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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-8056

Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski

Dechert LLP

200 Clarendon Street, 27^th Floor

Boston, MA 02116

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 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

Annual Report

for the 12 months ending Dec. 31, 2012

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Praxis Mutual Funds	Class A	Class I
Intermediate Income Fund	MIIAX	MIIIX
International Index Fund	MPLAX	MPLIX
Value Index Fund	MVIAX	MVIIX
Growth Index Fund	MGNDX	MMDEX
Small Cap Fund	MMSCX	MMSIX

Praxis Genesis Portfolios	Class A
Conservative Portfolio	MCONX
Balanced Portfolio	MBAPX
Growth Portfolio	MGAFX

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Table of Contents


Message from the President			1

Stewardship investing report			3

Praxis Intermediate Income Fund
Portfolio managers’ commentary			5
Performance review			6
Schedule of portfolio investments			7

Praxis International Index Fund
Portfolio managers’ commentary			13
Performance review			14
Schedule of portfolio investments			15

Praxis Value Index Fund
Portfolio manager commentary			24
Performance review			25
Schedule of portfolio investments			26

Praxis Growth Index Fund
Portfolio manager commentary			30
Performance review			31
Schedule of portfolio investments			32

Praxis Small Cap Fund
Portfolio manager commentary			36
Performance review			37
Schedule of portfolio investments			38

Praxis Genesis Portfolios
Portfolio manager commentary			40

Praxis Genesis Conservative Portfolio
Performance review			42
Schedule of portfolio investments			43

Praxis Genesis Balanced Portfolio
Performance review			44
Schedule of portfolio investments			45

Praxis Genesis Growth Portfolio
Performance review			46
Schedule of portfolio investments			47

Financial Statements
Statements of assets and liabilities			48
Statements of operations			50
Statements of changes in net assets			52
Financial highlights			55

Notes to Financial Statements			63

Report of Independent Registered Public Accounting Firm			79

Additional Fund Information (unaudited)			80

Management of the Trust (unaudited)			87

Message from the President (unaudited)

Dear Praxis shareholder:

While the U.S. elections are behind us, and the “fiscal cliff” has been averted, the uncertainty continues, knowing that many of the systemic problems with entitlements and potential tax code revisions have not been resolved. Additionally, the need to raise the national debt limit in the first quarter looms on the horizon, underscoring the challenges ahead. As we have stated numerous times, if the past is any predictor of the future, at least in the short-term, there is little to assure us that volatility won’t be with us into the coming year.

This past year, 2012, was significant for Praxis Mutual Funds. In April, the Praxis International Fund was closed, and in December the Praxis Core Stock Fund was merged into the Praxis Growth Index Fund in a tax-free reorganization. These changes come as a result of our ongoing efforts to deliver value to you, our shareholders.

Shareholder advocacy is an integral part of our stewardship investing philosophy and practice. In 2012, we saw significant progress on a number of fronts, but particularly positive was our dialog with The Hershey Corporation. Since 2009, we have engaged Hershey on the use of children who are forced to work, often through coercion and violence, in the cocoa plantations in West Africa where 70 percent of the world’s cocoa is grown. And, thanks in part to our shareholder advocacy efforts, Hershey recently announced it will use 100 percent certified cocoa for all of its global chocolate product lines by 2020, as well as strengthen its programs to eradicate child labor in the cocoa industry.

As the largest chocolate manufacturer in North America, this commitment from Hershey should significantly increase the global supply and demand for certified cocoa. We applaud Hershey for taking this big step toward eliminating labor abuses in West African cocoa plantations, and we will continue encouraging them and others to address cocoa sourcing and labor standards around the world.

In December, the Praxis Board of Trustees recognized the significant work of Howard Brenneman who served as chair of the Board of Trustees of Praxis since its inception in 1994. We are deeply grateful for his vision and leadership. While serving as president of MMA, now Everence, Howard encouraged the development of Praxis, one of the first faith-based mutual funds in the country. We will miss his leadership and insights, and wish him well in his retirement from the Board. We also welcome R. Clair Sauder as the new chair of the Praxis Board of Trustees, and look forward to his leadership in the years to come.

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

Message from the President (unaudited), continued

Thank you for being an investor with Praxis Mutual Funds. At Praxis, we strive to make a lasting impact on the world. We are able to do that because of you. We are doing better together – working to improve our local and global communities, one investment at a time. We are grateful for your support.

Sincerely,

LOGO

David C. Gautsche

President, Praxis Mutual Funds

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

As of Dec. 31, 2012, the Praxis Growth Index Fund had invested 0.28 percent of its assets in Hershey. Fund holdings subject to change. To obtain holdings as of the end of the most recent quarter, visit www.praxismutualfunds.com.

The views expressed are those of the president of Praxis Mutual Funds as of Dec. 31, 2012, are subject to change, and may differ from the views of portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis stewardship investing report (unaudited)

The second half of 2012 featured a number of important gains in the area of stewardship investing:

Hershey¹ commits to 100 percent certification by 2020

In addition to The Hershey Company’s announcement in early 2012 that it will begin making its Hershey’s Bliss chocolate products with 100 percent cocoa from Rainforest Alliance Certified farms, this fall the company committed to sourcing all of its cocoa beans from sources certified for environmental and labor standards by 2020. This announcement marks a major milestone for the company and the chocolate industry. Praxis continues to work with Hershey as it seeks to develop a company-wide certification program covering millions of pounds of cocoa beans.

BP² appoints independent expert, transparency still elusive

While shareholders welcomed BP’s appointment of an independent expert, Carl Sandlin, to provide assurance on the implementation of the Bly Report recommendations, Praxis was disappointed at the decision to restrict Sandlin’s information and access to the BP Safety, Ethics, and Environmental Assurance Committee (SEEAC). Shareholders had long asked for greater, independent verification of the company’s progress on safety and risk management concerns. Conversations with both BP’s Corporate Secretary and SEEAC’s new chair, Paul Anderson, offered little progress. The conclusion and settlement of U.S. Department of Justice charges layered a new round of historic fines and criminal penalties on the company. While two federal monitors are to be appointed as part of this process, there is no clarity on what – if any – access shareholders and the public will have to these reports. Praxis and the global BP shareholder coalition is focused on strategic action prior to BP’s annual May 2013 meeting, seeking to further highlight transparency concerns to both the company and broader shareholder community.

Conflict minerals and cellular service providers: one step forward, one step back

For the past two years, Praxis Mutual Funds has worked with major cellular service providers about the use of conflict minerals – often mined by forced labor in the Democratic Republic of the Congo – in cell phones and other electronics. We are encouraged by the responses received from Sprint Nextel³ and Deutsch Telekom/T-Mobile⁴. In August, the Securities and Exchange Commission released long-awaited reporting guidelines for disclosing conflict mineral content. These rules had been developed over two years with input from both businesses and investors.

Unfortunately, in November 2012, three business associations filed suit to block the rules implementation, claiming the costs being placed on businesses were unfairly burdensome. Praxis and other concerned investors responded, issuing an investor statement opposing the lawsuit and supporting the new rules as fair and critical to addressing the humanitarian crisis in the Congo. You’re invited to visit www.praxismutualfunds.com to learn more about this situation and add your voice to encourage companies to continue their plans to voluntarily disclose their involvement in and efforts to address conflict minerals.

Looking beyond disasters, investing in long-term recovery

Everence and Praxis Mutual Funds stepped forward to help establish the Isaiah Fund – the nation’s first interfaith disaster recovery investment fund – in the wake of Hurricanes Rita and Katrina. In late 2012, Everence Community Investments became the first investor to commit $500,000 in support of the Isaiah Fund’s newest initiative to bring long-term disaster recovery to communities devastated by Hurricane Sandy. The Isaiah Fund is partnering with faith-based disaster recovery organizations, national foundations and civic groups in affected regions to identify where its investor efforts can best be used. Watch for more information in the community development investing section of the Praxis website.

Praxis stewardship investing report (unaudited), continued

Investing in the coming carbon transition

Praxis Mutual Funds has long held a concern for the implications of global warming – and the need for all sectors of society to work on solutions to lead us away from fossil fuel dependency. We recognize that there is no perfect solution for this problem. It will take many changes – big and small – and many years to shift our economy and society to a more sustainable path.

In addition to our shareholder advocacy efforts over the years, opportunities to invest in energy efficiency and clean power plays an important role in our positive investing initiative in the Praxis Intermediate Income Fund. To date, over $20 million (more than 6.5 percent of Fund assets) have been invested in bonds that combine high social impact and market rates of financial performance. Many of these bonds support clean energy expansion, energy-efficient technologies, LEED certified real estate and more. These investments are in addition to the Fund’s “1 percent or more” commitment to community development investments in disadvantaged communities around the world. And while these efforts are just a start, we see them as a down-payment on even greater investment opportunities yet to come.

Mark Regier

Director of Stewardship Investing

Everence Capital Management

¹ As of Dec. 31, 2012, the Praxis Growth Index Fund had invested 0.28 percent of its assets in Hershey.

² As of Dec. 31, 2012, the Praxis Growth Index Fund had invested 0.38 percent of its assets, the Praxis Value Index Fund had invested 0.63 percent of its assets, and the Praxis International Index Fund had invested 0.95 percent of its assets in BP.

³ As of Dec. 31, 2012, the Praxis Growth Index Fund had invested 0.34 percent of its assets in Sprint Nextel.

⁴ As of Dec. 31, 2012, the Praxis International Index Fund had invested 0.22 percent of its assets in Duetsche Telekom.

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

The views expressed are those of the director of stewardship investing as of Dec. 31, 2012, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Intermediate Income Fund

2012 Praxis Annual Report

Portfolio Managers’ Commentary (unaudited)

For the calendar year 2012, the Praxis Intermediate Income Fund’s Class A shares (without load) returned 4.64 percent versus the Barclays U.S. Aggregate Bond Index, which generated a return of 4.22 percent.

One of the primary reasons that the Fund outperformed its benchmark was the extra yield the Fund earned from its over-weighting of corporate bonds, commercial mortgage backed securities and asset backed securities. The Fund also benefited from its lack of Treasuries and an underweight to mortgage backed securities, both of which underperformed the broader benchmark. The Fund’s duration was shorter than the benchmark, which detracted from Fund performance as interest rates fell slightly from 2011’s closing levels.

Corporate bonds and commercial mortgage backed securities did exceptionally well as spreads (the yield premium over Treasuries) narrowed, leading to higher bond prices. Both sectors benefited from the Federal Reserve’s quantitative easing measures that forced investors to accept more risk to earn a return. As investors acquired more corporate bonds and commercial mortgage backed securities, prices rose and yields declined leading to higher total returns.

We believe that the most probable scenario in 2013 is that the economy will continue to grow at a modest rate somewhere around 2 percent. This rate of growth should keep the very easy monetary policies of the Federal Reserve in place and result in interest rates remaining at historically low levels. We also expect interest rates to bottom out during the year and to move up modestly to reflect the underlying improvement in growth.

We believe that the U.S. economy is in a de-leveraging cycle that will continue for several more years. Debt reduction is well advanced in the household sector, which is starting to spur the housing market again. The business sector was never over-leveraged, so not much needed to be done. However, the banking system was over-leveraged, and that has begun to change for the better. Banks have raised capital, continued to write off non-performing loans and are now in better shape. As the excesses of the housing sector are gradually cleaned up, the drag on the economy should start to fade. The lone holdout has been the federal government, which has continued to pile on more debt. We expect an extended period of de-leveraging of the federal government’s excessive debt burden, but this is unlikely to be a major priority in 2013 unless the bond market begins to pressure the government by requiring higher interest rates on its debt.

One of the potentially large risks that we see for 2013 is the situation in Europe, where the tension remains high over how to resolve the problems that have come from creating a common currency without a fiscal and political union. In the short run, the European Central Bank has papered over some of the problems with liquidity. Unfortunately, this is not a stable situation and does not solve the fiscal problems of southern Europe. The European Central Bank’s backstop may very well keep things under control for 2013, but the risk of a crisis is never very far away. There are always the usual suspects such as the political unrest in the Middle East, a possible slowdown in China, and the potential for nationalistic opposition to globalization. These are factors we have to live and cope with as we manage the portfolio.

The broad de-leveraging imperative for the developed economies hangs over all of us. We are attempting to manage through this by keeping the Fund’s duration relatively short, avoiding large risks, and keeping a well-diversified portfolio with enough yield to at least partially offset the longer term risk of rising interest rates. We also intend to keep enough liquidity in the portfolio to allow us to shift allocations to higher return asset classes under conditions of market stress. In short, our goal is for the Fund to seek to offer stability in a highly uncertain world even as a low starting yield (1.74 percent) for the Barclays Aggregate Bond Index suggests that future returns are unlikely to exceed 2 to 3 percent.

Benjamin J. Bailey, CFA^®

Praxis Intermediate Income Fund Co-Manager

Everence Capital Management

Delmar King

Praxis Intermediate Income Fund Co-Manager

Everence Capital Management

The views expressed are those of the portfolio managers as of Dec. 31, 2012, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Intermediate Income Fund

Performance Review

Growth of $10,000 investment from 12/31/02 to 12/31/12

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 3.75%) of the Fund and Index from 12/31/02 to 12/31/12, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio*** Gross / Net
Intermediate Income
Class A (Without Load)			4.64%		5.78%		6.15%		4.94%		1.10%	0.98%
Class A *			0.75%		4.43%		5.35%		4.55%
Class I **	5/1/06		4.98%		6.18%		6.51%		5.15%		0.59%	0.59%
Barclays Capital Aggregate Bond Index¹			4.22%		6.19%		5.95%		5.18%

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

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

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

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

Schedule of Portfolio Investments


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT			FAIR VALUE
ASSET BACKED SECURITIES—4.3%
Ally Auto Receivables Trust, 0.97%, 8/17/15	$	2,001,501		$	2,008,100
Ally Auto Receivables Trust, 1.11%, 1/15/15		990,680			992,974
Ally Auto Receivables Trust, 3.00%, 10/15/15(a)		1,356,459			1,357,810
Bank of America Auto Trust, 2.67%, 12/15/16(a)		1,076,323			1,084,679
Bank of America Auto Trust, 3.03%, 10/15/16(a)		646,024			648,801
Beacon Container Finance LLC, 3.72%, 9/20/27(a)		487,513			501,041
Cabela’s Master Credit Card Trust, 0.81%, 6/17/19+(a)		1,000,000			1,009,479
Cronos Containers Program Ltd., 4.21%, 5/18/27(a)		941,667			961,832
Domino’s Pizza Master Issuer LLC, 5.22%, 1/25/42(a)		988,750			1,111,133
Fairway Outdoor Funding LLC, 4.21%, 10/15/42(a)		498,795			498,878
Ford Credit Auto Owner Trust, 0.97%, 1/15/15		231,640	��		232,164
Ford Credit Auto Owner Trust, 4.43%, 11/15/14		242,908			246,535
Global SC Finance SRL, 4.11%, 7/19/27(a)		958,333			1,001,376
GTP Acquisition Partners I LLC, 4.35%, 6/15/16(a)		800,000			847,806
Hyundai Auto Receivables Trust, 1.65%, 2/15/17		1,000,000			1,019,933
SBA Tower Trust, 4.25%, 4/15/15(a)		750,000			787,936
Trip Rail Master Funding LLC, 2.71%, 7/15/41+(a)		829,290			834,231

TOTAL ASSET BACKED SECURITIES					15,144,708

COMMERCIAL MORTGAGE BACKED SECURITIES—4.9%
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41		1,000,000			1,083,795
Bear Stearns Commercial Mortgage Securities, 4.83%, 7/11/42		440,268			447,702
Bear Stearns Commercial Mortgage Securities, 4.95%, 2/11/41		17,973			18,012
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41+		1,000,000			1,086,236
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		2,000,000			2,296,908
Bear Stearns Commercial Mortgage Securities, 5.61%, 6/11/50		325,613			333,262
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		1,000,000			1,192,457
Commercial Mortgage Pass Through Certificates, 2.85%, 10/15/45		1,000,000			1,027,347
Commercial Mortgage Pass Through Certificates, 3.39%, 5/15/45		1,000,000			1,077,592
DBUBS Mortgage Trust, 3.74%, 11/10/46(a)		720,938			779,774
JPMorgan Chase Commercial Mortgage Securities Corp., 4.63%, 3/15/46		181,041			181,348


	PRINCIPAL AMOUNT		FAIR VALUE
COMMERCIAL MORTGAGE BACKED SECURITIES—4.9%, continued
JPMorgan Chase Commercial Mortgage Securities Corp., 4.90%, 10/15/42	$	956,023	$	955,338
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+		1,000,000		1,085,733
JPMorgan Chase Commercial Mortgage Securities Corp., 5.13%, 5/15/47		399,863		421,574
JPMorgan Chase Commercial Mortgage Securities Corp., 5.17%, 8/12/40+		409,204		409,140
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		2,000,000		2,296,274
Morgan Stanley Capital I, Inc., 3.88%, 9/15/47(a)		1,000,000		1,084,666
Morgan Stanley Capital I, Inc., 5.01%, 1/14/42		39,738		39,773
Morgan Stanley Capital I, Inc., 5.66%, 10/15/42+		167,695		169,541
Morgan Stanley Capital I, Inc., 5.82%, 8/12/41+		1,000,000		1,157,785
Wachovia Bank Commercial Mortgage Trust, 5.04%, 3/15/42		230,748		233,418

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				17,377,675

FOREIGN BONDS—0.9%
Arab Republic of Egypt, 4.45%, 9/15/15		2,000,000		2,214,440
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,053,977

TOTAL FOREIGN BONDS				3,268,417

MUNICIPAL BONDS—2.9%
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34		600,000		698,646
City of Indianapolis IN, 0.63%, 7/01/14		1,000,000		999,780
City of Lancaster PA (CIFG), 5.59%, 11/15/34		1,000,000		1,055,250
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,111,970
Fort Wayne International Airport Air Trade Center Building Corp., 4.25%, 7/15/16		500,000		532,280
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,194,460
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,677,480
LL&P Wind Energy, Inc. (XLCA), 5.73%, 12/01/17(a)		1,000,000		1,025,690
Warm Springs Reservation Confederated Tribe, 8.25%, 11/01/19		750,000		893,737
Wisconsin Department of Transportation, 5.84%, 7/01/30		800,000		911,912

TOTAL MUNICIPAL BONDS				10,101,205

CORPORATE BONDS—38.3%
ADVERTISING—0.6%
Interpublic Group of Cos., Inc., 10.00%, 7/15/17		750,000		819,375
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,220,287

				2,039,662

AUTO COMPONENTS—0.3%
BorgWarner, Inc., 5.75%, 11/01/16		1,000,000		1,125,059

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
BIOTECHNOLOGY—0.1%
Biogen Idec, Inc., 6.00%, 3/01/13	$	500,000	$	504,303

BROADCASTING & CABLE TV—0.3%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,185,264

BUILDING PRODUCTS—0.5%
Masco Corp., 6.13%, 10/03/16		500,000		552,271
Owens Corning, 4.20%, 12/15/22		960,000		976,306
Owens Corning, 6.50%, 12/01/16		163,000		183,157

				1,711,734

CAPITAL MARKETS—0.4%
Raymond James Financial, Inc., 8.60%, 8/15/19		1,000,000		1,266,632

CHEMICALS—0.3%
Airgas, Inc., 3.25%, 10/01/15		1,000,000		1,062,123

COMMERCIAL BANKS—1.7%
ANZ New Zealand International Ltd., 3.13%, 8/10/15(a)		1,000,000		1,047,835
Canadian Imperial Bank of Commerce, 2.00%, 2/04/13(a)		1,000,000		1,001,400
JPMorgan Chase Bank NA, 5.88%, 6/13/16		700,000		798,298
Manufacturers & Traders Trust Co., 6.63%, 12/04/17		600,000		725,753
State Street Corp., 7.35%, 6/15/26		1,000,000		1,363,975
Wells Fargo & Co., 3.50%, 3/08/22		887,000		946,120

				5,883,381

COMMERCIAL SERVICES & SUPPLIES—0.6%
GATX Corp., 9.00%, 11/15/13		897,601		956,164
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,050,131

				2,006,295

COMPUTERS & PERIPHERALS—0.1%
Hewlett-Packard Co., 3.30%, 12/09/16		500,000		508,945

CONSTRUCTION MATERIALS—0.3%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,107,091

CONSUMER FINANCE—0.8%
Ford Motor Credit Co. LLC, 4.25%, 2/03/17		500,000		535,645
Ford Motor Credit Co. LLC, 7.00%, 4/15/15		1,000,000		1,115,038
Harley-Davidson Financial Services, Inc., 2.70%, 3/15/17(a)		500,000		516,763
SLM Corp., 5.38%, 1/15/13		500,000		499,997

				2,667,443

CONTAINERS & PACKAGING—0.5%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		535,230
Sealed Air Corp., 7.88%, 6/15/17		1,000,000		1,066,250

				1,601,480

DIVERSIFIED FINANCIAL SERVICES—2.7%
Bank of America Corp., 5.65%, 5/01/18		1,250,000		1,454,304
Citigroup, Inc., 4.45%, 1/10/17		500,000		553,900
Citigroup, Inc., 6.13%, 11/21/17		1,000,000		1,190,157
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,123,558


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
DIVERSIFIED FINANCIAL SERVICES—2.7%, continued
General Electric Capital Corp., 6.15%, 8/07/37	$	1,000,000	$	1,243,196
Goldman Sachs Group, Inc., 6.15%, 4/01/18		500,000		587,384
JPMorgan Chase & Co., 4.63%, 5/10/21		500,000		570,085
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,696,470
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		1,153,009

				9,572,063

ELECTRIC UTILITIES—3.6%
AEP Texas North Co., 5.50%, 3/01/13		1,000,000		1,008,037
CMS Energy Corp., 4.25%, 9/30/15		600,000		636,635
Consumers Energy Co., 6.70%, 9/15/19		625,000		813,056
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		584,039
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		2,039,324
Oncor Electric Delivery Co. LLC, 6.80%, 9/01/18		750,000		930,137
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		576,539
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,351,441
Potomac Edison Co., 5.13%, 8/15/15		1,000,000		1,098,049
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,426,899
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,228,162
TransAlta Corp., 4.75%, 1/15/15		500,000		529,822
TransAlta Corp., 6.65%, 5/15/18		500,000		574,686

				12,796,826

ELECTRICAL EQUIPMENT—0.2%
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		616,128

FOOD PRODUCTS—0.4%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		1,000,000		1,043,633
Ralcorp Holdings, Inc., 4.95%, 8/15/20		500,000		527,675

				1,571,308

FOOD-RETAIL—0.2%
Koninklijke Ahold NV, 7.82%, 1/02/20		737,453		839,775

GAS UTILITIES—0.6%
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		298,212
Michigan Consolidated Gas Co., 8.25%, 5/01/14		1,000,000		1,093,250
National Fuel Gas Co., 6.50%, 4/15/18		500,000		600,691

				1,992,153

HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
DENTSPLY International, Inc., 2.75%, 8/15/16		570,000		591,390
Mead Johnson Nutrition Co., 3.50%, 11/01/14		500,000		522,569
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		567,181

				1,681,140

HEALTH CARE PROVIDERS & SERVICES—0.8%
Express Scripts Holding Co., 6.25%, 6/15/14		550,000		592,283
Howard Hughes Medical Institute, 3.45%, 9/01/14		843,000		885,508

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
HEALTH CARE PROVIDERS & SERVICES—0.8%, continued
Laboratory Corp of America Holdings, 3.13%, 5/15/16	$	500,000	$	526,809
McKesson Corp., 6.00%, 3/01/41		474,000		626,082

				2,630,682

HOTELS, RESTAURANTS & LEISURE—0.5%
Darden Restaurants, Inc., 3.35%, 11/01/22		1,000,000		967,626
Hyatt Hotels Corp., 5.75%, 8/15/15(a)		750,000		823,331

				1,790,957

HOUSEHOLD DURABLES—0.2%
Snap-On, Inc., 4.25%, 1/15/18		500,000		559,562

HOUSEHOLD PRODUCTS—0.2%
Church & Dwight Co., Inc., 3.35%, 12/15/15		500,000		525,836

INDUSTRIAL CONGLOMERATES—1.1%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,819,000
Cooper U.S., Inc., 5.45%, 4/01/15		1,000,000		1,099,187
Harsco Corp., 5.75%, 5/15/18		750,000		834,361

				3,752,548

INDUSTRIAL MACHINERY—0.3%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,177,375

INSURANCE—0.5%
Montpelier Re Holdings Ltd., 4.70%, 10/15/22		250,000		255,771
OneBeacon US Holdings Inc, 4.60%, 11/09/22		1,000,000		1,028,204
Prudential Financial, Inc., 5.88%, 9/15/42+		500,000		525,000

				1,808,975

INSURANCE BROKERS—0.3%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,092,538

INTEGRATED TELECOMMUNICATION SERVICES—0.8%
Frontier Communications Corp., 7.13%, 3/15/19		750,000		815,625
GTE Corp., 6.84%, 4/15/18		1,000,000		1,251,972
Verizon Communications, Inc., 6.00%, 4/01/41		500,000		652,589

				2,720,186

INTERNET & CATALOG RETAIL—0.2%
QVC, Inc., 7.13%, 4/15/17(a)		500,000		524,342

IT SERVICES—1.4%
Dun & Bradstreet Corp., 2.88%, 11/15/15		250,000		253,607
Dun & Bradstreet Corp., 4.38%, 12/01/22		1,000,000		1,021,285
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,170,351
Fiserv, Inc., 3.13%, 10/01/15		250,000		262,113
Moody’s Corp., 5.50%, 9/01/20		1,000,000		1,115,119
Verisk Analytics, Inc., 5.80%, 5/01/21		960,000		1,075,820

				4,898,295

LIFE & HEALTH INSURANCE—0.2%
Americo Life, Inc., 7.88%, 5/01/13(a)		750,000		764,154


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
MACHINERY—0.4%
Kennametal, Inc., 2.65%, 11/01/19	$	955,000	$	956,403
Pall Corp., 5.00%, 6/15/20		500,000		565,384

				1,521,787

MEDIA—0.1%
Time Warner Cable, Inc., 4.50%, 9/15/42		500,000		487,624

METALS & MINING—0.7%
Carpenter Technology Corp., 6.63%, 5/15/13		500,000		506,709
Newcrest Finance Pty Ltd., 4.45%, 11/15/21(a)		1,000,000		1,052,658
Teck Resources Ltd., 3.00%, 3/01/19		500,000		515,454
Xstrata Finance Canada Ltd., 3.60%, 1/15/17(a)		500,000		526,556

