APPENDIX H - FORM N-CSR

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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)
3435 Stelzer Rd. Columbus, OH 43219
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(Address of principal executive offices) (Zip code)
Bisys Fund Services 3435 Stlezer Rd. Columbus, OH 43219
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(Name and address of agent for service)
Registrant's telephone number, including area code: 614-470-8000
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Date of fiscal year end: 12/31/03
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Date of reporting period: 06/30/03
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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. (S) 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).

[GRAPHIC APPEARS HERE]

MMA Praxis
Mutual Funds

Semi-Annual Report
for the six months ending June 30, 2003

Intermediate Income Fund
Core Stock Fund
Value Index Fund
International Fund

[LOGO] MMA(R)
Stewardship At last -
Solutions second
quarter
drives
higher

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 .......................................20
Statement of operations ...................................................21
Statements of changes in net assets .......................................22
Financial highlights ......................................................23

MMA Praxis Core Stock Fund
Portfolio managers' letter ................................................25
Performance review ........................................................28
Schedule of portfolio investments .........................................30
Statement of assets and liabilities .......................................34
Statement of operations ...................................................35
Statements of changes in net assets .......................................36
Financial highlights ......................................................37

MMA Praxis Value Index Fund
Portfolio managers' letter ................................................39
Performance review ........................................................40
Schedule of portfolio investments .........................................42
Statement of assets and liabilities .......................................50
Statement of operations ...................................................51
Statements of changes in net assets .......................................52
Financial highlights ......................................................53

MMA Praxis International Fund
Portfolio manager's letter ................................................56
Performance review ........................................................58
Schedule of portfolio investments .........................................60
Statement of assets and liabilities .......................................65
Statement of operations ...................................................66
Statements of changes in net assets .......................................67
Financial highlights ......................................................68

Notes to financial statements ................................................70

Management of Trustees .......................................................76

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.

Morgan Stanley Capital International-All Country World Free-(ex.US) Index (the
"MSCI AC Wld FR-(ex US") Index), is a widely recognized index composed of a
sample of companies representative of the markets of both developed and emerging
markets throughout the world, excluding the United States.

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.

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.

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 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
Financial markets in review

Dear MMA Praxis Shareholder:

What a difference a quarter makes! The powerful second quarter rebound more than
offset a tough first quarter, rewarding investors with sizable returns during
the first six months of 2003. So far this year, all of the MMA Praxis Mutual
Funds have delivered positive absolute returns.

MMA Praxis continues to be committed to the concept of stewardship investing. A
key component of this approach is shareholder advocacy, i.e., taking seriously
our responsibility as an owner of the companies we invest in. We speak out on
issues that are in tension with the stewardship investment principles that guide
our investing activities at MMA Praxis. During the first six months of 2003, we
were involved in a number of important issues that are spelled out in detail in
this report.

These, and other significant developments at MMA Praxis, will be addressed in
this semi-annual communication to shareholders.

Financial markets in review

The U.S. stock market had a powerful upward move in the second quarter, with the
the S&P 500 Index/1/ posting a gain of 15.39 percent! What a remarkable
turnaround from the negative returns generated over the past three years. It is
worth addressing the question of why equity-type assets started taking off
before the Iraq war even started (in mid-March) and have continued to rise
despite continued economic uncertainty. There are at least three possible
answers to this question:

.. The stock market prices can be impacted by expectations about the future.
In times of fear or greed these expectations are often exaggerated,
becoming overly optimistic or overly pessimistic. This can lead to
exaggerated actions in the form of excessive selling or buying. In March,
it appeared that investors were overly pessimistic, resulting in depressed
prices for many financial assets. This dynamic is why it is usually safest
to buy when fear is high and why it often pays to be more cautious when
investors are ignoring risk.
.. The economy continues to struggle, however, it is not getting worse.
Moreover, there is an increasing amount of stimulus with exceptionally-low
interest rates, a falling dollar (resulting in less competition from
imports), and the tax cut. Areas of the economy are showing strength
(housing) and the business sector has been able to take advantage of very
low interest rates to refinance debt and lower debt service.
.. Though great uncertainty about the post-war period remains, the Iraq-war
disaster scenarios did not come to pass.

This all underscores, again, the need to be forward-looking in assessing
financial markets, rather than backward-looking, or fixated on today's worries.
A critical part of the analysis is assessing what the financial markets are
pricing in (or "discounting"). Sometimes the markets price in nirvana and
sometimes they price in the end of the world. Today, for the first time in
years, they seem to be doing a reasonably good job of pricing in reality.

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

What could go wrong?

With such strong returns from the stock market in the second quarter, it's
reasonable to wonder how current investment opportunities look relative to the
risks. At MMA, we've identified several risks that deserve investors' attention.
Among these are:

.. Structural risks including debt levels and the sizable U.S. dependence on
foreign capital.
.. Deflation, which could be a by-product of high debt level.
.. Inflation, which could eventually be ignited by attempts to fight
deflation.
.. Geopolitical risks including terrorism.

These risks have not gone away but, in general, most have subsided. Following is
a brief discussion of how we assess the risks posed by these macro-economic
issues:

Debt levels are still high but on the corporate side stresses have eased
considerably. That's because interest rates have dropped significantly for
less-than-creditworthy borrowers. This has allowed many companies with high debt
to refinance their debt, significantly increasing their cash flow. On the
household side, refinancing continues and hopefully this has helped stabilize
and potentially reduce debt service (the most recent debt service data we have
is as of March 31). However, household debt (credit cards, mortgage, etc.) has
continued to accelerate, growing by over 10 percent in the 12 months ended May
31, 2003. The overall growth rate of debt is higher than it has been in more
than 10 years and this increase may offset some or all of the benefit of lower
interest rates. (Some of this could be explained by the increase in first-time
homebuyers.) As far as the current account deficit goes, it is still huge, but
the declining dollar should begin to have an impact. The good news is that the
dollar has dropped substantially without a crisis or major dislocations. Dollar
risk continues, but with a big move already behind us, the risks are somewhat
less than they were.

Deflation risk remains but we are less concerned than we were last year. Though
some data continues to suggest deflation is a risk, the Federal Reserve Board
(the "Fed") has made it clear that it will not take chances and will err on the
side of too much inflation. It has a variety of tools at its disposal but it may
be able to accomplish much of the job by simply stating what it "might" do. For
example, there has been talk of buying Treasury bonds--this talk may have helped
keep bond prices high and interest rates (including mortgage rates) low. To date
there has been no need to actually buy bonds, because the talk of doing so has
impacted the market's pricing of those bonds, as if some of the buying had
actually occurred. Aside from taking comfort in the Fed's focus, the economy
remains on shaky footing but there are signs of stabilization in the labor
market and the manufacturing sector. These signs are hardly conclusive, but
marginal improvement along with the increased fiscal stimulus soon to kick in,
suggest more reason to be optimistic than pessimistic. The sluggishness of this
recovery is surprisingly reminiscent of the recovery in the early 1990s.

Inflation risks are not significant in the near term. Even if deflation is
avoided, as seems likely, the risk will probably be around for a while--most
likely into next year. However, the monetary and fiscal stimulus that is in
place could ultimately overshoot the target and result in a spike in inflation.
Though not a near-term concern it is something we think about as we assess
return expectations over the next three to five years.

Geopolitical risks remain, though the stress level has declined. So far, the
fear that a U.S. attack on Iraq would increase the risk of terrorism in the U.S.
has not come to pass, but it remains a huge unknown. Most terrorist acts have
little direct impact on broad economic behavior and thus affect financial
markets only temporarily. However, the possibility exists for terrorist acts
that could have real economic consequences, creating a wildcard for investors.

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Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

The world remains a risky place, as it has always been. And the risks continue
to seem somewhat greater than in the past perhaps because the worst case is so
scary. However, we are conscious of the tendency for "today's" risks to always
seem much more alarming than "yesterday's" risks.

At present, we believe equity asset classes are reasonably valued and discount a
"normal" level of risk. Are today's risks "normal"? That's a subjective
assessment that is hard to make but it is no longer clear that big-picture risks
are above average.

Portfolio performance

MMA Praxis Intermediate Income Fund

What to do with bonds? Given the fact that bond yields are at or near historic
lows (remember, if interest rates rise, bond prices will fall), it's fair to ask
why we would recommend that MMA Praxis shareholders include this asset class in
their portfolio. The reason is that economic risk has not gone away and bonds
historically would be the best-performing asset class if the economy weakens
again. Returns wouldn't be great but from current levels positive returns could
provide important portfolio ballast for many investors' portfolios if equities
were declining across the board. For most investors, some exposure to bonds is
an important component of a well-designed risk-management strategy.

The MMA Praxis Intermediate Income Fund Class A Share (NAV*) provided a total
return of 3.58 percent while Class B Share (NAV*) posted gains of 3.39 percent
during the first half of 2003. These returns compare favorably with the passive
benchmark established for these two share classes, the Lehman Brothers Aggregate
Bond Index/1/, which returned 3.93 percent over the same time period. Please
read the commentary from the portfolio mangers for more detailed information
about the fund's performance.

MMA Praxis Core Stock Fund

The MMA Praxis Core Stock Fund Class A Share (NAV*) returned 6.13 percent for
the first six months of 2003, while the Class B Share (NAV*) generated a return
of 5.77 percent. While delivering positive absolute returns to shareholders, the
fund posted disappointing results relative to it's benchmark, which was up 11.76
percent for the first two quarters of 2003. According to Morningstar, the MMA
Praxis Core Stock Fund (Class A Shares) landed in the top quartile or top 25
percent of its Morningstar/2/ Large Blend category peer group for the three-year
period ended June 30, 2003. The co-portfolio managers' report will provide you
with an in-depth analysis of those factors that contributed to the fund's
performance over the first half of 2003.

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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.

/2/ Morningstar proprietary ratings reflect historical risk-adjusted
performance as of 6/30/03. The ratings are subject to change every month.
Past performance is no guarantee of future results. Morningstar ratings are
calculated from the fund's three-, five-, and 10-year average annual
returns (if applicable) in excess of 90-day Treasury bill returns with
appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns. The MMA Praxis Core Stock Fund
(Class A and B Share) received 4 stars for the three-year period ending
6/30/03. The Class B Share received 3 stars for the five-year period ending
6/30/03. The Class A Share and Class B Share were rated among 1,037
Large-cap Blend funds for the three-year period ending 6/30/03. The Class B
Share was rated among 717 Large-cap Blend funds for the five-year period
ending 6/30/03. The overall rating is a weighted average of the 3, 5 and
10-year rating (where applicable). The top 10% of the funds in a broad
asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive
1 star. The Morningstar proprietary rankings are as of June 30,2003. The
MMA Praxis Core Stock Fund's Class A Shares was ranked 86 out of 1,323 and
19 out of 1,037 Large Blend Funds for the one-and three-year periods,
respectively.

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

MMA Praxis Value Index Fund

The "other" domestic equity fund in the MMA Praxis family of mutual funds is the
MMA Praxis Value Index Fund. This passively managed index fund posted some very
strong performance numbers. Through the first six months of 2003, the Value
Index Fund provided a return of 12.27 percent Class A Share (NAV*) and 12.03
percent Class B Share (NAV*) to investors. In comparison, the benchmark for the
Value Index Fund, the Standard & Poor's 500/Barra Value Index/1/, was up 12.29
percent.

In the 2001 semi-annual report to shareholders, we offered the following
perspective on the Praxis Value Index Fund, which at that time was only two
months old:

We are excited about the long-term prospects for this newest MMA Praxis Fund
offering. According to Ibbotson Associates, value stocks have delivered a
substantial premium return over their growth stock counterparts over a long
period of time. Additionally, we are coming off an extended period where growth
stocks outperformed value. If history is a good predictor of the future (and
there is no guarantee that it is), we may be poised for several years of value
stocks delivering higher returns than growth securities.

Value stocks have certainly outperformed their growth contemporaries over the
past three years. Whether they continue to do so going forward is unknown.
However, you may want to review this newest fund option with your financial
advisor to see if it is an appropriate fit in your asset allocation strategy.

MMA Praxis International Fund

For patient fund investors who have held on to their foreign funds, it's been a
long, difficult journey. According to Morningstar, the typical foreign stock
fund hasn't earned a positive return since 1999. On average, foreign funds lost
4 percentage points more than the typical large-blend fund. However, during the
second quarter, MMA Praxis International Fund delivered some strong positive
returns.

The MSCI AC Wld FR-(ex.-U.S.) Index/1/ was up 19.58 percent (in U.S. dollars)
for the second quarter, a significant improvement from the first quarter's -7.39
percent drop. MMA Praxis International Fund Class A Share (NAV*) returned 4.95
percent for the first six months of 2003 and the Class B Share (NAV*) a slightly
lower 4.70 percent. For the three-year period, the Fund placed in the bottom
quartile (bottom 25 percent) among foreign stock funds as tracked by
Morningstar/2/.

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

/2/ Morningstar proprietary ratings reflect historical risk-adjusted
performance as of 6/30/03. The ratings are subject to change every month.
Past performance is no guarantee of future results. Morningstar ratings are
calculated from the fund's three-, five-, and 10-year average annual
returns (if applicable) in excess of 90-day Treasury bill returns with
appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns. The MMA Praxis International Fund
Class A Share and Class B Share received 2 stars for the three-year period
ending 6/30/03. The Class B Share received 2 stars for the five-year period
ending 6/30/03. The Class A Share and Class B Share were rated among 682
Foreign Stock funds for the three-year period ending 6/30/03. The Class B
Share was rated among 524 Foreign Stock funds for the five-year period
ending 6/30/03. The overall rating is a weighted average of the 3, 5 and
10-year rating (where applicable). The top 10% of the funds in a broad
asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive
1 star. The Morningstar proprietary ranking is as of June 30, 2003. The MMA
Praxis International Fund was ranked 81 out of 890 and 75 out of 682 funds
in the Foreign Stock category for the one-and three-year periods,
respectively.

Past performance is no guarantee of future results. Investment return and
net asset value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost.

Thoughts on the tax bill

On May 28, 2003, President Bush signed the "Jobs Growth Tax Relief
Reconciliation Act of 2003." Unlike nearly all other new tax laws, this act
contains virtually no tax increases or bad news. In addition to adding some new
tax relief provisions, the 2003 Act accelerates some of the future tax
reductions that were contained in the Economic Growth and Tax Relief
Reconciliation Act of 2001. The impact of the new tax bill was a positive one
for investors and does have some ramifications on asset allocation and portfolio
management decisions. By lowering the tax rate on capital gains and most
dividends, investors will receive higher after-tax returns. This justifies
higher prices for stocks and helps explain some of the upward move in the stock
market. Lower tax rates in general also benefit investors who hold
interest-bearing assets. However, though rates have effectively dropped for all
investments, they dropped more for capital gains and qualifying dividends thus
benefiting stocks more than most other assets.

At this point we don't view the tax changes as reasons to pursue certain types
of investments over others. The market tends to adjust fairly quickly to
relative opportunities. And while it's possible that high-dividend-paying stocks
might outperform because of their tax-advantaged status, we're not so sure that
this alone makes them more attractive. After all, all stocks are now on more of
a level playing field when it comes to taxes. So taxes alone should not be the
only consideration to prefer a dividend payer to a high grower.

From an asset allocation perspective, now more than ever, investors with both
taxable and retirement plan portfolios may benefit from emphasizing investments
that throw off income taxed at high ordinary rates in their retirement plans.
This means that portfolios could be much more tax efficient if bonds and real
estate investments that throw off lots of short-term capital gains are in
retirement plan accounts.

Conclusion

It's anybody's guess whether we are through the worst part of the current
slowdown. However, what we do know is that a significant economic slowdown has
occurred, that recoveries have followed slowdowns in the past, and that the
Federal Reserve Board has taken aggressive action to stimulate growth into this
slowdown. These are the things that should have investors focusing on the other
side of the abyss!

We thank you for your continued trust and confidence in MMA Praxis. We pledge
our commitment to continue to work hard to generate competitive risk-adjusted
returns for you, our shareholder. Of course, we will continue to pursue all of
our investment decisions with careful regard for the stewardship investing
principles that remain at the heart of our mission.

Sincerely,

/s/ John L. Liechty
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John L. Liechty
President, MMA Praxis Mutual Funds

MMA Praxis Stewardship Investing Update

Proxy voting: MMA Praxis fully compliant with SEC mandate

The MMA Praxis Board has approved a new online-version of the MMA proxy voting
guidelines and this information is now available through the MMA Praxis Web site
(www.mmapraxis.com), in the Stewardship Investing section. MMA's online proxy
voting records are also available--one year ahead of the Security and Exchange
Commission's 2004 deadline. MMA believes that transparency and accountability
within the financial services industry--particularly as it relates to the
casting of proxy votes--is an important fiduciary responsibility. We are proud
to make this information available to our shareholders, clients, and
constituents.

Shareholder advocacy update: 2003

This year's shareholder season has seen a heightened and more coordinated level
of activity than in years past. Focused around the theme, "The things that make
for peace," our efforts focused on ways our work for economic justice can lay
the foundation for lasting peace in troubled regions of the world. This report
contains an overview of our shareholder activities this season. A new
shareholder advocacy section of the MMA Praxis Web site has updated information
as well as helpful links to understanding many of the key issues.

MMA is not responsible for all the shareholder activity listed below, but works
in partnership with other religious institutional investors (through the
Interfaith Center on Corporate Responsibility) and socially concerned investors
(through the Social Investment Forum.)

Abbot Labs - Shareholder engagement with this company did not include the filing
of a shareholder resolution in 2003, but favored the support of an ongoing
dialogue with the company. The focus has been on encouraging the company to
pursue new approaches to overcoming the limitations to access posed by current
drug patent laws and on leveraging Abbot's substantial political clout and
access to speed up Congressional implementation of President Bush's $15 billion
commitment to the HIV/AIDS pandemic.

BP - Plans are currently being made for a follow-up dialogue and interaction
with BP representatives related to progress and concerns recently raised (by an
Amnesty International Report) on the company's Baku-Tiblisi-Ceyhan pipeline
project in the Caspian Sea in northwest Asia. The company has been open and
forthright about its response to Amnesty charges and its interest in interacting
with shareholders.

Eli Lilly - A shareholder resolution on drug access related to the HIV/AIDS
pandemic in Africa was withdrawn in favor of dialogue. The focus of meetings
with management has been on varying approaches to the patent issues in the
pharmaceutical industry.

Ford - A shareholder resolution seeking a report on the impact of the HIV/AIDS
pandemic on Ford's operations in Africa was withdrawn in favor of dialogue. The
company has undertaken efforts to assess such impact and has met several times
with shareholders. A new update is expected shortly.

