Praxis International Index Fund held 1.09 percent of its assets in BP.

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

The views expressed are those of the president of the Funds as of June 30, 2012, are subject to change, and may differ from the views of other officers, 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 Mutual Funds are advised by Everence Capital Management and distributed through FINRA member BHIL Distributors Inc.

4

Performance

We are pleased to provide this 2012 mid-year update for the Praxis Mutual Funds. The following tables summarize the performance of the Praxis Mutual Funds as of June 30, 2012.

					Annualized
	NAV 6/30/12		Six Month Ended 6/30/12		One Year Ended 6/30/12		Three Year Ended 6/30/12		Five Year Ended 6/30/12		Ten Year Ended 6/30/12		Since Inception 6/30/12		Inception Date	Expense Ratio*** Gross / Net
Intermediate Income Fund
Class A (No Load)	10.73		2.37	%	6.12	%	6.78	%	6.79	%	5.33	%	5.31	%	1/4/94	1.10	%	0.98	%
Class A *	10.73		-1.44	%	2.14	%	5.44	%	5.97	%	4.92	%	5.09	%	1/4/94
Class I **	10.70		2.57	%	6.56	%	7.20	%	7.14	%	5.52	%	5.38	%	5/1/06	0.59	%	0.59	%
Barclays Capital
Aggregate Bond Index (1)			2.37	%	7.47	%	6.93	%	6.79	%	5.63	%	n/a
Core Stock Fund
Class A (No Load)	12.77		5.45	%	0.39	%	12.01	%	-3.91	%	1.38	%	4.58	%	1/4/94	1.61	%	1.61	%
Class A *	12.77		-0.08	%	-4.84	%	9.99	%	-4.94	%	0.83	%	4.27	%	1/4/94
Class I **	12.91		5.73	%	1.01	%	12.74	%	-3.40	%	1.70	%	4.70	%	5/1/06	0.91	%	0.91	%
S&P 500 Index (2)	9.49	%	5.45	%	16.40	%	0.22	%	5.33	%	n/a
International Index Fund
Class A (No Load)	8.43		2.18	%	-16.14	%	n/a		n/a		n/a		-10.10	%	12/31/10	4.87	%	1.73	%
Class A *	8.43		-3.21	%	-20.52	%	n/a		n/a		n/a		-13.26	%	12/31/10
Class I	8.49		2.66	%	-15.51	%	n/a		n/a		n/a		-9.46	%	12/31/10	0.86	%	0.86	%
MSCI All Country
World Index ex-U.S. (3)			2.77	%	-14.57	%	n/a		n/a		n/a		n/a
Value Index Fund
Class A (No Load)	8.13		7.40	%	-0.45	%	13.12	%	-5.11	%	2.95	%	0.29	%	5/1/01	1.32	%	1.32	%
Class A *	8.13		1.75	%	-5.70	%	11.10	%	-6.13	%	2.40	%	-0.19	%	5/1/01
Class I **	8.11		7.85	%	0.38	%	13.95	%	-4.58	%	3.27	%	0.51	%	5/1/06	0.49	%	0.49	%
S&P 500 Value Index (4)	8.92	%	3.00	%	15.32	%	-2.69	%	4.79	%	n/a
MSCI US Prime
Market Value Index (5)			7.93	%	2.65	%	15.34	%	-2.11	%	5.26	%	n/a

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

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

** Class I Shares of the Intermediate, Core Stock and Value Index Funds were not in existence prior to 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Shares since inception of 1/4/94 and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009. The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instance, and without this activity, the total returns would have been lower.

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

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

5

Performance (continued)

				Annualized
	NAV 6/30/12	Six Month Ended 6/30/12		One Year Ended 6/30/12		Three Year Ended 6/30/12		Five Year Ended 6/30/12		Ten Year Ended 6/30/12	Since Inception 6/30/12		Inception Date	Expense Ratio** Gross / Net
Growth Index Fund
Class A (No Load)	11.21	12.55	%	8.42	%	16.16	%	2.10	%	n/a	2.37	%	5/1/07	2.01	%	1.10	%
Class A *	11.21	6.66	%	2.76	%	14.08	%	1.01	%	n/a	1.31	%	5/1/07
Class I	11.25	12.95	%	9.15	%	16.74	%	2.52	%	n/a	2.77	%	5/1/07	0.50	%	0.50	%
S&P 500 Growth Index (6)		9.96	%	7.78	%	17.45	%	3.04	%	n/a	n/a
MSCI US Prime
Market Growth Index (7)		10.84	%	6.60	%	17.76	%	3.12	%	n/a	n/a
Small Cap Fund
Class A (No Load)	11.03	4.95	%	-3.67	%	20.53	%	1.40	%	n/a	1.92	%	5/1/07	2.18	%	1.72	%
Class A *	11.03	-0.54	%	-8.69	%	18.37	%	0.31	%	n/a	0.87	%	5/1/07
Class I	11.24	5.34	%	-3.10	%	21.09	%	1.80	%	n/a	2.31	%	5/1/07	1.05	%	1.05	%
Russell 2000 Index (8)		8.53	%	-2.08	%	17.80	%	0.54	%	n/a	n/a
Genesis Conservative Portfolio
Class A (No Load)	10.82	3.76	%	3.60	%	n/a		n/a		n/a	5.91	%	12/31/09	1.42	%	1.25	%
Class A *	10.82	-1.67	%	-1.87	%	n/a		n/a		n/a	3.66	%	12/31/09
Barclays Capital Aggregate
Bond Index (1)		2.37	%	7.47	%	n/a		n/a		n/a	n/a
Composite Benchmark (9)		4.11	%	5.36	%	n/a		n/a		n/a	n/a
Genesis Balanced Portfolio
Class A (No Load)	11.09	4.72	%	0.63	%	n/a		n/a		n/a	6.04	%	12/31/09	1.44	%	1.34	%
Class A *	11.09	-0.79	%	-4.70	%	n/a		n/a		n/a	3.79	%	12/31/09
Russell 3000 Index (10)		9.32	%	3.84	%	n/a		n/a		n/a	n/a
Composite Benchmark (11)		5.71	%	2.60	%	n/a		n/a		n/a	n/a
Genesis Growth Portfolio
Class A (No Load)	11.24	5.26	%	-1.43	%	n/a		n/a		n/a	6.06	%	12/31/09	1.68	%	1.40	%
Class A *	11.24	-0.25	%	-6.57	%	n/a		n/a		n/a	3.81	%	12/31/09
Russell 3000 Index (10)		9.32	%	3.84	%	n/a		n/a		n/a	n/a
Composite Benchmark (12)		6.70	%	0.55	%	n/a		n/a		n/a	n/a

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

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

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

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

(6)	The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings change to prime and momentum) of the S&P 500 Index, a universe of large capitalization companies in the U.S. equity market. The Fund has changed its benchmark from the MSCI US Prime Market Growth Index to the S&P 500 Growth Index.
(7)	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.
(8)	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.
(9)	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%).
(10)	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.
(11)	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).
(12)	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 2d000 Index (15%).

6

Schedule of Portfolio Investments
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

		PRINCIPAL		FAIR
		AMOUNT		VALUE
ASSET BACKED SECURITIES—4.4%
Ally Auto Receivables Trust, 1.11%,
1/15/15	$	1,862,881	$	1,870,063
Bank of America Auto Trust, 2.67%,
12/15/16(a)		2,000,000		2,024,109
Bank of America Auto Trust, 3.03%,
10/15/16(a)		1,916,554		1,934,483
Burlington Northern Santa Fe LLC, 7.16%,
1/02/20		1,035,487		1,220,031
Cabela’s Master Credit Card Trust, 0.84%,
6/17/19+(a)		1,000,000		1,008,728
Cronos Containers Program Ltd., 4.21%,
5/18/27(a)		991,667		999,104
Dominos Pizza Master Issuer LLC, 5.22%,
1/25/42(a)		996,250		1,038,853
Ford Credit Auto Owner Trust, 0.97%,
1/15/15		417,727		418,876
Ford Credit Auto Owner Trust, 4.43%,
11/15/14		427,784		438,130
GTP Acquisition Partners I LLC, 4.35%,
6/15/16(a)		800,000		837,412
Honda Auto Receivables Owner Trust,
4.43%, 7/15/15		424,247		427,129
Hyundai Auto Receivables Trust, 1.65%,
2/15/17		1,000,000		1,019,783
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000		784,364
Trip Rail Master Funding LLC, 2.74%,
7/15/41+(a)		890,906		890,884
TOTAL ASSET BACKED SECURITIES				14,911,949
COMMERCIAL MORTGAGE BACKED SECURITIES—5.2%
Bear Stearns Commercial Mortgage
Securities, 4.67%, 6/11/41		1,000,000		1,084,625
Bear Stearns Commercial Mortgage
Securities, 4.95%, 2/11/41		94,007		94,208
Bear Stearns Commercial Mortgage
Securities, 5.12%, 2/11/41+		1,000,000		1,089,339
Bear Stearns Commercial Mortgage
Securities, 5.13%, 10/12/42+		581,790		581,662
Bear Stearns Commercial Mortgage
Securities, 5.54%, 9/11/41		2,000,000		2,277,568
Bear Stearns Commercial Mortgage
Securities, 5.61%, 6/11/50		835,933		859,790
Bear Stearns Commercial Mortgage
Securities, 5.74%, 9/11/42+		1,000,000		1,163,379
Commercial Mortgage Pass Through
Certificates, 3.39%, 5/15/45		1,000,000		1,016,801
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		729,079		780,984
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.63%, 3/15/46		239,501		241,543
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.90%, 10/15/42		1,000,000		999,813
JPMorgan Chase Commercial Mortgage
Securities Corp., 4.92%, 10/15/42+		1,000,000		1,089,246
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.13%, 5/15/47		448,142		468,651
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.17%, 8/12/40+		656,114		662,212
JPMorgan Chase Commercial Mortgage
Securities Corp., 5.40%, 5/15/45		2,000,000		2,263,700
Morgan Stanley Capital I, Inc., 3.88%,
9/15/47(a)		1,000,000		1,075,579
Morgan Stanley Capital I, Inc., 5.01%,
1/14/42 $113,462		113,462		113,384
Morgan Stanley Capital I, Inc., 5.86%,
10/15/42+		272,949		277,609
Morgan Stanley Capital I, Inc., 5.99%,
8/12/41+		1,000,000		1,159,470
Wachovia Bank Commercial Mortgage Trust,
5.04%, 3/15/42		274,068		280,312
TOTAL COMMERCIAL MORTGAGE
BACKED SECURITIES				17,579,875
FOREIGN BONDS—1.0%
Arab Republic of Egypt, 4.45%, 9/15/15		2,000,000		2,239,400
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,066,960
TOTAL FOREIGN BONDS				3,306,360
MUNICIPAL BONDS—2.4%
Cincinnati Ohio Water System Rev.,
6.46%, 12/01/34		600,000		700,212
City of Lancaster PA (CIFG), 5.59%,
11/15/34		1,000,000		1,060,360
Columbus Multi-High School Building
Corp. Rev., 6.45%, 1/15/30		1,000,000		1,110,620
Fort Wayne International Airport Air Trade
Center Building Corp., 4.25%, 7/15/16		500,000		533,785
Houston Independent School District, 6.17%,
2/15/34		1,000,000		1,123,190
Indianapolis Public School Multi-School
Building, 5.73%, 7/15/29		1,500,000		1,676,640
LL&P Wind Energy, Inc. (XLCA), 5.73%,
12/01/17(a)		1,000,000		1,014,840
Wisconsin Department of Transportation,
5.84%, 7/01/30		800,000		913,152
TOTAL MUNICIPAL BONDS				8,132,799
CORPORATE BONDS—42.3%
ADVERTISING—0.6%
Interpublic Group of Cos., Inc., 10.00%,
7/15/17		750,000		847,500
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,182,990
				2,030,490
AUTO COMPONENTS—0.3%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,137,999
BIOTECHNOLOGY—0.2%
Biogen Idec, Inc., 6.00%, 3/01/13		500,000		516,321
BROADCASTING & CABLE TV—0.3%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,160,885
BUILDING PRODUCTS—0.4%
Masco Corp., 6.13%, 10/03/16		500,000		533,600
Owens Corning, 6.50%, 12/01/16		800,000		889,537
				1,423,137
CAPITAL MARKETS—0.7%
BlackRock, Inc., 1.38%, 6/01/15		314,000		316,245
Franklin Resources, Inc., 2.00%, 5/20/13		670,000		678,535
Raymond James Financial, Inc., 8.60%,
8/15/19		1,000,000		1,231,418
				2,226,198

See accompanying notes to financial statements.

7

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

		PRINCIPAL		FAIR
		AMOUNT		VALUE
CORPORATE BONDS—42.3%, continued
CHEMICALS—0.3%
Airgas, Inc., 3.25%, 10/01/15	$	1,000,000	$	1,042,065
COMMERCIAL BANKS—1.9%
ANZ National International Ltd., 3.13%,
8/10/15(a)		1,000,000		1,026,722
Bank of New York Mellon Corp., 5.13%,
8/27/13		830,000		873,001
Canadian Imperial Bank of Commerce,
2.00%, 2/04/13(a)		1,000,000		1,009,229
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		767,650
Manufacturers & Traders Trust Co., 6.63%,
12/04/17		600,000		701,030
State Street Corp., 7.35%, 6/15/26		1,000,000		1,273,547
Wells Fargo & Co., 3.50%, 3/08/22		887,000		912,690
				6,563,869
COMMERCIAL SERVICES & SUPPLIES—0.6%
GATX Corp., 9.00%, 11/15/13		921,016		1,002,992
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,057,190
				2,060,182
COMPUTERS & PERIPHERALS—0.2%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		522,626
CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc., 6.60%,
4/15/18		1,000,000		1,102,866
CONSUMER FINANCE—1.1%
American Express Credit Corp., 2.80%,
9/19/16		1,000,000		1,043,165
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		524,114
Ford Motor Credit Co. LLC, 7.00%, 4/15/15		1,000,000		1,111,379
Harley-Davidson Financial Services, Inc.,
2.70%, 3/15/17(a)		500,000		507,250
Harley-Davidson Financial Services, Inc.,
3.88%, 3/15/16(a)		150,000		158,422
SLM Corp., 5.38%, 1/15/13		500,000		509,367
				3,853,697
CONTAINERS & PACKAGING—0.5%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		541,042
Sealed Air Corp., 7.88%, 6/15/17		1,000,000		1,080,000
				1,621,042
DIVERSIFIED FINANCIAL SERVICES—3.4%
Ally Financial, Inc., 6.75%, 12/01/14		600,000		631,500
Bank of America Corp., 5.65%, 5/01/18		1,250,000		1,336,616
Citigroup, Inc., 4.45%, 1/10/17		500,000		524,122
Citigroup, Inc., 6.13%, 11/21/17		1,000,000		1,107,923
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,115,287
General Electric Capital Corp., 6.15%,
8/07/37		1,000,000		1,181,424
Goldman Sachs Group, Inc., 6.15%, 4/01/18		500,000		542,040
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		534,993
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,484,550
NASDAQ OMX Group, Inc., 4.00%, 1/15/15		750,000		775,448
National Rural Utilities Cooperative Finance
Corp., 10.38%, 11/01/18		780,000		1,130,208
UBS AG, 3.88%, 1/15/15		1,000,000		1,033,374
				11,397,485
ELECTRIC UTILITIES—4.5%
AEP Texas North Co., 5.50%, 3/01/13		1,000,000		1,030,839
Atlantic City Electric Co., 7.75%, 11/15/18		500,000		651,040
CenterPoint Energy Houston Electric LLC,
7.00%, 3/01/14		1,000,000		1,101,470
CMS Energy Corp., 4.25%, 9/30/15		600,000		623,808
Consumers Energy Co., 6.70%, 9/15/19		625,000		803,488
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		581,470
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,984,692
Oncor Electric Delivery Co. LLC, 6.80%,
9/01/18		750,000		896,445
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		564,026
Portland General Electric Co., 6.10%,
4/15/19		1,100,000		1,357,792
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,093,657
Potomac Electric Power Co., 6.50%,
11/15/37		1,000,000		1,404,689
Puget Energy, Inc., 5.63%, 7/15/22(a)		750,000		770,625
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,200,971
TransAlta Corp., 4.75%, 1/15/15		500,000		521,714
TransAlta Corp., 6.65%, 5/15/18		500,000		556,959
				15,143,685
ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		574,690
FOOD PRODUCTS—0.5%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		994,905
Ralcorp Holdings, Inc., 4.95%, 8/15/20		500,000		523,430
				1,518,335
FOOD RETAIL—0.3%
Koninklijke Ahold NV, 7.82%, 1/02/20		882,437		997,154
GAS UTILITIES—0.8%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		298,839
Michigan Consolidated Gas Co., 8.25%,
5/01/14		1,000,000		1,122,477
National Fuel Gas Co., 6.50%, 4/15/18		500,000		570,212
Sempra Energy, 6.50%, 6/01/16		600,000		705,857
				2,697,385
HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
DENTSPLY International, Inc., 2.75%,
8/15/16		570,000		579,528
Mead Johnson Nutrition Co., 3.50%,
11/01/14		500,000		518,821
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		567,410
				1,665,759
HEALTH CARE PROVIDERS & SERVICES—0.8%
Express Scripts Holding Co., 6.25%, 6/15/14		550,000		601,366
Howard Hughes Medical Institute, 3.45%,
9/01/14		843,000		895,011
Laboratory Corp of America Holdings,
3.13%, 5/15/16		500,000		521,722
McKesson Corp., 6.00%, 3/01/41		474,000		624,295
				2,642,394
HOTELS, RESTAURANTS & LEISURE—0.2%
Hyatt Hotels Corp., 5.75%, 8/15/15(a)		750,000		822,406

See accompanying notes to financial statements.

8

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

		PRINCIPAL		FAIR
		AMOUNT		VALUE
CORPORATE BONDS—42.3%, continued
HOUSEHOLD DURABLES—0.4%
Snap-On, Inc., 4.25%, 1/15/18	$	500,000	$	553,869
Stanley Black & Decker, Inc., 6.15%,
10/01/13		725,000		771,441
				1,325,310
HOUSEHOLD PRODUCTS—0.2%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		524,160
INDUSTRIAL CONGLOMERATES—1.2%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,800,814
Cooper U.S., Inc., 5.45%, 4/01/15		1,000,000		1,104,047
Harsco Corp., 5.75%, 5/15/18		1,000,000		1,105,915
				4,010,776
INDUSTRIAL MACHINERY—0.3%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,173,436
INSURANCE BROKERS—0.3%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,084,969
INTEGRATED TELECOMMUNICATION SERVICES—0.8%
AT&T, Inc., 5.55%, 8/15/41		500,000		595,979
Frontier Communications Corp., 7.88%,
4/15/15		332,000		365,200
GTE Corp., 6.84%, 4/15/18		1,000,000		1,224,788
Verizon Communications, Inc., 6.00%,
4/01/41		500,000		633,874
				2,819,841
INTERNET & CATALOG RETAIL—0.2%
QVC, Inc., 7.13%, 4/15/17(a)		500,000		531,148
IT SERVICES—1.4%
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		257,041
Dun & Bradstreet Corp., 6.00%, 4/01/13		1,000,000		1,036,956
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,172,575
Fiserv, Inc., 3.13%, 10/01/15		250,000		259,140
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,081,039
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,071,451
				4,878,202
LIFE & HEALTH INSURANCE—0.6%
Americo Life, Inc., 7.88%, 5/01/13(a)		750,000		783,409
Ohio National Financial Services, Inc.,
6.35%, 4/01/13(a)		705,000		705,398
Prudential Financial, Inc., 4.75%, 4/01/14		641,000		674,162
				2,162,969
MACHINERY—0.3%
Kennametal, Inc., 3.88%, 2/15/22		475,000		488,732
Pall Corp., 5.00%, 6/15/20		500,000		568,697
				1,057,429
METALS & MINING—0.8%
Carpenter Technology Corp., 6.63%, 5/15/13		500,000		514,985
Newcrest Finance Pty Ltd., 4.45%,
11/15/21(a)		1,000,000		1,026,155
Teck Resources Ltd., 3.00%, 3/01/19		500,000		496,703
Xstrata Finance Canada Ltd., 3.60%,
1/15/17(a)		500,000		514,938
				2,552,781
MULTI-LINE INSURANCE—1.4%
American International Group, Inc., 3.80%,
3/22/17		1,000,000		1,019,390
Horace Mann Educators Corp., 6.85%,
4/15/16		750,000		811,864
Kemper Corp., 6.00%, 11/30/15		800,000		838,613
Liberty Mutual Group, Inc., 4.95%,
5/01/22(a)		800,000		795,036
MetLife, Inc., 4.75%, 2/08/21		500,000		556,609
Metropolitan Life Global Funding I, 5.13%,
6/10/14(a)		500,000		536,182
				4,557,694
MULTILINE RETAIL—0.6%
Dollar General Corp., 4.13%, 7/15/17		200,000		203,000
J.C. Penney Co., Inc., 5.75%, 2/15/18		500,000		453,125
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,498,778
				2,154,903
OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		530,037
OIL, GAS & CONSUMABLE FUELS—1.8%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,371,845
Merey Sweeny LP, 8.85%, 12/18/19(a)		658,512		783,497
Motiva Enterprises LLC, 5.20%, 9/15/12(a)		1,000,000		1,008,617
Murphy Oil Corp., 4.00%, 6/01/22		1,000,000		1,018,453
Newfield Exploration Co., 7.13%, 5/15/18		500,000		529,375
Pioneer Natural Resources Co., 5.88%,
7/15/16		500,000		555,736
Ras Laffan Liquefied Natural Gas Co. Ltd. III,
5.83%, 9/30/16(a)		711,100		761,766
				6,029,289
PAPER & FOREST PRODUCTS—0.2%
Domtar Corp., 9.50%, 8/01/16		702,000		837,547
PHARMACEUTICALS—0.7%
Abbott Laboratories, 5.13%, 4/01/19		1,000,000		1,191,205
Roche Holdings, Inc., 6.00%, 3/01/19(a)		1,000,000		1,243,844
				2,435,049
PIPELINES—1.3%
Enbridge Energy Partners LP, 5.20%,
3/15/20		500,000		566,609
Enterprise Products Operating LLC, 3.70%,
6/01/15		1,000,000		1,066,906
Florida Gas Transmission Co. LLC, 4.00%,
7/15/15(a)		1,000,000		1,038,905
Rockies Express Pipeline LLC, 6.25%,
7/15/13(a)		750,000		770,625
Texas Gas Transmission LLC, 4.60%,
6/01/15		1,000,000		1,074,370
				4,517,415
PROPERTY & CASUALTY INSURANCE—1.1%
21st Century Insurance Group, 5.90%,
12/15/13		973,000		1,019,544
Markel Corp., 6.80%, 2/15/13		1,000,000		1,030,710
Progressive Corp., 6.70%, 6/15/37+		500,000		520,000
W.R.Berkley Corp., 4.63%, 3/15/22		250,000		252,614
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		792,006
				3,614,874

See accompanying notes to financial statements.