				2,601,377

MULTI-LINE INSURANCE—1.2%
American International Group, Inc., 3.80%, 3/22/17		1,000,000		1,082,334
Horace Mann Educators Corp., 6.85%, 4/15/16		750,000		818,330
Kemper Corp., 6.00%, 11/30/15		800,000		862,841
Liberty Mutual Group, Inc., 4.95%, 5/01/22(a)		800,000		871,910
Metropolitan Life Global Funding I, 5.13%, 6/10/14(a)		500,000		531,550

				4,166,965

MULTILINE RETAIL—0.7%
Dollar General Corp., 4.13%, 7/15/17		500,000		525,000
J.C. Penney Co., Inc., 5.75%, 2/15/18		500,000		440,000
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,471,257

				2,436,257

MULTI-UTILITIES—0.2%
Puget Energy, Inc., 5.63%, 7/15/22		750,000		807,809

OFFICE SERVICES & SUPPLIES—0.2%
Steelcase, Inc., 6.38%, 2/15/21		500,000		532,688

OIL, GAS & CONSUMABLE FUELS—1.1%
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,000,000		1,394,173
Merey Sweeny LP, 8.85%, 12/18/19(a)		633,672		743,323
Newfield Exploration Co., 7.13%, 5/15/18		500,000		527,500
Pioneer Natural Resources Co., 5.88%, 7/15/16		500,000		566,945
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		646,400		712,010

				3,943,951

PAPER & FOREST PRODUCTS—0.4%
Domtar Corp., 9.50%, 8/01/16		702,000		835,523
PH Glatfelter Co., 5.38%, 10/15/20(a)		500,000		512,500

				1,348,023

PHARMACEUTICALS—0.1%
AbbVie, Inc., 2.00%, 11/06/18(a)		500,000		506,462

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
PIPELINES—1.2%
Enbridge Energy Partners LP, 5.20%, 3/15/20	$	500,000	$	563,967
Florida Gas Transmission Co. LLC, 4.00%, 7/15/15(a)		1,000,000		1,063,173
Kern River Funding Corp., 6.68%, 7/31/16(a)		667,647		747,832
Rockies Express Pipeline LLC, 6.25%, 7/15/13(a)		750,000		766,875
Texas Gas Transmission LLC, 4.60%, 6/01/15		1,000,000		1,081,774

				4,223,621

PROPERTY & CASUALTY INSURANCE—1.3%
21st Century Insurance Group, 5.90%, 12/15/13		973,000		1,008,733
Fidelity National Financial, Inc., 5.50%, 9/01/22		725,000		802,448
Markel Corp., 6.80%, 2/15/13		1,000,000		1,006,318
Progressive Corp., 6.70%, 6/15/37+		500,000		540,000
W.R.Berkley Corp., 4.63%, 3/15/22		250,000		267,962
W.R.Berkley Corp., 6.15%, 8/15/19		710,000		809,176

				4,434,637

PUBLISHING—0.2%
Washington Post Co., 7.25%, 2/01/19		575,000		689,464

REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%
Boston Properties LP, 3.85%, 2/01/23		1,000,000		1,050,484
ERP Operating LP, 7.13%, 10/15/17		1,104,000		1,351,444
Federal Realty Investment Trust, 5.65%, 6/01/16		625,000		703,103
Health Care REIT, Inc., 4.70%, 9/15/17		718,000		800,908
National Retail Properties, Inc., 3.80%, 10/15/22		250,000		253,864
Pan Pacific Retail Properties, Inc., 5.95%, 6/01/14		1,000,000		1,065,510
PPF Funding, Inc., 5.13%, 6/01/15(a)		750,000		789,449
ProLogis LP, 6.13%, 12/01/16		1,000,000		1,143,633

				7,158,395

ROAD & RAIL—1.1%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,232,823
Burlington Northern Santa Fe LLC, 7.16%, 1/02/20		1,034,782		1,221,780
CSX Transportation, Inc., 8.38%, 10/15/14		419,739		465,910
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.75%, 5/11/17(a)		1,000,000		1,046,371

				3,966,884

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		627,597
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,201,238

				1,828,835

SOFT DRINKS—0.3%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,180,760

SOFTWARE—0.1%
Symantec Corp., 2.75%, 6/15/17		500,000		514,212


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE BONDS—38.3%, continued
SPECIALTY RETAIL—0.6%
Advance Auto Parts, Inc., 4.50%, 1/15/22	$	402,000	$	419,692
Ethan Allen Global, Inc., 5.38%, 10/01/15		500,000		513,750
O’Reilly Automotive, Inc., 3.80%, 9/01/22		1,000,000		1,040,486

				1,973,928

SUPRANATIONAL—1.7%
Corporation Andina de Fomento, 5.20%, 5/21/13		1,000,000		1,015,426
Inter-American Development Bank, 3.50%, 3/15/13		1,000,000		1,006,644
Inter-American Development Bank, 3.50%, 7/08/13		1,000,000		1,016,318
International Bank for Reconstruction & Development, 2.00%, 12/04/13		2,000,000		2,030,326
International Finance Corp., 2.25%, 4/28/14		1,000,000		1,025,619

				6,094,333

TECHNOLOGY DISTRIBUTORS—0.2%
Arrow Electronics, Inc., 3.38%, 11/01/15		500,000		518,786

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Hanesbrands, Inc., 6.38%, 12/15/20		545,000		599,500

TRANSPORTATION SERVICES—0.2%
Golden State Petroleum Transport Corp., 8.04%, 2/01/19		722,227		607,479

TRUCK MANUFACTURERS—0.2%
PACCAR, Inc., 6.88%, 2/15/14		760,000		812,093

TRUCKING—0.3%
JB Hunt Transport Services, Inc., 3.38%, 9/15/15		1,000,000		1,027,937

UTILITIES—1.6%
Cedar Brakes II LLC, 9.88%, 9/01/13(a)		300,365		308,689
FPL Energy American Wind LLC, 6.64%, 6/20/23(a)		400,700		385,127
FPL Energy National Wind LLC, 5.61%, 3/10/24(a)		121,699		115,438
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)		698,134		743,826
Kiowa Power Partners LLC, 4.81%, 12/30/13(a)		346,750		349,136
LS Power Funding Corp., 8.08%, 12/30/16		425,370		456,737
Midland Cogeneration Venture LP, 6.00%, 3/15/25(a)		652,245		676,211
Salton Sea Funding Corp., 7.48%, 11/30/18		727,423		767,568
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		524,305		546,451
Tenaska Virginia Partners LP, 6.12%, 3/30/24(a)		469,605		505,220
Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		800,000		828,136

				5,682,539

WATER UTILITIES—0.3%
American Water Capital Corp., 6.09%, 10/15/17		1,000,000		1,195,211

TOTAL CORPORATE BONDS				134,845,812

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT		FAIR VALUE
CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)	$	1,340,000	$	1,341,112
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		1,107,500		1,113,693
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		1,227,500		1,234,614

TOTAL CORPORATE NOTES				3,689,419

U.S. GOVERNMENT AGENCIES—43.2%
FEDERAL FARM CREDIT BANK—0.6%
4.88%, 12/16/15		2,000,000		2,257,344

FEDERAL HOME LOAN BANK—3.7%
3.38%, 6/12/20		1,000,000		1,135,418
3.88%, 6/14/13		300,000		305,049
5.00%, 11/17/17		2,000,000		2,397,696
5.50%, 7/15/36		6,570,000		9,039,847

				12,878,010

FEDERAL HOME LOAN MORTGAGE CORP.—20.4%
1.25%, 10/02/19		960,000		957,191
2.36%, 5/01/34+		165,234		175,579
2.36%, 5/01/34+		281,233		298,841
2.38%, 1/13/22		960,000		1,002,888
2.50%, 10/01/27		2,004,525		2,095,772
3.00%, 11/01/32		1,994,073		2,094,494
3.50%, 10/01/41		1,946,242		2,071,231
3.50%, 2/01/42		2,699,830		2,873,216
3.50%, 6/01/42		2,827,563		3,015,338
3.50%, 6/01/42		2,817,119		3,004,201
3.50%, 8/01/42		3,171,399		3,382,007
3.75%, 3/27/19		3,020,000		3,490,872
4.00%, 11/01/24		2,188,157		2,314,021
4.00%, 10/01/25		897,170		948,496
4.00%, 10/01/41		2,153,860		2,302,733
4.00%, 2/01/42		1,330,948		1,422,942
4.50%, 6/01/18		378,377		403,304
4.50%, 10/01/35		1,198,059		1,287,874
4.50%, 6/01/39		1,501,324		1,611,058
4.50%, 7/01/39		1,681,681		1,804,599
4.50%, 11/01/39		1,764,133		1,893,077
4.50%, 9/01/40		2,142,892		2,307,556
4.50%, 5/01/41		4,303,332		4,643,421
4.88%, 6/13/18		7,200,000		8,691,595
5.00%, 4/01/19		234,178		251,947
5.00%, 12/01/21		492,407		530,002
5.00%, 2/15/32		222,469		224,489
5.00%, 7/01/35		550,204		594,116
5.00%, 3/01/38		2,058,231		2,216,711
5.00%, 6/01/39		2,565,589		2,760,730
5.00%, 9/01/41		2,308,665		2,508,793
5.50%, 7/18/16		3,500,000		4,111,216
5.50%, 4/01/22		308,031		332,439
5.50%, 11/01/33		237,460		258,379
5.50%, 3/01/36		326,812		354,785
5.50%, 6/01/36		515,568		557,924
5.50%, 12/01/36		515,523		557,876
6.00%, 9/01/17		223,047		241,392
6.00%, 4/01/27		615,431		670,126


	PRINCIPAL AMOUNT		FAIR VALUE
U.S. GOVERNMENT AGENCIES—43.2%, continued
FEDERAL HOME LOAN MORTGAGE CORP.—20.4%, continued
6.00%, 6/01/36	$	390,539	$	429,348
6.00%, 8/01/37		305,831		332,820
7.00%, 2/01/30		166,001		197,723
7.00%, 3/01/31		151,145		179,126
7.50%, 7/01/30		361,738		438,367

				71,840,615

FEDERAL NATIONAL MORTGAGE ASSOCIATION—17.8%
1.13%, 4/27/17		2,000,000		2,036,574
1.63%, 10/26/15		3,600,000		3,724,240
2.19%, 1/01/23		2,500,000		2,509,375
2.20%, 2/01/34+		187,739		187,858
2.34%, 5/01/34+		218,142		230,240
2.65%, 6/01/33+		83,124		84,065
2.85%, 5/01/37+		439,469		469,093
3.00%, 6/01/42		3,339,103		3,502,303
3.00%, 8/01/42		2,911,667		3,053,976
3.00%, 8/01/42		2,996,991		3,143,470
3.50%, 7/01/20		1,197,656		1,270,850
3.50%, 10/01/25		741,522		787,072
3.50%, 2/01/41		2,289,375		2,442,750
4.00%, 3/01/26		2,827,547		3,029,511
4.00%, 1/01/41		1,948,447		2,090,798
4.00%, 10/01/41		1,778,109		1,908,571
4.00%, 11/01/41		1,663,531		1,785,587
4.00%, 12/01/41		2,212,420		2,374,748
4.38%, 10/15/15		4,700,000		5,218,650
4.50%, 9/01/40		1,458,140		1,580,171
4.50%, 10/01/40		1,496,946		1,628,756
5.00%, 4/15/15		5,500,000		6,083,891
5.00%, 2/13/17		1,800,000		2,118,092
5.00%, 7/01/18		235,379		256,310
5.00%, 9/01/18		348,306		378,518
5.00%, 4/01/25		470,229		515,547
5.00%, 7/01/25		385,315		422,449
5.00%, 10/01/25		500,300		548,515
5.00%, 10/01/35		771,073		837,191
5.50%, 6/01/22		395,407		428,376
5.50%, 11/01/25		147		162
5.50%, 2/01/34		270,601		297,399
5.50%, 1/01/35		537,752		588,316
5.50%, 10/01/35		814,618		890,198
5.50%, 6/01/36		230,277		250,491
5.50%, 11/01/36		519,511		565,113
5.63%, 7/15/37		2,400,000		3,453,967
6.00%, 10/01/33		162,822		181,871
6.00%, 11/01/34		615,066		683,952
6.00%, 10/01/35		361,798		402,318
6.00%, 6/01/36		320,922		351,348
7.00%, 7/01/15		1,486		1,601
7.00%, 11/01/19		21,816		24,580
7.00%, 11/01/19		36,467		41,058
8.50%, 9/01/26		156,670		189,875

				62,569,796

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.2%
1.63%, 1/20/34+		123,369		128,163
5.50%, 10/20/38		272,037		287,648

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Intermediate Income Fund		December 31, 2012


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
U.S. GOVERNMENT AGENCIES—43.2%, continued
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—0.2%, continued
6.50%, 11/20/38	$	66,807	$	71,355
6.75%, 4/15/16		28,284		30,814
7.00%, 12/20/30		52,515		63,230
7.00%, 10/20/31		38,345		46,370
7.00%, 3/20/32		121,470		147,049

				774,629

SMALL BUSINESS ADMINISTRATION—0.1%
0.60%, 2/25/32+		471,062		470,992
1.00%, 9/25/18+		26,963		27,108

				498,100

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT—0.4%
1.80%, 8/01/14		1,440,000		1,474,995

TOTAL U.S. GOVERNMENT AGENCIES				152,293,489

INVESTMENT COMPANY—1.1%
MUTUAL FUND—1.1%
Pax World High Yield Bond Fund, Individual Investor Class		530,984		3,982,379

SHORT TERM INVESTMENT—3.5%
INVESTMENT COMPANY—3.5%
JPMorgan U.S. Government Money Market Fund, Premier Shares		12,287,586		12,287,586


TOTAL INVESTMENTS (Cost* $333,325,721)—100.2%			$	352,990,690
Liabilities in excess of other assets—(0.2)%				(632,163	)

NET ASSETS—100%			$	352,358,527

+	Variable rate security. Rates presented are the rates in effect at December 31, 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 December 31, 2012, these securities were valued at $37,118,589 or 10.5% of net assets.

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


Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%	$	1,340,000		12/2009
Everence Community Investment, Inc.		1.50	%		1,107,500		12/2009
Everence Community Investment, Inc.		1.50	%		1,227,500		12/2009

At December 31, 2012, these securities had an aggregate market value of $3,689,419, representing 1.1% of net assets.

*	Represents cost for financial reporting purposes.


CIFG	—	CDC IXIS Financial Guaranty
Rev.	—	Revenue
XLCA	—	XL Capital Assurance, Inc.
REIT	—	Real Estate Investment Trust

See accompanying notes to financial statements.

Praxis International Index Fund

2012 Praxis Annual Report

Portfolio Managers’ Commentary (unaudited)

After a difficult year in 2011, foreign equity markets staged a strong rally in 2012. The MSCI All Country World ex-U.S. Index posted a return of 16.83 percent for the year. The Praxis International Index Fund’s Class A shares (without load) closely tracked the index and posted a gain of 16.24 percent.

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

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

Ran Leshem

Praxis International Index Fund Portfolio Manager

Aperio Group LLC

Patrick Geddes

Praxis International Index Fund Portfolio Manager

Aperio Group LLC

Praxis International Index Fund

Performance Review

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

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

LOGO


	Inception Date	One Year Ended		Since Inception		Expense Ratio** Gross / Net
International Index Fund
Class A (Without Load)	12/31/10		16.24%		-1.51%		4.87%	1.73%
Class A *	12/31/10		10.10%		-4.11%
Class I	12/31/10		17.26%		-0.78%		0.86%	0.86%
MSCI All Country World Index ex-US¹			16.83%		0.41%

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

Schedule of Portfolio Investments


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%
AUSTRALIA—5.9%
BANKS—0.1%
Commonwealth Bank of Australia		2,579	$	167,961

BIOTECHNOLOGY—0.2%
CSL Ltd.		2,163		122,117
CSL Ltd.- ADR		3,812		108,070

				230,187

CAPITAL MARKETS—0.1%
Macquarie Group Ltd.		463		17,344
Macquarie Group Ltd.- ADR		2,911		109,454

				126,798

CHEMICALS—0.4%
Orica Ltd.		19,480		512,444

COMMERCIAL BANKS—1.9%
Australia & New Zealand Banking Group Ltd.		2,315		60,969
Australia & New Zealand Banking Group Ltd.- ADR		27,202		717,045
National Australia Bank Ltd.		1,903		50,055
National Australia Bank Ltd.- ADR		23,039		607,308
Westpac Banking Corp.- ADR		8,201		1,131,000

				2,566,377

CONTAINERS & PACKAGING—0.1%
Amcor Ltd.		3,344		28,263
Amcor Ltd.- ADR		3,211		108,532

				136,795

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telstra Corp. Ltd.- ADR		10,910		248,203

INSURANCE—0.3%
Suncorp Group Ltd.		46,152		492,850

METALS & MINING—1.9%
Alumina Ltd.- ADR		41,858		161,572
BHP Billiton Ltd.- ADR		26,606		2,086,974
Newcrest Mining Ltd.- ADR		13,529		319,420

				2,567,966

OIL, GAS & CONSUMABLE FUELS—0.5%
Origin Energy Ltd.		39,221		482,132
Woodside Petroleum Ltd.		2,190		78,041
Woodside Petroleum Ltd.- ADR		5,045		180,308

				740,481

REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%
Shopping Centres Australasia Property Group REIT(a)		4,483		6,983
Westfield Group REIT		20,433		225,659

				232,642

				8,022,704

AUSTRIA—0.2%
COMMERCIAL BANKS—0.2%
Erste Group Bank AG(a)		757		24,068
Erste Group Bank AG- ADR(a)		12,078		193,852

				217,920


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
BELGIUM—0.2%
FOOD & STAPLES RETAILING—0.2%
Delhaize Group SA- ADR		5,575	$	226,066

BRAZIL—3.2%
BANKS—0.3%
Banco Bradesco SA- ADR		26,523		460,704

CHEMICALS—0.1%
Braskem SA- ADR		7,600		101,460

COMMERCIAL BANKS—0.3%
Banco do Brasil SA- ADR		8,960		113,523
Itau Unibanco Holding SA- ADR		22,477		369,972

				483,495

ELECTRIC UTILITIES—0.3%
Cia Energetica de Minas Gerais- ADR		12,869		139,757
Cia Paranaense de Energia- ADR		6,732		103,336
CPFL Energia SA- ADR		6,381		133,746

				376,839

FOOD & STAPLES RETAILING—0.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar- ADR		5,510		244,589

FOOD PRODUCTS—0.3%
BRF—Brasil Foods SA- ADR		16,910		356,970

METALS & MINING—0.8%
Cia Siderurgica Nacional SA- ADR		27,212		160,551
Gerdau SA- ADR		26,820		241,112
Vale SA- ADR		33,348		698,974

				1,100,637

OIL, GAS & CONSUMABLE FUELS—0.6%
OGX Petroleo e Gas Participacoes SA- ADR(a)		29,906		62,803
Petroleo Brasileiro SA- ADR		32,375		630,341
Ultrapar Participacoes SA- ADR		6,925		154,289

				847,433

WATER UTILITIES—0.3%
Cia de Saneamento Basico do Estado de Sao Paulo- ADR		4,495		375,647

				4,347,774

CANADA—7.4%
AUTO COMPONENTS—0.2%
Magna International, Inc.		5,214		260,804

CHEMICALS—0.7%
Agrium, Inc.		3,522		351,883
Methanex Corp.		7,953		253,462
Potash Corp of Saskatchewan, Inc.		8,450		343,831

				949,176

COMMERCIAL BANKS—1.8%
Bank of Montreal		5,160		316,308
Bank of Nova Scotia		8,726		505,061
Canadian Imperial Bank of Commerce		3,122		251,664
Royal Bank of Canada		10,772		649,552
Toronto-Dominion Bank		8,325		702,047

				2,424,632

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
CANADA—7.4%, continued
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Progressive Waste Solutions Ltd.		790	$	17,064

HOTELS, RESTAURANTS & LEISURE—0.2%
Tim Hortons, Inc.		6,038		296,949

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
TransAlta Corp.		6,884		104,912

INSURANCE—0.3%
Manulife Financial Corp.		15,668		212,928
Sun Life Financial, Inc.		6,499		172,419

				385,347

MATERIALS—0.0%**
Agnico-Eagle Mines Ltd.		1,750		91,805

MEDIA—0.2%
Shaw Communications, Inc., Class B		10,497		241,221

METALS & MINING—0.7%
Barrick Gold Corp.		8,023		280,885
Eldorado Gold Corp.		6,382		82,200
Kinross Gold Corp.		9,733		94,605
Taseko Mines Ltd.(a)		32,865		98,595
Teck Resources Ltd., Class B		10,555		383,674

				939,959

OIL, GAS & CONSUMABLE FUELS—2.1%
Advantage Oil & Gas Ltd.(a)		18,950		61,398
Canadian Natural Resources Ltd.		14,196		409,839
Cenovus Energy, Inc.		10,584		354,987
Enbridge, Inc.		16,308		706,463
Encana Corp.		15,181		299,977
Nexen, Inc.		9,820		264,551
Penn West Petroleum Ltd.		9,154		99,412
Suncor Energy, Inc.		16,176		533,484
Talisman Energy, Inc.		19,045		215,780

				2,945,891

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Asset Management, Inc., Class A		11,557		423,564

ROAD & RAIL—0.8%
Canadian National Railway Co.		6,105		555,616
Canadian Pacific Railway Ltd.		5,165		524,867

				1,080,483

				10,161,807

CHILE—0.7%
AIRLINES—0.1%
Latam Airlines Group SA- ADR(a)		7,812		184,051

BEVERAGES—0.2%
Embotelladora Andina SA, Class B- ADR		8,819		334,857

CHEMICALS—0.3%
Sociedad Quimica y Minera de Chile SA- ADR		7,612		438,756

COMMERCIAL BANKS—0.1%
Corpbanca- ADR		3,709		75,107

				1,032,771


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
CHINA—2.6%
AIRLINES—0.2%
China Eastern Airlines Corp. Ltd.- ADR(a)		2,802	$	56,320
China Southern Airlines Co. Ltd.- ADR		5,546		143,364

				199,684

CHEMICALS—0.1%
Sinopec Shanghai Petrochemical Co. Ltd.- ADR		4,694		170,439

COMMERCIAL BANKS—0.5%
China Construction Bank Corp.- ADR		43,143		700,211

COMPUTERS & PERIPHERALS—0.0%**
Lenovo Group Ltd.- ADR		929		17,001

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
China Telecom Corp. Ltd.- ADR		6,115		347,638

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
Huaneng Power International, Inc.- ADR		8,265		307,045

INSURANCE—0.6%
China Life Insurance Co. Ltd.- ADR		17,077		848,556

INTERNET SOFTWARE & SERVICES—0.6%
Tencent Holdings Ltd.- ADR		23,026		751,799

MULTI-LINE INSURANCE—0.0%**
Ping An Insurance Group Co. of China Ltd.- ADR		2,056		35,342

ROAD & RAIL—0.1%
Guangshen Railway Co. Ltd.- ADR		8,797		173,653

				3,551,368

COLOMBIA—0.7%
COMMERCIAL BANKS—0.4%
BanColombia SA- ADR		7,754		516,261

OIL, GAS & CONSUMABLE FUELS—0.3%
Ecopetrol SA- ADR		8,212		490,010

				1,006,271

DENMARK—0.8%
COMMERCIAL BANKS—0.1%
Danske Bank A/S(a)		3,457		58,714
Danske Bank A/S- ADR(a)		6,614		56,219

				114,933

PHARMACEUTICALS—0.7%
Novo Nordisk A/S- ADR		5,702		930,624

				1,045,557

FINLAND—0.3%
COMMUNICATIONS EQUIPMENT—0.1%
Nokia OYJ- ADR		40,425		159,679

PAPER & FOREST PRODUCTS—0.2%
Stora Enso OYJ- ADR		32,308		224,540

				384,219

FRANCE—5.9%
AUTO COMPONENTS—0.5%
Cie Generale des Etablissements Michelin- ADR		24,810		476,104

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
FRANCE—5.9%, continued
AUTO COMPONENTS—0.5%, continued
Cie Generale des Etablissements Michelin, Class B		1,074	$	102,910
Valeo SA- ADR		4,352		111,846

				690,860

CAPITAL GOODS—0.4%
Cie de Saint-Gobain		11,742		504,246

COMMERCIAL BANKS—0.7%
BNP Paribas SA- ADR		20,558		600,499
Credit Agricole SA(a)		5,199		42,341
Credit Agricole SA- ADR(a)		14,211		57,555
Societe Generale SA- ADR(a)		40,215		314,481

				1,014,876

CONSTRUCTION & ENGINEERING—0.2%
Bouygues SA		956		28,448
Vinci SA- ADR		24,094		289,128

				317,576

CONSTRUCTION MATERIALS—0.1%
Lafarge SA		430		27,766
Lafarge SA- ADR		6,876		111,391

				139,157

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
France Telecom SA- ADR		17,186		189,905
Vivendi SA		9,270		209,650

				399,555

ENERGY EQUIPMENT & SERVICES—0.7%
Cie Generale de Geophysique—Veritas- ADR(a)		12,724		388,337
Technip SA- ADR		20,988		618,516

				1,006,853

FOOD & STAPLES RETAILING—0.2%
Carrefour SA		1,523		39,213
Carrefour SA- ADR		49,035		252,530

				291,743

FOOD PRODUCTS—0.7%
Danone SA- ADR		70,005		937,367

HEALTH CARE EQUIPMENT & SUPPLIES—0.3%
Cie Generale d’Optique Essilor International SA		4,503		454,160

INSURANCE—0.3%
AXA SA- ADR		23,140		421,611

MEDIA—0.2%
Publicis Groupe SA- ADR		18,864		285,978

MULTI-UTILITIES—0.4%
GDF Suez		1,136		23,397
GDF Suez- ADR		14,295		300,767
Veolia Environnement SA		3,865		46,856
Veolia Environnement SA- ADR		8,771		107,357

				478,377

PERSONAL PRODUCTS—0.6%
L’Oreal SA		382		53,152
L’Oreal SA- ADR		25,025		700,200

				753,352


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
FRANCE—5.9%, continued
SOFTWARE—0.3%
Dassault Systemes SA- ADR		3,112	$	351,936