Kraft - While no resolution regarding the coffee crisis was filed with this
company in 2003, the issues were raised at its recent company meeting. MMA - in
partnership with Oxfam America - assisted a representative of an Ethiopian
coffee cooperative in presenting a "grassroots" perspective on this crisis to
shareholders, directors, and management at Kraft's April shareholder meeting. We
expect a shareholder dialogue may be scheduled soon.

Illinois Tool Works - MMA co-filed a resolution at ITW seeking public disclosure
of Equal Employment Opportunity data related to the composition of its workforce
and diversity-related employment policies. This resolution has been withdrawn
because the company has agreed to comply with the requests of shareholders. A
new section of the company's Web site (Corporate Citizenship and Employee
Relations) has already been launched and additional EEO data is available to
shareholders upon request.

Johnson & Johnson - A resolution, related to HIV/AIDS drug access in Africa, was
withdrawn in favor of a dialogue. A presentation on this topic will be made at
an upcoming board of directors meeting. The goal is to encourage partnership
with other companies working in Africa, seeking more engagement with this issue
overall. The company has dramatically increased its donations of drugs to
partner organizations in Africa over the past several years.

A separate dialogue focused on the recent release of J&J's first sustainability
report and on efforts to assess the payment of living wages in it's Mexican
factories, has proven fruitful with a number of substantial changes and new
initiatives scheduled to be in place by 2004.

Merck - A shareholder resolution, related to HIV/AIDS drug access in Africa, was
withdrawn following a commitment by the company to engage its board on this
topic and to participate in a series of dialogues with shareholders. There was
also a presentation on this topic, by shareholders, at the company's annual
meeting. The company has moved to "no profit" drug availability in Africa and
has also launched an employer partnership program that ICCR is promoting to
other multi-national employers.

PepsiCo - MMA was lead filer (along with six co-filers) on an HIV/AIDS employer
resolution at this company. The company demonstrated little interest in engaging
shareholders and the resolution went to ballot at the company's May 7 annual
meeting of shareholders. The resolution received 7.5 percent of the vote--an
excellent showing for a first time resolution, and substantially more than the 3
percent required to bring the resolution back to Pepsi a second year. The
resolution received the support of prominent, mainstream investors including
CalPERS, the State of Connecticut, and the New York City Pension Fund.
Shareholders representing a number of social concerns at PepsiCo are now working
at coordinating their approaches to maximize impact and to seek to improve the
company's processes for shareholder engagement.

Pfizer - No resolution was filed in favor of the dialogue currently underway.
This very politically powerful company is being asked to use its
influence--publicly and privately--to press for speedy action around the U.S.
Presidential commitment to the HIV/AIDS pandemic. Pfizer is also highly
influential in the pharmaceutical industry's collective approach to the issue of
patents. It recently developed a program offering support to multi-national
employers in Africa seeking to educate workers and provide HIV/AIDS treatments
through plant medical facilities. ICCR members are pleased with this program and
will promote it to major corporations active in Africa.

Procter & Gamble - A resolution seeking creative solutions and concerted effort
targeting the plight of 25 million coffee farmers struggling for survival with
prices at a 70-year low has recently been withdrawn. P&G is one of the world's
top five coffee bean purchasers. The withdrawal came in response to a
surprisingly positive and aggressive proposal from the company. More information
will be forthcoming.

Sara Lee - A decision was made not to file a resolution related to the coffee
crisis with this company, choosing to pursue dialogue instead. Shareholders,
lead by MMA, have submitted a letter requesting dialogue with additional
information from the company on its responses to the crisis in bulk coffee
prices affecting 25 million coffee farmers. The goal is to encourage the company
to deepen and formalize its response to this situation and to consider the
increased use of Fair Trade Certified coffee as a part of its efforts to help
stabilize the market.

Explore the MCC Coffee Project

MMA is a co-sponsor of the coffee purchasing project headed up by Mennonite
Central Committee (MCC). The project seeks to encourage church members to
purchase Fair Trade Coffee (for the home and congregation) and invites them to
become involved in relevant advocacy at the governmental/inter-governmental
level. This project provides high quality coffee to North American participants
while ensuring that coffee farmers around the world are paid a price for their
coffee that ensures they can provide for their families. MMA also is working to
give shareholders the opportunity to encourage the companies we are engaged with
to increase their response to the current global coffee crisis. Visit the MMA
Praxis Web site for more information on, and links to, the MCC Coffee Project
and other ways you can let your voice be heard.

Community Development Investing news

While asset levels inside MMA Community Development Investing's portfolios
haven't been growing rapidly--tied as they are to the growth of MMA portfolios
as a whole--some exciting new developments are being seen.

New investments target fair trade and creative affordable housing. MMA CDI
recently made a placement with SERRV International, a fair trade marketing and
retail organization run under the Church of the Brethren, to help them expand
their catalog and retail marketing operations--thereby helping expand the market
for goods produced through fair trade cooperatives. A placement was also made
with Common Ground, an innovative and highly respected developer of affordable
housing in one of the world's toughest real estate markets--Manhattan, New York.
It has recently launched efforts in other "high rent" urban communities in New
York State.

Charitable Giving Option slated for release in late 2003. While MMA CDI is not
yet able to offer a means for individual investors to directly invest in our
community investment portfolios, there is an important way individuals can soon
be involved. Later this year, MMA CDI will launch MMA CDI Circle Trust. This
will be a permanent pool of capital designed to dramatically expand MMA CDI's
ability to accept additional investments--and dramatically increase the number
of disadvantaged communities that can benefit from these investments. Each
tax-deductible dollar donated to the Circle Trust will secure between 10 and 19
dollars of new investments for MMA CDI, ensuring our efforts to open doors of
opportunity through community development investing. Watch the MMA Web site for
news of the launch of the Circle Trust later this year.

New database profiles MMA's community development investments. A recently
launched database, found in the community development investing section of the
MMA Praxis Web site, lets shareholders see just where MMA CDI is investing. The
new database offers access to financial summaries, organizational profiles, and
stories from individuals whose lives are being improved by the work of these
vibrant community development organizations. Learn more about institutions from
20 states and seven foreign countries now represented in MMA CDI's portfolios.

Mark A. Regier
Stewardship Investing Services Manager

- ----------
Some of the companies in bold print 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 6/30/03.

This page intentionally left blank.

MMA Praxis Intermediate Income Fund
Semi-annual report to shareholders
Portfolio managers' letter

The deflation question took interest rates to levels not seen since the 1950s.
The 10-year Treasury, which began the year yielding 3.82 percent, dropped to
3.11 percent in early June before moving up to finish the first half of 2003
with a yield of 3.52 percent.

The Federal Reserve Board recently made several statements indicating that while
the risk of deflation is remote, it is indeed a risk to be concerned about. On
June 25, the Federal Open Market Committee ("FOMC") cut the Fed Funds rate to
1.0 percent, a 45-year low, and commented that: "the probability, though minor,
of an unwelcome fall in inflation exceeds that of a pickup in inflation from its
already low level."

MMA Praxis Intermediate Income Fund invests mainly in high-quality corporate,
mortgage, and agency securities. The fund typically doesn't stray too far from
the duration of the Lehman Brothers Aggregate Bond Index./1/ Nonetheless, the
fund's duration was slightly shorter than the duration of the index during the
second quarter, which was a slight negative in a declining rate environment.

Corporate bond spreads continued to narrow during the year, which helped the
fund's performance. The spread refers to the difference between the yield on a
corporate bond versus the yield on a similar maturity Treasury. The spread
narrowing has the effect of increasing the market value of the corporate bond
relative to the value of a Treasury security. The portfolio, which holds over 40
percent in corporate bonds versus the aggregate exposure of 27 percent, will
tend to outperform during periods of spread narrowing.

Within the corporate bond exposure of the fund are select investments in
high-yield securities, which have strong cashflow and prospects for rating
improvement. The fund also gains added exposure to high-yield securities through
a socially responsible mutual fund, PAX World High Yield Fund (1.96% of net
assets)./2/ High-yield bonds continued to be one of the top-performing asset
class in 2003.

Looking to the second half of 2003, its show-me time for earnings and the
economy. The equity market jumped in the second quarter partially from the
decrease in geopolitical risk but mainly from the prospects of better earnings
in the second half of the year. While we expect the economy to continue to grow
in the second half, and at a quicker pace than in the first half, there is a
good chance Wall Street estimates of Gross Domestic Product/1/ growth and
earnings are higher than what will transpire.

Growth in the second half could be helped by the combined forces of fiscal and
monetary stimulus. A fresh wave of tax cuts will put more money in paychecks
beginning in July, while low interest rates allow for even more refinancing
activity. Corporations have also taken advantage of low rates to lower their
debt service burden.

- ----------
/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 securities.

On the flipside, growth in the second half could be hurt by prolonged modest
capital investment by corporations. Capacity is still greater than demand. It
will take a sustained increase in business activity to cause businesses to
increase capital stock and payrolls. As a result, employment, consumer
sentiment, and personal spending will most likely not appreciate considerably
before year-end.

The key time for the markets will be in October. As is typical, this is when
volatility picks up as corporations report on the first three quarters and
provide guidance on the fourth and final quarter for the year.

Delmar King
MMA Praxis Intermediate Income Fund Co-Manager

Robert W. Nelson, CFA
MMA Praxis Intermediate Income Fund Co-Manager

Performance review

MMA Praxis Intermediate Income Fund
Performance review

Since
1 Year 3 Year 5 Year Inception
------ ------ ------ ---------
Class A 9.80% 8.34% 6.10% 5.91%

Class B 9.40% 7.93% 5.49% 5.59%

Average annual total returns as of 6/30/03

Inception Since
Date 1 Year 3 Year 5 Year Inception
--------- ------ ------ ------ ---------
Class A 5/12/99 9.80% 8.34% 6.10% 5.91%
Class A* 5/12/99 5.66% 6.95% 5.30% 5.49%

Class B 1/4/94 9.40% 7.93% 5.49% 5.59%
Class B** 1/4/94 5.40% 7.36% 5.33% 5.59%

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.

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

[CHART]

Line Chart

Growth of $10,000 investment 1/4/94 to 6/30/03

Lipper
Lehman Intermediate
Brothers Investment
Aggregate Grade
Bond Bond Funds
Class A Class B Index/1/ Average/2/
------- ------- --------- ------------
1/94 9688 9665 10000 10000
9198 9183 9613 9609
12/94 9231 9225 9708 9679
10281 10285 10819 10677
12/95 10844 10867 11502 11336
10618 10741 11362 11183
12/96 11084 11221 11919 11725
11326 11572 12288 12070
12/97 11928 12193 13070 12755
12345 12727 13584 13236
12/98 12797 13197 14206 13759
12581 13061 14011 13565
12/99 12591 13044 14089 13625
12873 13327 14651 14070
12/00 13602 14046 15727 15067
14071 14505 16296 15608
12/01 14498 14918 17055 16305
14910 15316 17701 16713
12/02 15805 16207 18804 17657
6/03 16599 16756 19543 18418

This chart represents historical performance of a hypothetical investment of
$10,000 in the Intermediate Income Fund from 1/4/94 to 6/30/03, and represents
the reinvestment of dividends and capital gains in the fund.

Past performance is no guarantee of future results. Investment returns and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

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.

* Reflects maximum front-end sales charge of 3.75%.
** Reflects applicable contingent deferred sales charge of 4.00%.

/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 indicies 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, 2003
(Unaudited)

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

COLLATERALIZED MORTGAGE OBLIGATIONS (0.6%)

Fannie Mae, Series 1997-M4, Class C, 7.35%, 8/17/18, ACES ........... $ 479,664 $ 515,624

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS .............................. 515,624
----------
CORPORATE BONDS (44.1%)

AGRICULTURAL SERVICES (0.4%)
Cargill, Inc., 7.50%, 9/1/26 ........................................ 250,000 305,313
----------
ASSET BACKED SECURITIES (4.0%)
American Express Master Trust, Series 1994-3, Class A, 7.85%,
8/15/05 .......................................................... 250,000 269,709
Capital One Master Trust, 5.43%, 1/15/07 ............................ 500,000 507,590
Discover Card Master Trust, 6.85%, 7/17/07 .......................... 500,000 541,265
Discover Card Master Trust I, Series 2001-5, Class A, 5.30%,
11/16/06 ......................................................... 1,000,000 1,035,169
Fleet Credit Card Master Trust II, Class A, 5.60%, 12/15/08 ......... 250,000 270,368
MBNA Credit Card Master Note Trust, Series 2003-A1, 3.30%, 7/15/10 .. 300,000 307,799
Regions Auto Receivables Trust, 2.63%, 1/16/07 ...................... 300,000 305,448
----------
3,237,348
----------
AUTOMOTIVE (0.3%)
Lear Corp., Series B, 8.11%, 5/15/09 ................................ 200,000 229,000
Broadcasting/Cable (0.8%) ...........................................
Clear Channel Communications, 4.63%, 1/15/08 ........................ 150,000 157,247
Comcast Corp., 5.85%, 1/15/10 ....................................... 300,000 330,089
Cox Enterprises, Inc., 8.00%, 2/15/07 (b) ........................... 150,000 175,661
----------
662,997
----------
BROKERAGE SERVICES (2.0%)
Goldman Sachs Group, 6.65%, 5/15/09 ................................. 500,000 587,480
Legg Mason, Inc., 6.75%, 7/2/08 ..................................... 350,000 400,942
Lehman Brothers Holdings, 7.00%, 2/1/08 ............................. 300,000 349,735
Morgan Stanley, 5.30%, 3/1/13 ....................................... 300,000 318,853
----------
1,657,010
----------
BUSINESS SERVICES (0.4%)
Equifax, Inc., 6.90%, 7/1/28 ........................................ 300,000 299,250
----------
COMMERCIAL BANKS (1.9%)
First Union Corp., 6.88%, 9/15/05 ................................... 350,000 387,188
Marshall & Ilsley Bank, 6.38%, 9/1/11 ............................... 250,000 290,523
Nationsbank Corp., 7.75%, 8/15/15 ................................... 400,000 511,105
State Street Corp., 7.35%, 6/15/26 .................................. 300,000 378,424
----------
1,567,240
----------
COMMERCIAL BANKS--SOUTHERN U.S. (1.3%)
Bank One Texas, 6.25%, 2/15/08 ...................................... 600,000 686,250
BB&T Corp., 6.38%, 6/30/05 .......................................... 350,000 379,967
----------
1,066,217
----------
COMPUTER SERVICES (0.3%)
Unisys Corp., 8.13%, 6/1/06 ......................................... 250,000 267,500
----------

MMA Praxis Intermediate Income Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

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

CORPORATE BONDS, continued

CONSTRUCTION (1.3%)
D.R. Horton, Inc., 8.50%, 4/15/12 ........................ $200,000 $ 225,000
KB Home, 8.63%, 12/15/08 ................................. 200,000 227,000
Lafarge Corp., 6.38%, 7/15/05 ............................ 300,000 322,500
Vulcan Materials, 5.75%, 4/1/04 .......................... 250,000 257,813
----------
1,032,313
----------

CONSUMER GOODS & SERVICES (0.7%)
VF Corp., 8.10%, 10/1/05 ................................. 500,000 561,875
----------
DATA PROCESSING & REPRODUCTION (0.4%)
First Data Corp., 5.80%, 12/15/08 ........................ 250,000 284,375
----------
ELECTRIC - INTEGRATED (1.4%)
AEP Texas North Co., 5.50%, 3/1/13 (b) ................... 300,000 320,120
Alabama Power Co., Series V, 5.60%, 3/15/33 .............. 300,000 308,801
Ohio Power Co., 7.00%, 7/1/04 ............................ 200,000 211,250
Pepco Holdings, Inc., 3.75%, 2/15/06 ..................... 300,000 310,186
----------
1,150,357
----------

ELECTRONIC COMPONENTS - SEMICONDUCTORS (0.4%)
Applied Materials, Inc., 7.13%, 10/15/17 ................. 250,000 302,813
----------
ENTERTAINMENT (0.4%)
Harman International Ind., 7.32%, 7/1/07 ................. 300,000 327,375
----------
FINANCIAL SERVICES (2.7%)
American Express, 5.50%, 9/12/06 ......................... 375,000 413,885
Citifinancial, 6.13%, 12/1/05 ............................ 350,000 383,378
Ford Motor Credit Corp., 6.75%, 5/15/05 .................. 250,000 261,875
General Electric Capital Corp., 6.88%, 11/15/10 .......... 300,000 358,634
General Electric Capital Corp., 6.75%, 3/15/32 ........... 250,000 292,391
General Motors Acceptance Corp., 6.13%, 2/1/07 ........... 450,000 470,249
----------
2,180,412
----------

FOOD PROCESSING (1.2%)
Dean Foods Co., 8.15%, 8/1/07 ............................ 300,000 333,000
General Mills, Inc., 5.13%, 2/15/07 ...................... 250,000 272,188
Hormel Foods Corp., 6.63%, 6/1/11 ........................ 300,000 352,125
----------
957,313
----------

FOREST PRODUCTS - LUMBER & PAPER (0.4%)
Wayerhaeuser Co., 5.25%, 12/15/09 ........................ 300,000 321,007
----------
HOME DECORATION PRODUCTS (0.7%)
Leggett & Platt, Inc., 7.65%, 2/15/05 .................... 500,000 544,907
----------
INDUSTRIAL GASES (0.4%)
Praxair, Inc., 6.85%, 6/15/05 ............................ 300,000 325,828
----------
INDUSTRIAL GOODS & SERVICES (0.5%)
Masco Corp., 7.75%, 8/1/29 ............................... 300,000 375,750
----------
INSURANCE (4.6%)
AIG Sunamerica Global Financial Index, 5.10%,
1/17/07 ............................................... 600,000 655,499
Allstate Corp., 7.50%, 6/15/13 ........................... 350,000 433,678
Aon Corp., 8.65%, 5/15/05 ................................ 300,000 333,546
Chubb Corp., 6.60%, 8/15/18 .............................. 350,000 398,431

MMA Praxis Intermediate Income Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

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

CORPORATE BONDS, continued

INSURANCE, continued
Harleysville Group, Inc., 6.75%, 11/15/03 ................ $500,000 $ 510,000
Nationwide CSN Trust, 9.88%, 2/15/25 (b) ................. 300,000 343,497
Phoenix Home Life Mutual, 6.95%, 12/1/06 (b) ............. 300,000 323,346
Principal Life Global, 6.25%, 2/15/12 (b) ................ 250,000 282,800
Protective Life Corp., 7.95%, 7/1/04 ..................... 500,000 530,624
----------
3,811,421
----------