9

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

		PRINCIPAL		FAIR
		AMOUNT		VALUE
CORPORATE BONDS—42.3%, continued
PUBLISHING—0.5%
McGraw-Hill Cos., Inc., 5.38%, 11/15/12	$	1,000,000	$	1,016,373
Washington Post Co., 7.25%, 2/01/19		575,000		658,451
				1,674,824
REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%
Boston Properties LP, 3.85%, 2/01/23		1,000,000		1,009,394
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,302,187
Federal Realty Investment Trust, 5.65%,
6/01/16		625,000		688,962
Health Care REIT, Inc., 4.70%, 9/15/17		718,000		759,929
Pan Pacific Retail Properties, Inc., 5.95%,
6/01/14		1,000,000		1,058,676
PPF Funding, Inc., 5.13%, 6/01/15(a)		750,000		763,195
ProLogis LP, 6.13%, 12/01/16		1,000,000		1,120,534
				6,702,877
ROAD & RAIL—0.8%
Burlington Northern Santa Fe LLC, 5.75%,
5/01/40		1,000,000		1,192,330
CSX Transportation, Inc., 8.38%, 10/15/14		419,739		476,698
Penske Truck Leasing Co. LP / PTL
Finance Corp., 3.75%, 5/11/17(a)		1,000,000		1,007,872
				2,676,900
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%
Analog Devices, Inc., 5.00%, 7/01/14		1,000,000		1,081,341
Applied Materials, Inc., 2.65%, 6/15/16		370,000		387,381
Applied Materials, Inc., 7.13%, 10/15/17		500,000		623,433
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,194,421
				3,286,576
SOFT DRINKS—0.4%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,177,615
SOFTWARE—0.2%
Symantec Corp., 2.75%, 6/15/17		500,000		502,244
SPECIALTY RETAIL—0.3%
Advance Auto Parts, Inc., 4.50%, 1/15/22		402,000		420,956
Ethan Allen Global, Inc., 5.38%, 10/01/15		500,000		506,187
				927,143
SUPRANATIONAL—1.8%
Corporation Andina de Fomento, 5.20%,
5/21/13		1,000,000		1,034,692
Inter-American Development Bank, 3.50%,
3/15/13		1,000,000		1,021,372
Inter-American Development Bank, 3.50%,
7/08/13		1,000,000		1,029,211
International Bank for Reconstruction &
Development, 2.00%, 12/04/13		2,000,000		2,033,754
International Finance Corp., 2.25%, 4/28/14		1,000,000		1,031,402
				6,150,431
TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.38%, 11/01/15		500,000		516,211
TRANSPORTATION SERVICES—0.2%
Golden State Petroleum Transport Corp.,
8.04%, 2/01/19		753,934		658,644
TRUCK MANUFACTURERS—0.2%
PACCAR, Inc., 6.88%, 2/15/14		760,000		833,545
TRUCKING—0.3%
JB Hunt Transport Services, Inc., 3.38%,
9/15/15		1,000,000		1,032,779
UTILITIES—1.7%
Cedar Brakes II LLC, 9.88%, 9/01/13(a)		517,693		534,906
FPL Energy American Wind LLC, 6.64%,
6/20/23(a)		400,700		409,143
FPL Energy National Wind LLC, 5.61%,
3/10/24(a)		131,049		130,653
Harper Lake Solar Funding Corp., 7.65%,
12/31/18(a)		778,989		808,637
Kiowa Power Partners LLC, 4.81%,
12/30/13(a)		551,025		557,042
LS Power Funding Corp., 8.08%, 12/30/16		459,855		499,255
Midland Cogeneration Venture LP, 6.00%,
3/15/25(a)		662,630		695,733
Salton Sea Funding Corp., 7.48%, 11/30/18		787,174		825,336
SteelRiver Transmission Co. LLC, 4.71%,
6/30/17(a)		552,351		569,353
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		800,000		799,210
				5,829,268
WATER UTILITIES—0.3%
American Water Capital Corp., 6.09%,
10/15/17		1,000,000		1,170,733
TOTAL CORPORATE BONDS				142,658,289
CORPORATE NOTES—1.0%
DEVELOPMENT AUTHORITIES—1.0%
Everence Community Investment, Inc.,
1.00%, 12/15/12+(b)		1,210,000		1,210,000
Everence Community Investment, Inc.,
1.50%, 12/15/13+(b)		977,500		973,720
Everence Community Investment, Inc.,
1.50%, 12/15/14+(b)		1,227,500		1,227,500
TOTAL CORPORATE NOTES				3,411,220
U.S. GOVERNMENT AGENCIES—42.2%
FEDERAL FARM CREDIT BANK — 0.7%
4.88%, 12/16/15		2,000,000		2,288,072
FEDERAL HOME LOAN BANK — 3.8%
3.38%, 6/12/20		1,000,000		1,114,183
3.88%, 6/14/13		300,000		310,268
5.00%, 11/17/17		2,000,000		2,414,990
5.50%, 7/15/36		6,570,000		8,862,102
				12,701,543
FEDERAL HOME LOAN MORTGAGE
CORP. — 19.9%
2.36%, 5/01/34+		293,159		311,128
2.36%, 5/01/34+		174,879		185,598
2.38%, 1/13/22		960,000		985,204
3.50%, 10/01/41		2,306,880		2,422,796
3.50%, 6/01/42		3,000,000		3,141,366
3.75%, 3/27/19		3,020,000		3,488,194
4.00%, 11/01/24		2,808,769		2,970,017
4.00%, 10/01/25		1,134,760		1,199,905
4.00%, 10/01/41		2,685,303		2,854,943
4.00%, 2/01/42		1,734,439		1,844,010
4.50%, 6/01/18		478,478		511,703

See accompanying notes to financial statements.

10

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

		PRINCIPAL		FAIR
		AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES—42.2%, continued
FEDERAL HOME LOAN MORTGAGE
CORP. — 19.9%, continued
4.50%, 10/01/35	$	1,651,377	$	1,766,725
4.50%, 6/01/39		1,866,349		1,994,088
4.50%, 7/01/39		2,138,866		2,285,256
4.50%, 11/01/39		2,245,071		2,398,730
4.50%, 9/01/40		2,688,483		2,875,852
4.50%, 5/01/41		5,352,319		5,733,700
4.88%, 6/13/18		7,200,000		8,719,776
5.00%, 4/01/19		302,153		324,473
5.00%, 12/01/21		642,342		690,092
5.00%, 2/15/32		545,970		558,540
5.00%, 7/01/35		699,796		754,332
5.00%, 3/01/38		2,707,877		2,914,251
5.00%, 6/01/39		3,151,744		3,388,006
5.00%, 9/01/41		2,743,163		2,976,228
5.50%, 7/18/16		3,500,000		4,157,755
5.50%, 4/01/22		344,304		375,704
5.50%, 11/01/33		318,170		348,697
5.50%, 3/01/36		441,184		482,409
5.50%, 6/01/36		682,911		744,376
5.50%, 12/01/36		678,327		739,380
6.00%, 9/01/17		285,818		311,437
6.00%, 4/01/27		764,037		838,983
6.00%, 6/01/36		483,143		536,274
6.00%, 8/01/37		411,723		451,853
7.00%, 2/01/30		169,919		203,752
7.00%, 3/01/31		163,047		194,261
7.50%, 7/01/30		415,251		504,314
				67,184,108
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 16.1%
1.13%, 4/27/17		2,000,000		2,018,772
1.63%, 10/26/15		3,600,000		3,728,920
2.20%, 2/01/34+		192,401		192,671
2.34%, 5/01/34+		230,928		245,123
2.65%, 6/01/33+		84,559		85,848
2.84%, 5/01/37+		530,283		567,225
3.50%, 7/01/20		1,434,399		1,516,769
3.50%, 10/01/25		931,588		985,375
3.50%, 2/01/41		2,678,322		2,818,025
4.00%, 3/01/26		3,587,983		3,820,312
4.00%, 1/01/41		2,434,175		2,594,796
4.00%, 10/01/41		2,046,517		2,182,198
4.00%, 11/01/41		2,060,347		2,196,946
4.00%, 12/01/41		2,764,018		2,947,269
4.38%, 10/15/15		4,700,000		5,275,397
4.50%, 9/01/40		1,767,957		1,902,773
4.50%, 10/01/40		1,792,252		1,923,005
5.00%, 4/15/15		5,500,000		6,182,776
5.00%, 2/13/17		1,800,000		2,130,507
5.00%, 7/01/18		285,131		309,435
5.00%, 9/01/18		376,116		407,235
5.00%, 4/01/25		570,547		626,200
5.00%, 7/01/25		482,557		529,627
5.00%, 10/01/25		612,727		670,197
5.00%, 10/01/35		974,827		1,057,729
5.50%, 6/01/22		485,472		530,892
5.50%, 11/01/25		173		190
5.50%, 2/01/34		327,916		360,504
5.50%, 1/01/35		694,657		763,258
5.50%, 10/01/35		1,097,025		1,203,305
5.50%, 6/01/36		367,778		401,799
5.50%, 11/01/36		658,124		719,004
5.63%, 7/15/37		800,000		1,142,814
6.00%, 10/01/33		217,417		244,825
6.00%, 11/01/34		741,904		828,011
6.00%, 10/01/35		448,291		500,321
6.00%, 6/01/36		417,706		460,312
7.00%, 7/01/15		1,745		1,880
7.00%, 11/01/19		40,732		45,887
7.00%, 11/01/19		23,664		26,669
8.50%, 9/01/26		162,574		197,574
				54,342,375
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.3%
1.63%, 1/20/34+		127,557		132,267
5.50%, 10/20/38		443,056		474,206
6.50%, 11/20/38		90,081		97,419
6.75%, 4/15/16		32,458		35,359
7.00%, 12/20/30		57,225		68,947
7.00%, 10/20/31		41,491		48,944
7.00%, 3/20/32		131,527		157,238
				1,014,380
SMALL BUSINESS ADMINISTRATION — 0.2%
0.60%, 2/25/32+		494,259		493,907
1.00%, 9/25/18+		29,236		29,403
				523,310
U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT — 0.4%
1.80%, 8/01/14		1,440,000		1,481,295
FDIC GUARANTEED(c)—0.8%
Citibank NA, 1.75%, 12/28/12		2,500,000		2,518,610
TOTAL U.S. GOVERNMENT AGENCIES				142,053,693
INVESTMENT COMPANY—1.2%
MUTUAL FUND—1.2%
Pax World High Yield Bond Fund,
Individual Investor Class		530,984		3,870,872
SHORT TERM INVESTMENT—1.2%
INVESTMENT COMPANY—1.2%
JPMorgan U.S. Government Money
Market Fund, Premier Shares		4,140,355		4,140,355
TOTAL INVESTMENTS (Cost*
$321,844,868)—100.9%			$	340,065,412
Liabilities in excess of other assets — (0.9)%				(2,883,101	)
NET ASSETS—100%			$	337,182,311

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(a)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2012, these securities were valued at $38,014,019 or 11.3% of net assets.

See accompanying notes to financial statements.

11

Schedule of Portfolio Investments, continued
Praxis Intermediate Income Fund	June 30, 2012 (Unaudited)

(b) Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

	Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	1.00	%	1,210,000	12/2009
Everence Community Investment, Inc.	1.50	%	977,500	12/2009
Everence Community Investment, Inc.	1.50	%	1,227,500	12/2009

	At June 30, 2012, these securities had an aggregate market value of $3,411,220, representing 1.0% 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 December 31, 2012.
*	Represents cost for financial reporting purposes.

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

See accompanying notes to financial statements.

12

Schedule of Portfolio Investments
Praxis Core Stock Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—93.9%
AUTOMOBILES—0.7%
Harley-Davidson, Inc.	16,340	$	747,228
BEVERAGES—1.5%
Coca-Cola Co.	22,710		1,775,695
CAPITAL MARKETS—9.0%
Ameriprise Financial, Inc.	9,500		496,470
Bank of New York Mellon Corp.	276,800		6,075,760
Charles Schwab Corp.	48,850		631,630
Goldman Sachs Group, Inc.	4,960		475,466
Julius Baer Group Ltd.(Switzerland)(a)	74,420		2,686,224
			10,365,550
CHEMICALS—3.4%
Air Products & Chemicals, Inc.	19,380		1,564,547
Ecolab, Inc.	11,230		769,592
Potash Corp of Saskatchewan, Inc.(Canada)	24,261		1,059,963
Praxair, Inc.	5,000		543,650
			3,937,752
COMMERCIAL BANKS—6.4%
Wells Fargo & Co.	219,248		7,331,653
COMMERCIAL SERVICES & SUPPLIES—1.6%
Iron Mountain, Inc.	56,700		1,868,832
COMPUTERS & PERIPHERALS—0.5%
Hewlett-Packard Co.	25,750		517,833
CONSTRUCTION MATERIALS—0.2%
Martin Marietta Materials, Inc.	3,520		277,446
CONSUMER FINANCE—6.5%
American Express Co.	127,420		7,417,118
CONTAINERS & PACKAGING—0.3%
Sealed Air Corp.	21,900		338,136
DISTRIBUTORS—0.3%
Li & Fung Ltd.(Hong Kong)	190,500		363,912
DIVERSIFIED FINANCIAL SERVICES—1.0%
CME Group, Inc.	1,110		297,602
JPMorgan Chase & Co.	22,150		791,420
			1,089,022
ELECTRICAL EQUIPMENT—0.5%
Emerson Electric Co.	11,160		519,833
ENERGY EQUIPMENT & SERVICES—0.6%
Transocean Ltd.(Switzerland)	16,085		719,482
FOOD & STAPLES RETAILING—12.5%
Costco Wholesale Corp.	60,600		5,757,000
CVS Caremark Corp.	170,962		7,989,054
Sysco Corp.	12,250		365,173
Walgreen Co.	10,660		315,323
			14,426,550
FOOD PRODUCTS—0.3%
Unilever NV - NY Registry Shares
(Netherlands)	9,500		316,825
HEALTH CARE EQUIPMENT & SUPPLIES—0.0%**
Baxter International, Inc.	590		31,359
HEALTH CARE PROVIDERS & SERVICES—2.6%
Express Scripts Holding Co.(a)	53,380		2,980,205
HOUSEHOLD DURABLES—0.2%
Hunter Douglas NV(Netherlands)	6,740		262,281
INSURANCE—12.9%
ACE Ltd.(Switzerland)	12,760		945,899
Alleghany Corp.(a)	6,196		2,105,091
Aon plc(United Kingdom)	4,300		201,154
Berkshire Hathaway, Inc., Class A(a)	29		3,623,405
Everest Re Group Ltd.(Bermuda)	2,240		231,817
Fairfax Financial Holdings Ltd.(Canada)	2,100		822,570
Loews Corp.	86,910		3,555,488
Markel Corp.(a)	480		212,016
Progressive Corp.	151,060		3,146,580
			14,844,020
INTERNET & CATALOG RETAIL—2.0%
Expedia, Inc.	10,135		487,189
Groupon, Inc.(a)	27,190		289,030
Liberty Interactive Corp., Series A(a)	42,075		748,514
NetFlix, Inc.(a)	11,300		773,711
			2,298,444
INTERNET SOFTWARE & SERVICES—3.6%
Google, Inc., Class A(a)	7,210		4,182,305
IT SERVICES—0.7%
Visa, Inc., Class A	6,690		827,085
LIFE SCIENCES TOOLS & SERVICES—0.4%
Agilent Technologies, Inc.	13,070		512,867
MACHINERY—0.7%
PACCAR, Inc.	19,520		764,989
MARINE—1.4%
China Shipping Development Co. Ltd.,
Class H(China)	400,400		185,802
Kuehne + Nagel International AG
(Switzerland)	13,140		1,387,165
			1,572,967
MEDIA—2.9%
Grupo Televisa SAB, ADR(Mexico)	12,580		270,218
Walt Disney Co.	63,430		3,076,355
			3,346,573
METALS & MINING—1.2%
BHP Billiton plc(United Kingdom)	25,950		733,987
Rio Tinto plc(United Kingdom)	14,150		669,041
			1,403,028
OIL, GAS & CONSUMABLE FUELS—5.9%
Canadian Natural Resources Ltd.(Canada)	104,830		2,814,685
Devon Energy Corp.	22,890		1,327,391
EOG Resources, Inc.	27,870		2,511,366
OGX Petroleo e Gas Participacoes
SA(Brazil)(a)	39,600		108,439
			6,761,881

See accompanying notes to financial statements.

13

Schedule of Portfolio Investments, continued
Praxis Core Stock Fund	June 30, 2012 (Unaudited)

		PRINCIPAL
		AMOUNT/
		SHARES		VALUE
COMMON STOCKS—93.9%, continued
PAPER & FOREST PRODUCTS—0.0%**
Sino-Forest Corp.(Canada)(a)(b)		111,360	$	—
PERSONAL PRODUCTS—0.2%
Natura Cosmeticos SA(Brazil)		9,100		209,773
PHARMACEUTICALS—1.2%
Johnson & Johnson		4,100		276,996
Merck & Co., Inc.		8,816		368,068
Roche Holding AG(Switzerland)		4,500		775,641
				1,420,705
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%
Brookfield Asset Management, Inc., Class A
(Canada)		42,500		1,406,750
Hang Lung Group Ltd.(Hong Kong)		231,000		1,415,844
				2,822,594
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Intel Corp.		18,310		487,962
Texas Instruments, Inc.		58,290		1,672,340
				2,160,302
SOFTWARE—2.7%
Activision Blizzard, Inc.		63,040		755,850
Microsoft Corp.		42,700		1,306,193
Oracle Corp.		35,330		1,049,301
				3,111,344
SPECIALTY RETAIL—3.8%
Bed Bath & Beyond, Inc.(a)		57,100		3,528,780
CarMax, Inc.(a)		23,300		604,402
Tiffany & Co.		4,530		239,864
				4,373,046
TRANSPORTATION INFRASTRUCTURE—1.5%
China Merchants Holdings International Co.
Ltd.(Hong Kong)		579,794		1,752,547
WIRELESS TELECOMMUNICATION SERVICES—0.3%
America Movil SAB de CV, Series L, ADR
(Mexico)		11,210		292,133
TOTAL COMMON STOCKS				107,943,315
COMMERCIAL PAPER—3.2%
Societe Generale North America, Inc.,
0.20%, 7/02/12	$	3,709,000		3,708,963
CORPORATE NOTES—1.6%
DEVELOPMENT AUTHORITIES—1.6%
Everence Community Investment, Inc.,
1.00%, 12/15/12+(c)		703,000		703,000
Everence Community Investment, Inc.,
1.50%, 12/15/13+(c)		566,000		563,811
Everence Community Investment, Inc.,
1.50%, 12/15/14+(c)		566,000		566,000
TOTAL CORPORATE NOTES				1,832,811
		SHARES		VALUE
SHORT TERM INVESTMENT—0.0%**
INVESTMENT COMPANY—0.0%**
JPMorgan U.S. Government Money Market
Fund, Premier Shares		6,844	$	6,844
TOTAL INVESTMENTS (Cost* $97,823,008)—98.7%			$	113,491,933
Other assets in excess of liabilities — 1.3%				1,533,573
NET ASSETS—100%			$	115,025,506

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(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 fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	1.00	%	703,000	12/2009
Everence Community Investment, Inc.	1.50	%	566,000	12/2009
Everence Community Investment, Inc.	1.50	%	566,000	12/2009

	At June 30, 2012, these securities had an aggregate market value of $1,832,811, representing 1.6% 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.

14

Schedule of Portfolio Investments
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%
AUSTRALIA—6.0%
BANKS—0.1%
Commonwealth Bank of Australia	2,579	$	141,238
BIOTECHNOLOGY—0.2%
CSL Ltd.	2,163		87,735
CSL Ltd.- ADR	3,812		77,346
			165,081
CAPITAL MARKETS—0.1%
Macquarie Group Ltd.	463		12,503
Macquarie Group Ltd.- ADR	2,911		78,160
			90,663
CHEMICALS—0.4%
Orica Ltd.	19,480		496,190
COMMERCIAL BANKS—1.6%
Australia & New Zealand Banking Group
Ltd.- ADR	26,040		589,285
National Australia Bank Ltd.- ADR	21,949		530,508
Westpac Banking Corp.- ADR	7,142		777,121
			1,896,914
CONTAINERS & PACKAGING—0.1%
Amcor Ltd.	3,344		24,412
Amcor Ltd.- ADR	3,211		93,247
			117,659
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.- ADR	10,910		205,654
FOOD & STAPLES RETAILING—0.5%
Woolworths Ltd.	22,415		617,044
INSURANCE—0.3%
Suncorp Group Ltd.	46,152		385,649
METALS & MINING—1.9%
Alumina Ltd.- ADR	41,858		137,713
BHP Billiton Ltd.- ADR	26,606		1,737,372
Newcrest Mining Ltd.- ADR	13,529		318,472
			2,193,557
OIL, GAS & CONSUMABLE FUELS—0.6%
Origin Energy Ltd.	39,221		493,948
Woodside Petroleum Ltd.	2,190		70,181
Woodside Petroleum Ltd.- ADR	5,045		164,366
			728,495
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.0%**
Westfield Group REIT	4,207		41,192
			7,079,336
AUSTRIA—0.1%
COMMERCIAL BANKS—0.1%
Erste Group Bank AG (a)	757		14,377
Erste Group Bank AG- ADR (a)	12,078		114,741
			129,118
BELGIUM—0.1%
FOOD & STAPLES RETAILING—0.1%
Delhaize Group SA- ADR	4,830		177,309
BRAZIL—3.3%
BANKS—0.2%
Banco Bradesco SA- ADR	18,620		276,879
CHEMICALS—0.1%
Braskem SA- ADR	5,134		68,333
COMMERCIAL BANKS—0.3%
Banco do Brasil SA- ADR	4,705		46,156
Itau Unibanco Holding SA- ADR	23,052		320,884
			367,040
ELECTRIC UTILITIES—0.6%
Cia Energetica de Minas Gerais- ADR	15,845		291,865
Cia Paranaense de Energia- ADR	7,552		163,727
CPFL Energia SA- ADR	8,509		212,640
			668,232
FOOD & STAPLES RETAILING—0.2%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar- ADR	5,510		220,345
FOOD PRODUCTS—0.2%
BRF - Brasil Foods SA- ADR	16,910		256,863
METALS & MINING—0.8%
Cia Siderurgica Nacional SA- ADR	13,541		76,778
Gerdau SA- ADR	26,820		234,943
Vale SA- ADR	30,553		606,477
			918,198
OIL, GAS & CONSUMABLE FUELS—0.6%
OGX Petroleo e Gas Participacoes
SA- ADR (a)	37,405		101,368
Petroleo Brasileiro SA- ADR	27,002		506,827
Ultrapar Participacoes SA- ADR	5,554		125,965
			734,160
WATER UTILITIES—0.3%
Cia de Saneamento Basico do Estado
de Sao Paulo- ADR	4,495		340,991
			3,851,041
CANADA—7.5%
AUTO COMPONENTS—0.2%
Magna International, Inc.	5,214		205,744
CHEMICALS—0.7%
Agrium, Inc.	3,522		311,591
Methanex Corp.	7,953		221,412
Potash Corp of Saskatchewan, Inc.	7,410		323,743
			856,746
COMMERCIAL BANKS—1.8%
Bank of Montreal	5,160		285,142
Bank of Nova Scotia	8,726		451,919
Canadian Imperial Bank of Commerce	3,122		219,601
Royal Bank of Canada	10,772		551,742
Toronto-Dominion Bank	8,325		651,265
			2,159,669
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Progressive Waste Solutions Ltd.	790		14,947

See accompanying notes to financial statements.

