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
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MMA Praxis Mutual Funds
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(Exact name of registrant as specified in charter)

P.O. Box 483 Goshen, IN 46527
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(Address of principal executive offices) (Zip code)

BISYS Fund Services 3435 Stelzer Rd. Columbus, OH 43219
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(Name and address of agent for service)

Registrant's telephone number, including area code: 800-762-6212

Date of fiscal year end: 12/31/05

Date of reporting period: 6/30/05

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Include a copy of the report transmitted to stockholders pursuant to Rule
30e-1 under the Act (17 CFR 270.30e-1).

MMA PRAXIS
MUTUAL FUNDS

SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED JUNE 30, 2005

INTERMEDIATE INCOME FUND
CORE STOCK FUND
VALUE INDEX FUND
INTERNATIONAL FUND

[MMA STEWARDSHIP SOLUTIONS LOGO]

Focus on the basics

NOTICE OF PRIVACY POLICY & PRACTICES

MMA Praxis Mutual Funds

NOTICE OF PRIVACY POLICY & PRACTICES

MMA Praxis Mutual Funds recognizes and respects the privacy concerns and
expectations of our customers(1). We are committed to maintaining the privacy
and confidentiality of your personal information. We provide this notice so that
you will know what kinds of information we collect and the circumstances in
which that information may be disclosed to third parties.

We collect nonpublic personal information about our customers from the following
sources:

- - ACCOUNT APPLICATIONS AND OTHER FORMS -- which may include a customer's
name, address, social security number, and information about a customer's
investment goals and risk tolerance;

- - ACCOUNT HISTORY -- including information about the transactions and
balances in a customer's account(s); and

- - CORRESPONDENCE -- written, telephonic or electronic between a customer and
MMA Praxis Mutual Funds or service providers to MMA Praxis Mutual Funds.

We may disclose all of the information described above to certain third parties
that are not affiliated with MMA Praxis Mutual Funds under one or more of these
circumstances:

- - AS AUTHORIZED -- if you request or authorize the disclosure of the
information.

- - AS PERMITTED BY LAW -- for example sharing information with companies who
maintain or service customer accounts for MMA Praxis Mutual Funds is
essential for us to provide shareholders with necessary or useful services
with respect to their accounts.

- - UNDER JOINT AGREEMENTS -- we may also share information with companies
that perform marketing services on our behalf or to other financial
institutions with which we have joint marketing agreements.

We require service providers to MMA Praxis Mutual Funds:

- - to maintain policies and procedures designed to assure only appropriate
access to, and use of information about customers of MMA Praxis Mutual
Funds; and

- - to maintain physical, electronic and procedural safeguards that comply
with federal standards to guard nonpublic personal information of
customers of MMA Praxis Mutual Funds.

We will adhere to the policies and practices described in this notice regardless
of whether you are a current or former shareholder of MMA Praxis Mutual Funds.

[MMA STEWARDSHIP SOLUTIONS LOGO]

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(1) For purposes of this notice, the terms "customer" or "customers" includes
individuals who provide nonpublic personal information to MMA Praxis
Mutual Funds, but do not invest in MMA Praxis Mutual Funds shares.

MMA PRAXIS
MUTUAL FUNDS

SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED JUNE 30, 2005

INTERMEDIATE INCOME FUND
CORE STOCK FUND
VALUE INDEX FUND
INTERNATIONAL FUND

TABLE OF CONTENTS

Table of contents

MESSAGE FROM THE PRESIDENT .................... 1

MMA PRAXIS STEWARDSHIP INVESTING UPDATE ....... 6

MMA PRAXIS INTERMEDIATE INCOME FUND
Portfolio managers' letter ................. 10
Performance review ......................... 12
Schedule of portfolio investments .......... 14
Statement of assets and liabilities ........ 21
Statement of operations .................... 22
Statements of changes in net assets ........ 23
Financial highlights ....................... 24

MMA PRAXIS CORE STOCK FUND
Portfolio managers' letter ................. 27
Performance review ......................... 30
Schedule of portfolio investments .......... 32
Statement of assets and liabilities ........ 35
Statement of operations .................... 36
Statements of changes in net assets ........ 37
Financial highlights ....................... 38

MMA PRAXIS VALUE INDEX FUND
Portfolio managers' letter ................. 41
Performance review ......................... 42
Schedule of portfolio investments .......... 44
Statement of assets and liabilities ........ 52
Statement of operations .................... 53
Statements of changes in net assets ........ 54
Financial highlights ....................... 55

MMA PRAXIS INTERNATIONAL FUND
Portfolio manager's letter ................. 58
Performance review ......................... 60
Schedule of portfolio investments .......... 62
Statement of assets and liabilities ........ 68
Statement of operations .................... 69
Statements of changes in net assets ........ 70
Financial highlights ....................... 71

NOTES TO FINANCIAL STATEMENTS ................. 73
MANAGEMENT OF TRUSTEES ........................ 83

Glossary of Terms

Lehman Brothers Aggregate Bond Index is composed of the Lehman Brothers
Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index
and includes treasury issues, agency issues, corporate bond issues and
mortgage-backed securities.

The Morgan Stanley Capital Index-Europe, Australia and the Far East Index
(MSCI-EAFE) is an unmanaged Morgan Stanley Capital International Index that is
designed to measure the performance of the developed stock markets of Europe,
Australia and the Far East.

Standard & Poor's 500 Composite Stock Price Index (the "S&P 500 Index") is a
widely recognized index of 500 selected common stocks, most of which are listed
on the New York Stock Exchange.

Standard & Poor's 500/Barra Value Index (the "S&P 500/Barra Value Index") is
constructed by dividing the stocks in the S&P 500 Index into two categories,
growth and value, according to price-to-book ratios.

The MSCI AC World Free-(ex. U.S.) Index is a widely recognized, unmanaged index
composed of a sample of companies representative of the markets of both
developed and emerging markets throughout the world, excluding the United
States.

Gross Domestic Product (the "GDP") is the measure of the market value of the
goods and services produced by labor and property in the United States.

Consumer Price Index (the "CPI") is an index of prices used to measure the
change in the cost of basic goods and services in comparison with a fixed base
period.

Price-to-Earnings Ratio (the "P/E Ratio") is a valuation ratio of a company's
current share price compared to its per-share earnings.

The Lipper Intermediate Investment Grade Debt Funds Category consists of mutual
funds that invest at least 65% of their assets in investment grade debt issues
(rated in top four grades) with dollar-weighted average maturities of five to
ten years.

The Lipper Large-Cap Core Funds Category consists of mutual funds that, by
portfolio practice, invest at least 75% of their equity assets in companies with
market capitalizations (on a three-year weighted basis) greater than 300% of the
dollar-weighted median market capitalization of the middle 1,000 securities of
the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in
the companies in which they invest. These funds typically have an average
price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share
growth value, compared to the S&P 500 Index.

For the 1 year period ended 6/30/05, the MMA Praxis Core Stock Fund ranked 671
out of 908 funds within Lipper's Large-Cap Core funds category. For the 5 year
period ended 6/30/05, the Fund ranked 160 out of 618. It was not ranked for the
10 year period. The Lipper ranking is based on total return and does not reflect
a sales charge.

The Lipper Large-Cap Value Funds Category consists of mutual funds that, by
portfolio practice, invest at least 75% of their equity assets in companies with
market capitalizations (on a three-year weighted basis) greater than 300% of the
dollar-weighted median market capitalization of the middle 1,000 securities of
the S&P SuperComposite 1500 Index. Large-cap value funds typically have a
below-average price-to-earnings ratio, price-to-book ratio, and three-year
sales-per-share growth value, compared to the S&P 500 Index.

For the 1 year period ended 6/30/05, the MMA Praxis Value Index Fund ranked 160
out of 436 funds within Lipper's Large-Cap Value funds category. For the 5 and
10 year periods ended 6/30/05, the Fund was not ranked. The Lipper ranking is
based on total return and does not reflect a sales charge.

The Lipper International Multi-Cap Core Funds Category consists of mutual funds
that, by portfolio practice, invest in a variety of market capitalization ranges
without concentrating 75% of their equity assets in any one market
capitalization range over an extended period of time. Multi-cap funds typically
have 25% to 75% of their assets invested in companies strictly outside of the
U.S. with market capitalizations (on a three-year weighted basis) greater than
the 250th-largest company in the S&P/Citigroup World ex-U.S. Broad Market Index.
Multi-cap core funds typically have an average price-to-cash flow ratio,
price-to-book ratio, and three-year sales-per-share growth value compared to the
S&P/Citigroup World ex-U.S. BMI.

For the 1 year period ended 6/30/05, the MMA Praxis International Fund ranked
182 out of 273 funds within Lipper's International Multi-Cap Core funds
category. For the 5 year period ended 6/30/05, the Fund ranked 144 out of 165.
It was not ranked for the 10 year period. The Lipper ranking is based on total
return and does not reflect a sales charge.

The above indices are unmanaged and do not reflect the deduction of expenses
associated with a mutual fund, such as investment management and fund accounting
fees. An investor cannot invest directly in an index, although they can invest
in the underlying securities.

MESSAGE FROM THE PRESIDENT

MESSAGE FROM THE PRESIDENT
FINANCIAL MARKETS IN REVIEW

Dear MMA Praxis Shareholder:

Stocks rebounded a bit in the second quarter, narrowing the losses from the
first quarter. The Standard & Poor's 500 is essentially flat for year-to-date,
posting a loss of (0.81 percent) through June 30, 2005, while the Barra Value
Index (essentially the value style stocks in the S&P 500) was just positive with
a gain of .09 percent. Comparing value and growth, value continued its multiyear
outperformance, with the Barra Growth Index losing 1.73 percent, while the Barra
Value Index was up just slightly, as previously noted. REITs (real estate
investment trusts), had another strong quarter, with a gain of more than 15
percent, as measured by the Wilshire REIT Index. Foreign stocks, measured in
dollar terms, struggled in the first half of 2005, posting a return of (1.17
percent).

On the fixed-income side, investors demonstrated some confusion regarding the
direction of interest rates and moved bond prices in different directions
throughout the first half of the year. At the end of June, the Lehman Aggregate
Bond Index was up 2.51 percent.

FIRST QUARTER 2005 SECOND QUARTER 2005 YEAR TO DATE 2005
(1/1/05-3/31/05) (4/1/05-6/30/05) (1/1/05-6/30/05)
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S&P 500 Index(1) -2.15% 1.37% -0.81%
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Lehman Brothers Aggregate
Bond Index(1) -0.48% 3.01% 2.51%
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S&P 500/Barra Value Index(1) -2.43% 2.58% 0.09%
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MSCI EAFE Index(1) -0.17% -1.01% -1.17%
----- ----- -----

DON'T BELIEVE EVERYTHING YOU READ

Recently, we've had some inquiries from clients and advisors about the
"inevitable" impending doom we face. The forces supposedly leading us to doom
vary - sometimes it's inflation, sometimes it's the current account deficit,
sometimes it's the budget deficit, or it can be something else entirely - but
the unified theme is that something bad is going to happen, and the question is
what are we doing about it. There are two parts to this response. First is the
question of whether doom is really knocking on our doorstep, and the other is
what we're doing to help protect the funds you, the shareholder, entrust to MMA
Praxis.

The media - print, television, the Internet - are the main sources of
information for the average investor. Like many of you, we read the newspaper in
the morning with our coffee. Some of us check the Internet a couple times a day
to see what's going on in the world, and turn on the TV when we get home and
watch the news (some investors even let CNBC run in the background all day
long). All of these sources have become intertwined with our daily lives, and we
trust the information they provide us is accurate and reliable. We have a
tendency to assume we're getting all the relevant information we need from these
sources, and that we can use that information to form opinions about politics,
what the weather is going to be like tomorrow, and how we should invest. It
would be easy at this point in the commentary to launch into a missive about
whether this source or that source has a political agenda or a liberal/
conservative bias, but that's not what we want to focus on here. Instead, we
want to address a broader issue: the importance of considering the source.

Media companies are businesses. Their job is to make money, just like most other
businesses. The Wall Street Journal is owned by Dow Jones & Company, a publicly
traded stock. CNBC is 80 percent owned by General Electric and 20 percent
controlled by Vivendi Universal, both public companies. Many other newspapers,
magazines, and television stations are owned by publicly traded companies, and
many are

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(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

privately owned as well. But they all want to make a profit, and a big source
of profit is advertising. And the larger the audience, the more advertising
dollars they can command.

The media company's logical strategy, therefore, is to reach and retain as many
sets of eyeballs as it can. There are lots of ways to do this, but the biggest
one for investment-oriented sources is creating a sense of urgency - especially
urgency that appeals to the two main drivers of investor psychology: greed and
fear. The buttons most frequently pushed by the financial media are in stories
purporting to name the next stock that's poised for huge gains (greed), and
warnings of impending disasters (fear). If you've ever watched CNBC, you know
exactly what we're talking about: a constant stream of information whizzes by
throughout the day, letting you know what's going up and what's going down. Each
"segment" lasts just a few minutes and usually proceeds at a breakneck pace,
with guests and hosts always focusing in on "actionable" information.

The popularity of articles with headlines like, "The one stock you need to own
right now" or "Five stocks to avoid," tells you something about the tone the
media is trying to establish. You don't want to miss out on "the next big thing"
and perhaps even more importantly, you don't want to get caught making a big
mistake. Our observation has been that the fear-oriented headlines become more
common during shaky market environments, and the greed-oriented pieces usually
show up more often when things are going well. This makes perfect sense: by
appealing to the prevailing emotions of investors at any point in time, the
media is more likely to attract and retain subscribers, which enables them to
attract more advertisers and charge higher rates. Obviously, that's good for
their bottom line.

Unfortunately, this isn't necessarily in the best interests of investors. Lots
of studies have shown that frequent traders - as a whole - perform worse than
those who trade less frequently. This probably relates to a wide range of
decision errors. The field of behavioral finance has covered many of these at
great length. Case in point. Investors tend to place way too much emphasis on
the short-term results of an investment manager. Anecdotally, it seems investors
are more willing than ever to hop from one mutual fund to another, chasing good
performance in the hope of boosting their own returns. Recent research confirms
that this is the case. According to the Investment Company Institute, the annual
turnover rate of shares by equity fund investors in 2000 was 39.6 percent, up
from 6 percent in 1970. Studies have shown that all of this buying and selling
only leaves investors worse off: In aggregate, mutual fund investors have
actually underperformed mutual funds!

Another important fact is that investors tend to perceive the risk to be the
greatest once the market has already substantially declined in value. The media
companies know this. Thus, their emphasis during these times is often on issues
that investors should fear. After all, this is what investors are thinking
about. The problem with this is that after the market has already declined
sharply, it's usually the worst possible time to be selling. Why is this?
Because the prevailing fears of investors have already been priced into the
market, and oftentimes valuations are far more attractive than they were before
the decline began (when, ironically, many investors felt there was very little
risk with the market). So the increased fears promulgated by the media
effectively encourage investors to do the worst possible thing: sell when you
should be holding or possibly even buying.

With the exception of 2003 and the final few months of 2004, the stock market
as a whole has not performed well over the past five years (though some asset
classes did well, such as REITs and value stocks). Therefore, it makes sense the
media would currently be giving a lot of attention to all the negatives and
risks. They know investors are probably feeling a bit scared and are frustrated
with a low five-year return number, especially given how much money many of
them lost in the 2000 to 2002 bear market. We would expect this, and it could
continue for a long time. It's important to emphasize that we're

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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. TO
OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE
VISIT WWW.MMAPRAXIS.COM.

not saying that the media deliberately disseminates untruthful information
(although in the rush to be the first to break a story, they are often wrong
and provide incomplete or unintentionally misleading analysis). However, we are
postulating that you often do not receive complete and objective information
from the popular financial media, and both individual investors and advisors
would be well served to keep this in mind when they're forming opinions about
the markets and the investment landscape in general.

Not all sources of information have spin. Many are responsible about their
research and how they present their points, although in our experience these are
far fewer in number than the standard financial media providers. We read much
of the same print media as everyone else: The Wall Street Journal, the New York
Times, Business Week, Fortune, Forbes, Smart Money and so on, with a careful
awareness of the issues we mentioned above. But the places we go to get
high-quality analysis tend to be research-oriented firms whose businesses
usually depend on their reputation for careful, objective analysis, rather than
advertising revenues. At MMA, we get data from many different sources, which
enables us to cross-reference and carefully evaluate the validity of what's
going on in the investment and economic worlds.

IS THE MEDIA OVERSTATING THE BIG-PICTURE RISKS?

We're not denying the validity of the risks everyone is talking about. The
current account deficit is worrisome and increases the risk of a dollar crash
and the financial market chaos that would ensue. On the other hand, the dollar
has already declined substantially from its peak levels, so perhaps it's only a
matter of time until the current account deficit numbers improve. Clearly, a
dollar crash would be bad for all countries. Thus, central banks of the world
would likely take unified action to defend against such an outcome. The U.S.
budget deficit is also massive, and with a huge deficit comes the potential
for higher interest rates, reduced public sector spending, or higher taxes. But
while the budget deficit is very large in dollar terms, it's only 3.3 percent
of Gross Domestic Product(1) and has actually been improving in recent months.
Housing prices have been soaring in many markets around the country, and they
could be due for a recession-inducing pullback. But this varies significantly
from market to market, and not all analysts agree that a housing crisis - and
the resulting impact on consumer spending - is imminent. These risks are all
real, but what you often don't hear in the media is a balanced analysis or
additional context that helps provide a more complete picture of the issue and
the uncertainties that surround it.

As of this writing, our valuation model currently shows the S&P 500 as being
close to fair value (perhaps a bit below). This surely doesn't bode well for
generating above-average returns, especially in light of the significant macro
risks previously noted. A very simplistic analysis of return expectations goes
something like this: assuming that valuations are close to "fair," we would
expect to earn about 2 percent per year in dividends. If earnings grow at 3.5
percent on average (a conservative number, which is about half their long-term
average growth rate), we'd be looking at returns of roughly 5 - 6 percent for
large company stocks for the next few years.

At MMA Praxis, our analysis always comes back to valuations. There is never a
shortage of things to worry about, but understanding the extent to which those
risks are already being reflected in market prices is the key to making good
investment decisions. The obligation of investors who elect to entrust their
investment dollars to MMA Praxis is to understand the risks associated with each
of our different mutual funds, and select the one that best reflects their
tolerance for risk, their investment time horizon and financial planning goals.

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(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

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. TO
OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE
VISIT WWW.MMAPRAXIS.COM.

PORTFOLIO PERFORMANCE
MMA PRAXIS INTERMEDIATE INCOME FUND

MMA Praxis Intermediate Income Fund Class A Shares (NAV) provided a total return
of 2.15 percent* while the Class B Shares (NAV) posted gains of 1.92 percent*
for the first six months of 2005. These returns lagged the benchmark
established for the Income Fund (Lehman Aggregate Bond Index(1)), which returned
2.51 percent over the same time period. Compared to its Lipper peer group, the A
Shares fund exceeded the average intermediate term bond fund category average
(467 funds), which gained 2.05 percent. For an in-depth analysis of this fund's
strategy, please read the co-portfolio managers' commentary found later in this
report.

INVESTMENT CONSIDERATIONS:

Intermediate Income Fund

Bond funds will tend to experience smaller fluctuations in value than stock
funds. However, investors in any bond fund should anticipate fluctuations in
price, especially for longer-term issues and in environments of rising interest
rates. Bond funds are also subject to the risk that principal value reacts in
opposition to the movement of interest rates and that rising interest rate
environment increases the risk of loss of principal.

MMA PRAXIS CORE STOCK FUND

MMA Praxis Core Stock Fund Class A Shares (NAV) returned (1.60 percent)* for the
six-month period ended June 30, 2005 while the Class B Shares (NAV) generated a
return of (1.92 percent)*. These returns were less than the established
benchmark for the core stock fund, which returned (0.81 percent). According to
Lipper, the core stock fund's year-to-date 2005 performance landed it in the
63rd percentile among its large-cap core peer group (933 funds). On a
longer-term basis, the fund (A Shares NAV) has delivered a total return of 4.20
percent* over three years and (1.62 percent)* cumulative returns over the past
five years. Lipper reports that the A Shares of the core stock fund was ranked
in the 82nd and 26th percentile among their peer category group based on the
three and five year numbers cited above. The co-portfolio managers' report will
provide you with an in-depth analysis of those factors that contributed to the
fund's relative performance.

INVESTMENT CONSIDERATIONS:

Core Stock Fund

Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes. Common stocks, and funds
investing in common stocks, generally provide greater return potential when
compared with other types of investments.

MMA PRAXIS VALUE INDEX FUND

As noted in the introductory comments, value once again outperformed a growth
style of investing for the first half of 2005. For the first six months, the
MMA Praxis Value Index Fund A Shares (NAV) were up 0.08 percent* while the B
Shares posted a slight loss of (0.06 percent)*. The benchmark index for this
fund, the S&P 500/BARRA Value Index(1), gained 0.09 percent (Note: it is not
possible to invest directly in an index, which does not incur expenses

INVESTMENT CONSIDERATIONS:

Value Index Fund

Value-based investments are subject to the risk that the broad market may not
recognize their intrinsic value. Equity securities (stocks) are more volatile
and carry more risk than other forms of investments, including investments in
high-grade fixed income securities. The net asset value per share of this Fund
will fluctuate as the value of the securities in the portfolio changes. Common
stocks, and funds investing in common stocks, generally provide greater return
potential when compared with other types of investments. Securities indexes
assume reinvestment of all distributions and interest payments and do not take
in account brokerage fees or expenses. Securities in the Fund do not match those
in the indexes and performance of the fund will differ. It is not possible to
invest directly in an index.

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* Returns shown are at Net Asset Value (NAV) and do not reflect the maximum
front-end sales charge or applicable deferred sales charge. Please refer
to each fund's individual performance overview section for more complete
performance history.

(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

For the 1 year period ended 6/30/05, the MMA Praxis Intermediate Income Fund
ranked 275 out of 451 funds within Lipper's Intermediate Investment Grade Debt
funds category. For the 5 year period ending June 30, 2005, the Fund ranked 185
out of 213. It was not ranked for the 10 year period. The Lipper ranking is
based on total return and does not reflect a sales charge.

For the 1 year period ended 6/30/05, the MMA Praxis Core Stock Fund ranked 671
out of 908 funds within Lipper's Large-Cap Core funds category. For the 5 year
period ending 6/30/05, the Fund ranked 160 out of 618. It was not ranked for the
10 year period. The Lipper ranking is based on total return and does not reflect
a sales charge.

For the 1 year period ended 6/30/05, the MMA Praxis Value Index Fund ranked 160
out of 436 funds within Lipper's Large-Cap Value funds category. For the 5 and
10 year periods ending 6/30/05, the Fund was not ranked. The Lipper ranking is
based on total return and does not reflect a sales charge.

like an index fund). Among its Lipper peer universe, the A Shares 2005
year-to-date performance placed the fund in the 52nd percentile (447 funds).
Over the past three years, the A Shares have delivered average annualized
returns of 9.19 percent* (25th percentile).

MMA PRAXIS INTERNATIONAL FUND

After a relatively quiet first quarter, the second quarter was a volatile period
for the international markets. The rising U.S. dollar took a toll on some of the
positive returns generated by international equities, particularly in May and
June. MMA Praxis International Fund Class A Shares (NAV) returned (2.08
percent)* and the Class B Shares (NAV) posted a loss of (2.43 percent)*. The
fund underperformed its benchmark, the MSCI AC World Free-(ex. U.S.) Index(1)
(the "MSCI Index"), which was down (1.17 percent). Among its Lipper peer
category group (289 funds), the Class A Shares ranked in the 77th percentile.

INVESTMENT CONSIDERATIONS:

International Fund

International investing involves increased risk and volatility. Among others,
additional risks include fluctuations in currency exchange rates, differences
among various countries in how taxes are computed and paid, differences in
accounting standards which can result in different valuations for similar
companies, and differences in auditing and financial reporting practices.

During the past two years, socially responsible investors in international funds
have struggled to compete with their non-SRI competitors and the benchmark MSCI
Index. Our screening process excludes many large energy companies, mining firms
(commodities) and emerging companies in countries like China and Russia, where
it is difficult to obtain data on corporate behavior in the areas of respecting
the environment and human rights. Research over the years reveals we will
encounter periods of time (some lasting several years) where our commitment to
stewardship investing principles will result in lagging investment performance.
However, over a longer period of time, we believe the application of social
screens will not inevitably lead to poor performance. We appreciate your
patience as we wait for improved relative performance. Please read the
commentary from the portfolio managers of the MMA Praxis International Fund for
an in-depth analysis of the fund's performance and an understanding of the
current investment strategy.

CLOSING THOUGHTS

Winston Churchill once said, "A pessimist sees the difficulty in every
opportunity; an optimist sees the opportunity in every difficulty." Despite our
belief that returns could be lower than their long-term historical averages over
the next few years, we see opportunities and believe that respectable returns
can be attained.

As long-term investors, we expect volatility to be our friend by occasionally
creating opportunities to buy stock and bonds at bargain prices. We also
continue to expect our investment managers to add value over and above their
benchmarks, based on the extensive due diligence we have done and continue to
do. In short, we believe that our strengths - our disciplined approach to
investing, attention to risk and securities valuations, and stewardship
investing criteria that lead us to companies that have demonstrated sound
management and ethics - will continue to be rewarded in this environment.

As always, we are committed to staying focused and doing all we can to achieve
investment success on your behalf. Thank you for your continued trust and
confidence in the MMA Praxis Mutual Funds.

Sincerely,

/S/ John L. Liechty
- ------------------------
John L. Liechty

President, MMA Praxis Mutual Funds

- ----------------
* Returns shown are at Net Asset Value (NAV) and do not reflect the maximum
front-end sales charge or applicable deferred sales charge. Please refer
to each fund's individual performance overview section for more complete
performance history.