MACHINERY - GENERAL INDUSTRIAL (0.5%)
Dover Corp., 6.45%, 11/15/05 ............................. 350,000 387,188
----------
MEDICAL EQUIPMENT & SUPPLIES (0.4%)
Beckman Instruments, Inc., 7.05%, 6/1/26 ................. 300,000 349,250
----------
NATURAL GAS PRODUCTION AND/OR DISTRIBUTION (1.5%)
Keyspan Gas East, 7.88%, 2/1/10 .......................... 250,000 310,000
Laclede Group, Inc., 8.50%, 11/15/04 ..................... 250,000 271,098
Northern Natural Gas, 5.38%, 10/31/12 (b) ................ 300,000 325,502
Southern Union Co., 8.25%, 11/15/29 ...................... 250,000 291,724
----------
1,198,324
----------

OIL & GAS EXPLORATION, PRODUCTION & SERVICES (3.5%)
Anadarko Finance Co., 7.50%, 5/1/31 ...................... 500,000 628,125
Burlington Resources Inc., 7.38%, 3/1/29 ................. 323,000 392,041
Conoco, Inc., 6.95%, 4/15/29 ............................. 325,000 391,219
EOG Resources, Inc., 6.00%, 12/15/08 ..................... 300,000 332,996
National Fuel Gas Co., 6.30%, 5/27/08 .................... 300,000 340,840
Pemex Project Funding Master Trust, 7.38%, 12/15/14 (b) .. 200,000 219,000
Pioneer Natural Resource, 6.50%, 1/15/08 ................. 300,000 326,736
XTO Energy, Inc., 7.50%, 4/15/12 ......................... 200,000 227,000
----------
2,857,957
----------

OPERATIVE BUILDERS (0.1%)
Centex Corp., 7.38%, 6/1/05 .............................. 100,000 109,530
----------
PAPER PRODUCTS (1.4%)
Boise Cascade Co., 7.50%, 2/1/08 ......................... 300,000 327,516
Sonoco Products, 7.00%, 11/15/04 ......................... 250,000 266,563
Westvaco Corp., 6.85%, 11/15/04 .......................... 500,000 530,000
----------
1,124,079
----------

PHARMACEUTICALS (0.4%)
Cardinal Health, Inc., 6.25%, 7/15/08 .................... 250,000 288,177
----------
PUBLISHING: NEWSPAPERS (1.4%)
Knight- Ridder, Inc., 7.13%, 6/1/11 ...................... 500,000 601,918
Thomson Corp., 6.20%, 1/5/12 ............................. 500,000 572,500
----------
1,174,418
----------

REAL ESTATE (0.4%)
EOP Operating LP, 7.00%, 7/15/11 ......................... 300,000 348,171
----------

RETAIL - DEPARTMENT STORES (0.4%)
JC Penny & Co., Inc., 6.13%, 11/15/03 .................... 300,000 301,500

MMA Praxis Intermediate Income Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

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

CORPORATE BONDS, continued

RETAIL - FOOD (1.3%)
Albertson's, Inc., 6.55%, 8/1/04 ................................ $363,000 $ 378,241
Kroger Co., 7.63%, 9/15/06 ...................................... 300,000 342,122
YUM! Brands, Inc., 8.88%, 4/15/11 ............................... 300,000 355,500
-----------
1,075,863
-----------
TELEPHONE - INTEGRATED (2.7%)
Alltel Corp., 7.00%, 7/1/12 ..................................... 250,000 303,450
AT&T Wireless Services, Inc., 7.88%, 3/1/11 ..................... 300,000 354,307
Bellsouth Capital Funding, 7.88%, 2/15/30 ....................... 400,000 521,932
GTE California, Inc., 7.65%, 3/15/07 ............................ 300,000 351,865
Sprint Capital Corp., 7.63%, 1/30/11 ............................ 300,000 342,434
Verizon New York, Inc., Series A, 6.88%, 4/1/12 ................. 250,000 294,291
-----------
2,168,279
-----------
TRANSPORTATION SERVICES (2.8%)
CSX Corp., 7.25%, 5/1/04 ........................................ 500,000 522,500
Federal Express, 10.13%, 7/15/03 ................................ 400,000 401,000
Golden State Petroleum, 8.04%, 2/1/19 ........................... 250,000 240,633
Union Tank Car Co., 7.13%, 2/1/07 ............................... 400,000 449,000
United Parcel Service, 8.38%, 4/1/30 ............................ 500,000 699,999
-----------
2,313,132
-----------
UTILITIES - NATURAL GAS (0.8%)
Michigan Consolidated Gas Co., 8.25%, 5/1/14 .................... 500,000 665,000
-----------

TOTAL CORPORATE BONDS .............................................. 35,828,489
-----------

CORPORATE NOTES (1.1%)

COMMUNITY DEVELOPMENT (1.1%)
MMA Community Development Investment, Inc., 2.29%, 7/1/03+ (c) .. 525,000 525,000
MMA Community Development Investment, Inc., 1.53%, 7/1/03+ (c) .. 350,000 350,000

TOTAL CORPORATE NOTES .............................................. 875,000
-----------
MEDIUM TERM NOTES (0.4%)

ELECTRIC - INTEGRATED (0.4%)
Puget Sound Energy, Inc., 6.74%, 6/15/18 ........................ 250,000 289,375
-----------

TOTAL MEDIUM TERM NOTES ............................................ 289,375
-----------

MUTUAL FUND (2.0%)

MUTUAL FUNDS (2.0%)
Pax World High Yield Fund ....................................... 188,810 1,595,442
-----------

TOTAL MUTUAL FUND .................................................. 1,595,442
-----------

MMA Praxis Intermediate Income Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (48.9%)

FANNIE MAE (23.2%)
6.50%, 8/15/04 ................................... $ 250,000 $ 264,871
2.25%, 5/15/06 ................................... 1,250,000 1,266,713
7.38%, 9/1/06 .................................... 450,000 489,654
4.75%, 1/2/07 .................................... 1,000,000 1,079,766
5.25%, 1/15/09 ................................... 1,250,000 1,403,525
7.25%, 1/15/10 ................................... 1,750,000 2,170,525
7.45%, 10/1/11 ................................... 466,994 536,604
6.00%, 4/1/16 .................................... 1,057,137 1,103,629
6.00%, 8/1/16 .................................... 330,472 344,923
6.00%, 11/1/16 ................................... 648,037 676,375
6.00%, 11/1/16 ................................... 549,477 573,506
5.50%, 12/1/16 ................................... 956,049 993,268
5.50%, 2/1/17 .................................... 340,692 353,957
5.00%, 3/1/18 .................................... 485,296 501,907
7.00%, 11/1/19 ................................... 117,550 124,645
6.50%, 6/1/32 .................................... 721,776 752,691
6.00%, 10/1/32 ................................... 1,443,966 1,501,150
5.00%, 2/1/33 .................................... 1,991,599 2,026,608
5.50%, 3/1/33 .................................... 1,095,394 1,134,091
5.50%, 4/1/33 .................................... 1,481,892 1,534,280
-----------
18,832,688
-----------
FEDERAL HOME LOAN BANK (3.6%)
3.63%, 10/15/04 .................................. 500,000 515,427
3.75%, 8/15/07 ................................... 1,000,000 1,053,407
6.63%, 11/15/10 .................................. 900,000 1,083,374
3.88%, 6/14/13 ................................... 300,000 300,920
-----------
2,953,128
-----------
FREDDIE MAC (15.7%)
6.88%, 1/15/05 ................................... 1,860,000 2,017,934
5.50%, 7/1/17 .................................... 993,147 1,030,078
5.00%, 10/1/17 ................................... 826,087 854,105
5.50%, 11/1/17 ................................... 1,139,148 1,181,508
6.00%, 2/1/18 .................................... 838,011 871,472
5.00%, 5/1/18 .................................... 689,800 713,074
4.50%, 6/1/18 .................................... 1,280,000 1,308,667
6.75%, 9/15/29 ................................... 400,000 495,604
6.50%, 2/1/31 .................................... 159,851 166,342
6.75%, 3/15/31 ................................... 1,218,000 1,516,410
6.50%, 5/1/31 .................................... 283,466 295,604
6.50%, 8/1/31 .................................... 274,855 286,018
6.50%, 2/1/32 .................................... 836,639 870,619
6.00%, 10/1/32 ................................... 1,124,850 1,166,289
-----------
12,773,724
-----------

MMA Praxis Intermediate Income Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

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

U.S. GOVERNMENT AGENCIES, continued

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (6.2%)
6.88%, 9/15/08 ................................................ $ 296,086 $ 320,306
7.50%, 2/15/23 ................................................ 273,439 280,745
7.00%, 12/20/30 ............................................... 358,814 377,541
6.50%, 4/20/31 ................................................ 472,106 493,245
6.50%, 7/20/31 ................................................ 630,757 658,996
7.00%, 10/20/31 ............................................... 220,431 231,847
6.50%, 10/20/31 ............................................... 489,171 511,074
7.00%, 3/20/32 ................................................ 1,080,677 1,136,689
6.93%, 9/15/39 ................................................ 430,620 494,950
6.85%, 10/15/39 ............................................... 491,458 563,781
-----------
5,069,174
-----------
SMALL BUSINESS ADMINISTRATION (0.2%)
7.35%, 8/10/05 ................................................ 102,004 110,794
2.00%, 9/25/18 ................................................ 46,425 46,500
-----------
157,294
-----------
TOTAL U.S. GOVERNMENT AGENCIES ................................... 39,786,008
-----------

U.S. GOVERNMENT AGENCIES* - DISCOUNT NOTES (1.2%)

FEDERAL NATIONAL MORTGAGE ASSOCIATION (1.2%)
0.95%, 7/21/03 ................................................ 1,000,000 999,472
-----------

TOTAL U.S. GOVERNMENT AGENCIES* - DISCOUNT NOTES ................. 999,472
-----------

U.S. TREASURY OBLIGATIONS (0.1%)

PRIVATE EXPORT FUNDING (0.1%)
Export Funding Trust, Series 1994-A, Class A, 7.89%, 2/15/05 .. 50,000 52,396
-----------

TOTAL U.S. TREASURY OBLIGATIONS .................................. 52,396
-----------

TOTAL INVESTMENTS (COST $75,721,022) (a) - 98.4% ................. 79,941,806
Other assets in excess of liabilities - 1.6% .................. 1,295,669
-----------
NET ASSETS - 100.0% ........................................... $81,237,475
===========

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

Unrealized appreciation .................................... $4,305,846
Unrealized depreciation .................................... (85,064)
----------
Net unrealized depreciation ................................ $4,220,784
==========
(b) 144A security which is restricted as to resale to institutional investors.
These securities have been deemed liquid under guidelines established by
the Board of Trustees.
(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.
* Rates disclosed represent yield effective at purchase.
+ Rates presented are the rates in effect at June 30, 2003. Date presented
reflects next rate change date. ACES - Automatic Common Exchange Securities

See notes to financial statements.

Statement of assets and liabilities

MMA Praxis Intermediate Income Fund
Statement of assets and liabilities
June 30, 2003
(Unaudited)

ASSETS:
Investments, at value (cost $74,846,022) .............................. $79,066,806
Investment in affiliates, at value (cost $875,000) .................... 875,000
-----------
Total Investments ............................................... 79,941,806
-----------
Cash .................................................................. 595,928
Interest receivable ................................................... 966,339
Receivable for capital shares issued .................................. 17,581
Receivable from investment advisor .................................... 1,789
Prepaid expenses ...................................................... 30,422
-----------
Total Assets .................................................... 81,553,865
-----------
LIABILITIES:
Distributions payable to shareholders ................................. 200,341
Accrued expenses and other payables:
Administration fees ................................................ 3
Distribution fees .................................................. 33,355
Shareholder servicing fees ......................................... 3,346
Other .............................................................. 79,345
-----------
Total Liabilities ............................................... 316,390
-----------
NET ASSETS:
Capital ............................................................... 78,619,979
Accumulated net investment income ..................................... 69,018
Accumulated net realized losses from investment transactions .......... (1,672,306)
Net unrealized appreciation from investments .......................... 4,220,784
-----------
Net Assets ...................................................... $81,237,475
===========
Net Assets
Class A ............................................................ $36,681,037
Class B ............................................................ 44,556,438
-----------
Total ........................................................... $81,237,475
===========
Shares Outstanding
(unlimited number of shares authorized with $.01 par value) ...........
Class A ............................................................ 3,592,130
Class B ............................................................ 4,365,319
-----------
Total ........................................................... 7,957,449
===========
Net asset value
Class A - Redemption price per share ............................... $ 10.21
===========
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) .. $ 10.61
===========
Class B - offering price per share* ................................ $ 10.21
===========

- ----------
* 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, 2003
(Unaudited)

INVESTMENT INCOME:
Interest ......................................................... $1,860,336
Dividends ........................................................ 38,751
Interest from affiliates ......................................... 14,891
----------
Total Investment Income .................................... 1,913,978
----------
EXPENSES:
Investment advisory fees ......................................... 192,815
Administration fees .............................................. 57,845
Distribution fees-Class A ........................................ 42,550
Distribution fees-Class B ........................................ 161,573
Shareholder servicing fees-Class A ............................... 42,550
Shareholder servicing fees-Class B ............................... 53,858
Custodian fees ................................................... 5,462
Accounting fees .................................................. 26,630
Trustees' fees and expenses ...................................... 3,829
Transfer agent fees .............................................. 115,852
Other expenses ................................................... 46,061
----------
Total expenses before reductions/reimbursements ............ 749,025
Expenses reimbursed by Investment Advisor ..................... (217,119)
Expenses reduced by Administrator ............................. (19,282)
Expenses reduced by Distributor ............................... (102,141)
----------
Net Expenses ............................................... 410,483
----------
Net Investment Income ............................................ 1,503,495
----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gains from investment transactions .................. 939,587
Change in unrealized appreciation/depreciation from investments .. 246,604
----------
Net realized/unrealized gains on investments ..................... 1,186,191
----------
Change in net assets resulting from operations ................... $2,689,686
==========

See notes to financial statements.

Statements of changes in net assets

MMA Praxis Intermediate Income Fund
Statements of changes in net assets

Six Months Year Ended
Ended June 30, December 31,
2003 2002
- --------------------------------------------------------------------------------------------
(Unaudited)

From Investment Activities:
Net investment income ...................................... $ 1,503,495 $ 3,221,076
Net realized gains (losses) from investment transactions ... 939,587 (622,363)
Change in unrealized appreciation/depreciation from
investments ............................................. 246,604 3,157,977
----------- -----------
Change in net assets resulting from operations ............. 2,689,686 5,756,690
----------- -----------
Distributions to Class A Shareholders:
From net investment income .............................. (670,741) (1,498,300)

Distributions to Class B Shareholders:
From net investment income .............................. (764,013) (1,762,762)
----------- -----------
Change in net assets from capital transactions ............. (1,434,754) (3,261,062)
----------- -----------
Change in net assets from capital transactions ............. 6,047,328 8,695,041
----------- -----------

Change in net assets ....................................... 7,302,260 11,190,669

Net Assets:
Beginning of period ..................................... 73,935,215 62,744,546
----------- -----------
End of period ........................................... $81,237,475 $73,935,215
=========== ===========

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 Year Ended Year Ended Year Ended Period Ended
Ended June 30, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999(a)
- ----------------------------------------------------------------------------------------------------------------------------
(unaudited)

Net Asset Value, Beginning of Period ......... $ 10.05 $ 9.69 $ 9.62 $ 9.46 $ 9.88
------- ------- ------- ------- -------
Investment Activities:
Net investment income ..................... 0.21 0.48 0.54 0.58 0.33
Net realized and unrealized gains
(losses) from investments .............. 0.15 0.37 0.07 0.16 (0.37)
------- ------- ------- ------- -------
Total from Investment Activities .......... 0.36 0.85 0.61 0.74 (0.04)
------- ------- ------- ------- -------
Distributions:
Net investment income ..................... (0.20) (0.49) (0.54) (0.58) (0.37)
Net realized gains ........................ -- -- -- -- (0.01)
------- ------- ------- ------- -------
Total Distributions ....................... (0.20) (0.49) (0.54) (0.58) (0.38)
------- ------- ------- ------- -------
Net Asset Value, End of Period ............... $ 10.21 $ 10.05 $ 9.69 $ 9.62 $ 9.46
======= ======= ======= ======= =======
Total Return (excludes sales charge) ......... 3.58%(b) 9.02% 6.47% 8.03% (0.45%)(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) ......... $36,681 $32,391 $26,931 $20,410 $17,670
Ratio of expenses to average net assets ... 0.85%(c) 0.85% 0.85% 0.85% 0.85%(c)
Ratio of net investment income to
average net assets ..................... 4.12%(c) 4.94% 5.59% 6.15% 5.81%(c)
Ratio of expenses to average net assets*... 1.66%(c) 1.69% 1.65% 1.66% 1.66%(c)
Portfolio turnover (d) .................... 23.78% 58.16% 36.00% 49.66% 37.78%

- ----------
* 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 12, 1999 (commencement of operations) through
December 31, 1999.
(b) Not annualized.
(c) 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 Intermediate Income Fund
Financial highlights, continued

For a share outstanding throughout the period indicated.

Class B Shares
-----------------------------------------------------------------------------------------
Six Months Year Ended Year Ended Year Ended Year Ended Year Ended
Ended June 30, December 31, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)

Net Asset Value, Beginning of Period ... $ 10.05 $ 9.69 $ 9.61 $ 9.46 $ 10.17 $ 10.01
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income .............. 0.19 0.45 0.52 0.55 0.54 0.54
Net realized and unrealized gains
(losses) from investments ........ 0.15 0.36 0.07 0.15 (0.73) 0.17
------- ------- ------- ------- ------- -------
Total from Investment Activities ....... 0.34 0.81 0.59 0.70 (0.19) 0.71
------- ------- ------- ------- ------- -------

Distributions:
Net investment income ............... (0.18) (0.45) (0.51) (0.55) (0.51) (0.54)
Net realized gains .................. -- -- -- -- (0.01) (0.01)
------- ------- ------- ------- ------- -------
Total Distributions .................... (0.18) (0.45) (0.51) (0.55) (0.52) (0.55)
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ......... $ 10.21 $ 10.05 $ 9.69 $ 9.61 $ 9.46 $ 10.17
======= ======= ======= ======= ======= =======

Total Return (excludes redemption
charge) ............................. 3.39%(a) 8.64% 6.21% 7.68% (1.90%) 7.29%

Ratios/Supplemental Data:
Net Assets at end of period (000) ...... $44,556 $41,544 $35,814 $33,212 $33,111 $42,388
Ratio of expenses to average net
assets .............................. 1.30%(b) 1.20% 1.20% 1.20% 1.16% 1.10%
Ratio of net investment income to
average net assets .................. 3.73%(b) 4.59% 5.26% 5.79% 5.35% 5.37%
Ratio of expenses to average net
assets* ............................. 2.16%(b) 2.19% 2.15% 2.16% 2.17% 2.37%
Portfolio turnover (c) ................. 23.78% 58.16% 36.00% 49.66% 37.78% 33.89%

- ----------
* 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 Core Stock Fund
Semi-annual report to shareholders
Portfolio managers' letter

At the beginning of the year we wrote about the prospects of war, a weak
economy, and the continuing aftermath of the speculative bubble. Not exactly the
stuff of a strong stock market rally, but what a rally it has been. Since its
most recent low on March 11, the S&P 500 Index/1/ has rallied 21.7 percent.