				8,047,647

GERMANY—6.2%
AIR FREIGHT & LOGISTICS—0.2%
Deutsche Post AG		10,161		223,801

AIRLINES—0.1%
Deutsche Lufthansa AG- ADR		10,201		196,777

AUTOMOBILES—0.6%
Bayerische Motoren Werke AG- ADR		24,959		813,663

CAPITAL MARKETS—0.4%
Deutsche Bank AG		11,275		499,370

CHEMICALS—0.9%
BASF SE- ADR		13,580		1,290,100

DIVERSIFIED FINANCIALS—0.2%
Deutsche Boerse AG		2,890		177,221
Deutsche Boerse AG- ADR		10,140		62,665

				239,886

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Deutsche Telekom AG- ADR		26,454		300,570

HEALTH CARE PROVIDERS & SERVICES—0.4%
Fresenius Medical Care AG & Co. KGaA- ADR		16,994		582,894

INSURANCE—0.9%
Allianz SE- ADR		57,890		800,040
Muenchener Rueckversicherungs AG- ADR		13,940		251,338
Muenchener Rueckversicherungs Gesellschaft AG		1,338		241,546

				1,292,924

MULTI-UTILITIES—0.2%
RWE AG		651		27,002
RWE AG- ADR		5,585		232,559

				259,561

PHARMACEUTICALS—0.7%
Bayer AG- ADR		9,398		901,456

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.0%**
Infineon Technologies AG- ADR		5,899		48,785

SOFTWARE—0.7%
SAP AG- ADR		12,252		984,816

TEXTILES, APPAREL & LUXURY GOODS—0.5%
Adidas AG		1,323		118,077
Adidas AG- ADR		9,964		446,387
Puma SE		285		84,997

				649,461

TRUCKING—0.2%
Deutsche Post AG- ADR		12,430		274,952

				8,559,016

GREECE—0.1%
BEVERAGES—0.1%
Coca Cola Hellenic Bottling Co. SA- ADR(a)		3,760		88,623

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
HONG KONG—3.6%
COMMERCIAL BANKS—0.3%
BOC Hong Kong Holdings Ltd.		53,500	$	168,299
BOC Hong Kong Holdings Ltd.- ADR		1,754		110,590
Hang Seng Bank Ltd.		4,200		64,835

				343,724

DISTRIBUTORS—0.1%
Li & Fung Ltd.		82,000		147,968
Li & Fung Ltd.- ADR	��	12,287		43,987

				191,955

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
China Unicom Hong Kong Ltd.- ADR		24,284		395,587

INDUSTRIAL CONGLOMERATES—0.2%
Jardine Matheson Holdings Ltd.		751		46,860
Jardine Matheson Holdings Ltd.- ADR		3,618		225,139

				271,999

REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%
Hang Lung Properties Ltd.		23,000		92,562
Henderson Land Development Co. Ltd.		8,000		57,274
Sun Hung Kai Properties Ltd.		11,000		166,818
Sun Hung Kai Properties Ltd.- ADR		22,014		337,695
Swire Pacific Ltd., Series A		6,500		81,308
Swire Pacific Ltd., Series A- ADR		32,051		400,637
Swire Properties Ltd.		4,550		15,324
Wharf Holdings Ltd.		150,000		1,195,458

				2,347,076

SPECIALTY RETAIL—0.0%**
Esprit Holdings Ltd.		2,500		3,545
Esprit Holdings Ltd.- ADR		4,499		13,137

				16,682

TELECOMMUNICATION SERVICES—1.0%
China Mobile Ltd.- ADR		24,320		1,428,071

				4,995,094

HUNGARY—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Magyar Telekom Telecommunications plc- ADR		11,582		96,015

OIL, GAS & CONSUMABLE FUELS—0.0%**
MOL Hungarian Oil and Gas plc- ADR		796		32,914

				128,929

INDIA—1.8%
BANKS—0.3%
ICICI Bank Ltd.- ADR		10,329		450,448

COMMERCIAL BANKS—0.5%
HDFC Bank Ltd.- ADR		14,697		598,462

IT SERVICES—0.5%
Infosys Ltd.- ADR		8,002		338,484
Wipro Ltd.- ADR		38,830		340,151

				678,635

METALS & MINING—0.3%
Sterlite Industries India Ltd.- ADR		43,934		378,272


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
INDIA—1.8%, continued
PHARMACEUTICALS—0.2%
Dr. Reddy’s Laboratories Ltd.- ADR		9,220	$	306,934

				2,412,751

INDONESIA—0.7%
COMMERCIAL BANKS—0.3%
PT Bank Mandiri- ADR		51,391		430,862

DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%
Telekomunikasi Indonesia Persero Tbk PT- ADR		11,564		427,290

MACHINERY—0.1%
United Tractors Tbk PT- ADR		3,369		135,670

				993,822

IRELAND—1.3%
BIOTECHNOLOGY—0.1%
Elan Corp. plc- ADR(a)		15,702		160,318
Prothena Corp. plc(a)		383		2,807

				163,125

COMMERCIAL SERVICES & SUPPLIES—0.5%
Experian plc		3,191		51,429
Experian plc- ADR		37,268		598,524

				649,953

CONSTRUCTION MATERIALS—0.2%
CRH plc- ADR		12,973		263,871

MEDIA—0.3%
WPP plc- ADR		6,767		493,314

PHARMACEUTICALS—0.2%
Shire plc- ADR		2,812		259,210

				1,829,473

ISRAEL—0.4%
PHARMACEUTICALS—0.3%
Teva Pharmaceutical Industries Ltd.- ADR		11,591		432,808

SOFTWARE—0.1%
Check Point Software Technologies Ltd.(a)		2,576		122,721

				555,529

ITALY—1.5%
BANKS—0.1%
UniCredit SpA(a)		41,823		205,956

COMMERCIAL BANKS—0.1%
Intesa Sanpaolo SpA		50,341		87,055
Intesa Sanpaolo SpA- ADR		5,976		63,585

				150,640

ELECTRIC UTILITIES—0.0%**
Enel SpA		9,543		39,694

INSURANCE—0.2%
Assicurazioni Generali SpA		13,928		254,530

OIL, GAS & CONSUMABLE FUELS—0.6%
ENI SpA- ADR		16,873		829,139

TEXTILES, APPAREL & LUXURY GOODS—0.3%
Luxottica Group SpA- ADR		8,604		355,775

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
ITALY—1.5%, continued
TRANSPORTATION INFRASTRUCTURE—0.2%
Atlantia SpA		13,863	$	251,732

				2,087,466

JAPAN—13.8%
AUTO COMPONENTS—0.5%
Bridgestone Corp.		4,656		121,203
Bridgestone Corp.- ADR		4,051		209,315
Denso Corp.		5,900		205,463
Denso Corp.- ADR		6,048		105,235

				641,216

AUTOMOBILES—2.1%
Honda Motor Co. Ltd.- ADR		22,466		829,894
Nissan Motor Co. Ltd.- ADR		26,653		508,806
Toyota Motor Corp.- ADR		17,148		1,599,051

				2,937,751

BUILDING PRODUCTS—0.1%
Asahi Glass Co. Ltd.		3,000		21,905
Asahi Glass Co. Ltd.- ADR		21,219		154,686

				176,591

CAPITAL GOODS—0.2%
Makita Corp.		600		27,873
Makita Corp.- ADR		4,936		229,277

				257,150

CAPITAL MARKETS—0.5%
Daiwa Securities Group, Inc.		16,000		89,264
Daiwa Securities Group, Inc.- ADR		49,678		275,713
Nomura Holdings, Inc.- ADR		64,340		377,676

				742,653

CHEMICALS—0.4%
Nitto Denko Corp.		500		24,624
Nitto Denko Corp.- ADR		11,626		288,674
Shin-Etsu Chemical Co. Ltd.		1,400		85,442
Sumitomo Chemical Co. Ltd.		38,000		119,755
Toray Industries, Inc.		6,000		36,858

				555,353

COMMERCIAL BANKS—1.9%
Mitsubishi UFJ Financial Group, Inc.- ADR		188,606		1,022,245
Mizuho Financial Group, Inc.- ADR		132,028		483,223
Sumitomo Mitsui Financial Group, Inc.- ADR		135,650		995,671
Sumitomo Mitsui Trust Holdings, Inc.		2,980		10,499
Sumitomo Mitsui Trust Holdings, Inc.- ADR		9,732		33,575

				2,545,213

COMMERCIAL SERVICES & SUPPLIES—0.3%
Dai Nippon Printing Co. Ltd.		50,000		392,072
Dai Nippon Printing Co. Ltd.- ADR		37		287

				392,359

COMPUTERS & PERIPHERALS—0.0%**
Fujitsu Ltd.		2,000		8,388
Fujitsu Ltd.- ADR		1,240		25,767


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
JAPAN—13.8%, continued
COMPUTERS & PERIPHERALS—0.0%**, continued
Seiko Epson Corp.		600	$	4,894
Seiko Epson Corp.- ADR		5,156		20,469

				59,518

CONSTRUCTION & ENGINEERING—0.4%
JGC Corp.		7,000		218,130
Obayashi Corp.		55,000		310,096

				528,226

DIVERSIFIED FINANCIAL SERVICES—0.3%
ORIX Corp.		230		25,980
ORIX Corp.- ADR		5,614		317,977

				343,957

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Nippon Telegraph & Telephone Corp.- ADR		11,150		234,484

ELECTRIC UTILITIES—0.1%
Chubu Electric Power Co., Inc.		7,800		104,089
Tohoku Electric Power Co., Inc.(a)		9,200		85,786

				189,875

ELECTRICAL EQUIPMENT—0.1%
Nidec Corp.- ADR		11,420		166,389

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
FUJIFILM Holdings Corp.- ADR		9,211		184,496
Hoya Corp.		9,500		187,187
Hoya Corp.- ADR		1,734		34,039
Kyocera Corp.		1,100		99,732
Kyocera Corp.- ADR		620		56,637
Murata Manufacturing Co. Ltd.		500		29,496

				591,587

HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
Terumo Corp.		3,600		142,956

HOUSEHOLD DURABLES—0.6%
Panasonic Corp.		10,700		65,392
Panasonic Corp.- ADR		12,014		72,925
Sekisui House Ltd.		8,000		87,598
Sekisui House Ltd.- ADR		30,149		327,720
Sharp Corp.		10,000		35,228
Sharp Corp.- ADR		17,095		59,491
Sony Corp.- ADR		18,382		205,878

				854,232

INSURANCE—0.3%
MS&AD Insurance Group Holdings- ADR		34,266		339,234
Tokio Marine Holdings, Inc.		1,000		27,859
Tokio Marine Holdings, Inc.- ADR		3,661		101,922

				469,015

INTEGRATED TELECOMMUNICATION SERVICES—0.2%
KDDI Corp.- ADR		11,600		204,392

INTERNET & CATALOG RETAIL—0.1%
Rakuten, Inc.		9,600		74,865

MACHINERY—1.1%
FANUC Corp.		400		74,420

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
JAPAN—13.8%, continued
MACHINERY—1.1%, continued
FANUC Corp.- ADR		22,452	$	697,583
Kubota Corp.- ADR		8,556		492,997
SMC Corp.		1,400		254,316

				1,519,316

MARINE—0.0%**
Nippon Yusen KK- ADR		7,243		33,680

METALS & MINING—0.3%
Nippon Steel Corp.		54,000		132,958
Sumitomo Metal Mining Co. Ltd.		23,000		324,665

				457,623

OFFICE ELECTRONICS—0.3%
Canon, Inc.- ADR		10,357		406,098

PERSONAL PRODUCTS—0.5%
Kao Corp.- ADR		15,588		404,820
Shiseido Co. Ltd.- ADR		15,035		211,543

				616,363

PHARMACEUTICALS—0.5%
Astellas Pharma, Inc.		2,600		116,900
Astellas Pharma, Inc.- ADR		3,892		174,556
Daiichi Sankyo Co. Ltd.		3,500		53,733
Takeda Pharmaceutical Co. Ltd.		2,100		93,859
Takeda Pharmaceutical Co. Ltd.- ADR		13,814		306,671

				745,719

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
Daiwa House Industry Co. Ltd.- ADR		1,547		264,537
Mitsubishi Estate Co. Ltd.		7,000		167,585
Mitsubishi Estate Co. Ltd.- ADR		7,140		170,932
Mitsui Fudosan Co. Ltd.		10,000		244,631
Sumitomo Realty & Development Co. Ltd.		6,000		199,883

				1,047,568

ROAD & RAIL—0.5%
Central Japan Railway Co.		500		40,580
East Japan Railway Co.		3,590		232,144
East Japan Railway Co.- ADR		29,226		313,887
Keikyu Corp.		14,000		124,287

				710,898

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1%
Advantest Corp.- ADR		323		5,207
Rohm Co. Ltd.		700		22,883
Rohm Co. Ltd.- ADR		2,660		43,464

				71,554

SOFTWARE—0.1%
Nintendo Co. Ltd.- ADR		9,992		132,994

TECHNOLOGY HARDWARE & EQUIPMENT—0.0%**
TDK Corp.		200		7,284
TDK Corp.- ADR		826		30,190

				37,474

TEXTILES, APPAREL & LUXURY GOODS—0.2%
Wacoal Holdings Corp.- ADR		5,242		272,217


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
JAPAN—13.8%, continued
TRADING COMPANIES & DISTRIBUTORS—0.3%
Mitsui & Co. Ltd.- ADR		1,264	$	379,832

WIRELESS TELECOMMUNICATION SERVICES—0.3%
NTT DoCoMo, Inc.- ADR		18,200		262,262
Softbank Corp.		4,500		164,886

				427,148

				18,966,266

JERSEY—0.3%
METALS & MINING—0.3%
Randgold Resources Ltd.- ADR		3,893		386,380

MEXICO—1.6%
BEVERAGES—0.4%
Coca-Cola Femsa SAB de CV- ADR		3,164		471,563

CONSTRUCTION & ENGINEERING—0.1%
Empresas ICA SAB de CV- ADR(a)		19,147		192,619

CONSTRUCTION MATERIALS—0.2%
Cemex SAB de CV- ADR(a)		26,935		265,849

FOOD & STAPLES RETAILING—0.3%
Wal-Mart de Mexico SAB de CV- ADR		11,112		364,251

MEDIA—0.2%
Grupo Televisa SAB- ADR		11,081		294,533

TRANSPORTATION INFRASTRUCTURE—0.2%
Grupo Aeroportuario del Pacifico SAB de CV- ADR		4,513		258,008

WIRELESS TELECOMMUNICATION SERVICES—0.2%
America Movil SAB de CV, Series L- ADR		12,573		290,939

				2,137,762

NETHERLANDS—4.6%
AIR FREIGHT & LOGISTICS—0.0%**
PostNL NV		748		2,918
PostNL NV- ADR(a)		1,681		6,707
TNT Express NV		667		7,451
TNT Express NV- ADR		1,509		17,112

				34,188

CHEMICALS—0.2%
Akzo Nobel NV- ADR		10,773		242,392

COMPUTERS & PERIPHERALS—0.1%
Gemalto NV		2,161		195,062

DIVERSIFIED FINANCIAL SERVICES—0.3%
ING Groep NV- ADR(a)		40,591		385,209

FOOD & STAPLES RETAILING—0.3%
Koninklijke Ahold NV- ADR		25,936		352,730

FOOD PRODUCTS—0.8%
Unilever NV—NY Registry Shares		27,596		1,056,927

INDUSTRIAL CONGLOMERATES—0.6%
Koninklijke Philips Electronics NV		30,708		814,990

INSURANCE—0.2%
Aegon NV		35,051		225,728

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
NETHERLANDS—4.6%, continued
LIFE SCIENCES TOOLS & SERVICES—0.2%
QIAGEN NV(a)		16,784	$	304,630

MEDIA—0.1%
Wolters Kluwer NV		954		19,597
Wolters Kluwer NV- ADR		7,337		151,656

				171,253

OIL, GAS & CONSUMABLE FUELS—1.6%
Royal Dutch Shell plc, Class A- ADR		32,437		2,236,531

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.2%
ASML Holding NV—NY Registry Shares		4,549		293,001

				6,312,641

NORWAY—1.0%
CHEMICALS—0.2%
Yara International ASA- ADR		7,283		362,256

METALS & MINING—0.1%
Norsk Hydro ASA		13,975		70,931
Norsk Hydro ASA- ADR		13,201		67,061

				137,992

OIL, GAS & CONSUMABLE FUELS—0.7%
Statoil ASA- ADR		36,526		914,611

				1,414,859

PERU—0.2%
METALS & MINING—0.2%
Cia de Minas Buenaventura SA- ADR		6,387		229,613

PORTUGAL—0.1%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
Portugal Telecom SGPS SA- ADR		26,158		130,267

ELECTRIC UTILITIES—0.0%**
EDP—Energias de Portugal SA		10,966		33,356

				163,623

RUSSIA—0.8%
MEDIA—0.2%
CTC Media, Inc.		28,039		218,144

WIRELESS TELECOMMUNICATION SERVICES—0.6%
Mobile Telesystems OJSC- ADR		46,760		872,074

				1,090,218

SINGAPORE—2.2%
BANKS—0.1%
DBS Group Holdings Ltd.		6,656		81,713

COMMERCIAL BANKS—1.3%
DBS Group Holdings Ltd.- ADR		18,371		901,281
United Overseas Bank Ltd.		22,187		363,956
United Overseas Bank Ltd.- ADR		15,803		519,129

				1,784,366

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Singapore Telecommunications Ltd.		49,000		133,330
Singapore Telecommunications Ltd.- ADR		6,886		187,575

				320,905


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
SINGAPORE—2.2%, continued
INDUSTRIAL CONGLOMERATES—0.6%
Keppel Corp. Ltd.		5,000	$	45,658
Keppel Corp. Ltd.- ADR		43,286		790,402

				836,060

				3,023,044

SOUTH AFRICA—1.8%
COMMERCIAL BANKS—0.1%
Standard Bank Group Ltd.- ADR(a)		11,694		166,347

METALS & MINING—0.8%
AngloGold Ashanti Ltd.- ADR		8,534		267,712
Gold Fields Ltd.- ADR		22,246		277,853
Harmony Gold Mining Co. Ltd.- ADR		19,000		170,240
Impala Platinum Holdings Ltd.- ADR		15,171		302,661

				1,018,466

OIL, GAS & CONSUMABLE FUELS—0.6%
Sasol Ltd.- ADR		18,103		783,679

WIRELESS TELECOMMUNICATION SERVICES—0.3%
MTN Group Ltd.- ADR		21,300		456,885

				2,425,377

SOUTH KOREA—2.7%
COMMERCIAL BANKS—1.5%
KB Financial Group, Inc.- ADR		24,993		897,249
Shinhan Financial Group Co. Ltd.- ADR		20,782		761,452
Woori Finance Holdings Co. Ltd.- ADR		11,137		371,419

				2,030,120

DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%
KT Corp.- ADR		33,306		557,543

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
LG Display Co. Ltd.- ADR		30,965		448,373

WIRELESS TELECOMMUNICATION SERVICES—0.5%
SK Telecom Co. Ltd.- ADR		42,848		678,284

				3,714,320

SPAIN—2.0%
COMMERCIAL BANKS—0.9%
Banco Bilbao Vizcaya Argentaria SA- ADR		53,712		505,967
Banco Santander SA- ADR		83,836		684,940

				1,190,907

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Telefonica SA- ADR		20,683		279,014

ELECTRIC UTILITIES—0.1%
Iberdrola SA- ADR		8,819		188,021

METALS & MINING—0.1%
Acerinox SA		16,589		184,443

OIL, GAS & CONSUMABLE FUELS—0.3%
Repsol YPF SA- ADR		17,252		360,567

RETAILING—0.4%
Inditex SA		3,528		495,706

				2,698,658

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
SWEDEN—1.8%
COMMUNICATIONS EQUIPMENT—0.3%
Telefonaktiebolaget LM Ericsson- ADR		45,701	$	461,580

HOUSEHOLD PRODUCTS—0.2%
Svenska Cellulosa AB, Class B		12,219		265,673

MACHINERY—0.9%
Atlas Copco AB- ADR		18,292		509,615
Atlas Copco AB, Class A		7,174		198,937
Sandvik AB		13,446		216,101
Sandvik AB- ADR		20,116		324,873

				1,249,526

RETAILING—0.1%
Hennes & Mauritz AB(H&M), Class B		2,412		83,593

SPECIALTY RETAIL—0.3%
Hennes & Mauritz AB- ADR		65,360		451,638

				2,512,010

SWITZERLAND—6.6%
CAPITAL MARKETS—1.1%
Credit Suisse Group AG- ADR		16,160		396,889
Julius Baer Group Ltd.(a)		9,537		339,544
UBS AG(a)		46,462		731,312

				1,467,745

CHEMICALS—0.9%
Syngenta AG- ADR		15,780		1,275,024

COMPUTERS & PERIPHERALS—0.1%
Logitech International SA(a)		10,434		78,672

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
Swisscom AG- ADR		5,970		258,202

ELECTRICAL EQUIPMENT—0.8%
ABB Ltd.- ADR(a)		50,801		1,056,153

INSURANCE—0.8%
Swiss Re AG(a)		2,040		147,898
Zurich Insurance Group AG- ADR(a)		34,020		911,736

				1,059,634

METALS & MINING—0.3%
Xstrata plc- ADR		132,655		453,680

PHARMACEUTICALS—2.2%
Novartis AG- ADR		22,897		1,449,380
Roche Holding AG- ADR		31,476		1,589,538

				3,038,918

PROFESSIONAL SERVICES—0.0%**
Adecco SA(a)		1,353		71,653

TRADING COMPANIES & DISTRIBUTORS—0.2%
Wolseley plc		556		26,574
Wolseley plc- ADR		65,158		308,199

				334,773

				9,094,454

TAIWAN—2.5%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Chunghwa Telecom Co. Ltd.- ADR		19,434		628,496


	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
TAIWAN—2.5%, continued
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
AU Optronics Corp.- ADR(a)		61,761	$	277,924

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%
Advanced Semiconductor Engineering, Inc.- ADR		87,351		373,862
Siliconware Precision Industries Co.- ADR		62,839		335,560
Taiwan Semiconductor Manufacturing Co. Ltd.- ADR		84,657		1,452,714
United Microelectronics Corp.- ADR		181,143		360,475

				2,522,611

				3,429,031

TURKEY—0.3%
COMMERCIAL BANKS—0.3%
Turkiye Garanti Bankasi AS- ADR		79,519		413,499

UNITED KINGDOM—12.0%
CAPITAL MARKETS—0.0%**
Man Group plc		3,940		5,404
Man Group plc- ADR		7,608		9,738

				15,142

COMMERCIAL BANKS—2.0%
Barclays plc- ADR		32,892		569,689
HSBC Holdings plc- ADR		35,841		1,902,082
Lloyds Banking Group plc- ADR(a)		66,031		211,299

				2,683,070

DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
BT Group plc- ADR		8,434		320,745

ELECTRIC UTILITIES—0.3%
SSE plc- ADR		18,407		428,147

ENERGY EQUIPMENT & SERVICES—0.2%
Subsea 7 SA		1,378		33,117
Subsea 7 SA- ADR		7,740		187,385

				220,502

FOOD & STAPLES RETAILING—0.3%
J Sainsbury plc		4,806		27,191
J Sainsbury plc- ADR		11,869		269,307
WM Morrison Supermarkets plc		23,333		100,184

				396,682

HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
Smith & Nephew plc- ADR		5,855		324,367

HOTELS, RESTAURANTS & LEISURE—0.8%
Carnival plc- ADR		6,084		235,755
Compass Group plc- ADR		42,837		513,187
InterContinental Hotels Group plc- ADR		11,336		315,368

				1,064,310

HOUSEHOLD PRODUCTS—0.5%
Reckitt Benckiser Group plc		1,753		111,280
Reckitt Benckiser Group plc- ADR(a)		40,060		513,569

				624,849

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis International Index Fund		December 31, 2012



	SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
UNITED KINGDOM—12.0%, continued
INSURANCE—0.6%
Aviva plc		30,794	$	190,552
Prudential plc- ADR		23,333		666,157

				856,709

MATERIALS—0.1%
Antofagasta plc		3,335		73,086

MEDIA—0.8%
British Sky Broadcasting Group plc		3,176		40,057
British Sky Broadcasting Group plc- ADR		5,373		270,745
Pearson plc- ADR		23,760		464,270
Reed Elsevier plc- ADR		7,992		335,984

				1,111,056

METALS & MINING—1.1%
Antofagasta plc- ADR		3,393		151,531
Rio Tinto plc- ADR		23,406		1,359,655

				1,511,186

MULTILINE RETAIL—0.1%
Marks & Spencer Group plc		10,719		67,333
Marks & Spencer Group plc- ADR		11,155		138,991

				206,324

MULTI-UTILITIES—0.8%
National Grid plc- ADR		14,000		804,160
United Utilities Group plc		2,386		26,267
United Utilities Group plc- ADR		11,427		252,194

				1,082,621

OIL, GAS & CONSUMABLE FUELS—1.7%
BG Group plc- ADR		40,120		670,405
BP plc- ADR		31,246		1,301,084
Tullow Oil plc		6,394		133,298
Tullow Oil plc- ADR		15,976		166,470

				2,271,257

PHARMACEUTICALS—1.2%
AstraZeneca plc- ADR		13,344		630,771
GlaxoSmithKline plc- ADR		24,923		1,083,403

				1,714,174

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%
ARM Holdings plc- ADR		9,810		371,112

SOFTWARE—0.0%**
Sage Group plc		3,343		16,075
Sage Group plc- ADR		2,441		47,087

				63,162

SPECIALTY RETAIL—0.2%
Kingfisher plc- ADR		29,151		269,355

WIRELESS TELECOMMUNICATION SERVICES—0.6%
Vodafone Group plc- ADR		30,779		775,323

				16,383,179

UNITED STATES—0.6%
HEALTH CARE PROVIDERS & SERVICES—0.1%
Catamaran Corp.(a)		3,636		171,292


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.5%, continued
UNITED STATES—0.6%, continued
MEDIA—0.1%
Thomson Reuters Corp.		4,046	$	117,577

METALS & MINING—0.1%
Sims Metal Management Ltd.- ADR		13,600		134,096

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
Brookfield Office Properties, Inc.		24,368		414,499

				837,464

TOTAL COMMON STOCKS				134,927,205

CORPORATE NOTES—0.9%
COMMUNITY DEVELOPMENT—0.9%
Everence Community Investment, Inc., 1.00%, 12/15/15(b)	$	343,000		343,285
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		256,000		257,431
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		606,000		609,512

TOTAL CORPORATE NOTES				1,210,228

SHORT TERM INVESTMENT—0.7%
INVESTMENT COMPANY—0.7%
JPMorgan U.S. Government Money Market Fund, Premier Shares		972,383		972,383


TOTAL INVESTMENTS (Cost* $131,519,530)—100.1%			$	137,109,816
Liabilities in excess of other assets—(0.1)%				(90,821	)

NET ASSETS—100%			$	137,018,995

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


Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%	$	343,000		3/2012
Everence Community Investment, Inc.		1.50	%		256,000		3/2012
Everence Community Investment, Inc.		1.50	%		606,000		3/2012

At December 31, 2012, these securities had an aggregate market value of $1,210,228, representing 0.9% 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.