15

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
CANADA—7.5%, continued
HOTELS, RESTAURANTS & LEISURE—0.3%
Tim Hortons, Inc.	6,038	$	317,840
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
TransAlta Corp.	10,165		172,500
INSURANCE—0.3%
Manulife Financial Corp.	15,668		170,625
Sun Life Financial, Inc.	6,499		141,418
			312,043
MATERIALS—0.0%**
Agnico-Eagle Mines Ltd.	912		36,899
MEDIA—0.1%
Shaw Communications, Inc., Class B	4,332		81,918
METALS & MINING—0.7%
Barrick Gold Corp.	6,770		254,349
Eldorado Gold Corp.	6,382		78,626
Kinross Gold Corp.	7,261		59,177
Taseko Mines Ltd. (a)	32,865		87,421
Teck Resources Ltd., Class B	10,555		326,572
Thompson Creek Metals Co., Inc. (a)	20,297		64,747
			870,892
OIL, GAS & CONSUMABLE FUELS—2.1%
Advantage Oil & Gas Ltd. (a)	18,950		56,282
Canadian Natural Resources Ltd.	14,196		381,163
Cenovus Energy, Inc.	10,584		336,571
Enbridge, Inc.	16,308		651,015
Encana Corp.	10,773		224,402
Nexen, Inc.	9,820		165,860
Penn West Petroleum Ltd.	1,667		22,321
Suncor Energy, Inc.	16,176		468,295
Talisman Energy, Inc.	16,096		184,460
			2,490,369
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Asset Management, Inc., Class A	11,557		382,537
ROAD & RAIL—0.8%
Canadian National Railway Co.	6,105		515,140
Canadian Pacific Railway Ltd.	5,165		378,388
			893,528
			8,795,632
CHILE—0.8%
AIRLINES—0.2%
Latam Airlines Group SA- ADR	7,812		203,893
BEVERAGES—0.2%
Embotelladora Andina SA, Class B- ADR	6,720		217,056
CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile
SA- ADR	7,612		423,760
COMMERCIAL BANKS—0.1%
Corpbanca- ADR	3,709		70,657
			915,366
CHINA—2.2%
AIRLINES—0.2%
China Eastern Airlines Corp. Ltd.- ADR (a)	2,802		44,832
China Southern Airlines Co. Ltd.- ADR	5,546		122,345
			167,177
CHEMICALS—0.1%
Sinopec Shanghai Petrochemical
Co. Ltd.- ADR	4,694		133,826
COMMERCIAL BANKS—0.2%
China Construction Bank Corp.- ADR	18,419		253,630
COMPUTERS & PERIPHERALS—0.0%**
Lenovo Group Ltd.- ADR	929		16,069
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
China Telecom Corp. Ltd.- ADR	6,115		269,182
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
Huaneng Power International, Inc.- ADR	8,265		246,297
INSURANCE—0.6%
China Life Insurance Co. Ltd.- ADR	17,077		674,371
INTERNET SOFTWARE & SERVICES—0.6%
Tencent Holdings Ltd.- ADR	23,026		677,425
MULTI-LINE INSURANCE—0.0%**
Ping An Insurance Group Co.- ADR	2,056		32,711
ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR	8,797		132,131
			2,602,819
COLOMBIA—0.8%
COMMERCIAL BANKS—0.4%
BanColombia SA- ADR	7,754		479,507
OIL, GAS & CONSUMABLE FUELS—0.4%
Ecopetrol SA- ADR	8,212		458,148
			937,655
DENMARK—0.8%
COMMERCIAL BANKS—0.1%
Danske Bank A/S (a)	3,457		48,067
Danske Bank A/S- ADR (a)	6,614		46,629
			94,696
PHARMACEUTICALS—0.7%
Novo Nordisk A/S- ADR	5,702		828,729
			923,425
FINLAND—0.2%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR	38,659		80,024
PAPER & FOREST PRODUCTS—0.1%
Stora Enso OYJ- ADR	28,488		174,062
			254,086

See accompanying notes to financial statements.

16

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
FRANCE—5.4%
AUTO COMPONENTS—0.4%
Cie Generale des Etablissements
Michelin- ADR	24,810	$	324,267
Cie Generale des Etablissements
Michelin, Class B	1,074		70,268
Valeo SA- ADR	4,352		89,651
			484,186
CAPITAL GOODS—0.4%
Cie de Saint-Gobain	11,742		433,858
COMMERCIAL BANKS—0.5%
BNP Paribas SA- ADR	20,558		397,180
Credit Agricole SA (a)	5,199		22,940
Credit Agricole SA- ADR (a)	14,211		30,838
Societe Generale SA- ADR (a)	35,315		163,862
			614,820
CONSTRUCTION & ENGINEERING—0.1%
Bouygues SA	956		25,653
Vinci SA- ADR	12,602		147,065
			172,718
CONSTRUCTION MATERIALS—0.1%
Lafarge SA	430		19,203
Lafarge SA- ADR	6,876		75,430
			94,633
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
France Telecom SA- ADR	20,182		264,586
Vivendi SA	9,270		172,245
			436,831
ENERGY EQUIPMENT & SERVICES—0.7%
Cie Generale de Geophysique - Veritas-
ADR (a)	12,724		328,915
Technip SA- ADR	20,988		546,738
			875,653
FOOD & STAPLES RETAILING—0.2%
Carrefour SA	1,523		28,123
Carrefour SA- ADR	49,035		171,132
			199,255
FOOD PRODUCTS—0.7%
Danone SA- ADR	70,005		866,662
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Cie Generale d’Optique Essilor
International SA	3,821		354,970
INSURANCE—0.3%
AXA SA- ADR	23,140		308,456
MEDIA—0.1%
Publicis Groupe SA- ADR	7,198		165,122
MULTI-UTILITIES—0.4%
GDF Suez- ADR	14,295		340,078
Veolia Environnement SA- ADR	8,771		110,690
			450,768
PERSONAL PRODUCTS—0.5%
L’Oreal SA	382		44,696
L’Oreal SA- ADR	23,335		546,039
			590,735
SOFTWARE—0.3%
Dassault Systemes SA- ADR	3,112		292,839
			6,341,506
GERMANY—5.6%
AIR FREIGHT & LOGISTICS—0.1%
Deutsche Post AG	10,161		179,783
AIRLINES—0.1%
Deutsche Lufthansa AG- ADR	10,201		117,209
AUTOMOBILES—0.4%
Bayerische Motoren Werke AG- ADR	17,807		425,943
CAPITAL MARKETS—0.3%
Deutsche Bank AG	11,275		407,817
CHEMICALS—0.8%
BASF SE- ADR	13,580		942,452
DIVERSIFIED FINANCIALS—0.2%
Deutsche Boerse AG	2,890		155,919
Deutsche Boerse AG- ADR	10,140		54,046
			209,965
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Deutsche Telekom AG- ADR	26,454		289,195
HEALTH CARE PROVIDERS & SERVICES—0.5%
Fresenius Medical Care AG & Co. KGaA- ADR	8,497		599,803
INSURANCE—0.8%
Allianz SE- ADR	57,890		578,321
Muenchener Rueckversicherungs AG- ADR	13,940		196,972
Muenchener Rueckversicherungs
Gesellschaft AG	1,134		160,012
			935,305
MULTI-UTILITIES—0.2%
RWE AG- ADR	4,979		202,546
PHARMACEUTICALS—0.6%
Bayer AG- ADR	9,398		671,581
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Infineon Technologies AG- ADR	13,715		92,028
SOFTWARE—0.6%
SAP AG- ADR	12,252		727,279
TEXTILES, APPAREL & LUXURY GOODS—0.6%
Adidas AG	1,323		94,830
Adidas AG- ADR	9,964		357,309
Puma SE	926		267,448
			719,587
TRUCKING—0.1%
Deutsche Post AG- ADR	3,960		69,815
			6,590,308

See accompanying notes to financial statements.

17

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
GREECE—0.1%
BEVERAGES—0.1%
Coca Cola Hellenic Bottling Co. SA- ADR (a)	3,760	$	66,853
HONG KONG—3.6%
COMMERCIAL BANKS—0.3%
BOC Hong Kong Holdings Ltd.	53,500		164,697
BOC Hong Kong Holdings Ltd.- ADR	1,754		107,152
Hang Seng Bank Ltd.	4,200		57,742
			329,591
DISTRIBUTORS—0.1%
Li & Fung Ltd.	12,000		23,235
Li & Fung Ltd.- ADR	12,287		47,182
			70,417
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
China Unicom Hong Kong Ltd.- ADR	31,804		399,140
INDUSTRIAL CONGLOMERATES—0.2%
Jardine Matheson Holdings Ltd.	751		36,581
Jardine Matheson Holdings Ltd.- ADR	3,618		178,006
			214,587
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%
Hang Lung Properties Ltd.	11,000		37,627
Henderson Land Development Co. Ltd.	8,000		44,476
Sun Hung Kai Properties Ltd.	11,000		130,778
Sun Hung Kai Properties Ltd.- ADR	22,014		259,985
Swire Pacific Ltd., Series A	6,500		75,601
Swire Pacific Ltd., Series A- ADR	32,051		370,510
Swire Properties Ltd.	4,550		13,702
Wharf Holdings Ltd.	161,000		895,314
			1,827,993
SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.	2,500		3,238
Esprit Holdings Ltd.- ADR	4,499		11,652
			14,890
TELECOMMUNICATION SERVICES—1.2%
China Mobile Ltd.- ADR	25,003		1,366,914
			4,223,532
HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications
plc- ADR	11,582		112,346
OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil and Gas plc- ADR	796		28,624
			140,970
INDIA—1.6%
BANKS—0.3%
ICICI Bank Ltd.- ADR	9,699		314,345
COMMERCIAL BANKS—0.4%
HDFC Bank Ltd.- ADR	14,697		479,122
IT SERVICES—0.5%
Infosys Ltd.- ADR	7,297		328,803
Wipro Ltd.- ADR	25,592		234,934
			563,737
METALS & MINING—0.2%
Sterlite Industries India Ltd.- ADR	37,363		283,211
PHARMACEUTICALS—0.2%
Dr. Reddy’s Laboratories Ltd.- ADR	9,220		273,650
			1,914,065
INDONESIA—0.8%
COMMERCIAL BANKS—0.3%
PT Bank Mandiri- ADR	51,391		404,961
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telekomunikasi Indonesia Persero
Tbk PT- ADR	11,564		402,774
MACHINERY—0.2%
United Tractors Tbk PT- ADR	3,657		169,319
			977,054
IRELAND—1.5%
COMMERCIAL SERVICES & SUPPLIES—0.5%
Experian plc	3,191		45,019
Experian plc- ADR	37,268		526,970
			571,989
CONSTRUCTION MATERIALS—0.2%
CRH plc- ADR	12,973		249,600
MEDIA—0.3%
WPP plc- ADR	6,767		411,840
PHARMACEUTICALS—0.5%
Elan Corp. plc- ADR (a)	15,702		229,092
Shire plc- ADR	3,899		336,835
			565,927
			1,799,356
ISRAEL—0.5%
PHARMACEUTICALS—0.4%
Teva Pharmaceutical Industries Ltd.- ADR	10,429		411,320
SOFTWARE—0.1%
Check Point Software Technologies Ltd. (a)	3,477		172,425
WIRELESS TELECOMMUNICATION SERVICES—0.0%**
Partner Communications Co. Ltd.- ADR	7,634		30,841
			614,586
ITALY—1.3%
BANKS—0.1%
UniCredit SpA (a)	28,224		107,014
COMMERCIAL BANKS—0.0%**
Intesa Sanpaolo SpA	4,425		6,298
Intesa Sanpaolo SpA- ADR	5,976		50,975
			57,273
ELECTRIC UTILITIES—0.0%**
Enel SpA	9,543		30,813
INSURANCE—0.1%
Assicurazioni Generali SpA	11,306		153,296

See accompanying notes to financial statements.

18

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
ITALY—1.3%, continued
OIL, GAS & CONSUMABLE FUELS—0.6%
ENI SpA- ADR	16,873	$	717,440
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR	8,604		300,538
TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA	13,863		176,941
			1,543,315
JAPAN—14.8%
AUTO COMPONENTS—0.4%
Bridgestone Corp.	1,656		38,029
Bridgestone Corp.- ADR	4,051		185,090
Denso Corp.	4,700		160,604
Denso Corp.- ADR	6,048		102,997
			486,720
AUTOMOBILES—2.5%
Honda Motor Co. Ltd.- ADR	27,755		961,988
Nissan Motor Co. Ltd.- ADR	31,673		601,787
Toyota Motor Corp.- ADR	17,148		1,380,071
			2,943,846
BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.	3,000		20,239
Asahi Glass Co. Ltd.- ADR	21,219		142,167
			162,406
CAPITAL GOODS—0.2%
Makita Corp.	600		21,048
Makita Corp.- ADR	4,936		173,105
			194,153
CAPITAL MARKETS—0.4%
Daiwa Securities Group, Inc.	16,000		60,300
Daiwa Securities Group, Inc.- ADR	49,678		182,815
Nomura Holdings, Inc.- ADR	64,340		237,414
			480,529
CHEMICALS—0.4%
Nitto Denko Corp.	500		21,422
Nitto Denko Corp.- ADR	5,813		248,738
Shin-Etsu Chemical Co. Ltd.	800		44,055
Sumitomo Chemical Co. Ltd.	19,000		58,403
Toray Industries, Inc.	6,000		40,913
			413,531
COMMERCIAL BANKS—1.9%
Mitsubishi UFJ Financial Group, Inc.- ADR	188,606		895,879
Mizuho Financial Group, Inc.- ADR	132,028		439,653
Sumitomo Mitsui Financial Group, Inc.- ADR	135,650		900,716
Sumitomo Mitsui Trust Holdings, Inc.	2,980		8,906
Sumitomo Mitsui Trust Holdings, Inc.- ADR	9,732		28,515
			2,273,669
COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.	50,000		391,698
Dai Nippon Printing Co. Ltd.- ADR	37		286
			391,984
COMPUTERS & PERIPHERALS—0.1%
Fujitsu Ltd.	2,000		9,572
Fujitsu Ltd.- ADR	1,240		29,586
Seiko Epson Corp.	600		6,089
Seiko Epson Corp.- ADR	5,156		25,780
			71,027
CONSTRUCTION & ENGINEERING—0.3%
JGC Corp.	6,000		173,948
Obayashi Corp.	37,000		162,480
			336,428
DIVERSIFIED FINANCIAL SERVICES—0.2%
ORIX Corp.	230		21,435
ORIX Corp.- ADR	5,614		260,883
			282,318
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Nippon Telegraph & Telephone Corp.- ADR	14,030		324,654
ELECTRIC UTILITIES—0.1%
Chubu Electric Power Co., Inc.	1,800		29,188
Tohoku Electric Power Co., Inc. (a)	2,200		22,105
			51,293
ELECTRICAL EQUIPMENT—0.2%
Nidec Corp.- ADR	13,248		254,229
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
FUJIFILM Holdings Corp.- ADR	9,211		173,167
Hoya Corp.	9,500		209,285
Hoya Corp.- ADR	1,734		38,287
Kyocera Corp.	700		60,578
Kyocera Corp.- ADR	620		52,948
Murata Manufacturing Co. Ltd.	500		26,300
			560,565
HEALTH CARE EQUIPMENT & SUPPLIES—0.0%**
Terumo Corp.	600		24,658
HOUSEHOLD DURABLES—0.9%
Panasonic Corp.- ADR	37,773		305,961
Sekisui House Ltd.	8,000		75,536
Sekisui House Ltd.- ADR	30,149		282,195
Sharp Corp.	10,000		50,950
Sharp Corp.- ADR	17,095		85,475
Sony Corp.- ADR	21,433		305,206
			1,105,323
INSURANCE—0.4%
MS&AD Insurance Group Holdings- ADR	36,594		317,270
Tokio Marine Holdings, Inc.- ADR	3,661		91,708
			408,978
INTEGRATED TELECOMMUNICATION SERVICES—0.2%
KDDI Corp.- ADR	11,600		187,920
MACHINERY—1.1%
FANUC Corp.	400		65,753
FANUC Corp.- ADR	22,452		615,185
Kubota Corp.- ADR	8,556		394,517
SMC Corp.	1,200		208,053
			1,283,508

See accompanying notes to financial statements.

19

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
JAPAN—14.8%, continued
MARINE—0.0%**
Nippon Yusen KK- ADR	7,243	$	37,736
METALS & MINING—0.2%
Nippon Steel Corp.	13,000		29,486
Sumitomo Metal Mining Co. Ltd.	15,000		169,037
			198,523
OFFICE ELECTRONICS—0.4%
Canon, Inc.- ADR	12,876		514,267
PERSONAL PRODUCTS—0.6%
Kao Corp.- ADR	15,588		428,826
Shiseido Co. Ltd.- ADR	19,896		312,168
			740,994
PHARMACEUTICALS—0.6%
Astellas Pharma, Inc.	2,600		113,461
Astellas Pharma, Inc.- ADR	3,892		169,535
Daiichi Sankyo Co. Ltd.	1,700		28,665
Takeda Pharmaceutical Co. Ltd.	2,100		95,344
Takeda Pharmaceutical Co. Ltd.- ADR	13,814		313,578
			720,583
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
Daiwa House Industry Co. Ltd.- ADR	1,547		218,514
Mitsubishi Estate Co. Ltd.	7,000		125,586
Mitsubishi Estate Co. Ltd.- ADR	7,140		128,020
Mitsui Fudosan Co. Ltd.	10,000		194,028
Sumitomo Realty & Development Co. Ltd.	6,000		147,578
			813,726
ROAD & RAIL—0.5%
Central Japan Railway Co.	5		39,379
East Japan Railway Co.	3,590		225,421
East Japan Railway Co.- ADR	29,226		303,658
Keikyu Corp.	5,000		45,492
			613,950
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Advantest Corp.- ADR	323		5,094
Rohm Co. Ltd.	700		26,974
Rohm Co. Ltd.- ADR	2,660		50,726
			82,794
SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR	9,992		145,084
TECHNOLOGY HARDWARE & EQUIPMENT—0.0%**
TDK Corp.	200		8,142
TDK Corp.- ADR	826		33,354
			41,496
TEXTILES, APPAREL & LUXURY GOODS—0.3%
Wacoal Holdings Corp.- ADR	5,242		309,907
TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsui & Co. Ltd.- ADR	1,312		392,891
WIRELESS TELECOMMUNICATION SERVICES—0.5%
NTT DoCoMo, Inc.- ADR	30,100		501,165
Softbank Corp.	1,300		48,391
			549,556
			17,399,246
JERSEY—0.3%
METALS & MINING—0.3%
Randgold Resources Ltd.- ADR	3,893		350,409
MEXICO—1.5%
BEVERAGES—0.3%
Coca-Cola Femsa SAB de CV- ADR	3,164		414,104
CONSTRUCTION & ENGINEERING—0.1%
Empresas ICA SAB de CV- ADR (a)	19,147		133,072
CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR (a)	26,935		181,273
FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico SAB de CV- ADR	11,944		318,188
MEDIA—0.2%
Grupo Televisa SAB- ADR	11,081		238,020
TRANSPORTATION INFRASTRUCTURE—0.1%
Grupo Aeroportuario del Pacifico SAB
de CV- ADR	4,513		178,083
WIRELESS TELECOMMUNICATION SERVICES—0.3%
America Movil SAB de CV, Series L- ADR	12,573		327,652
			1,790,392
NETHERLANDS—4.6%
AIR FREIGHT & LOGISTICS—0.0%**
PostNL NV	704		2,909
PostNL NV- ADR	1,583		6,364
TNT Express NV	667		7,824
TNT Express NV- ADR	1,509		17,489
			34,586
CHEMICALS—0.2%
Akzo Nobel NV- ADR	10,773		168,705
DIVERSIFIED FINANCIAL SERVICES—0.2%
ING Groep NV- ADR (a)	40,591		271,148
FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR	25,936		321,347
FOOD PRODUCTS—0.8%
Unilever NV - NY Registry Shares	27,596		920,327
INDUSTRIAL CONGLOMERATES—0.5%
Koninklijke Philips Electronics NV	30,708		604,026
INSURANCE—0.1%
Aegon NV	34,236		158,170
LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV (a)	16,784		280,293
MEDIA—0.1%
Wolters Kluwer NV	954		15,168
Wolters Kluwer NV- ADR	7,337		115,998
			131,166
OIL, GAS & CONSUMABLE FUELS—1.9%
Royal Dutch Shell plc, Class A- ADR	32,437		2,187,227

See accompanying notes to financial statements.

20

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

				FAIR
	SHARES			VALUE
COMMON STOCKS—97.9%, continued
NETHERLANDS—4.6%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ASML Holding NV - NY Registry Shares	5,908		$	303,789
				5,380,784
NORWAY—1.1%
CHEMICALS—0.3%
Yara International ASA- ADR	7,283			316,883
METALS & MINING—0.1%
Norsk Hydro ASA	13,975			63,023
Norsk Hydro ASA- ADR	13,201			59,668
				122,691
OIL, GAS & CONSUMABLE FUELS—0.7%
Statoil ASA- ADR	36,526			871,511
				1,311,085
PERU—0.2%
METALS & MINING—0.2%
Cia de Minas Buenaventura SA- ADR	6,387			242,578
PORTUGAL—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Portugal Telecom SGPS SA- ADR	26,158			116,403
ELECTRIC UTILITIES—0.0%**
EDP - Energias de Portugal SA	10,966			25,941
				142,344
RUSSIA—0.9%
MEDIA—0.2%
CTC Media, Inc.	28,039			225,994
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Mobile Telesystems OJSC- ADR	47,477			816,605
				1,042,599
		��
SINGAPORE—2.1%
BANKS—0.1%
DBS Group Holdings Ltd.	6,656			73,520
COMMERCIAL BANKS—1.3%
DBS Group Holdings Ltd.- ADR	18,371			814,019
United Overseas Bank Ltd.	17,187			255,219
United Overseas Bank Ltd.- ADR	15,803			471,246
				1,540,484
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.	49,000			128,319
Singapore Telecommunications Ltd.- ADR	6,886			180,345
				308,664
INDUSTRIAL CONGLOMERATES—0.5%
Keppel Corp. Ltd.- ADR	36,184			591,970
				2,514,638
SOUTH AFRICA—1.9%
COMMERCIAL BANKS—0.1%
Standard Bank Group Ltd.- ADR	5,847			159,740
METALS & MINING—0.8%
AngloGold Ashanti Ltd.- ADR	10,316			354,252
Gold Fields Ltd.- ADR	12,942			165,787
Harmony Gold Mining Co. Ltd.- ADR	23,678			222,573
Impala Platinum Holdings Ltd.- ADR	13,751			225,791
				968,403
OIL, GAS & CONSUMABLE FUELS—0.7%
Sasol Ltd.- ADR	18,103			768,472
WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR	19,773			339,898
				2,236,513
SOUTH KOREA—2.7%
COMMERCIAL BANKS—1.6%
KB Financial Group, Inc.- ADR	24,993			817,021
Shinhan Financial Group Co. Ltd.- ADR	10,391			737,554
Woori Finance Holdings Co. Ltd.- ADR	11,137			369,971
				1,924,546
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
KT Corp.- ADR	33,306			438,973
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
LG Display Co. Ltd.- ADR (a)	30,965			292,619
WIRELESS TELECOMMUNICATION SERVICES—0.5%
SK Telecom Co. Ltd.- ADR	46,259			559,734
				3,215,872
SPAIN—1.9%
COMMERCIAL BANKS—0.7%
Banco Bilbao Vizcaya Argentaria SA- ADR	53,712			379,744
Banco Santander SA- ADR	73,784			484,023
				863,767
DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telefonica SA- ADR	26,098			341,884
ELECTRIC UTILITIES—0.2%
Iberdrola SA- ADR	8,819			161,123
METALS & MINING—0.2%
Acerinox SA	16,589			185,913
OIL, GAS & CONSUMABLE FUELS—0.2%
Repsol YPF SA- ADR	17,252			275,687
RETAILING—0.3%
Inditex SA	3,528			364,673
				2,193,047
SWEDEN—1.6%
COMMUNICATIONS EQUIPMENT—0.3%
Telefonaktiebolaget LM Ericsson- ADR	45,701			417,250
MACHINERY—0.8%
Atlas Copco AB- ADR	18,292			394,924
Atlas Copco AB, Class A	7,174			154,390
Sandvik AB	11,348			145,535
Sandvik AB- ADR	20,116			258,491
				953,340

See accompanying notes to financial statements.