Reasons for the rally are many, but it all started with investors' early
perception of success of the U.S. military campaign in Iraq. The rally might
have fizzled with the fall of Baghdad in early April, but companies soon began
reporting stronger-than-expected profits for the first quarter. These profit
surprises came mostly as a result of strong cost controls and productivity gains
because of slimmed-down payrolls, but they were profits nonetheless.

The positive profit news caused investor sentiment to shift from overwhelmingly
negative to giddily positive in a short period of time. Company news that only a
few months earlier would have sent the market lower was shrugged off as
irrelevant. As sentiment shifted, cash flowed into stock funds inducing
investment managers to buy stocks. Hedge fund managers, who had been short
stocks (the act of borrowing and selling stocks in anticipation of buying them
later at lower prices, thus "covering" their short positions) began to cover
their positions to avoid losses, creating even more buying pressure.

Oil prices continued to fall from their pre-war highs, and lower interest rates
encouraged investors to bid stocks higher since future earnings could be
discounted at lower rates. Also, bond investors became wary that the debt rally
might be running out of steam. With rates so low and bond prices so high, many
began to view stocks as comparatively more promising investments. Finally, the
tax plan passed by Congress primed the economic pump even more, increasing the
expectation that the U.S. economy was ripe for a second-half recovery.

Missing from the second quarter's strong performance was widespread improvement
in corporate revenue growth. Most companies are still cautious about the rest of
the year. The proof of the current rally will be in the ability of companies to
deliver the performance that investors have already factored into stock prices.

Portfolio review

MMA Praxis Core Stock Fund benefited from the many positive stimuli discussed
above, but disproportionately less than the market indexes. A number of factors
negatively impacted the fund's relative performance even as the fund's holdings
rose along with the equity markets.

While the fund held some stocks with very strong performance during the quarter,
it didn't own enough of them. Dollar General (1.44% of net assets as of
6/30/03), AOL Time Warner (0.81%), Sun Microsystems (0.36%), Chubb (1.87%),
Cisco (1.40%), and Intel (1.55%) all generated impressive gains (from 25 percent
to 50 percent), but none of them were among our top 10 holdings. By contrast,
some of the fund's largest holdings didn't participate in

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

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

the rally. Microsoft (2.74%), Fannie Mae (2.92%), and Procter & Gamble (2.83%)
were up only modestly while Johnson & Johnson (3.08%) traded down over 10
percent in marked contrast to many of its brethren in the healthcare sector.

Among the first group of strong performers, semiconductors, brokers, and certain
industrial stocks did very well as they normally do when the market rises from a
sharp bottom. The fund's portfolio has some exposure to each of these areas of
the market, but failed to hold enough of these types of stocks to keep up.

The second group of strong performers, those that were most beaten down during
the bear market, included stocks like Lucent, Nortel, JDS Uniphase, and Corning
that all recovered from very low, lows after the bottom fell out of the
telecommunications equipment market. While the fund owned some of these stocks
in the past, they were sold earlier in the bear market on concerns that their
recovery was a long way off. Despite their stock price success, these companies
continue to struggle in what the CEO of Tellabs recently called "a sick
industry."

Stocks in the utility sector also rebounded tremendously from their lows.
Williams Companies, which we have written about in the past, recovered from the
brink of insolvency late last year to generate a 190 percent return in the
second quarter. We sold Williams last November on concern about the company's
lack of liquidity. Others in the group including Dynegy, AES, and Calpine all
recovered by over 100 percent during the quarter./2/

Finally, some sectors like homebuilding and biotechnology stocks did very well
because the conditions were just right. The homebuilders have been on a tear
since early in the fourth quarter of 2002, fueled by low mortgage rates and
widespread consolidation in the homebuilding industry. The fund has exposure to
the homebuilding industry through Masco Corporation (2.23%) that generates
roughly 40 percent of its revenues by selling products and providing
installation services for the building of new homes. Masco joined in the rally,
trading up 29 percent during the quarter./2/

Biotechnology companies also performed relatively better than pharmaceutical and
medical technology companies, to the fund's disadvantage. Companies like
Medimmune, Amgen, and Genzyme all generated returns greater than 30 percent
during the quarter. By contrast, the fund's holdings in medical technology
companies like Medtronic (3.05%) and Biomet (1.74%) trailed, while its largest
holdings in the pharmaceutical sector like Pfizer (3.60%) and Merck (1.97%)
generated solid, but not stellar, returns. Johnson & Johnson registered a loss
of 10.3 percent for the quarter as investors, in a counter-intuitive move, sold
off the stock after J&J released its much-anticipated new drug-coated stent./2/

Transactions

During the first half of the year we added three very strong companies to the
fund's portfolio, each market leaders in their own right, at valuations that we
believe give the fund room to generate healthy returns. Sysco Corp (1.06%) is
first and foremost a food distribution company that focuses on independent
restaurants but also serves chains, hospitals, hotels, and other institutions.
Strong margins on its own brands and opportunities to consolidate a very
fragmented food distribution market in the U.S. give Sysco plenty of room to
grow. We started a position when it traded lower in March as investors learned
of accounting problems at Sysco's smaller rival, U.S. Foodservice.

We also purchased Dover Corporation (1.28%), a diversified manufacturing company
whose 50 companies are usually No. 1 or No. 2 in their niche markets. The
company has a history of

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

acquiring strong companies, retaining management, and operating a very
decentralized organization. Despite aggressive restructuring, the company has
suffered from low sales growth over the last two years. We used this opportunity
to purchase a company with strong prospects for growth as the economy recovers,
but which was trading at depressed levels./2/

More recently, we purchased 3M Company (0.44%), a diversified technology and
chemical company with leading positions in health care, safety, electronics,
telecommunications, industrial, consumer and office, and other markets. We
expect the operational improvements made under new management over the last few
years will continue./2/

In a general sense, we positioned the fund's portfolio during the first half of
the year with the expectation that the economy would slowly recover. The fund
owned stocks that we thought would do well in this positive, but relatively
lukewarm, scenario. To date, the economy appears to be on a modest upward
trajectory like we expected, but investors as a whole are clearly anticipating a
significantly better recovery in the economy and corporate earnings in the
second half of the year.

Outlook

Second quarter corporate earnings appear to be coming in with a positive bias,
though some companies are still struggling. According to Thomson First Call,
companies made fewer negative preannouncements about their second quarter
earnings than they did in the first quarter, suggesting that business is
improving.

We expect the economy to remain on an improving trend due to very expansionary
fiscal and monetary policies. Because of this, we anticipate adding to the
fund's holdings in the industrial sector, which we believe has yet to
participate fully in the stock market rally.

We conclude with a word about what we have been doing in the face of our poor
relative performance during the first half of the year. First, we are not
changing our basic view on what constitutes a good long-term investment. We
continue to look for well-managed companies that are gaining market share and
that are trading at reasonable valuations relative to their earning power.
Second, we have redoubled our efforts with respect to evaluating the fund's
holdings. We are asking ourselves questions like:

.. Why did we buy this stock in the first place?
.. What is our current thesis on the stock?
.. What would cause us to sell?

We will continue to invest with a long-term view while taking cues from latest
company and market information available to us.

Chad M. Horning, CFA
MMA Praxis Core Stock Fund co-manager

John M. Nussbaum, CFA
MMA Praxis Core Stock Fund co-manager

- -----------
Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

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

Performance review

MMA Praxis Core Stock Fund
Performance review

Average annual total returns as of 6/30/03

Since
1 Year 3 Year 5 Year Inception
------ ------ ------ ---------
Class A -4.55% -8.04% -2.05% 7.02%

Class B -5.18% -8.61% -2.57% 6.72%

Inception Since
Date 1 Year 3 Year 5 Year Inception
--------- ------ ------ ------ ---------
Class A 5/12/99 -4.55% -8.04% -2.05% 7.02%
Class A* 5/12/99 -9.57% -9.68% -3.10% 6.42%

Class B 1/4/94 -5.18% -8.61% -2.57% 6.72%
Class B** 1/4/94 -8.97% -9.21% -2.72% 6.72%

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

Growth of $10,000 investment 1/4/94 to 6/30/03

Core Stock Line plot points
Standard &
Class A Class B Domini 400 Poor's 500
-------- ------- Social Stock
Index /2/ Index /1/
---------- ----------
1/94 9744 9880 10000 10000
9177 9296 9661 9612
12/94 9504 9637 10132 10018
11345 11569 12180 12141
12/95 12671 12968 13939 13845
13294 13726 15347 15238
12/96 14683 15191 17140 17126
17057 17795 20673 20865
12/97 18962 19805 22858 23678
20011 21012 26907 28160
12/98 20092 21097 29391 31859
23351 24607 33030 35791
12/99 22643 23775 35576 39667
23201 24284 35425 38731
12/00 22546 23528 32336 33963
21495 22353 30171 31490
12/01 20769 21521 28497 29864
18899 19547 24737 26315
12/02 16998 17524 22190 20734
6/03 18040 18535 24797 23116

This chart represents historical performance of a hypothetical investment of
$10,000 in the Core Stock Fund from 1/4/94 to 6/30/03, and represents the
reinvestment of dividends and capital gains in the fund.

* Reflects maximum front-end sales charge of 5.25%.
** Reflects applicable contingent deferred sales charge of 4.00%.

/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.

/2/ The Domini 400 Social Index is an unmanaged index of 400 common stocks that
pass multiple, broad-based social screens and is intended to be generally
representative of the socially responsible investment market.

The above indicies are for illustrative purposes only and do 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, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS (94.3%)

BANKS (8.8%)
Bank of America Corp. ............................... 45,000 $ 3,556,350
Bank One Corp. ...................................... 63,000 2,342,340
Fifth Third Bancorp. ................................ 45,000 2,580,300
Wells Fargo Co. ..................................... 88,000 4,435,199
-----------
12,914,189
-----------
BEVERAGES (3.4%)
PepsiCo, Inc. ....................................... 113,000 5,028,500
-----------
CHEMICALS - GENERAL (1.4%)
Air Products & Chemicals, Inc. ...................... 51,000 2,121,600
-----------
COMPUTERS & PERIPHERALS (4.4%)
Cisco Systems, Inc. (b) ............................. 124,000 2,069,560
Dell Computer Corp. (b) ............................. 51,000 1,629,960
Intel Corp. ......................................... 110,000 2,286,240
Sun Microsystems, Inc. (b) .......................... 115,000 529,000
-----------
6,514,760
-----------
CONSUMER GOODS & SERVICES (2.8%)
Procter & Gamble Co. ................................ 47,000 4,191,460
-----------
COSMETICS & TOILETRIES (2.8%)
Gillette Co. ........................................ 55,000 1,752,300
Kimberly Clark Corp. ................................ 45,000 2,346,300
-----------
4,098,600
-----------
ELECTRONIC & ELECTRICAL - GENERAL (4.7%)
Altera Corp. (b) .................................... 22,000 360,800
Emerson Electric Co ................................. 65,000 3,321,500
Jabil Circuit, Inc. (b) ............................. 62,000 1,370,200
Texas Instruments, Inc .............................. 46,000 809,600
Thomas & Betts Corp. (b) ............................ 74,000 1,069,300
-----------
6,931,400
-----------
FINANCIAL SERVICES (5.4%)
Citigroup, Inc. ..................................... 85,000 3,638,000
Fannie Mae .......................................... 64,000 4,316,160
-----------
7,954,160
-----------
FOOD DISTRIBUTORS & WHOLESALERS (2.5%)
Safeway, Inc. (b) ................................... 102,600 2,099,196
Sysco Corp. ......................................... 52,100 1,565,084
-----------
3,664,280
-----------
FOOD PRODUCTS (1.1%)
Sara Lee Corp. ...................................... 86,000 1,617,660
-----------
HOME DECORATION PRODUCTS (1.3%)
Newell Rubbermaid, Inc. ............................. 70,000 1,960,000
-----------

MMA Praxis Core Stock Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

INDUSTRIAL GOODS & SERVICES (2.2%)
Masco Corp. ......................................... 138,000 $ 3,291,300
-----------
INSURANCE (6.9%)
Allstate Corp. ...................................... 80,000 2,852,000
American International Group, Inc. .................. 61,000 3,365,980
Chubb Corp. ......................................... 46,000 2,760,000
Protective Life Corp. ............................... 45,000 1,203,750
-----------
10,181,730
-----------
MANUFACTURING (1.7%)
3M Co. .............................................. 5,000 644,900
Dover Corp. ......................................... 63,000 1,887,480
-----------
2,532,380
-----------
MEDICAL SUPPLIES (7.9%)
Biomet, Inc. ........................................ 90,000 2,579,400
Johnson & Johnson, Inc. ............................. 88,000 4,549,600
Medtronic, Inc. ..................................... 94,000 4,509,180
-----------
11,638,180
-----------
MULTIMEDIA (0.8%)
AOL Time Warner, Inc. (b) ........................... 74,000 1,190,660
-----------
NEWSPAPERS (1.1%)
Gannett Co., Inc. ................................... 21,900 1,682,139
-----------
OFFICE EQUIPMENT & SERVICES (2.4%)
Pitney Bowes, Inc. .................................. 92,000 3,533,720
-----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (3.0%)
Anadarko Petroleum Corp. ............................ 35,000 1,556,450
ENSCO International, Inc. ........................... 50,000 1,345,000
Transocean Sedco Forex, Inc. ........................ 73,000 1,603,810
-----------
4,505,260
-----------
OIL - INTEGRATED (2.4%)
BP Amoco PLC ADR .................................... 86,000 3,613,720
-----------
OILFIELD SERVICES & EQUIPMENT (0.7%)
Schlumberger Ltd. ................................... 21,000 998,970
-----------
PACKAGING/CONTAINERS (1.6%)
Sonoco Products Co. ................................. 98,000 2,353,960
-----------
PHARMACEUTICALS (8.7%)
Cardinal Health, Inc. ............................... 70,000 4,501,000
Merck & Co., Inc. ................................... 48,000 2,906,400
Pfizer, Inc. ........................................ 156,000 5,327,400
-----------
12,734,800
-----------
RAILROADS (1.0%)
Norfolk Southern Corp. .............................. 76,000 1,459,200
-----------

MMA Praxis Core Stock Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

RESTAURANTS (1.2%)
Darden Restaurants, Inc. ........................ 52,500 $ 996,450
Wendy's International, Inc. ..................... 26,000 753,220
------------
1,749,670
------------
RETAIL (5.8%)
Dollar General Corp. ............................ 116,562 2,128,422
Lowe's Cos., Inc. ............................... 62,000 2,662,900
Target Corp. .................................... 102,000 3,859,680
------------
8,651,002
------------
SOFTWARE & COMPUTER SERVICES (5.2%)
First Data Corp. ................................ 40,000 1,657,600
Microsoft Corp. ................................. 158,000 4,046,380
Oracle Corp. (b) ................................ 167,000 2,007,340
------------
7,711,320
------------
TECHNOLOGY (0.3%)
Applied Materials, Inc. (b) ..................... 32,000 507,520
------------
TELECOMMUNICATIONS (2.8%)
AT&T Wireless Services, Inc. (b) ................ 78,342 643,188
SBC Communications, Inc. ........................ 65,000 1,660,750
Verizon Communications, Inc. .................... 46,000 1,814,700
------------
4,118,638
------------

TOTAL COMMON STOCKS ................................ 139,450,778
------------
CORPORATE NOTES (1.3%)

COMMUNITY DEVELOPMENT (1.3%)
MMA Community Development Investment, Inc.,
1.53%, 7/1/03+ (c) ........................... $ 395,000 395,000
MMA Community Development Investment, Inc.,
2.29%, 7/1/03+ (c) ........................... 1,570,000 1,570,000
------------
TOTAL CORPORATE NOTES .............................. 1,965,000
------------
U.S. GOVERNMENT AGENCIES* - DISCOUNT NOTES (3.9%)

FEDERAL HOME LOAN MORTGAGE CORPORATION (3.1%)
0.90%, 8/14/03 .................................. 4,500,000 4,494,722
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (0.8%)
0.95%, 7/21/03 .................................. 1,250,000 1,249,340
------------
TOTAL U.S. GOVERNMENT AGENCIES* - DISCOUNT NOTES ... 5,744,062
------------
TOTAL INVESTMENTS (COST $157,144,034) (a) - 99.5% .. 147,159,840
Other assets in excess of liabilities - 0.5% .... 738,501
------------
NET ASSETS - 100.0% ............................. $147,898,341
============

MMA Praxis Core Stock Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

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

Unrealized appreciation ................... $ 18,066,254
Unrealized depreciation ................... (28,050,448)
------------
Net unrealized depreciation $ (9,984,194)
============
(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.
* Effective yield at purchase.
+ Variable rate security. Rates presented are the rates in effect at June 30,
2003. Date presented reflects next rate change date.

ADR - American Depositary Receipt
PLC - Public Liability Co.

See notes to financial statements.

Statement of assets and liabilities

MMA Praxis Core Stock Fund
Statement of assets and liabilities
June 30, 2003
(Unaudited)

ASSETS:
Investments, at value (cost $155,179,034) ...................... $145,194,840
Investment in affiliates, at value (cost $1,965,000) ........... 1,965,000
------------
Total Investments ........................................ 147,159,840
------------
Cash ........................................................... 1,044,323
Interest and dividends receivable .............................. 151,871
Receivable for capital shares issued ........................... 42,799
Prepaid expenses ............................................... 39,971
------------
Total Assets ............................................. 148,438,804
------------

LIABILITIES:
Distributions payable to shareholders .......................... 10,983
Payable for investments purchased .............................. 258,498
Accrued expenses and other payables:
Investment advisory fees .................................... 43,425
Distribution fees ........................................... 79,154
Shareholder servicing fees .................................. 26,824
Other ....................................................... 121,579
------------
Total Liabilities ........................................ 540,463
------------
NET ASSETS:
Capital ........................................................ 179,060,212
Accumulated net investment loss ................................ (20,636)
Accumulated net realized losses from investment transactions ... (21,157,041)
Net unrealized depreciation from investments ................... (9,984,194)
------------
Net Assets ............................................... $147,898,341
============

Net Assets
Class A ..................................................... $ 32,175,960
Class B ..................................................... 115,722,381
------------
Total .................................................... $147,898,341
============
Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ..................................................... 2,757,223
Class B ..................................................... 10,184,324
------------
Total .................................................... 12,941,547
============
Net asset value
Class A - Redemption Price Per Share ........................ $ 11.67
============
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) ............................ $ 12.32
============
Class B - offering price per share* ......................... $ 11.36
============

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

See notes to financial statements.