Praxis Value Index Fund

2012 Praxis Annual Report

Portfolio Manager Commentary (unaudited)

Investors in U.S. equities experienced strong double-digit returns during 2012 as economic and political realities played out better than many had expected at the beginning of the year. Corporate profits continued to grow, although at a slower pace than they had in the prior few years, the economy continued to slowly improve, and we began to see signs that the housing market crisis is easing. This, along with a lack of large political setbacks in Europe and the U.S., combined to encourage equity investors to bid stocks higher.

In this “risk-on” environment, financial companies generated the best investment returns among major economic sectors while other sectors perceived to offer more safety, like utilities and energy, lagged during the period. As a result of the financial sector’s success, the value style of investing generated slightly better returns than the growth style during the period.

The Fund’s healthy allocation to financial companies served it well during the period, boosting its Class A shares (without load) return to 16.12 percent versus the 17.76 percent return of its new benchmark, the S&P 500 Value Index. Since the Fund changed its benchmark and portfolio management process on April 30, 2012, the Fund’s returns have closely tracked the returns of the benchmark even as the Fund continues to incorporate the screens associated with the Fund’s stewardship investing core values. In the period before the benchmark and portfolio management process changed, the Fund did not track its benchmark quite as closely, resulting in modest underperformance for the entire period. We believe the new portfolio management process of attempting to track the benchmark subject to the screens will produce returns that are less variable relative to benchmark returns than in the past.

Chad Horning, CFA^®

Praxis Value Index Fund Manager

Everence Capital Management

The views expressed are those of the portfolio manager as of Dec. 31, 2012, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

Praxis Value Index Fund

Performance Review

Growth of $10,000 investment from 12/31/02 to 12/31/12

This chart represents historical performance of a hypothetical investment of $10,000 in Class A Shares (adjusted for the maximum sales charge of 5.25%) of the Fund and Index from 12/31/02 to 12/31/12, and includes the reinvestment of dividends and capital gains.

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Ten Year Ended		Expense Ratio*** Gross / Net
Value Index Fund
Class A (Without Load)			16.12%		8.28%		-1.40%		5.06%		1.32%	1.32%
Class A *			10.02%		6.37%		-2.46%		4.50%
Class I **	5/1/06		16.91%		9.18%		-0.81%		5.42%		0.49%	0.49%
S&P 500 Value Index¹			17.76%		10.47%		-0.15%		7.04%
MSCI US Prime Market Value Index²			15.23%		10.14%		0.44%		7.25%

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

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

*** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

² 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.

Schedule of Portfolio Investments


Praxis Value Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%
AIR FREIGHT & LOGISTICS—1.6%
C. H. Robinson Worldwide, Inc.		2,912	$	184,097
FedEx Corp.		5,502		504,643
United Parcel Service, Inc., Class B		9,046		666,962

				1,355,702

AIRLINES—0.1%
Southwest Airlines Co.		11,998		122,860

AUTO COMPONENTS—0.5%
Johnson Controls, Inc.		13,721		421,235

AUTOMOBILES—1.1%
Ford Motor Co.		56,883		736,635
Harley-Davidson, Inc.		4,709		229,987

				966,622

BEVERAGES—0.7%
Coca-Cola Co.		6,260		226,925
Coca-Cola Enterprises, Inc.		4,031		127,904
PepsiCo, Inc.		3,589		245,595

				600,424

BIOTECHNOLOGY—0.2%
Amgen, Inc.		1,504		129,825

CAPITAL MARKETS—3.0%
Ameriprise Financial, Inc.		3,636		227,723
Bank of New York Mellon Corp.		7,654		196,708
BlackRock, Inc.		495		102,321
Charles Schwab Corp.		15,343		220,326
Goldman Sachs Group, Inc.		5,835		744,313
Invesco Ltd.		7,612		198,597
Morgan Stanley		18,045		345,020
Northern Trust Corp.		3,977		199,486
State Street Corp.		7,090		333,301

				2,567,795

CHEMICALS—2.1%
Air Products & Chemicals, Inc.		3,492		293,398
Ashland, Inc.		1,090		87,647
E.I. du Pont de Nemours & Co.		12,749		573,322
Ecolab, Inc.		1,616		116,190
LyondellBasell Industries NV, Class A		6,152		351,218
Praxair, Inc.		3,364		368,190

				1,789,965

COMMERCIAL BANKS—5.0%
BB&T Corp.		10,104		294,127
Comerica, Inc.		4,561		138,381
Fifth Third Bancorp		13,500		205,065
First Horizon National Corp.		14,678		145,459
Huntington Bancshares, Inc.		18,304		116,963
KeyCorp		18,938		159,458
M&T Bank Corp.		1,286		126,632
PNC Financial Services Group, Inc.		6,226		363,038
SunTrust Banks, Inc.		6,766		191,816
U.S. Bancorp		6,597		210,708
Wells Fargo & Co.		65,421		2,236,090
Zions Bancorp		4,400		94,160

				4,281,897


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
COMMERCIAL SERVICES & SUPPLIES—1.0%
ADT Corp.		2,396	$	111,390
Avery Dennison Corp.		4,356		152,112
Pitney Bowes, Inc.		9,012		95,888
Tyco International Ltd.		7,992		233,766
Waste Management, Inc.		6,956		234,695

				827,851

COMMUNICATIONS EQUIPMENT—1.6%
Cisco Systems, Inc.		56,475		1,109,734
Motorola Solutions, Inc.		4,585		255,293

				1,365,027

COMPUTERS & PERIPHERALS—1.4%
Dell, Inc.		22,704		229,992
EMC Corp.(a)		13,491		341,322
Hewlett-Packard Co.		28,296		403,218
Western Digital Corp.		4,719		200,510

				1,175,042

CONSTRUCTION MATERIALS—0.2%
Vulcan Materials Co.		3,052		158,857

CONSUMER FINANCE—1.5%
American Express Co.		10,534		605,494
Capital One Financial Corp.		9,400		544,542
SLM Corp.		5,903		101,119

				1,251,155

CONTAINERS & PACKAGING—0.4%
Ball Corp.		4,084		182,759
Owens-Illinois, Inc.(a)		8,345		177,498

				360,257

DIVERSIFIED CONSUMER SERVICES—0.1%
H&R Block, Inc.		6,094		113,166

DIVERSIFIED FINANCIAL SERVICES—4.7%
Citigroup, Inc.		39,002		1,542,919
CME Group, Inc.		3,470		175,964
JPMorgan Chase & Co.		49,560		2,179,153
NYSE Euronext		3,488		110,012

				4,008,048

DIVERSIFIED TELECOMMUNICATION SERVICES—5.1%
AT&T, Inc.		81,111		2,734,252
CenturyLink, Inc.		10,818		423,200
Frontier Communications Corp.		32,028		137,080
Verizon Communications, Inc.		21,117		913,733
Windstream Corp.		14,690		121,633

				4,329,898

ELECTRIC UTILITIES—3.7%
Duke Energy Corp.		11,197		714,369
Edison International		5,917		267,389
FirstEnergy Corp.		7,565		315,914
NextEra Energy, Inc.		5,712		395,213
Pepco Holdings, Inc.		6,469		126,857
PPL Corp.		14,801		423,753
Southern Co.		17,707		758,037
Xcel Energy, Inc.		5,336		142,524

				3,144,056

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
ELECTRICAL EQUIPMENT—0.7%
Eaton Corp. plc		1,755	$	95,116
Emerson Electric Co.		9,824		520,279

				615,395

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%
Corning, Inc.		27,652		348,968
Jabil Circuit, Inc.		8,685		167,534
TE Connectivity Ltd.		7,186		266,744

				783,246

ENERGY EQUIPMENT & SERVICES—1.8%
Cameron International Corp.(a)		4,198		237,019
Diamond Offshore Drilling, Inc.		2,733		185,735
Nabors Industries Ltd.(a)		6,221		89,893
National Oilwell Varco, Inc.		8,807		601,958
Noble Corp.		5,821		202,687
Rowan Cos. plc, Class A(a)		5,632		176,113

				1,493,405

FOOD & STAPLES RETAILING—4.3%
CVS Caremark Corp.		19,335		934,847
Kroger Co.		7,732		201,187
Safeway, Inc.		6,967		126,033
Sysco Corp.		7,463		236,279
Walgreen Co.		13,836		512,070
Wal-Mart Stores, Inc.		23,701		1,617,119

				3,627,535

FOOD PRODUCTS—2.8%
Campbell Soup Co.		9,506		331,664
ConAgra Foods, Inc.		6,460		190,570
General Mills, Inc.		8,384		338,797
H.J. Heinz Co.		3,226		186,076
Hormel Foods Corp.		10,641		332,106
Kellogg Co.		3,959		221,110
Kraft Foods Group, Inc.		4,350		197,795
Mondelez International, Inc., Class A		21,920		558,302

				2,356,420

GAS UTILITIES—0.6%
AGL Resources, Inc.		4,928		196,972
ONEOK, Inc.		7,415		316,991

				513,963

HEALTH CARE EQUIPMENT & SUPPLIES—1.1%
Abbott Laboratories		8,388		549,414
Medtronic, Inc.		9,810		402,406

				951,820

HEALTH CARE PROVIDERS & SERVICES—3.2%
Aetna, Inc.		4,558		211,035
Cigna Corp.		4,505		240,837
Coventry Health Care, Inc.		3,762		168,650
Express Scripts Holding Co.(a)		6,457		348,678
Humana, Inc.		3,192		219,067
McKesson Corp.		2,785		270,034
UnitedHealth Group, Inc.		16,607		900,764
WellPoint, Inc.		5,386		328,115

				2,687,180


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
HOTELS, RESTAURANTS & LEISURE—1.8%
Carnival Corp.		8,393	$	308,611
Marriott International, Inc., Class A		2,660		99,138
McDonald’s Corp.		9,723		857,666
Starwood Hotels & Resorts Worldwide, Inc.		1,776		101,871
Wyndham Worldwide Corp.		3,041		161,812

				1,529,098

HOUSEHOLD DURABLES—0.5%
D.R. Horton, Inc.		8,124		160,693
Newell Rubbermaid, Inc.		4,190		93,311
Whirlpool Corp.		1,582		160,968

				414,972

HOUSEHOLD PRODUCTS—2.1%
Colgate-Palmolive Co.		2,299		240,338
Procter & Gamble Co.		22,933		1,556,921

				1,797,259

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.3%
AES Corp.		11,874		127,052
NRG Energy, Inc.		6,736		154,860

				281,912

INDUSTRIAL CONGLOMERATES—0.8%
3M Co.		7,104		659,606

INSURANCE—7.7%
ACE Ltd.		4,420		352,716
Allstate Corp.		8,739		351,046
American International Group, Inc.(a)		19,096		674,089
Aon plc		2,267		126,045
Assurant, Inc.		4,644		161,147
Berkshire Hathaway, Inc., Class B(a)		25,738		2,308,699
Chubb Corp.		2,520		189,806
Cincinnati Financial Corp.		2,512		98,370
Genworth Financial, Inc., Class A(a)		12,732		95,617
Hartford Financial Services Group, Inc.		5,040		113,098
Loews Corp.		3,484		141,973
Marsh & McLennan Cos., Inc.		5,930		204,407
MetLife, Inc.		18,312		603,197
Principal Financial Group, Inc.		6,706		191,255
Progressive Corp.		4,933		104,086
Prudential Financial, Inc.		8,578		457,465
Torchmark Corp.		1,643		84,894
Travelers Cos., Inc.		4,254		305,522

				6,563,432

INTERNET SOFTWARE & SERVICES—0.4%
eBay, Inc.(a)		1,769		90,254
Yahoo!, Inc.(a)		11,254		223,955

				314,209

IT SERVICES—2.2%
Accenture plc, Class A		4,238		281,827
Fidelity National Information Services, Inc.		3,862		134,436
International Business Machines Corp.		6,142		1,176,500
Paychex, Inc.		3,684		114,720
Western Union Co.		10,989		149,560

				1,857,043

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
LIFE SCIENCES TOOLS & SERVICES—0.3%
Thermo Fisher Scientific, Inc.		4,614	$	294,281

MACHINERY—2.5%
Deere & Co.		5,579		482,137
Dover Corp.		2,303		151,330
Illinois Tool Works, Inc.		3,805		231,382
Ingersoll-Rand plc		5,365		257,305
PACCAR, Inc.		5,046		228,130
Parker Hannifin Corp.		5,297		450,563
Pentair Ltd.		1,980		97,317
Stanley Black & Decker, Inc.		1,287		95,199
Xylem, Inc.		3,658		99,132

				2,092,495

MEDIA—2.3%
CBS Corp., Class B		5,234		199,154
Comcast Corp., Class A		4,325		161,668
Interpublic Group of Cos., Inc.		9,086		100,128
McGraw-Hill Cos., Inc.		3,488		190,689
Omnicom Group, Inc.		2,019		100,869
Time Warner Cable, Inc.		995		96,704
Time Warner, Inc.		4,842		231,593
Viacom, Inc., Class B		5,201		274,301
Walt Disney Co.		11,967		595,837

				1,950,943

METALS & MINING—0.8%
Allegheny Technologies, Inc.		5,013		152,195
Nucor Corp.		9,290		401,142
United States Steel Corp.		3,703		88,390

				641,727

MULTILINE RETAIL—0.8%
Macy’s, Inc.		6,103		238,139
Target Corp.		7,922		468,745

				706,884

MULTI-UTILITIES—1.7%
CenterPoint Energy, Inc.		9,131		175,772
CMS Energy Corp.		3,424		83,477
Consolidated Edison, Inc.		6,060		336,572
DTE Energy Co.		3,270		196,364
NiSource, Inc.		4,934		122,807
SCANA Corp.		4,988		227,652
Sempra Energy		4,143		293,905

				1,436,549

OFFICE ELECTRONICS—0.1%
Xerox Corp.		15,601		106,399

OIL, GAS & CONSUMABLE FUELS—12.3%
Apache Corp.		8,852		694,882
BP plc, ADR		12,945		539,030
Chesapeake Energy Corp.		12,297		204,376
ConocoPhillips		48,991		2,840,988
Denbury Resources, Inc.(a)		5,414		87,707
Devon Energy Corp.		10,065		523,783
Energen Corp.		1,970		88,827
EQT Corp.		3,278		193,336
Hess Corp.		5,960		315,642


	SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
OIL, GAS & CONSUMABLE FUELS—12.3%, continued
Kinder Morgan, Inc.		12,013	$	424,419
Marathon Oil Corp.		14,394		441,320
Marathon Petroleum Corp.		3,923		247,149
Murphy Oil Corp.		4,279		254,814
Noble Energy, Inc.		2,479		252,214
Phillips 66		9,884		524,840
QEP Resources, Inc.		6,218		188,219
Royal Dutch Shell plc, Class A, ADR		15,248		1,051,350
Southwestern Energy Co.(a)		6,594		220,306
Spectra Energy Corp.		27,522		753,552
Valero Energy Corp.		10,069		343,554
Williams Cos., Inc.		7,991		261,625

				10,451,933

PAPER & FOREST PRODUCTS—0.4%
International Paper Co.		9,061		360,990

PERSONAL PRODUCTS—0.4%
Avon Products, Inc.		9,362		134,438
Estee Lauder Cos., Inc., Class A		3,350		200,531

				334,969

PHARMACEUTICALS—4.2%
Bristol-Myers Squibb Co.		20,289		661,218
Eli Lilly & Co.		6,937		342,133
Forest Laboratories, Inc.(a)		7,575		267,549
Hospira, Inc.(a)		2,839		88,690
Johnson & Johnson		24,177		1,694,808
Merck & Co., Inc.		11,821		483,952

				3,538,350

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.7%
Equity Residential		1,651		93,562
HCP, Inc.		4,327		195,494
Host Hotels & Resorts, Inc.		12,568		196,941
Plum Creek Timber Co., Inc.		2,980		132,223
Prologis, Inc.		4,890		178,436
Simon Property Group, Inc.		2,569		406,133
Vornado Realty Trust		1,493		119,559
Weyerhaeuser Co.		3,419		95,117

				1,417,465

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
CBRE Group, Inc., Class A(a)		5,299		105,450

ROAD & RAIL—1.1%
CSX Corp.		20,640		407,227
Norfolk Southern Corp.		6,422		397,137
Ryder System, Inc.		1,959		97,813

				902,177

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%
Analog Devices, Inc.		4,253		178,881
Applied Materials, Inc.		22,547		257,937
Intel Corp.		22,268		459,389
Micron Technology, Inc.(a)		16,646		105,702
NVIDIA Corp.		11,768		144,629

				1,146,538

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Value Index Fund		December 31, 2012


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—98.1%, continued
SOFTWARE—2.3%
Adobe Systems, Inc.(a)		4,979	$	187,609
Autodesk, Inc.(a)		2,470		87,315
CA, Inc.		7,512		165,114
Microsoft Corp.		51,795		1,384,480
Oracle Corp.		3,482		116,020

				1,940,538

SPECIALTY RETAIL—0.4%
Home Depot, Inc.		1,892		117,020
Lowe’s Cos., Inc.		3,385		120,235
Staples, Inc.		7,496		85,455

				322,710

WATER UTILITIES—0.1%
American Water Works Co., Inc.		2,056		76,339

TOTAL COMMON STOCKS				83,242,914

PREFERRED STOCK—0.0%**
SPECIALTY RETAIL—0.0%**
Orchard Supply Hardware Stores Corp., Perpetual, Series A—Zero Coupon(a),(b)		39		70

TOTAL PREFERRED STOCKS				70

CORPORATE NOTES—1.3%
COMMUNITY DEVELOPMENT —1.3%
Everence Community Investment, Inc., 1.00%, 12/15/15+(c)	$	175,000		175,145
Everence Community Investment, Inc., 1.50%, 12/15/13+(c)		192,500		193,577
Everence Community Investment, Inc., 1.50%, 12/15/14+(c)		758,500		762,896

TOTAL CORPORATE NOTES				1,131,618

SHORT TERM INVESTMENT—1.1%
INVESTMENT COMPANY—1.1%
JPMorgan U.S. Government Money Market Fund, Premier Shares		898,616		898,616


TOTAL INVESTMENTS (Cost* $78,170,052)—100.5%			$	85,273,218
Liabilities in excess of other assets—(0.5)%				(398,720	)

NET ASSETS—100%			$	84,874,498

+	Variable rate security. Rates presented are the rates in effect at December 31, 2012.

(a)	Non-income producing securities.

(b)	Is Zero Coupon

(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:


Security	Yield			Principal Amount		Acquisition 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	%		758,500		12/2012

At December 31, 2012, these securities had an aggregate market value of $1,131,618, representing 1.3% of net assets.

*	Represents cost for financial reporting purposes.

**	Amount rounds to less than 0.1%.


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

See accompanying notes to financial statements.

Praxis Growth Index Fund

2012 Praxis Annual Report

Portfolio Manager Commentary (unaudited)

In this “risk-on” environment, financial companies generated the best investment returns among major economic sectors while other sectors perceived to offer more safety, like utilities and energy, lagged during the period. The technology sector, while generating mid-teens returns, performed less well during the period, weighing on the returns of the growth style of investing.

Still, the Fund’s Class A shares (without load) 17.15 percent return outperformed the 14.70 percent return of its new benchmark, the S&P 500 Growth Index. Since the Fund changed its benchmark and portfolio management process on April 30, 2012, the Fund’s returns have closely tracked the returns of the benchmark even as the Fund continues to incorporate the screens associated with the Fund’s stewardship investing core values. In the period before the benchmark and portfolio management process changed, the Fund outperformed its benchmark, contributing to its outperformance for the entire period. We believe the new portfolio management process of attempting to track the benchmark subject to the screens will produce returns that are less variable relative to benchmark returns than in the past.

Chad Horning, CFA^®

Praxis Growth Index Fund Manager

Everence Capital Management

Praxis Growth Index Fund

Performance Review

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

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

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio*** Gross / Net
Growth Index Fund
Class A (Without Load)	5/1/07		17.15%		10.27%		2.46%		2.88%		2.01%	1.10%
Class A*	5/1/07		11.02%		8.32%		1.35%		1.91%
Class I	5/1/07		17.94%		10.92%		3.31%		2.80%		0.50%	0.50%
S&P 500 Growth Index¹			14.70%		11.33%		3.39%		3.81%
MSCI US Prime Market Growth Index²			17.14%		11.87%		3.38%		4.16%

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

**	Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

¹ The S&P 500 Growth Index represents the growth companies (defined by sales growth, earnings charge to price and momentum) of the S&P 500 Index, a universe of large capitalization companies in the US equity market.

² 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.

Schedule of Portfolio Investments


Praxis Growth Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%
AIR FREIGHT & LOGISTICS—1.3%
C. H. Robinson Worldwide, Inc.		2,296	$	145,153
Expeditors International of Washington, Inc.		3,995		158,002
FedEx Corp.		4,034		369,999
United Parcel Service, Inc., Class B		16,201		1,194,500

				1,867,654

AUTO COMPONENTS—0.1%
Delphi Automotive plc(a)		5,636		215,577

AUTOMOBILES—0.2%
Harley-Davidson, Inc.		6,675		326,007

BEVERAGES—4.5%
Coca-Cola Co.		91,118		3,303,028
Monster Beverage Corp.(a)		5,346		282,696
PepsiCo, Inc.		38,946		2,665,075

				6,250,799

BIOTECHNOLOGY—3.6%
Alexion Pharmaceuticals, Inc.(a)		5,765		540,815
Amgen, Inc.		17,448		1,506,111
Biogen Idec, Inc.(a)		5,919		868,140
Celgene Corp.(a)		11,499		905,201
Gilead Sciences, Inc.(a)		17,066		1,253,498

				5,073,765

BUILDING PRODUCTS—0.2%
Masco Corp.		13,915		231,824

CAPITAL MARKETS—1.5%
BlackRock, Inc.		4,068		840,896
Franklin Resources, Inc.		3,983		500,663
Northern Trust Corp.		4,438		222,610
T. Rowe Price Group, Inc.		8,045		523,971

				2,088,140

CHEMICALS—3.0%
Air Products & Chemicals, Inc.		5,469		459,505
CF Industries Holdings, Inc.		1,787		363,047
E.I. du Pont de Nemours & Co.		20,034		900,929
Ecolab, Inc.		7,662		550,898
PPG Industries, Inc.		3,500		473,725
Praxair, Inc.		8,079		884,247
Sherwin-Williams Co.		2,660		409,161
Sigma-Aldrich Corp.		2,605		191,676

				4,233,188

COMMERCIAL BANKS—0.7%
U.S. Bancorp		32,718		1,045,013

COMMERCIAL SERVICES & SUPPLIES—0.1%
Stericycle, Inc.(a)		2,156		201,090

COMMUNICATIONS EQUIPMENT—2.3%
Cisco Systems, Inc.		23,625		464,231
F5 Networks, Inc.(a)		1,610		156,412
Juniper Networks, Inc.(a)		8,505		167,293
QUALCOMM, Inc.		38,905		2,412,888

				3,200,824

COMPUTERS & PERIPHERALS—8.5%
Apple, Inc.		20,152		10,741,620


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
COMPUTERS & PERIPHERALS—8.5%, continued
EMC Corp.(a)		25,202	$	637,611
NetApp, Inc.(a)		10,414		349,390
SanDisk Corp.(a)		4,408		192,012

				11,920,633

CONSUMER FINANCE—1.2%
American Express Co.		19,417		1,116,089
Discover Financial Services		14,497		558,860

				1,674,949

DIVERSIFIED FINANCIAL SERVICES—2.2%
Bank of America Corp.		253,051		2,935,391
IntercontinentalExchange, Inc.(a)		1,386		171,601

				3,106,992

DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%
AT&T, Inc.		6,008		202,530
Verizon Communications, Inc.		38,303		1,657,371

				1,859,901

ELECTRIC UTILITIES—0.1%
NextEra Energy, Inc.		2,070		143,223

ELECTRICAL EQUIPMENT—1.4%
Emerson Electric Co.		16,122		853,821
Rockwell Automation, Inc.		7,047		591,877
Roper Industries, Inc.		4,143		461,862

				1,907,560

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
Amphenol Corp., Class A		5,073		328,223

ENERGY EQUIPMENT & SERVICES—1.1%
Cameron International Corp.(a)		6,607		373,031
Diamond Offshore Drilling, Inc.		7,939		539,535
Ensco plc, Class A		5,092		301,854
National Oilwell Varco, Inc.		2,119		144,834
Rowan Cos. plc, Class A(a)		6,620		207,007

				1,566,261

FOOD & STAPLES RETAILING—1.0%
Costco Wholesale Corp.		5,561		549,260
Walgreen Co.		5,591		206,923
Wal-Mart Stores, Inc.		4,164		284,110
Whole Foods Market, Inc.		3,706		338,469

				1,378,762

FOOD PRODUCTS—1.8%
Campbell Soup Co.		5,670		197,826
H.J. Heinz Co.		6,297		363,211
Hershey Co.		5,414		390,999
Kellogg Co.		7,186		401,338
Kraft Foods Group, Inc.		12,201		554,780
Mead Johnson Nutrition Co.		2,219		146,210
Mondelez International, Inc., Class A		18,423		469,234

				2,523,598

GAS UTILITIES—0.2%
AGL Resources, Inc.		5,725		228,828

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
HEALTH CARE EQUIPMENT & SUPPLIES—3.7%
Abbott Laboratories		29,064	$	1,903,692
Baxter International, Inc.		11,801		786,655
Covidien plc		8,857		511,403
Edwards Lifesciences Corp.(a)		2,620		236,245
Intuitive Surgical, Inc.(a)		891		436,920
Medtronic, Inc.		16,360		671,087
Stryker Corp.		5,228		286,599
Varian Medical Systems, Inc.(a)		2,749		193,090
Zimmer Holdings, Inc.		2,886		192,381

				5,218,072

HEALTH CARE PROVIDERS & SERVICES—0.8%
Aetna, Inc.		3,800		175,940
DaVita HealthCare Partners, Inc.(a)		2,146		237,197
Express Scripts Holding Co.(a)		10,041		542,214
UnitedHealth Group, Inc.		3,911		212,133