21

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—97.9%, continued
SWEDEN—1.6%, continued
PAPER & FOREST PRODUCTS—0.1%
Svenska Cellulosa AB, Class B	4,800	$	72,016
RETAILING—0.0%**
Hennes & Mauritz AB (H&M), Class B	1,624		58,292
SPECIALTY RETAIL—0.4%
Hennes & Mauritz AB- ADR	61,770		441,038
			1,941,936
SWITZERLAND—6.4%
CAPITAL MARKETS—1.0%
Credit Suisse Group AG- ADR	15,110		276,967
Julius Baer Group Ltd. (a)	9,537		345,780
UBS AG (a)	46,462		544,070
			1,166,817
CHEMICALS—0.9%
Syngenta AG- ADR	15,780		1,079,983
COMPUTERS & PERIPHERALS—0.1%
Logitech International SA (a)	10,434		111,331
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR	5,970		239,158
ELECTRICAL EQUIPMENT—0.7%
ABB Ltd.- ADR (a)	50,801		829,072
INSURANCE—0.8%
Swiss Re AG (a)	2,040		128,605
Zurich Insurance Group AG- ADR (a)	34,020		768,172
			896,777
METALS & MINING—0.3%
Xstrata plc- ADR	132,655		332,964
PHARMACEUTICALS—2.2%
Novartis AG- ADR	22,156		1,238,520
Roche Holding AG- ADR	31,476		1,360,393
			2,598,913
PROFESSIONAL SERVICES—0.0%**
Adecco SA (a)	710		31,574
TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc	581		21,655
Wolseley plc- ADR	60,190		223,907
			245,562
			7,532,151
TAIWAN—2.5%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
Chunghwa Telecom Co. Ltd.- ADR	13,518		424,871
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
AU Optronics Corp.- ADR	61,761		248,279
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Advanced Semiconductor Engineering,
Inc.- ADR	76,632		311,892
Siliconware Precision Industries Co.- ADR	62,839		326,134
Taiwan Semiconductor Manufacturing
Co. Ltd.- ADR (a)	84,657		1,181,812
United Microelectronics Corp.- ADR	204,987		444,822
			2,264,660
			2,937,810
TURKEY—0.2%
COMMERCIAL BANKS—0.2%
Turkiye Garanti Bankasi AS- ADR	59,610		240,228
UNITED KINGDOM—12.0%
CAPITAL MARKETS—0.0%**
Man Group plc	3,940		4,715
Man Group plc- ADR	7,608		8,749
			13,464
COMMERCIAL BANKS—1.7%
Barclays plc- ADR	32,892		338,788
HSBC Holdings plc- ADR	35,841		1,581,663
Lloyds Banking Group plc- ADR (a)	66,031		126,779
			2,047,230
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc- ADR	8,434		279,840
ELECTRIC UTILITIES—0.3%
SSE plc- ADR	17,330		379,700
ENERGY EQUIPMENT & SERVICES—0.1%
Subsea 7 SA- ADR	4,093		80,673
FOOD & STAPLES RETAILING—0.2%
J Sainsbury plc	4,806		22,714
J Sainsbury plc- ADR	11,869		223,375
WM Morrison Supermarkets plc	7,868		32,831
			278,920
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Smith & Nephew plc- ADR	5,855		292,692
HOTELS, RESTAURANTS & LEISURE—0.4%
Carnival plc- ADR	4,528		155,446
Compass Group plc- ADR	30,157		321,775
			477,221
HOUSEHOLD PRODUCTS—0.4%
Reckitt Benckiser Group plc	1,019		53,861
Reckitt Benckiser Group plc- ADR	40,060		421,832
			475,693
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
International Power plc	4,881		31,916
International Power plc- ADR	2,984		194,109
			226,025
INSURANCE—0.5%
Aviva plc	15,126		64,769
Prudential plc- ADR	23,333		541,325
			606,094

See accompanying notes to financial statements.

22

Schedule of Portfolio Investments, continued
Praxis International Index Fund	June 30, 2012 (Unaudited)

				FAIR
		SHARES		VALUE
COMMON STOCKS—97.9%, continued
UNITED KINGDOM—12.0%, continued
MATERIALS—0.1%
Antofagasta plc		3,335	$	57,048
MEDIA—0.8%
British Sky Broadcasting Group plc		3,176		34,624
British Sky Broadcasting Group plc- ADR		5,373		235,982
Pearson plc- ADR		23,760		471,636
Reed Elsevier plc- ADR		7,992		255,984
				998,226
METALS & MINING—1.1%
Antofagasta plc- ADR		3,393		115,498
Rio Tinto plc- ADR		23,406		1,119,041
				1,234,539
MULTILINE RETAIL—0.1%
Marks & Spencer Group plc- ADR		11,155		114,227
MULTI-UTILITIES—1.0%
Centrica plc		7,002		35,010
Centrica plc- ADR		9,774		196,457
National Grid plc- ADR		13,453		712,874
United Utilities Group plc- ADR		11,427		243,624
				1,187,965
OIL, GAS & CONSUMABLE FUELS—2.0%
BG Group plc- ADR		40,120		824,065
BP plc- ADR		31,246		1,266,713
Tullow Oil plc		5,148		118,983
Tullow Oil plc- ADR		13,326		152,050
				2,361,811
PHARMACEUTICALS—1.4%
AstraZeneca plc- ADR		13,344		597,144
GlaxoSmithKline plc- ADR		22,403		1,020,905
				1,618,049
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ARM Holdings plc- ADR		9,810		233,380
SOFTWARE—0.1%
Sage Group plc		3,343		14,550
Sage Group plc- ADR		2,441		42,571
				57,121
SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		260,610
WIRELESS TELECOMMUNICATION SERVICES—0.7%
Vodafone Group plc- ADR		30,779		867,352
				14,147,880
UNITED STATES—0.8%
HEALTH CARE TECHNOLOGY—0.2%
SXC Health Solutions Corp. (a)		1,818		180,364
MEDIA—0.1%
Thomson Reuters Corp.		4,046		115,109
METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		16,850		166,815
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%
Brookfield Office Properties, Inc.		24,368		424,490
				886,778
TOTAL COMMON STOCKS				115,383,622
CORPORATE NOTES—0.7%
DEVELOPMENT AUTHORITIES—0.7%
Everence Community Investment, Inc.,
0.50%, 12/15/12+(b)	$	343,000		341,979
Everence Community Investment, Inc.,
0.75%, 12/15/13+(b)		256,000		255,010
Everence Community Investment, Inc.,
0.75%, 12/15/14+(b)		256,000		255,010
TOTAL CORPORATE NOTES				851,999
SHORT TERM INVESTMENT—0.8%
INVESTMENT COMPANY—0.8%
JPMorgan U.S. Government Money Market
Fund, Premier Shares		998,020		998,020
TOTAL INVESTMENTS (Cost* $128,981,130)—99.4%			$	117,233,641
Other assets in excess of liabilities — 0.6%				715,593
NET ASSETS—100%			$	117,949,234

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(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 fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

		��		Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	0.50	%	343,000	3/2012
Everence Community Investment, Inc.	0.75	%	256,000	3/2012
Everence Community Investment, Inc.	0.75	%	256,000	3/2012

	At June 30, 2012, these securities had an aggregate market value of $851,999, representing 0.7% of net assets.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

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

See accompanying notes to financial statements.

23

Schedule of Portfolio Investments
Praxis Value Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%
AIR FREIGHT & LOGISTICS—1.0%
FedEx Corp.	4,455	$	408,123
United Parcel Service, Inc., Class B	2,161		170,200
			578,323
AIRLINES—0.2%
Southwest Airlines Co.	9,760		89,987
AUTO COMPONENTS—0.4%
Johnson Controls, Inc.	8,481		235,008
AUTOMOBILES—0.9%
Ford Motor Co.	41,593		398,877
Harley-Davidson, Inc.	3,109		142,174
			541,051
BEVERAGES—0.8%
Coca-Cola Co.	2,855		223,233
Coca-Cola Enterprises, Inc.	4,031		113,029
PepsiCo, Inc.	1,529		108,039
			444,301
BIOTECHNOLOGY—0.2%
Amgen, Inc.	1,495		109,195
BUILDING PRODUCTS—0.2%
Masco Corp.	7,951		110,280
CAPITAL MARKETS—3.6%
Ameriprise Financial, Inc.	2,516		131,486
Bank of New York Mellon Corp.	12,337		270,797
BlackRock, Inc.	495		84,061
Charles Schwab Corp.	15,343		198,385
Goldman Sachs Group, Inc.	6,121		586,759
Invesco Ltd.	4,942		111,689
Legg Mason, Inc.	1,173		30,932
Morgan Stanley	18,235		266,049
Northern Trust Corp.	3,977		183,021
State Street Corp.	5,540		247,306
			2,110,485
CHEMICALS—1.3%
Air Products & Chemicals, Inc.	1,543		124,566
Ashland, Inc.	1,930		133,768
E.I. du Pont de Nemours & Co.	5,804		293,508
Ecolab, Inc.	1,616		110,745
Huntsman Corp.	1,610		20,833
Praxair, Inc.	880		95,683
			779,103
COMMERCIAL BANKS—6.9%
BB&T Corp.	10,092		311,338
Comerica, Inc.	2,009		61,696
Fifth Third Bancorp	9,150		122,610
First Horizon National Corp.	1,546		13,373
Huntington Bancshares, Inc.	18,304		117,146
KeyCorp	12,151		94,049
M&T Bank Corp.	1,320		108,992
PNC Financial Services Group, Inc.	5,066		309,583
Regions Financial Corp.	16,718		112,846
SunTrust Banks, Inc.	5,600		135,688
U.S. Bancorp	21,016		675,875
Wells Fargo & Co.	56,304		1,882,806
Zions Bancorp	4,407		85,584
			4,031,586
COMMERCIAL SERVICES & SUPPLIES—0.7%
Avery Dennison Corp.	2,140		58,508
Pitney Bowes, Inc.	2,313		34,626
R.R. Donnelley & Sons Co.	8,226		96,820
Waste Management, Inc.	6,956		232,330
			422,284
COMMUNICATIONS EQUIPMENT—2.1%
Cisco Systems, Inc.	56,700		973,539
Motorola Solutions, Inc.	4,585		220,584
			1,194,123
COMPUTERS & PERIPHERALS—1.9%
Dell, Inc.(a)	19,374		242,562
EMC Corp.(a)	11,071		283,750
Hewlett-Packard Co.	22,436		451,188
SanDisk Corp.(a)	434		15,832
Western Digital Corp.(a)	2,739		83,485
			1,076,817
CONSTRUCTION MATERIALS—0.1%
Vulcan Materials Co.	1,432		56,865
CONSUMER FINANCE—2.0%
American Express Co.	6,814		396,643
Capital One Financial Corp.	6,150		336,159
Discover Financial Services	8,793		304,062
SLM Corp.	9,433		148,192
			1,185,056
CONTAINERS & PACKAGING—0.3%
Ball Corp.	2,334		95,811
Owens-Illinois, Inc.(a)	4,465		85,594
			181,405
DIVERSIFIED CONSUMER SERVICES—0.2%
H&R Block, Inc.	6,094		97,382
DIVERSIFIED FINANCIAL SERVICES—6.2%
Bank of America Corp.	114,511		936,700
Citigroup, Inc.	33,368		914,617
CME Group, Inc.	694		186,068
JPMorgan Chase & Co.	40,208		1,436,632
Moody’s Corp.	327		11,952
NASDAQ OMX Group, Inc.	916		20,766
NYSE Euronext	3,488		89,223
			3,595,958
DIVERSIFIED TELECOMMUNICATION SERVICES—6.6%
AT&T, Inc.	66,941		2,387,116
CenturyLink, Inc.	8,848		349,408
Frontier Communications Corp.	14,847		56,864
Verizon Communications, Inc.	18,557		824,673
Windstream Corp.	22,712		219,398
			3,837,459
ELECTRIC UTILITIES—3.3%
Duke Energy Corp.	19,311		445,312
Edison International	4,427		204,527
FirstEnergy Corp.	5,545		272,758
NextEra Energy, Inc.	3,581		246,409
Pepco Holdings, Inc.	2,566		50,217
PPL Corp.	11,981		333,192
Progress Energy, Inc.	2,320		139,594
Southern Co.	5,477		253,585
			1,945,594

See accompanying notes to financial statements.

24

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
ELECTRICAL EQUIPMENT—0.5%			��
Cooper Industries plc	2,265	$	154,428
Emerson Electric Co.	3,033		141,277
			295,705
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%
Corning, Inc.	22,072		285,391
Flextronics International Ltd.(a)	5,394		33,443
Jabil Circuit, Inc.	4,276		86,931
TE Connectivity Ltd.	7,186		229,305
			635,070
ENERGY EQUIPMENT & SERVICES—1.2%
Diamond Offshore Drilling, Inc.	1,513		89,464
Nabors Industries Ltd.(a)	6,221		89,582
National Oilwell Varco, Inc.	3,009		193,900
Noble Corp.(a)	3,301		107,382
Patterson-UTI Energy, Inc.	932		13,570
Rowan Cos. plc, Class A(a)	2,940		95,050
Schlumberger Ltd.	1,420		92,172
			681,120
FOOD & STAPLES RETAILING—3.3%
CVS Caremark Corp.	15,605		729,222
Kroger Co.	7,732		179,305
Safeway, Inc.	2,724		49,441
Sysco Corp.	4,903		146,158
Walgreen Co.	8,781		259,742
Wal-Mart Stores, Inc.	8,155		568,566
			1,932,434
FOOD PRODUCTS—2.0%
Campbell Soup Co.	7,336		244,876
ConAgra Foods, Inc.	6,460		167,508
H.J. Heinz Co.	1,906		103,648
Kellogg Co.	3,469		171,126
Kraft Foods, Inc., Class A	13,050		503,991
			1,191,149
GAS UTILITIES—0.6%
AGL Resources, Inc.	4,928		190,960
National Fuel Gas Co.	1,243		58,396
ONEOK, Inc.	2,484		105,098
			354,454
HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
CareFusion Corp.(a)	882		22,650
Medtronic, Inc.	4,334		167,856
			190,506
HEALTH CARE PROVIDERS & SERVICES—1.3%
Aetna, Inc.	2,074		80,409
Cardinal Health, Inc.	2,420		101,640
Cigna Corp.	3,085		135,740
Coventry Health Care, Inc.	2,032		64,597
Humana, Inc.	1,288		99,743
McKesson Corp.	1,975		185,156
WellPoint, Inc.	1,764		112,526
			779,811
HOTELS, RESTAURANTS & LEISURE—1.0%
Carnival Corp.	6,583		225,600
Marriott International, Inc., Class A	2,660		104,272
Starwood Hotels & Resorts Worldwide, Inc.	1,776		94,199
Wyndham Worldwide Corp.	3,038		160,224
			584,295
HOUSEHOLD DURABLES—0.5%
D.R. Horton, Inc.	7,324		134,615
Newell Rubbermaid, Inc.	4,142		75,136
Whirlpool Corp.	1,019		62,322
			272,073
HOUSEHOLD PRODUCTS—1.3%
Procter & Gamble Co.	12,815		784,919
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.5%
AES Corp.(a)	11,874		152,343
NRG Energy, Inc.(a)	7,688		133,464
			285,807
INDUSTRIAL CONGLOMERATES—1.2%
3M Co.	3,795		340,032
Tyco International Ltd.	7,042		372,170
			712,202
INSURANCE—7.7%
ACE Ltd.	4,420		327,655
Allstate Corp.	6,779		237,875
American International Group, Inc.(a)	11,106		356,392
Aon plc	2,267		106,050
Assurant, Inc.	790		27,524
Assured Guaranty Ltd.	852		12,013
Berkshire Hathaway, Inc., Class B(a)	19,630		1,635,768
Chubb Corp.	1,417		103,186
Cincinnati Financial Corp.	922		35,101
Genworth Financial, Inc., Class A(a)	12,732		72,063
Hartford Financial Services Group, Inc.	4,660		82,156
Lincoln National Corp.	3,275		71,624
Loews Corp.	3,484		142,530
Marsh & McLennan Cos., Inc.	5,930		191,124
MetLife, Inc.	12,182		375,815
Principal Financial Group, Inc.	3,784		99,254
Progressive Corp.	4,933		102,754
Prudential Financial, Inc.	6,698		324,384
Torchmark Corp.	463		23,405
Travelers Cos., Inc.	2,123		135,532
White Mountains Insurance Group Ltd.	52		27,131
			4,489,336
INTERNET SOFTWARE & SERVICES—0.8%
eBay, Inc.(a)	6,311		265,125
Yahoo!, Inc.(a)	11,254		178,151
			443,276
IT SERVICES—1.2%
Accenture plc, Class A	2,989		179,609
Fidelity National Information Services, Inc.	3,862		131,617
International Business Machines Corp.	727		142,187
Paychex, Inc.	3,684		115,714
Western Union Co.	8,481		142,820
			711,947

See accompanying notes to financial statements.

25

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
LIFE SCIENCES TOOLS & SERVICES—0.2%
Thermo Fisher Scientific, Inc.	2,214	$	114,929
MACHINERY—2.0%
Deere & Co.	1,899		153,572
Dover Corp.	2,303		123,464
Illinois Tool Works, Inc.	4,735		250,434
Ingersoll-Rand plc	3,642		153,620
PACCAR, Inc.	3,416		133,873
Parker Hannifin Corp.	2,214		170,212
Stanley Black & Decker, Inc.	1,287		82,831
Xylem, Inc.	3,658		92,072
			1,160,078
MEDIA—6.0%
CBS Corp., Class B	9,535		312,557
Comcast Corp., Class A	30,805		984,836
Gannett Co., Inc.	6,632		97,689
Interpublic Group of Cos., Inc.	9,086		98,583
McGraw-Hill Cos., Inc.	2,038		91,710
Omnicom Group, Inc.	2,019		98,123
Time Warner Cable, Inc.	3,289		270,027
Time Warner, Inc.	10,752		413,952
Viacom, Inc., Class B	2,122		99,777
Walt Disney Co.	20,735		1,005,648
			3,472,902
METALS & MINING—0.7%
Allegheny Technologies, Inc.	2,415		77,014
Nucor Corp.	6,500		246,350
Steel Dynamics, Inc.	1,989		23,371
United States Steel Corp.	3,703		76,282
			423,017
MULTILINE RETAIL—0.6%
J.C. Penney Co., Inc.	1,032		24,056
Macy’s, Inc.	4,343		149,182
Target Corp.	3,279		190,805
			364,043
MULTI-UTILITIES—2.0%
CenterPoint Energy, Inc.	9,131		188,738
CMS Energy Corp.	3,424		80,464
Consolidated Edison, Inc.	2,939		182,776
DTE Energy Co.	3,270		194,009
MDU Resources Group, Inc.	4,677		101,070
NiSource, Inc.	4,934		122,117
SCANA Corp.	2,488		119,026
Sempra Energy	2,723		187,560
			1,175,760
OFFICE ELECTRONICS—0.2%
Xerox Corp.	15,601		122,780
OIL, GAS & CONSUMABLE FUELS—8.4%
Apache Corp.	1,460		128,319
BP plc, ADR	9,699		393,197
Chesapeake Energy Corp.	7,342		136,561
ConocoPhillips	20,479		1,144,367
Denbury Resources, Inc.(a)	5,414		81,806
Devon Energy Corp.	5,577		323,410
Energen Corp.	650		29,334
Hess Corp.	4,580		199,001
Kinder Morgan, Inc.	4,249		136,910
Marathon Oil Corp.	9,684		247,620
Marathon Petroleum Corp.	4,265		191,584
Murphy Oil Corp.	2,919		146,796
Newfield Exploration Co.(a)	880		25,793
Noble Energy, Inc.	930		78,883
Phillips 66(a)	11,814		392,697
QEP Resources, Inc.	3,447		103,307
Royal Dutch Shell plc, Class A, ADR	8,191		552,319
Spectra Energy Corp.	7,434		216,032
Valero Energy Corp.	7,439		179,652
Williams Cos., Inc.	5,591		161,133
			4,868,721
PAPER & FOREST PRODUCTS—0.3%
International Paper Co.	5,011		144,868
PERSONAL PRODUCTS—0.1%
Avon Products, Inc.	4,332		70,222
PHARMACEUTICALS—5.1%
Abbott Laboratories	3,047		196,440
Bristol-Myers Squibb Co.	14,909		535,979
Eli Lilly & Co.	12,170		522,215
Forest Laboratories, Inc.(a)	5,345		187,022
Hospira, Inc.(a)	2,839		99,308
Johnson & Johnson	11,127		751,740
Merck & Co., Inc.	16,882		704,823
			2,997,527
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.7%
Equity Residential	1,651		102,956
HCP, Inc.	2,557		112,892
Host Hotels & Resorts, Inc.	8,498		134,438
Plum Creek Timber Co., Inc.	2,550		101,235
Prologis, Inc.	2,950		98,029
Simon Property Group, Inc.	1,409		219,325
Vornado Realty Trust	1,233		103,547
Weyerhaeuser Co.	4,743		106,053
			978,475
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%
CBRE Group, Inc., Class A(a)	5,299		86,692
ROAD & RAIL—0.8%
CSX Corp.	8,961		200,368
Norfolk Southern Corp.	3,022		216,889
Ryder System, Inc.	1,959		70,543
			487,800
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.3%
Advanced Micro Devices, Inc.(a)	12,619		72,307
Analog Devices, Inc.	2,573		96,925
Applied Materials, Inc.	15,397		176,450
Intel Corp.	29,168		777,327
Micron Technology, Inc.(a)	16,646		105,036
NVIDIA Corp.(a)	6,808		94,086
			1,322,131
SOFTWARE—2.6%
Adobe Systems, Inc.(a)	2,979		96,430
Autodesk, Inc.(a)	2,470		86,425
CA, Inc.	3,746		101,479
Microsoft Corp.	37,685		1,152,784
Oracle Corp.	3,482		103,416
			1,540,534

See accompanying notes to financial statements.

26

Schedule of Portfolio Investments, continued
Praxis Value Index Fund	June 30, 2012 (Unaudited)

		PRINCIPAL
		AMOUNT/		FAIR
		SHARES		VALUE
COMMON STOCKS—98.9%, continued
SPECIALTY RETAIL—2.0%
Gap, Inc.		3,850	$	105,336
Home Depot, Inc.		10,131		536,841
Lowe’s Cos., Inc.		14,479		411,783
Staples, Inc.		7,496		97,823
				1,151,783
WATER UTILITIES—0.1%
American Water Works Co., Inc.		2,056		70,480
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Sprint Nextel Corp.(a)		39,309		128,147
TOTAL COMMON STOCKS				57,647,255
PREFERRED STOCK—0.0%**
SPECIALTY RETAIL—0.0%**
Orchard Supply Hardware Stores Corp., Perpetual,
Series A - Zero Coupon(a)		39		76
TOTAL PREFERRED STOCKS				76
CORPORATE NOTES—1.0%
DEVELOPMENT AUTHORITIES—1.0%
Everence Community Investment, Inc.,
1.00%, 12/15/12+(b)	$	175,000		175,000
Everence Community Investment, Inc.,
1.50%, 12/15/13+(b)		192,500		191,755
Everence Community Investment, Inc.,
1.50%, 12/15/14+(b)		192,500		192,500
TOTAL CORPORATE NOTES				559,255
SHORT TERM INVESTMENT—0.3%
INVESTMENT COMPANY—0.3%
JPMorgan U.S. Government Money Market
Fund, Premier Shares		186,463		186,463
TOTAL INVESTMENTS (Cost* $55,177,347)—100.2%			$	58,393,049
Liabilities in excess of other assets — (0.2)%				(105,521	)
NET ASSETS—100%			$	58,287,528

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(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 fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	1.00	%	175,000	12/2009
Everence Community Investment, Inc.	1.50	%	192,500	12/2009
Everence Community Investment, Inc.	1.50	%	192,500	12/2009

	At June 30, 2012, these securities had an aggregate market value of $559,255, representing 1.0% of net assets.
*	Represents cost for financial reporting purposes.
**	Amount rounds to less than 0.1%.

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

See accompanying notes to financial statements.

