N-CSRS

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

MMA Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483

Goshen, IN 46527

 (Address of principal executive offices) (Zip code)

Anthony Zacharski, Dechert LLP

200 Clarendon Street, 27th Floor

Boston, MA 02116

(Name and address of agent for service)

Registrant's telephone number, including area code: (513) 878-4066

Date of fiscal year end: 12/31

Date of reporting period: 6/30/10

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

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

Item 1.  Reports to Stockholders.

Semi-Annual Report

MMA Praxis

Mutual Funds

Semi-Annual Report and

Privacy Policy

for the six months ending June 30, 2010

(Unaudited)

MMA Praxis Funds

Intermediate Income Fund (MIIAX)

Core Stock Fund (MMPAX)

International Fund (MPIAX)

Value Index Fund (MVIAX)

Growth Index Fund (MGNDX)

Small Cap Fund (MMSCX)

MMA Praxis Genesis Portfolios

Conservative Portfolio (MCONX)

Balanced Portfolio (MBAPX)

Growth Portfolio (MGAFX)

Notice of privacy policy & practices

MMA Praxis Mutual Funds

Notice of privacy policy & practices

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

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

• Account applications and other forms – which may include a customer’s name, address, social  security number, and information about a customer’s investment goals and risk tolerance;

• Account history – including information about the transactions and balances in a customer’s account(s); and

• Correspondence – written, telephonic or electronic between a customer and MMA Praxis Mutual Funds or service providers to MMA Praxis Mutual Funds.

We may disclose all of the information described above to certain third parties who are affiliated with MMA Praxis Mutual Funds under one or more of these circumstances:

• As authorized – if you request or authorize the disclosure of the information.

• As permitted by law – for example sharing information with companies who maintain or service customer accounts for MMA Praxis Mutual Funds is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

• Under joint agreement – we may also share information with companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements.

We require service providers to MMA Praxis Mutual Funds:

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

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

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

1 For purposes of this notice, the terms “customer” or “customers” includes individuals who provide nonpublic personal information to MMA Praxis Funds, but do invest in MMA Praxis Fund shares.

MMA Praxis

Mutual Funds

Semi-Annual Report

for the six months ending June 30, 2010 (Unaudited)

MMA Praxis Funds

Intermediate Income Fund (MIIAX)

Core Stock Fund (MMPAX)

International Fund (MPIAX)

Value Index Fund (MVIAX)

Growth Index Fund (MGNDX)

Small Cap Fund (MMSCX)

MMA Praxis Genesis Portfolios

Conservative Portfolio (MCONX)

Balanced Portfolio (MBAPX)

Growth Portfolio (MGAFX)

Table of contents

Table of Contents

Message from the President	1
MMA Praxis Stewardship Investing Report	3
MMA Praxis Intermediate Income Fund
Portfolio managers’ letter	7
Performance review	9
Schedule of portfolio investments	11
MMA Praxis Core Stock Fund
Portfolio managers’ letter	23
Performance review	25
Schedule of portfolio investments	27
MMA Praxis International Fund
Portfolio manager’s letter	33
Performance review	35
Schedule of portfolio investments	37
MMA Praxis Value Index Fund
Portfolio manager’s letter	47
Performance review	48
Schedule of portfolio investments	50
MMA Praxis Growth Index Fund
Portfolio manager’s letter	61
Performance review	62
Schedule of portfolio investments	64
MMA Praxis Small Cap Fund
Portfolio managers’ letter	74
Performance review	75
Schedule of portfolio investments	77

Table of contents, continued

MMA Praxis Genesis Conservative Portfolio
Portfolio manager’s letter	83
Performance review	84
Schedule of portfolio investments	86
MMA Praxis Genesis Balanced Portfolio
Portfolio manager’s letter	83
Performance review	87
Schedule of portfolio investments	89
MMA Praxis Genesis Growth Portfolio
Portfolio manager’s letter	83
Performance review	90
Schedule of portfolio investments	92
Statements of assets and liabilities	94
Statements of operations	100
Statements of changes in net assets	103
Financial Highlights	106
Notes to financial statements	121
Additional fund information	138

Glossary of Terms

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

The Morgan Stanley Capital International-Europe, Australia and the Far East Index (MSCI EAFE Index) is a widely recognized unmanaged index composed of a sample of companies representative of the developed markets throughout the world, excluding the United States and Canada.