				1,167,484

HEALTH CARE TECHNOLOGY—0.2%
Cerner Corp.(a)		4,117		319,644

HOTELS, RESTAURANTS & LEISURE—2.6%
Chipotle Mexican Grill, Inc.(a)		523		155,571
Marriott International, Inc., Class A		5,438		202,674
McDonald’s Corp.		13,051		1,151,229
Starbucks Corp.		18,072		969,021
Starwood Hotels & Resorts Worldwide, Inc.		6,087		349,150
Yum! Brands, Inc.		11,437		759,417

				3,587,062

HOUSEHOLD DURABLES—0.5%
Lennar Corp., Class A		5,428		209,901
PulteGroup, Inc.(a)		12,427		225,674
Whirlpool Corp.		1,971		200,549

				636,124

HOUSEHOLD PRODUCTS—3.0%
Colgate-Palmolive Co.		6,946		726,135
Kimberly-Clark Corp.		8,229		694,774
Procter & Gamble Co.		41,186		2,796,118

				4,217,027

INDUSTRIAL CONGLOMERATES—0.9%
3M Co.		13,321		1,236,855

INSURANCE—1.3%
Aflac, Inc.		7,304		387,988
Aon plc		6,376		354,506
Berkshire Hathaway, Inc., Class B(a)		3,915		351,176
Chubb Corp.		4,619		347,903
Travelers Cos., Inc.		4,792		344,161

				1,785,734

INTERNET & CATALOG RETAIL—2.1%
Amazon.com, Inc.(a)		7,896		1,983,002
Expedia, Inc.		4,418		271,486
priceline.com, Inc.(a)		1,220		757,864

				3,012,352


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
INTERNET SOFTWARE & SERVICES—4.2%
Akamai Technologies, Inc.(a)		5,069	$	207,373
eBay, Inc.(a)		27,518		1,403,968
Google, Inc., Class A(a)		5,749		4,078,168
VeriSign, Inc.(a)		5,480		212,734

				5,902,243

IT SERVICES—6.2%
Accenture plc, Class A		9,914		659,281
Automatic Data Processing, Inc.		11,012		627,794
Cognizant Technology Solutions Corp., Class A(a)		5,990		443,559
Fiserv, Inc.(a)		2,700		213,381
International Business Machines Corp.		16,139		3,091,425
Mastercard, Inc., Class A		2,728		1,340,212
Paychex, Inc.		5,970		185,906
Teradata Corp.(a)		4,886		302,395
Visa, Inc., Class A		11,984		1,816,535

				8,680,488

LIFE SCIENCES TOOLS & SERVICES—0.6%
Agilent Technologies, Inc.		5,785		236,838
Life Technologies Corp.(a)		4,642		227,829
Thermo Fisher Scientific, Inc.		6,472		412,784

				877,451

MACHINERY—1.6%
Deere & Co.		12,763		1,102,978
Illinois Tool Works, Inc.		8,492		516,399
Ingersoll-Rand plc		4,358		209,010
Parker Hannifin Corp.		4,484		381,409

				2,209,796

MEDIA—6.2%
CBS Corp., Class B		15,928		606,060
Comcast Corp., Class A		59,318		2,217,307
DIRECTV(a)		17,580		881,813
Discovery Communications, Inc., Class A(a)		6,791		431,093
Gannett Co., Inc.		12,744		229,519
McGraw-Hill Cos., Inc.		7,028		384,221
Omnicom Group, Inc.		3,764		188,049
Time Warner Cable, Inc.		7,517		730,577
Time Warner, Inc.		18,203		870,650
Viacom, Inc., Class B		13,741		724,700
Walt Disney Co.		27,439		1,366,188

				8,630,177

MULTILINE RETAIL—0.3%
Dollar Tree, Inc.(a)		3,712		150,559
Target Corp.		4,721		279,341

				429,900

OIL, GAS & CONSUMABLE FUELS—5.6%
BP plc, ADR		12,947		539,113
Cabot Oil & Gas Corp.		6,032		300,032
ConocoPhillips		41,887		2,429,027
EOG Resources, Inc.		7,995		965,716
EQT Corp.		4,010		236,510
Hess Corp.		3,235		171,326
Kinder Morgan, Inc.		5,228		184,705

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
OIL, GAS & CONSUMABLE FUELS—5.6%, continued
Marathon Oil Corp.		11,421	$	350,168
Murphy Oil Corp.		3,439		204,792
Noble Energy, Inc.		3,889		395,667
Phillips 66		1,334		70,835
Pioneer Natural Resources Co.		4,090		435,953
Range Resources Corp.		3,277		205,894
Royal Dutch Shell plc, Class A, ADR		6,416		442,383
Southwestern Energy Co.(a)		5,272		176,138
Spectra Energy Corp.		14,393		394,080
Williams Cos., Inc.		8,576		280,778

				7,783,117

PHARMACEUTICALS—6.3%
Allergan, Inc./United States		6,228		571,295
Bristol-Myers Squibb Co.		29,838		972,420
Eli Lilly & Co.		18,250		900,090
Johnson & Johnson		47,608		3,337,321
Merck & Co., Inc.		60,126		2,461,558
Mylan, Inc.(a)		8,313		228,441
Perrigo Co.		2,988		310,842

				8,781,967

PROFESSIONAL SERVICES—0.1%
Robert Half International, Inc.		6,317		201,007

REAL ESTATE INVESTMENT TRUSTS (REITS)—1.8%
American Tower Corp.		10,594		818,598
Public Storage		4,112		596,076
Simon Property Group, Inc.		5,204		822,700
Weyerhaeuser Co.		9,414		261,898

				2,499,272

ROAD & RAIL—0.9%
CSX Corp.		44,153		871,139
Kansas City Southern		2,586		215,879
Norfolk Southern Corp.		3,072		189,972

				1,276,990

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.3%
Altera Corp.		5,948		204,849
Analog Devices, Inc.		5,281		222,119
Broadcom Corp., Class A		11,602		385,303
Intel Corp.		86,075		1,775,727
Texas Instruments, Inc.		18,499		572,359

				3,160,357

SOFTWARE—5.5%
Adobe Systems, Inc.(a)		5,512		207,692
Autodesk, Inc.(a)		4,626		163,529
BMC Software, Inc.(a)		5,542		219,796
Citrix Systems, Inc.(a)		3,452		226,969
Intuit, Inc.		6,883		409,538
Microsoft Corp.		98,201		2,624,913
Oracle Corp.		87,519		2,916,133
Red Hat, Inc.(a)		3,075		162,852
Salesforce.com, Inc.(a)		3,099		520,942
Symantec Corp.(a)		10,288		193,517

				7,645,881


	SHARES		FAIR VALUE
COMMON STOCKS—98.8%, continued
SPECIALTY RETAIL—3.3%
Bed Bath & Beyond, Inc.(a)		2,655	$	148,441
Gap, Inc.		7,686		238,573
Home Depot, Inc.		32,976		2,039,566
Lowe’s Cos., Inc.		24,141		857,488
O’Reilly Automotive, Inc.(a)		1,963		175,532
Ross Stores, Inc.		6,861		371,523
TJX Cos., Inc.		19,641		833,760

				4,664,883

TEXTILES, APPAREL & LUXURY GOODS—1.3%
Coach, Inc.		6,796		377,246
Fossil, Inc.(a)		1,418		132,016
NIKE, Inc., Class B		16,850		869,460
Ralph Lauren Corp.		1,097		164,462
VF Corp.		1,774		267,821

				1,811,005

TRADING COMPANIES & DISTRIBUTORS—0.3%
Fastenal Co.		3,809		177,842
W.W. Grainger, Inc.		995		201,358

				379,200

WIRELESS TELECOMMUNICATION SERVICES—0.7%
Crown Castle International Corp.(a)		7,430		536,149
Sprint Nextel Corp.(a)		84,572		479,523

				1,015,672

TOTAL COMMON STOCKS				138,502,571

CORPORATE NOTES—0.8%
COMMUNITY DEVELOPMENT—0.8%
Everence Community Investment, Inc., 1.00%, 11/30/13+(b)		135,000		135,104
Everence Community Investment, Inc., 1.00%, 12/15/15+(b)		453,000		453,376
Everence Community Investment, Inc., 1.50%, 11/30/13+(b)		230,000		231,232
Everence Community Investment, Inc., 1.50%, 12/15/13+(b)		166,000		166,928
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		175,000		176,014

TOTAL CORPORATE NOTES				1,162,654

SHORT TERM INVESTMENT—0.6%
INVESTMENT COMPANY—0.6%
JPMorgan U.S. Government Money Market Fund, Premier Shares		787,636		787,636


TOTAL INVESTMENTS (Cost* $126,790,207)—100.2%			$	140,452,861
Liabilities in excess of other assets—(0.2)%				(346,226	)

NET ASSETS—100%			$	140,106,635

+	Variable rate security. Rates presented are the rates in effect at December 31, 2012.

(a)	Non-income producing securities.

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Growth Index Fund		December 31, 2012

(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:


Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%	$	135,000		12/2010
Everence Community Investment, Inc.		1.00	%		453,000		12/2012
Everence Community Investment, Inc.		1.50	%		230,000		12/2010
Everence Community Investment, Inc.		1.50	%		166,000		12/2012
Everence Community Investment, Inc.		1.50	%		175,000		09/2011

At December 31, 2012, these securities had an aggregate market value of $1,162,654, representing 0.8% 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.

Praxis Small Cap Fund

2012 Praxis Annual Report

Portfolio Manager Commentary (unaudited)

The Praxis Small Cap Fund’s Class A shares (without load) gained 9.26 percent versus the Russell 2000 Index’s advance of 16.34 percent in 2012. It was another year of volatility as the market got off to a strong start in the first quarter of 2012, experienced a pullback during the second quarter before posting positive returns in back half of the year. The market climbed the proverbial “wall of worry” throughout the year and finished on its high. The stronger market can be attributed to the removal of market uncertainties with the Presidential election, the fiscal cliff and tax policy now behind us. While the outcome of each may be far from perfect, the uncertainty of the outcome was removed.

We expect a slow but steady economic growth environment to continue into 2013. Positives include a better housing and construction market and increased domestic energy production, which should continue to help increase employment and consumption. This should more than offset the impact of higher taxes and allow for continued economic growth. The markets’ focus will likely shift towards the debt limit and potential government spending cuts and we will continue to monitor the global economy and growing tensions in the Middle East. We expect another year of solid market gains as continued economic growth combined with low interest rates should support continued corporate profit growth, more stock buybacks, dividend increases and additional merger and acquisition activity in 2013.

The Russell 2000 Index’s impressive return for 2012 can be summed up in a few words: the market was reaching for yield. The real estate investment trust (REIT) industry (8.5 percent of the benchmark) was the strongest area, up 27 percent in 2012, as investors bid prices up to acquire their distributions. Lower quality, more leveraged companies also benefited in this yield focused market as high yield bonds (junk bonds) saw huge demand and record low bond yields. The record money flows invested in high yield bonds went directly to improving the balance sheets of lower quality companies. Other areas of strength were Homebuilding and Housing-related stocks. On a sector basis, the best performing sectors in 2012 were the Materials, Consumer Discretionary (helped by its Housing-related stocks) and Financials (helped by the REIT’s). The worst and only down sector for the year was Energy, while the Utilities and Technology sectors also lagged the benchmark.

While we were pleased with the Fund’s positive returns in 2012, we were disappointed in our relative performance. For 2012, both stock selection and sector allocation decisions were a drag relative to the benchmark. Stock selection in the Consumer Discretionary sector was the biggest individual negative to our relative performance due to weak stock selection plus the absence of the strong performing Housing-related stocks. We also experienced weakness in our Materials holdings. Stocks in the Health Care sector added value, as two of the three take-outs in the Fund during the year were in the Health Care sector. Sector allocation decisions detracted from performance, with our overweight to Energy earlier in the year detracting value and our underweight in Utilities being additive as the sector underperformed the benchmark. Given the Fund’s high quality strategy, we didn’t benefit from the reach for yield (REIT’s) and low quality driven market. Overall, it was a year where there wasn’t market interest in our higher quality investment strategy and our investments did not appreciate at the same degree as the market.

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

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

Steven R. Purvis, CFA^®

Praxis Small Cap Fund Manager

Luther King Capital Management

Praxis Small Cap Fund

Performance Review

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

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

LOGO


				Annualized
	Inception Date	One Year Ended		Three Year Ended		Five Year Ended		Since Inception		Expense Ratio*** Gross / Net
Small Cap Fund
Class A (Without Load)	5/1/07		9.26%		15.00%		3.86%		2.47%		2.18%	1.72%
Class A *	5/1/07		3.54%		12.94%		2.74%		1.51%
Class I	5/1/07		10.06%		15.66%		4.33%		2.84%		1.05%	1.05%
Russell 2000 Index¹			16.34%		12.24%		3.55%		2.17%

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

Schedule of Portfolio Investments


Praxis Small Cap Fund		December 31, 2012


	SHARES		FAIR VALUE
COMMON STOCKS—94.4%
AEROSPACE & DEFENSE—1.7%
Hexcel Corp.(a)		43,150	$	1,163,324

AUTOMOBILES—0.8%
Thor Industries, Inc.		13,950		522,148

BIOTECHNOLOGY—0.7%
Exact Sciences Corp.(a)		48,100		509,379

BUILDING PRODUCTS—0.9%
Armstrong World Industries, Inc.		12,800		649,344

CAPITAL MARKETS—1.4%
Greenhill & Co., Inc.		18,475		960,515

COMMERCIAL BANKS—9.6%
Community Bank System, Inc.		29,265		800,691
First Horizon National Corp.		119,340		1,182,659
Hancock Holding Co.		21,890		694,789
Home Bancshares, Inc.		22,850		754,507
Prosperity Bancshares, Inc.		21,340		896,280
Texas Capital Bancshares, Inc.(a)		21,320		955,562
UMB Financial Corp.		15,530		680,835
Umpqua Holdings Corp.		60,010		707,518

				6,672,841

COMMUNICATIONS EQUIPMENT—3.2%
Ciena Corp.(a)		55,200		866,640
Ixia(a)		48,100		816,738
Loral Space & Communications, Inc.		9,800		535,668

				2,219,046

CONTAINERS & PACKAGING—1.1%
Silgan Holdings, Inc.		18,250		759,017

ELECTRICAL EQUIPMENT—4.0%
Belden, Inc.		22,885		1,029,596
Franklin Electric Co., Inc.		15,195		944,673
Thermon Group Holdings, Inc.(a)		35,425		798,126

				2,772,395

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%
FARO Technologies, Inc.(a)		10,050		358,584
National Instruments Corp.		21,475		554,270

				912,854

ENERGY EQUIPMENT & SERVICES—0.9%
Atwood Oceanics, Inc.(a)		13,025		596,415

FOOD & STAPLES RETAILING—0.7%
Casey’s General Stores, Inc.		8,790		466,749

HEALTH CARE EQUIPMENT & SUPPLIES—7.0%
Cyberonics, Inc.(a)		24,200		1,271,226
DexCom, Inc.(a)		70,900		964,949
Endologix, Inc.(a)		72,900		1,038,096
Integra LifeSciences Holdings Corp.(a)		22,225		866,108
Spectranetics Corp.(a)		50,112		740,154

				4,880,533

HEALTH CARE PROVIDERS & SERVICES—6.0%
Health Management Associates, Inc., Class A(a)		93,535		871,746
HMS Holdings Corp.(a)		33,290		862,877


	SHARES		FAIR VALUE
COMMON STOCKS—94.4%, continued
HEALTH CARE PROVIDERS & SERVICES—6.0%, continued
MWI Veterinary Supply, Inc.(a)		10,155	$	1,117,050
Team Health Holdings, Inc.(a)		44,125		1,269,476

				4,121,149

HEALTH CARE TECHNOLOGY—1.1%
Computer Programs & Systems, Inc.		15,760		793,358

HOUSEHOLD DURABLES—1.2%
Tempur-Pedic International, Inc.(a)		25,375		799,059

INDUSTRIAL CONGLOMERATES—0.9%
Raven Industries, Inc.		24,560		647,402

INSURANCE—1.6%
AmTrust Financial Services, Inc.		38,627		1,108,209

INTERNET SOFTWARE & SERVICES—1.7%
LivePerson, Inc.(a)		40,405		530,921
LogMeIn, Inc.(a)		29,075		651,571

				1,182,492

IT SERVICES—0.9%
Acxiom Corp.(a)		37,330		651,782

MACHINERY—6.1%
Actuant Corp., Class A		29,785		831,299
Chart Industries, Inc.(a)		8,750		583,362
CLARCOR, Inc.		8,000		382,240
Middleby Corp.(a)		10,550		1,352,615
Rexnord Corp.(a)		20,485		436,331
Westport Innovations, Inc.(a)		23,250		621,008

				4,206,855

MARINE—1.2%
Kirby Corp.(a)		13,025		806,117

MEDIA—1.3%
Cinemark Holdings, Inc.		34,125		886,567

METALS & MINING—3.4%
Carpenter Technology Corp.		15,925		822,208
Commercial Metals Co.		58,300		866,338
Walter Energy, Inc.		19,000		681,720

				2,370,266

OIL, GAS & CONSUMABLE FUELS—6.8%
Approach Resources, Inc.(a)		34,340		858,843
Comstock Resources, Inc.(a)		41,900		633,947
Gulfport Energy Corp.(a)		30,535		1,167,048
Kodiak Oil & Gas Corp.(a)		80,275		710,434
Oasis Petroleum, Inc.(a)		22,370		711,366
Rosetta Resources, Inc.(a)		14,370		651,823

				4,733,461

PHARMACEUTICALS—2.5%
Akorn, Inc.(a)		69,317		926,075
Impax Laboratories, Inc.(a)		38,150		781,694

				1,707,769

PROFESSIONAL SERVICES—1.1%
Insperity, Inc.		23,320		759,299

REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%
FirstService Corp.(a)		12,088		341,607

See accompanying notes to financial statements.

Schedule of Portfolio Investments, continued


Praxis Small Cap Fund		December 31, 2012


	PRINCIPAL AMOUNT/ SHARES		FAIR VALUE
COMMON STOCKS—94.4%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.9%
Cirrus Logic, Inc.(a)		21,995	$	637,195

SOFTWARE—8.0%
ACI Worldwide, Inc.(a)		25,050		1,094,435
Aspen Technology, Inc.(a)		47,770		1,320,363
Interactive Intelligence Group, Inc.(a)		28,000		939,120
MicroStrategy, Inc., Class A(a)		7,450		695,681
NICE Systems Ltd., ADR(a)		27,500		920,700
Pegasystems, Inc.		24,130		547,268

				5,517,567

SPECIALTY RETAIL—9.2%
Children’s Place Retail Stores, Inc.(a)		14,300		633,347
DSW, Inc., Class A		14,575		957,432
Genesco, Inc.(a)		14,675		807,125
GNC Holdings, Inc., Class A		15,445		514,010
Group 1 Automotive, Inc.		13,670		847,403
Monro Muffler Brake, Inc.		19,150		669,676
Select Comfort Corp.(a)		30,825		806,690
Sonic Automotive, Inc., Class A		54,425		1,136,938

				6,372,621

TEXTILES, APPAREL & LUXURY GOODS—2.4%
Fifth & Pacific Cos., Inc.(a)		41,460		516,177
Oxford Industries, Inc.		9,955		461,514
Wolverine World Wide, Inc.		17,450		715,101

				1,692,792

THRIFTS & MORTGAGE FINANCE—1.5%
Capitol Federal Financial, Inc.		87,485		1,022,700

TRADING COMPANIES & DISTRIBUTORS—2.8%
Beacon Roofing Supply, Inc.(a)		27,700		921,856
WESCO International, Inc.(a)		14,925		1,006,393

				1,928,249

TOTAL COMMON STOCKS				65,371,076

CORPORATE NOTES—1.1%
COMMUNITY DEVELOPMENT—1.1%
Everence Community Investment, Inc., 1.00%, 11/30/13+(b)	$	280,000		280,215
Everence Community Investment, Inc., 1.50%, 11/30/13+(b)		195,000		196,044
Everence Community Investment, Inc., 1.50%, 12/15/14+(b)		275,000		276,594

TOTAL CORPORATE NOTES				752,853

SHORT TERM INVESTMENT—4.4%
INVESTMENT COMPANY—4.4%
JPMorgan U.S. Government Money Market Fund, Premier Shares		3,031,404		3,031,404


TOTAL INVESTMENTS (Cost* $55,813,446)—99.9%			$	69,155,333
Other assets in excess of liabilities—0.1%				74,887

NET ASSETS—100%			$	69,230,220

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


Security	Yield			Principal Amount		Acquisition Date
Everence Community Investment, Inc.		1.00	%	$	280,000		12/2010
Everence Community Investment, Inc.		1.50	%		195,000		12/2010
Everence Community Investment, Inc.		1.50	%		275,000		9/2011

At December 31, 2012, these securities had an aggregate market value of $752,853, representing 1.1% of net assets.

*	Represents cost for financial reporting purposes.


ADR		—		American Depositary Receipt

See accompanying notes to financial statements.

Praxis Genesis Portfolios

2012 Praxis Annual Report

Portfolio Manager Commentary (unaudited)

All in all, it was a very good year for investors – bonds were up, stocks were broadly up, and the economy continued on its slow upward march. While still a mess, the European debt crisis didn’t worsen terribly and some of the political uncertainty in the U.S. was allayed by the re-election of President Obama and the last-ditch passage of a tax bill on New Year’s Day. There is still plenty of uncertainty, but we avoided any big blow ups that could have sidetracked the economic recovery.

U.S. large company stocks climbed during the year despite flagging during the spring as investors worried about the European debt crisis. Small company U.S. stocks rose slightly more than large company stocks for the period, primarily on their surge late in the year.

International markets, including both developed and emerging countries, finished strong after a very weak start early in the year on concerns that the sovereign debt crisis in Europe, slowing growth in China and the lackluster recovery in the U.S. would put a damper on global growth. Leadership changes in Spain, Italy and France held the risk of upsetting negotiations among the leaders of those countries and Chancellor Angela Merkel of Germany. But instead, the core countries and the European Central Bank muddled through the year, refinancing Greece another time in exchange for more austerity and offering a backstop to investors in Spanish banks that boosted confidence and pushed continental stocks higher.

U.S. bonds rose during the year as interest rates fell even further, though the path was anything but smooth. As the year closed, the 1.78 percent yield on the 10-year U.S. Treasury Bond was significantly higher than the 1.43 percent low it touched in July, but ended lower than its starting yield at 1.89 percent. For the year, though, bond investors were rewarded again for investing in the asset class. Interest rates on U.S. bonds generally have fallen (bond prices risen) for more than a quarter century, but money flows into bonds indicate that investors continue to believe that the risk of rising interest rates is not their current concern.

The success of markets during the year suggests that the outcomes of political negotiations in the U.S. and Europe, combined with real economic progress on the ground, were better than investors anticipated they would be at the beginning of the year. There were no major setbacks, with politicians in the U.S. and abroad doing just enough to support confidence while at the same time pushing some difficult decisions into the future. The path of least resistance for investors was to push securities prices higher even as challenges loom in the distance.

The “risk-on” nature of the investment environment during the year was reflected in the returns of the Genesis allocation funds, with the Genesis Growth Portfolio outperforming the Genesis Conservative Portfolio.

The Genesis Conservative Portfolio’s Class A shares (without load) 7.42 percent return exceeded the Barclays Aggregate Bond Index’s 4.22 percent return during the year. The Portfolio’s allocation to domestic and foreign equities contributed to its outperformance versus the benchmark that contains only bonds.

The Genesis Balanced Portfolio’s Class A shares (without load) 10.11 percent return trailed the Russell 3000 Index’s 16.44 percent return during the year. The Portfolios strategic allocation to bonds, which are not included in the Russell 3000 Index, put the Portfolio at a disadvantage during the period.

The Genesis Growth Portfolio’s Class A shares (without load) 11.82 percent return also trailed the Russell 3000 Index’s 16.44 percent return during the year. Despite a higher allocation to equities than the two other Genesis Portfolios, the inclusion of a modest allocation to bonds disadvantaged the fund versus the benchmark.

Each of the Portfolios benefited from the relative outperformance of the Praxis Growth Index, Praxis Intermediate Income and Praxis International Index Funds versus their respective benchmarks. In contrast, the relative underperformance of the Praxis Value Index and Praxis Small Cap Funds, as well as the now closed Praxis Core Stock and Praxis International Funds, versus their respective benchmarks detracted from Fund performance.

The underlying investments in the Genesis Portfolios are the Praxis Mutual Funds including four equity funds and one fixed income fund, which are held in proportions matching the risk profile of each of the Genesis Portfolios. During the year, the Praxis International Fund was closed and the Praxis Core Stock Fund was reorganized into the Praxis Growth Index Fund, each of which resulted in adjustments in the holdings of the Genesis Portfolios. We take a long-term approach in assigning weights to the various underlying funds, relying on the premise that higher risk equity Funds are expected to generate higher long term returns than lower risk fixed income investments.

Praxis Genesis Portfolios

2012 Praxis Annual Report

Portfolio Manager Commentary (unaudited), continued

During the period, the allocation between the stocks and bonds for each of the Portfolios remained close to the long-term targets we set at the inception of the Portfolios, however, the reorganization of the Praxis Core Stock Fund into the Praxis Growth Index Fund on Dec. 14, 2012, resulted in a higher than normal allocation to the Praxis Growth Index Fund at year end.

Chad Horning, CFA^®

Praxis Genesis Portfolios Manager

Everence Capital Management

Praxis Genesis Conservative Portfolio

Performance Review

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

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

LOGO


	Inception Date	One Year Ended		Annualized Since Inception		Expense Ratio** Gross / Net
Genesis Conservative Portfolio
Class A (Without Load)	12/31/09		7.42%		6.11%		1.42%	1.25%
Class A *	12/31/09		1.80%		4.23%
Barclays Capital Aggregate Bond Index¹			8.01%		7.27%
Composite Benchmark²			4.22%		6.19%

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

² The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (70%), the MSCI EAFE Index (7.50%), the Russell 1000 Index (2.50%) and the Russell 2000 Index (20%).