MMA Praxis Core Stock Fund
Statement of operations
For the six months ended June 30, 2003
(Unaudited)

INVESTMENT INCOME:
Interest ........................................................ $ 22,285
Dividend ........................................................ 1,091,771
Interest from affiliates ........................................ 36,030
-----------
Total Investment Income ................................... 1,150,086
-----------

EXPENSES:
Investment advisory fees ........................................ 509,933
Administration fees ............................................. 103,365
Distribution fees-Class A ....................................... 34,973
Distribution fees-Class B ....................................... 411,902
Shareholder servicing fees-Class A .............................. 34,973
Shareholder servicing fees-Class B .............................. 137,301
Custodian fees .................................................. 79
Accounting fees ................................................. 25,519
Trustees' fees and expenses ..................................... 7,149
Transfer agent fees ............................................. 207,377
Other expenses .................................................. 83,318
-----------
Total expenses before reductions/reimbursements ........... 1,555,889
Expenses reimbursed by Investment Advisor .................... (282,095)
Expenses reduced by Administrator ............................ (34,456)
Expenses reduced by Distributor .............................. (79,599)
-----------
Net Expenses .............................................. 1,159,739
-----------
Net Investment Loss ............................................. (9,653)
-----------

NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS:
Net realized losses from investment transactions ................ (2,046,020)
Change in unrealized appreciation/depreciation from
investments .................................................. 10,135,744
-----------
Net realized/unrealized gains on investments .................... 8,089,724
-----------
Change in net assets resulting from operations .................. $ 8,080,071
===========

See notes to financial statements.

Statements of changes in net assets

MMA Praxis Core Stock Fund
Statements of changes in net assets

Six Months Year Ended
Ended June 30, December 31,
2003 2002
- -------------------------------------------------------------------------------------------
(Unaudited)

From Investment Activities:
Net investment loss ....................................... $ (9,653) $ (166,962)
Net realized losses from investments ...................... (2,046,020) (14,843,919)
Change in unrealized appreciation/depreciation from
investments ............................................ 10,135,744 (15,766,559)
------------ ------------
Change in net assets resulting from operations ............ 8,080,071 (30,777,440)
------------ ------------
Distributions to Class A Shareholders:
From net investment income ............................. (10,983) --
------------ ------------
Change in net assets from distributions to shareholders ... (10,983) --
------------ ------------
Change in net assets from capital transactions ............ 2,917,378 3,121,899
------------ ------------
Change in net assets ...................................... 10,986,466 (27,655,541)

Net Assets:
Beginning of period .................................... 136,911,875 164,567,416
------------ ------------
End of period .......................................... $147,898,341 $136,911,875
============ ============

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 Year Ended Year Ended Year Ended Period Ended
Ended June 30, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999(a)
- -----------------------------------------------------------------------------------------------------------------------------
(Unaudited)

Net Asset Value, Beginning of Period ........... $ 11.00 $ 13.44 $ 14.59 $ 15.02 $ 17.39
------- ------- ------- ------- -------
Investment Activities:
Net investment income ....................... 0.03 0.04 0.03 0.03 0.01
Net realized and unrealized gains (losses)
from investments ......................... 0.64 (2.48) (1.18) (0.08) (0.24)
------- ------- ------- ------- -------
Total from Investment Activities ............ 0.67 (2.44) (1.15) (0.05) (0.23)
------- ------- ------- ------- -------
Distributions:
Net realized gains .......................... -- -- -- (0.38) (2.14)
------- ------- ------- ------- -------
Total Distributions ......................... -- -- -- (0.38) (2.14)
------- ------- ------- ------- -------
Net Asset Value, End of Period ................. $ 11.67 $ 11.00 $ 13.44 $ 14.59 $ 15.02
======= ======= ======= ======= =======
Total Return (excludes sales charge) ........... 6.13%(b) (18.15%) (7.88%) (0.43%) (0.91%)(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) ........... $32,176 $25,314 $24,780 $17,783 $10,318
Ratio of expenses to average net assets ..... 1.25%(c) 1.20% 1.20% 1.20% 1.20%(c)
Ratio of net investment income to average
net assets ............................... 0.45%(c) 0.35% 0.25% 0.21% 0.20%(c)
Ratio of expenses to average net assets*..... 1.86%(c) 1.94% 1.86% 1.82% 1.82%(c)
Portfolio turnover (d) ...................... 1.60% 10.20% 17.58% 22.77% 77.18%

- ----------
* During the period, certain expenses were voluntarily reduced/reimbursed. If
such expense reduction had not occurred, the ratios would have been as
indicated.
(a) For the period from May 12, 1999 (commencement of operations) through
December 31, 1999.
(b) Not annualized.
(c) 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.

Net Asset Value, Beginning of Period .. $ 10.74 $ 13.19 $ 14.42 $ 14.94 $ 15.29 $ 15.72
-------- -------- -------- -------- -------- --------

Investment Activities:
Net investment loss ................ (0.01) (0.02) (0.04) (0.05) (0.06) --
Net realized and unrealized gains
(losses) from investments ....... 0.63 (2.43) (1.19) (0.09) 1.85 0.84
-------- -------- -------- -------- -------- --------
Total from Investment Activities ...... 0.62 (2.45) (1.23) (0.14) 1.79 0.84
-------- -------- -------- -------- -------- --------
Distributions:
Net realized gains ................. -- -- -- (0.38) (2.14) (1.27)
-------- -------- -------- -------- -------- --------
Total Distributions ................... -- -- -- (0.38) (2.14) (1.27)
-------- -------- -------- -------- -------- --------

Net Asset Value, End of Period ........ $ 11.36 $ 10.74 $ 13.19 $ 14.42 $ 14.94 $ 15.29
======== ======== ======== ======== ======== ========

Total Return (excludes redemption
charge) ............................ 5.77%(a) (18.57%) (8.53%) (1.04%) 12.16% 5.96%
Ratios/Supplemental Data:
Net Assets at End of Period (000) .. $115,722 $111,598 $139,788 $158,850 $158,286 $136,976
Ratio of expenses to average net
assets ............................. 1.90%(b) 1.75% 1.75% 1.75% 1.75% 1.69%
Ratio of net investment loss to
average net assets ................. (0.13%)(b) (0.20%) (0.31%) (0.33%) (0.41%) (0.02%)
Ratio of expenses to average net
assets* ............................ 2.36%(b) 2.44% 2.36% 2.31% 2.35% 2.53%
Portfolio turnover (c) ................ 1.60% 10.20% 17.58% 22.77% 77.18% 91.32%

See notes to financial statements.

MMA Praxis Value Index Fund
Semi-annual report to shareholders
Portfolio managers' letter

Value stocks performed comparatively better than growth stocks during the first
half of the year, but nearly all boats rose with the tide of improving investor
sentiment. All but 30 stocks in the S&P 500 Index/1/ rose during the second
quarter.

So-called value stocks performed slightly better because it was stocks that were
most beaten down during the bear market that performed best over the last
three-and-a-half months. As the second quarter commenced, many of these stocks
traded at low levels not seen since before the rally of the 1990s. While they
have recovered to some extent, they remain well below the highs they reached in
early 2000. Other traditional value stocks in the industrial sector also
performed strongly on the expectation that the economy would continue to
improve, leading to higher profits.

MMA Praxis Value Index Fund performed roughly in-line with its benchmark, the
Standard & Poor's 500/Barra Value Index/1/, for the first half of the year. In
short, the fund continues to behave as expected by representing the performance
of large cap value stocks in the U.S. stock market.

As a passively-managed index fund, we do not explicitly manage the MMA Praxis
Value Index 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
MMA Praxis Value Index Fund co-manager

John M. Nussbaum, CFA
MMA Praxis Value Index Fund co-manager

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

Performance review

MMA Praxis Value Index Fund
Performance review

1 Year Since Inception
------ ---------------
Class A -0.94% -11.64%

Class B -1.44% -12.09%

Average annual total returns as of 6/30/03

Inception 1 Since
Date Year Inception
--------- ----- ---------
Class A 5/1/01 -0.94% -11.64%
Class A* 5/1/01 -6.09% -13.80%

Class B 5/1/01 -1.44% -12.09%
Class B** 5/1/01 -5.35% -13.31%

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

Growth of $10,000 investment 5/1/01 to 6/30/03

Standard &
Poor's 500/
Class A Class B Barra Value
-------- ------- Index/1/
-----------
5/01 9479 10000 10000
9431 9950 10105
6/01 9260 9766 9777
9127 9616 9608
8530 8976 9053
7932 8345 8193
7790 8205 8193
8255 8686 8713
12/01 8368 8799 8845
8187 8608 8603
7977 8378 8526
8339 8759 8962
7892 8278 8513
7920 8308 8547
6/02 7320 7676 8008
6584 6904 7143
6642 6954 7192
5848 6121 6370
6451 6753 6900
6890 7205 7384
12/02 6459 6754 7001
6324 6613 6808
6161 6442 6623
6122 6392 6614
6709 7006 7269
7189 7499 7804
6/03 7251 7342 7861

This chart represents historical performance of a hypothetical investment of
$10,000 in the Value Index Fund from 5/01/01 to 6/30/03, and represents the
reinvestment of dividends and capital gains in the fund.

* 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 Stock 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, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS (99.0%)

ADVERTISING AGENCIES (0.2%)
Interpublic Group of Co., Inc. ....................... 3,985 $ 53,319
----------
AIRLINES (0.5%)
Southwest Airlines Co ................................ 7,348 126,386
----------
APPAREL MANUFACTURERS (0.2%)
Jones Apparel Group, Inc. (b) ........................ 788 23,057
Liz Claiborne, Inc. .................................. 907 31,972
----------
55,029
----------
AUTOMOTIVE (1.3%)
Delphi Automotive Systems Corp. ...................... 4,741 40,915
Ford Motor Co. ....................................... 18,287 200,974
PACCAR, Inc. ......................................... 1,155 78,032
----------
319,921
----------
BANKS (20.1%)
AmSouth Bancorp. ..................................... 3,542 77,357
Bank of America Corp. ................................ 15,526 1,227,019
Bank One Corp. ....................................... 11,859 440,918
BB&T Corp. ........................................... 4,798 164,571
Charter One Financial, Inc. .......................... 1,520 47,394
Comerica, Inc. ....................................... 1,741 80,957
First Tennessee National Corp. ....................... 1,081 47,467
FleetBoston Financial Corp. .......................... 10,847 322,264
Golden West Financial Corp. .......................... 1,456 116,495
Huntington Bancshares, Inc. .......................... 2,000 39,040
KeyCorp. ............................................. 4,030 101,838
Marshall & Ilsley Corp. .............................. 2,224 68,010
National City Corp. .................................. 6,093 199,302
North Fork Bancorp., Inc. ............................ 1,371 46,696
Regions Financial Corp. .............................. 2,204 74,451
SouthTrust Corp. ..................................... 3,443 93,650
SunTrust Banks, Inc. ................................. 2,814 166,983
U.S. Bancorp. ........................................ 19,515 478,118
Union Planters Corp. ................................. 2,018 62,619
Wachovia Corp. ....................................... 13,858 553,765
Wells Fargo Co. ...................................... 8,963 451,735
Zions Bancorp. ....................................... 749 37,907
----------
4,898,556
----------
BEVERAGES (0.3%)
Coca-Cola Enterprises, Inc. .......................... 4,478 81,276
----------
BROADCAST SERVICES & PROGRAMMING (0.6%)
Clear Channel Communications, Inc. (b) ............... 3,483 147,644
----------

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

BROKERAGE SERVICES (8.8%)
A.G. Edwards, Inc. .................................... 345 $ 11,799
Bear Stearns Co., Inc. ................................ 989 71,623
Goldman Sachs Group, Inc. ............................. 3,104 259,960
J.P. Morgan Chase & Co. ............................... 20,633 705,236
Lehman Brothers Holdings, Inc. ........................ 2,417 160,682
Merrill Lynch & Co. ................................... 9,582 447,288
Morgan Stanley Dean Witter & Co. ...................... 11,036 471,789
----------
2,128,377
----------
CABLE TV (2.8%)
Comcast Corp., Class A (b) ............................ 14,509 437,881
Comcast Corp., Special Class A (b) .................... 8,808 253,935
----------
691,816
----------
CHEMICALS - GENERAL (0.8%)
Air Products & Chemicals, Inc. ........................ 2,264 94,183
Engelhard Corp. ....................................... 1,085 26,875
PPG Industries, Inc. .................................. 1,689 85,700
----------
206,758
----------
COMMERCIAL SERVICES (0.1%)
Convergys Corp. (b) ................................... 986 15,776
----------
COMPUTERS & PERIPHERALS (3.9%)
Apple Computer, Inc. (b) .............................. 3,672 70,209
EMC Corp. (b) ......................................... 6,576 68,851
Hewlett-Packard Co. ................................... 31,097 662,365
NCR Corp. (b) ......................................... 925 23,699
Sun Microsystems, Inc. (b) ............................ 29,294 134,752
----------
959,876
----------
CONSUMER PRODUCTS (0.1%)
Stanley Works ......................................... 45 1,242
V.F. Corp. ............................................ 922 31,320
----------
32,562
----------
CONTAINERS - PAPER & PLASTIC (0.1%)
Bemis Co., Inc. ....................................... 449 21,013
----------
COSMETICS & TOILETRIES (0.1%)
Alberto-Culver Co., Class B ........................... 493 25,192
----------
DISTRIBUTION (0.4%)
Genuine Parts Co. ..................................... 1,805 57,778
W.W. Grainger, Inc. ................................... 856 40,027
----------
97,805
----------
ELECTRONIC & ELECTRICAL - GENERAL (1.8%)
Advanced Micro Devices, Inc. (b) ...................... 3,214 20,602
American Power Conversion Corp. (b) ................... 782 12,191

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

ELECTRONIC & ELECTRICAL, continued
Broadcom Corp. (b) .................................... 304 $ 7,573
Jabil Circuit, Inc. (b) ............................... 84 1,856
LSI Logic Corp. (b) ................................... 1,493 10,570
Micron Technology, Inc. (b) ........................... 2,414 28,075
Molex, Inc. ........................................... 212 5,722
Molex, Inc., Class A .................................. 196 4,543
National Semiconductor Corp. (b) ...................... 1,343 26,484
Novellus Systems, Inc. (b) ............................ 126 4,614
Solectron Corp. (b) ................................... 3,504 13,105
Texas Instruments, Inc. ............................... 17,889 314,847
----------
450,182
----------
ELECTRIC SERVICES (1.0%)
Cinergy Corp. ......................................... 1,715 63,095
Consolidated Edison, Inc. ............................. 2,129 92,143
NiSource, Inc. ........................................ 2,713 51,547
Pepco Holdings, Inc. .................................. 1,389 26,613
----------
233,398
----------
FINANCIAL SERVICES (7.5%)
Ambac Financial Group, Inc. ........................... 586 38,823
Capital One Financial Corp. ........................... 509 25,033
Citigroup, Inc ........................................ 21,250 909,499
Countrywide Credit Industries, Inc. ................... 1,259 87,589
Franklin Resources, Inc. .............................. 993 38,797
Freddie Mac ........................................... 2,301 116,822
Janus Capital Group, Inc. ............................. 2,110 34,604
MBIA, Inc. ............................................ 976 47,580
MGIC Investment Corp. ................................. 853 39,784
PNC Financial Services Group .......................... 2,893 141,207
T. Rowe Price Group, Inc. ............................. 1,039 39,222
Washington Mutual, Inc. ............................... 7,358 303,885
----------
1,822,845
----------
FOOD DISTRIBUTORS & WHOLESALERS (0.8%)
Albertsons, Inc. ...................................... 3,778 72,538
Safeway, Inc. (b) ..................................... 4,396 89,942
SUPERVALU, Inc. ....................................... 1,251 26,671
----------
189,151
----------
FOOD PRODUCTS (0.7%)
Kraft Foods, Inc. ..................................... 5,284 171,994
----------
FORESTRY (0.2%)
Plum Creek Timber Co., Inc. ........................... 1,569 40,716
----------
FURNITURE & HOME FURNISHINGS (0.0%)
Leggett & Platt, Inc. ................................. 545 11,173
----------

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

HEALTH CARE SERVICES (0.8%)
Aetna, Inc. ........................................... 1,500 $ 90,300
Anthem, Inc. (b) ...................................... 528 40,735
McKesson HBOC, Inc. ................................... 717 25,626
Tenet Healthcare Corp. (b) ............................ 1,739 20,259
Wellpoint Health Networks, Inc. (b) ................... 265 22,340
----------
199,260
----------
HOME DECORATION PRODUCTS (0.1%)
Sherwin-Williams Co. .................................. 1,272 34,191
----------
HOTELS & MOTELS (0.3%)
Marriott International, Inc., Class A ................. 747 28,700
Starwood Hotels & Resorts Worldwide, Inc. ............. 1,362 38,939
----------
67,639
----------
INDUSTRIAL GOODS & SERVICES (0.2%)
Masco Corp. ........................................... 1,754 41,833
----------
INSURANCE (6.7%)
AFLAC, Inc. ........................................... 920 28,290
Allstate Corp. ........................................ 7,005 249,727
American International Group, Inc. .................... 1,560 86,081
Aon Corp. ............................................. 3,087 74,335
Chubb Corp. ........................................... 1,705 102,300
CIGNA Corp. ........................................... 1,321 62,008
Cincinnati Financial Corp. ............................ 1,645 61,013
Hartford Financial Services Group, Inc. ............... 2,173 109,432
Jefferson-Pilot Corp. ................................. 1,462 60,615
John Hancock Financial Services, Inc. ................. 2,412 74,121
Lincoln National Corp. ................................ 1,804 64,277
MetLife, Inc. ......................................... 7,574 214,496
Principal Financial Group, Inc. ....................... 3,191 102,910
Progressive Corp. ..................................... 2,219 162,209
SAFECO Corp. .......................................... 1,173 41,383
St. Paul Cos., Inc. ................................... 2,257 82,403
Torchmark Corp. ....................................... 1,005 37,436
UnumProvident Corp. ................................... 2,865 38,420
----------
1,651,456
----------
INSURANCE PROPERTY-CASUALTY (1.3%)
ACE Ltd. .............................................. 1,868 64,054
Travelers Property Casualty Corp., Class A ............ 5,047 80,247
Travelers Property Casualty Corp., Class B ............ 4,982 78,566
XL Capital Ltd. ....................................... 1,288 106,904
----------
329,771
----------