(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

For the 1 year period ended 6/30/05, the MMA Praxis International Fund ranked
182 out of 273 funds within Lipper's International Multi-Cap Core funds
category. For the 5 year period ending 6/30/05, the Fund ranked 144 out of 165.
It was not ranked for the 10 year period. The Lipper ranking is based on total
return and does not reflect a sales charge.

MMA PRAXIS STEWARDSHIP INVESTING UPDATE

STUDY SEES SRI PRACTICES BECOMING MAINSTREAM

A global study by Mercer Investment Consulting, the Canadian arm of Marsh &
McLennon, was released in April of this year and involved surveys completed by
190 regional investment firms managing $30 trillion. Its aim was to test what
socially responsible investing ("SRI") practices would become if picked up by
mainstream (or non-SRI investment managers) within 10 years. The results
indicated that a surprising number of investment managers saw their industry
trending toward various SRI practices:

- - 89 percent saw active ownership (shareholder advocacy/proxy voting) becoming
mainstream.

- - 73 percent thought the incorporation of environmental and social data in
decision making would be picked up by non-SRI managers.

- - 65 percent saw the use of positive or negative screens gaining broad-based
acceptance.

Perhaps not surprisingly, opinions were not evenly shared around the world. The
United States was the primary dissenter, with 60 percent saying screening or use
of environmental and social data would never become a mainstream investment
practice. In contrast, eight out of 10 Asian/Australian investment managers
believe all SRI practices will become mainstream within the next decade.

A summary of the Mercer study and data behind the study can be accessed at
http://www.merceric.com/knowledgecenter/reportsummary.jhtml?idContent=1174905.

WHAT TO DO ABOUT WAL-MART?

Wal-Mart, the discount retail behemoth, is a company many love to hate. Its
sheer size and market dominance in several sectors mean its actions - both
positive and negative - are headline news and have industry impact far beyond
the company's own borders. The company's single-minded dedication to lowering
prices has prompted great innovation and also generated substantial concern as
Wal-Mart's economic and social impact ripple across the globe. Some social
investors would have MMA avoid Wal-Mart completely. However, MMA believes
Wal-Mart, in all its complexity, is too important to ignore - for both social
and financial reasons. It is then critical that we exercise our shareholder
rights and responsibilities to make a positive impact for the benefit of
employees, vendors, and stockholders at Wal-Mart and the many industries it
influences. The company has been part of MMA's stewardship investing universe
for many years, but has just recently re-entered the MMA Praxis Core Stock
Fund*.

As part of its shareholder advocacy efforts, MMA Praxis and other members of the
Interfaith Center of Corporate Responsibility (ICCR) co-filed a resolution
earlier this year on the issue of Wal-Mart's social and environmental
sustainability. Sustainability is a business model that instructs companies to
take into consideration the needs and interests of various stakeholders as an
integral part of sustaining their business, communities, and the environment for
future generations. Sustainability also entails measuring and reporting
corporate performance against economic, social, and environmental criteria. The
goal of the resolution addresses Wal-Mart's definition of sustainability;
current company policies and practices related to sustainability; and,
Wal-Mart's long-term plans to integrate sustainability objectives throughout its
organization. Shareholders have requested the Wal-Mart Board of Directors
prepare a sustainability report, at reasonable expense and omitting proprietary
information, by December 2005.

Concerned shareholders are having an impact. At Wal-Mart's June 3, 2005, annual
meeting the sustainability resolution received an impressive positive vote of
15.2 percent of all outstanding shares. This represents the support of more than
one-quarter of all shares outside the Walton family. The company agreed at the
meeting that it would issue a sustainability report, but declined to set a
timetable. A second ICCR-sponsored resolution seeking the disclosure of
Wal-Mart's Equal Employment Opportunity data received a positive vote of 18.8
percent.

- ----------------
* Wal-Mart is a current holding of MMA Praxis Core Stock Fund. Wal-Mart is not a
past or present holding of MMA Praxis International, Intermediate Income, or
Value Index funds.

During ICCR's February 2005 meeting with Wal-Mart, CEO Lee Scott traveled to New
York (an almost unheard of act of deference to ICCR's own clout) to meet with
more than 60 shareholders about a wide range of issues - including the long term
viability/sustainability of Wal-Mart's business model. After five years of ICCR
work on vendor standards with Wal-Mart, Mr. Scott now includes the company's new
standards and monitoring program as his answer to the constant drive to reduce
prices and its potentially negative impact on those producing the products.
Wal-Mart has launched a 2,000-member division to monitor and maintain its vendor
standards (thus supposedly providing upward pressure to counter the downward) at
over 35,000 different production facilities. While the effectiveness of this
"solution" is not yet clear, it is an act of responsiveness that Wal-Mart
wouldn't even have considered 5 years ago. It also lays the foundation for
further engagement with ICCR in the future. MMA will be participating in a one
day Wal-Mart strategy session with other faith-based investors prior to ICCR's
fall meeting in September.

Finally, socially concerned investors representing over $35 billion in assets
have recently developed a set of guidelines for the siting and development of
big-box retail stores (including Wal-Mart). Shareholders will be working with a
range of companies beginning this fall to discuss ways more careful attention to
this issue can help avoid costly delays and damage to reputations from
challenged development, while improving community relations.

SHAREHOLDERS CELEBRATE PEPSICO'S FIRST GLOBAL AIDS POLICY AND REPORT

Following a number of meetings between shareholders, PepsiCo executives, and
representatives of the Global Business Coalition on HIV/AIDS, PepsiCo has
launched a new company-wide policy responding to the HIV/AIDS pandemic. In
response to three years of work by concerned shareholders, which was lead by
MMA, the company made significant strides in its policy and approach. The lack
of a clear treatment commitment for its employees was strengthened, as were
sections on PepsiCo's work with its broader community and other sectors of
society. The company has also released its first HIV/AIDS report, articulating
the impact the disease has, or may soon have, on its business prospects around
the world. This report is still in its early stages and will deepen as the
company's new programs get established. The report does follow the standards for
HIV/AIDS reporting established under the Global Reporting Initiative, through a
program funded by the Bill & Melinda Gates Foundation. I attended PepsiCo's
annual meeting in May and reported on the progress the company has made from the
shareholder's perspective. You can find the new policy and report under
"HIV/AIDS Initiatives" in the Citizenship section of Pepsi's corporate Web site
(www.pepsico.com). MMA's statement at the PepsiCo annual meeting and more
information on MMA's shareholder advocacy efforts can be found in the
stewardship investing section of www.mmapraxis.com.**

UNITED KINGDOM RELIGIOUS INVESTORS VISIT MMA

In June, MMA played host to two representatives of the institutional faith-based
investment community in the United Kingdom. Bill Seddon, Investment Manager of
Central Finance Board of the Methodist Church, and John Cunningham, the
Financial Secretary of the Roman Catholic Diocese of Plymouth, England, and the
elected Chair of the newly established Church Investors Group (CIG), visited
MMA's corporate headquarters as part of their tour of prominent, American
religious investment institutions. Seddon and Cunningham wanted to learn more
about MMA's stewardship investing approach and how faith-based ethics are
integrated into our holistic stewardship philosophy.

Seddon stated, "The churches [in the United Kingdom and around the world]
already have very similar views on the ethical issues relating to investment.
Now we are committed to working together in our dealings with the business
community. It will be an excellent witness for the churches, both large and
small, to speak to company management with a single voice when addressing
ethical concerns."

Both Seddon and Cunningham emphasized their belief that the international
Christian community should work together in understanding the impact and
opportunities in investing. They are actively

- ----------------
** PepsiCo is a current holding of MMA Praxis Core Stock Fund. PepsiCo is not
a present holding of MMA Praxis International, Intermediate Income, or
Value Index funds.

nurturing relationships with faith-based investment organizations in Australia,
South Africa, Asia, and elsewhere. The two spent 10 days visiting organizations
located within the United States, discussing shared values and exploring
partnership opportunities. Both felt the trip to Goshen (the second visit to our
office by a representative of the Central Finance Board in 12 months) and
discussion of MMA's stewardship investing philosophy were very valuable.

The day's discussion touched on a wide range of subjects, from products and
services to the social and political characteristics that make serving the
church in the United States and the United Kingdom both similar and different.
The visit underscored the value and potential of building ties and nurturing
collaborative opportunities within the international faith community.

SIF STUDY HIGHLIGHTS PROXY VOTING BEST PRACTICES

A new study from the Social Investment Forum US ("SIF"), Mutual Funds, Proxy
Voting, and Fiduciary Responsibility: How do funds rate on voting their proxies
and disclosure practices?, released in April, highlights the important role SRI
funds have played in leading the way in proxy voting disclosure policy and
practice. The study compared the top 10 conventional mutual fund families and
the top 10 SRI fund families - including MMA Praxis Mutual Funds - on a number
of issues related to proxy voting. The study noted that not only are SRI funds
stronger on social and environmental issues - which might be expected - but also
on issues of corporate governance.

The report also established current "best practices" for the articulation and
disclosure of proxy voting policies and guidelines and ease of access to this
information. MMA made the "leaders" list in the areas of Quality of Proxy
Guidelines, Ease of Finding Proxy Guidelines, and Ease of Finding Proxy votes.
All fund families were encouraged to increase customer service training and
knowledge on this issue.

The MMA Praxis proxy voting guidelines and live proxy voting record can be found
on the Web (www.mmapraxis.com).

NEW INVESTMENTS BY MMA COMMUNITY DEVELOPMENT INVESTMENTS

MMA seeks to address the plight of poor and disadvantaged communities in the
United States and around the world by pursuing an aggressive program of
community development investing. Fueled by the growth of the MMA Praxis Mutual
Funds (which invest at least 1 percent in community investments) and other MMA
related entities, MMA Community Development Investments has made the following
new investments:

- - $200,000 in Bank 2, a native American-owned community development bank in
Oklahoma.

- - $250,000 increase to Illinois Facilities Fund to support its facilities
lending to faith-based institutions.

- - $500,000 in the Global Commercial Microfinance Consortium, backed by Deutsche
Bank, to support lending to high-quality microfinance organizations around the
world.

- - $250,000 in Equal Exchange, a fair-trade marketing and distribution
organization.

- - $200,000 in Self-Help Ventures Fund to support its lending to disadvantaged
communities in the Charlotte, NC, area.

- - $100,000 in Hope Community Credit Union, a faith-based credit union serving
low-income communities in the Mississippi Delta.

- - $100,000 in Northwest Baptist Federal Credit Union, a faith-based credit union
in Seattle specializing in serving the needs of the disabled.

- - $200,000 in People's Self Help Housing Corporation, providing affordable
housing in Southern California.

Mark A. Regier
Stewardship Investing Services Manager

- ----------------
Some of the companies listed in the above update may be investments within one
or more of the MMA Praxis Mutual Funds. Please check the fund's Schedule of
Portfolio Investments for a complete list of holdings as of 6/30/05.

This page intentionally left blank.

MMA PRAXIS INTERMEDIATE INCOME FUND

MMA PRAXIS INTERMEDIATE INCOME FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
PORTFOLIO MANAGERS' LETTER

INVESTMENT CONCERNS:

Economic growth during the first half of the year was roughly 3.5 percent with
a strong first quarter followed by a mini-inventory correction, and a rebound
by June. Variation in growth perceptions as economic data rose, slumped and then
rebounded and led to large swings in rates. The 10-year Treasury performance
illustrated this with rates initially rising to 4.64 percent in late March, then
plummeting to 3.88 percent in June, before moving back nearly 4 percent to end
the first half.

While long rates were declining, short rates continued their upward march. The
Federal Open Market Committee (FOMC) met four times during the first half of
the year and raised the Federal Funds rate .25 percent each time, leaving the
rate at its current 3.25 percent. This kept short-term rates moving up while
long rates fell, resulting in a very flat yield curve.

Economic data seemed to reveal a steadily growing economy that is getting closer
to fully utilizing capacity, potentially leading to somewhat higher inflation.
Forecasts for inflation moved up modestly, mainly due to high oil prices.
Employment gains, while very volatile, on a month-to-month basis, held at the
175,000 per month rate that has characterized much of this expansion.

The fund benefited from its overweight in A-rated Corporates, its yield curve
positioning, and its duration strategy of gradually lengthening maturities when
rates rose, and reducing duration when rates fell. The fund also benefited from
its relatively low exposure to the auto sector relative to our benchmark.(1)

OUTLOOK

The outlook for the second half of the year remains favorable. Despite higher
short-term interest rates, a stronger dollar and high oil prices, household
incomes continue to grow and investment spending remains strong. We believe that
growth can be sustained in the 3 percent - 3.5 percent range for the rest of the
year.

Inflation appears to be rising slowly but not out of line with past recoveries.
If growth overseas slows for a quarter or two, inflationary pressures from
supply shortages should ease allowing inflation from those sources to ease. The
biggest risk is the steady increase in unit labor costs. We believe these
pressures will remain moderate for the rest of 2005.

- ----------------
(1) Portfolio holdings are subject to change and should not be considered a
recommendation to buy individual securities.

With solid growth and only moderate inflation, we expect short-term interest
rates to rise as the Fed pushes the Fed Funds rate to 3.75 percent - 4 percent.
This push from the Fed, combined with growth at a rate that is still fast enough
to push the unemployment rate slightly lower, should lead to higher long bond
rates. On the other hand, the huge savings flows from overseas sources and
domestic corporations have held long rates lower than one would expect and we
expect this to continue to temper the upward trend, despite the small
revaluation of the Chinese Yen.

Our strategy still calls for a defensive posture to protect against higher rates
and the risk of spread widening as Fed policy moves to a more neutral status.

Delmar King
MMA Praxis Intermediate Income Fund Co-Manager

Benji Bailey, CFA(R)
MMA Praxis Intermediate Income Fund Co-Manager

PERFORMANCE REVIEW

MMA PRAXIS INTERMEDIATE INCOME FUND
PERFORMANCE REVIEW

AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/05

[BAR CHART]

INCEPTION
DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR
--------- ------ ------ ------ -------

Class A 5/12/99 5.97% 5.22% 6.17% 5.53%
Class A* 5/12/99 2.01% 3.88% 5.35% 5.12%

Class B 1/4/94 5.50% 4.74% 5.72% 5.12%
Class B** 1/4/94 1.50% 4.13% 5.56% 5.12%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED
REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S
SHARES, WHEN REDEEMED MAY BE WORTH 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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 3.75%.

** The Fund imposes a back-end sales charge (load) on Class B Shares if you sell
your shares before a certain period of time has elapsed. This is called a
Contingent Deferred Sales Charge ("CDSC"). The CDSC declines over five years
starting with year one and ending in year six as follows: 4%, 4%, 3% 2%, 1%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share
performance calculated for any period prior to 5/12/99 is based on the
performance of Class B Share since inception 1/4/94. The B Share Contingent
Deferred Sales Charge (CDSC) does not apply to performance over 5 years;
therefore, the 10-year return does not reflect the CDSC.

The total return set forth reflects certain expenses that were voluntarily
reduced, reimbursed or paid by third party. In such instances, and without this
activity, total return would have been lower.

GROWTH OF $10,000 INVESTMENT 6/30/95 TO 6/30/05

[LINE GRAPH]

Lipper Intermediate Investment Lehman Brothers
Class A* Class B Grade Bond Funds Average (2) Aggregate Bond Index (1)
-------- ------- ------------------------------ ------------------------

Jun-95 9621 10000 10000 10000
9780 10165 10196 10190
10148 10547 10631 10617
9956 10348 10442 10429
Jun-96 9937 10328 10502 10474
10108 10505 10696 10667
10373 10782 11017 10982
10281 10685 10955 10924
Jun-97 10599 11017 11358 11305
10892 11320 11735 11664
11162 11602 12080 11946
11322 11768 12268 12132
Jun-98 11553 12008 12555 12396
12025 12498 13086 12872
11976 12448 13130 12887
11891 12359 13065 12836
Jun-99 11884 12227 12950 12704
12018 12298 13038 12785
11947 12211 13022 12761
12144 12402 13309 13012
Jun-00 12215 12476 13541 13181
12550 12794 13949 13568
12906 13149 14536 14112
13285 13523 14977 14554
1-Jun 13351 13579 15061 14618
13899 14124 15756 15254
13756 13966 15763 15271
13663 13860 15778 15260
2-Jun 14147 14339 16361 15653
14805 14992 17110 16193
14997 15172 17380 16537
15179 15344 17622 16827
3-Jun 15534 15687 18062 17337
15519 15639 18036 17334
15547 15649 18093 17432
15914 16000 18574 17870
4-Jun 15550 15616 18120 17436
15987 16038 18699 17963
16133 16165 18878 18179
16071 16086 18787 18092
5-Jun 16479 16475 19353 18615

For performance purposes, the above graph has not been adjusted for CDSC
charges.

This chart represents historical performance of a hypothetical investment of
$10,000 in the Intermediate Income Fund from 6/30/95 to 6/30/05, and represents
the reinvestment of dividends and capital gains in the Fund.

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 3.75%.

(1) The Lehman Brothers Aggregate Bond Index is an unmanaged index composed of
the Lehman Brothers Government/Credit Index and the Lehman Brothers
Mortgage-Backed Securities Index and includes treasury issues, agency
issues, corporate bond issues and mortgage-backed securities, and is
intended to be generally representative of the bond market as a whole.

(2) The Lipper Intermediate Investment Grade Bond Fund Average includes funds
that invest at least 65 percent of assets in investment grade debt issues
(rated in top four grades) with dollar-weighted average maturities of five
to 10 years.

The above indices are for illustrative purposes only and the Lehman Brothers
Aggregate Bond Index does not reflect the deduction of expenses associated with
a mutual fund, such as investment management and fund accounting fees. However,
the Lipper Intermediate Investment Grade Bond Funds Average does reflect the
expenses associated with the mutual funds found in the Lipper category. The
fund's performance reflects the deduction of these value-added services. An
investor cannot invest directly in an index, although they can invest in its
underlying securities.

SCHEDULE OF PORTFOLIO INVESTMENTS

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JUNE 30, 2005 (UNAUDITED)

PRINCIPAL
AMOUNT VALUE
--------- ----------

ASSET BACKED SECURITIES (2.4%)
Fleet Credit Card Master Trust II, Class A, 5.60%, 12/15/08 ............... 1,000,000 $1,015,194
Ford Credit Auto Owner Trust, 4.17%, 1/15/09 .............................. 1,000,000 1,002,390
Honda Auto Receivables Owner Trust, 4.15%, 10/15/10 ....................... 1,000,000 1,002,430
Massachusetts RRB Special Purpose Trust, 3.78%, 9/15/10 ................... 1,018,000 1,013,018
MBNA Credit Card Master Note Trust, Series 2003-A1, 3.30%, 7/15/10 ........ 1,000,000 982,930
MBNA Credit Card Master Note Trust, Series 2005-A1, 4.20%, 9/15/10 ........ 1,000,000 1,005,682
Regions Auto Receivables Trust, 2.63%, 1/16/07 ............................ 137,101 136,939
Standard Credit Card Master Trust, Series 1994-2, 7.25%, 4/7/08 ........... 715,000 732,888
----------
TOTAL ASSET BACKED SECURITIES .................................................. 6,891,471
----------

COLLATERALIZED MORTGAGE OBLIGATIONS (2.2%)
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41 ............... 1,000,000 1,042,200
Bear Stearns Commercial Mortgage Securities, 4.56%, 2/13/42 + ............. 1,000,000 1,009,880
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41 ............... 1,000,000 1,007,853
JP Morgan Chase Commercial Mortgage Securities, 4.63%, 3/15/46 ............ 1,000,000 1,012,774
JP Morgan Securities, Inc., 4.50%, 9/25/34 ................................ 917,476 911,754
Morgan Stanley Capital, 5.01%, 1/14/42 + .................................. 1,000,000 1,030,561
----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS ...................................... 6,015,022
----------

CORPORATE BONDS (32.1%)
AGRICULTURAL SERVICES (0.6%)
Cargill, Inc., 7.50%, 9/1/26 (a) .......................................... 1,250,000 1,618,015
----------
AUTOMOTIVE (0.4%)
Lear Corp., Series B, 8.11%, 5/15/09 ...................................... 1,000,000 1,034,040
----------
BROADCASTING/CABLE (0.7%)
Comcast Corp., 5.85%, 1/15/10 ............................................. 1,000,000 1,057,551
Cox Communications, Inc., 4.63%, 1/15/10 .................................. 1,000,000 997,360
----------
2,054,911
----------
BROKERAGE SERVICES (1.3%)
Goldman Sachs Group, 6.65%, 5/15/09 ....................................... 1,000,000 1,082,845
Legg Mason, Inc., 6.75%, 7/2/08 ........................................... 1,300,000 1,398,479
Lehman Brothers Holdings, 7.00%, 2/1/08 ................................... 1,000,000 1,067,702
----------
3,549,026
----------
COMMERCIAL BANKS (1.3%)
Bank of America Corp., 7.75%, 8/15/15 ..................................... 1,000,000 1,240,490
Corporation Andina de Fomento, 5.20%, 5/21/13 ............................. 1,000,000 1,023,021
State Street Corp., 7.35%, 6/15/26 ........................................ 1,000,000 1,284,560
----------
3,548,071
----------
COMMERCIAL BANKS--SOUTHERN U.S. (0.7%)
Bank One Texas, 6.25%, 2/15/08 ............................................ 1,950,000 2,054,721
----------
COMPUTER SERVICES (0.4%)
Unisys Corp., 8.13%, 6/1/06 ............................................... 1,000,000 1,022,500
----------
CONSTRUCTION (0.8%)
D.R. Horton, Inc., 8.50%, 4/15/12 ......................................... 500,000 545,013
KB Home, 8.63%, 12/15/08 (b) .............................................. 500,000 542,062
Lafarge North America, 6.38%, 7/15/05 ..................................... 1,000,000 1,000,504
----------
2,087,579
----------
CONSUMER GOODS & SERVICES (0.7%)
VF Corp., 8.10%, 10/1/05 .................................................. 1,950,000 1,968,954
----------

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

PRINCIPAL
AMOUNT VALUE
--------- ----------

CORPORATE BONDS, CONTINUED
ELECTRIC - INTEGRATED (2.8%)
Alabama Power Co., Series V, 5.60%, 3/15/33 ............................ 1,000,000 1,078,480
Kansas Gas & Electric, 6.50%, 8/1/05 ................................... 290,000 $ 290,555
Kansas Gas & Electric, 6.50%, 8/1/05 ................................... 250,000 250,434
Midamerican Energy Co., 6.75%, 12/30/31 (b) ............................ 1,500,000 1,840,017
Pacific Gas & Electric, 6.05%, 3/1/34 .................................. 1,000,000 1,102,089
Pepco Holdings, Inc., 3.75%, 2/15/06 ................................... 1,000,000 998,391
PG & E Energy Recovery Funding, 3.87%, 6/25/11 ......................... 1,365,000 1,364,009
TXU Corp., 4.80%, 11/15/09 (a) ......................................... 1,000,000 981,770
----------
7,905,745
----------

ELECTRIC SERVICES (0.7%)
AEP Texas North Co., Series B, 5.50%, 3/1/13 ........................... 1,000,000 1,047,977
FPL Energy Caithness Funding, 7.65%, 12/31/18 (a) ...................... 810,420 917,023
----------
1,965,000
----------

ELECTRONIC COMPONENTS - SEMICONDUCTORS (0.6%)
Applied Materials, Inc., 7.13%, 10/15/17 ............................... 1,400,000 1,651,853
----------
ENTERTAINMENT (0.4%)
Harman International Ind., 7.32%, 7/1/07 ............................... 1,000,000 1,050,477
----------

FINANCE - AUTO LOANS (0.5%)
Ford Motor Credit Co., 7.25%, 10/25/11 ................................. 1,000,000 962,268
General Motors Acceptance Corp., 6.75%, 12/1/14 (b) .................... 500,000 447,337
----------
1,409,605
----------

FINANCIAL SERVICES (2.5%)
Citifinancial, 6.13%, 12/1/05 .......................................... 1,371,000 1,384,269
Equitable Life, 6.95%, 12/1/05 (a) ..................................... 1,000,000 1,012,049
Export Funding Trust, 8.21%, 12/29/06 .................................. 36,512 37,742
General Electric Capital Corp., 6.88%, 11/15/10 ........................ 1,000,000 1,117,420
General Electric Capital Corp., 6.75%, 3/15/32 ......................... 1,000,000 1,233,988
SLM Corp., 4.00%, 1/15/09 .............................................. 1,000,000 992,002
Wells Fargo Co., 5.13%, 9/1/12 ......................................... 1,250,000 1,289,835
----------
7,067,305
----------

FIRE, MARINE & CASUALTY INSURANCE (0.4%)
Berkley Corp., 5.13%, 9/30/10 .......................................... 1,000,000 1,013,523
----------

FOOD PROCESSING (1.1%)
Dean Foods Co., 8.15%, 8/1/07 .......................................... 750,000 791,250
General Mills, Inc., 5.13%, 2/15/07 .................................... 1,000,000 1,015,592
Hormel Foods Corp., 6.63%, 6/1/11 ...................................... 1,000,000 1,121,307
----------
2,928,149
----------

GENERAL MEDICAL & SURGICAL HOSPITALS (0.4%)
Healthcare (Hca), Inc., 6.95%, 5/1/12 .................................. 1,000,000 1,062,517
----------
GOVERNMENTS (FOREIGN) (0.2%)
CANADA (0.2%)
Province of Ontario, 5.70%, 12/1/08 .................................... 500,000 441,333
----------
INSURANCE (1.3%)
Allstate Corp., 7.50%, 6/15/13 ......................................... 1,100,000 1,312,699
Old Republic International Corp., 7.00%, 6/15/07 ....................... 1,000,000 1,048,480
Principal Life Global, 6.25%, 2/15/12 (a) .............................. 1,000,000 1,103,142
----------
3,464,321
----------