Schedule of Portfolio Investments


Praxis Genesis Conservative Portfolio		December 31, 2012


	SHARES		FAIR VALUE
Mutual Funds—100.1%
Praxis Growth Index Fund, Class I(a)		208,992	$	2,443,112
Praxis Intermediate Income Fund, Class I(a)		1,183,935		12,656,268
Praxis International Index Fund, Class I(a)		113,595		1,080,287
Praxis Small Cap Fund, Class I(a)		21,905		253,878
Praxis Value Index Fund, Class I(a)		91,399		790,603

Total Mutual Funds				17,224,148


TOTAL INVESTMENTS (Cost* $16,456,460)—100.1%			$	17,224,148
Liabilities in excess of other assets—(0.1)%				(21,527	)

NET ASSETS—100%			$	17,202,621

(a)	Affiliated fund.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Praxis Genesis Balanced Portfolio

Performance Review

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

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

LOGO


	Inception Date	One Year Ended		Annualized Since Inception		Expense Ratio** Gross / Net
Genesis Balanced Portfolio
Class A (Without Load)	12/31/09		10.11%		6.77%		1.44%	1.34%
Class A *	12/31/09		4.32%		4.88%
Russell 3000 Index¹			16.44%		11.20%
Composite Benchmark²			11.79%		8.17%

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

² The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).

Schedule of Portfolio Investments


Praxis Genesis Balanced Portfolio		December 31, 2012


	SHARES		FAIR VALUE
Mutual Funds—100.1%
Praxis Growth Index Fund, Class I(a)		988,358	$	11,553,901
Praxis Intermediate Income Fund, Class I(a)		1,621,564		17,334,519
Praxis International Index Fund, Class I(a)		766,104		7,285,651
Praxis Small Cap Fund, Class I(a)		386,092		4,474,808
Praxis Value Index Fund, Class I(a)		462,674		4,002,134

Total Mutual Funds				44,651,013


TOTAL INVESTMENTS (Cost* $41,311,356)—100.1%			$	44,651,013
Liabilities in excess of other assets—(0.1)%				(66,630	)

NET ASSETS—100%			$	44,584,383

(a)	Affiliated fund.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Praxis Genesis Growth Portfolio

Performance Review

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

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

LOGO


	Inception Date	One Year Ended			Annualized Since Inception		Expense Ratio** Gross / Net
Genesis Growth Portfolio
Class A (Without Load)	12/31/09		11.82%			7.16%		1.68%	1.40%
Class A *	12/31/09		5.97%			5.26%
Russell 3000 Index¹			16.44%			11.20%
Composite Benchmark²			14.27%	��		8.59%

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2012. Contractual fee waivers are in effect from May 1, 2012 through April 30, 2013 for Class A.

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

² The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

Schedule of Portfolio Investments


Praxis Genesis Growth Portfolio		December 31, 2012


	SHARES		FAIR VALUE
Mutual Funds—100.2%
Praxis Growth Index Fund, Class I(a)		1,037,585	$	12,129,374
Praxis Intermediate Income Fund, Class I(a)		683,307		7,304,548
Praxis International Index Fund, Class I(a)		802,085		7,627,832
Praxis Small Cap Fund, Class I(a)		455,446		5,278,614
Praxis Value Index Fund, Class I(a)		464,988		4,022,150

Total Mutual Funds				36,362,518


TOTAL INVESTMENTS (Cost* $33,021,830)—100.2%			$	36,362,518
Liabilities in excess of other assets—(0.2)%				(68,978	)

NET ASSETS—100%			$	36,293,540

(a)	Affiliated fund.

*	Represents cost for financial reporting purposes.

See accompanying notes to financial statements.

Statements of assets & liabilities

December 31, 2012


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

Assets
Total investment securities, at cost	$	333,325,721		$	131,519,530		$	78,170,052		$	126,790,207		$	55,813,446

Investments in unaffiliated securities, at fair value	$	349,301,271		$	135,899,588		$	84,141,600		$	139,290,207		$	68,402,480
Investments in affiliates, at fair value		3,689,419			1,210,228			1,131,618			1,162,654			752,853

Total investment securities, at fair value		352,990,690			137,109,816			85,273,218			140,452,861			69,155,333
Cash		80,900			548			—			1,549			—
Receivable for investments sold		213,781			1,313,295			—			6,439,822			—
Receivable for capital shares sold		1,785,695			529,908			6,877,608			338,446			355,574
Receivable for dividends and interest		2,769,262			244,762			67,312			83,037			11,233
Receivable for tax reclaims		—			8,061			—			84,333			—
Prepaid expenses		6,406			10,706			3,275			4,926			3,511

Total Assets		357,846,734			139,217,096			92,221,413			147,404,974			69,525,651

Liabilities
Bank overdraft		—			—			1,263			—			—
Payable for capital shares redeemed		2,651,940			784,056			643,047			6,998,551			211,559
Payable for investments purchased		2,509,375			1,271,947			6,626,262			—			—
Accrued expenses and other payables:
Investment advisory fees		131,572			61,392			19,595			26,448			45,339
Administration fees		36,243			10,858			6,933			4,459			7,196
Distribution fees		17,942			3,810			2,903			5,191			1,210
Other		141,135			66,038			46,912			263,690			30,127

Total Liabilities		5,488,207			2,198,101			7,346,915			7,298,339			295,431


Net Assets	$	352,358,527		$	137,018,995		$	84,874,498		$	140,106,635		$	69,230,220

Components of Net Assets
Paid-in capital	$	332,568,596		$	133,571,797		$	89,949,085		$	147,632,973		$	55,588,112
Accumulated (distributions in excess of) net investment income		—			(86,938	)		895,481			23,079			285,000
Accumulated net realized gains (losses) on investments and foreign currency transactions		124,962			(2,055,408	)		(13,073,234	)		(21,215,553	)		15,221
Net unrealized appreciation/(depreciation) on investments and foreign currency translations		19,664,969			5,589,544			7,103,166			13,666,136			13,341,887

Net Assets	$	352,358,527		$	137,018,995		$	84,874,498		$	140,106,635		$	69,230,220

Pricing of Class A Shares
Net assets attributable to Class A shares	$	83,494,175		$	18,180,589		$	13,590,660		$	43,034,572		$	5,710,191

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		7,779,152			1,919,090			1,560,608			3,699,367			504,139

Net asset value, offering price and redemption price per share	$	10.73		$	9.47		$	8.71		$	11.63		$	11.33

Maximum sales charge		3.75	%		5.25	%		5.25	%		5.25	%		5.25	%

Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	11.15		$	9.99		$	9.19		$	12.27		$	11.96

Pricing of Class I Shares
Net assets attributable to Class I shares	$	268,864,352		$	118,838,406		$	71,283,838		$	97,072,063		$	63,520,029

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		25,141,716			12,490,320			8,238,954			8,307,549			5,482,677

Net asset value and redemption price per share	$	10.69		$	9.51		$	8.65		$	11.68		$	11.59

See accompanying notes to financial statements.

Statements of assets & liabilities, continued

December 31, 2012


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

Assets
Investments in affiliates, at cost	$	16,456,460		$	41,311,356		$	33,021,830

Investments in affiliates, at fair value	$	17,224,148		$	44,651,013		$	36,362,518

Receivable for investments sold		1,902			—			2,837
Receivable for capital shares sold		2,752			17,172			15,786
Prepaid expenses		831			1,279			1,708

Total Assets		17,229,633			44,669,464			36,382,849

Liabilities
Bank overdraft		—			—			75
Distributions payable		2,253			4,939			1,680
Payable for capital shares redeemed		2,400			9,508			16,469
Payable for investments purchased		—			2,742			—
Accrued expenses and other payables:
Investment advisory fees		686			3,573			—
Administration fees		1,158			2,714			2,174
Distribution fees		3,630			9,336			7,593
Other		16,885			52,269			61,318

Total Liabilities		27,012			85,081			89,309


Net Assets	$	17,202,621		$	44,584,383		$	36,293,540

Components of Net Assets
Paid-in capital	$	16,349,481		$	41,040,168		$	32,771,110
Accumulated (distributions in excess of) net investment income		850			(1,154	)		(1,680	)
Accumulated net realized gains (losses) on investments in affiliates		84,602			205,712			183,422
Net unrealized appreciation/(depreciation) on investments in affiliates		767,688			3,339,657			3,340,688

Net Assets	$	17,202,621		$	44,584,383		$	36,293,540

Pricing of Class A Shares
Net assets attributable to Class A shares	$	17,202,621		$	44,584,383		$	36,293,540

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,594,150			4,000,475			3,184,141

Net asset value, offering price and redemption price per share	$	10.79		$	11.14		$	11.40

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]	$	11.39		$	11.76		$	12.03

See accompanying notes to financial statements.

Statements of operations

For the year ended December 31, 2012


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

Investment Income
Dividends	$	331,903		$	3,560,735		$	1,585,276		$	951,163		$	1,077,794
Foreign tax withholding		—			(69,610	)		(109	)		—			—
Interest		11,245,224			—			—			—			—
Interest from affiliates		76,179			10,128			19,496			13,159			8,918

Total Investment Income		11,653,306			3,501,253			1,604,663			964,322			1,086,712

Expenses
Investment advisory fees		1,350,345			665,724			177,908			157,441			604,929
Administration fees		146,775			45,509			24,884			19,772			29,586
Distribution fees - Class A		200,114			34,598			37,609			13,385			21,297
Transfer agent fees - Class A		140,038			44,591			40,037			10,924			27,481
Transfer agent fees - Class I		4,706			2,868			1,438			1,501			1,549
Compliance service fees		75,594			25,478			12,083			10,198			16,877
Registration fees - Class A		19,897			17,582			15,820			16,137			20,045
Registration fees - Class I		3,293			1,435			70			3,692			3,762
Shareholder report printing fees - Class A		19,814			5,513			12,007			3,126			3,991
Shareholder report printing fees - Class I		285			7			219			113			185
Professional fees		173,412			112,617			33,409			29,419			51,124
Custodian fees		28,287			19,756			9,316			8,798			15,470
Trustee fees and expenses		57,823			16,870			8,923			7,599			12,770
Other expenses		69,286			61,722			16,322			11,446			9,250

Total Expenses Before Reductions		2,289,669			1,054,270			390,045			293,551			818,316
Expenses waived by Investment Advisor		(66,632	)		—			—			(9,361	)		(16,604	)

Net Expenses		2,223,037			1,054,270			390,045			284,190			801,712


Net Investment Income (Loss)		9,430,269			2,446,983			1,214,618			680,132			285,000

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		4,053,360			(1,720,989	)		2,673,267			1,545,274			3,686,110
Net realized gains (losses) on foreign currency transactions		—			(12,316	)		—			(5,156	)		—
Change in unrealized appreciation (depreciation) of investments		2,779,200			14,681,121			5,580,749			5,696,637			2,768,802
Change in unrealized appreciation (depreciation) of foreign currency translations		—			(646	)		—			3,482			—

Net Realized and Unrealized Gains (Losses) on Investments in Affiliates and Foreign Currency Transactions		6,832,560			12,947,170			8,254,016			7,240,237			6,454,912

Net Change in Net Assets from Operations	$	16,262,829		$	15,394,153		$	9,468,634		$	7,920,369		$	6,739,912

See accompanying notes to financial statements.

Statements of operations, continued

For the year ended December 31, 2012


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

Investment Income
Dividends from affiliates	$	439,131		$	919,660		$	620,596

Total Investment Income		439,131			919,660			620,596

Expenses
Investment advisory fees		8,009			21,090			16,943
Administration fees		4,707			12,045			9,625
Distribution fees		40,048			105,453			84,716
Transfer agent fees		20,935			64,500			77,751
Compliance service fees		341			914			722
Registration fees		15,781			19,793			18,755
Shareholder report printing fees		7,798			23,809			28,992
Professional fees		3,505			4,804			4,389
Custodian fees		553			609			577
Trustee fees and expenses		268			724			580
Other expenses		2,544			7,998			9,525

Total Expenses Before Reductions		104,489			261,739			252,575
Expenses waived by Investment Advisor		(7,324	)		(5,886	)		(47,030	)

Net Expenses		97,165			255,853			205,545


Net Investment Income (Loss)		341,966			663,807			415,051

Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments in affiliates		344,150			1,464,500			1,347,371
Distribution of realized gains received from affiliates		107,320			199,194			127,854
Change in unrealized appreciation (depreciation) of investments in affiliates		316,004			1,624,554			1,725,837

Net Realized and Unrealized Gains (Losses) on Investments in Affiliates		767,474			3,288,248			3,201,062

Net Change in Net Assets from Operations	$	1,109,440		$	3,952,055		$	3,616,113

See accompanying notes to financial statements.

Statements of changes in net assets


	Praxis Intermediate Income Fund						Praxis International Index

	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011

From Operations
Net investment income (loss)	$	9,430,269		$	10,529,029		$	2,446,983		$	968,222
Net realized gains (losses) from security transactions		4,053,360			3,529,389			(1,733,305	)		(338,353	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,779,200			5,852,350			14,680,475			(9,090,931	)

Net Change in Net Assets from Operations		16,262,829			19,910,768			15,394,153			(8,461,062	)

Distributions to Shareholders
From net investment income
Class A		(2,237,463	)		(2,329,750	)		(224,763	)		(26,943	)
Class I		(8,264,252	)		(8,662,057	)		(2,285,608	)		(958,603	)
From net realized gains
Class A		(691,028	)		(716,002	)		—			—
Class I		(2,202,841	)		(2,313,692	)		—			—

Change in Net Assets from Distributions to Shareholders		(13,395,584	)		(14,021,501	)		(2,510,371	)		(985,546	)


Change in Net Assets from Capital Transactions		42,774,091			4,428,533			57,192,275			76,369,546

Change in Net Assets		45,641,336			10,317,800			70,076,057			66,922,938

Net Assets
Beginning of year		306,717,191			296,399,391			66,942,938			20,000

End of year	$	352,358,527		$	306,717,191		$	137,018,995		$	66,942,938


Accumulated Net Investment Income (Loss)	$	—		$	—		$	(86,938	)	$	(14,776	)

See accompanying notes to financial statements.

Statements of changes in net assets, continued


	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund

	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011

From Operations
Net investment income (loss)	$	1,214,618		$	957,466		$	680,132		$	245,626		$	285,000		$	(212,415	)
Net realized gains (losses) from security transactions		2,673,267			1,419,699			1,540,118			(410,056	)		3,686,110			2,306,507
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		5,580,749			(4,040,891	)		5,700,119			709,605			2,768,802			2,495,223

Net Change in Net Assets from Operations		9,468,634			(1,663,726	)		7,920,369			545,175			6,739,912			4,589,315

Distributions to Shareholders
From net investment income
Class A		(110,133	)		(260,528	)		(173,208	)		(3,535	)		—			—
Class I		(1,031,011	)		(712,182	)		(495,501	)		(240,262	)		—			—
From net realized gains
Class A		—			—			—			—			(75,360	)		—
Class I		—			—			—			—			(811,681	)		—

Change in Net Assets from Distributions to Shareholders		(1,141,144	)		(972,710	)		(668,709	)		(243,797	)		(887,041	)		—


Change in Net Assets from Capital Transactions		23,701,181			(723,767	)		95,648,369			4,592,806			(3,294,397	)		33,157,639

Change in Net Assets		32,028,671			(3,360,203	)		102,900,029			4,894,184			2,558,474			37,746,954

Net Assets
Beginning of year		52,845,827			56,206,030			37,206,606			32,312,422			66,671,746			28,924,792

End of year	$	84,874,498		$	52,845,827		$	140,106,635		$	37,206,606		$	69,230,220		$	66,671,746


Accumulated Net Investment Income (Loss)	$	895,481		$	860,529		$	23,079		$	—		$	285,000		$	—

See accompanying notes to financial statements.

Statements of changes in net assets, continued


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

	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011

From Operations
Net investment income (loss)	$	341,966		$	312,421		$	663,807		$	510,144		$	415,051		$	228,672
Net realized gains (losses) on investments in affiliates		344,150			29,679			1,464,500			154,246			1,347,371			196,197
Distribution of realized gains received from affiliates		107,320			97,292			199,194			149,291			127,854			58,915
Net change in unrealized appreciation (depreciation) on investments in affiliates		316,004			(63,696	)		1,624,554			(976,321	)		1,725,837			(1,261,194	)

Net Change in Net Assets from Operations		1,109,440			375,696			3,952,055			(162,640	)		3,616,113			(777,410	)

Distributions to Shareholders
From net investment income
Class A		(365,818	)		(373,346	)		(696,655	)		(603,427	)		(428,627	)		(265,340	)
From net realized gains
Class A		(375,464	)		(78,557	)		(1,415,238	)		(323,879	)		(1,227,081	)		(341,941	)

Change in Net Assets from Distributions to Shareholders		(741,282	)		(451,903	)		(2,111,893	)		(927,306	)		(1,655,708	)		(607,281	)


Change in Net Assets from Capital Transactions		2,816,486			1,399,508			4,974,168			4,677,562			4,450,688			4,594,275

Change in Net Assets		3,184,644			1,323,301			6,814,330			3,587,616			6,411,093			3,209,584

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

End of year	$	17,202,621		$	14,017,977		$	44,584,383		$	37,770,053		$	36,293,540		$	29,882,447


Accumulated Net Investment Income (Loss)	$	850		$	(1,157	)	$	(1,154	)	$	(2,013	)	$	(1,680	)	$	(1,000	)

See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout the year indicated

Praxis Intermediate Income Fund - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 ^(a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.63		$	10.43		$	10.20		$	9.62		$	9.78
Net investment income (loss)		0.27			0.34			0.37			0.43			0.45
Net realized and unrealized gains (losses) on investments		0.22			0.32			0.27			0.56			(0.16	)
Total from investment operations		0.49			0.66			0.64			0.99			0.29
Less distributions:
Dividends from investment income		(0.30	)		(0.35	)		(0.37	)		(0.41	)		(0.45	)
Distributions from net realized gains		(0.09	)		(0.11	)		(0.04	)		—			—
Total distributions		(0.39	)		(0.46	)		(0.41	)		(0.41	)		(0.45	)
Paid-in capital from redemption fees		—	^(b)		—			—			—			—
Net asset value at end of period	$	10.73		$	10.63		$	10.43		$	10.20		$	9.62
Total return (excludes sales charge)		4.64	%		6.43	%		6.26	%		10.49	%		3.09	%
Net assets at end of period (in 000s)	$	83,494		$	72,106		$	67,259		$	74,965		$	49,693
Ratio of net expenses to average net assets		0.96	%		0.96	%		0.98	%		0.92	%		0.88	%
Ratio of net investment income to average net assets		2.49	%		3.19	%		3.49	%		4.22	%		4.49	%
Ratio of gross expenses to average net assets*		1.05	%		1.08	%		1.16	%		1.27	%		1.21	%
Portfolio turnover rate		35.75	%		36.12	%		26.75	%		28.56	%		25.46	%

Praxis Intermediate Income Fund - Class I


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.60		$	10.39		$	10.17		$	9.61		$	9.77
Net investment income (loss)		0.31			0.38			0.40			0.45			0.47
Net realized and unrealized gains (losses) on investments		0.21			0.33			0.27			0.57			(0.16	)
Total from investment operations		0.52			0.71			0.67			1.02			0.30
Less distributions:
Dividends from investment income		(0.34	)		(0.39	)		(0.41	)		(0.46	)		(0.47	)
Distributions from net realized gains		(0.09	)		(0.11	)		(0.04	)		—			—
Total distributions		(0.43	)		(0.50	)		(0.45	)		(0.46	)		(0.47	)
Paid-in capital from redemption fees		—	^(b)		—			—			—			—
Net asset value at end of period	$	10.69		$	10.60		$	10.39		$	10.17		$	9.61
Total return (excludes sales charge)		4.98	%		6.98	%		6.60	%		10.79	%		5.21	%
Net assets at end of period (in 000s)	$	268,864		$	234,612		$	229,140		$	176,005		$	153,332
Ratio of net expenses to average net assets		0.56	%		0.57	%		0.58	%		0.67	%		0.63	%
Ratio of net investment income to average net assets		2.89	%		3.59	%		3.86	%		4.51	%		4.73	%
Ratio of gross expenses to average net assets*		0.56	%		0.57	%		0.58	%		0.72	%		0.64	%
Portfolio turnover rate		35.75	%		36.12	%		26.75	%		28.56	%		25.46	%

*	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 fro Class A shares.

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis International Index - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011 ^(a)
Net asset value at beginning of period	$	8.25		$	10.00
Net investment income (loss)		0.17			0.03
Net realized and unrealized gains (losses) on investments		1.17			(1.68	)
Total from investment operations		1.34			(1.65	)
Less distributions:
Dividends from investment income		(0.12	)		(0.10	)
Distributions from net realized gains		—			—
Total distributions		(0.12	)		(0.10	)
Paid-in capital from redemption fees		—	^(b)		—
Net asset value at end of period	$	9.47		$	8.25
Total return (excludes sales charge)		16.24	%		(16.54	)%
Net assets at end of period (in 000s)	$	18,181		$	2,363
Ratio of net expenses to average net assets		1.73	%		1.73	%
Ratio of net investment income to average net assets		1.58	%		0.89	%
Ratio of gross expenses to average net assets*		1.73	%		4.87	%
Portfolio turnover rate		5.18	%		2.44	%

Praxis International Index - Class I


	Year Ended December 31, 2012			Year Ended December 31, 2011
Net asset value at beginning of period	$	8.27		$	10.00
Net investment income (loss)		0.18			0.12
Net realized and unrealized gains (losses) on investments		1.24			(1.73	)
Total from investment operations		1.42			(1.61	)
Less distributions:
Dividends from investment income		(0.18	)		(0.12	)
Distributions from net realized gains		—			—
Total distributions		(0.18	)		(0.12	)
Paid-in capital from redemption fees		—	^(b)		—
Net asset value at end of period	$	9.51		$	8.27
Total return (excludes sales charge)		17.26	%		(16.05	)%
Net assets at end of period (in 000s)	$	118,838		$	64,580
Ratio of net expenses to average net assets		0.84	%		0.86	%
Ratio of net investment income to average net assets		2.29	%		2.25	%
Ratio of gross expenses to average net assets*		0.84	%		0.86	%
Portfolio turnover rate		5.18	%		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.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Value Index Fund - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 ^(a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	7.57		$	7.95		$	7.09		$	5.80		$	10.12
Net investment income (loss)		0.28			0.12			0.14			0.10			0.18
Net realized and unrealized gains (losses) on investments		0.93			(0.40	)		0.81			1.21			(4.21	)
Total from investment operations		1.21			(0.28	)		0.95			1.31			(4.03	)
Less distributions:
Dividends from investment income		(0.07	)		(0.10	)		(0.09	)		(0.02	)		(0.18	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.07	)		(0.10	)		(0.09	)		(0.02	)		(0.29	)
Paid-in capital from redemption fees		—	^(b)		—			—			—			—
Net asset value at end of period	$	8.71		$	7.57		$	7.95		$	7.09		$	5.80
Total return (excludes sales charge)		16.12	%		(3.58	)%		13.40	%		22.64	%		(40.15	)%
Net assets at end of period (in 000s)	$	13,591		$	20,776		$	24,341		$	30,983		$	20,019
Ratio of net expenses to average net assets		1.21	%		1.32	%		1.38	%		1.01	%		0.97	%
Ratio of net investment income to average net assets		1.48	%		1.19	%		1.15	%		1.96	%		2.35	%
Ratio of gross expenses to average net assets*		1.21	%		1.32	%		1.38	%		1.33	%		1.27	%
Portfolio turnover rate		69.58	%		29.11	%		24.12	%		25.72	%		20.66	%

Praxis Value Index Fund - Class I


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	7.52		$	7.91		$	7.05		$	5.77		$	10.07
Net investment income (loss)		0.09			0.15			0.17			0.14			0.20
Net realized and unrealized gains (losses) on investments		1.18			(0.37	)		0.85			1.18			(4.19	)
Total from investment operations		1.27			(0.22	)		1.02			1.32			(3.99	)
Less distributions:
Dividends from investment income		(0.14	)		(0.17	)		(0.16	)		(0.04	)		(0.20	)
Distributions from net realized gains		—			—			—			—			(0.11	)
Total distributions		(0.14	)		(0.17	)		(0.16	)		(0.04	)		(0.31	)
Net asset value at end of period	$	8.65		$	7.52		$	7.91		$	7.05		$	5.77
Total return (excludes sales charge)		16.91	%		(2.80	)%		14.53	%		22.82	%		(39.94	)%
Net assets at end of period (in 000s)	$	71,284		$	32,070		$	31,865		$	30,900		$	24,893
Ratio of net expenses to average net assets		0.47	%		0.49	%		0.50	%		0.73	%		0.64	%
Ratio of net investment income to average net assets		2.24	%		2.03	%		2.06	%		2.28	%		2.71	%
Ratio of gross expenses to average net assets*		0.47	%		0.49	%		0.50	%		0.73	%		0.64	%
Portfolio turnover rate		69.58	%		29.11	%		24.12	%		25.72	%		20.66	%

*	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 fro Class A shares.

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Growth Index Fund - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 ^(a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	9.96		$	9.86		$	8.71		$	6.50		$	10.40
Net investment income (loss)		0.02			0.01			0.01			0.03			0.01
Net realized and unrealized gains (losses) on investments		1.70			0.10			1.14			2.20			(3.89	)
Total from investment operations		1.72			0.11			1.15			2.23			(3.88	)
Less distributions:
Dividends from investment income		(0.05	)		(0.01	)		—			(0.02	)		(0.02	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.05	)		(0.01	)		—			(0.02	)		(0.02	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)		—			—	^(b)
Net asset value at end of period	$	11.63		$	9.96		$	9.86		$	8.71		$	6.50
Total return (excludes sales charge)		17.15	%		1.12	%		13.20	%		34.38	%		(37.34	)%
Net assets at end of period (in 000s)	$	43,035		$	3,363		$	2,911		$	4,714		$	2,504
Ratio of net expenses to average net assets		1.08	%		1.10	%		1.10	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		1.08	%		0.14	%		0.13	%		0.42	%		0.19	%
Ratio of gross expenses to average net assets*		1.26	%		2.01	%		2.68	%		1.54	%		1.51	%
Portfolio turnover rate		82.74	%		21.18	%		28.55	%		30.99	%		28.40	%

Praxis Growth Index Fund - Class I


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	9.96		$	9.86		$	8.72		$	6.51		$	10.41
Net investment income (loss)		0.07			0.07			0.05			0.04			0.04
Net realized and unrealized gains (losses) on investments		1.71			0.10			1.15			2.20			(3.90	)
Total from investment operations		1.78			0.17			1.20			2.24			(3.86	)
Less distributions:
Dividends from investment income		(0.06	)		(0.07	)		(0.06	)		(0.03	)		(0.04	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.06	)		(0.07	)		(0.06	)		(0.03	)		(0.04	)
Paid-in capital from redemption fees		—	^(b)		—			—			—			—
Net asset value at end of period	$	11.68		$	9.96		$	9.86		$	8.72		$	6.51
Total return (excludes sales charge)		17.94	%		1.73	%		13.74	%		34.46	%		(37.09	)%
Net assets at end of period (in 000s)	$	97,072		$	33,843		$	29,401		$	16,570		$	12,388
Ratio of net expenses to average net assets		0.48	%		0.50	%		0.58	%		0.81	%		0.65	%
Ratio of net investment income to average net assets		1.31	%		0.75	%		0.70	%		0.54	%		0.45	%
Ratio of gross expenses to average net assets*		0.48	%		0.50	%		0.58	%		0.87	%		0.73	%
Portfolio turnover rate		82.74	%		21.18	%		28.55	%		30.99	%		28.40	%

*	During the period, certain expenses were reduced by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.