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

MACHINERY (0.7%)
Deere & Co. ............................................. 2,269 $103,693
Ingersoll-Rand Co., Ltd. ................................ 1,687 79,829
--------
183,522
--------
MANUFACTURING (0.4%)
Cooper Industries Ltd., Class A. ........................ 782 32,297
Dover Corp. ............................................. 1,401 41,974
SPX Corp. (b) ........................................... 354 15,597
--------
89,868
--------
MEDICAL - HOSPITALS (0.0%)
Health Management Associates, Inc., Class A ............. 40 738
--------
MEDICAL SUPPLIES (0.5%)
Becton, Dickinson & Co. ................................. 2,538 98,601
Genzyme Corp. (b) ....................................... 219 9,154
Hillenbrand Industry, Inc. .............................. 524 26,436
--------
134,191
--------
METALS (0.5%)
Alcan, Inc. ............................................. 3,205 100,285
Nucor Corp. ............................................. 664 32,436
--------
132,721
--------
MINING (0.2%)
Placer Dome, Inc. ....................................... 3,415 41,902
--------
MULTIMEDIA (2.6%)
AOL Time Warner, Inc. (b) ............................... 39,620 637,486
--------
NEWSPAPERS (1.6%)
Gannett Co., Inc. ....................................... 2,663 204,545
Knight-Ridder, Inc. ..................................... 699 48,182
Tribune Co. ............................................. 3,105 149,972
--------
402,699
--------
OFFICE EQUIPMENT & SERVICES (0.3%)
Xerox Corp. (b) ......................................... 7,327 77,593
--------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (2.8%)
Anadarko Petroleum Corp. ................................ 2,358 104,860
Apache Corp. ............................................ 1,557 101,298
Burlington Resources, Inc. .............................. 2,006 108,464
Devon Energy Corp. ...................................... 2,379 127,039
Diamond Offshore Drilling ............................... 559 11,733
ENSCO International, Inc. ............................... 1,264 34,002
EOG Resources, Inc. ..................................... 981 41,045
GlobalSantaFe Corp. ..................................... 1,287 30,039
Nabors Industries Ltd. (b) .............................. 1,496 59,167

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

OIL & GAS EXPLORATION, PRODUCTION & SERVICES, continued
Noble Corp. (b) ....................................... 318 $ 10,907
Transocean Sedco Forex, Inc. .......................... 2,577 56,617
----------
685,171
----------
OIL & GAS TRANSMISSION (0.6%)
El Paso Corp. ......................................... 5,085 41,087
KeySpan Corp. ......................................... 1,559 55,267
Sempra Energy ......................................... 2,099 59,884
----------
156,238
----------
OIL - INTEGRATED (8.2%)
BP Amoco PLC ADR ...................................... 38,170 1,603,903
ConocoPhillips ........................................ 6,995 383,326
----------
1,987,229
----------
OILFIELD SERVICES & EQUIPMENT (0.6%)
Baker Hughes, Inc. .................................... 3,357 112,695
Schlumberger Ltd. ..................................... 739 35,154
----------
147,849
----------
PAPER PRODUCTS (1.4%)
International Paper Co. ............................... 4,771 170,467
MeadWestvaco Corp. .................................... 1,698 41,941
Temple-Inland, Inc. ................................... 456 19,567
Weyerhaeuser Co. ...................................... 2,077 112,158
----------
344,133
----------
PHARMACEUTICALS (0.3%)
AmerisourceBergen Corp. ............................... 216 14,980
King Pharmaceuticals, Inc. (b) ........................ 368 5,432
Mylan Laboratories, Inc. .............................. 187 6,502
Watson Pharmaceutical, Inc. (b) ....................... 907 36,615
----------
63,529
----------
PIPELINES (0.1%)
Kinder Morgan, Inc. ................................... 258 14,100
----------
RAILROADS (0.6%)
CSX Corp. ............................................. 2,139 64,363
Norfolk Southern Corp. ................................ 3,877 74,438
----------
138,801
----------
RAW MATERIALS (0.1%)
Vulcan Materials Co. .................................. 862 31,954
----------
REAL ESTATE INVESTMENT TRUST (1.2%)
Avalonbay Communities, Inc. ........................... 582 24,816
Duke Realty Investments, Inc. ......................... 1,145 31,545

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

REAL ESTATE INVESTMENT TRUST, continued
Equity Office Properties Trust .......................... 3,905 $105,475
Equity Residential Properties Trust ..................... 2,699 70,039
Simon Property Group, Inc. .............................. 1,879 73,337
--------
305,212
--------
RESIDENTIAL BUILDING CONSTRUCTION (0.2%)
Centex Corp. ............................................ 346 26,915
Pulte Homes, Inc. ....................................... 542 33,420
--------
60,335
--------
RESTAURANTS (1.2%)
Darden Restaurants, Inc. ................................ 15 285
McDonald's Corp. ........................................ 13,118 289,383
Wendy's International, Inc. ............................. 518 15,006
--------
304,674
--------
RETAIL (2.3%)
Costco Wholesale Corp. (b) .............................. 1,122 41,065
CVS Corp. ............................................... 2,680 75,120
Federated Department Stores, Inc. ....................... 1,938 71,415
J.C. Penney Co., Inc. ................................... 2,275 38,334
Limited, Inc. ........................................... 5,213 80,802
May Department Stores Co. ............................... 2,937 65,378
Nordstrom, Inc. ......................................... 1,150 22,448
Office Depot, Inc. (b) .................................. 2,620 38,016
Sears, Roebuck & Co. .................................... 3,152 106,033
Toys "R" Us, Inc. (b) ................................... 1,830 22,180
--------
560,791
--------
SOFTWARE & COMPUTER SERVICES (0.8%)
BMC Software, Inc. (b) .................................. 380 6,205
Computer Associates International, Inc. ................. 5,727 127,599
Siebel Systems, Inc. (b) ................................ 1,234 11,772
Unisys Corp. (b) ........................................ 2,755 33,831
VERITAS Software Corp. (b) .............................. 629 18,033
--------
197,440
--------
TELECOMMUNICATIONS (8.5%)
ALLTEL Corp. ............................................ 3,169 152,809
AT&T Corp. .............................................. 7,848 151,074
AT&T Wireless Services, Inc. (b) ........................ 14,308 117,469
BellSouth Corp. ......................................... 18,959 504,878
CenturyTel, Inc. ........................................ 1,335 46,525
CIENA Corp. (b) ......................................... 3,664 19,016
Citizens Communications Co. (b) ......................... 1,462 18,845

MMA Praxis Value Index Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES OR
PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

TELECOMMUNICATIONS, continued
SBC Communications, Inc. .......................... 34,312 $ 876,671
Sprint Corp. ...................................... 9,245 133,128
Telephone & Data Systems, Inc. .................... 498 24,751
-----------
2,045,166
-----------

TELECOMMUNICATIONS-SERVICES & EQUIPMENT (1.1%)
Corning, Inc. (b) ................................. 8,839 65,320
JDS Uniphase Corp. (b) ............................ 3,243 11,383
Nortel Networks Corp. (b) ......................... 36,641 98,931
Qwest Communications International, Inc. (b) ...... 16,894 80,753
Tellabs, Inc. (b) ................................. 3,498 22,982
-----------
279,369
-----------

TRANSPORTATION SERVICES (0.4%)
FedEx Corp. ....................................... 1,670 103,590
-----------
TRAVEL SERVICES (0.1%)
Sabre Holdings Corp. .............................. 1,211 29,851
-----------
TOTAL COMMON STOCKS .................................. 24,261,067
-----------

CORPORATE NOTES (0.8%)

COMMUNITY DEVELOPMENT (0.8%)
MMA Community Development Investment, Inc.,
1.53%, 7/1/03+ (c) ............................. $ 75,000 $ 75,000
MMA Community Development Investment, Inc.,
2.29%, 7/1/03+ (c) ............................. 110,000 110,000
-----------

TOTAL CORPORATE NOTES ................................ 185,000
-----------

TOTAL INVESTMENTS (COST $26,420,886) (a) - 99.8% ..... 24,446,067
Other assets in excess of liabilities - 0.2% ...... 37,713
-----------
NET ASSETS - 100.0% ............................... $24,483,780
===========

- ----------
(a) 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 depreciation of securities as follows:
Unrealized appreciation ................... $ 1,845,624
Unrealized depreciation ................... (3,820,443)
-----------
Net unrealized depreciation ............... $(1,974,819)
===========
(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.
+ Variable rate security. Rates presented are the rates in effect at June 30,
2003. Date presented reflects next rate change date.

ADR - American Depository Receipt.
PLC - Public Liability Co.

See notes to financial statements.

Statement of assets and liabilities

MMA Praxis Value Index Fund
Statement of assets and liabilities
June 30, 2003
(Unaudited)

ASSETS:
Investments, at value (cost $26,235,886) ....................... $ 24,261,067
Investment in affiliates, at value (cost $185,000) ............. 185,000
------------
Total Investments ........................................ 24,446,067
------------
Cash ........................................................... 112,953
Interest and dividends receivable .............................. 35,108
Receivable for capital shares issued ........................... 22,836
Prepaid expenses ............................................... 17,817
------------
Total Assets ............................................. 24,634,781
------------

LIABILITIES:
Distributions payable to shareholders .......................... 136,364
Accrued expenses and other payables:
Investment advisory fees .................................... 6,043
Distribution fees ........................................... 2,819
Shareholder servicing fees .................................. 403
Other ....................................................... 5,372
------------
Total Liabilities ........................................ 151,001
------------

NET ASSETS:
Capital ........................................................ 28,432,588
Accumulated net investment loss ................................ (2,020)
Accumulated net realized losses from investment transactions ... (1,971,969)
Net unrealized depreciation from investments ................... (1,974,819)
------------
Net Assets ............................................... $ 24,483,780
============

Net Assets
Class A ..................................................... $ 20,483,922
Class B ..................................................... 3,999,858
------------
Total .................................................... $ 24,483,780
============

Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ..................................................... 2,732,954
Class B ..................................................... 534,269
------------
Total .................................................... 3,267,223
============

Net asset value
Class A - Redemption Price Per Share ........................ $ 7.50
============
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) ............................ $ 7.91
============
Class B - offering price per share* ......................... $ 7.49
============

- ----------
* 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, 2003
(Unaudited)

INVESTMENT INCOME:
Dividend .......................................................... $ 236,982
Foreign tax withholding ........................................... (148)
Interest from affiliates .......................................... 1,909
-----------
Total Investment Income ..................................... 238,743
-----------

EXPENSES:
Investment advisory fees .......................................... 29,995
Administration fees ............................................... 24,795
Distribution fees-Class A ......................................... 20,696
Distribution fees-Class B ......................................... 12,899
Shareholder servicing fees-Class A ................................ 20,696
Shareholder servicing fees-Class B ................................ 4,300
Custodian fees .................................................... 3,028
Accounting fees ................................................... 23,645
Trustees' fees and expenses ....................................... 933
Transfer agent fees ............................................... 38,192
Other expenses .................................................... 23,905
-----------
Total expenses before reductions/reimbursements ............. 203,084
Expenses reimbursed by Investment Advisor ...................... (43,120)
Expenses reduced by Administrator .............................. (13,389)
Expenses reduced by Distributor ................................ (42,133)
-----------
Net Expenses ................................................ 104,442
-----------

Net Investment Income ............................................. 134,301
-----------

NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS:
Net realized losses from investment transactions .................. (11,388)
Change in unrealized appreciation/depreciation from investments ... 2,337,147
-----------
Net realized/unrealized gains on investments ...................... 2,325,759
-----------
Change in net assets resulting from operations .................... $ 2,460,060
===========

See notes to financial statements.

Statements of changes in net assets

MMA Praxis Value Index Fund
Statements of changes in net assets

Six Months Period Ended
Ended June 30, December 31,
2003 2002
- -----------------------------------------------------------------------------------------------------
(Unaudited)

From Investment Activities:

Net investment income ............................................... $ 134,301 $ 159,038
Net realized losses from investment transactions .................... (11,388) (1,798,707)
Change in unrealized appreciation/depreciation from investments ..... 2,337,147 (3,065,388)
----------- -----------
Change in net assets resulting from operations ...................... 2,460,060 (4,705,057)
----------- -----------

Distributions to Class A Shareholders:
From net investment income ....................................... (121,862) (144,280)

Distributions to Class B Shareholders:
From net investment income ....................................... (14,474) (14,280)
----------- -----------
Change in net assets from distributions to shareholders ............. (136,336) (158,560)
----------- -----------

Change in net assets from capital transactions ...................... 3,862,590 6,431,820
----------- -----------

Change in net assets ................................................ 6,186,314 1,568,203

Net Assets:
Beginning of period .............................................. 18,297,466 16,729,263
----------- -----------
End of period .................................................... $24,483,780 $18,297,466
=========== ===========

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 Ended Period Ended
Ended June 30, December 31, December 31,
2003 2002 2001 (a)
- ----------------------------------------------------------------------------------------------------------------
(Unaudited)

Net Asset Value, Beginning of Period ............................ $ 6.72 $ 8.79 $ 10.00
------- ------- -------
Investment Activities:
Net investment income ........................................ 0.04 0.07 0.03
Net realized and unrealized gains (losses) from investments .. 0.78 (2.07) (1.20)
------- ------- -------
Total from Investment Activities .......................... .. 0.82 (2.00) (1.17)
------- ------- -------

Distributions:
Net investment income ........................................ (0.04) (0.07) (0.03)
Net realized gains ........................................... -- -- (0.01)
------- ------- -------
Total Distributions .......................................... (0.04) (0.07) (0.04)
------- ------- -------
Net Asset Value, End of Period .................................. $ 7.50 $ 6.72 $ 8.79
======= ======= =======
Total Return (excludes sales charge) ............................ 12.27%(b) (22.81%) (11.72%)(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) ............................ $20,484 $15,071 $14,136
Ratio of expenses to average net assets ...................... 0.95%(c) 0.95% 0.95%(c)
Ratio of net investment income to average net assets ......... 1.44%(c) 0.98% 0.61%(c)
Ratio of expenses to average net assets* ..................... 1.95%(c) 2.13% 2.44%(c)
Portfolio turnover (d) ....................................... 10.25% 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 1, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) 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 Value Index Fund
Financial highlights, continued

For a share outstanding throughout the period indicated.

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

Net Asset Value, Beginning of Period .............................. $ 6.71 $ 8.78 $ 10.00
------ ------- -------
Investment Activities:
Net investment income .......................................... 0.03 0.03 --
Net realized and unrealized gains (losses) from investments .... 0.78 (2.07) (1.20)
------ ------- -------
Total from Investment Activities ............................... 0.81 (2.04) (1.20)
------ ------- -------

Distributions:
Net investment income .......................................... (0.03) (0.03) (0.01)
Net realized gains ............................................. -- -- (0.01)
------ ------- -------
Total Distributions ............................................ (0.03) (0.03) (0.02)
------ ------- -------
Net Asset Value, End of Period .................................... $ 7.49 $ 6.71 $ 8.78
====== ======= =======
Total Return (excludes redemption charge) ......................... 12.03%(b) (23.24%) (12.01%)(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) ................................. $4,000 $ 3,227 $ 2,593
Ratio of expenses to average net assets ........................... 1.50%(c) 1.50% 1.50%(c)
Ratio of net investment income to average net assets .............. 0.90%(c) 0.44% 0.04%(c)
Ratio of expenses to average net assets* .......................... 2.45%(c) 2.64% 2.58%(c)
Portfolio turnover (d) ............................................ 10.25% 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 11, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) 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
Semi-annual report to shareholders
Portfolio manager's letter

Geopolitical concerns set the stage for international markets during the last
six months ending June 30, 2003. The long, slow march to war in Iraq took its
toll on in the first three months of 2003, but then investors got a welcome
combination of good karma and good numbers in the second quarter of 2003
resulting in a sharp upturn in markets. Sentiment was buoyed by the decisive
coalition military victory in Iraq and the decline of SARS as an agent of fear.
Importantly, however, stronger fundamental data began to accumulate to give
substance to increasing investor optimism. In the U.S., growing liquidity,
increased bank lending to businesses, and rising industrial commodity prices all
supported the notion that the dormant economy was waking. Abroad, confidence
surveys in Japan and a number of European countries showed improving conditions,
the European consumer began to show signs of life, and government and central
bank policy responses provided hope that Europe in particular would rebound
alongside the U.S. It looks as if the markets have regained their nerve.

The MSCI AC Wld Fr-ex. U.S./1/ Index rose 10.74 percent in U.S. dollar terms
during the six months ending June 30, 2003. The fund underperformed its
benchmark during this volatile time period. While the success of the value
sector continues to provide a style headwind for the fund, there was a
significant shift within the value sector that suggests that investor risk
appetite has finally begun to repair during the second quarter of 2003. The MSCI
AC Wld Fr-ex. U.S. Index rose 19.58 percent in U.S. dollar terms during second
quarter, 2003, led by the value sector, which returned 22.30 percent, while the
growth sector rose 16.80 percent. The fund underperformed the broad index and
outperformed growth shares during the quarter. It was the low-quality segments
of the financial and technology sectors of the value universe, where many stocks
had been priced for bankruptcy, and not the perceived safe industries that gave
value its advantage in the second quarter. This is a significant change from
the bear market years, and a strong indication that risk appetite is returning
to markets. As that appetite matures, the market's time horizon may naturally
lengthen and investors could bring a more nuanced attitude toward earnings to
their valuation of stocks. Indeed, June's rambunctious reach for risk appears to
be evolving into a deeper consideration of earnings potential as July unfolds.
In the meantime, we have already seen a substantial improvement in June in your
portfolio's performance relative to the broad benchmark and the narrower style
benchmark.

Some of the sources of underperformance in the first quarter still lingered to
have an impact on performance for the six month time period ending June 30,
2003. Wolters Kluwer, the Dutch media company that publishes a variety of trade
journals, fell 75 percent during the first half of 2003, and detracted from
relative performance. Investors were disappointed at the company's choice of a
new CEO, an internal promotion. For our part, we were disappointed at the lack
of progress on earnings from the company's online business, and we sold the
position out of the fund. Italian energy company ENI (3.73% of net assets)
detracted from performance (-40 percent), as did Japanese retailer Ito-Yokdo
(1.35%) (-47 percent). Some of the sources of underperformance in the first
quarter have reversed themselves in the second quarter--a reminder of the
ongoing volatility in markets today and an indication of how difficult it is to
assess investment decisions on a short-term basis in these markets. Scandinavian
telecom operator TeliaSonera (1.03%) (2 percent for the 6-month period and 46
percent for second quarter) caught the market's eye and helped the fund. Telecom
companies have generated substantial cash flow even during the bear market, and
have been paying down debt. Those cash flows now stand to benefit equity
holders, and the market is finally focusing on this earnings story.