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

MSCI US Prime Market Growth Index represents the growth companies of the MSCI US Prime Market 750 Index. The MSCI US Prime market 750 Index represents the universe of large and medium capitalization companies in the US equity market.

MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. The MSCI Prime Market 750 Index represents the universe of large and medium capitalization companies in the U.S. equity market.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. Equity Universe. It measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. Equity Universe. It measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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.

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.

(This page intentionally left blank)

Message from the President

Message from the President

Dear MMA Praxis Shareholder:

The turbulence in the equities market continues, with equities markets turning negative for the six-month period. A time of uncertainty and volatility continues to cause concern for investors, large and small. Is the recovery sustainable? That is the question on many investors’ minds and with that uncertainty, unease permeates the market. Volatility may well continue for some time to come.

During the first six months, domestic equities, as measured by the Standard & Poor’s 500 Index declined 6.65 percent. The MMA Praxis Core Stock Fund Class A share (NAV) underperformed its benchmark and was down 7.26 percent. Over the same period, the Class A Share (NAV) of the Value Index Fund fell by 4.51 percent, but outperformed its benchmark, the MSCI Prime Market Value Index which fell 5.32 percent. The Class A Share (NAV) of the Growth Index Fund fell by 8.50 percent; its benchmark, the MSCI Prime Market Growth Index, fell by 7.79 percent. The Class A Share (NAV) of the Small Cap Fund fell by 1.46 percent and outperformed its benchmark, the Russell 2000 Index, which fell by 1.95 percent.

The international equity benchmark MSCI EAFE Index was down 13.23 percent for the six-month period ending June 30, 2010. The MMA Praxis International Class A Share (NAV) outperformed its benchmark over the same period, declining 11.13 percent.

Coming off of strong performance in 2009, the MMA Praxis Intermediate Income Fund continues to provide positive returns for the six month period. The Class A Share (NAV) posted a gain of 4.94 percent for the period ending June 30, 2010, with 3-year annualized returns of 7.97 percent and 5-year annualized returns of 5.51 percent. This fund’s benchmark, Barclay’s Capital US Aggregate Bond Index returned 5.54 percent over the same five-year period.

As many of you are aware, MMA Praxis introduced the MMA Praxis Genesis Portfolios offering three “fund-of-funds” to investors who desire automatic asset allocation based on the investor’s risk tolerance levels. These portfolios have been well accepted by our investors. As of June 30, 2010, more than $51 million had been invested in the three MMA Praxis Genesis Portfolios combined. We are extremely pleased with the level of acceptance these portfolios are enjoying.

MMA Praxis remains committed to fulfill its mission as a faith-based mutual fund by being actively engaged in shareholder advocacy and community development investing (CDI). Part of our community development efforts continue in the Gulf Coast region. Over the course of several years MMA CDI partnered with five other faith-based institutional investors to launch the Isaiah Funds, the nation’s first interfaith partnership for disaster recovery investing. The Isaiah Funds has raised more than $5 million from investors, has attracted national attention, and launched its first project – a 165-unit affordable housing project in the Central City neighborhood of New Orleans. This is just one way that your investments help in making our communities and world stronger.

1

In the following pages you will find portfolio managers’ letters and performance reviews for each of the funds. Please read these reports for in-depth explanations and observations.

You will also find the Stewardship Investing Report highlighting our shareholder advocacy work around the issues of modern slavery involving children in the cotton fields of Uzbekistan, and the use of slave labor associated with the steel industry in Brazil. The report also includes commentary on the investments in the MMA Praxis Intermediate Income Fund that highlight financially-competitive, fixed income securities that yield a positive social return.

Thank you for being an investor with MMA Praxis Mutual Funds. We strive to be good stewards of the resources you’ve entrusted to us for retirement, educational pursuits and the other goals you have. We are deeply appreciative of the trust you’ve place in us by placing some of your resources in our care.