27

Schedule of Portfolio Investments
Praxis Growth Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%
AIR FREIGHT & LOGISTICS—2.1%
C. H. Robinson Worldwide, Inc.	1,398	$	81,825
Expeditors International of Washington, Inc.	1,767		68,471
FedEx Corp.	924		84,648
United Parcel Service, Inc., Class B	10,376		817,214
			1,052,158
AUTOMOBILES—0.2%
Harley-Davidson, Inc.	1,712		78,290
BEVERAGES—4.5%
Coca-Cola Co.	18,213		1,424,074
PepsiCo, Inc.	11,889		840,077
			2,264,151
BIOTECHNOLOGY—2.8%
Amgen, Inc.	6,714		490,391
Biogen Idec, Inc.(a)	2,403		346,945
Celgene Corp.(a)	4,249		272,616
Gilead Sciences, Inc.(a)	6,347		325,474
			1,435,426
CAPITAL MARKETS—1.3%
BlackRock, Inc.	1,491		253,202
Franklin Resources, Inc.	1,771		196,563
Northern Trust Corp.	1,775		81,685
T. Rowe Price Group, Inc.	1,784		112,321
			643,771
CHEMICALS—3.0%
Air Products & Chemicals, Inc.	2,429		196,093
CF Industries Holdings, Inc.	492		95,320
E.I. du Pont de Nemours & Co.	4,926		249,108
Ecolab, Inc.	3,365		230,603
PPG Industries, Inc.	1,558		165,335
Praxair, Inc.	3,579		389,145
Sherwin-Williams Co.	718		95,027
Sigma-Aldrich Corp.	1,156		85,463
			1,506,094
COMMERCIAL SERVICES & SUPPLIES—0.4%
Iron Mountain, Inc.	2,811		92,650
Stericycle, Inc.(a)	958		87,820
			180,470
COMMUNICATIONS EQUIPMENT—1.9%
F5 Networks, Inc.(a)	669		66,606
Juniper Networks, Inc.(a)	3,772		61,521
QUALCOMM, Inc.	14,756		821,614
			949,741
COMPUTERS & PERIPHERALS—8.9%
Apple, Inc.(a)	7,018		4,098,512
EMC Corp.(a)	8,531		218,650
NetApp, Inc.(a)	2,370		75,413
SanDisk Corp.(a)	1,971		71,902
			4,464,477
CONSUMER FINANCE—0.7%
American Express Co.	6,243		363,405
DIVERSIFIED FINANCIAL SERVICES—0.2%
IntercontinentalExchange, Inc.(a)	620		84,308
DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%
AT&T, Inc.	6,295		224,480
Verizon Communications, Inc.	11,941		530,658
			755,138
ELECTRIC UTILITIES—0.8%
NextEra Energy, Inc.	1,969		135,487
PPL Corp.	3,066		85,265
Southern Co.	3,450		159,735
			380,487
ELECTRICAL EQUIPMENT—1.2%
AMETEK, Inc.	1,712		85,446
Emerson Electric Co.	5,970		278,083
Rockwell Automation, Inc.	2,070		136,744
Roper Industries, Inc.	1,263		124,506
			624,779
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
Amphenol Corp., Class A	1,405		77,163
ENERGY EQUIPMENT & SERVICES—2.7%
Cameron International Corp.(a)	4,088		174,599
Diamond Offshore Drilling, Inc.	1,987		117,491
FMC Technologies, Inc.(a)	2,913		114,277
National Oilwell Varco, Inc.	3,535		227,795
Schlumberger Ltd.	11,006		714,400
			1,348,562
FOOD & STAPLES RETAILING—1.7%
Costco Wholesale Corp.	1,284		121,980
Walgreen Co.	2,495		73,802
Wal-Mart Stores, Inc.	8,217		572,889
Whole Foods Market, Inc.	1,082		103,137
			871,808
FOOD PRODUCTS—2.2%
Campbell Soup Co.	2,508		83,717
General Mills, Inc.	4,665		179,789
H.J. Heinz Co.	1,572		85,485
Hershey Co.	1,517		109,270
Kellogg Co.	2,054		101,324
Kraft Foods, Inc., Class A	10,711		413,659
Mead Johnson Nutrition Co.	1,738		139,926
			1,113,170
GAS UTILITIES—0.5%
AGL Resources, Inc.	2,554		98,967
ONEOK, Inc.	3,796		160,609
			259,576
HEALTH CARE EQUIPMENT & SUPPLIES—2.8%
Baxter International, Inc.	3,841		204,149
Becton Dickinson and Co.	1,088		81,328
C.R. Bard, Inc.	860		92,398
Covidien plc	2,842		152,047
Edwards Lifesciences Corp.(a)	1,144		118,175
Intuitive Surgical, Inc.(a)	399		220,962
Medtronic, Inc.	4,575		177,190
St. Jude Medical, Inc.	2,061		82,255
Stryker Corp.	2,340		128,934
Varian Medical Systems, Inc.(a)	1,224		74,383
Zimmer Holdings, Inc.	1,293		83,217
			1,415,038

See accompanying notes to financial statements.

28

Schedule of Portfolio Investments, continued
Praxis Growth Index Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—98.9%, continued
HEALTH CARE PROVIDERS & SERVICES—2.8%
Aetna, Inc.	1,725	$	66,878
DaVita, Inc.(a)	957		93,987
Express Scripts Holding Co.(a)	7,195		401,697
Humana, Inc.	924		71,555
Laboratory Corp. of America Holdings(a)	927		85,849
Quest Diagnostics, Inc.	1,816		108,778
UnitedHealth Group, Inc.	8,801		514,859
WellPoint, Inc.	1,187		75,719
			1,419,322
HEALTH CARE TECHNOLOGY—0.2%
Cerner Corp.(a)	1,129		93,323
HOTELS, RESTAURANTS & LEISURE—3.5%
Chipotle Mexican Grill, Inc.(a)	383		145,521
Marriott International, Inc., Class A	2,211		86,671
McDonald’s Corp.	9,366		829,172
Starbucks Corp.	6,596		351,699
Starwood Hotels & Resorts Worldwide, Inc.	1,476		78,287
Yum! Brands, Inc.	4,247		273,592
			1,764,942
HOUSEHOLD PRODUCTS—3.8%
Clorox Co.	1,189		86,155
Colgate-Palmolive Co.	4,312		448,879
Kimberly-Clark Corp.	3,029		253,739
Procter & Gamble Co.	18,580		1,138,025
			1,926,798
INDUSTRIAL CONGLOMERATES—0.9%
3M Co.	5,233		468,877
INSURANCE—1.2%
Aflac, Inc.	4,019		171,169
Aon plc	1,713		80,134
Berkshire Hathaway, Inc., Class B(a)	2,189		182,409
Chubb Corp.	1,180		85,928
Travelers Cos., Inc.	1,406		89,759
			609,399
INTERNET & CATALOG RETAIL—1.8%
Amazon.com, Inc.(a)	2,761		630,474
priceline.com, Inc.(a)	455		302,357
			932,831
INTERNET SOFTWARE & SERVICES—3.3%
Akamai Technologies, Inc.(a)	2,273		72,168
eBay, Inc.(a)	7,408		311,210
Google, Inc., Class A(a)	2,036		1,181,023
VeriSign, Inc.(a)	2,092		91,148
			1,655,549
IT SERVICES—7.2%
Accenture plc, Class A	4,604		276,654
Automatic Data Processing, Inc.	3,773		210,005
Cognizant Technology Solutions Corp.,
Class A(a)	2,671		160,260
Fiserv, Inc.(a)	1,201		86,736
International Business Machines Corp.	8,929		1,746,334
Mastercard, Inc., Class A	980		421,508
Paychex, Inc.	2,660		83,551
Teradata Corp.(a)	1,205		86,772
Visa, Inc., Class A	4,446		549,659
			3,621,479
LIFE SCIENCES TOOLS & SERVICES—0.5%
Life Technologies Corp.(a)	1,763		79,318
Thermo Fisher Scientific, Inc.	1,564		81,187
Waters Corp.(a)	930		73,907
			234,412
MACHINERY—1.5%
Deere & Co.	4,357		352,351
Illinois Tool Works, Inc.	3,797		200,823
Joy Global, Inc.	1,081		61,325
Parker Hannifin Corp.	1,997		153,529
			768,028
MEDIA—2.4%
Comcast Corp., Class A	2,797		89,420
DIRECTV, Class A(a)	5,581		272,464
Discovery Communications, Inc., Class A(a)	2,039		110,106
Liberty Global, Inc., Class A(a)	1,658		82,287
McGraw-Hill Cos., Inc.	1,927		86,715
Omnicom Group, Inc.	1,678		81,551
Time Warner Cable, Inc.	2,069		169,865
Viacom, Inc., Class B	4,876		229,269
Walt Disney Co.	1,970		95,545
			1,217,222
METALS & MINING—0.1%
Cliffs Natural Resources, Inc.	1,168		57,571
MULTILINE RETAIL—0.5%
Dollar Tree, Inc.(a)	1,732		93,181
Target Corp.	2,472		143,846
			237,027
OIL, GAS & CONSUMABLE FUELS—7.0%
Apache Corp.	2,777		244,070
BP plc, ADR	10,036		406,859
Cabot Oil & Gas Corp.	2,707		106,656
Concho Resources, Inc.(a)	813		69,203
ConocoPhillips	10,060		562,153
Devon Energy Corp.	1,201		69,646
EOG Resources, Inc.	2,890		260,418
EQT Corp.	1,791		96,051
Hess Corp.	1,466		63,698
Marathon Oil Corp.	4,812		123,043
Murphy Oil Corp.	1,554		78,151
Noble Energy, Inc.	1,742		147,756
Phillips 66(a)	2,195		72,962
Pioneer Natural Resources Co.	1,838		162,130
Range Resources Corp.	1,476		91,320
Royal Dutch Shell plc, Class A, ADR	8,049		542,744
Southwestern Energy Co.(a)	3,347		106,870
Spectra Energy Corp.	7,158		208,011
Williams Cos., Inc.	3,809		109,775
			3,521,516
PERSONAL PRODUCTS—0.2%
Estee Lauder Cos., Inc., Class A	1,580		85,510
PHARMACEUTICALS—8.1%
Abbott Laboratories	13,431		865,897
Allergan, Inc./United States	2,086		193,101
Bristol-Myers Squibb Co.	8,922		320,746
Eli Lilly & Co.	6,697		287,368
Johnson & Johnson	21,780		1,471,457

See accompanying notes to financial statements.

29

Schedule of Portfolio Investments, continued
Praxis Growth Index Fund	June 30, 2012 (Unaudited)

		PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.9%, continued
PHARMACEUTICALS—8.1%, continued
Merck & Co., Inc.		18,738	$	782,311
Mylan, Inc.(a)		3,708		79,240
Perrigo Co.		799		94,226
				4,094,346
PROFESSIONAL SERVICES—0.2%
Robert Half International, Inc.		2,813		80,367
REAL ESTATE INVESTMENT TRUSTS (REITS)—1.5%
American Tower Corp.		3,920		274,047
Public Storage		1,381		199,430
Simon Property Group, Inc.		1,919		298,712
				772,189
ROAD & RAIL—0.9%
CSX Corp.		9,008		201,419
Kansas City Southern		1,158		80,550
Norfolk Southern Corp.		2,750		197,368
				479,337
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%
Altera Corp.		4,342		146,933
Analog Devices, Inc.		2,349		88,487
Broadcom Corp., Class A(a)		5,169		174,712
Intel Corp.		22,355		595,761
				1,005,893
SOFTWARE—5.9%
Adobe Systems, Inc.(a)		2,475		80,116
Autodesk, Inc.(a)		2,053		71,834
BMC Software, Inc.(a)		909		38,796
Citrix Systems, Inc.(a)		2,149		180,387
Intuit, Inc.		3,067		182,026
Microsoft Corp.		36,526		1,117,330
Oracle Corp.		32,693		970,982
Red Hat, Inc.(a)		1,366		77,152
Salesforce.com, Inc.(a)		1,302		180,015
Symantec Corp.(a)		4,544		66,388
				2,965,026
SPECIALTY RETAIL—1.9%
AutoZone, Inc.(a)		219		80,410
Bed Bath & Beyond, Inc.(a)		1,184		73,171
Home Depot, Inc.		5,456		289,114
O’Reilly Automotive, Inc.(a)		881		73,801
Ross Stores, Inc.		2,742		171,293
TJX Cos., Inc.		5,973		256,421
				944,210
TEXTILES, APPAREL & LUXURY GOODS—1.4%
Coach, Inc.		3,202		187,253
Fossil, Inc.(a)		624		47,761
NIKE, Inc., Class B		3,104		272,469
Ralph Lauren Corp.		483		67,649
VF Corp.		1,117		149,064
				724,196
TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		1,699		68,487
W.W. Grainger, Inc.		752		143,812§
				212,299
WIRELESS TELECOMMUNICATION SERVICES—0.2%
Crown Castle International Corp.(a)		1,874		109,929
TOTAL COMMON STOCKS				49,869,610
CORPORATE NOTES—0.7%
COMMUNITY DEVELOPMENT—0.7%
Everence Community Investment, Inc.,
1.00%, 11/30/13+(b)	$	35,000		35,000
Everence Community Investment, Inc.,
1.50%, 11/30/13+(b)		230,000		230,000
Everence Community Investment, Inc.,
1.50%, 12/15/14+(b)		75,000		74,710
TOTAL CORPORATE NOTES				339,710
SHORT TERM INVESTMENT—0.3%
INVESTMENT COMPANY—0.3%
JPMorgan U.S. Government Money Market
Fund, Premier Shares		150,847		150,847
TOTAL INVESTMENTS (Cost* $41,780,263)—99.9%			$	50,360,167
Other assets in excess of liabilities — 0.1%				30,951
NET ASSETS—100%			$	50,391,118

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(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 fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	1.00	%	35,000	12/2010
Everence Community Investment, Inc.	1.50	%	230,000	12/2010
Everence Community Investment, Inc.	1.50	%	75,000	9/2011

	At June 30, 2012, these securities had an aggregate market value of $339,710, representing 0.7% of net assets.
*	Represents cost for financial reporting purposes.

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

See accompanying notes to financial statements.

30

Schedule of Portfolio Investments
Praxis Small Cap Fund	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
COMMON STOCKS—92.4%
AEROSPACE & DEFENSE—1.7%
Hexcel Corp.(a)	47,475	$	1,224,380
AIR FREIGHT & LOGISTICS—0.5%
UTi Worldwide, Inc.	23,800		347,718
CAPITAL MARKETS—1.4%
Greenhill & Co., Inc.	27,825		991,961
COMMERCIAL BANKS—9.5%
Community Bank System, Inc.	36,675		994,626
First Horizon National Corp.	94,090		813,879
Home Bancshares, Inc.	24,075		736,213
Prosperity Bancshares, Inc.	21,340		896,920
Texas Capital Bancshares, Inc.(a)	34,600		1,397,494
UMB Financial Corp.	16,650		852,979
Umpqua Holdings Corp.	79,410		1,045,036
			6,737,147
COMMUNICATIONS EQUIPMENT—5.0%
Brocade Communications Systems, Inc.(a)	174,575		860,655
Ciena Corp.(a)	53,150		870,065
Infinera Corp.(a)	82,000		560,880
Ixia(a)	48,100		578,162
Loral Space & Communications, Inc.	9,800		660,030
			3,529,792
CONTAINERS & PACKAGING—1.1%
Silgan Holdings, Inc.	18,250		779,092
ELECTRICAL EQUIPMENT—4.0%
Belden, Inc.	30,225		1,008,004
Franklin Electric Co., Inc.	21,025		1,075,008
Thermon Group Holdings, Inc.(a)	35,425		733,652
			2,816,664
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS—0.8%
National Instruments Corp.	21,475		576,819
ENERGY EQUIPMENT & SERVICES—0.7%
Atwood Oceanics, Inc.(a)	13,025		492,866
HEALTH CARE EQUIPMENT & SUPPLIES—4.4%
Cyberonics, Inc.(a)	24,200		1,087,548
DexCom, Inc.(a)	70,900		918,864
Endologix, Inc.(a)	72,900		1,125,576
			3,131,988
HEALTH CARE PROVIDERS & SERVICES—5.4%
Health Management Associates, Inc., Class A(a)	85,210		668,898
HMS Holdings Corp.(a)	29,880		995,303
MWI Veterinary Supply, Inc.(a)	10,975		1,127,901
Team Health Holdings, Inc.(a)	44,125		1,062,971
			3,855,073
HEALTH CARE TECHNOLOGY—1.5%
Computer Programs & Systems, Inc.	18,750		1,072,875
INDUSTRIAL CONGLOMERATES—1.2%
Raven Industries, Inc.	12,280		854,565
INSURANCE—1.7%
AmTrust Financial Services, Inc.	39,825		1,183,201
INTERNET SOFTWARE & SERVICES—3.2%
Active Network, Inc.(a)	51,075		786,044
LivePerson, Inc.(a)	44,005		838,736
LogMeIn, Inc.(a)	21,525		656,943
			2,281,723
MACHINERY—9.7%
Actuant Corp., Class A	38,925		1,057,203
Astec Industries, Inc.(a)	18,900		579,852
Barnes Group, Inc.	33,825		821,609
Chart Industries, Inc.(a)	12,400		852,624
CLARCOR, Inc.	18,350		883,736
Middleby Corp.(a)	10,550		1,050,885
Rexnord Corp.(a)	40,175		805,107
Westport Innovations, Inc.(a)	23,250		854,438
			6,905,454
MARINE—0.9%
Kirby Corp.(a)	13,025		613,217
MEDIA—1.1%
Cinemark Holdings, Inc.	34,125		779,756
METALS & MINING—3.3%
Carpenter Technology Corp.	15,925		761,852
Commercial Metals Co.	58,300		736,912
Haynes International, Inc.	17,050		868,527
			2,367,291
OIL, GAS & CONSUMABLE FUELS—5.7%
Approach Resources, Inc.(a)	42,750		1,091,835
Gulfport Energy Corp.(a)	27,585		569,079
Kodiak Oil & Gas Corp.(a)	74,375		610,619
Northern Oil and Gas, Inc.(a)	21,250		338,725
Oasis Petroleum, Inc.(a)	27,875		674,017
Rosetta Resources, Inc.(a)	21,375		783,180
			4,067,455
PHARMACEUTICALS—1.5%
Akorn, Inc.(a)	69,317		1,093,129
PROFESSIONAL SERVICES—1.0%
Insperity, Inc.	27,070		732,244
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%
FirstService Corp.(a)	18,188		508,718
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%
Cirrus Logic, Inc.(a)	38,390		1,147,093
SOFTWARE—7.1%
ACI Worldwide, Inc.(a)	21,875		967,094
Aspen Technology, Inc.(a)	57,500		1,331,125
Interactive Intelligence Group, Inc.(a)	28,000		789,880
MicroStrategy, Inc., Class A(a)	7,450		967,457
NICE Systems Ltd., ADR(a)	27,500		1,006,500
			5,062,056
SPECIALTY RETAIL—10.9%
Bebe Stores, Inc.	86,475		507,608
Children’s Place Retail Stores, Inc.(a)	11,750		585,503
DSW, Inc., Class A	14,575		792,880
Genesco, Inc.(a)	14,675		882,701
GNC Holdings, Inc., Class A	18,475		724,220
Group 1 Automotive, Inc.	24,475		1,116,305

See accompanying notes to financial statements.

31

Schedule of Portfolio Investments, continued
Praxis Small Cap Fund	June 30, 2012 (Unaudited)

		PRINCIPAL
		AMOUNT/		FAIR
		SHARES		VALUE
COMMON STOCKS—92.4%, continued
SPECIALTY RETAIL—10.9%, continued
Hibbett Sports, Inc.(a)		16,500	$	952,215
Monro Muffler Brake, Inc.		23,400		777,816
Select Comfort Corp.(a)		30,825		644,859
Sonic Automotive, Inc., Class A		54,425		743,990
				7,728,097
TEXTILES, APPAREL & LUXURY GOODS—3.5%
Crocs, Inc.(a)		41,250		666,188
Fifth & Pacific Cos., Inc.(a)		65,300		700,669
Warnaco Group, Inc.(a)		12,800		545,024
Wolverine World Wide, Inc.		14,325		555,523
				2,467,404
THRIFTS & MORTGAGE FINANCE—1.5%
Capitol Federal Financial, Inc.		87,485		1,039,322
TRADING COMPANIES & DISTRIBUTORS—1.2%
WESCO International, Inc.(a)		14,925		858,934
WIRELESS TELECOMMUNICATION SERVICES—0.6%
Leap Wireless International, Inc.(a)		69,225		445,117
TOTAL COMMON STOCKS				65,691,151
CORPORATE NOTES—0.5%
DEVELOPMENT AUTHORITIES—0.5%
Everence Community Investment, Inc.,
1.00%, 11/30/13+(b)	$	80,000		80,000
Everence Community Investment, Inc.,
1.50%, 11/30/13+(b)		195,000		195,000
Everence Community Investment, Inc.,
1.50%, 12/15/14+(b)		75,000		74,710
TOTAL CORPORATE NOTES				349,710
SHORT TERM INVESTMENT—6.7%
INVESTMENT COMPANY—6.7%
JPMorgan U.S. Government Money Market
Fund, Premiere shares		4,774,071		4,774,071
TOTAL INVESTMENTS (Cost* $59,595,111)—99.6%			$	70,814,932
Other assets in excess of liabilities — 0.4%				262,707
NET ASSETS—100%			$	71,077,639

+	Variable rate security. Rates presented are the rates in effect at June 30, 2012.
(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 fair valued by management and have been deemed illiquid under guidelines established by the Board of Trustees:

				Acquisition
Security	Yield		Shares	Date
Everence Community Investment, Inc.	1.00	%	80,000	12/2010
Everence Community Investment, Inc.	1.50	%	195,000	12/2010
Everence Community Investment, Inc.	1.50	%	75,000	9/2011

	At June 30, 2012, these securities had an aggregate market value of $349,710, representing 0.5% of net assets.
*	Represents cost for financial reporting purposes.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

32

Schedule of Portfolio Investments
Praxis Genesis Conservative Portfolio	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 100.1%
Praxis Core Stock Fund, Class I (a)	126,887	$	1,638,112
Praxis Growth Index Fund, Class I (a)	72,864		819,719
Praxis Intermediate Income Fund, Class I (a)	1,051,537		11,251,450
Praxis International Index Fund, Class I (a)	146,918		1,247,332
Praxis Small Cap Fund, Class I (a) (b)	36,930		415,096
Praxis Value Index Fund, Class I (a)	101,246		821,109
Total Mutual Funds			16,192,818
TOTAL INVESTMENTS (Cost* $15,440,038)— 100.1%		$	16,192,818
Liabilities in excess of other assets — (0.1)%			(13,318	)
NET ASSETS—100%		$	16,179,500

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

See accompanying notes to financial statements.

33

Schedule of Portfolio Investments
Praxis Genesis Balanced Portfolio	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 100.1%
Praxis Core Stock Fund, Class I (a)	577,218	$	7,451,878
Praxis Growth Index Fund, Class I (a)	331,491		3,729,270
Praxis Intermediate Income Fund, Class I (a)	1,561,426		16,707,255
Praxis International Index Fund, Class I (a)	764,274		6,488,684
Praxis Small Cap Fund, Class I (a)(b)	384,544		4,322,279
Praxis Value Index Fund, Class I (a)	460,891		3,737,828
Total Mutual Funds			42,437,194
TOTAL INVESTMENTS (Cost* $39,620,390)—100.1%		$	42,437,194
Liabilities in excess of other assets — (0.1)%			(52,950	)
NET ASSETS—100%		$	42,384,244

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

See accompanying notes to financial statements.