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

PRINCIPAL
AMOUNT VALUE
--------- ----------

CORPORATE BONDS, CONTINUED
INTERNAL COMBUSTION ENGINES, N.E.C. (0.4%)
Briggs & Stratton Corp., 8.88%, 3/15/11 ................................ 1,000,000 $1,142,500
----------
MACHINERY - GENERAL INDUSTRIAL (0.4%)
Dover Corp., 6.45%, 11/15/05 ........................................... 1,100,000 1,109,015
----------
MEDICAL - BIOMEDICAL/GENETIC (0.5%)
Amgen, Inc., 4.00%, 11/18/09 ........................................... 1,500,000 1,488,674
----------
MEDICAL EQUIPMENT & SUPPLIES (0.5%)
Beckman Instruments, Inc., 7.05%, 6/1/26 ............................... 1,010,000 1,248,012
----------
NATURAL GAS PRODUCTION AND/OR DISTRIBUTION (1.9%)
Indiana Gas Co., 6.55%, 6/30/28 ........................................ 250,000 282,931
Keyspan Gas East, 7.88%, 2/1/10 ........................................ 1,250,000 1,431,204
National Fuel Gas Co., 6.30%, 5/27/08 .................................. 1,000,000 1,051,884
Northern Natural Gas, 5.38%, 10/31/12 (a) .............................. 1,000,000 1,051,168
Southern Union Co., 8.25%, 11/15/29 .................................... 1,050,000 1,371,747
----------
5,188,934
----------

NETWORKING PRODUCTS (0.2%)
Anixter, Inc., 5.95%, 3/1/15 ........................................... 500,000 495,474
----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (2.8%)
Anadarko Finance Co., 7.50%, 5/1/31 (a) ................................ 1,550,000 1,956,872
Burlington Resources, Inc., 7.38%, 3/1/29 .............................. 1,073,000 1,335,659
Conoco, Inc., 6.95%, 4/15/29 ........................................... 1,075,000 1,350,540
EOG Resources, Inc., 6.00%, 12/15/08 ................................... 1,030,000 1,075,724
Pemex Project, 7.38%, 12/15/14 ......................................... 500,000 560,750
Pioneer Natural Resource, 6.50%, 1/15/08 ............................... 1,000,000 1,035,975
XTO Energy, Inc., 7.50%, 4/15/12 ....................................... 500,000 575,072
----------
7,890,592
----------

PUBLISHING - JOURNALS (0.4%)
Thomson Corp., 6.20%, 1/5/12 (b) ....................................... 1,200,000 1,302,294
----------
PUBLISHING - NEWSPAPERS (0.6%)
Knight- Ridder, Inc., 7.13%, 6/1/11 .................................... 1,500,000 1,682,504
----------
REAL ESTATE (0.8%)
EOP Operating LP, 7.00%, 7/15/11 ....................................... 1,000,000 1,108,867
Vornado Realty, 4.50%, 8/15/09 (b) ..................................... 1,000,000 991,826
----------
2,100,693
----------

RETAIL - DISCOUNT (0.4%)
Dollar General Corp., 8.63%, 6/15/10 ................................... 1,000,000 1,140,000
----------
RETAIL - FOOD (1.1%)
Delhaize America, Inc., 8.13%, 4/15/11 ................................. 1,000,000 1,121,584
Kroger Co., 7.63%, 9/15/06 ............................................. 1,000,000 1,039,562
YUM! Brands, Inc., 8.88%, 4/15/11 ...................................... 750,000 908,717
----------
3,069,863
----------

SURGICAL AND MEDICAL INSTRUMENTS (0.4%)
Guidant Corp., 6.15%, 2/15/06 .......................................... 1,000,000 1,013,005
----------
TELEPHONE - INTEGRATED (1.2%)
AT&T Corp., 6.50%, 3/15/13 (b) ......................................... 1,000,000 1,080,536
GTE California, Inc., 7.65%, 3/15/07 ................................... 1,000,000 1,051,245
Sprint Capital Corp., 7.63%, 1/30/11 ................................... 1,000,000 1,142,079
----------
3,273,860
----------

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
--------- ----------

CORPORATE BONDS, CONTINUED
TRANSPORTATION SERVICES (1.8%)
Golden State Petroleum Transportation, 8.04%, 2/1/19 ....................... 1,000,000 $1,114,720
Union Tank Car Co., 7.13%, 2/1/07 .......................................... 1,550,000 1,618,408
United Parcel Service, 8.38%, 4/1/30 ....................................... 1,500,000 2,207,314
----------
4,940,442
----------
UTILITIES - NATURAL GAS (0.9%)
Michigan Consolidated Gas Co., 8.25%, 5/1/14 ............................... 2,050,000 2,579,767
----------
TOTAL CORPORATE BONDS ........................................................... 88,563,274
----------

CORPORATE NOTES (1.2%)
COMMUNITY DEVELOPMENT (1.2%)
MMA Community Development Investment, Inc., 2.89%, 7/1/05, (c)+ ............ 2,025,000 2,025,000
MMA Community Development Investment, Inc., 1.93%, 7/1/05, (c)+ ............ 1,350,000 1,350,000
----------
TOTAL CORPORATE NOTES 3,375,000
----------

INTEREST ONLY BOND (0.3%)
FREDDIE MAC (0.1%)
5.00%, 5/15/23 ............................................................. 3,224,403 227,397
----------
GOVERNMENT NATIONAL MORTGAGE ASSOC. (0.2%)
1.10%, 4/16/27 ............................................................. 12,634,128 555,550
----------
TOTAL INTEREST ONLY BOND 782,947
----------

MEDIUM TERM NOTES (0.4%)
ELECTRIC - INTEGRATED (0.4%)
Puget Sound Energy, Inc., 6.74%, 6/15/18 ................................... 1,000,000 1,154,459
----------
TOTAL MEDIUM TERM NOTES ......................................................... 1,154,459
----------

MUNICIPAL BONDS (0.3%)
GENERAL OBLIGATIONS (0.2%)
MONTANA (0.2%)
Billings Federal Office LTD., 7.25%, 2/15/15 ............................... 379,000 393,989
----------
URBAN AND COMMUNITY DEVELOPMENT (0.1%)
NEW YORK (0.1%)
United Nations Development Corp., 8.80%, 7/1/26 ............................ 300,000 306,000
----------
TOTAL MUNICIPAL BONDS ........................................................... 699,989
----------

MUTUAL FUND (0.6%)
MUTUAL FUNDS (0.6%)
Pax World High Yield Fund .................................................. 187,869 1,608,158
----------
TOTAL MUTUAL FUND ............................................................... 1,608,158
----------

U.S. GOVERNMENT AGENCIES (58.8%)
FANNIE MAE (29.4%)
2.97%, 7/1/05* ............................................................. 1,500,000 1,500,000
2.25%, 5/15/06 ............................................................. 1,750,000 1,727,574
5.25%, 6/15/06 ............................................................. 750,000 760,308
7.25%, 1/1/07 .............................................................. 1,625,000 1,737,227
4.75%, 1/2/07 .............................................................. 1,250,000 1,265,176
5.00%, 1/15/07 (b) ......................................................... 750,000 763,645

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

PRINCIPAL
AMOUNT VALUE
--------- -----------

U.S. GOVERNMENT AGENCIES, CONTINUED
FANNIE MAE, continued
6.63%, 10/15/07 ............................................................. 450,000 $ 477,144
5.25%, 1/15/09 .............................................................. 5,800,000 6,052,137
7.25%, 1/15/10 .............................................................. 2,700,000 3,061,641
7.45%, 10/1/11 .............................................................. 3,079,916 3,200,326
6.13%, 3/15/12 .............................................................. 1,950,000 2,180,738
4.38%, 3/15/13 (b) .......................................................... 2,250,000 2,286,635
4.38%, 7/17/13 .............................................................. 5,250,000 5,175,302
4.13%, 4/15/14 (b) .......................................................... 2,100,000 2,083,343
7.35%, 1/1/15 ............................................................... 380,941 420,308
5.00%, 4/15/15 (b) .......................................................... 1,500,000 1,584,623
7.00%, 7/1/15 ............................................................... 21,394 22,689
5.00%, 7/1/18 ............................................................... 1,213,633 1,228,180
5.00%, 9/1/18 ............................................................... 1,633,372 1,652,950
7.00%, 11/1/19 .............................................................. 146,160 154,564
7.00%, 11/1/19 .............................................................. 231,641 244,960
7.00%, 1/1/24 ............................................................... 830,267 875,622
5.00%, 4/1/24 ............................................................... 2,147,453 2,164,765
8.50%, 9/1/26 ............................................................... 526,936 575,254
7.00%, 8/1/29 ............................................................... 859,152 906,085
6.50%, 6/1/32 ............................................................... 527,437 546,764
6.00%, 10/1/32 .............................................................. 443,295 454,768
5.00%, 2/1/33 ............................................................... 1,615,154 1,617,420
5.50%, 3/1/33 ............................................................... 1,250,480 1,269,092
5.50%, 4/1/33 ............................................................... 829,615 841,725
3.59%, 6/1/33 + ............................................................. 1,223,461 1,233,054
6.00%, 8/1/33 ............................................................... 1,082,968 1,110,654
6.00%, 10/1/33 .............................................................. 1,096,739 1,124,777
4.34%, 10/1/33 + ............................................................ 2,191,207 2,218,361
5.50%, 2/1/34 ............................................................... 1,534,069 1,555,982
5.50%, 2/1/34 ............................................................... 1,533,754 1,555,662
4.06%, 2/1/34 + ............................................................. 2,317,901 2,366,102
4.66%, 4/1/34 + ............................................................. 467,484 483,151
3.86%, 4/1/34 + ............................................................. 1,117,950 1,134,787
5.50%, 5/1/34 ............................................................... 1,700,421 1,725,243
4.25%, 5/1/34 + ............................................................. 1,468,126 1,469,140
6.00%, 8/1/34 ............................................................... 3,393,809 3,480,572
5.50%, 10/1/34 .............................................................. 1,820,275 1,846,241
5.00%, 10/1/34 .............................................................. 1,983,388 1,985,627
6.00%, 11/1/34 .............................................................. 4,030,331 4,133,366
5.50%, 11/1/34 .............................................................. 1,898,596 1,925,715
5.50%, 1/1/35 ............................................................... 1,933,424 1,961,041
5.50%, 1/1/35 ............................................................... 2,843,203 2,883,760
-----------
81,024,200
-----------
FEDERAL HOME LOAN BANK (2.2%)
3.05%, 7/5/05* .............................................................. 2,000,000 1,999,292
6.50%, 11/15/05 ............................................................. 750,000 757,738
3.75%, 8/15/07 (b) .......................................................... 1,000,000 997,444
4.13%, 8/13/10 (b) .......................................................... 1,000,000 1,002,097
6.63%, 11/15/10 ............................................................. 900,000 1,007,770

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

PRINCIPAL
AMOUNT VALUE
--------- -----------

U.S. GOVERNMENT AGENCIES, CONTINUED
FEDERAL HOME LOAN BANK, continued
3.88%, 6/14/13 ................................ 300,000 $ 294,273
-----------
6,058,614
-----------
FREDDIE MAC (24.4%)
5.95%, 1/19/06 ................................ 300,000 303,574
3.30%, 9/14/07 ................................ 1,000,000 989,075
9.00%, 6/1/08 ................................. 1,661 1,823
6.75%, 1/15/09 ................................ 382,620 390,572
5.75%, 3/15/09 (b) ............................ 2,950,000 3,132,407
3.75%, 7/15/09 ................................ 2,000,000 2,537,150
4.13%, 7/12/10 ................................ 2,487,000 2,495,140
4.00%, 9/1/10 ................................. 1,585,117 1,568,444
6.88%, 9/15/10 ................................ 831,000 940,518
6.00%, 6/15/11 ................................ 3,250,000 3,577,289
5.00%, 7/15/14 ................................ 2,000,000 2,109,662
4.50%, 1/15/15 (b) ............................ 2,750,000 2,800,677
6.00%, 9/1/17 ................................. 2,118,478 2,190,839
5.50%, 9/1/17 ................................. 1,446,220 1,484,848
5.00%, 10/1/17 ................................ 1,080,320 1,093,668
5.50%, 11/1/17 ................................ 1,637,605 1,681,344
6.00%, 2/1/18 ................................. 1,078,494 1,115,212
5.00%, 5/1/18 ................................. 993,055 1,005,001
4.50%, 6/1/18 ................................. 2,430,048 2,421,020
5.00%, 9/1/18 ................................. 1,399,262 1,416,095
5.00%, 9/1/18 ................................. 1,476,960 1,494,727
5.00%, 10/1/18 ................................ 1,507,632 1,525,768
5.00%, 11/1/18 ................................ 1,525,965 1,544,321
5.00%, 4/1/19 ................................. 2,545,762 2,575,703
5.00%, 7/1/23 ................................. 2,202,705 2,220,588
5.00%, 4/15/29 ................................ 2,000,000 423,817
6.75%, 9/15/29 ................................ 675,000 886,688
7.00%, 2/1/30 ................................. 1,157,543 1,218,804
7.50%, 7/1/30 ................................. 1,211,537 1,297,236
6.50%, 2/1/31 ................................. 79,761 82,586
7.00%, 3/1/31 ................................. 746,130 785,617
6.75%, 3/15/31 ................................ 3,730,000 4,938,282
5.00%, 4/15/31 ................................ 2,000,000 2,020,913
6.50%, 5/1/31 ................................. 234,007 242,256
6.50%, 8/1/31 ................................. 59,386 61,607
6.50%, 2/1/32 ................................. 522,923 542,476
6.00%, 10/1/32 ................................ 1,557,108 1,598,206
5.50%, 11/15/32 ............................... 1,200,000 348,130
5.50%, 8/1/33 ................................. 2,421,822 2,457,814
5.50%, 11/1/33 ................................ 1,665,030 1,689,776
5.50%, 12/1/33 ................................ 1,391,529 1,412,209
3.03%, 5/1/34 + ............................... 1,691,075 1,662,744
2.94%, 5/1/34 + ............................... 1,248,415 1,228,408
6.00%, 11/1/34 ................................ 1,638,551 1,681,262
-----------
67,194,296
-----------

MMA PRAXIS INTERMEDIATE INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
---------- ------------

GOVERNMENT NATIONAL MORTGAGE ASSOC. (2.8%)
7.50%, 9/15/07 ............................................. 56,975 $ 60,446
6.75%, 4/15/16 ............................................. 142,444 151,387
7.00%, 12/20/30 ............................................ 281,688 296,832
6.50%, 4/20/31 ............................................. 317,478 330,568
6.50%, 7/20/31 ............................................. 266,630 277,520
7.00%, 10/20/31 ............................................ 158,231 166,738
6.50%, 10/20/31 ............................................ 584,643 608,747
7.00%, 3/20/32 ............................................. 717,649 756,230
6.50%, 5/20/32 ............................................. 347,068 361,336
4.50%, 1/20/34 + ........................................... 1,639,271 1,658,064
6.93%, 9/15/39 ............................................. 2,049,758 2,213,425
6.85%, 10/15/39 ............................................ 727,915 785,587
------------
7,666,880
------------

SMALL BUSINESS ADMINISTRATION (0.0%)
3.50%, 9/25/18 ............................................. 128,591 128,430
------------
TOTAL U.S. GOVERNMENT AGENCIES .................................. 162,072,420
------------

SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (5.6%)
SHORT TERM (5.6%)
Northern Institutional Liquid Asset Portfolio .............. 14,463,805 14,463,805
Bank of New York City ...................................... 15,617 15,617
U.S. Treasury Bond, 7.50%, 11/15/16 ........................ 5,043 5,043
U.S. Treasury Bond, 6.63%, 2/15/07 ......................... 994,878 994,878
------------
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING ...... 15,479,343
------------

TOTAL INVESTMENTS (COST $281,953,820) (a) - 103.9% .............. 286,642,083
Liabilities in excess of other assets - 3.9% ............... (10,716,460)
------------
NET ASSETS - 100.0% ............................................. $275,925,623
============

- --------------
(a) 144A security is restricted as to resale to institutional investors. These
securities have been deemed liquid under guidelines established by the
Board of Trustees.

(b) All or part of this security was on loan, as of June 30, 2005.

(c) Represents affiliated restricted security as to resale to investors and
is not registered under the Securities Act of 1933. These securities have
been deemed illiquid under guidelines established by the Board of
Trustees.

(d) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$3,646. Cost for federal income tax purposes differs from market value by
net unrealized appreciation of securities as follows:

Unrealized appreciation ......................................... $ 6,090,475
Unrealized depreciation ......................................... (1,405,858)
-----------
Net unrealized appreciation ..................................... $ 4,684,617
===========

+ Variable rate security. Rates presented are the rates in effect at June 30,
2005. Date presented reflects next rate change date.

* Discount note, effective yield at purchase.

SWAP AGREEMENTS

UNREALIZED
UNITS DEPRECIATION
----- ------------

Sold 5 Year Credit Default Swap Protection with Morgan Stanley, based upon Gannett Co.
Inc., 6.38%, 4/1/12, Maturing 12/20/09, (Notional amount of $1,000,000) .............. 1 $ (5,470)
Bought 5 Year Credit Default Swap Protection with Morgan Stanley, based upon AT&T Corp.,
7.30%, 11/15/11, Maturing 3/20/10, (Notional amount of $1,000,000) ................... 1 (16,706)
------------
Total Swap Agreements Unrealized Depreciation .......................................... (22,176)
============

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

MMA PRAXIS INTERMEDIATE INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)

ASSETS:
Investments, at value (cost $263,099,477)* ...................................... $267,787,740
Investment in affiliates, at value (cost $3,375,000) ............................ 3,375,000
Investments held as collateral for securities loaned, at value
(cost $15,479,343) ............................................................ 15,479,343
------------
Total Investments ..................................................... 286,642,083
------------
Cash 1,400,237
Foreign currency, at value (cost $11,420) ....................................... 11,635
Interest and dividends receivable ............................................... 2,886,381
Receivable for capital shares issued ............................................ 3,306,142
Receivable for investments sold ................................................. 90
Prepaid expenses ................................................................ 79,843
------------
Total Assets .......................................................... 294,326,411
------------
LIABILITIES:
Unrealized depreciation on swap contracts ....................................... 22,176
Distributions payable to shareholders ........................................... 958,902
Payable for capital shares redeemed ............................................. 1,649,083
Payable for securities loaned ................................................... 15,479,343
Accrued expenses and other payables:
Investment advisory fees ................................................... 136,014
Administration fees ........................................................ 33,944
Distribution fees .......................................................... 70,825
Other ...................................................................... 50,501
------------
Total Liabilities ..................................................... 18,400,788
------------
NET ASSETS:
Capital ......................................................................... 272,885,496
Accumulated net investment loss ................................................. (332,14)
Accumulated net realized loss on investments, foreign currency transactions and
swap contracts ............................................................. (1,288,281)
Unrealized appreciation of investments, foreign currency translations and swap
contracts .................................................................. 4,660,549
------------
Net Assets ............................................................ $275,925,623
============
Net Assets
Class A .................................................................... $237,424,484
Class B .................................................................... 38,501,139
------------
Total ................................................................. $275,925,623
============
Shares Outstanding
(unlimited number of shares authorized with $.01 par value)
Class A .................................................................... 23,841,598
Class B .................................................................... 3,870,462
------------
Total ................................................................. 27,712,060
============
Net asset value
Class A - Redemption Price Per Share ....................................... $ 9.96
============
Class A - Maximum Sales Charge ............................................. 3.75%
============
Class A - Maximum Offering Price Per Share
(100%/(100%-Maximum Sales Charge) of
net asset value adjusted to the nearest cent) ......................... $ 10.35
============
Class B - offering price per share** .......................................... $ 9.95
============

* Includes securities on loan, $14,218,994.

** Redemption price per share (Class B) varies by length of time shares are
held.

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS

MMA PRAXIS INTERMEDIATE INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

INVESTMENT INCOME:
Interest .............................................................................. $6,285,788
Dividends ............................................................................. 52,665
Income from securities lending ........................................................ 18,122
Interest from affiliates .............................................................. 35,514
----------
Total Investment Income ...................................................... 6,392,089
----------
EXPENSES:
Investment advisory fees .............................................................. 676,136
Administration fees ................................................................... 202,828
Distribution fees-Class A ............................................................. 289,717
Distribution fees-Class B ............................................................. 145,060
Shareholder servicing fees-Class A .................................................... 289,716
Shareholder servicing fees-Class B .................................................... 48,353
Custodian fees ........................................................................ 10,788
Trustees' fees and expenses ........................................................... 12,246
Transfer agent fees ................................................................... 6,166
Other expenses ........................................................................ 150,324
----------
Total expenses before reductions/reimbursements .............................. 1,831,334
Expenses reimbursed by Investment Advisor ........................................ (159,909)
Expenses reduced by Distributor .................................................. (338,070)
Expenses reduced by Custodian .................................................... (13,910)
----------
Net Expenses ................................................................. 1,319,445
----------

Net Investment Income ................................................................. 5,072,644
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on security transactions, foreign currency transactions and
swap contracts ................................................................... 585,471
Change in unrealized appreciation (depreciation) of investments and foreign currency
translations during the period ................................................... (69,580)
Change in unrealized appreciation (depreciation) of swap contracts during the period... (22,320)
----------
Net realized and unrealized gain (loss) on investments, foreign currency transactions
and swap contracts ............................................................... 493,571
----------
Net increase in net assets resulting from operations .................................. $5,566,215
==========

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

MMA PRAXIS INTERMEDIATE INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

Six Months
Ended Year Ended
June 30, 2005 December 31,
(Unaudited) 2004
------------- ------------

From Investment Activities:
Net investment income ................................................... $ 5,072,644 $ 5,895,664
Net realized gain on investments, foreign currency transactions
and swap contracts .................................................... 585,471 386,849
Change in unrealized appreciation (depreciation) of investments,
foreign currency translations and swap contracts during the period .... (91,900) 2,243,973
------------- ------------
Net increase in net assets resulting from operations .................... 5,566,215 8,526,486
------------- ------------
Distributions to Class A Shareholders:
From net investment income ............................................ (4,727,006) (4,954,626)

Distributions to Class B Shareholders:
From net investment income ............................................ (700,910) (1,481,661)
------------- ------------
Change in net assets from distributions to shareholders ................. (5,427,916) (6,436,287)
------------- ------------

Change in net assets from capital transactions .......................... 5,681,082 184,508,255
------------- ------------

Change in net assets .................................................... 5,819,381 186,598,454

Net Assets:
Beginning of period ................................................... 270,106,242 83,507,788
------------- ------------
End of period ......................................................... $ 275,925,623 $270,106,242
============= ============

Accumulated net investment income (loss) ................................ $ (332,141) $ 23,131

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MMA PRAXIS INTERMEDIATE INCOME FUND
FINANCIAL HIGHLIGHTS

For a share outstanding throughout the period indicated.

Class A Shares
----------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
----------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of Period.... $ 9.95 $ 9.99 $ 10.05 $ 9.69 $ 9.62 $ 9.46
----------- ------------ ------------ ------------ ------------ ------------
Investment Activities:
Net investment income................. 0.19 0.39 0.39 0.48 0.54 0.58
Net realized and unrealized gains
(losses) from investments............ 0.02 (0.02) (0.03) 0.37 0.07 0.16
----------- ------------ ------------ ------------ ------------ ------------
Total from Investment Activities...... 0.21 0.37 0.36 0.85 0.61 0.74
----------- ------------ ------------ ------------ ------------ ------------

Distributions:
Net investment income................. (0.20) (0.41) (0.42) (0.49) (0.54) (0.58)
----------- ------------ ------------ ------------ ------------ ------------
Total Distributions................... (0.20) (0.41) (0.42) (0.49) (0.54) (0.58)
----------- ------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period.......... $ 9.96 $ 9.95 $ 9.99 $ 10.05 $ 9.69 $ 9.62
=========== ============ ============ ============ ============ ============
Total Return (excludes sales charge).... 2.15%(a) 3.77% 3.67% 9.02% 6.47% 8.03%

Ratios/Supplemental Data:
Net Assets at end of period (000)..... $ 237,424 $ 231,369 $ 39,270 $ 32,931 $ 26,931 $ 20,410
Ratio of expenses to average net
assets.............................. 0.91%(b) 0.91% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to
average net assets.................. 3.82%(b) 3.69% 3.85% 4.94% 5.59% 6.15%
Ratio of expenses to average
net assets*......................... 1.28%(b) 1.33% 1.58% 1.69% 1.65% 1.66%
Portfolio turnover (c)................ 18.62% 30.29% 47.58% 58.16% 36.00% 49.66%

- -----------
* During the period, certain expenses were voluntarily reduced/reimbursed.
If such expense reductions had not occurred, the ratios would have been as
indicated.

(a) Not annualized.

(b) Annualized.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

MMA PRAXIS INTERMEDIATE INCOME FUND

FINANCIAL HIGHLIGHTS, CONTINUED

For a share outstanding throughout the period indicated.

Class B Shares
----------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
----------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of Period.... $ 9.94 $ 9.98 $ 10.05 $ 9.69 $ 9.61 $ 9.46
----------- ------------ ------------ ------------ ------------ ------------
Investment Activities:
Net investment income................. 0.17 0.33 0.34 0.45 0.52 0.55
Net realized and unrealized gains
(losses) from investments........... 0.02 (0.01) (0.03) 0.36 0.07 0.15
----------- ------------ ------------ ------------ ------------ ------------
Total from Investment Activities...... 0.19 0.32 0.31 0.81 0.59 0.70
----------- ------------ ------------ ------------ ------------ ------------

Distributions:
Net investment income................. (0.18) (0.36) (0.38) (0.45) (0.51) (0.55)
----------- ------------ ------------ ------------ ------------ ------------
Total Distributions................... (0.18) (0.36) (0.38) (0.45) (0.51) (0.55)
----------- ------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period.......... $ 9.95 $ 9.94 $ 9.98 $ 10.05 $ 9.69 $ 9.61
=========== ============ ============ ============ ============ ============
Total Return (excludes redemption
charge)............................... 1.92%(a) 3.30% 3.14% 8.64% 6.21% 7.68%

Ratios/Supplemental Data:
Net Assets at end of period (000)..... $ 38,501 $ 39,506 $ 44,238 $ 41,544 $ 35,814 $ 33,212
Ratio of expenses to average net
assets.............................. 1.36%(b) 1.38% 1.30% 1.20% 1.20% 1.20%
Ratio of net investment income to
average net assets.................. 3.37%(b) 3.31% 3.41% 4.59% 5.26% 5.79%
Ratio of expenses to average net
assets*............................. 1.78%(b) 1.91% 2.07% 2.19% 2.15% 2.16%
Portfolio turnover (c)................ 18.62% 30.29% 47.58% 58.16% 36.00% 49.66%

- ---------
* During the period, certain expenses were voluntarily reduced, reimbursed
or paid by third party. If such activity had not occurred, the ratios
would have been as indicated.