Sincerely,

David C. Gautsche

President

MMA Praxis Mutual Funds

2

MMA Praxis Stewardship Investing Report

MMA Praxis Stewardship Investing Report

MMA Praxis Semi-Annual Report 2010

MMA Praxis organizes its shareholder advocacy issues into two categories: constituency focus issues and responsibility issues. The majority of our shareholder advocacy efforts are based around 2-3 constituency focus issues that have strong faith and values connection with our primary markets. The constituency focus issues for the 2009-10 shareholder advocacy season were modern slavery, food and water safety and sustainability, and predatory credit card practices. Responsibility issues reflect our obligation for addressing the field of ever-emerging social concerns related to the holdings in MMA Praxis’ diverse portfolios. Topics ranged from the BP oil spill to executive compensation at Goldman Sachs.

The following stories highlight some of our stewardship investing activities of 2010.

Constituency Focus Issues

Combating Human Trafficking at the World Cup

The World Cup South Africa 2010 brought thousands of soccer fans together. The influx of so many people could have had the unintended effect of providing opportunities for human trafficking. The documented patterns of deliberate trafficking of children and women for sexual and labor exploitation at these massive events was a source of grave concern.

MMA Praxis signed on to two sets of letters imploring companies to act on these concerns. One set was sent to all major hotel chains providing lodging during the World Cup.

Hotels were asked to take the following actions:

• Create awareness among employees to the issues of human trafficking and the sexual exploitation of children;

• Train staff to be observant to potential victims of human trafficking and make them aware to whom they should report such incidents;

• Build alliances with police, anti-trafficking organizations, and child welfare agencies;

• Provide information to guests regarding national laws and the penalties imposed for trafficking and the sexual abuse of children and the hotel’s opposition to such activities;

• Support organizations that help victims of human trafficking and encourage governments to strengthen laws.

The second set of letters was sent to the World Cup’s ten corporate sponsors, asking them to use their advertising power to raise awareness about human trafficking and to sign onto the Athens Ethical Principles, a business collaborative that supports and enhances government and NGO anti-trafficking actions.

Human Rights Advocacy Continues in Uzbek Cotton Industry

MMA Praxis continues to work toward solutions to the on-going reality of modern slavery in the cotton fields of Uzbekistan. The Uzbek government is complicit in human rights abuses involving children, going as far as the closure of schools to force the nation’s children to pick in the cotton fields. Cotton is Uzbekistan’s most valuable export and the material finds its way onto the shelves of most global clothing and apparel retailers.

3

MMA Praxis has participated in letter-writing campaigns and a number of corporate dialogues, urging dozens of companies to pledge that they will eliminate Uzbek cotton from their supply chain. Nearly all companies have responded affirmatively – establishing policies and requiring their suppliers to refrain from using Uzbek cotton. Evidence has surfaced, however, that suggests many company suppliers (often cotton mills or spinners) either don’t know where their cotton is sourced or disregard their pledge to boycott cotton from Uzbekistan.

Shareholder advocates, including MMA Praxis, are now focusing attention on the cotton mills and spinners that ultimately supply retail and apparel companies with cloth. Work has begun on a new initiative aimed at helping companies fulfill their pledge to eliminate child labor-tainted cotton from their supply chain. This effort promises to offer a more direct way to economically pressure the Uzbek government to eliminate forced child labor.

Nucor Moves to Address Modern Slavery Concerns

The use of slave labor in the Brazilian rainforest to produce the charcoal required in pig iron for the steel industry was first identified by Bloomberg News in 2007. Soon after this news surfaced, concerned shareholders, including MMA Praxis Mutual Funds, began engaging Nucor Corporation, a leading supplier of sheet steel to many major appliance manufacturers, regarding the pig iron they sourced in Brazil.

After more than 24 months of engagement, Nucor Corporation has agreed to implement a set of policies designed to address modern slavery concerns in its sourcing of pig iron. Nucor has now announced plans to:

• require that any pig iron sourced from Brazil to come only from manufacturers licensed by the Brazilian government.