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

A look at stock selection for the second quarter shows how the market's attitude
has changed and why we are excited about our prospects in this environment. For
example, French retailer Pinault-Printemps-Redoute (1.12%) was up 50.1 percent
during the second quarter of 2003. Until recently, retailers could not get a
second look from markets because no one was willing to bet on a healthy
consumer. But events of the second quarter finally convinced investors that the
global economy was not going over a cliff, and a number of long-ignored
opportunities began to return to the market radar screen. German auto giant
Volkswagen (2.09%) (up 12 percent for the six-month period and up 37 percent for
the second quarter) was one of those opportunities in your fund. The stock is
historically cheap, trading at barely half of book value, and we expect several
new model introductions to spur strong earnings growth. The German auto fleet is
unusually old, at more than seven years, and the consumer just might use some of
the new German income tax cut to buy a new car; Volkswagen represents another
example of how the market's attitude toward risk and earnings is changing for
the better, and helping your fund.

The capital markets appear to be coming around to the view that a healthy global
economy, supported by a synchronized recovery in 2004, is a strong possibility
after all. The weaker dollar has prompted the European Central Bank to ease, the
Federal Reserve Board continues to supply liquidity, and corporate bond yields
have fallen, so money is abundant and cheap. Industrial commodity prices suggest
a firming of underlying demand. And perhaps most encouraging of all, Japanese
bond yields hint at the fading of deflationary fears as they rise rapidly from
below 0.5 percent to more than 1 percent. We do not foresee an unusually robust
recovery, but neither have we felt that a crushing deflationary spiral was on
the cards. The market is beginning to agree.

In this environment, we see particularly exciting return potential in two areas.
In Asia, we find that most markets still trade on depressed valuations--single
digit Price/Earnings ratios/1/, in many cases--six years after the Asian debt
crisis first began to roil markets. Meanwhile, there is strong economic growth,
both domestically and in export markets, exporters benefit greatly from the
decline in the U.S. dollar's value, the stock markets are heavily underowned,
there are enormous quantities of cash on the sidelines, and some of the world's
most cost-competitive and technologically-proficient companies show significant
earnings growth potential unrecognized by markets. We are building Asian
positions in your fund. We also seek opportunities in Germany, where the
government finally shows signs of pushing for the vital structural reforms it
needs in addition to the income tax cut we described earlier. These investment
themes have already helped your fund in the latter part of the second quarter,
and they are partly responsible for the recent improvement in your performance
against your benchmark. With the combination of low valuations, positive
earnings momentum and improving sentiment that we see today and have not seen
for years, however, we fully anticipate these themes to contribute much more to
your fund in the months ahead.

Martina Oechsle Vasconcelles
Oechsle International Advisors, LLC
MMA Praxis International Fund

Kathleen Harris
Oechsle International Advisors, LLC
MMA Praxis International Fund

International investing involves increased risk and volatility.

/1/ Please refer to the Glossary of Terms on page A for additional information.

Performance review

MMA Praxis International Fund
Performance review

Average annual total returns as of 6/30/03

Since
1 Year 3 Year 5 Year Inception
------- ------- ------ ---------
Class A -11.45% -18.51% -6.41% -0.87%

Class B -11.97% -18.97% -6.83% -1.23%

Inception Since
Date 1 Year 3 Year 5 Year Inception
--------- ------ ------ ------ ---------
Class A 5/12/99 -11.45% -18.51% -6.41% -0.87%
Class A* 5/12/99 -16.11% -19.97% -7.41% -1.72%

Class B 4/1/97 -11.97% -18.97% -6.83% -1.23%
Class B** 4/1/97 -15.48% -19.45% -6.98% -1.23%

Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost.

Growth of $10,000 investment 4/1/97 to 6/30/03

International Line plot points
MSCI AC
World Free-
Class A Class B (ex. U.S.)
-------- -------- Index/1/
-----------
4/97 9583 9710 10000
6/97 10901 11101 11497
12/97 10085 10240 11385
6/98 12497 12784 13067
12/98 12504 12791 13886
6/99 13328 13761 15250
12/99 17811 18432 17610
6/00 16587 17202 17137
12/00 14208 14667 15156
6/01 11611 12010 13650
12/01 10596 10922 12744
6/02 10136 10516 11709
12/02 8552 8841 9696
6/03 8975 9257 10772

This chart represents historical performance of a hypothetical investment of
$10,000 in the International Fund from 4/1/97 to 6/30/03, and represents the
reinvestment of dividends and capital gains in the fund.

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

** Reflects applicable contingent deferred sales charge of 4.00%.
International investing involves increased risk and volatility.

/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.

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 International Fund
Schedule of portfolio investments
June 30, 2003
(Unaudited)

SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS (95.0%)

FRANCE (8.3%)

AUTOMOTIVE PARTS (1.0%)
Valeo S.A. .......................................... 27,831 $ 965,184
----------
COSMETICS & TOILETRIES (2.3%)
L'Oreal S.A. ........................................ 31,053 2,189,506
----------
FOOD RETAILING (2.3%)
Carrefour S.A. ...................................... 44,112 2,161,999
----------
MEDIA (0.6%)
Vivendi Universal S.A. .............................. 32,316 588,195
----------
RETAIL STORES (1.1%)
Pinault-Printemps-Redoute S.A. ...................... 13,979 1,053,063
----------
TELECOMMUNICATIONS (1.0%)
France Telecom S.A. ................................. 37,127 910,679
----------
7,868,626
----------
GERMANY (6.0%)

AUTOMOTIVE (2.1%)
Volkswagen AG ....................................... 46,899 1,971,147
----------
DIVERSIFIED MANUFACTURING OPERATIONS (2.0%)
Siemens AG .......................................... 37,993 1,860,788
----------
FINANCIAL SERVICES (0.5%)
Deutsche Boerse AG .................................. 9,425 496,785
----------
INSURANCE (1.4%)
Allianz AG .......................................... 15,909 1,317,202
----------
5,645,922
----------
HONG KONG (2.6%)

DIVERSIFIED OPERATIONS (0.3%)
Swire Pacific Ltd. .................................. 66,500 290,793
----------
REAL ESTATE (0.9%)
Sun Hung Kai Properties Ltd ......................... 170,000 858,922
----------
TELECOMMUNICATIONS (1.4%)
China Mobile Ltd. ................................... 553,000 1,304,822
----------
2,454,537
----------
ITALY (10.2%)

BANKS (2.1%)
Banca Intesa SpA .................................... 633,464 2,025,916
----------
OIL - INTEGRATED COMPANIES (3.8%)
ENI SpA ............................................. 232,482 3,516,003
----------
TELECOMMUNICATIONS (1.0%)
Telecom Italia SpA .................................. 106,383 962,660
----------
TELEVISION (1.9%)
Mediaset SpA ........................................ 215,038 1,819,940
----------

MMA Praxis International Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

WIRELESS TELECOMMUNICATIONS (1.4%)
Telecom Italia Mobile SpA ........................... 266,954 $ 1,315,128
-----------
9,639,647
-----------
JAPAN (16.6%)

AUTOMOTIVE (5.1%)
Honda Motor Co., Ltd. ............................... 51,900 1,966,645
Nissan Motor Co., Ltd. .............................. 295,500 2,825,183
-----------
4,791,828
-----------
CHEMICALS - DIVERSIFIED (1.5%)
Shin-Etsu Chemical Co., Ltd. ........................ 41,100 1,403,373
-----------
ELECTRONIC & ELECTRICAL - GENERAL (4.1%)
CANON, Inc. ......................................... 21,000 963,648
Matsushita Electric Industrial Co., Ltd ............. 171,000 1,693,267
Rohm Co., Ltd. ...................................... 11,030 1,202,438
-----------
3,859,353
-----------
FINANCIAL SERVICES (1.2%)
ORIX Corp. .......................................... 21,200 1,172,334
-----------
NATURAL GAS UTILITIES (1.0%)
Tokyo Gas Co., Ltd. ................................. 315,000 905,059
-----------
PHARMACEUTICALS (0.9%)
Takeda Chemical Industries Ltd. ..................... 22,100 815,349
-----------
RETAIL-MISCELLANEOUS/DIVERSIFIED (1.3%)
Ito-Yokado Co., Ltd. ................................ 53,000 1,268,999
-----------
STEEL - PRODUCERS (0.5%)
JFE Holdings, Inc. .................................. 32,600 488,695
-----------
WIRELESS COMMUNICATIONS (1.0%)
NTT DoCoMo, Inc. .................................... 424 918,093
-----------
15,623,083
-----------
MEXICO (2.4%)

BUILDING PRODUCTS (1.0%)
Cemex S.A. ADR ...................................... 41,898 933,906
-----------
RETAIL STORES (0.5%)
Wal-Mart de Mexico S.A. ............................. 166,231 491,326
-----------
TELECOMMUNICATIONS (0.9%)
Telefonos de Mexico S.A. ADR ........................ 26,924 845,952
-----------
2,271,184
-----------
NETHERLANDS (8.8%)

APPAREL (0.9%)
Gucci Group N.V. ADR ................................ 9,012 883,176
-----------
FOOD DIVERSIFIED (1.6%)
Unilever N.V. CVA ................................... 28,181 1,511,936
-----------

MMA Praxis International Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

INSURANCE (1.1%)
Aegon N.V ............................................ 99,973 $1,001,091
----------
PUBLISHING (3.6%)
Verenigde Nederlandse Uitgeversbedrijven
Vererigd Bezit .................................... 109,213 3,364,878
----------
TELECOMMUNICATIONS (1.6%)
Koninklijke KPN N.V. (b) ............................. 217,769 1,542,963
----------
8,304,044
----------
SINGAPORE (1.6%)

BANKS (1.6%)
United Overseas Bank Ltd ............................. 213,000 1,499,830
----------

SOUTH KOREA (4.3%)

AUTOMOTIVE (0.5%)
Hyundai Motor Co., Ltd ............................... 17,900 473,537
----------
BANKS (0.6%)
Kookmin Bank ADR ..................................... 18,702 565,736
----------
ELECTRONIC & ELECTRICAL - GENERAL (2.1%)
Samsung Electronics Co., Ltd ......................... 6,840 2,032,816
----------
RETAIL-DISCOUNT (0.5%)
Shinsegae Co., Ltd ................................... 3,090 482,449
----------
WIRELESS TELECOMMUNICATIONS (0.6%)
SK Telecom Co., Ltd. ADR ............................. 28,232 532,456
----------
4,086,994
----------
SPAIN (3.4%)

BANKS (1.0%)
Banco Bilbao Vizcaya Argentaria S.A .................. 89,565 941,096
----------
STEEL MANUFACTURING/PRODUCTS (0.5%)
Acerinox S.A ......................................... 11,795 450,771
----------
UTILITIES - TELECOMMUNICATIONS (1.9%)
Telefonica S.A. (b) .................................. 155,815 1,808,983
----------
3,200,850
----------
SWEDEN (1.6%)

AUTOMOTIVE PARTS (0.5%)
Autoliv, Inc ......................................... 18,611 501,024
----------
TELECOMMUNICATIONS (1.1%)
TeliaSonera AB ....................................... 233,652 969,056
----------
1,470,080
----------
SWITZERLAND (4.0%)

BANKS (0.9%)
Credit Suisse Group .................................. 33,866 891,309
----------

MMA Praxis International Fund
Schedule of portfolio investments, continued
June 30, 2003
(Unaudited)

SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS, continued

HUMAN RESOURCES (1.0%)
Adecco S.A ........................................... 21,759 $ 896,351
----------
PHARMACEUTICALS (2.1%)
Novartis AG .......................................... 50,222 1,987,302
----------
3,774,962
----------
TAIWAN (0.8%)

SEMICONDUCTOR MANUFACTURER (0.8%)
Taiwan Semiconductor Manufacturing Co., Ltd. (b) ..... 435,000 716,411
----------
THAILAND (0.3%)

BANKS (0.3%)
Bangkok Bank Public Co., Ltd. (b) .................... 148,400 238,273
----------
TURKEY (0.2%)

TELECOMMUNICATIONS (0.2%)
Turkcell Iletisim Hizmetleri AS ADR (b) .............. 10,329 174,560
----------
UNITED KINGDOM (23.9%)

AIRPORTS DEVELOPMENT (2.1%)
BAA PLC .............................................. 249,932 2,022,946
----------
BANKS (7.4%)
Fortis ............................................... 89,746 1,545,897
HBOS PLC ............................................. 57,838 748,738
HSBC Holdings PLC .................................... 181,743 2,147,307
Royal Bank of Scotland Group PLC ..................... 86,645 2,430,613
----------
6,872,555
----------
HEALTH CARE (0.8%)
Smith & Nephew PLC ................................... 138,138 793,830
----------
HOTELS & MOTELS (0.2%)
InterContinental Hotels Group PLC (b) ................ 29,672 210,542
----------
PHARMACEUTICALS (2.7%)
AstraZeneca Group PLC ................................ 64,600 2,590,372
----------
PUBLISHING (2.6%)
Reed International PLC ............................... 289,365 2,407,772
----------
RETAIL (5.7%)
Kingfisher PLC ....................................... 580,793 2,657,152
Marks & Spencer Group PLC ............................ 162,424 846,286
Next PLC ............................................. 110,682 1,874,819
----------
5,378,257
----------

MMA Praxis International Fund
Schedule of portfolio investments, continued
June 30, 2003 SHARES OR
(Unaudited) PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS, continued

WIRELESS TELECOMMUNICATIONS (2.4%)
Vodafone Group PLC .............................. 1,148,745 $ 2,246,288
-----------
22,522,562
-----------
TOTAL COMMON STOCKS ................................ 89,491,565
-----------

CORPORATE NOTES (1.3%)

COMMUNITY DEVELOPMENT (1.3%)
MMA Community Development Investment, Inc.,
1.53%, 7/1/03 (c) ............................ $ 345,000 345,000
MMA Community Development Investment, Inc.,
2.29%, 7/1/03 (c) ............................ 880,000 880,000
-----------
TOTAL CORPORATE NOTES .............................. 1,225,000
-----------
U.S. GOVERNMENT AGENCIES* - DISCOUNT NOTES (4.0%)

FEDERAL NATIONAL MORTGAGE ASSOCIATION (4.0%)
0.75%, 7/1/03 ................................... 3,800,000 3,799,921
-----------
TOTAL U.S. GOVERNMENT AGENCIES - DISCOUNT NOTES .... 3,799,921
-----------
TOTAL INVESTMENTS (COST $97,124,026) (a) -
100.3% .......................................... 94,516,486
Liabilities in excess of other assets -
(0.3)% ....................................... (241,680)
-----------
NET ASSETS - 100.0% ............................. $94,274,806
===========

Unrealized appreciation ...................... $ 6,237,619
Unrealized depreciation ...................... (8,845,159)
-----------
Net unrealized depreciation .................. $(2,607,540)
===========

(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.

* Effective yield at purchase.
+ Variable rate security. Rates presented are the rates in effect at June 30,
2003. Date presented reflects next rate change date.

ADR - American Depository Receipt
GDR - Global Depository Receipt

See notes to financial statements.

Statement of assets and liabilities

MMA Praxis International Fund
Statement of assets and liabilities
June 30, 2003
(Unaudited)

ASSETS:
Investments, at value (cost $95,899,026) ............................................... $ 93,291,486
Investment in affiliates, at value (cost $1,225,000) ................................... 1,225,000
------------
Total Investments ................................................................ 94,516,486
------------
Cash ................................................................................... 109,741
Foreign currency, at value (cost $281,828) ............................................. 281,334
Interest and dividends receivable ...................................................... 161,677
Receivable for capital shares issued ................................................... 4,736
Tax reclaim receivable ................................................................. 83,866
Prepaid expenses ....................................................................... 32,638
------------
Total Assets ..................................................................... 95,190,478
------------

LIABILITIES:
Distributions payable to shareholders .................................................. 664,807
Payable for capital shares redeemed .................................................... 2,200
Accrued expenses and other payables:
Investment advisory fees ............................................................ 35,232
Distribution fees ................................................................... 27,140
Shareholder servicing fees .......................................................... 10,114
Other ............................................................................... 176,179
------------
Total Liabilities ................................................................ 915,672
------------

NET ASSETS:
Capital ................................................................................ 142,900,795
Accumulated net investment loss ........................................................ (14,345)
Accumulated net realized losses from investments and foreign currency transactions ..... (46,006,167)
Net unrealized depreciation from investments and translation of assets and
liabilities in foreign currencies ................................................... (2,605,477)
------------
Net Assets ....................................................................... $ 94,274,806
============
Net Assets .............................................................................
Class A ............................................................................. $ 76,545,498
Class B ............................................................................. 17,729,308
------------
Total ............................................................................ $ 94,274,806
============
Shares outstanding
(unlimited number of shares authorized with $.01 par value)
Class A ............................................................................. 9,864,300
Class B ............................................................................. 2,302,939
------------
Total ............................................................................ 12,167,239
============
Net asset value
Class A - Redemption Price Per Share ................................................ $ 7.76
============
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) .................................... $ 8.19
============
Class B - offering price per share* ................................................. $ 7.70
============

- ----------
* 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, 2003
(Unaudited)

INVESTMENT INCOME:
Dividend ...................................................................... $ 1,484,913
Foreign tax withholding ....................................................... (177,574)
Interest from affiliates ...................................................... 26,778
-----------
Total Investment Income ................................................. 1,334,117
-----------

EXPENSES:
Investment advisory fees ...................................................... 387,387
Administration fees ........................................................... 64,565
Distribution fees-Class A ..................................................... 86,764
Distribution fees-Class B ..................................................... 62,531
Shareholder servicing fees-Class A ............................................ 86,764
Shareholder servicing fees-Class B ............................................ 20,844
Custodian fees ................................................................ 52,373
Accounting fees ............................................................... 29,733
Organization costs ............................................................ 168
Trustees' fees and expenses ................................................... 3,454
Transfer agent fees ........................................................... 171,429
Other expenses ................................................................ 55,999
-----------
Total expenses before reductions/reimbursements ......................... 1,022,011
Expenses reimbursed by Investment Advisor .................................. (246,877)
Expenses reduced by Administrator .......................................... (21,522)
Expenses reduced by Distributor ............................................ (71,681)
-----------
Net Expenses ............................................................ 681,931
-----------
Net Investment Income ......................................................... 652,186

NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS:
Net realized losses from investment and foreign currency transactions ......... (2,888,732)
Change in unrealized appreciation/depreciation from investments and translation
of assets and liabilities in foreign currencies ............................ 6,898,051
-----------
Net realized/unrealized gains on investments .................................. 4,009,319
-----------
Change in net assets resulting from operations ................................ $ 4,661,505
===========

See notes to financial statements.