(a) Not annualized.

(b) Annualized.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

This page intentionally left blank.

MMA PRAXIS CORE STOCK FUND

MMA PRAXIS CORE STOCK FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
PORTFOLIO MANAGERS' LETTER

INVESTMENT CONCERNS:

U.S. equity indexes edged higher during the second quarter as a mid-May rally
reversed the markets' weakness through the first four months of the year.
Despite high energy prices, the economy continued growing at a respectable clip
and interest rates remained low, encouraging investors to bid stocks higher.

Particularly strong during the first half of the year were the energy and
utilities sectors. With current oil prices near $60 per barrel as the quarter
ended, companies all across the energy industry continue to generate record
profits. From gasoline retailers to refiners, to producers to drilling
equipment makers, these are the best of times, with strong demand for distilled
petroleum products and tight supply of the resources needed to produce the
slippery gold. Whether $60 is the right settling price is in debate, but what is
clear is that worldwide demand has been strong as the economies of some of the
largest energy consumers - the United States, India, and China - remain healthy.

The current oil price probably also includes a premium to account for
geopolitical risk, that nebulous concept that encompasses concerns about the war
in Iraq, terrorism, and the emergence of China as an economic powerhouse, among
other difficult to quantify risks.

Stocks in the utilities sector extended their strong returns during the first
half of the year. With interest rates on bonds at a low level over the last few
years, investors have turned to utilities stocks as a comparatively safe place
to invest. In doing so, investors pushed utilities stocks to levels 30 percent
higher than where they normally trade relative to market valuations and
consequently have driven dividend yields lower. At the beginning of the year, we
had expected interest rates to rise modestly, leading to weaker performance from
utilities stocks, but so far we have been wrong, which cost our performance
during the quarter.

The U.S. economy's steady recovery from its so-called soft patch a few years ago
has been impressive. The first quarter's 3.8 percent Gross Domestic Product(1)
growth represented the 8th straight quarter that the economy grew at a pace
greater than 3 percent. This recovery period has been longer than normal, but we
believe we are now entering a more mature (that is, slower) phase of economic
growth. With this shift, we expect the long period of outperformance by small
company stocks to give way to large company leadership. Still, small company
indexes performed well again during the second quarter, though larger companies
with strong profit growth appear to be gaining a foothold.

In recent letters we have written about the returns of low-quality stocks versus
high-quality stocks at different intervals of an economic recovery. In 2003,
early in the economic recovery, low-quality

- ----------------
(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

stocks handsomely outperformed higher-quality stocks, to the core stock fund's
detriment. In 2004, the balance between low and high quality was a bit more
balanced. As the current economic cycle gets long in the tooth in mid-2005, we
would expect the advantage to shift towards high-quality stocks. This is
happening in fits and starts due in part to some of the high-profile corporate
problems at what were - and still are - considered high quality companies, at
least in terms of their financial strength. According to Merrill Lynch, over
the last 20 years investors have been willing to pay higher prices relative to
profits for low quality companies in short intervals of a year or two,
typically when the economy was improving from a prior period of weakness.
However, since 1999, investors have been willing to pay higher prices for
companies with weaker financial characteristics than they are willing to pay
for more stable companies, which to us seems counterintuitive.

With the above as background, the MMA Praxis Core Stock Fund underperformed its
benchmark by 0.79 percent (Class A shares) during the first half of the year,
but it remains well within striking distance for the second half of the year.
Areas of strength for the fund during the half-year period, when stocks
struggled to move higher, include energy and certain areas of technology. Our
choice to not invest in utilities, our policy not to invest in aerospace and
defense companies, and a few stock specific situations detracted from
performance.(1)

Drilling contractors Transocean and Ensco benefited from increasing demand for
their drilling rigs as oil companies sought to capitalize on high oil prices.
Rental rates of some of Transocean's most technically advanced and rugged
drilling rigs recently topped an astounding $400,000 per day, significantly
above the levels reached during previous oil patch booms. Our other holdings in
the sector including BP, Anadarko Petroleum, and Schlumberger also added
significantly to our performance during the period, though the prohibition
against investing in Exxon Mobil cost us on a relative basis.(1)

A handful of our technology holdings bucked the negative trend in the sector
during the period, with Intel, Texas Instruments, and Jabil Circuit, all
delivering solidly positive returns. For Intel and Texas Instruments, they are
benefiting from a tentative upturn in the semiconductor cycle, and Jabil
Circuit simply is executing far better than its peers in the contract
manufacturing sector.(1)

Areas of the market sensitive to the ebb and flow of the economy struggled,
with the industrials, materials, and transportation sectors significantly
trailing the rest of the market. The strong demand characterizing the early
quarters of economic recovery has been fully discounted into the prices of
stocks in these sectors, and now investors are beginning to anticipate the next
slowdown. Fortunately, we are not overly exposed to these sectors, though our
industrial holdings 3M and Thomas & Betts did trade off during period. We added
to 3M in many portfolios on the assumption that it can grow through the economic
cycles and began reducing our Thomas & Betts position early in the quarter to
book some of the gains we've generated over the last two years. Norfolk Southern
also traded lower despite its strong operating performance resulting partially
from its coal hauling business, which has been very strong.(1)

Another area of strength more recently was our insurance holdings. AIG appears
to be making progress in righting the company after its well-publicized earnings
management and corporate governance flap earlier in the year. Its shares were
up 5 percent during the second quarter. Allstate and Chubb also added to gains
over the last two years with returns of 11.1 percent and 8.5 percent,
respectively, as the insurance business continues its momentum.(1)

- -----------
(1) Portfolio holdings are subject to change and should not be considered a
recommendation to buy individual securities.

As we exited the first half of the year, we took profits on a few holdings
that we believe were overstretched relative to their prospects. This left the
fund with cash representing roughly 5 percent of the portfolio, though it had
been in the 2-3 percent range for the majority of the period. We do this not
because we have a particular view on the valuation of the equity market at
large, but merely because of the timing of our sales and what we anticipate will
be consequent purchases.

OUTLOOK

We continue to believe that investments in large financially healthy companies
will perform better than the returns afforded by smaller, less financially
stable companies over the near term. While this may sound like a strategy for
all situations, it is particularly true now as we expect economic growth to
moderate in the coming quarters, which usually advantages leading companies. So
far, this thesis has taken some time to play out as economic growth has remained
strong for longer than normal, mid- and long-term interest rates have remained
very low, and investors still have an appetite for risk in the form of unproven
companies. However, we believe history and logic are on our side.

The price of oil remains a determinant in the performance of stocks in the near
term, as does the interest rate regime. The unpredictability of oil prices,
despite many analysts' attempts at pinpointing the right price, will likely
buffet stocks over the short term, but eventually companies and investors will
adjust their expectations to account for what appears to be a period of higher
energy costs. Investors will also keep a close watch on the actions of the
Federal Reserve, which at this point appears intent on increasing short term
rates for fear of inducing inflation. Long term rates appear to be settling at
a level significantly lower than many expected, which in a vacuum, is a
positive for stock values. By contrast, a move higher in the 10-year Treasury
rate would likely put pressure on stocks.

Chad M. Horning, CFA(R)
MMA Praxis Core Stock Fund Co-Manager

John M. Nussbaum, CFA(R)
MMA Praxis Core Stock Fund Co-Manager

- -----------
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. TO
OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE
VISIT WWW.MMAPRAXIS.COM.

PERFORMANCE REVIEW

MMA PRAXIS CORE STOCK FUND
PERFORMANCE REVIEW

[BAR CHART]

AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/05

INCEPTION
DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR
--------- ------ ------ ------- -------

Class A 5/12/99 2.09% 4.20% -1.62% 6.54%
Class A* 5/12/99 -3.26% 2.34% -2.67% 5.97%

Class B 1/4/94 1.39% 3.52% -2.24% 6.12%
Class B** 1/4/94 -2.61% 2.90% -2.43% 6.12%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED
REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S
SHARES, WHEN REDEEMED MAY BE WORTH 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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

**The Fund imposes a back-end sales charge (load) on Class B Shares if you sell
your shares before a certain period of time has elapsed. This is called a
Contingent Deferred Sales Charge ("CDSC"). The CDSC declines over five
years starting with year one and ending in year six as follows: 4%, 4%, 3%
2%, 1%.

GROWTH OF $10,000 INVESTMENT 6/30/95 TO 6/30/05

[LINE GRAPH]

Standard &
Poor's 500
Class A* Class B Stock Index (1)
-------- ------- ---------------

Jun-95 9476 10000 10000
9948 10498 10794
10584 11169 11443
10819 11416 12058
Jun-96 11105 11719 12598
11542 12180 12988
12265 12943 14069
12517 13208 14447
Jun-97 14248 15035 16967
15104 15939 18238
15839 16714 18761
17572 18543 21376
Jun-98 16715 17639 22086
14313 15103 19894
16783 17710 24127
17463 18428 25328
Jun-99 19505 20560 27110
18123 19089 25422
18914 19864 29202
19808 20768 29870
Jun-00 19380 20289 29077
19194 20053 28795
18833 19658 26544
17451 18199 23399
1-Jun 17955 18676 24767
15890 16509 21133
17348 17981 23391
17645 18267 23456
2-Jun 15786 16332 20315
13386 13810 16808
14199 14641 18224
13618 14014 17650
3-Jun 15069 15486 20365
15340 15732 20904
16863 17272 23448
17251 17640 23845
4-Jun 17496 17872 24255
16928 17259 23801
18153 18475 25998
17686 17970 25439
5-Jun 17862 18120 25787

For performance purposes, the above graph has not been adjusted for CDSC
charges.

This chart represents historical performance of a hypothetical investment of
$10,000 in the Core Stock Fund from 6/30/95 to 6/30/05, and represents the
reinvestment of dividends and capital gains in the Fund.

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

(1) The S&P 500 Composite Stock Price Index (the "S&P 500(R) Index") is a
widely recognized, unmanaged index of 500 selected common stocks, most of
which are listed on the New York Stock Exchange.

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 value-added services. An investor cannot invest directly in
an index, although they can invest in its underlying securities.

SCHEDULE OF PORTFOLIO INVESTMENTS

MMA PRAXIS CORE STOCK FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------- ------------

COMMON STOCKS (94.2%)
BANKS (5.1%)
Bank of America Corp. ............................ 125,000 $ 5,701,250
State Street Corp. ............................... 9,000 434,250
Wells Fargo Co. .................................. 158,000 9,729,640
------------
15,865,140
------------

BEVERAGES (2.9%)
PepsiCo, Inc. .................................... 167,000 9,006,310
------------
BROKERAGE SERVICES (2.6%)
Goldman Sachs Group, Inc. ........................ 37,000 3,774,740
J.P. Morgan Chase & Co. .......................... 118,852 4,197,853
------------
7,972,593
------------

CHEMICALS - GENERAL (1.8%)
Air Products & Chemicals, Inc. ................... 94,000 5,668,200
------------
COMPUTERS & PERIPHERALS (5.0%)
Cisco Systems, Inc. (a) .......................... 227,000 4,337,970
Dell, Inc. (a) ................................... 134,000 5,294,340
EMC Corp. (a) .................................... 51,000 699,210
Intel Corp. ...................................... 199,000 5,185,940
------------
15,517,460
------------

CONSUMER GOODS & SERVICES (2.8%)
Procter & Gamble Co. ............................. 167,000 8,809,250
------------
CONTAINERS - PAPER & PLASTIC (1.6%)
Sonoco Products Co. .............................. 192,640 5,104,960
------------
COSMETICS & TOILETRIES (2.6%)
Colgate-Palmolive Co. ............................ 48,000 2,395,680
Kimberly Clark Corp. ............................. 89,600 5,608,064
------------
8,003,744
------------

ELECTRONIC & ELECTRICAL - GENERAL (5.5%)
Emerson Electric Co. ............................. 107,000 6,701,410
Jabil Circuit, Inc. (a) .......................... 195,000 5,992,350
Texas Instruments, Inc. .......................... 87,000 2,442,090
Thomas & Betts Corp. (a) ......................... 69,400 1,959,856
------------
17,095,706
------------

FINANCIAL SERVICES (6.1%)
Citigroup, Inc. .................................. 159,500 7,373,685
Fannie Mae ....................................... 115,000 6,716,000
MBNA Corp. ....................................... 190,000 4,970,400
------------
19,060,085
------------

FOOD DISTRIBUTORS & WHOLESALERS (1.6%)
Sysco Corp. ...................................... 138,000 4,994,220
------------
FOOD PRODUCTS (1.2%)
General Mills, Inc. .............................. 82,000 3,836,780
------------
HOME DECORATION PRODUCTS (1.6%)
Newell Rubbermaid, Inc. (b) ...................... 206,100 4,913,424
------------
INDUSTRIAL GOODS & SERVICES (1.7%)
Masco Corp. ...................................... 163,000 5,176,880
------------
INSURANCE (5.8%)
Allstate Corp. ................................... 85,000 5,078,750
American International Group, Inc. ............... 115,000 6,681,500
Chubb Corp. ...................................... 51,000 4,366,110

MMA PRAXIS CORE STOCK FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------- ------------

COMMON STOCKS, CONTINUED
INSURANCE, continued
Protective Life Corp. ............................... 45,800 $ 1,933,676
------------
18,060,036
------------

MANUFACTURING (2.5%)
3M Co. .............................................. 51,000 3,687,300
Dover Corp. ......................................... 107,500 3,910,850
Steelcase, Inc. (b) ................................. 23,000 318,550
------------
7,916,700
------------

MEDICAL - BIOMEDICAL/GENETIC (0.7%)
Amgen, Inc. (a) ..................................... 36,000 2,176,560
------------
MEDICAL SUPPLIES (7.0%)
Biomet, Inc. ........................................ 67,000 2,320,880
Johnson & Johnson, Inc. ............................. 160,000 10,399,999
Medtronic, Inc. ..................................... 170,000 8,804,300
------------
21,525,179
------------

MULTIMEDIA (0.7%)
Time Warner, Inc. (a) ............................... 139,300 2,327,703
------------
NEWSPAPERS (1.0%)
Gannett Co., Inc. ................................... 45,000 3,200,850
------------
OFFICE EQUIPMENT & SERVICES (1.7%)
Pitney Bowes, Inc. .................................. 120,000 5,226,000
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (4.0%)
Anadarko Petroleum Corp. ............................ 88,200 7,245,630
ENSCO International, Inc. ........................... 54,900 1,962,675
Transocean Sedco Forex, Inc. (a) .................... 62,000 3,346,140
------------
12,554,445
------------

OIL - INTEGRATED (3.6%)
BP Amoco PLC ADR .................................... 179,000 11,166,020
------------
OILFIELD SERVICES & EQUIPMENT (1.2%)
Schlumberger Ltd. ................................... 50,000 3,797,000
------------
PHARMACEUTICALS (6.7%)
Cardinal Health, Inc. ............................... 161,000 9,270,380
Merck & Co., Inc. ................................... 66,000 2,032,800
Pfizer, Inc. ........................................ 334,000 9,211,720
------------
20,514,900
------------

RAILROADS (0.9%)
Norfolk Southern Corp. .............................. 93,000 2,879,280
------------
RESTAURANTS (0.8%)
Wendy's International, Inc. ......................... 50,000 2,382,500
------------
RETAIL (6.8%)
Dollar General Corp. ................................ 240,999 4,906,740
Lowe's Cos., Inc. ................................... 111,000 6,462,420
Target Corp. ........................................ 117,000 6,365,970
Wal-Mart Stores, Inc. ............................... 64,000 3,084,800
------------
20,819,930
------------

SOFTWARE & COMPUTER SERVICES (5.7%)
First Data Corp. .................................... 105,000 4,214,700
Microsoft Corp. ..................................... 333,000 8,271,720
Oracle Corp. (a) .................................... 397,000 5,240,400
------------
17,726,820
------------

MMA PRAXIS CORE STOCK FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
--------- ------------

TECHNOLOGY (0.5%)
Applied Materials, Inc. ................................................ 93,800 $ 1,517,684
------------
TELECOMMUNICATIONS (1.9%)
SBC Communications, Inc. ............................................... 124,950 2,967,563
Verizon Communications, Inc. ........................................... 87,000 3,005,850
------------
5,973,413
------------

TRANSPORTATION SERVICES (0.6%)
FedEx Corp. ............................................................ 23,000 1,863,230
------------
TOTAL COMMON STOCKS ....................................................... 292,653,002
------------

U.S. GOVERNMENT AGENCIES - DISCOUNT NOTES* (3.2%)
FANNIE MAE (2.2%)
3.19%, 7/18/05 ......................................................... 7,000,000 6,989,458
------------
FREDDIE MAC (1.0%)
2.93%, 7/1/05 .......................................................... 3,000,000 3,000,000
------------
TOTAL U.S. GOVERNMENT AGENCIES - DISCOUNT NOTES* .......................... 9,989,458
------------

CORPORATE NOTES (1.2%)
COMMUNITY DEVELOPMENT (1.2%)
MMA Community Development Investment, Inc., 1.93%, 7/1/05, (c)+ ........ 1,395,000 1,395,000
MMA Community Development Investment, Inc., 2.89%, 7/1/05, (c)+ ........ 2,370,000 2,370,000
------------
TOTAL CORPORATE NOTES ..................................................... 3,765,000
------------

SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (1.6%)
SHORT TERM (1.6%)
Northern Institutional Liquid Asset Portfolio .......................... 4,834,298 4,834,298
------------
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING ................ 4,834,298
------------
TOTAL INVESTMENTS (COST $284,918,420) (d) - 100.2% ........................ 311,241,758
Liabilities in excess of other assets - (0.2)% ......................... (427,445)
------------
NET ASSETS - 100.0% ....................................................... $310,814,313
============

- ----------
(a) Represents non-income producing securities.

(b) All or part of this security was on loan, as of June 30, 2005.

(c) Represents affiliated restricted security as to resale to investors and is
not registered under the Securities Act of 1933. These securities have
been deemed illiquid under guidelines established by the Board of
Trustees.

(d) Represents cost for financial reporting purposes, is substantially the
same as cost for federal income tax purposes, and differs from market
value by net unrealized appreciation of securities as follows:

Unrealized appreciation ................ $ 44,287,046
Unrealized depreciation ................ (17,963,708)
Net unrealized appreciation ............ $ 26,323,338

* Effective yield at purchase.

+ Variable rate security. Rates presented are the rates in effect at June
30, 2005. Date presented reflects next rate change date.

ADR - American Depositary Receipt

PLC - Public Liability Co.

FUTURES CONTRACTS PURCHASED

UNREALIZED
CONTRACTS DEPRECIATION
--------- ------------

S&P 500 Index Futures Contract, expiring September, 2005
(underlying face amount at value $4,292,100) ................ 14 $ (107,850)

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

MMA PRAXIS CORE STOCK FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)

ASSETS:
Investments, at value (cost $276,319,122)* ............................ $ 302,642,460
Investment in affiliates, at value (cost $3,765,000) .................. 3,765,000
Investments held as collateral for securities loaned, at value
(cost $4,834,298) ................................................... 4,834,298
-------------
Total Investments ............................................. 311,241,758
-------------
Cash .................................................................. 117,202
Cash held as collateral for futures contracts ......................... 220,500
Interest and dividends receivable ..................................... 350,151
Receivable for capital shares issued .................................. 1,286,859
Receivable for investments sold ....................................... 4,509,788
Prepaid expenses ...................................................... 151,710
-------------
Total Assets 317,877,968
-------------

LIABILITIES:
Distributions payable to shareholders ................................. 522,861
Payable for securities loaned ......................................... 4,834,298
Payable for capital shares redeemed ................................... 1,131,161
Payable for variation margin on futures contracts ..................... 25,900
Accrued expenses and other payables:
Investment advisory fees ............................................ 321,728
Administration fees ................................................. 51,774
Distribution fees ................................................... 111,032
Other 64,901
-------------
Total Liabilities ............................................. 7,063,655
-------------

NET ASSETS:
Capital ............................................................... 308,874,351
Accumulated net investment loss ....................................... (9,901)
Accumulated net realized loss on investments and futures contracts .... (24,265,625)
Unrealized appreciation of investments ................................ 26,323,338
Unrealized depreciation of futures contracts .......................... (107,850)
-------------
Net Assets $ 310,814,313
=============

Net Assets
Class A ............................................................. $ 199,661,163
Class B ............................................................. 111,153,150
-------------
Total ......................................................... $ 310,814,313
=============

Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ............................................................. 14,537,598
Class B ............................................................. 8,372,942
-------------
Total ......................................................... 22,910,540
=============

Net asset value
Class A - Redemption Price Per Share ................................ $ 13.73
=============
Class A - Maximum Sales Charge ...................................... 5.25%
=============
Class A - Maximum Offering Price Per Share
(100%/(100%-Maximum Sales Charge) of
net asset value adjusted to the nearest cent) ................. $ 14.49
=============
Class B - offering price per share** ................................ $ 13.28
=============

* Includes securities on loan, $4,696,885.

** Redemption price per share (Class B) varies by length of time shares are
held.

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS

MMA PRAXIS CORE STOCK FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

INVESTMENT INCOME:
Interest ................................................................. $ 106,261
Dividends ................................................................ 2,780,739
Income from securities lending ........................................... 2,039
Interest from affiliates ................................................. 41,224
-------------
Total Investment Income .......................................... 2,930,263
-------------

EXPENSES:
Investment advisory fees ................................................. 1,154,891
Administration fees ...................................................... 311,671
Distribution fees-Class A ................................................ 246,709
Distribution fees-Class B ................................................ 428,349
Shareholder servicing fees-Class A ....................................... 246,709
Shareholder servicing fees-Class B ....................................... 142,783
Custodian fees ........................................................... 11,982
Trustees' fees and expenses .............................................. 13,939
Transfer agent fees ...................................................... 5,832
Other expenses ........................................................... 173,081
-------------
Total expenses before reductions/reimbursements .................. 2,735,946
Expenses reduced by Distributor ....................................... (303,822)
Expenses reduced by Custodian ......................................... (14,140)
-------------
Net Expenses ..................................................... 2,417,984
-------------

Net Investment Income .................................................... 512,279
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on security transactions and futures contracts ......... (1,958,162)
Change in unrealized appreciation (depreciation) of
investments during the period ........................................... (3,851,179)
Change in unrealized appreciation (depreciation) of futures
contracts during the period ............................................. (113,275)
-------------
Net realized and unrealized gain (loss) on
investments and futures contracts ....................................... (5,922,616)
-------------
Net decrease in net assets resulting from operations ..................... $ (5,410,337)
=============

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

MMA PRAXIS CORE STOCK FUND
STATEMENTS OF CHANGES IN NET ASSETS

Six Months
Ended Year Ended
June 30, 2005 December 31,
(Unaudited) 2004
------------- ------------

From Investment Activities:
Net investment income .................................... $ 512,279 $ 1,195,369
Net realized gain (loss) on investments and futures
contracts .............................................. (1,958,162) 742,212
Change in unrealized appreciation (depreciation) of
investments and futures contracts during the period .... (3,964,454) 20,789,513
------------- ------------
Net increase (decrease) in net assets resulting from
operations ............................................. (5,410,337) 22,727,094
------------- ------------

Distributions to Class A Shareholders:
From net investment income ............................. (522,861) (993,307)

Distributions to Class B Shareholders:
From net investment income ............................. -- (201,381)
------------- ------------
Change in net assets from distributions to shareholders .. (522,861) (1,194,688)
------------- ------------

Change in net assets from capital transactions ........... (8,670,322) 135,292,931
------------- ------------

Change in net assets ..................................... (14,603,520) 156,825,337

Net Assets:
Beginning of period .................................... 325,417,833 168,592,496
------------- ------------
End of period .......................................... $ 310,814,313 $325,417,833
============= ============

Accumulated net investment income (loss) ................. $ (9,901) $ 681

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MMA PRAXIS CORE STOCK FUND
FINANCIAL HIGHLIGHTS

For a share outstanding throughout the period indicated.

Class A Shares
--------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
----------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of Period..... $ 13.99 $ 13.06 $ 11.00 $ 13.44 $ 14.59 $ 15.02
-------- ------------ ---------- ------------ ------------ ------------
Investment Activities:
Net investment income.................. 0.04 0.08 0.05 0.04 0.03 0.03
Net realized and unrealized gains
(losses) from investments............. (0.26) 0.92 2.01 (2.48) (1.18) (0.08)
-------- ------------ ---------- ------------ ------------ ------------
Total from Investment Activities....... (0.22) 1.00 2.06 (2.44) (1.15) (0.05)
-------- ------------ ---------- ------------ ------------ ------------

Distributions:
Net investment income.................. (0.04) (0.07) --(a) -- -- --
Net realized gains..................... -- -- -- -- -- (0.38)
Tax return of capital.................. -- -- --(a) -- -- --
-------- ------------ ---------- ------------ ------------ ------------
Total Distributions.................... (0.04) (0.07) -- -- -- (0.38)
-------- ------------ ---------- ------------ ------------ ------------
Net Asset Value, End of Period........... $ 13.73 $ 13.99 $ 13.06 $ 11.00 $ 13.44 $ 14.59
======== ============ ========== ============ ============ ============
Total Return (excludes sales
charge)................................ (1.60%)(b) 7.65% 18.77% (18.15%) (7.88%) (0.43%)

Ratios/Supplemental Data:
Net Assets at end of period (000)...... $199,661 $ 202,474 $ 41,244 $ 25,314 $ 24,780 $ 17,783
Ratio of expenses to average
net assets............................ 1.31%(c) 1.33% 1.25% 1.20% 1.20% 1.20%
Ratio of net investment income
to average net assets................. 0.57%(c) 1.04% 0.45% 0.35% 0.25% 0.21%
Ratio of expenses to average net
assets*............................... 1.57%(c) 1.65% 1.86% 1.94% 1.86% 1.82%
Portfolio turnover (d)................. 2.86% 9.99% 7.68% 10.20% 17.58% 22.77%

- ----------
* During the period, certain expenses were voluntarily reduced/reimbursed. If
such expense reduction had not occurred, the ratios would have been as
indicated.