• require all of its pig iron suppliers certify they have no connection to illegal or involuntary labor.

• align its acceptable supplier list with anti-slavery listings compiled by the Brazilian Ministry of Labor.

• require all its pig iron suppliers to belong to the Citizens Charcoal Institute (ICC) and submit to random, announced audits.

• become a patron of the ICC and contribute to its funding.

• receive ICC reports and monitor the compliance of its suppliers.

• Issue a public report on its pig iron procurement polices no later than Sept. 1, 2010, and issue additional “progress reports” annually.

Predatory Credit Card Dialogues Continue with Citigroup

MMA Praxis and other faith-based investors met with the head of Citigroup’s credit card division in February to discuss the company’s lending strategy in light of new credit card regulations taking effect this year. MMA Praxis has been in conversation with Citigroup for more than two years on credit card issues.

While the CARD Act passed by Congress last year was helpful in eliminating some predatory credit card practices and establishing limits on others, banks have already begun to exploit loopholes in the legislation. MMA Praxis is monitoring the actions of the top seven credit card issuers to see how their policies adapt to the new regulations, and if predatory practices continue.

Despite its enormous size, Citigroup has a relatively small retail banking presence, and most of its 20 million customer accounts are not attached to a local branch. Rather than offering credit cards as a service to its retail customers, Citigroup has historically had a credit-card-only relationship with many of its customers. This model led Citigroup to generate substantial – though temporary – card division profits through the last economic boom and unprecedented losses during the latest recession. MMA Praxis and other investors are encouraging Citigroup to pursue a more sustainable business model

4

that adheres to the spirit of new credit card regulations and doesn’t rely on predatory tactics to generate profit.

Responsibility Issues

MMA Praxis Responds to BP’s Gulf Oil Spill

Like the rest of the country, we at MMA Praxis have been deeply concerned about the events in the Gulf and the impact of the deep Horizon oil spill on communities and the environment.

MMA Praxis has a long history of investment and shareholder engagement with BP, stretching back well over a decade. While some shareholders would like to see us restrict the company for this environmental catastrophe, we believe social investors like MMA Praxis have an important role to play, during such times of crisis, in engaging companies regarding issues of environmental, social and governance significance.

Three weeks after the explosion that sank BP’s contracted drilling rig, MMA Praxis’ full investment team met by phone with the Head of Social Policy and Sustainability in BP’s London office to receive an update on the company’s efforts in the Gulf and to express MMA Praxis’ concerns about what led to and will follow this disaster.

MMA Praxis has also helped organize and host a call among SRI analysts to discuss perspectives on BP and potential responses. Through continued attentiveness to the oil spill and commitment to dialogue with BP, we believe we can encourage better corporate practices both now and into the future. As more information becomes available regarding the cause of the disaster and the factors that contributed to it, we – along with other concerned investors – can play an important role in seeing that these issues are properly address by management.

Positive Investing

MMA Praxis Intermediate Income Fund Continues Positive Investment Trend

Continuing a focus begun in 2009, MMA Praxis Intermediate Income Fund co-managers, Delmar King and Benji Bailey channeled additional investments into financially-competitive, fixed income securities that yield a positive social return. To date, over 5.31% of the Fund is invested in bonds supporting renewable energy, immunization, medical research, and local infrastructure improvements. These market-rate, positive investments are in addition to the 1% or more of the fund dedicated to below market-rate community development investments held with MMA Community Development Investments. Some of the investments currently in the Fund include:

Medical Research and Disease Containment

One way the Intermediate Income Fund supports medical development is through its $0.8 million bond investment in the Howard Hughes Medical Institute(HHMI). The HHMI is a non-profit medical research institute that seeks to increase scientific knowledge to help improve human lives.

The Intermediate Income Fund also holds $1 million of bonds issued from the International Finance Facility for Immunisation Company (IFFIm). The IFFIm was created to accelerate the availability of $4 billion in pledged grants for health and immunization, spanning 20 years, for the world’s poorest countries. The $4 billion to be spent immediately on immunization programs is expected to prevent 5 million child deaths by 2015. The Fund’s investment in IFFIm bonds represents our ongoing commitment to respecting the dignity and value of all people, this time specifically through the containment of preventable diseases.