34

Schedule of Portfolio Investments
Praxis Genesis Growth Portfolio	June 30, 2012 (Unaudited)

			FAIR
	SHARES		VALUE
Mutual Funds — 100.2%
Praxis Core Stock Fund, Class I (a)	600,959	$	7,758,384
Praxis Growth Index Fund, Class I (a)	330,119		3,713,834
Praxis Intermediate Income Fund, Class I (a)	618,558		6,618,568
Praxis International Index Fund, Class I (a)	807,186		6,853,009
Praxis Small Cap Fund, Class I (a)(b)	456,829		5,134,756
Praxis Value Index Fund, Class I (a)	458,902		3,721,698
Total Mutual Funds			33,800,249
TOTAL INVESTMENTS (Cost* $31,037,850)—100.2%		$	33,800,249
Liabilities in excess of other assets — (0.2)%			(54,336	)
NET ASSETS—100%		$	33,745,913

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

See accompanying notes to financial statements.

35

Statements of assets & liabilities

June 30, 2012 (Unaudited)

	Praxis			Praxis			Praxis
	Intermediate			Core			International
	Income Fund			Stock Fund			Index Fund
Assets
Total investment securities, at cost	$	321,844,868		$	97,823,008		$	128,981,130
Investments in unaffiliated securities, at fair value	$	336,654,192		$	111,659,122		$	116,381,642
Investments in affiliates, at fair value		3,411,220			1,832,811			851,999
Total investment securities, at fair value		340,065,412			113,491,933			117,233,641
Cash		147,064			4,030			29,479
Foreign currency, at fair value (cost $-, $5,751 and $4, respectively)		—			5,751			4
Receivable for investments sold		12,969			1,372,093			—
Receivable for capital shares sold		1,062,414			531,698			519,431
Receivable for dividends and interest		2,827,207			118,295			475,353
Receivable for tax reclaims		—			81,267			8,021
Prepaid expenses		27,731			10,625			22,466
Total Assets		344,142,797			115,615,692			118,288,395
Liabilities
Distributions Payable		831,029			—			—
Payable for capital shares redeemed		2,455,823			204,990			218,018
Payable for investments purchased		3,360,572			136,873			34,939
Accrued expenses and other payables:
Investment advisory fees		113,645			69,711			47,533
Administration fees		64,650			31,097			14,131
Distribution fees		16,549			8,717			3,168
Other		118,218			138,798			21,372
Total Liabilities		6,960,486			590,186			339,161
Net Assets	$	337,182,311		$	115,025,506		$	117,949,234
Components of Net Assets
Paid-in capital	$	317,178,205			135,528,626			128,884,230
Accumulated net investment income (loss)		(545,009	)		459,112			1,502,716
Accumulated net realized gains (losses) on investments and foreign currency transactions		2,328,571			(36,631,292	)		(690,244	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		18,220,544			15,669,060			(11,747,468	)
Net Assets	$	337,182,311		$	115,025,506		$	117,949,234
Pricing of Class A Shares
Net assets attributable to Class A shares	$	80,874,091		$	43,167,524		$	16,084,813
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,534,329			3,381,611			1,907,372
Net asset value and redemption price per share	$	10.73		$	12.77		$	8.43
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].	$	11.15		$	13.48		$	8.90
Pricing of Class I Shares
Net assets attributable to Class I shares	$	256,308,220		$	71,857,982		$	101,864,421
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		23,960,858			5,565,108			11,996,453
Net asset value, offering price and redemption price per share	$	10.70		$	12.91		$	8.49

See accompanying notes to financial statements.

36

Statements of assets & liabilities, continued

June 30, 2012 (Unaudited)

	Praxis			Praxis			Praxis
	Value Index			Growth Index			Small Cap
	Fund			Fund			Fund
Assets
Total investment securities, at cost	$	55,177,347		$	41,780,263		$	59,595,111
Investments in unaffiliated securities, at fair value	$	57,833,794		$	50,020,457		$	70,465,222
Investments in affiliates, at fair value		559,255			339,710			349,710
Total investment securities, at fair value		58,393,049			50,360,167			70,814,932
Cash		29,338			33,120			328,281
Receivable for investments sold		—			—			—
Receivable for capital shares sold		135,851			146,246			346,930
Receivable for dividends and interest		71,302			45,458			31,908
Receivable for tax reclaims		—			—			—
Prepaid expenses		5,603			11,992			17,719
Total Assets		58,635,143			50,596,983			71,539,770
Liabilities
Payable for capital shares redeemed		237,241			135,697			53,105
Payable for investments purchased		28,415			32,510			327,680
Accrued expenses and other payables:		—			—			—
Investment advisory fees		13,495			9,886			45,368
Administration fees		11,496			7,931			14,940
Distribution fees		2,724			697			1,711
Other		54,244			19,144			19,327
Total Liabilities		347,615			205,865			462,131
Net Assets	$	58,287,528		$	50,391,118		$	71,077,639
Components of Net Assets
Paid-in capital	$	67,246,526			43,847,535			59,549,533
Accumulated net investment income (loss)		1,359,943			185,501			1,614
Accumulated net realized gains (losses) on investments and foreign currency transactions		(13,534,643	)		(2,221,822	)		306,671
Net unrealized appreciation (depreciation) on investments		3,215,702			8,579,904			11,219,821
Net Assets	$	58,287,528		$	50,391,118		$	71,077,639
Pricing of Class A Shares
Net assets attributable to Class A shares	$	13,562,682		$	3,477,155		$	8,626,358
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,667,905			310,139			782,094
Net asset value and redemption price per share	$	8.13		$	11.21		$	11.03
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]	$	8.58		$	11.83		$	11.64
Pricing of Class I Shares
Net assets attributable to Class I shares	$	44,724,846		$	46,913,963		$	62,451,281
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		5,515,242			4,171,776			5,557,594
Net asset value, offering price and redemption price per share	$	8.11		$	11.25		$	11.24

See accompanying notes to financial statements.

37

Statements of assets & liabilities, continued

June 30, 2012 (Unaudited)

	Praxis Genesis			Praxis Genesis			Praxis Genesis
	Conservative			Balanced			Growth
	Portfolio			Portfolio			Portfolio
Assets
Investments in affiliates, at cost	$	15,440,038		$	39,620,390		$	31,037,850
Investments in affiliates, at fair value	$	16,192,818		$	42,437,194		$	33,800,249
Cash		—			—			—
Receivable for investments sold		—			106,179			5,658
Receivable for capital shares sold		7			1,344			693
Receivable for dividends and interest		28,425			42,315			16,723
Due from adviser		148			—			3,745
Prepaid expenses		8,032			9,201			10,786
Total Assets		16,229,430			42,596,233			33,837,854
Liabilities
Payable for investments purchased		28,431			42,315			16,723
Payable for capital shares redeemed		—			107,523			6,351
Accrued expenses and other payables:
Distribution fees		3,244			8,510			6,750
Other		18,255			53,641			62,117
Total Liabilities		49,930			211,989			91,941
Net Assets	$	16,179,500		$	42,384,244		$	33,745,913
Components of Net Assets
Paid-in capital	$	15,280,834		$	39,052,961		$	30,676,725
Accumulated net investment income (loss)		20,500			21,610			297
Accumulated net realized gains (losses) on investments in affiliates		125,386			492,869			306,492
Net unrealized appreciation (depreciation) on investments in affiliates		752,780			2,816,804			2,762,399
Net Assets	$	16,179,500		$	42,384,244		$	33,745,913
Pricing of Class A Shares
Net assets attributable to Class A shares	$	16,179,500			42,384,244		$	33,745,913
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,495,997			3,822,035			3,001,402
Net asset value and redemption price per share	$	10.82		$	11.09		$	11.24
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]	$	11.42		$	11.70		$	11.86

See accompanying notes to financial statements.

38

Statements of operations

For the six months ended June 30, 2012 (Unaudited)

	Praxis			Praxis			Praxis
	Intermediate			Core			International
	Income Fund			Stock Fund			Index Fund
Investment Income
Dividends	$	148,089		$	1,375,250		$	1,983,752
Foreign tax withholding		—			(34,242	)		(42,538	)
Interest		5,508,364			—			—
Interest from affiliates		35,505			29,258			2,777
Total Investment Income		5,691,958			1,370,266			1,943,991
Expenses
Investment advisory fees		653,714			515,937			299,791
Administration fees		76,777			35,911			16,923
Distribution fees - Class A		95,997			59,032			3,171
Transfer agent fees - Class A		59,758			60,285			12,043
Transfer agent fees - Class I		1,038			816			684
Compliance service fees		35,574			16,890			9,553
Registration fees - Class A		14,120			15,499			20,313
Registration fees - Class I		257			137			781
Shareholder report printing fees - Class A		10,115			13,700			472
Shareholder report printing fees - Class I		142			106			7
Professional fees		86,623			43,172			36,538
Custodian fees		13,458			15,461			3,085
Trustees’ fees and expenses		27,673			13,329			6,736
Other expenses		36,773			14,293			16,402
Total Expenses Before Reductions		1,112,019			804,568			426,499
Expenses waived by Investment Adviser		(33,021	)		—			—
Net Expenses		1,078,998			804,568			426,499
Net Investment Income (Loss)		4,612,960			565,698			1,517,492
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		2,291,654			9,068,974			(355,825	)
Net realized gains (losses) on foreign currency transactions		—			(9,103	)		—
Change in unrealized appreciation (depreciation) of investments		1,334,775			(1,830,876	)		(2,656,537	)
Change in unrealized appreciation (depreciation) on foreign currency translations		—			(3,643	)		—
Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions		3,626,429			7,225,352			(3,012,362	)
Net Change in Net Assets from Operations	$	8,239,389		$	7,791,050		$	(1,494,870	)

See accompanying notes to financial statements.

39

Statements of operations, continued

For the six months ended June 30, 2012 (Unaudited)

	Praxis			Praxis			Praxis
	Value Index			Growth Index			Small Cap
	Fund			Fund			Fund
Investment Income
Dividends	$	695,237		$	298,165		$	397,265
Foreign tax withholding		(109	)		—			—
Interest		—			—			—
Interest from affiliates		8,634			3,058			2,988
Total Investment Income		703,762			301,223			400,253
Expenses
Investment advisory fees		78,393			62,863			302,004
Administration fees		13,318			9,600			16,179
Distribution fees - Class A		20,413			4,347			11,076
Transfer agent fees - Class A		30,609			5,704			11,431
Transfer agent fees - Class I		742			747			780
Compliance service fees		6,039			4,366			8,051
Registration fees - Class A		12,506			10,409			10,086
Registration fees - Class I		47			2,071			1,922
Shareholder report printing fees - Class A		6,217			1,117			1,804
Shareholder report printing fees - Class I		112			64			95
Professional fees		19,066			14,879			22,401
Custodian fees		2,268			1,736			7,747
Trustees’ fees and expenses		4,929			3,523			5,829
Other expenses		9,689			6,068			4,943
Total Expenses Before Reductions		204,348			127,494			404,348
Expenses waived by Investment Adviser		—			(11,772	)		(5,709	)
Net Expenses		204,348			115,722			398,639
Net Investment Income (Loss)		499,414			185,501			1,614
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		2,250,380			1,248,418			3,092,200
Change in unrealized appreciation/depreciation of investments		1,693,285			3,649,851			646,736
Net Realized and Unrealized Gains (Losses) on Investments		3,943,665			4,898,269			3,738,936
Net Change in Net Assets from Operations	$	4,443,079		$	5,083,770		$	3,740,550

See accompanying notes to financial statements.

40

Statements of operations, continued

For the six months ended June 30, 2012 (Unaudited)

	Praxis Genesis			Praxis Genesis			Praxis Genesis
	Conservative			Balanced			Growth
	Portfolio			Portfolio			Portfolio
Investment Income
Dividends from affiliates	$	172,860		$	264,195		$	105,964
Expenses
Investment advisory fees		3,782			10,132			8,118
Administration fees		2,103			5,672			4,499
Distribution fees		18,908			50,661			40,589
Transfer agent fees		11,997			38,123			45,780
Compliance service fees		160			433			340
Registration fees		6,579			9,646			7,779
Shareholder report printing fees		3,916			11,968			14,529
Professional fees		2,256			2,895			2,686
Trustee fees and expenses		132			352			278
Other expenses		2,045			5,756			7,021
Total Expenses Before Reductions		51,878			135,638			131,619
Expenses waived/reimbursed by Investment Adviser		(5,976	)		(12,660	)		(33,099	)
Net Expenses		45,902			122,978			98,520
Net Investment Income (Loss)		126,958			141,217			7,444
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		90,931			501,905			358,319
Distribution of realized gains received from affiliates		—			—			—
Change in unrealized appreciation (depreciation) of investments in affiliates		301,096			1,101,701			1,147,548
Net Realized and Unrealized Gains (Losses) on Investments in affiliates		392,027			1,603,606			1,505,867
Net Change in Net Assets from Operations	$	518,985		$	1,744,823		$	1,513,311

See accompanying notes to financial statements.

41

Statements of changes in net assets

	Praxis						Praxis						Praxis
	Intermediate						Core						International
	Income Fund						Stock Fund						Index Fund
	For the						For the						For the
	Six Months						Six Months						Six Months
	Ended			For the Year			Ended			For the Year			Ended			For the Year
	June 30,			Ended			June 30,			Ended			June 30,			Ended
	2012			December 31,			2012			December 31,			2012			December 31,
	(Unaudited)			2011			(Unaudited)			2011			(Unaudited)			2011
From Operations
Net investment income (loss)	$	4,612,960		$	10,529,029		$	565,698		$	946,184		$	1,517,492		$	968,222
Net realized gains (losses) from security transactions		2,291,654			3,529,389			9,059,871			3,030,614			(355,825	)		(338,353	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,334,775			5,852,350			(1,834,519	)		(9,681,365	)		(2,656,537	)		(9,090,931	)
Net Change in Net Assets from Operations		8,239,389			19,910,768			7,791,050			(5,704,567	)		(1,494,870	)		(8,461,062	)
Distributions to Shareholders
From net investment income
Class A		(1,094,067	)		(2,329,750	)		—			—			—			(26,943	)
Class I		(4,063,902	)		(8,662,057	)		—			(450,728	)		—			(958,603	)
From net realized gains
Class A		—			(716,002	)		—			—			—			—
Class I		—			(2,313,692	)		—			—			—			—
Change in Net Assets from Distributions to Shareholders		(5,157,969	)		(14,021,501	)		—			(450,728	)		—			(985,546	)
Change in Net Assets from Capital Transactions		27,383,700			4,428,533			(35,668,010	)		(23,319,101	)		52,501,166			76,369,546
Change in Net Assets		30,465,120			10,317,800			(27,876,960	)		(29,474,396	)		51,006,296			66,922,938
Net Assets
Beginning of period		306,717,191			296,399,391			142,902,466			172,376,862			66,942,938			20,000
End of period	$	337,182,311		$	306,717,191		$	115,025,506		$	142,902,466		$	117,949,234		$	66,942,938
Accumulated Net Investment Income (Loss)	$	(545,009	)	$	—		$	459,112		$	(106,586	)	$	1,502,716		$	(14,776	)

See accompanying notes to financial statements.

42

Statements of changes in net assets, continued

	Praxis					Praxis					Praxis
	Value Index					Growth Index					Small Cap
	Fund					Fund					Fund
	For the					For the					For the
	Six Months					Six Months					Six Months
	Ended		For the Year			Ended		For the Year			Ended		For the Year
	June 30,		Ended			June 30,		Ended			June 30,		Ended
	2012		December 31,			2012		December 31,			2012		December 31,
	(Unaudited)		2011			(Unaudited)		2011			(Unaudited)		2011
From Operations
Net investment income (loss)	$	499,414	$	957,466		$	185,501	$	245,626		$	1,614	$	(212,415	)
Net realized gains (losses) from security transactions		2,250,380		1,419,699			1,248,418		(410,056	)		3,092,200		2,306,507
Net change in unrealized appreciation (depreciation) on investments		1,693,285		(4,040,891	)		3,649,851		709,605			646,736		2,495,223
Net Change in Net Assets from Operations		4,443,079		(1,663,726	)		5,083,770		545,175			3,740,550		4,589,315
Distributions to Shareholders
From net investment income
Class A		—		(260,528	)		—		(3,535	)		—		—
Class I		—		(712,182	)		—		(240,262	)		—		—
Change in Net Assets from Distributions to Shareholders		—		(972,710	)		—		(243,797	)		—		—
Change in Net Assets from Capital Transactions		998,622		(723,767	)		8,100,742		4,592,806			665,343		33,157,639
Change in Net Assets		5,441,701		(3,360,203	)		13,184,512		4,894,184			4,405,893		37,746,954
Net Assets
Beginning of period		52,845,827		56,206,030			37,206,606		32,312,422			66,671,746		28,924,792
End of period	$	58,287,528	$	52,845,827		$	50,391,118	$	37,206,606		$	71,077,639	$	66,671,746
Accumulated Net Investment Income (Loss)	$	1,359,943	$	860,529		$	185,501	$	—		$	1,614	$	—

See accompanying notes to financial statements.

43

Statements of changes in net assets, continued

	Praxis Genesis						Praxis Genesis						Praxis Genesis
	Conservative						Balanced						Growth
	Portfolio						Portfolio						Portfolio
	For the						For the						For the
	Six Months						Six Months						Six Months
	Ended			For the Year			Ended			For the Year			Ended			For the Year
	June 30,			Ended			June 30,			Ended			June 30,			Ended
	2012			December 31,			2012			December 31,			2012			December 31,
	(Unaudited)			2011			(Unaudited)			2011			(Unaudited)			2011
From Operations
Net investment income (loss)	$	126,958		$	312,421		$	141,217		$	510,144		$	7,444		$	228,672
Net realized gains (losses) on investments in affiliates		90,931			29,679			501,905			154,246			358,319			196,197
Distributions of realized gains by investment company affiliates		—			97,292			—			149,291			—			58,915
Net change in unrealized appreciation (depreciation) on investments in affiliates		301,096			(63,696	)		1,101,701			(976,321	)		1,147,548			(1,261,194	)
Net Change in Net Assets from Operations		518,985			375,696			1,744,823			(162,640	)		1,513,311			(777,410	)
Distributions to Shareholders
From net investment income
Class A		(105,301	)		(373,346	)		(117,594	)		(603,427	)		(6,147	)		(265,340	)
From net realized gains
Class A		—			(78,557	)		—			(323,879	)		—			(341,941	)
Change in Net Assets from Distributions to Shareholders		(105,301	)		(451,903	)		(117,594	)		(927,306	)		(6,147	)		(607,281	)
Change in Net Assets from Capital Transactions		1,747,839			1,399,508			2,986,962			4,677,562			2,356,302			4,594,275
Change in Net Assets		2,161,523			1,323,301			4,614,191			3,587,616			3,863,466			3,209,584
Net Assets
Beginning of period		14,017,977			12,694,676			37,770,053			34,182,437			29,882,447			26,672,863
End of period	$	16,179,500		$	14,017,977		$	42,384,244		$	37,770,053		$	33,745,913		$	29,882,447
Accumulated Net Investment Income (Loss)	$	20,500		$	(1,157	)	$	21,610		$	(2,013	)	$	297		$	(1,000	)

See accompanying notes to financial statements.

44

Financial Highlights

For a share outstanding throughout the year indicated.

Praxis Intermediate Income Fund - Class A

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009(a)			2008			2007
Net asset value at beginning of period	$	10.63		$	10.43		$	10.20		$	9.62		$	9.78		$	9.66
Income (loss) from investment operations:
Net investment income		0.13			0.34			0.37			0.43			0.45			0.41
Net realized and unrealized gains (losses) on investments		0.12			0.32			0.27			0.56			(0.16	)		0.15
Total from investment operations		0.25			0.66			0.64			0.99			0.29			0.56
Less distributions:
Dividends from net investment income		(0.15	)		(0.35	)		(0.37	)		(0.41	)		(0.45	)		(0.44	)
Distributions from net realized gains		—			(0.11	)		(0.04	)		—			—			—
Total distributions		(0.15	)		(0.46	)		(0.41	)		(0.41	)		(0.45	)		(0.44	)
Net asset value at end of period	$	10.73		$	10.63		$	10.43		$	10.20		$	9.62		$	9.78
Total return (excludes sales charge)		2.37	%(c)		6.43	%		6.26	%		10.49	%		3.09	%		5.91	%
Net assets at end of period (000s)	$	80,874		$	72,106		$	67,259		$	74,965		$	49,693		$	48,951
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.98	%		0.92	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		2.51	%(d)		3.19	%		3.49	%		4.22	%		4.49	%		4.23	%
Ratio of gross expenses to average net assets*		1.05	%(d)		1.08	%		1.16	%		1.27	%		1.21	%		1.27	%
Portfolio turnover rate		21.01	%(c)		36.12	%		26.75	%		28.56	%		25.46	%		29.22	%

Praxis Intermediate Income Fund - Class I

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value at beginning of period	$	10.60		$	10.39		$	10.17		$	9.61		$	9.77		$	9.65
Income (loss) from investment operations:
Net investment income		0.15			0.38			0.40			0.45			0.47			0.43
Net realized and unrealized gains (losses) on investments		0.12			0.33			0.27			0.57			(0.16	)		0.15
Total from investment operations		0.27			0.71			0.67			1.02			0.31			0.58
Less distributions:
Dividends from net investment income		(0.17	)		(0.39	)		(0.41	)		(0.46	)		(0.47	)		(0.46	)
Distributions from net realized gains		—			(0.11	)		(0.04	)		—			—			—
Total distributions		(0.17	)		(0.50	)		(0.45	)		(0.46	)		(0.47	)		(0.46	)
Net asset value at end of period	$	10.70		$	10.60		$	10.39		$	10.17		$	9.61		$	9.77
Total return (excludes sales charge)		2.57	%(c)		6.98	%		6.60	%		10.79	%		5.21	%		6.18	%
Net assets at end of period (000s)	$	256,308		$	234,612		$	229,140		$	176,005		$	153,332		$	212,097
Ratio of net expenses to average net assets		0.57	%(d)		0.57	%		0.58	%		0.67	%		0.63	%		0.63	%
Ratio of net investment income to average net assets		2.92	%(d)		3.59	%		3.86	%		4.51	%		4.73	%		4.48	%
Ratio of gross expenses to average net assets*		0.57	%(d)		0.57	%		0.58	%		0.72	%		0.64	%		0.77	%
Portfolio turnover rate		21.01	%(c)		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.
(c)	Not annualized.
(d)	Annualized.

See accompanying notes to financial statements.

45

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Core Stock Fund - Class A

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009(a)			2008			2007
Net asset value at beginning of period	$	12.11		$	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		0.66			(0.48	)		1.37			2.54			(6.08	)		(0.24	)
Total from investment operations		0.66			(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	$	12.77		$	12.11		$	12.60		$	11.30		$	8.79		$	14.87
Total return (excludes sales charge)		5.45	%(c)		(3.89	%)		11.50	%		29.00	%		(40.64	%)		(0.68	%)
Net assets at end of period (000s)	$	43,168		$	48,109		$	65,185		$	93,120		$	55,151		$	99,838
Ratio of net expenses to average net assets		1.59	%(d)		1.61	%		1.74	%		1.44	%		1.31	%		1.45	%
Ratio of net investment income (loss) to average net assets		0.37	%(d)		0.15	%		(0.16%	)		0.15	%		0.42	%		0.81	%
Ratio of gross expenses to average net assets*		1.59	%(d)		1.61	%		1.74	%		1.69	%		1.56	%		1.70	%
Portfolio turnover rate		16.68	%(c)		14.83	%		7.43	%		12.64	%		29.73	%		12.17	%

Praxis Core Stock Fund - Class I

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value at beginning of period	$	12.21		$	12.67		$	11.37		$	8.84		$	14.94		$	15.45
Income (loss) from investment operations:
Net investment income		0.11			0.11			0.08			0.06			0.09			0.20
Net realized and unrealized gains (losses) on investments		0.59			(0.51	)		1.33			2.53			(6.11	)		(0.24	)
Total from investment operations		0.70			(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	$	12.91		$	12.21		$	12.67		$	11.37		$	8.84		$	14.94
Total return (excludes sales charge)		5.73	%(c)		(3.18	%)		12.38	%		29.35	%		(40.43	%)		(0.26	%)
Net assets at end of period (000s)	$	71,858		$	94,794		$	107,192		$	101,777		$	90,820		$	159,737
Ratio of net expenses to average net assets		0.93	%(d)		0.91	%		0.94	%		1.08	%		1.01	%		1.05	%
Ratio of net investment income to average net assets		1.04	%(d)		0.85	%		0.66	%		0.57	%		0.72	%		1.20	%
Ratio of gross expenses to average net assets*		0.93	%(d)		0.91	%		0.94	%		1.08	%		1.01	%		1.05	%
Portfolio turnover rate		16.68	%(c)		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.
(c)	Not annualized.
(d)	Annualized.