(a) Distribution per share was less than $0.005.

(b) Not annualized.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

MMA PRAXIS CORE STOCK FUND
FINANCIAL HIGHLIGHTS, CONTINUED

For a share outstanding throughout the period indicated.

Class B Shares
--------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
----------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of Period $ 13.53 $ 12.67 $ 10.74 $ 13.19 $ 14.42 $ 14.94
-------- ------------ ------------ ------------ ------------ ------------
Investment Activities:
Net investment income (loss)........... --(a) 0.01 (0.02) (0.02) (0.04) (0.05)
Net realized and unrealized gains
(losses) from investments............. (0.25) 0.87 1.95 (2.43) (1.19) (0.09)
-------- ------------ ------------ ------------ ------------ ------------
Total from Investment Activities....... (0.25) 0.88 1.93 (2.45) (1.23) (0.14)
-------- ------------ ------------ ------------ ------------ ------------

Distributions:
Net investment income.................. -- (0.02) -- -- -- --
Net realized gains..................... -- -- -- -- -- (0.38)
-------- ------------ ------------ ------------ ------------ ------------
Total Distributions.................... -- (0.02) -- -- -- (0.38)
-------- ------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period........... $ 13.28 $ 13.53 $ 12.67 $ 10.74 $ 13.19 $ 14.42
======== ============ ============ ============ ============ ============
Total Return (excludes redemption
charge)................................ (1.92%)(b) 6.96% 17.97% (18.57%) (8.53%) (1.04%)

Ratios/Supplemental Data:
Net Assets at end of period (000)...... $111,153 $ 121,817 $ 127,348 $ 111,598 $ 139,788 $ 158,850
Ratio of expenses to average
net assets............................ 1.96%(c) 1.98% 1.90% 1.75% 1.75% 1.75%
Ratio of net investment income
to average net assets................. (0.08%)(c) 0.05% (0.21%) (0.20%) (0.31%) (0.33%)
Ratio of expenses to average net
assets*............................... 2.07%(c) 2.22% 2.33% 2.44% 2.36% 2.31%
Portfolio turnover (d)................. 2.86% 9.99% 7.68% 10.20% 17.58% 22.77%

- ----------
* During the period, certain expenses were voluntarily reduced/reimbursed. If
such expense reduction had not occurred, the ratios would have been as
indicated.

(a) Amount represents less than $0.01 per share.

(b) Not annualized.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

This page intentionally left blank.

MMA PRAXIS VALUE INDEX FUND

MMA PRAXIS VALUE INDEX FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
PORTFOLIO MANAGERS' LETTER

INVESTMENT CONCERNS:

Value-based investments are subject to the risk that the broad market may not
recognize their intrinsic value. Equity securities (stocks) are more volatile
and carry more risk than other forms of investments, including investments in
high-grade fixed income securities. The net asset value per share of this Fund
will fluctuate as the value of the securities in the portfolio changes. Common
stocks, and funds investing in common stocks, generally provide greater return
potential when compared with other types of investments. Securities indexes
assume reinvestment of all distributions and interest payments and do not take
in account brokerage fees or expenses. Securities in the fund do not match those
in the indexes and performance of the fund will differ. It is not possible to
invest directly in an index.

Large company value indexes again outpaced growth indexes during the first half
of 2005, though both strategies delivered disappointing returns.

MMA Praxis Value Index Fund performed in line with its benchmark during the
first half of the year, with returns attributed to industry weightings more than
offsetting the drag resulting from overall fundamental characteristics of the
portfolio. Stocks in the energy and technology sectors performed well while
stocks in the financial and consumer cyclical sectors lagged. In a reversal from
the first quarter, MMA's stewardship investing screens contributed positively to
performance later in the first half of the year.(1)

As a passively managed index fund, the managers do not explicitly manage the MMA
Praxis Value Index 41 Fund on a daily basis. Index constituents are determined
twice each year and stocks are purchased in relative proportion to their market
values. We continue to believe the fund remains appropriate for diversified
investors seeking exposure to the U.S. large-cap value portion of the market and
who want their investments to reflect their values.

Chad M. Horning, CFA(R)
MMA Praxis Core Stock Fund Co-Manager

John M. Nussbaum, CFA(R)
MMA Praxis Core Stock Fund Co-Manager

- ----------
(1) Portfolio holdings are subject to change and should not be considered a
recommendation to buy individual securities.

PERFORMANCE REVIEW

MMA PRAXIS VALUE INDEX FUND
PERFORMANCE REVIEW

AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/05

[BAR CHART]

INCEPTION SINCE
DATE 1 YEAR 3 YEAR INCEPTION
--------- ------ ------ ---------

Class A 5/1/01 10.50% 9.19% 0.13%
Class A* 5/1/01 4.67% 7.26% -1.15%

Class B 5/1/01 9.99% 8.63% -0.38%
Class B** 5/1/01 5.99% 8.06% -0.62%

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

** The Fund imposes a back-end sales charge (load) on Class B Shares if you
sell your shares before a certain period of time has elapsed. This is called
a Contingent Deferred Sales Charge ("CDSC"). The CDSC declines over five
years starting with year one and ending in year six as follows: 4%, 4%, 3%
2%, 1%.

GROWTH OF $10,000 INVESTMENT 5/1/01 TO 6/30/05

[LINE GRAPH]

Standard &
Poor's
500/Barra
Class A* Class B** Value Index (1)
-------- --------- ---------------

5/1/2001 9479 10000 10000
9260 9766 9777
7932 8345 8193
1-Dec 8368 8799 8846
8339 8759 8963
7320 7676 8009
5848 6121 6370
2-Dec 6459 6754 7001
6122 6392 6615
7251 7566 7862
7406 7718 8061
3-Dec 8421 8768 9227
8606 8951 9535
8623 8947 9611
8741 9059 9711
4-Dec 9521 9847 10676
9304 9622 10416
5-Jun 9529 9745 10685

This chart represents historical performance of a hypothetical investment of
$10,000 in the Value Index Fund from 5/01/01 to 6/30/05, and represents the
reinvestment of dividends and capital gains in the Fund.

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

** Reflects applicable contingent deferred sales charge of 4.00%.

(1) The Standard & Poor's 500/Barra Value Index is an unmanaged index and is
constructed by dividing the stocks in the Standard & Poor's 500 Index into
two categories, growth and value, according to price-to-book ratios. This
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 deductions of
these value-added services. An investor cannot invest directly in an index,
although they can invest in its underlying securities.

SCHEDULE OF PORTFOLIO INVESTMENTS

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ ----------

COMMON STOCKS (99.1%)
ADVERTISING AGENCIES (0.2%)
Interpublic Group of Co., Inc. (a)(b)............. 6,190 $ 75,394
----------
AIRLINES (0.2%)
Southwest Airlines Co. ........................... 5,120 71,322
----------
APPAREL MANUFACTURERS (0.4%)
Jones Apparel Group, Inc. ........................ 1,590 49,354
Liz Claiborne, Inc. .............................. 1,350 53,676
V.F. Corp. ....................................... 1,280 73,241
----------
176,271
----------

AUTOMOTIVE (0.7%)
AutoNation, Inc. (b).............................. 2,900 59,508
Cummins Engine, Inc. ............................. 140 10,445
Ford Motor Co. ................................... 26,760 274,023
----------
343,976
----------

BANKS (16.4%)
AmSouth Bancorp................................... 4,960 128,960
Bank of America Corp. ............................ 59,350 2,706,953
Bank of New York Co., Inc. ....................... 7,700 221,606
BB&T Corp. ....................................... 8,170 326,555
Comerica, Inc. ................................... 2,380 137,564
Compass Bancshares, Inc. ......................... 1,120 50,400
Fifth Third Bancorp............................... 3,710 152,889
Golden West Financial Corp. ...................... 1,100 70,818
Huntington Bancshares, Inc. ...................... 3,230 77,972
KeyCorp. ......................................... 6,250 207,188
M & T Bank Corp. ................................. 790 83,076
Marshall & Ilsley Corp. .......................... 1,540 68,453
Mellon Financial Corp. ........................... 2,870 82,340
National City Corp. .............................. 8,110 276,713
North Fork Bancorp., Inc. ........................ 5,150 144,664
Northern Trust Corp. ............................. 251 11,443
Regions Financial Corp. .......................... 7,010 237,499
State Street Corp. ............................... 1,630 78,648
SunTrust Banks, Inc. ............................. 4,690 338,806
U.S. Bancorp...................................... 27,050 789,860
Wachovia Corp. ................................... 18,610 923,056
Wells Fargo Co. .................................. 9,210 567,152
Zions Bancorp..................................... 740 54,412
----------
7,737,027
----------

BEVERAGES (0.3%)
Coca-Cola Enterprises, Inc. ...................... 3,470 76,375
Pepsiamericas, Inc. .............................. 1,630 41,826
----------
118,201
----------

BROADCAST SERVICES & PROGRAMMING (0.4%)
Clear Channel Communications, Inc. ............... 4,390 135,782
Univision Communications, Inc. (a)(b)............. 1,130 31,132
----------
166,914
----------

BROKERAGE SERVICES (8.4%)
A.G. Edwards, Inc. ............................... 814 36,752

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----

COMMON STOCKS, CONTINUED
BROKERAGE SERVICES, continued
Bear Stearns Co., Inc. ....................... 1,260 $ 130,964
Goldman Sachs Group, Inc. .................... 3,260 332,585
J.P. Morgan Chase & Co. ...................... 51,930 1,834,168
Lehman Brothers Holdings, Inc. ............... 2,650 263,092
Merrill Lynch & Co. .......................... 8,650 475,837
Morgan Stanley Dean Witter & Co. ............. 16,170 848,440
----------
3,921,838
----------
CABLE TV (1.8%)
Comcast Corp., Class A (b).................... 27,020 829,514
----------
CHEMICALS - GENERAL (0.6%)
Air Products & Chemicals, Inc. ............... 1,420 85,626
Engelhard Corp. .............................. 1,310 37,401
Lyondell Petrochemical........................ 2,860 75,561
Sovereign Bancorp............................. 4,410 98,519
----------
297,107
----------
COMPUTERS & PERIPHERALS (2.8%)
Ceridian Corp. (b)............................ 448 8,727
EMC Corp. (b)................................. 2,680 36,743
Hewlett-Packard Co. .......................... 42,600 1,001,526
NCR Corp. (b) ................................ 2,600 91,312
Sun Microsystems, Inc. (b) ................... 37,200 138,756
Sungard Data Systems (b) ..................... 510 17,937
----------
1,295,001
----------
CONSUMER PRODUCTS (0.0%)
Bausch & Lomb, Inc. (a) ...................... 250 20,750
----------
CONTAINERS - PAPER & PLASTIC (0.1%)
Bemis Co., Inc. .............................. 1,270 33,706
----------
COSMETICS & TOILETRIES (0.0%)
Alberto-Culver Co., Class B .................. 136 5,893
----------
DISTRIBUTION (0.3%)
Genuine Parts Co. ............................ 2,580 106,012
W.W. Grainger, Inc. .......................... 350 19,177
----------
125,189
----------
ELECTRIC SERVICES (1.1%)
Allegheny Energy, Inc. (b) ................... 2,400 60,528
Cinergy Corp. ................................ 2,950 132,219
Consolidated Edison, Inc. (a) ................ 3,730 174,713
NiSource, Inc. ............................... 4,050 100,157
Pepco Holdings, Inc. ......................... 2,850 68,229
----------
535,846
----------
ELECTRONIC & ELECTRICAL - GENERAL (0.8%)
Advanced Micro Devices, Inc. (a)(b) .......... 2,510 43,523
American Power Conversion Corp. .............. 50 1,180
Fisher Scientific International, Inc. (b) .... 1,640 106,436
Freescale Semiconductor, Inc. (b) ............ 4,030 85,355
Jabil Circuit, Inc. (b) ...................... 84 2,581
LSI Logic Corp. (b) .......................... 5,720 48,563
Micron Technology, Inc. (b) .................. 3,760 38,390

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----

COMMON STOCKS, CONTINUED
ELECTRONIC & ELECTRICAL - GENERAL, continued
Molex, Inc. (a) ........................... 212 $ 5,520
Novellus Systems, Inc. (b) ................ 974 24,068
Solectron Corp. (b) ....................... 2,980 11,294
----------
366,910
----------
ENERGY (0.6%)
Valero Energy (a) ......................... 3,800 300,618
----------
FINANCIAL SERVICES (12.4%)
Ambac Financial Group, Inc. ............... 586 40,879
Capital One Financial Corp. ............... 1,410 112,814
Charles Schwab Corp. ...................... 560 6,317
Cit Group, Inc. ........................... 2,930 125,902
Citigroup, Inc. ........................... 48,370 2,236,144
Countrywide Credit Industries, Inc. ....... 4,730 182,625
E*Trade Group, Inc. (b) ................... 5,440 76,106
Fannie Mae ................................ 14,280 833,951
First Horizon Natl Corp. (a) .............. 1,720 72,584
Freddie Mac ............................... 10,190 664,694
Janus Capital Group, Inc. ................. 3,070 46,173
MBIA, Inc. (a) ............................ 976 57,887
MBNA Corp. ................................ 18,710 489,454
MGIC Investment Corp. ..................... 853 55,633
PNC Financial Services Group .............. 4,280 233,089
Providian Financial Corp. (a)(b) .......... 4,090 72,107
Washington Mutual, Inc. ................... 12,770 519,611
----------
5,825,970
----------
FOOD DISTRIBUTORS & WHOLESALERS (0.8%)
Albertsons, Inc. (a) ...................... 5,140 106,295
Dean Foods Co. (b) ........................ 2,270 79,995
Safeway, Inc. ............................. 6,550 147,965
SUPERVALU, Inc. ........................... 1,740 56,741
----------
390,996
----------
FOOD PRODUCTS (0.6%)
J.M. Smucker Co. .......................... 860 40,368
Kraft Foods, Inc. ......................... 7,900 251,299
Treehouse Foods, Inc. (b) ................. 454 12,944
----------
304,611
----------
FOOD STORES (0.5%)
Kroger Co. (b) ............................ 11,270 214,468
----------
FORESTRY (0.2%)
Plum Creek Timber Co., Inc ................ 2,560 92,928
----------
FURNITURE & HOME FURNISHINGS (0.1%)
Leggett & Platt, Inc ...................... 940 24,985
----------
HEALTH CARE SERVICES (0.9%)
Aetna, Inc ................................ 990 81,992
AmerisourceBergen Corp. ................... 1,140 78,831
Humana, Inc. (b) .......................... 600 23,844
McKesson HBOC, Inc. ....................... 1,970 88,236
Medco Health Solutions, Inc. (b) .......... 980 52,293

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----

COMMON STOCKS, CONTINUED
HEALTH CARE SERVICES, continued
Tenet Healthcare Corp. (b) .................... 6,980 $ 85,435
----------
410,631
----------
HOTELS & MOTELS (0.1%)
Starwood Hotels & Resorts Worldwide, Inc. ..... 984 57,633
----------
INDUSTRIAL GOODS & SERVICES (0.1%)
Masco Corp. ................................... 1,340 42,558
----------
INSURANCE (9.1%)
AFLAC, Inc. ................................... 1,290 55,831
Allstate Corp. ................................ 9,860 589,135
American International Group, Inc. ............ 16,850 978,986
Aon Corp. ..................................... 4,830 120,943
Chubb Corp. ................................... 2,870 245,701
CIGNA Corp. ................................... 1,270 135,928
Cincinnati Financial Corp. .................... 2,583 102,183
Hartford Financial Services Group, Inc. ....... 3,280 245,278
Jefferson-Pilot Corp. ......................... 1,910 96,302
Lincoln National Corp. ........................ 1,800 84,456
Marsh & McLennan Cos., Inc. ................... 7,890 218,553
MetLife, Inc. ................................. 9,630 432,772
Principal Financial Group, Inc. ............... 2,430 101,817
Protective Life Corp. ......................... 970 40,953
SAFECO Corp. .................................. 1,770 96,182
St. Paul Cos., Inc. ........................... 10,210 403,601
Torchmark Corp. ............................... 1,170 61,074
UnumProvident Corp. (a) ....................... 4,140 75,845
Wellpoint, Inc. (b) ........................... 2,540 176,886
----------
4,262,426
----------
INSURANCE PROPERTY-CASUALTY (0.7%)
ACE Ltd. ...................................... 4,350 195,097
XL Capital, Ltd. .............................. 1,940 144,375
----------
339,472
----------
MACHINERY (0.7%)
Deere & Co. ................................... 3,640 238,383
Ingersoll-Rand Co., Ltd. ...................... 1,470 104,885
----------
343,268
----------
MANUFACTURING (0.6%)
Brunswick Corp. ............................... 470 20,360
Cooper Industries, Ltd., Class A .............. 1,500 95,850
Dover Corp. ................................... 1,190 43,292
SPX Corp. ..................................... 1,110 51,038
Whirlpool Corp. ............................... 990 69,409
----------
279,949
----------
MEDICAL - BIOMEDICAL/GENETIC (0.2%)
Biogen Idec, Inc. (b) ......................... 2,490 85,781
Chiron Corp. (b) .............................. 290 10,118
----------
95,899
----------
MEDICAL - HOSPITALS (0.0%)
Health Management Associates, Inc., Class A.... 680 17,802
----------

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----

COMMON STOCKS, CONTINUED
MEDICAL SUPPLIES (0.0%)
Hillenbrand Industry, Inc. ................... 340 $ 17,187
----------
METALS (0.6%)
Alcan, Inc. (a) .............................. 5,650 169,500
Nucor Corp. (a) .............................. 2,360 107,663
----------
277,163
----------
MINING (0.2%)
Placer Dome, Inc. ............................ 6,440 99,047
----------
MULTIMEDIA (2.0%)
Time Warner, Inc. (b) ........................ 56,010 935,927
----------
NEWSPAPERS (0.9%)
Gannett Co., Inc. ............................ 3,750 266,738
Tribune Co. .................................. 4,440 156,199
----------
422,937
----------
OFFICE EQUIPMENT & SERVICES (0.4%)
Xerox Corp. (b) .............................. 14,600 201,334
----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (3.4%)
Anadarko Petroleum Corp. ..................... 3,450 283,418
Apache Corp. ................................. 4,830 312,018
Burlington Resources, Inc. ................... 5,810 320,944
Devon Energy Corp. ........................... 7,190 364,389
ENSCO International, Inc. .................... 220 7,865
GlobalSantaFe Corp. .......................... 280 11,424
Nabors Industries, Ltd. (b) .................. 190 11,518
National-Oilwell Varco, Inc. (b) ............. 280 13,311
Noble Corp. .................................. 60 3,691
ONEOK, Inc. .................................. 1,440 47,016
Rowan Cos., Inc. (a) ......................... 810 24,065
Transocean Sedco Forex, Inc. (b) ............. 340 18,350
Williams Cos., Inc. .......................... 8,640 164,160
----------
1,582,169
----------
OIL & GAS TRANSMISSION (0.7%)
El Paso Corp. ................................ 8,980 103,450
KeySpan Corp. ................................ 2,400 97,680
Sempra Energy ................................ 3,410 140,867
----------
341,997
----------
OIL - INTEGRATED (9.4%)
BP Amoco PLC ADR ............................. 52,130 3,251,869
ConocoPhillips ............................... 20,550 1,181,420
----------
4,433,289
----------
PAPER PRODUCTS (1.2%)
International Paper Co. ...................... 7,250 219,023
MeadWestvaco Corp. ........................... 2,590 72,624
Temple-Inland, Inc. .......................... 1,600 59,440
Weyerhaeuser Co. ............................. 3,620 230,412
----------
581,499
----------
PHARMACEUTICALS (0.5%)
Cardinal Health, Inc. ........................ 1,580 90,976
Caremark Rx, Inc. (b) ........................ 820 36,506

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----

COMMON STOCKS, CONTINUED
PHARMACEUTICALS, continued
Mylan Laboratories, Inc. ..................... 2,590 $ 49,832
Watson Pharmaceutical, Inc. (b) .............. 1,530 45,227
----------
222,541
----------
PRINTING - COMMERCIAL (0.2%)
R.R. Donnelley & Sons Co. .................... 3,070 105,946
----------
RAILROADS (0.5%)
CSX Corp. .................................... 3,050 130,113
Norfolk Southern Corp. ....................... 3,700 114,552
----------
244,665
----------
RAW MATERIALS (0.2%)
Vulcan Materials Co. ......................... 1,430 92,936
----------
REAL ESTATE INVESTMENT TRUST (2.1%)
AMB Property Corp. ........................... 980 42,561
Apartment Investment & Management Co. ........ 1,390 56,879
Archstone-Smith Trust ........................ 2,930 113,157
Avalonbay Communities, Inc. .................. 1,100 88,880
Duke Realty Investments, Inc. ................ 2,060 65,220
Equity Office Properties Trust ............... 6,160 203,895
Equity Residential Properties Trust .......... 4,090 150,594
ProLogis ..................................... 2,690 108,246
Vornado Realty Trust ......................... 1,980 159,192
----------
988,624
----------
RESIDENTIAL BUILDING CONSTRUCTION (0.3%)
Centex Corp. ................................. 610 43,109
KB Home ...................................... 250 19,058
Pulte Homes, Inc. ............................ 1,140 96,044
----------
158,211
----------
RESTAURANTS (1.2%)
McDonald's Corp. ............................. 18,710 519,202
Wendy's International, Inc. .................. 518 24,683
----------
543,885
----------
RETAIL (2.3%)
Circuit City Stores, Inc. (a) ................ 2,730 47,202
Costco Wholesale Corp. ....................... 2,470 110,705
CVS Corp. .................................... 1,080 31,396
Federated Department Stores, Inc. ............ 2,520 184,666
J.C. Penney Co., Inc. ........................ 3,990 209,794
May Department Stores Co. .................... 4,490 180,318
Office Depot, Inc. (b) ....................... 3,030 69,205
Sears Holding Corp. (b) ...................... 710 106,408
Tiffany & Co. ................................ 1,020 33,415
Toys "R" Us, Inc. (b) ........................ 3,180 84,206
----------
1,057,315
----------
SOFTWARE & COMPUTER SERVICES (0.4%)
Affiliated Computer Services - Class A (b) ... 320 16,352
BMC Software, Inc. (b) ....................... 3,100 55,645
Siebel Systems, Inc. (a) ..................... 7,630 67,907
Symbol Technologies, Inc. .................... 790 7,797

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
---------- -----

COMMON STOCKS, CONTINUED
SOFTWARE & COMPUTER SERVICES, continued
VERITAS Software Corp. (b) ....................................... 2,480 $ 60,512
------------
208,213
------------
TELECOMMUNICATIONS (9.7%)
ALLTEL Corp ...................................................... 4,990 310,777
AT&T Corp ........................................................ 11,820 225,053
BellSouth Corp ................................................... 27,020 717,921
CenturyTel, Inc .................................................. 1,880 65,104
Citizens Communications Co ....................................... 4,110 55,238
SBC Communications, Inc .......................................... 48,750 1,157,813
Sprint Corp. (a) ................................................. 21,840 547,966
Telephone & Data Systems, Inc .................................... 1,510 61,623
Verizon Communications, Inc ...................................... 40,840 1,411,022
------------
4,552,517
------------
TELECOMMUNICATIONS-SERVICES & EQUIPMENT (0.6%)
Comverse Technology, Inc. (b) .................................... 776 18,352
Nortel Networks Corp. (b) ........................................ 62,990 164,404
Scientific-Atlanta, Inc .......................................... 700 23,289
Tellabs, Inc. (b) ................................................ 7,050 61,335
------------
267,380
------------
TRANSPORTATION SERVICES (0.2%)
FedEx Corp ....................................................... 490 39,695
Yellow Roadway Corp. (b) ......................................... 850 43,180
------------
82,875
------------
TOTAL COMMON STOCKS ................................................... 46,542,730
------------
CORPORATE NOTES (0.7%)
COMMUNITY DEVELOPMENT (0.7%)
MMA Community Development Investment, Inc., 1.93%, 7/1/05, (c)+ .. 75,000 75,000
MMA Community Development Investment, Inc., 2.89%, 7/1/05, (c)+ .. 235,000 235,000
------------
TOTAL CORPORATE NOTES ................................................. 310,000
------------
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (3.7%)
SHORT TERM (3.7%)
Northern Institutional Liquid Asset Portfolio .................... 1,414,147 1,414,147
Banco Santander Central Hispano SA ............................... 12,746 12,746
Bank of New York City Letter of Credit ........................... 119 119
Chase Manhattan .................................................. 1 1
Lloyds Letter of Credit .......................................... 53,499 53,499
LOCC HSBC Letter of Credit ....................................... 23,778 23,778
Monte Dei Paschi Di Siena ........................................ 29,721 29,721
National Australia ............................................... 59,443 59,443
Paribas Letter of Credit ......................................... 71,331 71,331
Royal Bank of Canada Letter of Credit ............................ 35,666 35,666
San Paolo IMI Bank ............................................... 23,777 23,777
Standard Chartered Bank Letter of Credit ......................... 17,833 17,833
Westpac Letter of Credit ......................................... 17,714 17,714
------------
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING ............ 1,759,775
------------
TOTAL INVESTMENTS (COST $43,146,936) (d) - 103.5% ..................... 48,612,505
------------

MMA PRAXIS VALUE INDEX FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
------ -----

Liabilities in excess of other assets - (3.5)% .............. $ (1,652,735)
------------
NET ASSETS - 100.0% .................................................. $ 46,959,770
============

- ----------
(a) All or part of this security was on loan, as of June 30, 2005.