5

Investments in Schools and Public Works

The Intermediate Income Fund also held over $4 million in combined bond purchases from the

Cincinnati Water District, Indianapolis Public School System, Columbus, IN School System and Houston Independent School Districtallows MMA Praxis to invest in key infrastructure needs in US cities, helping build stronger, healthier communities.

Mark Regier

Director of Stewardship Investing

6

MMA Praxis Intermediate Income Fund

MMA Praxis Intermediate Income Fund

Semi-Annual report to shareholders

Portfolio managers’ letter

Bonds performed well in the first half of 2010. The Barclay’s Capital Aggregate Bond Index, the Fund’s benchmark, had a total return of 5.33 percent. This was about 12 percent better than the S&P 500. The MMA Praxis Intermediate Income Fund did well even though its 4.94 percent return for Class A shares and 5.16 percent for I Shares lagged the benchmark by 0.39 percent and 0.17 percent respectively. The underperformance was in large part due to Fund expenses on a net basis.

The economy was relatively strong in the first half of the year, but the favorable results were overwhelmed by events in Europe. Greece’s financial meltdown forced the European Union to commit to a 750 million Euros borrowing facility to provide a Trouble Asset Relief Program-like program to protect the European banks against losses on their sovereign bond holdings of Greece, Portugal, Spain, Italy and Ireland. The Europeans were able to use the European Central Bank to provide adequate liquidity, but were not able to settle the solvency issues surrounding Greece’s debt. This, in turn, led to a run on the Euro and a sharp appreciation of the dollar. As the dollar strengthened, interest rates fell as the demand for U.S. Treasury bonds as a safe haven-investment rose.

The large decline in Treasury rates was particularly pronounced in longer maturities. The five-year and 10-year Treasury rates fell 0.91 percent. A decline in interest rates caused bond prices to rise, which led to the strong results for Fund holdings.

Sectors that helped performance relative to similar maturity Treasuries were commercial mortgage-backed securities (CMBS), which outperformed by 7.5 percent, and Agencies, which outperformed by 0.3 percent.  

Sectors that hurt performance relative to similar maturity Treasuries were mortgage-backed securities (MBS) and Corporate bonds. While mortgage-backed securities outperformed by 0.72 percent, the Fund had a large underweight position relative to the benchmark. Corporates had a return 1.09 percent below Treasuries, and the Fund’s overweight position was a drag on its results relative to its benchmark.

Some of the better performing names in the portfolio were TTX Co., State Street Boston, Harsco and JP Morgan Mortgage 06-LDP8 (CMBS), all of which appreciated over 13 percent. The worst performing were BP, which fell 17 percent, and Progressive, which fell about 7 percent. BP was particularly painful given the events that led to the Gulf oil disaster. (MMA Praxis comments on BP can be seen in our Stewardship Investing commentary in this semi-annual report.)

Outlook

Returns in the second half of 2010 should be less favorable given how low interest rates have fallen. There are several uncertainties that suggest a volatile period ahead.

First, we expect economic growth in the United States to be relatively sluggish in the second half of the year as the need for inventory rebuilding subsides. If growth is only 1.5 to 2.5 percent, the pressure for higher rates will be limited. Further, savings rates are likely to remain high, which will provide adequate funding for the Federal government’s deficit. High savings rates also imply weak consumer demand, which will likely keep unemployment well above 9 percent.

Second, we expect weak economic results in the United States to keep the Federal Reserve on hold for a long time. We believe there is virtually no chance that the Federal Reserve will raise rates before the second quarter of 2011 and it is entirely possible that the Federal Reserve could stay on hold until 2012.

7

Third, we expect sovereign risk, the risk of governments defaulting, to remain high. Europe will not likely find a way to fix the solvency problems of Greece, and possibly not those of Portugal or Spain, any time soon. Further, in the United States there are potential state and local government issues that are not easily dealt with. These issues create a meaningful level of uncertainty, in our opinion.