^(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Small Cap Fund - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009 ^(a)			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.51		$	9.95		$	7.55		$	5.82		$	9.50
Net investment income (loss)		(0.06	)		(0.09	)		(0.11	)		(0.04	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.03			0.64			2.51			1.77			(3.65	)
Total from investment operations		0.97			0.55			2.40			1.73			(3.68	)
Less distributions:
Distributions from net realized gains		(0.15	)		—			—			—			—
Total distributions		(0.15	)		—			—			—			—
Paid-in capital from redemption fees		—	^(b)		0.01			—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	11.33		$	10.51		$	9.95		$	7.55		$	5.82
Total return (excludes sales charge)		9.26	%		5.63	%		31.79	%		29.73	%		(38.74	)%
Net assets at end of period (in 000s)	$	5,710		$	5,541		$	3,341		$	4,227		$	2,307
Ratio of net expenses to average net assets		1.72	%		1.71	%		1.69	%		1.49	%		1.46	%
Ratio of net investment income to average net assets		(0.34	)%		(1.09	)%		(1.08	)%		(0.80	)%		(0.52	)%
Ratio of gross expenses to average net assets*		1.91	%		2.17	%		2.79	%		2.34	%		2.20	%
Portfolio turnover rate		49.78	%		67.48	%		84.26	%		60.33	%		64.37	%

Praxis Small Cap Fund - Class I


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value at beginning of period	$	10.67		$	10.06		$	7.59		$	5.84		$	9.50
Net investment income (loss)		0.06			(0.03	)		(0.04	)		(0.04	)		(0.02	)
Net realized and unrealized gains (losses) on investments		1.01			0.64			2.51			1.79			(3.64	)
Total from investment operations		1.07			0.61			2.47			1.75			(3.66	)
Less distributions:
Distributions from net realized gains		(0.15	)		—			—			—			—
Total distributions		(0.15	)		—			—			—			—
Net asset value at end of period	$	11.59		$	10.67		$	10.06		$	7.59		$	5.84
Total return (excludes sales charge)		10.06	%		6.06	%		32.54	%		29.97	%		(38.53	)%
Net assets at end of period (in 000s)	$	63,520		$	61,130		$	25,584		$	18,300		$	15,392
Ratio of net expenses to average net assets		1.05	%		1.04	%		1.08	%		1.36	%		1.22	%
Ratio of net investment income to average net assets		0.50	%		(0.44	)%		(0.46	)%		(0.66	)%		(0.29	)%
Ratio of gross expenses to average net assets*		1.05	%		1.04	%		1.08	%		1.53	%		1.27	%
Portfolio turnover rate		49.78	%		67.48	%		84.26	%		60.33	%		64.37	%

*	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 fro Class A shares.

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

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Conservative Portfolio - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 ^(a)
Net asset value at beginning of period	$	10.50		$	10.55		$	10.00
Net investment income (loss)		0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		0.54			0.06			0.55
Total from investment operations		0.77			0.30			0.80
Less distributions:
Dividends from investment income		(0.24	)		(0.29	)		(0.25	)
Distributions from net realized gains		(0.24	)		(0.06	)		—
Total distributions		(0.48	)		(0.35	)		(0.25	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	10.79		$	10.50		$	10.55
Total return (excludes sales charge)		7.42	%		2.88	%		8.22	%
Net assets at end of period (in 000s)	$	17,203		$	14,018		$	12,695
Ratio of net expenses to average net assets ^(c)		0.61	%		0.61	%		0.65	%
Ratio of net investment income to average net assets ^(c)		2.13	%		2.31	%		2.60	%
Ratio of gross expenses to average net assets ^(c)*		0.65	%		0.78	%		0.97	%
Portfolio turnover rate		30.58	%		15.03	%		10.08	%

*	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)	For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Balanced Portfolio - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 ^(a)
Net asset value at beginning of period	$	10.62		$	10.91		$	10.00
Net investment income (loss)		0.17			0.15			0.16
Net realized and unrealized gains (losses) on investments		0.90			(0.17	)		0.91
Total from investment operations		1.07			0.02			1.07
Less distributions:
Dividends from investment income		(0.18	)		(0.18	)		(0.16	)
Distributions from net realized gains		(0.37	)		(0.09	)		—
Total distributions		(0.55	)		(0.27	)		(0.16	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—
Net asset value at end of period	$	11.14		$	10.62		$	10.91
Total return (excludes sales charge)		10.11	%		(0.21	)%		10.88	%
Net assets at end of period (in 000s)	$	44,584		$	37,770		$	34,182
Ratio of net expenses to average net assets ^(e)		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets ^{(c )}		1.57	%		1.39	%		1.80	%
Ratio of gross expenses to average net assets ^(c)*		0.62	%		0.71	%		0.90	%
Portfolio turnover rate		38.48	%		15.11	%		7.84	%

*	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)	For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Financial Highlights, continued

For a share outstanding throughout the year indicated.

Praxis Genesis Growth Portfolio - Class A


	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010 ^(a)
Net asset value at beginning of period	$	10.68		$	11.15		$	10.00
Net investment income (loss)		0.13			0.08			0.10
Net realized and unrealized gains (losses) on investments		1.13			(0.33	)		1.15
Total from investment operations		1.26			(0.25	)		1.25
Less distributions:
Dividends from investment income		(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gains		(0.40	)		(0.12	)		—
Total distributions		(0.54	)		(0.22	)		(0.10	)
Paid-in capital from redemption fees		—	^(b)		—	^(b)		—	^(b)
Net asset value at end of period	$	11.40		$	10.68		$	11.15
Total return (excludes sales charge)		11.82	%		(2.24	)%		12.65	%
Net assets at end of period (in 000s)	$	36,294		$	29,882		$	26,673
Ratio of net expenses to average net assets ^(c)		0.61	%		0.61	%		0.64	%
Ratio of net investment income to average net assets ^(c)		1.22	%		0.79	%		1.33	%
Ratio of gross expenses to average net assets ^(c)*		0.74	%		0.89	%		1.15	%
Portfolio turnover rate		45.13	%		15.54	%		7.54	%

*	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)	For the period December 31, 2009 (commencement of operations) through December 31, 2010.

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

^(c)	The ratios presented only reflect the direct income and expenses for the Fund, not the underlying funds in which they invest.

See accompanying notes to financial statements.

Notes to Financial Statements

1. Organization:

The Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of December 31, 2012, the Trust consists of the Praxis Intermediate Income Fund, the Praxis International Index Fund, the Praxis Value Index Fund, the Praxis Growth Index Fund, and the Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the Praxis Genesis Conservative Portfolio, the Praxis Genesis Balanced Portfolio, and the Praxis Genesis Growth Portfolio, (individually a “Portfolio”, collectively “the Portfolios”). The Funds and Portfolios are also referred to individually as the Intermediate Income Fund, International Index Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio, and Growth Portfolio in the financial statements. Each Fund and Portfolio is a diversified series of the Trust.

As of December 31, 2012, the Funds offer Class A and Class I Shares and the Portfolios offer Class A Shares. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreements, certain other class specific expenses and income, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price, except for the Intermediate Income Fund which has a maximum sales charge of 3.75 percent.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting 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 the Adviser (“Pricing Committee”) has established a policy and methodology, which was approved by the Board of Trustees, 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 Pricing 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.

Notes to Financial Statements, continued

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


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

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

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

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

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

The aggregate value by input level, as of December 31, 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	$	—	$	15,144,708	$	—	$	15,144,708
Commercial Mortgage Backed Securities		—		17,377,675		—		17,377,675
Corporate Bonds		—		134,845,812		—		134,845,812
Corporate Notes		—		—		3,689,419		3,689,419
Foreign Bonds		—		3,268,417		—		3,268,417
Investment Companies		3,982,379		—		—		3,982,379
Municipal Bonds		—		10,101,205		—		10,101,205
Short Term Investment		12,287,586		—		—		12,287,586
U.S. Government Agencies		—		152,293,489		—		152,293,489

Total Investments	$	16,269,965	$	333,031,306	$	3,689,419	$	352,990,690

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		(1,340,000	)
Cost of Purchases		1,600,000
Change in unrealized appreciation (depreciation)		48,498

Balance as of December 31, 2012	$	3,689,419

There were no transfers in and out of Levels 1, 2, or 3 for the year ended December 31, 2012.

The following represents the quantitative information about Level 3 fair value measurements:

Investment Type

Fair value at
12/31/2012

Valuation Technique(s)

Unobservable Input(s)*

Range

Corporate Notes

3,689,419

Fundamental quality

Credit rating

Nature and duration of restrictions on disposition

Discount for Lack of Marketability

0.50

Total

3,689,419

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:


Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs 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:


Description	Level 1		Level 2		Level 3			Total

Investments at Value
Common Stocks
Air Freight & Logistics	$	23,819	$	234,170	$	—		$	257,989
Airlines		580,512		—		—			580,512
Auto Components		1,163,304		429,576		—			1,592,880
Automobiles		3,751,414		—		—			3,751,414
Banks		911,152		455,630		—			1,366,782
Beverages		895,043		—		—			895,043
Biotechnology		271,195		122,117		—			393,312
Building Products		154,686		21,905		—			176,591
Capital Goods		229,277		532,119		—			761,396
Capital Markets		2,400,152		451,556		—			2,851,708
Chemicals		5,118,277		779,123		—			5,897,400
Commercial Banks		19,520,232		930,790		—			20,451,022
Commercial Services & Supplies		615,875		443,501		—			1,059,376
Communications Equipment		621,259		—		—			621,259
Computers & Peripherals		141,909		208,344		—			350,253
Construction & Engineering		481,747		556,674		—			1,038,421
Construction Materials		641,111		27,766		—			668,877
Containers & Packaging		108,532		28,263		—			136,795
Distributors		43,987		147,968		—			191,955
Diversified Financial Services		703,186		25,980		—			729,166
Diversified Financials		62,665		177,221		—			239,886
Diversified Telecommunication Services		4,601,534		342,980		—			4,944,514
Electric Utilities		993,007		262,925		—			1,255,932
Electrical Equipment		1,222,542		—		—			1,222,542
Electronic Equipment, Instruments & Components		1,001,469		316,415		—			1,317,884
Energy Equipment & Services		1,194,238		33,117		—			1,227,355
Food & Staples Retailing		1,709,473		166,588		—			1,876,061
Food Products		2,351,264		—		—			2,351,264
Health Care Equipment & Supplies		324,367		597,116		—			921,483
Health Care Providers & Services		754,186		—		—			754,186
Hotels, Restaurants & Leisure		1,361,259		—		—			1,361,259
Household Durables		666,014		188,218		—			854,232
Household Products		513,569		376,953		—			890,522
Independent Power Producers & Energy Traders		411,957		—		—			411,957
Industrial Conglomerates		1,830,531		92,518		—			1,923,049
Insurance		4,951,669		1,355,235		—			6,306,904
Integrated Telecommunication Services		204,392		—		—			204,392
Internet & Catalog Retail		—		74,865		—			74,865
Internet Software & Services		751,799		—		—			751,799
IT Services		678,635		—		—			678,635
Life Sciences Tools & Services		304,630		—		—			304,630
Machinery		2,160,738		743,774		—			2,904,512
Marine		33,680		—		—			33,680
Materials		91,805		73,086		—	��		164,891
Media		2,873,422		59,654		—			2,933,076
Metals & Mining		8,787,316		712,997		—			9,500,313
Multi-line Insurance		35,342		—		—			35,342
Multiline Retail		138,991		67,333		—			206,324
Multi-Utilities		1,697,037		123,522		—			1,820,559
Office Electronics		406,098		—		—			406,098
Oil, Gas & Consumable Fuels		11,759,042		693,471		—			12,452,513
Paper & Forest Products		224,540		—		—			224,540
Personal Products		1,316,563		53,152		—			1,369,715
Pharmaceuticals		8,065,351		264,492		—			8,329,843
Professional Services		—		71,653		—			71,653
Real Estate Investment Trusts (REITs)		—		232,642		—			232,642
Real Estate Management & Development		2,011,864		2,220,843		—			4,232,707
Retailing		—		579,299		—			579,299
Road & Rail		1,568,023		397,011		—			1,965,034
Semiconductors & Semiconductor Equipment		3,284,180		22,883		—			3,307,063
Software		1,639,554		16,075		—			1,655,629

Notes to Financial Statements, continued


Description	Level 1		Level 2		Level 3		Total

Specialty Retail	$	734,130	$	3,545	$	—	$	737,675
Technology Hardware & Equipment		30,190		7,284		—		37,474
Telecommunication Services		1,428,071		—		—		1,428,071
Textiles, Apparel & Luxury Goods		1,074,379		203,074		—		1,277,453
Trading Companies & Distributors		688,031		26,574		—		714,605
Transportation Infrastructure		258,008		251,732		—		509,740
Trucking		274,952		—		—		274,952
Water Utilities		375,647		—		—		375,647
Wireless Telecommunication Services		3,335,767		164,886		—		3,500,653

Total Common Stocks	$	118,558,590	$	16,368,615	$	—	$	134,927,205

Corporate Notes		—		—		1,210,228		1,210,228

Total Corporate Notes		—		—		1,210,228		1,210,228

Short Term Investment	$	972,383	$	—	$	—	$	972,383

Total Investments	$	119,530,973	$	16,368,615	$	1,210,228	$	137,109,816

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		1,205,000
Change in unrealized appreciation (depreciation)		5,228

Balance as of December 31, 2012	$	1,210,228

The aggregate amounts of Level 2 investments in Common Stock presented above totaling $16,368,615 in total investments 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 the quantitative information about Level 3 fair value measurements:

Investment Type

Fair value at
12/31/2012

Valuation Technique(s)

Unobservable Input(s)*

Range

Fundamental quality

Credit rating

Corporate Notes

1,210,228

Nature and duration of restrictions on disposition

Discount for Lack of Marketability

0.50

Total

1,210,228

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


Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs 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:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	83,242,914	$	—	$	—	$	83,242,914
Corporate Notes		—		—		1,131,618		1,131,618
Preferred Stocks		70		—		—		70
Short Term Investment		898,616		—		—		898,616

Total Investments	$	84,141,600	$	—	$	1,131,618	$	85,273,218

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		(175,000	)
Cost of Purchases		741,000
Change in unrealized appreciation (depreciation)		11,146

Balance as of December 31, 2012	$	1,131,618

During the year ended December 31, 2012, there was one transfer of a preferred stock investment from Level 2 to Level 1 with a market value of $70.

The following represents the quantitative information about Level 3 fair value measurements:

Investment Type

Fair value at
12/31/2012

Valuation Technique(s)

Unobservable Input(s)*

Range

Fundamental quality

Credit rating

Corporate Notes

1,131,618

Nature and duration of restrictions on disposition

Discount for Lack of Marketability

0.50

Total

1,131,618

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


Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs 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 Growth Index Fund Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	138,502,571	$	—	$	—	$	138,502,571
Corporate Notes		—		—		1,162,654		1,162,654
Short Term Investment		787,636		—		—		787,636

Total Investments	$	139,290,207	$	—	$	1,162,654	$	140,452,861

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		819,000
Change in unrealized appreciation (depreciation)		6,827

Balance as of December 31, 2012	$	1,162,654

Notes to Financial Statements, continued

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2012.

The following represents the quantitative information about Level 3 fair value measurements:

Investment Type

Fair value at
12/31/2012

Valuation Technique(s)

Unobservable Input(s)*

Range

Fundamental quality

Credit rating

Corporate Notes

1,162,654

Nature and duration of restrictions on disposition

Discount for Lack of Marketability

0.50

Total

1,162,654

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


Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs 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:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Common Stocks	$	65,371,076	$	—	$	—	$	65,371,076
Corporate Notes		—		—		752,853		752,853
Short Term Investment		3,031,404		—		—		3,031,404

Total Investments	$	68,402,480	$	—	$	752,853	$	69,155,333

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		400,000
Change in unrealized appreciation (depreciation)		6,233

Balance as of December 31, 2012	$	752,853

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2012.

The following represents the quantitative information about Level 3 fair value measurements:

Investment Type

Fair value at
12/31/2012

Valuation Technique(s)

Unobservable Input(s)*

Range

Fundamental quality

Credit rating

Corporate Notes

752,853

Nature and duration of restrictions on disposition

Discount for Lack of Marketability

0.50

Total

752,853

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


Unobservable Input(s)*	Increase in Inputs Impact to Valuation	Decrease in Inputs 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:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	17,224,148	$	—	$	—	$	17,224,148

Total Investments	$	17,224,148	$	—	$	—	$	17,224,148

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2012 and the Portfolio held no Level 3 securities as of December 31, 2012.

Praxis Genesis Balanced Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	44,651,013	$	—	$	—	$	44,651,013

Total Investments	$	44,651,013	$	—	$	—	$	44,651,013

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2012 and the Portfolio held no Level 3 securities as of December 31, 2012.

Praxis Genesis Growth Portfolio Valuation Inputs at Reporting Date:


Description	Level 1		Level 2		Level 3		Total

Investments at Value
Mutual Funds	$	36,362,518	$	—	$	—	$	36,362,518

Total Investments	$	36,362,518	$	—	$	—	$	36,362,518

There were no transfers in and out of Levels 1, 2, or 3 during the year ended December 31, 2012 and the Portfolio held no Level 3 securities as of December 31, 2012.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities are reflected in the Funds’ and Portfolios’ valuations no later than in the first business day following trade date. For financial reporting purposes, security transactions are accounted for on the trade date on the last business day of the reporting period. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date.

Allocations:

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

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

Risks associated with Foreign Securities and Currencies:

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

Notes to Financial Statements, continued

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

Foreign Currency Translation:

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

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

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

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

Federal Income Taxes:

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

Redemption Fees:

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

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the year ended December 31, 2012 were as follows:


	Purchases		Sales

Intermediate Income Fund	$	162,345,971	$	116,232,187
International Index Fund		62,760,496		5,659,677
Value Index Fund		64,839,146		41,524,207
Growth Index Fund		56,534,808		40,115,063
Small Cap Fund		33,967,295		37,166,279
Conservative Portfolio		7,424,794		4,898,708
Balanced Portfolio		19,978,697		16,236,946
Growth Portfolio		18,694,911		15,298,968

4. Investment Transactions with Affiliates:

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


	For the year ended December 31, 2012
Affiliate	Fair value at December 31, 2011		Purchase Cost		Sales Proceeds		Realized Gain/Loss			Dividend Income		Shares at December 31, 2012		Fair value at December 31, 2012

Praxis Conservative Allocation Portfolio
Praxis Core Stock Fund	$	1,417,900	$	409,476	$	1,953,750	$	223,635		$	27,616		—	$	—
Praxis Growth Index Fund		700,304		1,864,462		254,512		23,864			11,650		208,992		2,443,112
Praxis Intermediate Income Fund		9,809,613		3,844,658		1,071,134		102,371			366,722		1,183,935		12,656,268
Praxis International Fund		523,332		23,529		605,268		71,160			—		—		—
Praxis International Index Fund		520,663		958,476		512,658		(42,549	)		20,606		113,595		1,080,287
Praxis Small Cap Fund		351,347		116,627		254,874		54,099			—		21,905		253,878
Praxis Value Index Fund		714,750		207,566		246,512		18,890			12,537		91,399		790,603

Total	$	14,037,909					$	451,470		$	439,131			$	17,224,148


	For the year ended December 31, 2012
Affiliate	Fair value at December 31, 2011		Purchase Cost		Sales Proceeds		Realized Gain/Loss			Dividend Income		Shares at December 31, 2012		Fair value at December 31, 2012

Praxis Balanced Allocation Portfolio
Praxis Core Stock Fund	$	7,631,295	$	1,127,072	$	9,428,457	$	1,118,255		$	126,166		—	$	—
Praxis Growth Index Fund		2,826,444		8,484,006		279,188		2,117			55,048		988,358		11,553,901
Praxis Intermediate Income Fund		15,073,907		4,067,550		1,948,113		144,485			536,331		1,621,564		17,334,519
Praxis International Fund		2,814,541		55,533		3,182,713		350,869			—		—		—
Praxis International Index Fund		2,801,466		4,495,811		636,390		(57,241	)		138,806		766,104		7,285,651
Praxis Small Cap Fund		3,789,779		828,727		499,192		106,050			—		386,092		4,474,808
Praxis Value Index Fund		2,882,777		919,998		262,893		(841	)		63,309		462,674		4,002,134

Total	$	37,820,209					$	1,663,694		$	919,660			$	44,651,013


	For the year ended December 31, 2012
Affiliate	Fair value at December 31, 2011		Purchase Cost		Sales Proceeds		Realized Gain/Loss			Dividend Income		Shares at December 31, 2012		Fair value at December 31, 2012

Praxis Growth Allocation Portfolio
Praxis Core Stock Fund	$	7,531,732	$	1,152,034	$	9,318,032	$	1,066,075		$	135,341		—	$	—
Praxis Growth Index Fund		2,975,312		8,948,730		336,678		(2,899	)		57,832		1,037,585		12,129,374
Praxis Intermediate Income Fund		5,949,041		2,156,499		852,749		62,910			218,195		683,307		7,304,548
Praxis International Fund		2,963,298		57,952		3,720,906		307,583			—		—		—
Praxis International Index Fund		2,950,085		4,688,559		273,639		(35,919	)		145,469		802,085		7,627,832
Praxis Small Cap Fund		4,488,594		934,209		552,286		79,954			—		455,446		5,278,614
Praxis Value Index Fund		3,035,306		756,928		244,678		(2,479	)		63,759		464,988		4,022,150

Total	$	29,893,368					$	1,475,225		$	620,596			$	36,362,518

Notes to Financial Statements, continued

5. Related Party Transactions:

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



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

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

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

The contractual expense limits in place for the year ended December 31, 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 year ended December 31, 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)	$	66,632
Growth Index Fund (Class A)		9,361
Small Cap Fund (Class A)		16,604
Conservative Portfolio (Class A)		7,324
Balanced Portfolio (Class A)		5,886
Growth Portfolio (Class A)		47,030

For the year ended December 31, 2012, the Adviser recouped investment advisory fees of the International Index Fund as follows:



International Index (Class A)	$	23,552

As of December 31, 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		2010		2013	$	126,302
		2011		2014		83,384
		2012		2015		66,632

					$	276,318

International Index Fund		2011		2014	$	3,957

Growth Index Fund		2010		2013		49,945
		2011		2014		30,195
		2012		2015		9,361

					$	89,501


	Year Waived		Repayment Expires		Balance

Small Cap Fund		2010		2013	$	36,427
		2011		2014		24,721
		2012		2015		16,604

					$	77,752

Conservative Portfolio		2010		2013		20,073
		2011		2014		22,806
		2012		2015		7,324

					$	50,203

Balanced Portfolio		2010		2013		54,714
		2011		2014		37,883
		2012		2015		5,886

					$	98,483

Growth Portfolio		2010		2013		83,521
		2011		2014		83,266
		2012		2015		47,030

					$	213,817

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

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

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



Intermediate Income Fund	$	5,320
International Index Fund		877
Value Index Fund		1,378
Growth Index Fund		1,311
Small Cap Fund		1,303
Conservative Portfolio		7,601
Balanced Portfolio Growth Portfolio		13,239 13,268

The Trust has adopted a Plan of Distribution “Rule 12b-1 Plan” under which each Fund and Portfolio may directly incur or reimburse the Adviser or the Underwriter for expenses related to the distribution and promotion of shares. The Rule 12b-1 Plan permits Class A Shares of the Funds and Portfolios to pay a 12b-1 fee of up to 0.50 percent of the average daily net assets of the applicable Fund and Portfolio, although the Board has currently authorized the Funds and Portfolios to charge no more than 0.25%. 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. To the extent there is a lead Independent Trustee in addition to the Chairman, the Lead Independent Trustee receives an annual retainer of $8,000. The Audit Committee Chairman receives an annual retainer of $7,000. Each additional Independent Trustee receives an annual retainer of $6,000. The meeting attendance fee is $2,000 per Trustee for each quarterly in-person meeting and $1,000 for telephonic Board meetings. The Trust paid $117,000 in aggregate Trustee fees during the year ended December 31, 2012.