(b) Represents non-income producing securities.

(c) Represents affiliated restricted security as to resale to investors and is
not registered under the Securities Act of 1933. These securities have been
deemed illiquid under guidelines established by the Board of Trustees.

(d) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$578,873. Cost for federal income tax purposes differs from market value by
net unrealized appreciation of securities as follows:

Unrealized appreciation ...... $ 6,185,341
Unrealized depreciation ...... (1,298,645)
-----------
Net unrealized appreciation... $ 4,886,696
===========

+ Variable rate security. Rates presented are the rates in effect at June 30,
2005. Date presented reflects next rate change date.

ADR - American Depositary Receipt

PLC - Public Liability Co.

FUTURES CONTRACTS PURCHASED

UNREALIZED
CONTRACTS APPRECIATION
--------- ------------

S&P Barra Val Index Futures Contract, expiring September, 2005 (underlying
face amount at value $463,350) ............................................... 3 $2,550

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

MMA PRAXIS VALUE INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)

ASSETS:
Investments, at value (cost $41,077,161)* ......................................... $ 46,542,730
Investment in affiliates, at value (cost $310,000) ................................ 310,000
Investments held as collateral for securities loaned, at value (cost $1,759,775) .. 1,759,775
------------
Total Investments ....................................................... 48,612,505
------------
Cash .............................................................................. 551,711
Cash held as collateral for futures contracts ..................................... 39,236
Interest and dividends receivable ................................................. 46,829
Receivable for capital shares issued .............................................. 386,574
Receivable for investments sold ................................................... 4,205,708
Prepaid expenses .................................................................. 30,571
------------
Total Assets ............................................................ 53,873,134
------------
LIABILITIES:
Distributions payable to shareholders ............................................. 305,785
Payable for investments purchased ................................................. 4,697,062
Payable for securities loaned ..................................................... 1,759,775
Payable for capital shares redeemed ............................................... 93,558
Payable for variation margin on futures contracts ................................. 1,950
Accrued expenses and other payables:
Administration fees .......................................................... 5,748
Distribution fees ............................................................ 13,822
Shareholder servicing fees ................................................... 26,319
Other ........................................................................ 9,345
------------
Total Liabilities ....................................................... 6,913,364
------------
NET ASSETS:
Capital ........................................................................... 42,840,424
Accumulated net investment loss ................................................... (366)
Accumulated net realized loss on investment transactions and futures contracts .... (1,348,407)
Unrealized appreciation of investments ............................................ 5,465,569
Unrealized appreciation of futures contracts ...................................... 2,550
------------
Net Assets .............................................................. $ 46,959,770
============
Net Assets
Class A ...................................................................... $ 36,481,973
Class B ...................................................................... 10,477,797
------------
Total ................................................................... $ 46,959,770
============
Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ...................................................................... 3,805,606
Class B ...................................................................... 1,095,251
------------
Total ................................................................... 4,900,857
============
Net asset value
Class A - Redemption Price Per Share ......................................... $ 9.59
============
Class A - Maximum Sales Charge ............................................... 5.25%
============
Class A - Maximum Offering Price Per Share
(100%/(100%-Maximum Sales Charge) of
net asset value adjusted to the nearest cent) ........................... $ 10.12
============
Class B - offering price per share** ......................................... $ 9.57
============

* Includes securities on loan, $1,658,712.

** Redemption price per share (Class B) varies by length of time shares are
held.

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS

MMA PRAXIS VALUE INDEX FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

INVESTMENT INCOME:
Dividends ................................................................................. $ 548,340
Income from securities lending ............................................................ 799
Interest from affiliates .................................................................. 4,757
---------
Total Investment Income .............................................................. 553,896
---------

EXPENSES:
Investment advisory fees .................................................................. 95,645
Administration fees ....................................................................... 33,021
Distribution fees-Class A ................................................................. 43,095
Distribution fees-Class B ................................................................. 35,901
Shareholder servicing fees-Class A ........................................................ 43,095
Shareholder servicing fees-Class B ........................................................ 11,967
Custodian fees ............................................................................ 1,781
Trustees' fees and expenses ............................................................... 1,610
Transfer agent fees ....................................................................... 1,396
Other expenses ............................................................................ 35,564
---------
Total expenses before reductions/reimbursements ................................. 303,075
Expenses reduced by Distributor ...................................................... (52,669)
Expenses reduced by Custodian ........................................................ (1,929)
---------
Net Expenses .................................................................... 248,477
---------

Net Investment Income ..................................................................... 305,419
---------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on security transactions and futures contracts .......................... 378,511
Change in unrealized appreciation (depreciation) of investments during the period ......... (598,730)
Change in unrealized appreciation (depreciation) of futures contracts during the period ... 525
---------
Net realized and unrealized gain (loss) on investments and futures contracts .............. (219,694)
---------
Net increase in net assets resulting from operations ...................................... $ 85,725
=========

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

MMA PRAXIS VALUE INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS

Six
Months
Ended Year Ended
June 30,2005 December 31,
(Unaudited) 2004
------------- ------------

From Investment Activities:
Net investment income ................................................ $ 305,419 $ 497,782
Net realized gain on investments and futures contracts ............... 378,511 562,304
Change in unrealized appreciation (depreciation) of investments and
futures contracts during the period ................................ (598,205) 3,676,319
------------ ------------
Net increase in net assets resulting from operations ................. 85,725 4,736,405
------------ ------------

Distributions to Class A Shareholders:
From net investment income ......................................... (257,767) (426,675)

Distributions to Class B Shareholders:
From net investment income ......................................... (48,018) (71,107)
------------ ------------
Change in net assets from distributions to shareholders .............. (305,785) (497,782)
------------ ------------

Change in net assets from capital transactions ....................... 4,012,641 7,462,494
------------ ------------

Change in net assets ................................................. 3,792,581 11,701,117

Net Assets:
Beginning of period ................................................ 43,167,189 31,466,072
------------ ------------
End of period ...................................................... $ 46,959,770 $ 43,167,189
============ ============

Accumulated net investment (loss) .................................... $ (366) $ --

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MMA PRAXIS VALUE INDEX FUND
FINANCIAL HIGHLIGHTS

For a share outstanding throughout the period indicated.

Class A Shares
----------------------------------------------------------------------------
Six Months Year Year Year Period
Ended June Ended Ended Ended Ended
30, 2005 December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001(a)
----------- ----------- ----------- ----------- ------------

Net Asset Value, Beginning of Period ......... $ 9.65 $ 8.65 $ 6.72 $ 8.79 $ 10.00
---------- ----------- ----------- ---------- ----------
Investment Activities:
Net investment income ...................... 0.07 0.12 0.10 0.07 0.03
Net realized and unrealized gains (losses)
from investments ........................ (0.06) 1.00 1.93 (2.07) (1.20)
---------- ----------- ----------- ---------- ----------
Total from Investment Activities ........... 0.01 1.12 2.03 (2.00) (1.17)
---------- ----------- ----------- ---------- ----------
Distributions:
Net investment income ...................... (0.07) (0.12) (0.10) (0.07) (0.03)
Net realized gains ......................... -- -- -- -- (0.01)
Tax return of capital ...................... -- -- --(b) -- --
---------- ----------- ----------- ---------- ----------
Total Distributions ........................ (0.07) (0.12) (0.10) (0.07) (0.04)
---------- ----------- ----------- ---------- ----------
Net Asset Value, End of Period ............... $ 9.59 $ 9.65 $ 8.65 $ 6.72 $ 8.79
========== =========== =========== ========== ==========
Total Return (excludes sales charge) ......... 0.08%(c) 13.07% 30.38% (22.81%) (11.72%)(c)

Ratios/Supplemental Data:
Net Assets at end of period (000) .......... $ 36,482 $ 33,640 $ 25,815 $ 15,071 $ 14,136
Ratio of expenses to average net assets .... 1.01%(d) 1.04% 0.95% 0.95% 0.95%(d)
Ratio of net investment income to average
net assets .............................. 1.51%(d) 1.45% 1.49% 0.98% 0.61%(d)
Ratio of expenses to average net assets* ... 1.27%(d) 1.48% 1.71% 2.13% 2.44%(d)
Portfolio turnover (e) ..................... 9.70% 24.76% 35.21% 30.61% 17.86%

- -------------
* During the period, certain expenses were voluntarily reduced/reimbursed. If
such expense reductions had not occurred, the ratios would have been as
indicated.

(a) For the period from May 2, 2001 (commencement of operations) through
December 31, 2001.

(b) Distribution per share was less than $0.005.

(d) Annualized.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

MMA PRAXIS VALUE INDEX FUND
FINANCIAL HIGHLIGHTS, CONTINUED

For a share outstanding throughout the period indicated.

Class B Shares
------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Period Ended
30, 2005 December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001(a)
----------- ----------- ----------- ----------- -----------

Net Asset Value, Beginning of Period ........... $ 9.62 $ 8.64 $ 6.71 $ 8.78 $ 10.00
--------- -------- ------- ------- -------
Investment Activities:
Net investment income ......................... 0.04 0.08 0.07 0.03 --
Net realized and unrealized gains (losses)
from investments ............................. (0.05) 0.98 1.93 (2.07) (1.20)
--------- -------- ------- ------- -------
Total from Investment Activities .............. (0.01) 1.06 2.00 (2.04) (1.20)
--------- -------- ------- ------- -------
Distributions:
Net investment income ......................... (0.04) (0.08) (0.07) (0.03) (0.01)
Net realized gains ............................ -- -- -- -- (0.01)
--------- -------- ------- ------- -------
Total Distributions ........................... (0.04) (0.08) (0.07) (0.03) (0.02)
--------- -------- ------- ------- -------
Net Asset Value, End of Period ................. $ 9.57 $ 9.62 $ 8.64 $ 6.71 $ 8.78
========= ======== ======= ======= =======
Total Return (excludes redemption charge) ...... (0.06%)(b) 12.31% 29.82% (23.24%) (12.01%)(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) .............. $ 10,478 $ 9,155 $ 5,651 $ 3,227 $ 2,593
Ratio of expenses to average net assets ........ 1.56%(c) 1.60% 1.50% 1.50% 1.50%(c)
Ratio of net investment income to average
net assets .................................... 0.96%(c) 0.91% 0.94% 0.44% 0.04%(c)
Ratio of expenses to average net assets* ....... 1.77%(c) 1.99% 2.21% 2.64% 2.58%(c)
Portfolio turnover (d) ......................... 9.70% 24.76% 35.21% 30.61% 17.86%

- ----------------
* During the period, certain expenses were voluntarily reduced/ reimbursed.
If such expense reductions had not occurred, the ratios would have been as
indicated.

(a) For the period from May 2, 2001 (commencement of operations) through
December 31, 2001.

(b) Not annualized.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

This page intentionally left blank.

MMA PRAXIS INTERNATIONAL FUND

MMA PRAXIS INTERNATIONAL FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
PORTFOLIO MANAGER'S LETTER

INVESTMENT CONCERNS:

MMA Praxis Mutual Funds invest in international equities that are screened to
exclude companies deemed not socially responsible (SRI). This means that several
industries are excluded completely from investment, and investment in certain
other industries is limited. Excluded industries include tobacco, alcohol, and
gambling. Manufacturing and mining are examples of limited industries. The
restrictions also cover any companies with defense, abortifacient, adult
entertainment, or nuclear power involvement, as well as companies with poor
records in the environmental and human rights areas. Thus, holders of MMA Praxis
Mutual Funds can be comforted in knowing their fund invests using rigorous SRI
criteria.

There are close to 900 companies that are not appropriate for investment due to
the restrictions, including some large companies with a major presence in the
MSCI AC World Free-(ex. U.S.) Index(1) (the "MSCI Index"); for example, Total,
Siemens and E.ON. The MSCI Index, against which the Fund is compared, has no
such restrictions. The large number of excluded names and industries means that
comparing the Fund with an index that has no such restrictions can and does
result in wide performance deviations.(2)

STRATEGY

During the first six months of the year, the fund remained underweight in Japan
and Asia ex-Japan (largely Australia) while maintaining a modest position in
Emerging Markets. Exposure to Europe and the U.K. was in line with the Index
weights.(2)

Japan was the largest contributing country due to a combination of an
underweight exposure in a poorly performing market and stock outperformance.
Among the companies with positive effect were Yamada Denki, the consumer
electronics and white goods retailer (similar to Best Buy in the United States)
that performed strongly on improved sales, and Orix, the Tokyo-based integrated
financial services company. Select Emerging Markets also contributed.(2)

In Hungary, Mol, the Hungarian oil refiner and distributor, and OTP Bank, a
domestic retail bank with a growing presence in Eastern Europe, both added to
their strong performance in 2004.(2)

In Mexico, Cemex S.A., the world's third largest cement manufacturer, had strong
returns for the first half of the year as it firmly fixed its market position
in Europe following the acquisition of RMC, a U.K. cement manufacturer.(2)

Within Europe, several countries had a positive effect, including Germany,
Ireland and Spain. Over-weights in Ireland and Germany combined with
outperformance in both markets boosted the Fund. In Germany, RWE, the growing
utility company and Continental, the auto component and tire manufacturer were
among the fund's top 10 performing stocks for the first half of the year. RWE,
like other utility companies

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

(1) Please refer to the Glossary of Terms on page A for additional information
on the referenced benchmark indices.

(2) Portfolio holdings are subject to change and should not be considered a
recommendation to buy individual securities.

in Germany, has risen on the back of an expected increase in tariffs.
Continental, the German tire manufacturer, continued to benefit from its low
production costs in Eastern Europe. Ireland's Anglo Irish Bank continued its
success of 2004 on further solid results.(1)

In the U.K., there were strong contributions from a number of holdings,
including BP, the fund's largest individual position. We believe this is one of
the best integrated oil companies in the world and is a major beneficiary from
the rise in energy prices. On July 26, BP announced it would buy back $6 billion
in stocks and announced that earnings were up by 28 percent.(1)

On a sector basis, an overweight position and outperformance made Consumer
Discretionary the largest contributing sector. Strong stock outperformance in a
weak-performing sector led to IT's significant contribution. Within Consumer
Discretionary, Television Broadcasts, a television station in Hong Kong (and the
largest Chinese program producer in the world), enjoyed the benefits of its
continued dominance in the Asian market for Chinese language programming.
Korean-based Hyundai added to Continental's strong showing in the Auto and
Components industry. In IT, Neopost, France's office equipment company (and
competitor of Pitney Bowes), posted double digit returns as did Bull, the French
designer and developer of servers and software. Other stocks that benefited the
fund in the first six months, included the BHP Billiton, the Anglo-Australian
materials company that continued to reap the benefits of high commodity
prices.(1)

On a country basis, the major detractors were the U.K., France, and Australia.
In the U.K., the weakest holding was Kingfisher, a home improvement retail
group similar to Home Depot, which fell on weak sales and margins. Next, the
clothes retailer, suffered from a slow down in consumer spending. Within Europe,
stock performance in France and Norway, and an absence of exposure in Finland's
Nokia were the causes. France's France Telecom, along with German holding,
Deutsche Telecom, Norway's Telenor and the U.K.'s Vodafone, suffered from the
general weakness in the telecommunication industry in the period.(1)

Stock underperformance in the Energy sector, albeit the strongest performing in
the period, detracted. Several of the poorer performing stocks came from the
financial sector. Swiss Reinsurance posted double-digit losses following broker
downgrades. Also, in Financials, a diverse group of banks including Royal Bank
of Scotland, Credit Agricole of France, and Mitsubishi Financial Group of Japan
produced negative performance.(1)

OUTLOOK

Although economic growth is slow in Japan and Europe, we are very heartened by
the steps that many European and Japanese companies have taken. The fund is well
positioned with many companies that are restructuring (which may enable them to
increase profit margins despite slow macroeconomic growth), increasing
dividends (e.g. Takefuji, France Telecom) and buying back shares (e.g. BP). In
doing so, these types of companies have been acting in their shareholders' best
interest.(1)

In addition, companies have been very careful about capital allocation, as
shareholders could punish a company that allocates capital unwisely. This is a
very significant development, which we see vividly when we speak with top
management of international companies.

Looking ahead, we see good opportunities in European privatizations because
governments are under pressure to reduce their budget deficits, and such sales
by governments can help them accomplish that goal.

Gilman Gunn

Evergreen portfolio manager

- ----------------
(1) Portfolio holdings are subject to change and should not be considered a
recommendation to buy individual securities.

PERFORMANCE REVIEW

MMA PRAXIS INTERNATIONAL FUND
PERFORMANCE REVIEW

AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/05

[BAR CHART]

INCEPTION SINCE
DATE 1 YEAR 3 YEAR 5 YEAR INCEPTION
---- ------ ------ ------ ---------

Class A 5/12/99 11.94% 6.51% -5.88% 3.16%
Class A* 5/12/99 6.09% 4.61% -6.90% 2.49%

Class B 4/1/97 11.18% 5.81% -6.47% 2.70%
Class B** 4/1/97 7.18% 5.21% -6.63% 2.70%

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

** The Fund imposes a back-end sales charge (load) on Class B Shares if you
sell your shares before a certain period of time has elapsed. This is
called a Contingent Deferred Sales Charge ("CDSC"). The CDSC declines over
five years starting with year one and ending in year six as follows: 4%,
4%, 3%, 2%, 1%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share
performance calculated for any period prior to 5/12/99 is based on the
performance of Class B Share since inception 4/1/97. The B Share Contingent
Deferred Sales Charge (CDSC) does not apply to performance over 5 years;
therefore, the 10-year return does not reflect the CDSC.

GROWTH OF $10,000 INVESTMENT 4/1/97 TO 6/30/05

[LINE GRAPH]

MSCI AC World Free-
Class A* Class B (ex. U.S.) Index (1)
-------- ------- --------------------

4/1/1997 9479 10000 10000
10901 11501 11298
10949 11551 11194
Dec-97 10085 10640 10230
11737 12383 11627
12497 13184 11454
10867 11465 9723
Dec-98 12504 13191 11708
12762 13464 11986
13328 14061 12546
14083 14831 12972
Dec-99 17811 18732 15327
18222 19144 15447
16587 17402 14817
15266 15997 13609
Dec-00 14208 14867 13015
12212 12763 11304
11611 12110 11290
9706 10101 9622
1-Dec 10596 11014 10478
10722 11145 10692
10136 10516 10368
8127 8422 8366
2-Dec 8552 8841 8941
7668 7920 8288
8975 9257 9933
9565 9846 10796
3-Dec 10872 11180 12643
11323 11613 13254
10942 11204 13162
10872 11120 13294
4-Dec 12508 12767 15343
12427 12659 15394
5-Jun 12248 12457 15392

For performance purposes, the above graph has not been adjusted for CDSC
charges.

This chart represents historical performance of a hypothetical investment of
$10,000 in the International Fund from 4/1/97 to 6/30/05, and represents the
reinvestment of dividends and capital gains in the Fund.

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.MMAPRAXIS.COM.

* Reflects maximum front-end sales charge of 5.25%.

(1) The MSCI AC World Free-(ex-U.S.) Index is a widely recognized, unmanaged
index composed of a sample of companies representative of the markets of
both developed and emerging markets throughout the world, excluding the
United States.

SCHEDULE OF PORTFOLIO INVESTMENTS

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------- ----------

COMMON STOCKS (95.2%)
ARGENTINA (0.3%)
AGRICULTURE (0.1%)
Cresud S.A. ADR (a) ........................... 11,503 $ 139,761
----------
REAL ESTATE (0.2%)
IRSA Inversiones y Representaciones S.A.(b) ... 16,061 195,945
----------
335,706
----------

AUSTRALIA (0.8%)
AIRLINES (0.8%)
Qantas Airways, Ltd. .......................... 410,056 1,051,666
----------
AUSTRIA (0.4%)
BANKS (0.4%)
Bank Austria Creditanstalt .................... 4,851 506,477
----------
BELGIUM (1.0%)
SPECIAL PURPOSE ENTITY (1.0%)
Groupe Bruxelles Lambert S.A. ................. 14,972 1,297,815
----------
BERMUDA (1.3%)
AGRICULTURAL OPERATIONS (1.0%)
Bunge Ltd. (a) ................................ 21,079 1,336,409
----------
INSURANCE (0.3%)
Catlin Group, Ltd. ............................ 58,135 424,107
----------
1,760,516
----------

CANADA (0.6%)
AUCTION HOUSE (0.5%)
Ritchie Brothers Auctioneers, Inc. ............ 17,663 680,909
----------
DIVERSIFIED OPERATIONS (0.1%)
Brascan Corp. ................................. 4,450 170,036
----------
850,945
----------

CZECH REPUBLIC (0.4%)
TELECOM SERVICES (0.4%)
Cesky Telecom A.S. ............................ 26,735 500,804
----------
FRANCE (15.5%)
ADVERTISING (0.4%)
Havas SA (a) .................................. 89,567 490,125
----------
BANKS (2.5%)
BNP Paribas S.A. .............................. 23,103 1,585,884
Credit Agricole S.A. .......................... 70,224 1,781,955
----------
3,367,839
----------

BUILDING & CONSTRUCTION (1.8%)
Compagnie de Saint-Gobain ..................... 25,742 1,430,146
Imerys S.A. ................................... 14,666 1,011,173
----------
2,441,319
----------

FOOD DIVERSIFIED (0.6%)
Sodexho Alliance S.A. ......................... 23,858 739,714
----------
FOOD RETAIL (1.1%)
Carrefour S.A. ................................ 31,355 1,522,198
----------
INSURANCE (1.4%)
CNP Assurances ................................ 22,302 1,428,300
Scor (a) ...................................... 221,750 445,648
----------
1,873,948
----------

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------- -----------

COMMON STOCKS, CONTINUED
MEDIA (3.3%)
Vivendi Universal S.A. ................ 139,499 $ 4,401,142
-----------
OFFICE AUTOMATION & EQUIPMENT (2.0%)
Neopost S.A. .......................... 30,279 2,666,824
-----------
PUBLISHING (0.3%)
Pagesjaunes ........................... 17,579 410,957
-----------
TELECOMMUNICATIONS (1.7%)
France Telecom S.A. ................... 77,996 2,281,335
-----------
TIRE & RUBBER (0.4%)
Michelin .............................. 8,242 502,403
-----------
20,697,804
-----------

GERMANY (7.6%)
BANKS (1.0%)
Deutsche Bank AG ...................... 17,574 1,376,134
-----------
ELECTRIC-INTEGRATED (1.5%)
RWE AG ................................ 31,914 2,063,205
-----------
INSURANCE (0.5%)
Allianz AG ............................ 6,064 698,902
-----------
PHARMACEUTICALS (0.9%)
Fresenius AG (a) ...................... 10,810 1,239,355
-----------
PUBLISHING (0.1%)
Axel Springer AG ...................... 1,482 172,260
-----------
REAL ESTATE INVESTMENT / MANAGEMENT (0.7%)
IVG Immobilien AG ..................... 48,181 891,290
-----------
TELECOMMUNICATIONS (1.8%)
Deutsche Telecom AG ................... 120,616 2,234,170
-----------
TIRE & RUBBER (1.1%)
Continental AG ........................ 20,084 1,449,160
-----------
10,124,476
-----------

HONG KONG (1.6%)
DIVERSIFIED FINANCIAL SERVICES (0.9%)
Guoco Group, Ltd. ..................... 117,000 1,204,603
-----------
TELEVISION (0.7%)
Television Broadcasts, Ltd. ........... 155,000 875,717
-----------
2,080,320
-----------

HUNGARY (0.6%)
BANKS (0.4%)
OTP Bank Rt. GDR (a) .................. 9,100 605,150
-----------
OIL COMP-INTERGRATED (0.2%)
Mol Magyar Olaj-Es Gz-Sp GDR .......... 2,668 223,045
-----------
828,195
-----------

IRELAND (2.0%)
BANKS (1.3%)
Anglo Irish Bank Corp. PLC ............ 140,764 1,746,769
-----------
FINANCIAL SERVICES (0.7%)
Irish Life & Permanent PLC ............ 51,046 899,176
-----------
2,645,945
-----------

ITALY (1.7%)
ELECTRIC-INTEGRATED (1.3%)
Enel SpA (a) .......................... 212,085 1,848,682
-----------

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ ----------

COMMON STOCKS, CONTINUED
PUBLISHING (0.2%)
Mondadori (Arnoldo) Editore SpA ......... 22,470 $ 214,227
----------
TELEVISION (0.2%)
Mediaset SpA ............................ 21,382 252,132
----------
2,315,041
----------

JAPAN (15.6%)
AUTOMOTIVE (0.8%)
Toyota Industries Corp. ................. 16,100 439,962
Toyota Motor Corp. ...................... 17,800 637,320
----------
1,077,282
----------

BANKS (2.8%)
Bank of Yokohama, Ltd. .................. 168,000 971,212
Chiba Bank (a) .......................... 169,000 1,114,168
Mitsubishi Tokyo Financial Group, Inc. .. 91 772,285
Sumitomo Trust & Banking Co. ............ 126,000 767,045
----------
3,624,710
----------

BEVERAGES (0.2%)
Ito En, Ltd. (a) ........................ 6,200 318,164
----------
BUILDING & CONSTRUCTION (0.2%)
Okumura Corp. ........................... 53,000 299,702
----------
CHEMICALS (0.6%)
Sanyo Chemical Industries, Ltd. ......... 42,000 305,682
Sumitomo Chemical Co., Ltd. ............. 60,000 275,974
Tokuyama Corp. (a) ...................... 27,000 192,370
----------
774,026
----------