On a more positive note, very low short-term interest rates create strong demand for longer maturity bonds. This is particularly true for corporate credit. Corporations currently have strong balance sheets and solid liquidity. Corporate bonds still offer attractive spreads over Treasury securities, meaning investors who care about income and want some diversification from the volatility of the equity markets are likely to continue to seek out diversified funds like the MMA Praxis Intermediate Income Fund.

Delmar King

MMA Praxis Intermediate Income Fund

Co-fund Manager

Benjamin J. Bailey, CFA®

MMA Praxis Intermediate Income Fund

Co-fund Manager

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

8

Performance review

MMA Praxis Intermediate Income Fund

Performance review

Average annual total returns as of 6/30/10

	Inception					Expense Ratio**
	Date	1 Year	3 Year	5 Year	10 Year	Gross	Net
Class A (No Load)	5/12/99	10.35%	7.97%	5.51%	5.84%	1.11%	0.97%
Class A *	5/12/99	6.26%	6.60%	4.70%	5.43%
Class I	5/1/06	10.74%	8.28%	5.73%	5.95%	0.62%	0.62%

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

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from May 1, 2010 through April 30, 2011 for Class A.

9

MMA Praxis Intermediate Income Fund

Performance review

Growth of $10,000 investment 6/30/00 to 6/30/10

This chart represents historical performance of a hypothetical investment of $10,000 in the Intermediate Income Fund from 6/30/00 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

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

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

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

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

10

Schedule of portfolio investments

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
ASSET BACKED SECURITY—0.2%
Discover Card Master Trust, 5.10%, 10/15/13	$	500,000	$	516,579
COLLATERALIZED MORTGAGE OBLIGATIONS—0.3%
Countrywide Home Loan Mortgage Pass Through Trust, 5.25%, 6/25/33		487,047		488,342
JPMorgan Mortgage Trust, 4.50%, 9/25/34		303,275		295,931
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS				784,273
COMMERCIAL MORTGAGE BACKED SECURITIES—8.1%
Banc of America Commercial Mortgage, Inc., 5.12%, 7/11/43		500,000		520,917
Bear Stearns Commercial Mortgage Securities, 4.95%, 2/11/41		266,516		272,479
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41+		1,000,000		1,059,063
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41		1,000,000		1,035,287
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		2,000,000		2,086,385
Bear Stearns Commercial Mortgage Securities, 4.52%, 11/11/41		500,000		511,882
Bear Stearns Commercial Mortgage Securities, 4.56%, 2/13/42+		701,361		704,879
Bear Stearns Commercial Mortgage Securities, 5.74%, 9/11/42+		1,000,000		1,043,754
Bear Stearns Commercial Mortgage Securities, 5.13%, 10/12/42+ ..		1,115,646		1,116,628
Bear Stearns Commercial Mortgage Securities, 5.61%, 6/11/50		1,000,000		1,047,466
Chase Commercial Mortgage Securities Corp., 7.32%, 10/15/32		553,269		553,701
First Union National Bank Commercial Mortgage, 6.22%, 12/12/33		488,057		509,154
GE Capital Commercial Mortgage Corp., 6.53%, 5/15/33		832,175		851,227
GMAC Commercial Mortgage Securities, Inc., 6.47%, 4/15/34		920,702		940,310
GMAC Commercial Mortgage Securities, Inc., 5.39%, 10/15/38		144,630		147,706
JPMorgan Chase Commercial Mortgage Securities Corp., 4.90%, 10/15/42		1,000,000		983,789
JPMorgan Chase Commercial Mortgage Securities Corp., 4.92%, 10/15/42+		1,000,000		1,045,721
JPMorgan Chase Commercial Mortgage Securities Corp., 5.40%, 5/15/45		2,000,000		2,105,418
JPMorgan Chase Commercial Mortgage Securities Corp., 4.63%, 3/15/46		419,668		427,870
LB-UBS Commercial Mortgage Trust, 5.64%, 12/15/25		264,865		269,270
Morgan Stanley Capital I, 5.98%, 8/12/41+		1,000,000		1,070,968
Morgan Stanley Capital I, 5.01%, 1/14/42		999,694		1,028,935
Morgan Stanley Capital I, 4.83%, 6/12/47		1,000,000		1,032,101
Morgan Stanley Dean Witter Capital I, 5.93%, 12/15/35		1,225,000		1,297,756
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				21,662,666
FOREIGN BONDS—0.8%
Province of Ontario, Canada, 4.10%, 6/16/14		1,000,000		1,075,399
Republic of Austria, 2.00%, 11/15/12(a)		1,000,000		1,020,000
TOTAL FOREIGN BONDS				2,095,399