Notes to Financial Statements, continued

6. Capital Share Transactions:

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


	Praxis Intermediate Income Fund						Praxis International Index
	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	26,822,768		$	17,842,649		$	17,181,692		$	2,760,359
Dividends reinvested		2,521,675			2,575,381			216,165			24,995
Cost of shares redeemed		(18,616,005	)		(16,909,001	)		(2,657,644	)		(240,521	)
Redemption fees		7,763			4,892			1,880			281

Class A Share Transactions	$	10,736,201		$	3,513,921		$	14,742,093		$	2,545,114

Class I Shares:
Proceeds from shares issued	$	62,926,076		$	37,031,789		$	58,338,772		$	76,906,807
Dividends reinvested		6,427,955			6,614,676			1,355,463			499,998
Cost of shares redeemed		(37,316,366	)		(42,731,853	)		(17,244,057	)		(3,582,373	)
Redemption fees		225			—			4			—

Class I Share Transactions	$	32,037,890		$	914,612		$	42,450,182		$	73,824,432

Net increase (decrease) from capital transactions	$	42,774,091		$	4,428,533		$	57,192,275		$	76,369,546

Share Transactions:
Class A Shares:
Issued		2,495,507			1,681,985			1,910,438			310,802
Reinvested		234,310			243,211			23,144			3,048
Redeemed		(1,731,548	)		(1,594,755	)		(300,911	)		(28,431	)

Change in Class A Shares		998,269			330,441			1,632,671			285,419

Class I Shares:
Issued		5,883,036			3,503,049			6,451,750			8,141,416
Reinvested		599,527			626,565			144,506			60,753
Redeemed		(3,478,548	)		(4,037,063	)		(1,912,505	)		(396,600	)

Change in Class I Shares		3,004,015			92,551			4,683,751			7,805,569

Net increase (decrease) from share transactions		4,002,284			422,992			6,316,422			8,090,988


	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	2,817,148		$	8,501,858		$	197,711		$	1,104,221		$	5,900,338		$	6,139,929
Proceeds received in connection with merger		—			—			38,527,148			—			—			—
Dividends reinvested		105,681			249,363			166,601			3,268			65,246			—
Cost of shares redeemed		(12,570,704	)		(11,210,403	)		(1,585,463	)		(684,462	)		(6,260,968	)		(4,069,720	)
Redemption fees		988			585			6			34			2,056			4,371

Class A Share Transactions	$	(9,646,887	)	$	(2,458,597	)	$	37,306,003		$	423,061		$	(293,328	)	$	2,074,580

Class I Shares:
Proceeds from shares issued	$	40,845,473		$	9,149,054		$	34,765,199		$	7,432,380		$	12,351,247		$	44,566,871
Proceeds received in connection with merger		—			—			42,884,490			—			—			—
Dividends reinvested		672,392			531,740			324,918			154,285			811,156			—
Cost of shares redeemed		(8,169,797	)		(7,945,964	)		(19,632,640	)		(3,416,920	)		(16,163,472	)		(13,483,812	)
Redemption fees		—			—			399			—			—			—

Class I Share Transactions	$	33,348,068		$	1,734,830		$	58,342,366		$	4,169,745		$	(3,001,069	)	$	31,083,059

Net increase (decrease) from capital transactions	$	23,701,181		$	(723,767	)	$	95,648,369		$	4,592,806		$	(3,294,397	)	$	33,157,639


	Praxis Value Index Fund						Praxis Growth Index Fund						Praxis Small Cap Fund
	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011

Share Transactions:
Class A Shares:
Issued		334,799			1,052,346			164,617			109,490			534,425			589,722
Shares issued on portfolio merger		—			—			3,321,957			—			—			—
Reinvested		12,303			32,811			14,575			327			5,841			—
Redeemed		(1,530,756	)		(1,401,411	)		(139,463	)		(67,448	)		(563,377	)		(398,215	)

Change in Class A Shares		(1,183,654	)		(316,254	)		3,361,686			42,369			(23,111	)		191,507

Class I Shares:
Issued		4,867,009			1,162,008			2,895,647			740,388			1,077,528			4,438,638
Shares issued on portfolio merger		—			—			3,675,470			—			—			—
Reinvested		78,919			70,429			28,254			15,429			71,029			—
Redeemed		(974,231	)		(992,993	)		(1,689,433	)		(340,778	)		(1,394,396	)		(1,253,761	)

Change in Class I Shares		3,971,697			239,444			4,909,938			415,039			(245,839	)		3,184,877

Net increase (decrease) from share transactions		2,788,043			(76,810	)		8,271,624			457,408			(268,950	)		3,376,384


	Praxis Genesis Conservative Portfolio						Praxis Genesis Balanced Portfolio						Praxis Genesis Growth Portfolio
	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011

Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	3,801,607		$	2,700,684		$	7,211,035		$	8,071,927		$	5,728,705		$	6,475,721
Dividends reinvested		833,350			443,264			2,378,440			920,144			1,871,959			605,034
Cost of shares redeemed		(1,818,614	)		(1,744,443	)		(4,615,641	)		(4,314,580	)		(3,150,031	)		(2,486,516	)
Redemption fees		143			3			334			71			55			36

Class A Share Transactions	$	2,816,486		$	1,399,508		$	4,974,168		$	4,677,562		$	4,450,688		$	4,594,275

Net increase (decrease) from capital transactions	$	2,816,486		$	1,399,508		$	4,974,168		$	4,677,562		$	4,450,688		$	4,594,275

Share Transactions:
Class A Shares:
Issued		349,495			253,638			640,953			732,804			497,359			572,049
Reinvested		77,101			41,807			213,935			85,326			165,047			56,139
Redeemed		(166,876	)		(163,973	)		(410,003	)		(394,905	)		(275,557	)		(223,233	)

Change in Class A Shares		259,720			131,472			444,885			423,225			386,849			404,955

Net increase (decrease) from share transactions		259,720			131,472			444,885			423,225			386,849			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, 2012 and 2011 was (as applicable) as follows:


	Intermediate Income Fund				International Index Fund				Value Index Fund
	2012		2011		2012		2011		2012		2011

From ordinary income	$	11,220,863	$	11,842,578	$	2,510,371	$	985,546	$	1,141,144	$	972,710
From long-term capital gains		2,174,721		2,178,923		—		—		—		—

Total distributions	$	13,395,584	$	14,021,501	$	2,510,371	$	985,546	$	1,141,144	$	972,710


	Growth Index Fund				Small Cap Fund
	2012		2011		2012		2011

From ordinary income	$	668,709	$	243,797	$	—	$	—
From long-term capital gains		—		—		887,041		—

Total distributions	$	668,709	$	243,797	$	887,041	$	—

Notes to Financial Statements, continued


	Conservative Portfolio				Balanced Portfolio				Growth Portfolio
	2012		2011		2012		2011		2012		2011

From ordinary income	$	396,966	$	448,448	$	761,816	$	922,863	$	446,907	$	605,525
From long-term capital gains		344,316		3,455		1,350,077		4,443		1,208,801		1,756

Total distributions	$	741,282	$	451,903	$	2,111,893	$	927,306	$	1,655,708	$	607,281

The following information is computed on a tax basis for each item as of December 31, 2012:


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

Tax cost of portfolio investments	$	333,325,721			$	131,608,845		$	78,873,736		$	127,107,739		$	55,860,329

Gross unrealized appreciation		20,195,223				12,505,128			8,170,322			14,035,358			14,184,563
Gross unrealized depreciation		(530,254	)			(7,004,157	)		(1,770,840	)		(690,236	)		(889,559	)

Net unrealized appreciation (depreciation)		19,664,969				5,500,971			6,399,482			13,345,122			13,295,004
Undistributed ordinary income		—		��		2,368			895,481			23,079			285,000
Undistributed long-term capital gains		290,081				—			—			—			62,104
Capital loss carryforward		—				(2,055,399	)		(11,327,037	)		(20,898,021	)		—
Post-October losses		(165,119	)			—			(1,042,512	)		—			—
Other temporary differences		—				—			—			—			—

Accumulated earnings (deficit)	$	19,789,931			$	3,447,940		$	(5,074,586	)	$	(7,529,820	)	$	13,642,108


								Conservative Portfolio			Balanced Portfolio			Growth Portfolio

Tax cost of portfolio investments								$	16,488,926		$	41,434,491		$	33,133,845

Gross unrealized appreciation									735,222			3,216,522			3,228,673
Gross unrealized depreciation									—			—			—

Net unrealized appreciation (depreciation)									735,222			3,216,522			3,228,673
Undistributed ordinary income									5,320			3,785			—
Undistributed long-term capital gains									114,851			328,847			295,437
Post-October losses									—			—			—
Other temporary differences									—			—			—

Accumulated earnings (deficit)								$	855,393		$	3,549,154		$	3,524,110

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

As of the end of tax year ended December 31, 2012, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the table below. Under the provisions of the Regulated Investment Company Modernization Act of 2010, CLCFs that originated in a tax year that began before December 23, 2010 (pre-effective CLCFs) may be carried forward, subject to certain limitations, and applied to offset future capital gains, and thus reduce the amount of distributable capital gains, for up to eight succeeding tax years, after which any unutilized CLCFs expire. Pre-effective CLCFs are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that originate in tax years beginning after December 22, 2010 (post-effective CLCFs), are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year, and thus take precedent over the application of pre-effective CLCFs. Post-effective CLCFs can be carried forward indefinitely.

Pre-effective CLCFs subject to expiration:


	Amount		Expires

Value Index Fund	$	6,451,715		2017
		4,875,322		2018

	$	11,327,037

Growth Index Fund*	$	16,159,355		2016
		4,738,666		2017

	$	20,898,021

International Index Fund had a post-effective Short Term CLCF of $1,517,411 and Long Term CLCF of $537,988 that is not subject to expiration for the year ended December 31, 2012.

During the year ended December 31, 2012 the Value Index Fund, Growth Index Fund, and Small Cap Fund utilized $2,403,132, $1,683,457, $1,946,038 of capital loss carryforwards, respectively.

*	The Core Stock Fund merged into the Growth Index Fund on December 14, 2012. Please see notes to Financial Statements 9, Business Combinations for more information.

Certain reclassification, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, investments in Real Estate Investment Trusts, net investment losses and sales of contributed securities. These reclassifications have no impact on the net assets or net asset value per share of the Funds and Portfolios and are designed to present each Fund’s or Portfolio’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds and Portfolios for the year ended December 31, 2012:


	Paid in Capital			Accumulated Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses)

Intermediate Income Fund	$	—		$	1,071,446		$	(1,071,446	)
International Index Fund		(3,542	)		(8,774	)		12,316
Value Index Fund		—			(38,522	)		38,522
Growth Index Fund		19,273,775			11,656			(19,285,431	)
Small Cap Fund		(1,681	)		—			1,681
Conservative Portfolio		—			25,859			(25,859	)
Balanced Portfolio		1			33,707			(33,708	)
Growth Portfolio		(1	)		12,896			(12,895	)

The Funds and Portfolios have analyzed their tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2009 through 2012) and have concluded that no provision for income tax is required in their financial statements.

8. Commitments and Contingencies

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

9. Business Combinations

On September 28, 2012, the Board of Trustees of Praxis Mutual Funds approved management’s proposal to combine Core Stock Fund (the “Target Fund”) into Growth Index Fund (the “Acquiring Fund”) pursuant to an Agreement and Plan of Reorganization (“Agreement”). The Agreement with respect to the Target Fund was approved by the Target Fund’s shareholders at a special meeting of shareholders held on December 12, 2012. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement, shareholders of the Target Fund received 1.131 and 1.132 Class A and Class I shares, respectively in the Acquiring Fund in exchange for each share held in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of $80,578,406 and identified cost of $77,542,442 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:


	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation/(Depreciation)

Target Fund
Core Stock Fund							$	3,035,964
Class A		2,938,029	$	38,527,148		13.11
Class I		3,245,618		42,884,490		13.21

Acquiring Fund
Growth Index Fund								9,622,415
Class A		407,436		4,725,335		11.60
Class I		5,138,966		59,960,210		11.67

Post Reorganization
Growth Index Fund								12,658,379
Class A		3,729,393		43,252,483		11.60
Class I		8,814,436		102,844,700		11.67

Expenses related to the reorganization were incurred by the Target Fund.

Notes to Financial Statements, continued

Assuming the reorganization had been completed on January 1, 2012, the beginning of the annual reporting period, the pro forma results of operations for the year ended December 31, 2012, are as follows:



Net investment income (loss)	$	1,885,215
Net realized/unrealized gains (losses)		44,002,873
Change in net assets resulting from operations		45,888,088

10. Subsequent Events

The Funds and Portfolios evaluated subsequent events from December 31, 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.

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

of the Praxis Mutual Funds:

We have audited the accompanying statements of assets and liabilities of the Praxis Mutual Funds (comprised of the Praxis Intermediate Income Fund, Praxis International Index Fund, Praxis Value Index Fund, Praxis Growth Index Fund, Praxis Small Cap Fund, Praxis Genesis Conservative Portfolio, Praxis Genesis Balanced Portfolio, and Praxis Genesis Growth Portfolio) (collectively, the “Funds”), including the schedules of portfolio investments, of as of December 31, 2012, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the custodian, brokers, and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Praxis Mutual Funds at December 31, 2012, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Cincinnati, Ohio

February 27, 2013


Additional Fund Information (unaudited)		December 31, 2012

Security Allocation:

The Praxis Mutual Funds invested, as a percentage of net assets, in the following as of the year ended December 31, 2012.

Intermediate Income Fund


Security Allocation	Percentage of Net Assets
Asset Backed Securities		4.3%
Commercial Mortgage Backed Securities		4.9%
Foreign Bonds		0.9%
Municipal Bonds		2.9%
Corporate Bonds		38.3%
Corporate Notes		1.1%
Federal Farm Credit Bank		0.6%
Federal Home Loan Bank		3.7%
Federal Home Loan Mortgage Corp.		20.4%
Federal National Mortgage Association		17.8%
Government National Mortgage Association		0.2%
Small Business Administration		0.1%
U.S. Department of Housing and Urban Development		0.4%
Mutual Fund		1.1%
Short Term Investment		3.5%

Total		100.2%

International Index Fund


Security Allocation	Percentage of Net Assets
Australia		5.9%
Austria		0.2%
Belgium		0.2%
Brazil		3.2%
Canada		7.4%
Chile		0.7%
China		2.6%
Colombia		0.7%
Denmark		0.8%
Finland		0.3%
France		5.9%
Germany		6.2%
Greece		0.1%
Hong Kong		3.6%
Hungary		0.1%
India		1.8%
Indonesia		0.7%
Ireland		1.3%
Israel		0.4%
Italy		1.5%
Japan		13.8%
Jersey		0.3%
Mexico		1.6%
Netherlands		4.6%
Norway		1.0%
Peru		0.2%
Portugal		0.1%
Russia		0.8%
Singapore		2.2%
South Africa		1.8%
South Korea		2.7%
Spain		2.0%
Sweden		1.8%
Switzerland		6.6%
Taiwan		2.5%
Turkey		0.3%
United Kingdom		12.0%
United States		0.6%


Security Allocation	Percentage of Net Assets
Corporate Notes		0.9%
Short Term Investment		0.7%

Total		100.1%

Value Index Fund


Security Allocation	Percentage of Net Assets
Common Stocks		98.1%
Preferred Stock		0.0%
Corporate Notes		1.3%
Short Term Investment		1.1%

Total		100.5%

Growth Index Fund


Security Allocation	Percentage of Net Assets
Common Stocks		98.8%
Corporate Notes		0.8%
Short Term Investment		0.6%

Total		100.2%

Small Cap Fund


Security Allocation	Percentage of Net Assets
Common Stocks		94.4%
Corporate Notes		1.1%
Short Term Investment		4.4%

Total		99.9%

Genesis Conservative Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Genesis Balanced Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.1%

Genesis Growth Portfolio


Security Allocation	Percentage of Net Assets
Mutual Funds		100.2%


Additional Fund Information (unaudited), continued		December 31, 2012

Proxy Voting:

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

Quarterly Portfolio Disclosure:

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

Dividends Received Deduction:

For corporate shareholder, the following ordinary dividends paid during the year ended December 31, 2012 qualify for the corporate dividends received deduction:


Value Index Fund			100.0%
Growth Index Fund			100.0%
Conservative Portfolio			29.1%
Balanced Portfolio			40.8%
Growth Portfolio			55.7%

Qualified Dividend Income:

The funds designated the maximum amount allowable of their net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-div for the calendar year 2012.


Additional Fund Information (unaudited), continued		December 31, 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 July 1, 2012 through December 31, 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 Account Value 7/1/2012	Ending Account Value 12/31/2012	Expenses Paid During Period* 7/1/2012-12/31/2012	Expense Ratio During Period 7/1/2012-12/31/2012**

Praxis Intermediate Income Fund
Class A	$1,000.00	$1,022.20	$4.27	0.84%
Class I	1,000.00	1,023.40	2.24	0.44%
Praxis International Index
Class A	1,000.00	1,162.40	8.91	1.64%
Class I	1,000.00	1,172.60	3.93	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,081.20	4.50	0.86%
Class I	1,000.00	1,084.00	1.83	0.35%
Praxis Growth Index Fund
Class A	1,000.00	1,040.80	5.18	1.01%
Class I	1,000.00	1,044.20	1.90	0.37%
Praxis Small Cap Fund
Class A	1,000.00	1,041.10	8.16	1.59%
Class I	1,000.00	1,044.70	4.73	0.92%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,074.20	3.08	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,051.50	3.04	0.59%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,062.30	3.06	0.59%

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

** Annualized


Additional Fund Information (unaudited), continued		December 31, 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 or Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of other funds.

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


	Beginning Account Value 7/1/2012	Ending Account Value 12/31/2012	Expenses Paid During Period* 7/1/2012-12/31/2012	Expense Ratio During Period 7/1/2012-12/31/2012**

Praxis Intermediate Income Fund
Class A	$1,000.00	$1,020.91	$4.27	0.84%
Class I	1,000.00	1,022.92	2.24	0.44%
Praxis International Index
Class A	1,000.00	1,016.89	8.31	1.64%
Class I	1,000.00	1,021.52	3.66	0.72%
Praxis Value Index Fund
Class A	1,000.00	1,020.81	4.37	0.86%
Class I	1,000.00	1,023.38	1.78	0.35%
Praxis Growth Index Fund
Class A	1,000.00	1,020.06	5.13	1.01%
Class I	1,000.00	1,023.28	1.88	0.37%
Praxis Small Cap Fund
Class A	1,000.00	1,017.14	8.06	1.59%
Class I	1,000.00	1,020.51	4.67	0.92%
Praxis Genesis Conservative Portfolio
Class A	1,000.00	1,022.17	3.00	0.59%
Praxis Genesis Balanced Portfolio
Class A	1,000.00	1,022.17	3.00	0.59%
Praxis Genesis Growth Portfolio
Class A	1,000.00	1,022.17	3.00	0.59%

** Annualized


Additional Fund Information (unaudited), continued		December 31, 2012

BOARD CONSIDERATION AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Section 15(c) of the 1940 Act requires that each mutual fund’s board of trustees, including a majority of trustees who are not “interested persons” of the fund (“Independent Trustees”), annually review and approve any continuation of the fund’s investment advisory and sub-advisory agreements. At its November 19, 2012 meeting, the Funds’ Board of Trustees, which is comprised of a majority of Independent Trustees, unanimously approved a one-year renewal of each Fund’s Advisory Agreement. Also at its November 19, 2012 meeting, the Board approved a one-year renewal of the Sub-Advisory Agreements for the International Index Fund and the Small Cap Fund. In this section, Advisory and Sub-Advisory Agreements are referred to as the “Agreements.”

In reaching its decision to approve the renewals, the Board considered information furnished to the Board throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual contract review process that took place at various meetings in October and November 2012.

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

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

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

INVESTMENT ADVISORY AGREEMENT WITH EVERENCE CAPITAL MANAGEMENT, INC.

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

Nature, Quality and Extent of Services

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

Investment Performance of the Funds and Everence

In evaluating each Fund’s investment performance, the Board considered performance in light of the Fund’s investment objectives, strategies, and risks, as disclosed in the Fund’s prospectus. The Board reviewed historical performance data for the Funds, and considered each Fund’s historical performance relative to its benchmark and peer group. The Board also considered the impact of SRI Criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, among other conclusions, the Board reached the following conclusions with regard to performance, net of expenses, for the Funds that do not have Sub-Advisers: Intermediate Income Fund: the Fund’s performance beat the Fund’s benchmark for the one- and five-year periods, while Class A trailed and Class I was in line with the benchmark for the three-year period and, measured against its peer group, the Fund ranked between the 33^rd and 81^st percentiles over those periods; Value Index Fund: the Fund’s performance trailed the Fund’s benchmark for the one-, three- and five-year periods and, measured against its peer group, the Fund ranked between the 55^th and 90^th percentiles over those periods; Growth Index Fund: the Fund’s performance beat the Fund’s benchmark for the one-year period although it trailed the benchmark for the three- and five-year periods and, measured against its peer group, the Fund consistently ranked in the top quartile for those periods, ranging between the 9^th and 22^nd percentiles; Conservative Portfolio: while the Fund had only two full years of investment performance, from which it is difficult to draw meaningful inferences about long-term performance, the Fund trailed its benchmark for the one-year period and, measured against its peer group, was in the fourth quartile for that period; Balanced Portfolio: while the Fund had only two full years of investment performance, from which it is difficult to draw meaningful inferences about long-term performance, the Fund trailed its benchmark for the one-year period and, measured against its peer group, was in the fourth quartile for that period; Growth Portfolio: while the Fund had only two full years of investment performance, from which it is difficult to draw meaningful inferences about long-term performance, the Fund trailed its benchmark for the one-year period and, measured against its peer group, was in the third quartile for that period.


Additional Fund Information (unaudited), continued		December 31, 2012

Costs of Services and Profitability of Everence and Affiliates

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

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH APERIO GROUP, LLC

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

Nature, Quality and Extent of Services

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

Investment Performance of the International Index Fund and Aperio

The Board reviewed historical performance data for the International Index Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that, while the Fund had only one full year of investment performance, from which it is difficult to draw meaningful inferences about long-term performance, the Fund’s performance, net of expenses, beat the Fund’s benchmark for the one-year period and, measured against its peer group, was in the third quartile for that period.

Costs of Services and Profitability of Aperio and Affiliates

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


Additional Fund Information (unaudited), continued		December 31, 2012

Economies of Scale

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

Other Benefits

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

SUB-INVESTMENT ADVISORY AGREEMENT WITH LUTHER KING CAPITAL MANAGEMENT

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

Nature, Quality and Extent of Services

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

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

The Board reviewed historical performance data for the Small Cap Fund, and considered the Fund’s historical performance relative to its benchmark and peer groups, noting that the Fund had only three full years of performance history. The Board also considered the impact of SRI criteria on Fund performance. Based on these and other considerations, within the context of its overall determinations regarding the Agreements, the Board concluded that the Fund’s performance, net of expenses, beat the Fund’s benchmark for the three- and five-year periods although it trailed the benchmark for the one-year period, and, measured against its peer group, the Fund ranked between the 8^th and 30^th percentiles for the three- and five-year periods and was in the third quartile for the one-year period.

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

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

Economies of Scale

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

Other Benefits

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

Management of the Trust (unaudited)

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

Management of the Trust


Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships Held by Trustee

Interested Trustees¹

Larry Miller 1110 North Main Street Goshen, IN 46528 Age: 63	Trustee, Indefinite, since 2/19/07	President and CEO of Everence Financial (January 2007 - Present); President and CEO of Everence Federal Credit Union (September 1990 - December 2006)	8	Chair of Board of Directors of Everence Trust Company

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

Independent Trustees

Bruce Harder 1110 North Main Street Goshen, IN 46528 Age: 72	Trustee, Indefinite, since 2/11/00	Retired; Executive Director for Finance and Administration, Tri-Met, the Tri-County Metropolitan Transportation District of Oregon, public transportation system for Portland, Oregon (1986 - 2003); Chairman of the Board, Mennonite Mutual Aid, Goshen Indiana (1997 - 2003)	8	N/A

Karen Klassen Harder, Ph.D. 1110 North Main Street Goshen, IN 46528 Age: 56	Trustee, Indefinite, since 12/2/93	Professor, Bluffton University (September 2001 - present)	8	N/A

R. Clair Sauder 1110 North Main Street Goshen, IN 46528 Age: 69	Trustee, Indefinite, since 6/30/02	Retired; Partner, Encore Enterprises, LLC, retail home furnishings (May 2001 - October 2008); Partner, C&D Enterprises Unlimited, commercial real estate (1982 - present)	8	N/A

Donald E. Showalter, Esq. 1110 North Main Street. Goshen, IN 46528 Age: 71	Trustee, Indefinite, since 12/2/93	Senior Partner, the law firm of Wharton, Aldhizer, & Weaver (June 1965 - present)	8	N/A

Candace L. Smith 1110 North Main Street Goshen, IN 46528 Age: 54	Trustee, Indefinite, since 11/16/07	COO MicroVest Capital Management LLC (2011 - present); CFO MicroVest Capital Management LLC (2005 - 2011); Investment Committee Member, CleanTech Fund LP (2004 - 2008)	8	N/A

Don E. Weaver 1110 North Main Street Goshen, IN 46528 Age: 50	Trustee, Indefinite, since 5/21/07	Chief Risk Officer, Koch Fertilizer, LLC (2012 - present); CFO, Hesston College (2006 - 2012); CIO, Koch Industries and Flint Hills Resources (1987 - 2006)	8	N/A

Management of the Trust (unaudited), continued


Name, Age and Address	Position with the Company, Term of Office and Length of Time Served	Principal Occupation During the Past Five Years

Officers

David C. Gautsche 1110 North Main Street Goshen, IN 46528 Age: 49	President, Indefinite, since 11/17/08	Senior Vice President, Everence Financial (2008 - Present); Regional Vice President, Everence Financial (1999 - 2008)

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

Trent M. Statczar 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 41	Treasurer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

George L. Stevens 4041 N. High Street Suite 402 Columbus, OH 43214 Age: 61	Chief Compliance Officer, Indefinite, since 1/1/09	Director, Beacon Hill Fund Services, Inc. 2008 to present: Vice President, Citi Fund Services Ohio, Inc. from 2004 to 2007.

Charles J. Daly, Esq. 70 Fargo Street Boston, Massachusetts 02210 Age: 41	Secretary, Indefinite, since 11/14/11	Vice President, Senior Regulatory Administration Advisor, JPMorgan Chase Bank, N.A (2010 - Present)

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

Annual/Semi-Annual Reports:

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

Statement Of Additional Information (SAI):

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

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

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Telephone: 1-800-977-2947

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

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

•

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

•

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

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

Investment Company Act file no. 811-08056

LOGO

Praxis Mutual Funds

c/o U.S. Bancorp Fund Services LLC

P.O. Box 701

Milwaukee, WI 53201-0701

2130025

Item 2. Code Of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees. Audit fees totaled $120,150 for the December 31, 2012 fiscal year end and $139,950 for the December 31, 2011 fiscal year, including fees associated with the annual audit and filing of the registrant’s Form N-SAR.

(b)	Audit-Related Fees. There were audit-related fees of $10,000 for the December 31, 2012 fiscal year related to consent fees for two N-14 filings. There were no audit-related fees for the December 31, 2011 fiscal year.

(c)	Tax Fees. Tax fees totaled $55,950 for the December 31, 2012 fiscal year and $30,600 for the December 31, 2011 fiscal year and consisted of fees for tax compliance services during both years.

(d)	All Other Fees. There were no other fees for the December 31, 2012 or December 31, 2011 fiscal years.

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

(A)

Audit Services

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

(B) Permissible Non-Audit Services

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

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

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

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

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

(e)	(2) 0.0% for fiscal years ended December 31, 2012 and December 31, 2011.

(f)	Not applicable

(g)

The aggregate non-audit fees for services to the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $55,950 for December 31, 2012 and $30,600 for the December 31, 2011 fiscal year.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

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

(b)	The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls And Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There have not been any changes in registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s control over financial reporting.

Item 12. Exhibits.

(a)(1)

Code of Ethics for Senior Financial Officers is filed herewith.

(a)(2)

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

(a)(3)

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

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

SIGNATURES

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

Praxis Mutual Funds


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		March 8, 2013

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
		March 8, 2013


By:		/s/ Trent Statczar
		Trent Statczar
		Treasurer and Chief Financial Officer
		March 8, 2013

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