COSMETICS & TOILETRIES (0.9%)
Uni-Charm Corp. ......................... 29,700 1,194,643
----------
ELECTRONIC & ELECTRICAL - GENERAL (1.6%)
CANON, Inc. ............................. 30,000 1,580,087
Keyence Corp. ........................... 900 201,786
Ngk Insulators, Ltd. .................... 18,000 175,487
Nidec Corp. (a) ......................... 1,100 116,468
----------
2,073,828
----------
FINANCIAL SERVICES (2.3%)
Nissin Co., Ltd. (a) .................... 230,400 432,208
Orix Corp. .............................. 11,200 1,680,808
Takefuji Corp. .......................... 13,820 934,794
----------
3,047,810
----------

FOOD PRODUCTS & SERVICES (0.1%)
Ezaki Glico Co., Ltd. ................... 23,000 177,354
----------
INSURANCE (0.4%)
Mitsui Sumitomo Insurance Co. ........... 64,000 576,623
----------
MACHINERY / MACHINE TOOLS (0.2%)
Nabtesco Corp. .......................... 40,000 270,563
----------
MOTION PICTURES & SERVICES (0.2%)
Toho Co., Ltd. .......................... 16,300 235,209
----------
PHARMACEUTICALS (2.4%)
Daiichi Pharmaceuticals Co., Ltd. ....... 17,700 391,897
Eisai Co., Ltd. ......................... 35,700 1,200,947

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------ -----------

COMMON STOCKS, CONTINUED
PHARMACEUTICALS, continued
Taisho Pharmaceutical Co., Ltd. ....... 18,000 $ 350,649
Yamanouchi Pharmaceuticals Co., Ltd. .. 34,900 1,192,920
-----------
3,136,413
-----------

REAL ESTATE INVESTMENT / MANAGEMENT (0.5%)
Mitsubishi Estate Co., Ltd. ........... 64,000 704,762
-----------
RETAIL (1.7%)
Yamada Denki Co., Ltd. (a) ............ 40,200 2,313,095
-----------
TELECOMMUNICATIONS (0.7%)
Nippon Telegraph & Telephone Corp. .... 218 933,893
-----------
20,758,077
-----------

MEXICO (1.1%)
BUILDING PRODUCTS (1.1%)
Cemex S.A. ADR ........................ 33,936 1,439,565
-----------
NETHERLANDS (3.3%)
DISTRIBUTION/WHOLESALE (0.1%)
Buhrmann N.V .......................... 18,321 181,214
-----------
ELECTRONIC & ELECTRICAL - GENERAL (1.7%)
Philips Electronics N.V ............... 89,798 2,272,128
-----------
FOOD DIVERSIFIED (0.6%)
Wessanen N.V .......................... 53,898 763,446
-----------
HUMAN RESOURCES (0.1%)
United Services Group N.V. (a) ........ 5,698 151,694
-----------
MANUFACTURING - CONSUMER GOODS (0.5%)
Adidas Salomon AG ..................... 3,823 642,412
-----------
OIL - INTEGRATED COMPANIES (0.3%)
Royal Dutch Petroleum Company ......... 5,233 342,109
-----------
4,353,003
-----------

NORWAY (0.5%)
TELECOM SERVICES (0.5%)
Telenor ASA ........................... 88,200 705,314
-----------
SOUTH AFRICA (0.2%)
TELECOMMUNICATIONS (0.2%)
MTN Group, Ltd. ....................... 39,269 261,066
-----------
SOUTH KOREA (0.5%)
AUTOMOTIVE (0.5%)
Hyundai Motor Co., Ltd. GDR (a) ....... 38,529 635,729
-----------
SPAIN (1.4%)
BUILDING & CONSTRUCTION (0.1%)
Fomento De Construc Y Contra .......... 3,157 178,069
-----------
UTILITIES - TELECOMMUNICATIONS (0.7%)
Telefonica S.A ........................ 58,751 963,055
-----------
WATER (0.6%)
Aguas De Barcelona - Class A .......... 33,669 726,370
Aguas De Barcelona S.A. (b) ........... 335 7,057
-----------
733,427
-----------
1,874,551
-----------

SWEDEN (0.1%)
AUTOMOTIVE (0.1%)
Autoliv, Inc. (a) ..................... 3,600 156,959
-----------

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES VALUE
------- -----------

COMMON STOCKS, CONTINUED
SWITZERLAND (11.6%)
BANKS (0.6%)
Ubs AG Registered .................... 10,681 $ 833,476
-----------
CHEMICALS (0.7%)
Lonza Group AG (a) ................... 17,411 963,957
-----------
FOOD PRODUCTS (3.1%)
Lindt & Spruengli AG ................. 431 643,389
Nestle S.A ........................... 13,614 3,484,505
-----------
4,127,894
-----------

INSURANCE (2.1%)
Baloise Holding, Ltd. ................ 12,246 611,583
Swiss Re ............................. 34,507 2,121,851
-----------
2,733,434
-----------

INVESTMENT COMPANIES (0.8%)
Pargesa Holding AG (a) ............... 287 1,050,579
-----------
PHARMACEUTICALS (4.2%)
Novartis AG .......................... 59,974 2,857,130
Roche Holding AG ..................... 21,770 2,755,438
-----------
5,612,568
-----------

PUBLISHING (0.1%)
Edipresse S.A ........................ 245 124,268
-----------
15,446,176
-----------

UNITED KINGDOM (27.1%)
BANKS (5.2%)
HBOS PLC ............................. 66,751 1,029,562
HSBC Holdings PLC .................... 130,115 2,075,683
Lloyds TSB Group PLC ................. 116,393 986,806
Royal Bank of Scotland Group PLC ..... 96,795 2,925,189
-----------
7,017,240
-----------

CHEMICALS (0.4%)
Imperial Chemical Industries PLC ..... 111,989 509,862
-----------
FINANCIAL SERVICES (0.9%)
3I Group PLC ......................... 98,044 1,191,501
-----------
INSURANCE (0.4%)
Amlin PLC ............................ 165,531 537,034
-----------
MEDICAL PRODUCTS (2.3%)
Smith & Nephew PLC ................... 313,293 3,094,182
-----------
MINERALS (0.3%)
Billiton PLC ......................... 31,899 407,100
-----------
OIL COMP-INTERGRATED (8.0%)
BP PLC ............................... 928,518 9,669,634
Shell Transport & Trading Co., PLC 111,707 1,086,736
-----------
10,756,370
-----------

PHARMACEUTICALS (2.7%)
GlaxoSmithKline PLC .................. 155,149 3,757,058
-----------
PHOTOGRAPHIC PRODUCTS (0.1%)
Photo-Me International PLC (b) ....... 68,281 131,569
-----------

MMA PRAXIS INTERNATIONAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

SHARES OR
PRINCIPAL
AMOUNT VALUE
--------- -------------

COMMON STOCKS, CONTINUED
REAL ESTATE OPERATORS/DEVELOPERS (0.8%)
British Land Co., PLC ................................................. 65,886 $ 1,034,525
-------------
RETAIL (2.1%)
Kingfisher PLC ........................................................ 458,686 2,022,527
Next PLC .............................................................. 27,201 735,729
-------------
2,758,256
-------------

UTILITIES - WATER (1.5%)
United Utilities PLC (a) .............................................. 164,188 1,942,357
-------------
WIRELESS TELECOMMUNICATIONS (2.4%)
Vodafone Group PLC .................................................... 1,301,046 3,171,576
-------------
36,308,630
-------------
TOTAL COMMON STOCKS ...................................................... 126,934,780
-------------
CORPORATE NOTES (1.0%)
COMMUNITY DEVELOPMENT (1.0%)
DOMESTIC (1.0%)
MMA Community Development Investment, Inc., 1.93%, 7/1/05, (c)+ ....... 495,000 495,000
MMA Community Development Investment, Inc., 2.89%, 7/1/05, (c)+ ....... 880,000 880,000
-------------
1,375,000
-------------
TOTAL CORPORATE NOTES .................................................... 1,375,000
-------------
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (9.0%)
SHORT TERM (9.0%)
Northern Institutional Liquid Asset Portfolio.......................... 11,913,285 11,913,285
-------------
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING ............... 11,913,285
-------------
TOTAL INVESTMENTS (COST $124,578,989) (A) - 105.2% ....................... 140,223,065
Liabilities in excess of other assets - (5.2)% ........................ (6,899,820)
-------------
NET ASSETS - 100.0% ...................................................... $ 133,323,245
=============

- ------------
(a) All or part of this security was on loan, as of June 30, 2005.

(b) Represents non-income producing securities.

(c) Represents affiliated restricted security as to resale to investors and is
not registered under the Securities Act of 1933. These securities have been
deemed illiquid under guidelines established by the Board of Trustees.

(d) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$186,795. Cost for federal income tax purposes differs from market value by
net unrealized appreciation of securities as follows:

Unrealized appreciation ......... $ 16,750,655
Unrealized depreciation ......... (1,293,374)
------------
Net unrealized appreciation ..... $ 15,457,281
============

+ Variable rate security. Rates presented are the rates in effect at June 30,
2005. Date presented reflects next rate change date.

ADR- American Depository Receipt

GDR- Global Depository Receipt

PLC- Public Limited Company

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

MMA PRAXIS INTERNATIONAL FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)

ASSETS:
Investments, at value (cost $111,290,704)* ................................................. $126,934,780
Investment in affiliates, at value (cost $1,375,000) ....................................... 1,375,000
Investments held as collateral for securities loaned, at value (cost $11,913,285) .......... 11,913,285
------------
Total Investments ..................................................................... 140,223,065
------------
Cash ....................................................................................... 4,920,131
Foreign currency, at value (cost $68,694) .................................................. 68,694
Interest and dividends receivable .......................................................... 257,984
Receivable for capital shares issued ....................................................... 1,213,094
Tax reclaim receivable ..................................................................... 125,509
Prepaid expenses ........................................................................... 82,422
------------
Total Assets .......................................................................... 146,890,899
------------
LIABILITIES:
Payable for securities loaned .............................................................. 11,913,285
Distributions payable to shareholders ...................................................... 1,142,015
Payable for capital shares redeemed ........................................................ 240,243
Accrued expenses and other payables:
Investment advisory fees ................................................................ 158,578
Administration fees ..................................................................... 22,020
Distribution fees ....................................................................... 37,051
Other ................................................................................... 54,462
------------
Total Liabilities ..................................................................... 13,567,654
------------
NET ASSETS:
Capital .................................................................................... 147,678,571
Accumulated net investment loss ............................................................ (364,995
Accumulated net realized loss on investments and foreign currency transactions ............. (29,625,489
Unrealized appreciation of investments and foreign currency translations ................... 15,635,158
------------
Net Assets ............................................................................ $133,323,245
============

Net Assets
Class A ................................................................................. $110,232,743
Class B ................................................................................. 23,090,502
------------
Total ................................................................................. $133,323,245
============

Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ................................................................................. 10,541,905
Class B ................................................................................. 2,241,578
------------
Total ................................................................................. 12,783,483
============
Net asset value
Class A - Redemption Price Per Share .................................................... $ 10.46
============
Class A - Maximum Sales Charge .......................................................... 5.25%
============
Class A - Maximum Offering Price Per Share
(100%/(100%-Maximum Sales Charge) of
net asset value adjusted to the nearest cent) ......................................... $ 11.04
============

Class B - offering price per share** .................................................... $ 10.30
============

- ------------------
* Includes securities on loan, $11,470,366.

** Redemption price per share (Class B) varies by length of time shares are
held.

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS

MMA PRAXIS INTERNATIONAL FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

INVESTMENT INCOME:
Dividend ............................................................................... $ 2,379,341
Foreign tax withholding ................................................................ (197,490)
Income from securities lending ......................................................... 16,512
Interest from affiliates ............................................................... 18,186
------------
Total Investment Income ........................................................... 2,216,549
------------

EXPENSES:
Investment advisory fees ............................................................... 654,838
Administration fees .................................................................... 134,995
Distribution fees-Class A .............................................................. 139,392
Distribution fees-Class B .............................................................. 87,895
Shareholder servicing fees-Class A ..................................................... 139,392
Shareholder servicing fees-Class B ..................................................... 29,298
Custodian fees ......................................................................... 36,796
Accounting fees ........................................................................ 8,586
Trustees' fees and expenses ............................................................ 5,860
Other expenses ......................................................................... 94,611
------------
Total expenses before reductions/reimbursements ................................... 1,331,663
Expenses reduced by Distributor ..................................................... (151,112)
Expenses reduced by Custodian ....................................................... (31,982)
------------
Net Expenses ...................................................................... 1,148,569
------------
Net Investment Income .................................................................. 1,067,980
------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on security transactions and foreign currency transactions ........... 6,188,365
Change in unrealized appreciation (depreciation) of investments and foreign currency
translations during the period ...................................................... (10,207,692)
------------
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ......................................................................... (4,019,327)
------------
Net decrease in net assets resulting from operations ................................... $ (2,951,347)
============

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

MMA PRAXIS INTERNATIONAL FUND
STATEMENTS OF CHANGES IN NET ASSETS

Six Months
Ended Year Ended
June 30, 2005 December 31,
(Unaudited) 2004
------------- ------------

From Investment Activities:
Net investment income ................................................... $ 1,067,980 $ 54,672
Net realized gain on investments and foreign currency transactions ...... 6,188,365 84,921
Change in unrealized appreciation (depreciation) of investments and
foreign currency translations during the period ...................... (10,207,692) 17,646,871
------------- -------------
Net increase (decrease) in net assets resulting from operations ......... (2,951,347) 17,786,464
------------- -------------

Distributions to Class A Shareholders:
From net investment income ........................................... (1,003,286) (321,650)

Distributions to Class B Shareholders:
From net investment income ........................................... (138,729) (110)
------------- -------------
Change in net assets from distributions to shareholders ................. (1,142,015) (321,760)
------------- -------------
Change in net assets from capital transactions .......................... (964,133) 2,052,238
------------- -------------
Change in net assets .................................................... (5,057,495) 19,516,942

Net Assets:
Beginning of period .................................................. 138,380,740 118,863,798
------------- -------------
End of period ........................................................ $ 133,323,245 $ 138,380,740
============= =============
Accumulated net investment (loss) ....................................... $ (364,995) $ (290,960)

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MMA PRAXIS INTERNATIONAL FUND
FINANCIAL HIGHLIGHTS

For a share outstanding throughout the period indicated.

Class A Shares
----------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
---------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of
Period ............................... $ 10.78 $ 9.43 $ 7.45 $ 9.28 $ 12.53 $ 18.19
---------- ---------- ---------- ---------- ---------- ----------
Investment Activities:
Net investment income ............. 0.09 0.01 0.04 0.01 0.04 0.42
Net realized and unrealized gains
(losses) from investments ....... (0.31) 1.37 2.00 (1.79) (3.23) (4.04)
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Activities... (0.22) 1.38 2.04 (1.78) (3.19) (3.62)
---------- ---------- ---------- ---------- ---------- ----------
Distributions:
Net investment income ............. (0.10) (0.03) (0.06) (0.03) (0.06) (0.32)
Net realized gains ................ -- -- -- -- -- (1.68)
Tax return of capital ............. -- -- -- (0.02) -- (0.04)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions ............... (0.10) (0.03) (0.06) (0.05) (0.06) (2.04)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ....... $ 10.46 $ 10.78 $ 9.43 $ 7.45 $ 9.28 $ 12.53
========== ========== ========== ========== ========== ==========
Total Return (excludes sales charge) (2.08%)(a) 14.68% 27.53% (19.29%) (25.42%) (20.23%)
Ratios/Supplemental Data:
Net Assets at end of period (000) $ 110,233 $ 115,687 $ 97,396 $ 68,989 $ 71,043 $ 30,970
Ratio of expenses to average net
assets .......................... 1.59%(b) 1.63% 1.50% 1.45% 1.45% 1.45%
Ratio of net investment income to
average net assets .............. 1.69%(b) 0.16% 0.49% 0.11% 0.11% 1.99%
Ratio of expenses to average net ..
assets* ......................... 1.89%(b) 2.01% 2.14% 2.24% 2.16% 2.25%
Portfolio turnover (c) ............ 24.94% 81.85% 145.51% 76.38% 61.33% 48.31%

- --------------------
* During the period, certain expenses were voluntarily reduced/reimbursed.
If such expense reduction had not occurred, the ratios would have been as
indicated.

(a) Not annualized.

(b) Annualized.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

MMA PRAXIS INTERNATIONAL FUND
FINANCIAL HIGHLIGHTS, CONTINUED

For a share outstanding throughout the period indicated.

Class B Shares
-------------------------------------------------------------------------------------------
Six Months
Ended June Year Ended Year Ended Year Ended Year Ended Year Ended
30, 2005 December 31, December 31, December 31, December 31, December 31,
(Unaudited) 2004 2003 2002 2001 2000
----------- ------------ ------------ ------------ ------------ ------------

Net Asset Value, Beginning of Period $ 10.62 $ 9.32 $ 7.39 $ 9.23 $ 12.51 $ 18.21
---------- ---------- ---------- ---------- ---------- ----------
Investment Activities:
Net investment income (loss) ...... 0.06 (0.05) (0.01) (0.04) (0.04) 0.31
Net realized and unrealized gains
(losses) from investments .... (0.32) 1.35 1.98 (1.78) (3.20) (4.01)
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Activities .. (0.26) 1.30 1.97 (1.82) (3.24) (3.70)
---------- ---------- ---------- ---------- ---------- ----------
Distributions:
Net investment income ............. (0.06) -- (a) (0.04) -- (0.04) (0.28)
Net realized gains ................ -- -- -- -- -- (1.68)
Tax return of capital ............. -- -- -- (0.02) -- (0.04)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions ............... (0.06) -- (0.04) (0.02) (0.04) (2.00)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ....... $ 10.30 $ 10.62 $ 9.32 $ 7.39 $ 9.23 $ 12.51
========== ========== ========== ========== ========== ==========
Total Return (excludes redemption
charge) ......................... (2.43%)(b) 13.95% 26.73% (19.73%) (25.92%) (20.64%)

Ratios/Supplemental Data:
Net Assets at end of period (000) .... $ 23,090 $ 24,094 $ 21,468 $ 17,608 $ 22,364 $ 30,317
Ratio of expenses to average net
assets .......................... 2.24%(c) 2.28% 2.15% 2.00% 2.00% 2.00%
Ratio of net investment income to
average net assets .............. 1.05%(c) (0.49%) (0.15%) (0.44%) (0.44%) 1.73%
Ratio of expenses to average net
assets* ......................... 2.39%(c) 2.51% 2.63% 2.74% 2.65% 2.74%
Portfolio turnover (d) ............... 24.94% 81.85% 145.51% 76.38% 61.33% 48.31%

- -----------------------
* During the period, certain expenses were voluntarily reduced/reimbursed.
If such expense reduction had not occurred, the ratios would have been as
indicated.

(a) Distribution per share was less than $0.005.

(b) Not annuallized.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.

SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2005 (UNAUDITED)

1. ORGANIZATION:

The MMA 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"). The Trust currently consists of the MMA Praxis Intermediate Income Fund,
the MMA Praxis Core Stock Fund, the MMA Praxis Value Index Fund, and the MMA
Praxis International Fund (individually a "Fund", collectively the "Funds").
Also known as the Intermediate Income Fund, Core Stock Fund, International Fund,
and Value Index Fund.

The Funds offer two classes of shares, Class A and Class B. Each class of shares
in the Fund has identical rights and privileges except with respect to fees paid
under the distribution and shareholder serving agreements, voting rights on
matters affecting a single class of shares and the exchange privileges of each
class of shares.

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 maximum exposure under these arrangements is
unknown, as this would involve future claims that may be made against a Fund.
However, based on the experience, the Trust expects the risk of loss to be
remote.

2. SIGNIFICANT ACCOUNTING POLICIES:

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

Securities Valuation:

Securities 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.

The Adviser may use a pricing service to value certain portfolio securities when
the prices provided are believed to reflect the fair market value of such
securities. 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 fair valuing foreign securities held by the
International Fund, certain pricing services may use computerized pricing models
to systematically calculate adjustments to foreign security close prices based
on the latest market movements. Such pricing models utilize market data that has
been obtained between the local market close and the NYSE close to compute
adjustments to foreign security close prices. The methods used by the pricing
service and the valuations so established will be reviewed by the Adviser under
general supervision of the Funds' Board of Trustees. Several pricing services
are available, one or more of which may be used by the Adviser from time to
time.

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

Securities Transactions and Related Income:

Security transactions are accounted for on the trade date. 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. Income and realized and unrealized gains and losses on
investments are allocated to each class of shares based upon relative net assets
or other appropriate basis.

Risk Associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

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

The Funds do not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized/unrealized gain (loss) from investments.

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

Forward Foreign Currency Contracts:

The International Fund may enter into forward foreign currency exchange
contracts for the purchase or sale of specific foreign currencies at a fixed
price on a future date. Risks may arise upon entering these contracts for the
potential inability of counterparties to meet the terms of their contracts and
from unanticipated movements in the value of a foreign currency relative to the
U.S. dollar. The International Fund will enter into forward contracts as a hedge
against specific transactions or portfolio positions to protect against adverse
currency movements. The forward foreign currency exchange contracts are

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

adjusted by the daily exchange rate of the underlying currency and any gains or
losses are recorded for financial statement purposes as unrealized until the
contract settlement date, at which time the International Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed.

Futures Contracts:

The Funds may invest in futures contracts (stock or bond index futures contracts
or interest rate futures) to hedge or manage risks associated with a Fund's
securities investments. To enter into a futures contract, an amount of cash and
cash equivalents, equal to the market value of the futures contracts, is
deposited in a segregated account with the Funds' Custodian and/or in a margin
account with a broker to collateralize the position and thereby ensure that the
use of such futures is unleveraged. Positions in futures contracts may be closed
out only on an exchange that provides a secondary market for such futures.
However, there can be no assurance that a liquid secondary market will exist for
any particular futures contract at any specific time. Thus, it may not be
possible to close a futures position. In the event of adverse price movements, a
Fund would continue to be required to make daily cash payments to maintain its
required margin. In such situations, if a Fund had insufficient cash, it might
have to sell portfolio securities to meet daily margin requirements at a time
when it would be disadvantageous to do so. In addition, a Fund might be required
to make delivery of the instruments to underlying futures contracts it holds.
The inability to close the futures position also could have an adverse impact on
a Fund's ability to hedge or manage risks effectively.

Successful use of futures by a Fund is also subject to the Adviser's ability to
predict movements correctly in the direction of the market. There is an
imperfect correlation between movements in the price of the future and the
movements in the price of the future and movements in the price of the
securities that are the subject of the hedge. In addition, the price of futures
may not correlate perfectly with movement in the cash market due to certain
market distortions. Due to the possibility of price distortion in the futures
market and because of the imperfect correlation between the movements in the
cash market and movements in the price of futures, a correct forecast of general
market trends or interest rate movements by the Adviser may still not result in
a successful hedging transaction over a short time frame.

Most futures exchanges limit the amount of fluctuation permitted in futures
contract prices during a single trading day. The daily limit establishes the
maximum amount that the price of a futures contract may vary either up or down
from the pervious day's settlement price at the end of a trading session. Once
the daily limit has been reached in a particular type of contract, no trades may
be made on that day at a price beyond the limit. The daily limit governs only
price movement during a particular trading day and therefore does not limit
potential losses, because the limit may prevent the liquidation of unfavorable
positions. Futures contract prices have occasionally moved to the daily limit
for several consecutive trading days with little or no trading, thereby
preventing prompt liquidation of futures positions and subjecting some futures
traders to substantial losses.

The trading of futures contracts is also subject to the risk of trading halts,
suspensions, exchange or clearing house equipment failures, government
intervention, insolvency of a brokerage firm or clearing house or other
disruptions of normal trading activity, which could at times make it difficult
or impossible to liquidate existing positions or to recover excess variation
margin payments.

Swap Agreements:

The Funds may enter into event linked swaps, including credit default swaps. The
credit default swap market allows a Fund to manage credit risk through buying
and selling credit protection on

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

specific names or a basket of names. The transactions are documented through
swap documents. A "buyer" of credit protection agrees to pay a counterparty to
assume the credit risk of an issuer upon the occurrence of certain events. The
"seller" of credit protection receives a premium and agrees to assume the credit
risk of an issuer upon the occurrence of certain events.

Restricted Securities:

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

Securities Lending:

In order to generate additional income, each Fund may, from time to time,
subject to its investment objectives and policies, lend its portfolio securities
to broker-dealers, banks, or institutional borrowers of securities pursuant to
agreements requiring that the loans be secured by collateral equal in value to
100% of the value of the securities loaned. Collateral for loans of portfolio
securities must consist of: (1) cash in U.S. dollars, (2) obligations issued or
guaranteed by the U.S. Treasury or by any agency or instrumentality of the U.S.
Government, or (3) irrevocable, non-transferable, stand-by letters of credit
issued by banks domiciled or doing business within the U.S. and meeting certain
credit requirements at the time of issuance. This collateral will be valued
daily by the Adviser. Should the market value of the loaned securities increase,
the borrower is required to furnish additional collateral to that Fund.

During the time portfolio securities are on loan, the borrower pays the Fund any
dividends or interest received on such securities. Loans are subject to
termination by the Fund or the borrower at any time. While the Fund does not
have a right to vote on securities on loan, each Fund intends to terminate the
loan and regain the right to vote if that is considered important with respect
to the investment. While the lending of securities may subject a Fund to certain
risks, such as delays or an inability to regain the securities in the event the
borrower were to default or enter into bankruptcy, each Fund will have the
contract right to retain the collateral described above. The Northern Trust
Company serves as the Securities Lending Agent. For providing this service, the
Securities Lending Agent retains 40% of the securities lending income. The
securities lending income is shown net of fees on the Statement of Operations.
For the period ended June 30, 2005, the Funds had securities on loan as follows:

Fee Paid to Market Market Value
Northern Trust Value of of Loaned
Company Collateral Securities
-------------- ----------- ------------

Intermediate Income Fund $ 12,081 $15,479,343 $ 14,218,994
Core Stock Fund 1,359 4,834,298 4,696,885
Value Index Fund 533 1,759,775 1,658,712
International Fund 11,008 11,913,285 11,470,366

Community Development Investments:

Consistent with the investment criteria for socially responsible investing, the
Board of Trustees of the Funds has authorized the Funds to make certain types of
community development investments. In connection

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

with the community development investments, the Funds have received from the
Securities and Exchange Commission an exemptive order that would permit each of
the Funds to invest a limited portion of their respective net assets in
securities issued by an affiliate of MMA Capital Management (the "Adviser"),
MMA Community Development Investments, Inc. ("MMA-CDI"). MMA-CDI 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, would be permitted to invest up to 3% 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 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 priced 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. Dividends from net investment income are declared and
paid semi-annually for the Core Stock Fund, the Value Index Fund, and the
International Fund. Distributable net realized capital gains, if any, are
declared and distributed at least annually.