See accompanying notes to financial statements.

46

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis International Index Fund - Class A

	Six Months Ended			Year Ended
	June 30,			December 31,
	2012 (Unaudited)			2011(a)
Net asset value at beginning of period	$	8.25		$	10.00
Income (loss) from investment operations:
Net investment income		0.14			0.03
Net realized and unrealized gains (losses) on investments		0.04			(1.68	)
Total from investment operations		0.18			(1.65	)
Less distributions:
Dividends from net investment income		—			(0.10	)
Distributions from net realized gains		—			—
Total distributions		—			(0.10	)
Paid-in capital from redemption fees		—	(b)		—
Net asset value at end of period	$	8.43		$	8.25
Total return (excludes sales charge)		2.37	%(c)		(16.54	%)
Net assets at end of period (000s)	$	16,085		$	2,363
Ratio of net expenses to average net assets		1.66	%(d)		1.73	%
Ratio of net investment income to average net assets		2.99	%(d)		0.89	%
Ratio of gross expenses to average net assets*		1.66	%(d)		4.87	%
Portfolio turnover rate		1.39	%(c)		2.44	%

Praxis International Index Fund - Class I

	Six Months Ended			Year Ended
	June 30,			December 31,
	2012 (Unaudited)			2011(a)
Net asset value at beginning of period	$	8.27		$	10.00
Income (loss) from investment operations:
Net investment income		0.11			0.12
Net realized and unrealized gains (losses) on investments		0.11			(1.73	)
Total from investment operations		0.22			(1.61	)
Less distributions:
Dividends from net investment income		—			(0.12	)
Distributions from net realized gains		—			—
Total distributions		—			(0.12	)
Net asset value at end of period	$	8.49		$	8.27
Total return (excludes sales charge)		2.18	%(c)		(16.05	%)
Net assets at end of period (000s)	$	101,864		$	64,580
Ratio of net expenses to average net assets		0.79	%(d)		0.86	%
Ratio of net investment income to average net assets		3.19	%(d)		2.25	%
Ratio of gross expenses to average net assets*		0.79	%(d)		0.86	%
Portfolio turnover rate		1.39	%(c)		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 on December 31, 2010, and commenced public offering and investment operations on January 3, 2011.
(b)	Amount is less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.

See accompanying notes to financial statements.

47

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Value Index Fund - Class A

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009(a)			2008			2007
Net asset value at beginning of period	$	7.57		$	7.95		$	7.09		$	5.80		$	10.12		$	11.43
Income (loss) from investment operations:
Net investment income		0.18			0.12			0.14			0.10			0.18			0.17
Net realized and unrealized gains (losses) on investments		0.38			(0.40	)		0.81			1.21			(4.21	)		(0.93	)
Total from investment operations		0.56			(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	$	8.13		$	7.57		$	7.95		$	7.09		$	5.80		$	10.12
Total return (excludes sales charge)		7.40	%(c)		(3.58	%)		13.40	%		22.64	%		(40.15	%)		(6.66	%)
Net assets at end of period (000s)	$	13,563		$	20,776		$	24,341		$	30,983		$	20,019		$	28,209
Ratio of net expenses to average net assets		1.40	%(d)		1.32	%		1.38	%		1.01	%		0.97	%		0.90	%
Ratio of net investment income to average net assets		1.32	%(d)		1.19	%		1.15	%		1.96	%		2.35	%		1.87	%
Ratio of gross expenses to average net assets*		1.40	%(d)		1.32	%		1.38	%		1.33	%		1.27	%		1.18	%
Portfolio turnover rate		45.94	%(c)		29.11	%		24.12	%		25.72	%		20.66	%		33.34	%

Praxis Value Index Fund - Class I

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value at beginning of period	$	7.52		$	7.91		$	7.05		$	5.77		$	10.07		$	11.38
Income (loss) from investment operations:
Net investment income		0.05			0.15			0.17			0.14			0.20			0.24
Net realized and unrealized gains (losses) on investments		0.54			(0.37	)		0.85			1.18			(4.19	)		(0.97	)
Total from investment operations		0.59			(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	$	8.11		$	7.52		$	7.91		$	7.05		$	5.77		$	10.07
Total return (excludes sales charge)		7.85	%(c)		(2.80	%)		14.53	%		22.82	%		(39.94	%)		(6.46	%)
Net assets at end of period (000s)	$	44,725		$	32,070		$	31,865		$	30,900		$	24,893		$	29,843
Ratio of net expenses to average net assets		0.50	%(d)		0.49	%		0.50	%		0.73	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.18	%(d)		2.03	%		2.06	%		2.28	%		2.71	%		2.12	%
Ratio of gross expenses to average net assets*		0.50	%(d)		0.49	%		0.50	%		0.73	%		0.64	%		0.68	%
Portfolio turnover rate		45.94	%(c)		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.
(c)	Annualized.
(d)	Not Annualized.

See accompanying notes to financial statements.

48

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Growth Index Fund - Class A

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009(a)			2008			2007
Net asset value at beginning of period	$	9.96		$	9.86		$	8.71		$	6.50		$	10.40		$	10.00
Income (loss) from investment operations:
Net investment income		0.02			0.01			0.01			0.03			0.01			0.02
Net realized and unrealized gains (losses) on investments		1.23			0.10			1.14			2.20			(3.89	)		0.38
Total from investment operations		1.25			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)		—	(b)
Net asset value at end of period	$	11.21		$	9.96		$	9.86		$	8.71		$	6.50		$	10.40
Total return (excludes sales charge)		12.55	%(c)		1.12	%		13.20	%		34.38	%		(37.34	%)		4.03	%(c)
Net assets at end of period (000s)	$	3,477		$	3,363		$	2,911		$	4,714		$	2,504		$	2,232
Ratio of net expenses to average net assets		1.10	%(d)		1.10	%		1.10	%		0.93	%		0.94	%		1.16	%(d)
Ratio of net investment income to average net assets		0.32	%(d)		0.14	%		0.13	%		0.42	%		0.19	%		0.68	%(d)
Ratio of gross expenses to average net assets*		1.78	%(d)		2.01	%		2.68	%		1.54	%		1.51	%		3.65	%(d)
Portfolio turnover rate		30.35	%(c)		21.18	%		28.55	%		30.99	%		28.40	%		36.64	%(c)

Praxis Growth Index Fund - Class I

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2012 (Unaudited)			2011			2010			2009			2008			2007(e)
Net asset value at beginning of period	$	9.96		$	9.86		$	8.72		$	6.51		$	10.41		$	10.00
Income (loss) from investment operations:
Net investment income		0.04			0.07			0.05			0.04			0.04			—	(b)
Net realized and unrealized gains (losses) on investments		1.25			0.10			1.15			2.20			(3.90	)		0.42
Total from investment operations		1.29			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	$	11.25		$	9.96		$	9.86		$	8.72		$	6.51		$	10.41
Total return (excludes sales charge)		12.95	%(c)		1.73	%		13.74	%		34.46	%		(37.09	%)		4.18	%(c)
Net assets at end of period (000s)	$	46,914		$	33,843		$	29,401		$	16,570		$	12,388		$	24,203
Ratio of net expenses to average net assets		0.50	%(d)		0.50	%		0.58	%		0.81	%		0.65	%		0.82	%(d)
Ratio of net investment income to average net assets		0.93	%(d)		0.75	%		0.70	%		0.54	%		0.45	%		0.34	%(d)
Ratio of gross expenses to average net assets*		0.50	%(d)		0.50	%		0.58	%		0.87	%		0.73	%		2.41	%(d)
Portfolio turnover rate		30.35	%(c)		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.

49

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Small Cap Fund - Class A

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2012			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2011			2010			2009(a)			2008			2007(e)
Net asset value at beginning of period	$	10.51		$	9.95		$	7.55		$	5.82		$	9.50		$	10.00
Loss from investment operations:
Net investment income (loss)		(0.03	)		(0.09	)		(0.11	)		(0.04	)		(0.03	)		—	(b)
Net realized and unrealized gains (losses) on investments		0.55			0.64			2.51			1.77			(3.65	)		(0.50	)
Total from investment operations		0.52			0.55			2.40			1.73			(3.68	)		(0.50	)
Paid-in capital from redemption fees		—	(b)		0.01			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value at end of period	$	11.03		$	10.51		$	9.95		$	7.55		$	5.82		$	9.50
Total return (excludes sales charge)		4.95	%(c)		5.63	%		31.79	%		29.73	%		(38.74	%)		(5.00	%)(c)
Net assets at end of period (000s)	$	8,626		$	5,541		$	3,341		$	4,227		$	2,307		$	1,398
Ratio of net expenses to average net assets		1.71	%(d)		1.71	%		1.69	%		1.49	%		1.46	%		1.65	%(d)
Ratio of net investment loss to average net assets		(0.56	%)(d)		(1.09	%)		(1.08	%)		(0.80	%)		(0.52	%)		(0.04	%)(d)
Ratio of gross expenses to average net assets*		1.84	%(d)		2.17	%		2.79	%		2.34	%		2.20	%		3.78	%(d)
Portfolio turnover rate		28.25	%(c)		67.48	%		84.26	%		60.33	%		64.37	%		30.37	%(c)

Praxis Small Cap Fund - Class I

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2012			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2011			2010			2009			2008			2007(e)
Net asset value at beginning of period	$	10.67		$	10.06		$	7.59		$	5.84		$	9.50		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		—	(b)		(0.03	)		(0.04	)		(0.04	)		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		0.57			0.64			2.51			1.79			(3.64	)		(0.50	)
Total from investment operations		0.57			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	$	11.24		$	10.67		$	10.06		$	7.59		$	5.84		$	9.50
Total return (excludes sales charge)		5.34	%(c)		6.06	%		32.54	%		29.97	%		(38.53	%)		(4.91	%)(c)
Net assets at end of period (000s)	$	62,451		$	61,130		$	25,584		$	18,300		$	15,392		$	15,406
Ratio of net expenses to average net assets		1.04	%(d)		1.04	%		1.08	%		1.36	%		1.22	%		1.35	%(d)
Ratio of net investment income (loss) to average net assets		0.09	%(d)		(0.44	%)		(0.46	%)		(0.66	%)		(0.29	%)		0.47	%(d)
Ratio of gross expenses to average net assets*		1.04	%(d)		1.04	%		1.08	%		1.53	%		1.27	%		2.18	%(d)
Portfolio turnover rate		28.25	%(c)		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.

50

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Conservative Portfolio - Class A

	Six Months Ended			Year Ended			Year Ended
	June 30, 2012			December 31,			December 31,
	(Unaudited)			2011			2010(a)
Net asset value at beginning of period	$	10.50		$	10.55		$	10.00
Income from investment operations:
Net investment income		0.01			0.24			0.25
Net realized and unrealized gains on investments		0.24			0.06			0.55
Total from investment operations		0.25			0.30			0.80
Less distributions:
Dividends from net investment income		0.07			(0.29	)		(0.25	)
Distributions from net realized gains		0.00			(0.06	)		—
Total distributions		0.07			(0.35	)		(0.25	)
Paid-in capital from redemption fees (b)		—			—			—
Net asset value at end of period	$	10.82		$	10.50		$	10.55
Total return (excludes sales charge)		3.76	%(c)		2.88	%		8.22	%
Net assets at end of period (000s)	$	16,180		$	14,018		$	12,695
Ratio of net expenses to average net assets (e)		0.61	%(d)		0.61	%		0.65	%
Ratio of net investment income to average net assets		1.68	%(d)		2.31	%		2.60	%
Ratio of gross expenses to average net assets (e)*		0.69	%(d)		0.78	%		0.97	%
Portfolio turnover rate		10.65	%(c)		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)	Not annualized.
(d)	Annualized.
(e)	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.

51

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Balanced Portfolio - Class A

	Six Months Ended			Year Ended			Year Ended
	June 30, 2012			December 31,			December 31,
	(Unaudited)			2011			2010(a)
Net asset value at beginning of period	$	10.62		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income		0.04			0.15			0.16
Net realized and unrealized losses on investments		0.46			(0.17	)		0.91
Total from investment operations		0.50			(0.02	)		1.07
Less distributions:
Dividends from net investment income		(0.03	)		(0.18	)		(0.16	)
Distributions from net realized gains		—			(0.09	)		—
Total distributions		(0.03	)		(0.27	)		(0.16	)
Paid-in capital from redemption fees (b)		—			—			—
Net asset value at end of period	$	11.09		$	10.62		$	10.91
Total return (excludes sales charge)		4.72	%(c)		(0.21	%)		10.88	%
Net assets at end of period (000s)	$	42,384		$	37,770		$	34,182
Ratio of net expenses to average net assets (e)		0.61	%(d)		0.61	%		0.64	%
Ratio of net investment income to average net assets		0.70	%(d)		1.39	%		1.80	%
Ratio of gross expenses to average net assets (e)*		0.67	%(d)		0.71	%		0.90	%
Portfolio turnover rate		17.07	%(c)		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)	Not annualized.
(d)	Annualized.
(e)	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.

52

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Growth Portfolio - Class A

	Six Months Ended			Year Ended			Year Ended
	June 30, 2012			December 31,			December 31,
	(Unaudited)			2011			2010(a)
Net asset value at beginning of period	$	10.68		$	11.15		$	10.00
Income (loss) from investment operations:
Net investment income		—			0.08			0.10
Net realized and unrealized losses on investments		0.56			(0.33	)		1.15
Total from investment operations		0.56			(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	$	11.24		$	10.68		$	11.15
Total return (excludes sales charge)		5.26	%(c)		(2.24	%)		12.65	%
Net assets at end of period (000s)	$	33,746		$	29,882		$	26,673
Ratio of net expenses to average net assets (e)		0.61	%(d)		0.61	%		0.64	%
Ratio of net investment income to average net assets		0.05	%(d)		0.79	%		1.33	%
Ratio of gross expenses to average net assets (e)*		0.81	%(d)		0.89	%		1.15	%
Portfolio turnover rate		17.62	%(c)		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)	Not annualized.
(d)	Annualized.
(e)	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.

53

Notes to Financial Statements June 30, 2012 (Unaudited)

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2012, the Trust consists of the Praxis Intermediate Income Fund, the Praxis Core Stock 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 Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of June 30, 2012, 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 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.

54

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

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

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

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

The aggregate value by input level, as of June 30, 2012, 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 Income Fund Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Asset Backed Securities	$	—	$	14,911,949	$	—	$	14,911,949
Commercial Mortgage Backed Securities		—		17,579,875		—		17,579,875
Foreign Bonds		—		3,306,360		—		3,306,360
Municipal Bonds		—		8,132,799		—		8,132,799
Corporate Bonds		—		142,658,289		—		142,658,289
Corporate Notes		—		—		3,411,220		3,411,220
U.S. Government Agencies		—		142,053,693		—		142,053,693
Investment Companies		3,870,872		—		—		3,870,872
Short Term Investment		4,140,355		—		—		4,140,355
Total Investments	$	8,011,227	$	328,642,965	$	3,411,220	$	340,065,412

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, 2011	$	3,380,921
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		30,299
Balance as of June 30,2012	$	3,411,220

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012.

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	3,411,220	restrictions on disposition	Marketability	0.50%
Total	$	3,411,220

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

55

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Core Stock Fund Valuation Inputs at Reporting Date:

Description		Level 1		Level 2		Level 3		Total
Investments at Value
Commercial Paper	$	—	$	3,708,963	$	—	$	3,708,963
Common Stocks
Automobiles		747,228		—		—		747,228
Beverages		1,775,695		—		—		1,775,695
Capital Markets		10,365,550		—		—		10,365,550
Chemicals		3,937,752		—		—		3,937,752
Commercial Banks		7,331,653		—		—		7,331,653
Commercial Services & Supplies		1,868,832		—		—		1,868,832
Computers & Peripherals		517,833		—		—		517,833
Construction Materials		277,446		—		—		277,446
Consumer Finance		7,417,118		—		—		7,417,118
Containers & Packaging		338,136		—		—		338,136
Distributors		363,912		—		—		363,912
Diversified Financial Services		1,089,022		—		—		1,089,022
Electrical Equipment		519,833		—		—		519,833
Energy Equipment & Services		719,482		—		—		719,482
Food & Staples Retailing		14,426,550		—		—		14,426,550
Food Products		316,825		—		—		316,825
Health Care Equipment & Supplies		31,359		—		—		31,359
Health Care Providers & Services		2,980,205		—		—		2,980,205
Household Durables		262,281		—		—		262,281
Insurance		14,844,020		—		—		14,844,020
Internet & Catalog Retail		2,298,444		—		—		2,298,444
Internet Software & Services		4,182,305		—		—		4,182,305
IT Services		827,085		—		—		827,085
Life Sciences Tools & Services		512,867		—		—		512,867
Machinery		764,989		—		—		764,989
Marine		1,572,967		—		—		1,572,967
Media		3,346,573		—		—		3,346,573
Metals & Mining		1,403,028		—		—		1,403,028
Oil, Gas & Consumable Fuels		6,761,881		—		—		6,761,881
Paper & Forest Products		—		—		—		—
Personal Products		209,773		—		—		209,773
Pharmaceuticals		1,420,705		—		—		1,420,705
Real Estate Management & Development		2,822,594		—		—		2,822,594
Semiconductors & Semiconductor Equipment		2,160,302		—		—		2,160,302
Software		3,111,344		—		—		3,111,344
Specialty Retail		4,373,046		—		—		4,373,046
Transportation Infrastructure		1,752,547		—		—		1,752,547
Wireless Telecommunication Services		292,133		—		—		292,133
Total Common Stocks		107,943,315		—		—		107,943,315
Corporate Notes		—		—		1,832,811		1,832,811
Short Term Investment		6,844		—		—		6,844
Total Investments	$	107,950,159	$	3,708,963	$	1,832,811	$	113,491,933

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, 2011	$	1,816,553
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		16,258
Balance as of June 30, 2012	$	1,832,811

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012.

56

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	1,832,811	restrictions on disposition	Marketability	0.50%
Total	$	1,832,811

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis International Index Fund Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks
Air Freight & Logistics	$	23,853	$	190,516	$	—	$	214,369
Airlines		488,279		—		—		488,279
Auto Components		907,749		268,901		—		1,176,650
Automobiles		3,369,789		—		—		3,369,789
Banks		591,224		321,772		—		912,996
Beverages		698,013		—		—		698,013
Biotechnology		77,346		87,735		—		165,081
Building Products		142,167		20,239		—		162,406
Capital Goods		173,105		454,906		—		628,011
Capital Markets		1,735,992		423,298		—		2,159,290
Chemicals		4,239,426		660,983		—		4,900,409
Commercial Banks		15,808,416		578,246		—		16,386,662
Commercial Services & Supplies		542,203		436,717		—		978,920
Communications Equipment		497,274		—		—		497,274
Computers & Peripherals		182,766		15,661		—		198,427
Construction & Engineering		280,137		362,081		—		642,218
Construction Materials		506,303		19,203		—		525,506
Containers & Packaging		93,247		24,412		—		117,659
Distributors		47,182		23,235		—		70,417
Diversified Financial Services		532,031		21,435		—		553,466
Diversified Financials		54,046		155,919		—		209,965
Diversified Telecommunication Services		4,289,005		300,564		—		4,589,569
Electric Utilities		1,209,055		108,047		—		1,317,102
Electrical Equipment		1,083,301		—		—		1,083,301
Electronic Equipment, Instruments & Components		805,300		296,163		—		1,101,463
Energy Equipment & Services		956,326		—		—		956,326
Food & Staples Retailing		1,431,696		700,712		—		2,132,408
Food Products		2,043,852		—		—		2,043,852
Health Care Equipment & Supplies		292,692		379,628		—		672,320
Health Care Providers & Services		599,803		—		—		599,803
Health Care Technology		180,364		—		—		180,364
Hotels, Restaurants & Leisure		795,061		—		—		795,061
Household Durables		978,837		126,486		—		1,105,323
Household Products		421,832		53,861		—		475,693
Independent Power Producers & Energy Traders		612,906		31,916		—		644,822
Industrial Conglomerates		1,374,002		36,581		—		1,410,583
Insurance		3,946,808		892,331		—		4,839,139

57

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

Description	Level 1		Level 2		Level 3		Total
Investments at Value (continued)
Integrated Telecommunication Services	$	187,920	$	—	$	—	$	187,920
Internet Software & Services		677,425		—		—		677,425
IT Services		563,737		—		—		563,737
Life Sciences Tools & Services		280,293		—		—		280,293
Machinery		1,832,436		573,731		—		2,406,167
Marine		37,736		—		—		37,736
Materials		36,899		57,048		—		93,947
Media		2,317,603		49,792		—		2,367,395
Metals & Mining		7,621,234		447,459		—		8,068,693
Multi-line Insurance		32,711		—		—		32,711
Multiline Retail		114,227		—		—		114,227
Multi-Utilities		1,806,269		35,010		—		1,841,279
Office Electronics		514,267		—		—		514,267
Oil, Gas & Consumable Fuels		10,938,832		683,112		—		11,621,944
Paper & Forest Products		174,062		72,016		—		246,078
Personal Products		1,287,033		44,696		—		1,331,729
Pharmaceuticals		7,451,282		237,470		—		7,688,752
Professional Services		—		31,574		—		31,574
Real Estate Investment Trusts (REITs)		—		41,192		—		41,192
Real Estate Management & Development		1,784,056		1,664,690		—		3,448,746
Retailing		—		422,965		—		422,965
Road & Rail		1,329,317		310,292		—		1,639,609
Semiconductors & Semiconductor Equipment		2,949,677		26,974		—		2,976,651
Software		1,380,198		14,550		—		1,394,748
Specialty Retail		713,300		3,238		—		716,538
Technology Hardware & Equipment		33,354		8,142		—		41,496
Telecommunication Services		1,366,914		—		—		1,366,914
Textiles, Apparel & Luxury Goods		967,754		362,278		—		1,330,032
Trading Companies & Distributors		616,798		21,655		—		638,453
Transportation Infrastructure		178,083		176,941		—		355,024
Trucking		69,815		—		—		69,815
Water Utilities		340,991		—		—		340,991
Wireless Telecommunication Services		3,443,247		48,391		—		3,491,638
Total Common Stocks		103,058,858		12,324,764		—		115,383,622
Short Term Investment		998,020		—		—		998,020
Corporate Notes		—		—		851,999		851,999
Total Investments	$	104,056,878	$	12,324,764	$	851,999	$	117,233,641

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, 2011	$	—
Proceeds from Sales		—
Cost of Purchases		855,000
Change in unrealized appreciation (depreciation)		(3,001	)
Balance as of June 30,2012	$	851,999

The aggregate amounts of Level 2 investments in Common Stock presented above were considered Level 1 investments at the beginning of the reporting period. The transfers from Level 1 to Level 2 at the end of the period were as a result of the Fund’s systematic application of the fair value trigger for international securities.