Statements of changes in net assets

MMA Praxis International Fund
Statements of changes in net assets

Six Months Year Ended
Ended June 30, December 31,
2003 2002
- -------------------------------------------------------------------------------------------------------
(Unaudited)

From Investment Activities:
Net investment income (loss) .......................................... $ 652,186 $ (12,561)
Net realized losses from investment transactions ...................... (2,888,732) (21,605,587)
Change in unrealized appreciation/depreciation from
investments and translation of assets and liabilities in
foreign currencies ................................................. 6,898,051 2,203,445
----------- ------------
Change in net assets resulting from operations ........................ 4,661,505 (19,414,703)
----------- ------------

Distributions to Class A Shareholders:
From net investment income ......................................... (578,293) (257,410)
Return of capital .................................................. -- (143,440)

Distributions to Class B Shareholders:
From net investment income ......................................... (86,514) (13,800)
Return of capital .................................................. -- (41,422)
----------- ------------
Change in net assets from distributions to shareholders ............... (664,807) (456,072)
----------- ------------

Change in net assets from capital transactions ........................ 3,680,791 13,060,576
----------- ------------

Change in net assets .................................................. 7,677,489 (6,810,199)

Net Assets:
Beginning of period ................................................ 86,597,317 93,407,516
----------- ------------
End of period ...................................................... $94,274,806 $ 86,597,317
=========== ============

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 Year Ended Year Ended Year Ended Year Ended
Ended June 30, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999(a)
- ------------------------------------------------------------------------------------------------------------------------------
(Unaudited)

Net Asset Value, Beginning of Period ............ $ 7.45 $ 9.28 $ 12.53 $ 18.19 $ 13.76
------- ------- ------- ------- -------
Investment Activities:
Net investment income (loss) ................. 0.06 0.01 0.04 0.42 (0.01)
Net realized and unrealized gains (losses)
from investments .......................... 0.31 (1.79) (3.23) (4.04) 4.81
------- ------- ------- ------- -------
Total from Investment Activities ............. 0.37 (1.78) (3.19) (3.62) 4.80
------- ------- ------- ------- -------

Distributions:
Net investment income ........................ (0.06) (0.03) (0.06) (0.32) (0.10)
Net realized gains ........................... -- -- -- (1.68) (0.27)
Return of capital ............................ -- (0.02) -- (0.04) --
------- ------- ------- ------- -------
Total Distributions .......................... (0.06) (0.05) (0.06) (2.04) (0.37)
------- ------- ------- ------- -------
Net Asset Value, End of Period .................. $ 7.76 $ 7.45 $ 9.28 $ 12.53 $ 18.19
======= ======= ======= ======= =======
Total Return (excludes sales charge) ............ 4.95%(b) (19.29%) (25.42%) (20.23%) 35.09%(b)

Ratios/Supplemental Data:
Net Assets at end of period (000) ............ $76,545 $68,989 $71,043 $30,790 $24,215
Ratio of expenses to average net assets ...... 1.50%(c) 1.45% 1.45% 1.45% 1.45%(c)
Ratio of net investment income to average
net assets ................................ 1.64%(c) 0.11% 0.11% 1.99% 0.02%(c)
Ratio of expenses to average net assets* ..... 2.28%(c) 2.24% 2.16% 2.25% 2.28%(c)
Portfolio turnover (d) ....................... 27.79% 76.38% 61.33% 48.31% 57.73%

- ----------
* During the period, certain expenses were voluntarily reduced/reimbursed. If
such expense reduction had not occurred, the ratios would have been as
indicated.
(a) For the period from May 12, 1999 (commencement of operations) through
December 31, 1999.
(b) Not annualized.
(c) 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 International Fund
Financial highlights, continued

For a share outstanding throughout the period indicated.

Net Asset Value, Beginning
of Period .......................... $ 7.39 $ 9.23 $ 12.51 $ 18.21 $ 13.05 $ 10.62
------- ------- ------- ------- ------- -------

Investment Activities:
Net investment income (loss) ....... 0.04 (0.04) (0.04) 0.31 (0.08) (0.02)
Net realized and unrealized gains
(losses) on investments ......... 0.31 (1.78) (3.20) (4.01) 5.54 2.56
------- ------- ------- ------- ------- -------
Total from Investment Activities ...... 0.35 (1.82) (3.24) (3.70) 5.46 2.54
------- ------- ------- ------- ------- -------

Distributions:
Net investment income .............. (0.04) -- (0.04) (0.28) (0.03) (0.10)
Net realized gains ................. -- -- -- (1.68) (0.27) (0.01)
Return of capital .................. -- (0.02) -- (0.04) -- --
------- ------- ------- ------- ------- -------

Total Distributions ................... (0.04) (0.02) (0.04) (2.00) (0.30) (0.11)
------- ------- ------- ------- ------- -------

Net Asset Value, End of Period ........ $ 7.70 $ 7.39 $ 9.23 $ 12.51 $ 18.21 $ 13.05
======= ======= ======= ======= ======= =======
Total Return (excludes
redemption charge) ................. 4.70%(a) (19.73%) (25.92%) (20.64%) 42.00% 23.98%

Ratios/Supplemental Data:
Net Assets at end of
period (000) ....................... $17,729 $17,608 $22,364 $30,317 $34,509 $31,163
Ratio of expenses to
average net assets ................. 2.15%(b) 2.00% 2.00% 2.00% 2.00% 1.99%
Ratio of net investment income
(loss) to average net assets ....... 1.00%(b) (0.44%) (0.44%) 1.73% (0.28%) (0.32%)
Ratio of expenses to
average net assets* ................ 2.78%(b) 2.74% 2.65% 2.74% 2.82% 3.19%
Portfolio turnover (c) ................ 27.79% 76.38% 61.33% 48.31% 57.73% 47.19%

See notes to financial statements.

Notes to financial statements

MMA Praxis Mutual Funds
Notes to financial statements
June 30, 2003
(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").

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.

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. If market quotations are not available, the securities are
valued by a method which the Board of Trustees believes accurately reflects fair
value.

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.

Risk Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain rists 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

MMA Praxis Mutual Funds
Notes to financial statements, continued
June 30, 2003
(Unaudited)

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 securties of issuers
from developing countries.

Foreign Currency Translation:

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

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 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.

Restricted Securities:

Investments in restricted securities are valued by the Board of Trustees or
valued pursuant to valuation procedures aproved by the Board of Trustees (the
"Valuation Procedures"). The Valuation

MMA Praxis Mutual Funds
Notes to financial statements, continued
June 30, 2003
(Unaudited)

Procedures contemplate the Board's deligation of the implementation of the
Valuation Procedures to the Funds' adviser. In valuating restricted securities
under the Valuation Procedures, the Funds' adviser will consider (but is not
limited to) certain specific and general factors enumerated in the Valuation
Procedures. The Valuation Procedures require that the Funds' adviser will report
to the Board at each of its regular quarterly meetings regarding valuation of
resticted securites and actions taken in connection with the Valuation
procedures.

Community Development Investments:

Consistent with the investment criteria for socially responsible investing, the
Board of Trustees of the Fund has authorized the Funds to make certain types of
community development investments. In connection with the community development
investments, the Funds have received from the Securities and Exchange Commission
an exemptive order that would permit each of the Funds to invest a limited
portion of their respective net assets in securities issued by and 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.

MMA Praxis Mutual Funds
Notes to financial statements, continued
June 30, 2003
(Unaudited)

Federal Income Taxes:

It is each Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies 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.

Each Fund maintains a cash balance with its custodian and receives a reduction
of their custody fees and expenses for the amounts of interest earned on such
uninvested cash balance. For financial reporting purposes for the six months
ended June 30, 2003, custodian fees and expenses paid by third parties were
$3,628, $1,368 and $4,028 for the Intermediate Income Fund, Core Stock Fund and
the Value Index 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.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities) for the
six-month period ended June 30, 2003 were as follows:

Purchases Sales
----------- -----------
Intermediate Income Fund ........................... $25,799,209 $17,793,873
Core Stock Fund .................................... 6,697,021 2,099,352
Value Index Fund ................................... 6,663,273 2,030,014
International Fund ................................. 25,444,442 23,079,092

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 Trust. 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; 0.30% for the
Value Index Fund and 0.90% for the International Fund. Oechsle International
Advisors, LLC, serves as the sub-adviser to the International Fund. The Adviser
entered into an expense limitation agreement until April 30, 2004 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. Each Fund
has agreed to repay the Adviser for the amounts waived and/or reimbursed by the
Adviser pur-

MMA Praxis Mutual Funds
Notes to financial statements, continued
June 30, 2003
(Unaudited)

suant to this 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. For the six months ended June 30, 2003, the
Fund reimbursed the Adviser fees of $217,119 for the Intermediate Income Fund,
$282,095 for the Core Stock Fund, $43,120 for the Value Index Fund and $246,877
for the International Fund.

BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"), an
Ohio limited partnership, serves the Company as administrator. Under the terms
of the administration agreement, BISYS receives fees of 0.15% that are computed
daily at an annal rate of each Fund's average daily net assets, subject to an
annual minimum.

Pursuant to a Distribution Agreement between the Trust and BISYS, BISYS 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 six months ended June 30, 2003, the distributor received approximately
$367,147 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 real-lowed, $18,029 went to affiliated
dealers.

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 Fund Services Ohio, Inc. ("BISYS Ohio") serves the Funds' as transfer
agent and fund accountant. For transfer agent services, BISYS Ohio is entitled
to receive fees based upon the number of shareholders with a specified minimum
per Fund. For fund accounting services, BISYS Ohio is entitled to receive fees
based on a percentage of the average daily net assets of each Fund. In addition,
BISYS Ohio is reimbursed for certain out-of-pocket expenses incurred in
providing such transfer agency and fund accounting services.

BISYS and BISYS Ohio are subsidiaries of The BISYS Group, Inc.

MMA Praxis Mutual Funds
Notes to financial statements, continued
June 30, 2003
(Unaudited)

5. Capital Share Transactions

Transactions in shares of the Funds are summarized below:

Intermediate Income Fund Core Stock Fund Value Index Fund
-------------------------- -------------------------- --------------------------
Six Months Six Months Six Months
Ended Year Ended Ended Year Ended Ended Period Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2003 2002 2003 2002 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------

Capital Transactions:
Class A Shares:
Proceeds from shares issued ..... $ 5,280,728 $10,817,981 $ 7,190,765 $ 11,675,088 $ 3,805,283 $ 5,887,852
Dividends reinvested ............ 360,720 658,526 -- -- 80,017 85,526
Cost of shares redeemed ......... (1,904,536) (7,115,949) (2,071,351) (6,351,911) (397,301) (1,037,287)
----------- ----------- ----------- ------------ ----------- -----------
Class A Share Transactions ... $ 3,736,912 $ 4,360,558 $ 5,119,414 $ 5,323,177 $ 3,487,999 $ 4,936,091
----------- ----------- ----------- ------------ ----------- -----------

Class B Shares:
Proceeds from shares issued ..... $ 4,435,289 $ 7,018,567 $ 4,591,922 $ 9,241,504 $ 585,963 $ 1,815,286
Dividends reinvested ............ 734,819 1,589,278 -- -- 9,523 6,289
Cost of shares redeemed ......... (2,859,692) (4,273,362) (6,793,958) (11,442,782) (220,895) (325,846)
----------- ----------- ----------- ------------ ----------- -----------
Class B Share Transactions ... $ 2,310,416 $ 4,334,483 $(2,202,036) $ (2,201,278) $ 374,591 $ 1,495,729
----------- ----------- ----------- ------------ ----------- -----------
Net increase (decrease)
from capital transactions ....... $ 6,047,328 $ 8,695,041 $ 2,917,378 $ 3,121,899 $ 3,862,590 $ 6,431,820
=========== =========== =========== ============ =========== ===========

Share Transactions:
Class A Shares:
Issued .......................... 520,887 1,100,375 644,620 951,995 536,727 755,393
Reinvested ...................... 35,729 67,401 -- -- 11,907 10,617
Redeemed ........................ (188,602) (722,318) (188,523) (494,950) (58,194) (131,267)
----------- ----------- ----------- ------------ ----------- -----------
Change in Class A Shares ..... 368,014 445,458 456,097 457,045 490,440 634,743
----------- ----------- ----------- ------------ ----------- -----------

Class B Shares:
Issued .......................... 439,324 713,102 427,204 771,810 84,338 232,140
Reinvested ...................... 72,806 162,857 -- -- 1,419 785
Redeemed ........................ (282,177) (435,986) (634,377) (977,473) (32,299) (47,480)
----------- ----------- ----------- ------------ ----------- -----------
Change in Class B Shares ..... 229,953 439,973 (207,173) (205,663) 53,458 185,445
----------- ----------- ----------- ------------ ----------- -----------
Net increase (decrease)
from share transactions ......... 597,967 885,431 248,924 251,382 543,898 820,188
=========== =========== =========== ============ =========== ===========

International Fund
--------------------------
Six Months
Ended Year Ended
June 30, December 31,
2003 2002
- -----------------------------------------------------------------

Capital Transactions:
Class A Shares:
Proceeds from shares issued ..... $12,937,830 $ 23,125,262
Dividends reinvested ............ -- 831,677
Cost of shares redeemed ......... (8,696,977) (10,625,274)
----------- ------------
Class A Share Transactions ... $ 4,240,853 $ 13,331,665
----------- ------------

Class B Shares:
Proceeds from shares issued ..... $ 749,184 $ 2,074,195
Dividends reinvested ............ -- 140,968
Cost of shares redeemed ......... (1,309,246) (2,486,252)
----------- ------------
Class B Share Transactions ... $ (560,062) $ (271,089)
----------- ------------
Net increase (decrease)
from capital transactions ....... $ 3,680,791 $ 13,060,576
=========== ============

Share Transactions:
Class A Shares:
Issued .......................... 1,805,328 2,805,743
Reinvested ...................... -- 91,670
Redeemed ........................ (1,199,015) (1,297,160)
----------- ------------
Change in Class A Shares ..... 606,313 1,600,253
----------- ------------

Class B Shares:
Issued .......................... 104,942 249,606
Reinvested ...................... -- 15,560
Redeemed ........................ (183,340) (306,084)
----------- ------------
Change in Class B Shares ..... (78,398) (40,918)
----------- ------------
Net increase (decrease)
from share transactions ......... 527,915 1,559,335
=========== ============

Management of Trustees
(Unaudited)

Number of
Portfolios
Term of Office overseen
Position Held and Length of Principal Occupation During within the
Name and Address Birthdate with the Trust time served the Past Five Years Fund Complex
- ------------------------------------------------------------------------------------------------------------------------------------

Howard L. Brenneman 3/26/40 Chairman and Since President and CEO, Mennonite Mutual Aid 4
PO Box 483 Trustee 12/2/93 December 1991 - present
Goshen, IN 46527

Karen Klassen Harder, Ph.D. 1/22/56 Trustee Since Associate Professor of Economics and 4
Bluffton College 12/2/93 Business, Bluffton College, August 2000 -
Bluffton, OH 45817 present Professor, Bethel College, Jan.
1990 - Aug. 2000

Richard Reimer, Ph.D. 10/6/31 Trustee Since Retired. Professor of Economics, The 4
The College of Wooster 12/2/93 College of Wooster January 1990 - present
Wooster, OH 44691

Donald E. Showalter, Esq. 2/23/41 Trustee Since Attorney, the law firm of Wharton, 4
100 South Mason Street 12/2/93 Aldhizer & Weaver June 1965 - present
Harrisonburg, VA 22801

Allen Yoder, Jr. 8/4/27 Trustee Since President, Jayco, Inc. September 1993 - 4
PO Box 460 12/2/93 retirement
Middlebury, IN 46540

Bruce Harder 1/17/41 Trustee Since Executive Director for Finance and 4
4012 SE 17th Ave 2/11/00 Admin., Tri-Met 1986 - present
Portland, OR 97202

R. Clair Sauder 1/11/43 Trustee Since Partner, Encore Enterprises, LLC May 2001 4
630 Millcross Road 6/30/02 - present; Partner, C&D Enterprises
Lancaster, PA 17601 Unlimited, 1998 to May 2001

John L. Liechty 6/12/54 President Since Executive Management, Mennonite Mutual 4
PO Box 483 8/19/97 Aid 1976 - present
Goshen, IN 46527

Trent Statczar 8/31/71 Treasurer Since BISYS Fund Services 1993 - present 4
3435 Stelzer Rd 8/19/02
Columbus, OH 43219

Marlo J. Kauffman 9/19/56 Vice President Since Financial Services Operation Manager, 4
PO Box 483 12/2/93 Mennonite Mutual Aid January 1981 -
Goshen, IN 46527 present

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

George Stevens 2/10/51 Secretary Since BISYS Fund Services September 1996 - 4
3435 Stelzer Rd 5/19/98 present
Columbus, OH 43219

Alaina Metz 4/7/67 Assistant Since Chief Admin Officer, BISYS Fund Services 4
3435 Stelzer Rd Secretary 11/12/96 June 1995 - present
Columbus, OH 43219

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

The Statement of Additional Information contains more information about The
Funds and can be obtained free of charge by calling 1-800-762-6212.

This page intentionally left blank.

[GRAPHIC APPEARS HERE]

Investment Adviser
MMA Capital Management
Post Office Box 483
Goshen, Indiana 46527

Investment Sub-Adviser
(International Fund only)
Oechsle International Advisers, LLC
One International Place
Boston, Massachusetts 02110

Administrator and Distributor
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219

Legal Counsel
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, Massachussetts 02116

Auditors
Ernst & Young, LLP
41 South High Street
Columbus, Ohio 43215

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

[LOGO] MMA(R)
Stewardship
Solution

(08/03) 2020637

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. Only effective for annual reports with
periods ending on or after July 15, 2003.

Item 3. Audit Committee Financial Expert.

(a) (1) Disclose that the registrant's board of trustees 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.

Only effective for annual reports with periods ending on or after July 15, 2003.

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.

Only effective for annual reports with periods ending on or after December 15,
2003.

Items 5-6. [Reserved]

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. [Reserved]

Item 9. 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)).

In the opinion of the principal executive officer and principal financial
officer, based on their evaluation, the registrant's disclosure controls and
procedures are adequately designed and are operating effectively to ensure (i)
that material information relating to the registrant, including its consolidated
subsidiaries, is made known to them by others within those entities,
particularly during the period in which this report is being prepared; and (ii)
that information required to be disclosed by the registrant on Form N-CSR is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.

(b) 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 registrant's last fiscal half-year (the
registrant's second fiscal half-year in the case of an annual 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 registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
have materially affected or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.

Item 10. 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 with periods ending on or after July 15, 2003.

(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2). Certifications pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 are attached hereto.

(b) A separate or combined certification for each principal executive
officer and principal officer of the registrant as required by Rule 30a-2(b)
under the Act of 1940. Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 are attached hereto.

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

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

Date September 2, 2003
----------------------------------

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 September 2, 2003
----------------------------------

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

Date September 2, 2003
----------------------------------

* Print the name and title of each signing officer under his or her signature.