The amounts of dividends from net investment income and of distributions from
net realized gains are determined in accordance with federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States. 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. To the extent dividends exceed net investment income and net
realized gains for tax purposes, they are reported as distributions of capital.

Federal Income Taxes:

It is each Fund's policy to continue to qualify as a regulated investment
company by complying with the provisions available to certain 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 International Fund will file
for claims on foreign taxes withheld.

Other:

Expenses that are directly related to a Fund are charged directly to that Fund.
Other operating expenses of the Trust are prorated to each Fund on the basis of
relative net assets or another reasonable basis. Expenses specific to a class
are charged directly to that class.

Small account fees charged to individual shareholders, where applicable, are
used to offset Fund expenses. For the period ended June 30, 2005, small account
fees for the fiscal year ended December 31, 2004 were utilized to reduce Fund
expenses. The reductions were $3,061, $11,428, $2,373 and

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

$14,494 for the Intermediate Income Fund, Core Stock Fund, Value Index Fund and
International Fund, respectively.

Each Fund maintains a cash balance with its custodian and receives a reduction
of its custody fees and expenses for the amounts of interest earned on such
uninvested cash balance. For financial reporting purposes for the period ended
June 30, 2005, custodian fees and expenses paid by third parties were $13,910,
$14,140, $1,929 and $31,982 for the Intermediate Income Fund, the Core Stock
Fund, the Value Index Fund and the International Fund, respectively. There was
no effect on net investment income. The Funds could have invested such cash
amounts in an income producing asset if they had not agreed to a reduction of
fees or expenses under the expense offset arrangement with their custodian.

The Funds will charge a redemption fee of 2.00% of the total redemption amount
if you sell or exchange your shares after holding them for less than 30 days
subject to certain exceptions and limitations described in the prospectus.

3. PURCHASES AND SALES OF SECURITIES:

Purchases and sales of securities (excluding short-term debt securities having
maturities one year or less) for the period ended June 30, 2005 were as follows:

Purchases Sales
----------- -----------

Intermediate Income Fund $53,474,472 $49,063,573
Core Stock Fund 8,688,947 15,846,415
Value Index Fund 8,295,295 4,287,130
International Fund 32,546,455 37,040,629

4. RELATED PARTY TRANSACTIONS:

Menno Insurance Service, Inc. d/b/a MMA Capital Management, (the `'Adviser") (a
separate corporate entity controlled by Mennonite Mutual Aid, Inc.), provides
investment advisory services to the Funds. 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 as follows:
0.50% for the Intermediate Income Fund; 0.74% for the Core Stock Fund; 0.30% for
the Value Index Fund and 0.90% for the International Fund. Evergreen Investment
Management Company, LLC, serves as the sub-adviser to the International Fund.
The Adviser entered into expense limitation agreements pursuant to which the
Adviser 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, legal fees, costs relating to such
services and extraordinary expenses). Effective May 1, 2004, each Fund has
agreed to repay the Adviser for the amounts waived and/or reimbursed by the
Adviser pursuant to the expense limitation agreement provided that such
repayment does not cause the total annual fund operating expenses of Class A and
Class B of each Fund to exceed 0.85% and 1.30% for the Intermediate Income Fund,
1.25% and 1.90% for the Core Stock Fund, 0.95% and 1.50% for the Value Index
Fund and 1.50% and 2.15% for the International Fund. Effective May 1, 2005, the
Funds have agreed to repay the Adviser for the amounts waived and/or reimbursed
by the Adviser under the expense limitation agreement provided that such
repayment does not cause the total annual fund operating expenses of Class A and
Class B of each Fund to exceed 0.86% and 1.31% for the Intermediate Income Fund,
1.26% and 1.91% for the Core Stock Fund, 0.96% and 1.51% for the Value Index
Fund and 1.50% and 2.15% for the International Fund. For the period ended June
30, 2005, the Adviser reimbursed the Intermediate Income Fund $159,909. For the
period ended June 30, 2005, the Core Stock Fund, Value

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

Index Fund and International Fund repaid the Adviser in the amounts of $1,872,
$29,569 and $47,451, respectively, for fees waived for the year ended December
31, 2002.

As of June 30, 2005 the Funds had the following amounts (and year of expiration)
subject to repayment to the Adviser.

FUND FEES WAIVED REPAYMENT EXPIRES BALANCE
- ------------------------ ----------- ----------------- -------

Intermediate Income Fund 2002 2005 429,721
2003 2006 384,992
2004 2007 365,525
2005 2008 159,909

Core Stock Fund 2002 2005 810,251
2003 2006 549,482
2004 2007 446,557

Value Index Fund 2002 2005 74,722
2003 2006 65,343

International Fund 2002 2005 480,914
2003 2006 428,062
2004 2007 227,962

BISYS Fund Services ("BISYS") serves the Funds as Administrator. Under the terms
of the agreement effective July 1, 2003, BISYS receives fees for administration,
transfer agent, and fund accounting services computed daily at an annual rate of
each Fund's average daily net assets. The fees for the Intermediate Income Fund,
Core Stock Fund, Value Index Fund and International Fund are .30%, .35%, .30%,
and .40%, respectively.

Pursuant to a Distribution Agreement between the Trust and BISYS Fund Services
Limited Partnership, BISYS Fund Services Limited Partnership serves as the
Funds' distributor ("Distributor"). Under a distribution (12b-1) plan adopted by
the Trust, each Fund pays the Distributor, an aggregate fee not to exceed on an
annual basis 0.50% of the average daily net assets of such Fund's Class A
Shares. The Distributor may use up to 0.25% of the 12b-1 fee for shareholder
servicing and up to 0.25% for distribution. Each Fund pays BISYS an aggregate
fee not to exceed on an annual basis 1.00% of the average daily net assets of
such Fund's Class B Shares. The Distributor may incur 0.25% of the 12b-1 fee for
shareholder servicing and up to 0.75% for distribution.

For the period ended June 30, 2005, the Distributor received approximately
$421,244 from commissions earned on sales of Class A shares and on redemption of
Class B shares of the Funds, all of which the Distributor reallowed to dealers
of the Funds' shares. Of the commissions reallowed, $16,097 went to affiliated
dealers.

The Funds have contracted with BISYS to provide certain compliance services on
behalf of the Funds. Subject to the direction and control of the Trustees, BISYS
has developed and assisted in implementing a compliance program on behalf of the
Funds and provides the Chief Compliance Officer to the Funds.

Certain officers of the Trust are affiliated with BISYS and/or the Adviser. Such
officers are not paid any fees directly by the Funds for serving as officers of
the Trust.

BISYS is a subsidiary of The BISYS Group, Inc.

MMA PRAXIS MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 2005 (UNAUDITED)

5. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Funds are summarized below:

Intermediate Income Fund Core Stock Fund
------------------------------- ------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
June 30, 2005 December 31, June 30, 2005 December 31,
(Unaudited) 2004 (Unaudited) 2004
------------- ------------ ------------- ------------

Capital Transactions:
Class A Shares:
Proceeds from shares issued $ 17,317,738 $ 33,778,593 $ 15,013,983 $ 32,039,777
Proceeds from transfer -- 171,836,168 -- 130,229,953
in-kind
Dividends reinvested 3,633,185 3,495,431 451,479 856,911
Cost of shares redeemed (14,137,193) (20,142,179) (15,606,586) (14,459,512)
------------- ------------- ------------- -------------
Class A Share Transactions $ 6,813,730 $ 188,968,013 $ (141,124) $ 148,667,129
------------- ------------- ------------- -------------

Class B Shares:
Proceeds from shares issued $ 1,864,416 $ 4,491,607 $ 3,649,804 $ 7,562,743
Dividends reinvested 647,855 1,653,704 9 197,483
Cost of shares redeemed (3,644,919) (10,605,069) (12,179,011) (21,134,424)
------------- ------------- ------------- -------------
Class B Share Transactions $ (1,132,648) $ (4,459,758) $ (8,529,198) $ (13,374,198)
------------- ------------- ------------- -------------

Net increase (decrease)
from capital transactions $ 5,681,082 $ 184,508,255 $ (8,670,322) $ 135,292,931
============= ============= ============= =============
Share Transactions:
Class A Shares:
Issued 1,745,114 3,394,143 1,094,529 2,398,766
Issued from transfer in-kind -- 17,501,087 -- 10,008,066
Reinvested 366,595 351,392 32,883 61,252
Redeemed (1,424,930) (2,023,466) (1,135,143) (1,080,862)
------------- ------------- ------------- -------------
Change in Class A Shares 686,779 19,223,156 (7,731) 11,387,222
------------- ------------- ------------- -------------

Class B Shares:
Issued 188,000 451,560 276,142 584,909
Reinvested 65,426 167,265 1 14,596
Redeemed (367,551) (1,067,030) (918,938) (1,634,687)
------------- ------------- ------------- -------------
Change in Class B Shares (114,125) (448,205) (642,795) (1,035,182)
------------- ------------- ------------- -------------

Net increase (decrease)
from share transactions 572,654 18,774,951 (650,526) 10,352,040
============= ============= ============= =============

Value Index Fund International Fund
------------------------------ -----------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
June 30, 2005 December 31, June 30, 2005 December 31,
(Unaudited) 2004 (Unaudited) 2004
------------- ------------ ------------- ------------

Capital Transactions:
Class A Shares:
Proceeds from shares issued $ 4,145,787 $ 7,063,609 $ 7,687,207 $ 14,958,246
Proceeds from transfer -- -- -- --
in-kind
Dividends reinvested 203,753 501,696 837,763 279,065
Cost of shares redeemed (1,641,867) (2,793,313) (9,208,127) (12,844,688)
------------ ----------- ------------- -------------
Class A Share Transactions $ 2,707,673 $ 4,771,992 $ (683,157) $ 2,392,623
------------ ----------- ------------- -------------

Class B Shares:
Proceeds from shares issued $ 1,883,033 $ 3,039,809 $ 1,434,783 $ 2,078,255
Dividends reinvested 46,708 92,926 134,393 110
Cost of shares redeemed (624,773) (442,233) (1,850,152) (2,418,750)
------------ ----------- ------------- -------------
Class B Share Transactions $ 1,304,968 $ 2,690,502 $ (280,976) $ (340,385)
------------ ----------- ------------- -------------

Net increase (decrease)
from capital transactions $ 4,012,641) $ 7,462,494 $ (964,133) $ 2,052,238
============ =========== ============= =============
Share Transactions:
Class A Shares:
Issued 437,762 793,952 722,377 1,558,892
Issued from transfer in-kind -- -- -- --
Reinvested 20,791 55,434 80,092 29,594
Redeemed (173,188) (311,876) (863,616) (1,318,678)
------------ ----------- ------------- -------------
Change in Class A Shares 285,365 537,510 (61,147) 269,808
------------ ----------- ------------- -------------

Class B Shares:
Issued 199,367 342,824 136,294 218,069
Reinvested 4,781 10,239 13,048 9
Redeemed (66,097) (49,880) (176,168) (253,891)
------------ ----------- ------------- -------------
Change in Class B Shares 138,051 303,183 (26,826) (35,813)
------------ ----------- ------------- -------------

Net increase (decrease)
from share transactions 423,416 840,693 (87,973) 233,995
============ =========== ============= =============

6. OTHER INFORMATION

A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling 800-762-6212; and (ii) on the Securities and
Exchange Commission's website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio
securities is available (i) without charge, upon request, by calling
800-762-6212; and (ii) on the Securities and Exchange Commission's website at
http://www.sec.gov.

MMA Praxis Mutual Funds file their schedule of portfolio holdings with the
Securities and Exchange Commission, on Form N-Q, within sixty days after the
applicable reporting period. MMA Praxis Mutual Funds' Form N-Q for the first and
third quarters of each fiscal year is available on the Commission's website at
http://www.sec.gov, and may be reviewed and copied at the Commission's Public
Reference Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.

The Statement of Additional Information contains more information about the
Funds and can be obtained free of charge by calling 800-762-6212.

MMA PRAXIS MUTUAL FUNDS
ADDITIONAL FUND INFORMATION
JUNE 30, 2005 (UNAUDITED)

Security Allocation:

The MMA Praxis Mutual Funds invested, as a percentage of net assets, in the
following industries as of the period ended June 30, 2005:

Intermediate Fund

Percentage of
Security Allocation Net Assets
- ------------------------------------- -------------

Corporate Bonds 32.1%
Fannie Mae 29.4%
Freddie Mac 24.4%
Securities Lending Collateral 5.6%
Government National Mortgage Assoc. 2.8%
Asset Backed Securities 2.4%
Collateralized Mortgage Obligations 2.2%
Federal Home Loan Bank 2.2%
Corporate Notes 1.2%
Mutual Funds 0.6%
Medium Term Notes 0.4%
Interest Only Bonds 0.3%
Municipal Bonds 0.3%
Small Business Administration 0.0%
-----
Total 103.9%
=====

Core Stock Fund

Percentage of
Security Allocation Net Assets
- ------------------------------------- -------------

Common Stocks 94.2%
U.S. Government Agencies - Discount
Notes 3.2%
Securities Lending Collateral 1.6%
Corporate Notes 1.2%
-----
Total 100.2%
=====

Value Index Fund

Percentage of
Security Allocation Net Assets
- ------------------------------------- -------------

Common Stocks 99.1%
Securities Lending Collateral 3.7%
Corporate Notes 0.7%
-----
Total 103.5%
=====

International Fund

Percentage of
Security Allocation Net Assets
- ------------------------------------- -------------

United Kingdom 27.1%
Japan 15.6%
France 15.5%
Switzerland 11.6%
Securities Lending Collateral 9.0%
Germany 7.6%
Netherlands 3.3%
Ireland 2.0%
Italy 1.7%
Hong Kong 1.6%
Spain 1.4%
Bermuda 1.3%
Mexico 1.1%
Belgium 1.0%
Corporate Notes - Domestic 1.0%
Australia 0.8%
Canada 0.6%
Hungary 0.6%
Norway 0.5%

South Korea 0.5%
Austria 0.4%
Czech Republic 0.4%
Argentina 0.3%
South Africa 0.2%
Sweden 0.1%
-----
Total 105.2%
=====

Expense Comparison

As a shareholder of the MMA 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 MMA Praxis Mutual Funds and to
compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from January 1, 2005 through June 30,
2005.

MMA PRAXIS MUTUAL FUNDS
ADDITIONAL FUND INFORMATION, CONTINUED
JUNE 30, 2005 (UNAUDITED)

ACTUAL EXPENSES

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

BEGINNING ENDING EXPENSE PAID EXPENSE RATIO
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* DURING PERIOD**
1/1/05 6/30/05 1/1/05 - 6/30/05 1/1/05 - 6/30/05
------------- ------------- ---------------- ----------------

Intermediate Income Fund Class A $ 1,000.00 $ 1,021.50 $ 4.56 0.91%
Class B 1,000.00 1,019.20 6.81 1.36%

Core Stock Fund Class A 1,000.00 984.00 6.44 1.31%
Class B 1,000.00 980.80 9.63 1.96%

Value Index Fund Class A 1,000.00 1,000.80 5.01 1.01%
Class B 1,000.00 999.40 7.73 1.56%

International Fund Class A 1,000.00 979.20 7.80 1.59%
Class B 1,000.00 975.70 10.97 2.24%

* Expenses are equal to the 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.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The table below provides information about hypothetical account values and
hypothetical expenses based on each MMA Praxis Mutual Fund's expense ratio and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare this 5% hypothetical example
with the 5% 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 total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.

Intermediate Income Fund Class A $ 1,000.00 $ 1,020.28 $ 4.56 0.91%
Class B 1,000.00 1,018.05 6.80 1.36%

Core Stock Fund Class A 1,000.00 1,018.30 6.56 1.31%
Class B 1,000.00 1,015.08 9.79 1.96%

Value Index Fund Class A 1,000.00 1,019.79 5.06 1.01%
Class B 1,000.00 1,017.06 7.80 1.56%

International Fund Class A 1,000.00 1,016.91 7.95 1.59%
Class B 1,000.00 1,013.69 11.18 2.24%

** Annualized.

MANAGEMENT OF TRUSTEES

MANAGEMENT OF TRUSTEES
(UNAUDITED)

NUMBER OF
POSITION HELD TERM OF OFFICE PORTFOLIOS
WITH THE AND LENGTH OF PRINCIPAL OCCUPATION DURING OVERSEEN WITHIN
NAME AND ADDRESS BIRTHDATE TRUST TIME SERVED THE PAST FIVE YEARS THE FUND COMPLEX
- --------------------------- --------- ------------- --------------- ------------------------------------------ ----------------

Howard L. Brenneman* 3/26/40 Chairman and Indefinite, President and CEO, Mennonite Mutual Aid 4
1110 North Main Street Trustee Since 12/2/93 (December 1991-present); Business and
Goshen, IN 46528 Financial Consultant and Director of
Strategic Planning and Development,
Prairie View, Inc., mental health facility
(1986-1991)

Karen Klassen Harder, Ph.D. 1/22/56 Trustee Indefinite, Professor, Bluffton University (September 4
118 Sunset Drive Since 12/2/93 2001-present); Professor, Bethel College
Bluffton, OH 45817 (January 1990-2001)

Richard Reimer, Ph.D. 10/6/31 Trustee Indefinite, Retired. Professor of Economics - Emeritus 4
5760 Fox Lake Road Since 12/2/93 since 1996, The College of Wooster (1962-
Smithville, OH 44677 1996); formerly Board member, Mennonite
Mutual Aid, Goshen, Indiana (through
December 2001)

Donald E. Showalter, Esq. 2/23/41 Trustee Indefinite, Senior Partner, the law firm of Wharton, 4
Wharton, Aldhizer & Weaver Since 12/2/93 Aldhizer & Weaver (June 1965-present);
PO Box 20028 Director, Rockingham Heritage Bank (April
Harrisonburg, VA 22801 1998-present)

Allen Yoder, Jr. 8/4/27 Trustee Indefinite, Retired; President, Jayco, Inc., 4
59566 CR 31 Since 12/2/93 manufacturer of recreational vehicles
Middlebury, IN 46540 (September 1993-1994); President, Deutsch
Kase Haus, cheese manufacturer (1985-2002)

Bruce Harder* 1/17/41 Trustee Indefinite, Retired Executive Director for Finance and 4
2555 NE 28th Ave. Since 2/11/00 Administration, Tri-Met, the Tri-County
Portland, OR 97212 Metropolitan Transportation District of
Oregon, public transportation system for
Portland, Oregon (1986-2003); Chairman of
the Board, Mennonite Mutual Aid, Goshen,
Indiana (1997-2003)

R. Clair Sauder 1/11/43 Trustee Indefinite, Partner, Encore Enterprises, LLC, retail 4
630 Millcross Road Since 6/30/02 home furnishings (May 2001-present);
Lancaster, PA 17601 Partner, C&D Enterprises Unlimited,
commercial real estate (1982-present)

John L. Liechty 6/12/54 President Indefinite, Executive Management, Mennonite Mutual Aid 4
1110 North Main Street Since 8/19/97 (1976-present)
Goshen, IN 46528

Marlo J. Kauffman 9/19/56 Vice President Indefinite, Financial Services Operation Manager, 4
1110 North Main Street Since 12/2/93 Mennonite Mutual Aid (1981-present);
Goshen, IN 46528 President, MMA Securities, Inc. (2003-
present); OSJ Principal, ProEquities,
Inc., a broker-dealer (1994-present)

Walter B. Grimm 6/3/45 Vice President Indefinite, Senior Vice President, BISYS Fund Services 4
3435 Stelzer Rd Since 12/2/93 (1992-present)
Columbus, OH 43219

Trent Statczar 8/31/71 Treasurer Indefinite, Vice President, BISYS Fund Services 4
3435 Stelzer Rd Since 8/19/02 (2003-present); Financial Services
Columbus, OH 43219 Director, BISYS Fund Services (2000-2003);
Financial Services Manager, BISYS Fund
Services (1998-2000)

George Stevens 2/10/51 Chief Indefinite, Vice President, BISYS Fund Services 4
3435 Stelzer Rd Compliance Since 5/19/98 September (1996-present)
Columbus, OH 43219 Officer

Kinga Kapuscinski 6/30/72 Secretary Indefinite, Assistant Counsel, BISYS Fund Services
100 Summer Street Since 2/28/05 (2004-present); Associate, Goodwin Procter
Suite 1500 LLP (2001-2004); Senior Federal Law
Boston MA 02110 Clerk and Federal Law Clerk, U.S. District
Court for the District of Massachusetts
(1999-2001)

Alaina V. Metz 4/7/67 Assistant Indefinite, Vice President, BISYS Fund Services (2002- 4
3435 Stelzer Rd Secretary Since 11/12/96 present); Chief Administration Officer,
Columbus, OH 43219 BISYS Fund Services (1995-present)

- -------------
* This trustee is an "interested" person under the Investment Company Act of
1940 because of his affiliation with the Adviser.

INVESTMENT ADVISER
MMA Capital Management
Post Office Box 483
Goshen, Indiana 46527

INVESTMENT SUB-ADVISER
(International Fund only)
Evergreen Investment Management Co. LLC
200 Berkley Street
Boston, Massachusetts 02116

ADMINISTRATOR
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, Ohio 43219

DISTRIBUTOR
BISYS Fund Services Limited Partnership
100 Summer Street
Boston, Massachusetts 02110

LEGAL COUNSEL
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, Massachusetts 02116

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young, LLP
41 South High Street
Columbus, Ohio 43215

TRANSFER AGENT
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, Ohio 43219

MMA PRAXIS MUTUAL FUNDS
3435 STELZER ROAD
COLUMBUS, OHIO 43219

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the 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,
regardless of whether these individuals are employed by the registrant or a
third party. If the registrant has not adopted such a code of ethics,
explain why it has not done so.

NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.

The registrant must briefly describe the nature of any amendment, during
the period covered by the report, to a provision of its 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, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of
this Item. The registrant must file a copy of any such amendment as an
exhibit pursuant to Item 12(a)(1), unless the registrant has elected to
satisfy paragraph (f) of this Item by posting its code of ethics on its
website pursuant to paragraph (f)(2) of this Item, or by undertaking to
provide its code of ethics to any person without charge, upon request,
pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the 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, regardless of whether these
individuals are employed by the registrant or a third party, that relates
to one or more items set forth in paragraph (b) of this Item, the
registrant must briefly describe the nature of the waiver, the name of the
person to whom the waiver was granted, and the date of the waiver.

NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's board of directors has determined
that the registrant either:

(i) Has at least one audit committee financial expert serving on
its audit committee; or

(ii) Does not have an audit committee financial expert serving on
its audit committee.

(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit
committee financial expert and whether that person is
"independent." In order to be considered "independent" for purposes
of this Item, a member of an audit committee may not, other than in
his or her capacity as a member of the audit committee, the board
of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or
other compensatory fee from the issuer; or

(ii) Be an "interested person" of the investment company as defined
in Section 2(a)(19) of the Act (15 U.S.C. 80a- 2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph
(a)(1)(ii) of this Item, it must explain why it does not have an
audit committee financial expert.

NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for
each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees
billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each
of the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed
in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs
(b) through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended
on the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work
performed by persons other than the principal accountant's full-time, permanent
employees.

(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for
each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the
principal accountant's independence.

NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under
the Exchange Act (17CFR 240.10A-3), state whether or not the
registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange
Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a
committee, however designated, identify each committee member. If
the entire board of directors is acting as the registrant's audit
committee as specified in Section 3(a)(58)(B) of the Exchange Act
(15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption
from the listing standards for all audit committees.

NOT APPLICABLE.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I - Investments in securities of unaffiliated issuers as of the
close of the reporting period as set forth in ss. 210.12-12 of Regulation S-X,
unless the schedule is included as part of the report to shareholders filed
under Item 1 of this Form.

NOT APPLICABLE.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report
on this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

NOT APPLICABLE.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

If the registrant is a closed-end management investment company that is filing
an annual report on this Form N-CSR, provide the information specified in
paragraphs (a) and (b) of this Item with respect to portfolio managers.

NOT APPLICABLE.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).

NOT APPLICABLE.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.

NOT APPLICABLE.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and
principal financial officers, or persons performing similar functions, regarding
the effectiveness of the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date
within 90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).

THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE
CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS
REPORT, THAT THESE DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED
AND ARE OPERATING EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE
DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS (i) ACCUMULATED AND COMMUNICATED TO
THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW
TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (ii) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.

(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE SECOND FISCAL QUARTER OF THE PERIOD COVERED
BY THIS REPORT THAT HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO
MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number
the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit. NOT APPLICABLE -
ONLY EFFECTIVE FOR ANNUAL REPORTS.

(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30A-2(A) ARE
ATTACHED HERETO.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act as an
exhibit. A certification furnished pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant incorporates it by
reference. CERTIFICATIONS PURSUANT TO RULE 30A-2(B) ARE 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.

(Registrant) MMA Praxis Mutual Funds
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By (Signature and Title)* /s/ Trent Statczar Trent Statczar, Treasurer
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Date 9/8/05
------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Trent Statczar Trent Statczar, Treasurer
-----------------------------------------------------

Date 9/8/05
------

By (Signature and Title)* /s/ John L. Liechty John L. Liechty, President
---- -------------------------------------------------

Date 8/16/05
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* Print the name and title of each signing officer under his or her signature.