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	851,999	restrictions on disposition	Marketability	0.50%
Total	$	851,999

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

58

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Value Index Fund Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	57,647,255	$	—	$	—	$	57,647,255
Corporate Notes		—		—		559,255		559,255
Preferred Stocks		76		—		—		76
Short Term Investment		186,463		—		—		186,463
Total Investments	$	57,833,794	$	—	$	559,255	$	58,393,049

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, 2011	$	554,472
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		4,783
Balance as of June 30,2012	$	559,255

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012.

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	559,255	restrictions on disposition	Marketability	0.50%
Total	$	559,255

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

59

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

Praxis Growth Index Fund Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	49,869,610	$	—	$	—	$	49,869,610
Corporate Notes		—		—		339,710		339,710
Short Term Investment		150,847		—		—		150,847
Total Investments	$	50,020,457	$	—	$	339,710	$	50,360,167

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, 2011	$	336,827
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		2,883
Balance as of June 30, 2012	$	339,710

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012.

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	339,710	restrictions on disposition	Marketability	0.50%
Total	$	339,710

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Small Cap Fund Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	65,691,151	$	—	$	—	$	65,691,151
Corporate Notes		—		—		349,710		349,710
Short Term Investment		4,774,071		—		—		4,774,071
Total Investments	$	70,465,222	$	—	$	349,710	$	70,814,932

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, 2011	$	346,620
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		3,090
Balance as of June 30, 2012	$	349,710

60

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012.

The following represents quantitative information about Level 3 Fair Value Measurements:

		Fair value at
Investment Type		06/30/2012	Valuation Technique(s)	Unobservable Input(s)*	Range
			Fundamental quality	Credit rating	AA
			Nature and duration of	Discount for Lack of
Corporate notes	$	349,710	restrictions on disposition	Marketability	0.50%
Total	$	349,710

* Level 3 values are based on significant unobservable inputs that reflect the Pricing Committee’s determination of assumptions that market participants might reasonably use in valuing the securities. Changes in significant unobservable inputs could cause significant changes in valuation to individual securities and in aggregate. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Changes to any of these inputs may result in significant changes to fair value measurement as follows:

	Increase in Inputs	Decrease in Inputs
Unobservable Input(s)*	Impact to Valuation	Impact to Valuation
Fundamental quality	Increase	Decrease
Nature and duration of
restrictions on disposition	Decrease	Increase

Discounts applied for lack of marketability are taken after consideration of changes in other unobservable inputs used to value these securities.

Praxis Genesis Conservative Portfolio Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	16,192,818	$	—	$	—	$	16,192,818
Total Investments	$	16,192,818	$	—	$	—	$	16,192,818

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012 and the Portfolio held no Level 3 securities as of June 30, 2012.

Praxis Genesis Balanced Portfolio Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	42,437,194	$	—	$	—	$	42,437,194
Total Investments	$	42,437,194	$	—	$	—	$	42,437,194

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012 and the Portfolio held no Level 3 securities as of June 30, 2012.

Praxis Genesis Growth Portfolio Valuation Inputs at Reporting Date:

Valuation Inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Investments at Value
Mutual Funds	$	33,800,249	$	—	$	—	$	33,800,249
Total Investments	$	33,800,249	$	—	$	—	$	33,800,249

There were no transfers in and out of Levels 1, 2, or 3 during the period ended June 30, 2012 and the Portfolio held no Level 3 securities as of June 30, 2012.

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

61

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date.

Allocations:

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

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

Risks associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

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

Community Development Investments:

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

Dividends and Distributions:

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

62

dividends, they will be paid monthly. Distributions of realized gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios first learn of the dividend. Distributable net realized capital gains, if any, are declared and distributed at least annually.

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

Federal Income Taxes:

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

Redemption Fees:

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

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the period ended June 30, 2012 were as follows:

		Purchases		Sales
Intermediate Income Fund	$	108,962,173	$	66,323,647
Core Stock Fund		22,359,459		60,779,833
International Index Fund		54,129,649		1,319,096
Value Index Fund		25,639,424		24,198,643
Growth Index Fund		20,879,158		12,763,789
Small Cap Fund		19,239,967		19,807,345
Conservative Portfolio		3,385,748		1,622,865
Balanced Portfolio		9,974,333		6,960,954
Growth Portfolio		8,155,015		5,754,001

4. Investment Transactions with Affiliates:

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

	For the semi annual period ended June 30, 2012
	Fair value at													Fair value at
	December 31,		Purchase		Sales		Realized			Dividend		Shares at		June 30,
Affiliate	2011		Cost		Proceeds		Gain/Loss			Income		June 30, 2012		2012
Genesis Conservative Portfolio
Praxis Core Stock Fund	$	1,417,900	$	277,791	$	142,788	$	8,731		$	—		126,887	$	1,638,112
Praxis Growth Index Fund		700,304		116,395		89,894		8,798			—		72,864		819,719
Praxis Intermediate Income Fund		9,809,613		1,895,071		555,196		2			172,860		1,051,537		11,251,450
Praxis International Fund		523,332		23,529		605,268		71,160			—		—		—
Praxis International Index Fund		520,663		853,369		100,378		(8,248	)		—		146,918		1,247,332
Praxis Small Cap Fund		351,347		85,198		42,447		5,684			—		36,930		415,096
Praxis Value Index Fund		714,750		134,395		86,894		4,804			—		101,246		821,109
Total	$	14,037,909					$	90,931		$	172,860			$	16,192,818

63

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

	For the semi annual period ended June 30, 2012
	Fair value at													Fair value at
	December 31,		Purchase		Sales		Realized			Dividend		Shares at		June 30,
Affiliate	2011		Cost		Proceeds		Gain/Loss			Income		June 30, 2012		2012
Genesis Balanced Portfolio
Praxis Core Stock Fund	$	7,631,295	$	829,211	$	1,500,527	$	127,566		$	—		577,218	$	7,451,878
Praxis Growth Index Fund		2,826,444		642,288		98,523		(1,528	)		—		331,491		3,729,270
Praxis Intermediate
Income Fund		15,073,907		2,902,172		1,431,303		3,500			264,195		1,561,426		16,707,255
Praxis International Fund		2,814,541		55,533		3,182,713		350,869			—		—		—
Praxis International
Index Fund		2,801,466		4,171,395		330,837		(28,189	)		—		764,274		6,488,684
Praxis Small Cap Fund		3,789,779		647,741		333,823		52,239			—		384,544		4,322,279
Praxis Value Index Fund		2,882,777		725,993		83,228		(2,552	)		—		460,891		3,737,828
Total	$	37,820,209					$	501,905		$	264,195			$	42,437,194

	For the semi annual period ended June 30, 2012
	Fair value at													Fair value at
	December 31,		Purchase		Sales		Realized			Dividend		Shares at		June 30,
Affiliate	2011		Cost		Proceeds		Gain/Loss			Income		June 30, 2012		2012
Genesis Growth Portfolio
Praxis Core Stock Fund	$	7,531,732	$	727,050	$	953,176	$	36,815		$	—		600,959	$	7,758,384
Praxis Growth Index Fund		2,975,312		529,691		169,242		(5,284	)		—		330,119		3,713,834
Praxis Intermediate
Income Fund		5,949,041		1,300,087		697,112		3,374			105,964		618,558		6,618,568
Praxis International Fund		2,963,298		57,953		3,349,688		342,974			—		—		—
Praxis International
Index Fund		2,950,085		4,306,544		216,799		(28,673	)		—		807,186		6,853,009
Praxis Small Cap Fund		4,488,594		688,999		284,742		13,952			—		456,829		5,134,756
Praxis Value Index Fund		3,035,306		544,691		83,242		(4,839	)		—		458,902		3,721,698
Total	$	29,893,368					$	358,319		$	105,964			$	33,800,249

5. Related Party Transactions:

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

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

The Adviser has retained various Sub-Advisers to manage the investments of certain Funds under the terms of the Sub-Advisory Agreements. The Adviser (not the Funds) pays each Sub-Adviser a fee for these services. Aperio Group LLC serves as the Sub-Adviser to the International Index Fund, 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, 2013. 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

64

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 period ended June 30, 2012 were:

Funds
Intermediate Income Fund (Class A)	0.90	%
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 period ended June 30, 2012, 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)	$	33,021
Growth Index Fund (Class A)		11,772
Small Cap Fund (Class A)		5,709
Conservative Portfolio (Class A)		5,976
Balanced Portfolio (Class A)		12,660
Growth Portfolio (Class A)		33,099

As of June 30, 2012, 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
		2012		2015		33,021
					$	321,196
Core Stock Fund		2009		2012	$	3,112
International Index Fund		2011		2014	$	25,336
Value Index Fund		2009		2012	$	12,461
Growth Index Fund		2009		2012	$	30,231
		2010		2013		49,945
		2011		2014		30,195
		2012		2015		11,772
					$	122,143
Small Cap Fund		2009		2012	$	31,813
		2010		2013		36,427
		2011		2014		24,721
		2012		2015		5,709
					$	98,670
Conservative Portfolio		2010		2013	$	20,073
		2011		2014		22,806
		2012		2015		5,976
					$	48,855
Balanced Portfolio		2010		2013	$	54,714
		2011		2014		37,883
		2012		2015		12,660
					$	105,257
Growth Portfolio		2010		2013	$	83,521
		2011		2014		83,266
		2012		2015		33,099
					$	199,886

65

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

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	$	832
Core Stock Fund		1,804
International Index Fund		34
Value Index Fund		698
Growth Index Fund		178
Small Cap Fund		475
Conservative Portfolio		34
Balanced Portfolio		886
Growth Portfolio		1,569

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

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

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

The Chairman of the Board of Trustees receives an annual retainer of $9,000. The Lead Independent Trustee receives an annual retainer of $8,000. The Audit Committee Chairman of the Board of Trustees receives an annual retainer of $7,000. Each additional Independent Board member receives an annual retainer of $6,000. The meeting attendance fee is $2,000 per Trustee for each quarterly in-person meeting and $1,000 for telephonic meetings. The Trust paid $76,000 in aggregate Trustee fees during the period ended June 30, 2012.

6. Capital Share Transactions:

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

	Intermediate Income Fund						Core Stock Fund						International Index Fund
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2012			2011			2012			2011			2012			2011
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	16,390,287		$	17,842,649		$	945,992		$	2,784,590		$	15,653,362		$	2,760,359
Dividends reinvested		774,968			2,575,381									—			24,995
Cost of shares redeemed		(9,097,822	)		(16,909,001	)		(8,561,933	)		(17,396,336	)		(1,005,127	)		(240,521	)
Redemption fees		2,614			4,892			341			428			1,878			281
Class A Share Transactions	$	8,070,047		$	3,513,921		$	(7,615,600	)	$	(14,611,318	)	$	14,650,113		$	2,545,114
Class I Shares:
Proceeds from shares issued	$	38,651,035		$	37,031,789		$	5,972,165		$	12,985,466		$	44,511,297		$	76,906,807
Dividends reinvested		1,755,389			6,614,676			—			271,979			—			499,998
Cost of shares redeemed		(21,092,996	)		(42,731,853	)		(34,024,575	)		(21,965,228	)		(6,660,244	)		(3,582,373	)
Redemption fees		225
Class I Share Transactions	$	19,313,653		$	914,612		$	(28,052,410	)	$	(8,707,783	)	$	37,851,053		$	73,824,432

66

	Intermediate Income Fund						Core Stock Fund						International Index Fund
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2012			2011			2012			2011			2012			2011
Net increase (decrease) from capital transactions	$	27,383,700		$	4,428,533		$	(35,668,010	)	$	(23,319,101	)	$	52,501,166		$	76,369,546
Share Transactions:
Class A Shares:
Issued		1,531,697			1,681,985			72,928			221,037			1,737,453			310,802
Reinvested		72,406			243,211			—			—			—			3,048
Redeemed		(850,657	)		(1,594,755	)		(664,030	)		(1,423,750	)		(116,500	)		(28,431	)
Change in Class A Shares		753,446			330,441			(591,102	)		(1,202,713	)		1,620,953			285,419
Class I Shares:
Issued		3,633,423			3,503,049			459,046			1,065,943			4,944,646			8,141,416
Reinvested		164,546			626,565			—			22,202			—			60,753
Redeemed		(1,974,812	)		(4,037,063	)		(2,658,280	)		(1,786,986	)		(754,762	)		(396,600	)
Change in Class I Shares		1,823,157			92,551			(2,199,234	)		(698,841	)		4,189,884			7,805,569
Net increase (decrease) from share transactions		2,576,603			422,992			(2,790,336	)		(1,901,554	)		5,810,837			8,090,988

	Value Index Fund						Growth Index Fund						Small Cap Fund
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2012			2011			2012			2011			2012			2011
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	1,076,335		$	8,501,858		$	374,106		$	1,104,221		$	5,017,849		$	6,139,929
Dividends reinvested		—			249,363			—			3,268			—			—
Cost of shares redeemed		(9,848,188	)		(11,210,403	)		(673,099	)		(684,462	)		(2,313,914	)		(4,069,720	)
Redemption fees		600			585			2			34			2,050			4,371
Class A Share Transactions	$	(8,771,253	)	$	(2,458,597	)	$	(298,991	)	$	423,061		$	2,705,985		$	2,074,580
Class I Shares:
Proceeds from shares issued	$	12,909,701		$	9,149,054		$	13,548,198		$	7,432,380		$	7,468,701		$	44,566,871
Dividends reinvested		—			531,740			—			154,285			—			—
Cost of shares redeemed		(3,139,826	)		(7,945,964	)		(5,148,465	)		(3,416,920	)		(9,509,343	)		(13,483,812	)
Class I Share Transactions	$	9,769,875		$	1,734,830		$	8,399,733		$	4,169,745		$	(2,040,642	)	$	31,083,059
Net increase (decrease) from capital transactions	$	998,622		$	(723,767	)	$	8,100,742		$	4,592,806		$	665,343		$	33,157,639
Share Transactions:
Class A Shares:
Issued		133,175			1,052,346			33,607			109,490			455,749			589,722
Reinvested		—			32,811			—			327			—			—
Redeemed		(1,209,532	)		(1,401,411	)		(61,149	)		(67,448	)		(200,905	)		(398,215	)
Change in Class A Shares		(1,076,357	)		(316,254	)		(27,542	)		42,369			254,844			191,507
Class I Shares:
Issued		1,635,382			1,162,008			1,234,248			740,388			654,447			4,438,638
Reinvested		—			70,429			—			15,429			—			—
Redeemed		(387,397	)		(992,993	)		(460,083	)		(340,778	)		(825,369	)		(1,253,761	)
Change in Class I Shares		1,247,985			239,444			774,165			415,039			(170,922	)		3,184,877
Net increase (decrease) from share transactions		171,628			(76,810	)		746,623			457,408			83,922			3,376,384

67

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

	Conservative Portfolio						Balanced Portfolio						Growth Portfolio
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2012			2011			2012			2011			2012			2011
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,445,593		$	2,700,684		$	5,270,338		$	8,071,927		$	4,074,438		$	6,475,721
Dividends reinvested		102,935			443,264			116,343			920,144			6,123			605,034
Cost of shares redeemed		(800,785	)		(1,744,443	)		(2,399,800	)		(4,314,580	)		(1,724,423	)		(2,486,516	)
Redemption fees		96			3			81			71			164			36
Class A Share Transactions	$	1,747,839		$	1,399,508		$	2,986,962		$	4,677,562		$	2,356,302		$	4,594,275
Net increase (decrease) from capital transactions	$	1,747,839		$	1,399,508		$	2,986,962		$	4,677,562		$	2,356,302		$	4,594,275
Share Transactions:
Class A Shares:
Issued		226,186			253,638			471,591			732,804			356,202			572,049
Reinvested		9,528			41,807			10,428			85,326			542			56,139
Redeemed		(74,147	)		(163,973	)		(215,574	)		(394,905	)		(152,634	)		(223,233	)
Change in Class A Shares		161,567			131,472			266,445			423,225			204,110			404,955
Net increase (decrease) from share transactions		161,567			131,472			266,445			423,225			204,110			404,955

7. 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 Index Fund
	2011		2010		2011		2010		2011		2010
From ordinary income	$	11,842,578	$	11,366,009	$	450,728	$	933,114	$	985,546	$	—
From long-term capital gains		2,178,923		95,699		—		—		—		—
Total distributions	$	14,021,501	$	11,461,708	$	450,728	$	933,114	$	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

68

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

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

	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 deferral of losses on wash sales and 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 able 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 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.

69

Notes to Financial Statements, continued June 30, 2012 (Unaudited)

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
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, Value Index Fund, Growth Index Fund and Small Cap Fund utilized $3,348,839, $2,010,074, $330,501 and $3,094,463 of capital loss carryforwards, respectively.

The following information is computed on a tax basis for each item as of June 30, 2012:

	Intermediate			Core			International
	Income			Stock			Index
	Fund			Fund			Fund
Tax cost of portfolio investments	$	321,844,868		$	98,057,786		$	128,981,140
Gross unrealized appreciation		18,806,907			24,949,083			2,545,831
Gross unrealized depreciation		(586,363	)		(9,514,936	)		(14,293,330	)
Net unrealized appreciation (depreciation)		18,220,544			15,434,147			(11,747,499	)

	Value			Growth			Small
	Index			Index			Cap
	Fund			Fund			Fund
Tax cost of portfolio investments	$	56,552,287		$	42,012,012		$	59,609,864
Gross unrealized appreciation		6,667,106			8,999,563			12,290,866
Gross unrealized depreciation		(4,826,344	)		(651,408	)		(1,085,798	)
Net unrealized appreciation (depreciation)		1,840,762			8,348,155			11,205,068

	Conservative			Balanced			Growth
	Portfolio			Portfolio			Portfolio
Tax cost of portfolio investments	$	15,480,544		$	39,757,158		$	31,155,193
Gross unrealized appreciation		822,025			3,321,352			3,360,970
Gross unrealized depreciation		(109,751	)		(641,316	)		(715,914	)
Net unrealized appreciation (depreciation)		712,274			2,680,036			2,645,056

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

8. Commitments and Contingencies

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

9. Subsequent Events

The Funds and Portfolios evaluated subsequent events from June 30, 2012 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.

70

Additional Fund Information (unaudited) June 30, 2012

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the year ended June 30,2012

Intermediate Income Fund

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities	4.4%
Commercial Mortgage Backed Securities	5.2%
Foreign Bonds	1.0%
Municipal Bonds	2.4%
Corporate Bonds	42.3%
Corporate Notes	1.0%
Federal Farm Credit Bank	0.7%
Federal Home Loan Bank	3.8%
Federal Home Loan Mortgage Corp.	19.9%
Federal National Mortgage Association	16.1%
Government National Mortgage Association	0.3%
Small Business Administration	0.2%
U.S. Department of Housing and Urban Development	0.4%
FDIC Guaranteed	0.8%
Mutual Fund	1.2%
Short Term Investment	1.2%
Total	100.9%

Core Stock Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	93.9%
Commercial Paper	3.2%
Corporate Notes	1.6%
Short Term Investment	0.0%
Total	98.7%

Value Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	98.9%
Preferred Stock	0.0%
Corporate Notes	1.0%
Short Term Investment	0.3%
Total	100.2%

Growth Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	98.9%
Corporate Notes	0.7%
Short Term Investment	0.3%
Total	99.9%

Small Cap Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	92.4%
Corporate Notes	0.5%
Short Term Investment	6.7%
Total	99.6%

International Index Fund

	Percentage of
Security Allocation	Net Assets
Australia	6.0%
Austria	0.1%
Belgium	0.1%
Brazil	3.3%
Canada	7.5%
Chile	0.8%
China	2.2%
Colombia	0.8%
Denmark	0.8%
Finland	0.2%
France	5.4%
Germany	5.6%
Greece	0.1%
Hong Kong	3.6%
Hungary	0.1%
India	1.6%
Indonesia	0.8%
Ireland	1.5%
Israel	0.5%
Italy	1.3%
Japan	14.8%
Jersey	0.3%
Mexico	1.5%
Netherlands	4.6%
Norway	1.1%
Peru	0.2%
Portugal	0.1%
Russia	0.9%
Singapore	2.1%
South Africa	1.9%
South Korea	2.7%
Spain	1.9%
Sweden	1.6%
Switzerland	6.4%
Taiwan	2.5%
Turkey	0.2%
United Kingdom	12.0%
United States	0.8%
Corporate Notes	0.7%
Short Term Investment	0.8%
Total	99.4%

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	100.2%

71

Additional Fund Information (unaudited), continued June 30, 2012

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2012 through June 30, 2012.

Actual Expenses:

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

	Beginning	Ending	Expense Paid	Expense Ratio
	Account Value	Account Value	During Period*	During Period**
	1/1/2012	6/30/2012	01/1/2012-6/30/2012	01/1/2012-6/30/2012
Intermediate Income Fund
Class A	$1,000.00	$1,023.70	$4.83	0.96	%
Class I	1,000.00	1,025.70	2.87	0.57	%
Core Stock Fund
Class A	1,000.00	1,054.50	8.12	1.59	%
Class I	1,000.00	1,057.30	4.76	0.93	%
International Index Fund
Class A	1,000.00	1,023.70	8.35	1.66	%
Class I	1,000.00	1,025.70	3.98	0.79	%
Value Index Fund
Class A	1,000.00	1,074.00	7.22	1.40	%
Class I	1,000.00	1,078.50	2.58	0.50	%
Growth Index Fund
Class A	1,000.00	1,125.50	5.81	1.10	%
Class I	1,000.00	1,129.50	2.65	0.50	%
Small Cap Fund
Class A	1,000.00	1,049.50	8.71	1.71	%
Class I	1,000.00	1,053.40	5.31	1.04	%
Conservative Portfolio
Class A	1,000.00	1,037.60	3.09	0.61	%
Balanced Portfolio
Class A	1,000.00	1,047.20	3.10	0.61	%
Growth Allocation
Portfolio Class A	1,000.00	1,052.60	3.11	0.61	%

* 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

72

Additional Fund Information (unaudited), continued June 30, 2012

Hypothetical Example for Comparison Purposes:

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

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

	Beginning	Ending	Expense Paid	Expense Ratio
	Account Value	Account Value	During Period*	During Period**
	1/1/2012	6/30/2012	01/1/2012-6/30/2012	01/1/2012-6/30/2012
Intermediate Income Fund
Class A	$1,000.00	$1,020.09	$4.82	0.96	%
Class I	1,000.00	1,022.03	2.87	0.57	%
Core Stock Fund
Class A	1,000.00	1,016.96	7.97	1.59	%
Class I	1,000.00	1,020.24	4.67	0.93	%
International Index Fund
Class A	1,000.00	1,016.61	8.32	1.66	%
Class I	1,000.00	1,020.93	3.97	0.79	%
Value Index Fund
Class A	1,000.00	1,017.90	7.02	1.40	%
Class I	1,000.00	1,022.38	2.51	0.50	%
Growth Index Fund
Class A	1,000.00	1,019.39	5.52	1.10	%
Class I	1,000.00	1,022.38	2.51	0.50	%
Small Cap Fund
Class A	1,000.00	1,016.36	8.57	1.71	%
Class I	1,000.00	1,019.69	5.22	1.04	%
Conservative Portfolio
Class A	1,000.00	1,021.83	3.07	0.61	%
Balanced Portfolio
Class A	1,000.00	1,021.83	3.07	0.61	%
Growth Allocation Portfolio
Class A	1,000.00	1,021.83	3.07	0.61	%

* 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

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

Annual/Semi-Annual Reports:

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

Statement Of Additional Information (SAI):

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

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

Praxis Mutual Funds

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

2120542

Item 2. Code Of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission Of Matters To A Vote Of Security Holders.

Not applicable.

Item 11. Controls And Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

Praxis Mutual Funds

By:

/s/ Trent Statczar

-------------------------

Trent Statczar

Treasurer and Chief Financial Officer

September 5, 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:

/s/ David Gautsche

-------------------------

David Gautsche

President and Chief Executive Officer

September 5, 2012

By:           /s/ Trent Statczar

-------------------------

Trent Statczar

Treasurer and Chief Financial Officer

September 5, 2012