See accompanying notes to financial statements.

11

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
MUNICIPAL BONDS—2.3%
Cincinnati Ohio Water System Rev., 6.46%, 12/01/34	$	600,000	$	640,212
Columbus Multi-High School Building Corp. Rev., 6.45%, 1/15/30		1,000,000		1,036,120
Houston Independent School District, 6.17%, 2/15/34		1,000,000		1,033,170
Indianapolis Public School Multi-School Building, 5.73%, 7/15/29		1,500,000		1,506,975
LL&P Wind Energy, Inc. (XLCA), 5.73%, 12/01/17(a)		1,000,000		1,005,100
Wisconsin State Transportation Rev., 5.84%, 7/01/30		800,000		810,744
TOTAL MUNICIPAL BONDS				6,032,321
CORPORATE BONDS—47.3%
ADVERTISING—0.4%
Omnicom Group, Inc., 6.25%, 7/15/19		1,000,000		1,138,159
BIOTECHNOLOGY—0.4%
Amgen, Inc., 5.70%, 2/01/19		500,000		580,822
Biogen Idec, Inc., 6.00%, 3/01/13		500,000		549,976
				1,130,798
BROADCASTING & CABLE TV—1.0%
Comcast Corp., 5.15%, 3/01/20		1,000,000		1,046,949
Comcast Corp., 5.70%, 5/15/18		500,000		549,624
McGraw-Hill Cos., Inc., 5.38%, 11/15/12		1,000,000		1,077,900
				2,674,473
BUILDING PRODUCTS—0.4%
Masco Corp., 6.13%, 10/03/16		500,000		483,777
Owens Corning, 6.50%, 12/01/16		500,000		531,994
				1,015,771
CAPITAL MARKETS—0.9%
BlackRock, Inc., 2.25%, 12/10/12		665,000		678,846
BlackRock, Inc., 3.50%, 12/10/14		1,000,000		1,037,104
Franklin Resources, Inc., 2.00%, 5/20/13		670,000		679,953
				2,395,903
CHEMICALS—0.2%
Nalco Co., 8.25%, 5/15/17		500,000		517,500
COMMERCIAL BANKS—2.9%
American Express Bank FSB, 5.55%, 10/17/12		630,000		677,196
Bank of New York Mellon Corp., 5.13%, 8/27/13		830,000		915,147
Bank of Nova Scotia, 2.25%, 1/22/13		2,000,000		2,027,872
Canadian Imperial Bank of Commerce, 2.00%, 2/04/13(a)		1,000,000		1,011,121
State Street Corp., 7.35%, 6/15/26		1,000,000		1,204,946
Wells Fargo & Co., 5.25%, 10/23/12		1,250,000		1,337,704
Wells Fargo & Co., Perpetual Bond, 7.98%, 3/29/49+		500,000		515,000
				7,688,986

See accompanying notes to financial statements.

12

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
COMMERCIAL SERVICES & SUPPLIES—0.7%
GATX Corp., 9.00%, 11/15/13	$	432,187	$	503,322
President and Fellows of Harvard College, 5.00%, 1/15/14(a)		175,000		193,552
TTX Co., 4.90%, 3/01/15(a)		1,000,000		1,064,597
				1,761,471
COMMUNICATIONS EQUIPMENT—0.1%
Cisco Systems, Inc., 4.45%, 1/15/20		200,000		211,125
COMPUTERS & PERIPHERALS—0.2%
Dell, Inc., 5.63%, 4/15/14		500,000		560,641
CONSTRUCTION MATERIALS—0.4%
Martin Marietta Materials, Inc., 6.60%, 4/15/18		1,000,000		1,085,248
CONSUMER FINANCE—1.0%
American Honda Finance Corp., 4.63%, 4/02/13(a)		1,500,000		1,606,662
Ford Motor Credit Co. LLC, 7.25%, 10/25/11		1,000,000		1,027,270
				2,633,932
CONTAINERS & PACKAGING—0.6%
Bemis Co., Inc., 5.65%, 8/01/14		500,000		550,593
Sealed Air Corp., 7.88%, 6/15/17(a)		1,000,000		1,045,284
				1,595,877
DIVERSIFIED FINANCIAL SERVICES—4.8%
Allstate Life Global Funding Trusts, 5.38%, 4/30/13		500,000		548,235
Ally Financial, Inc., 6.75%, 12/01/14		600,000		580,500
Bank of America Corp., 4.50%, 4/01/15		500,000		505,360
Citigroup, Inc., 5.13%, 5/05/14		1,000,000		1,019,865
Equifax, Inc., 4.45%, 12/01/14		1,110,000		1,156,621
ERAC USA Finance LLC, 5.90%, 11/15/15(a)		1,000,000		1,110,315
General Electric Capital Corp., 6.15%, 8/07/37		1,000,000		1,014,513
Goldman Sachs Group, Inc., 6.88%, 1/15/11		500,000		512,641
JPMorgan Chase & Co., 4.75%, 5/01/13		1,000,000		1,066,806
Morgan Stanley, 5.63%, 9/23/19		1,500,000		1,451,119
NASDAQ OMX Group, Inc., 4.00%, 1/15/15		621,000		631,412
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		780,000		1,081,604
NYSE Euronext, 4.80%, 6/28/13		1,000,000		1,081,513
UBS AG, 3.88%, 1/15/15		1,000,000		995,050
				12,755,554

See accompanying notes to financial statements.

13

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
ELECTRIC UTILITIES—5.0%
AEP Texas North Co., 5.50%, 3/01/13	$	1,000,000	$	1,082,184
Atlantic City Electric Co., 7.75%, 11/15/18		500,000		629,913
CenterPoint Energy Houston Electric LLC, 7.00%, 3/01/14		1,000,000		1,160,103
Consumers Energy Co., 6.70%, 9/15/19		625,000		747,669
Idaho Power Co., 4.50%, 3/01/20		500,000		510,982
ITC Holdings Corp., 5.50%, 1/15/20(a)		500,000		526,382
MidAmerican Energy Co., 6.75%, 12/30/31		1,500,000		1,795,625
Niagara Mohawk Power Corp., 4.88%, 8/15/19(a)		500,000		527,351
Pennsylvania Electric Co., 5.20%, 4/01/20		500,000		521,181
Portland General Electric Co., 6.10%, 4/15/19		1,100,000		1,279,808
Potomac Electric Power Co., 6.50%, 11/15/37		1,000,000		1,194,503
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,142,590
TransAlta Corp., 4.75%, 1/15/15		500,000		526,476
TransAlta Corp., 6.65%, 5/15/18		500,000		557,049
Vectren Utility Holdings, Inc., 6.63%, 12/01/11		1,000,000		1,058,323
				13,260,139
ELECTRICAL EQUIPMENT—0.6%
Briggs & Stratton Corp., 8.88%, 3/15/11		1,000,000		1,030,000
Thomas & Betts Corp., 5.63%, 11/15/21		500,000		535,761
				1,565,761
FOOD & STAPLES RETAILING—0.2%
Kroger Co., 7.50%, 1/15/14		500,000		584,332
FOOD PRODUCTS—1.0%
Cargill, Inc., 7.50%, 9/01/26(a)		1,250,000		1,533,484
Kellogg Co., 4.25%, 3/06/13		1,000,000		1,071,762
				2,605,246
GAS UTILITIES—2.2%
Enbridge Energy Partners LP, 5.20%, 3/15/20		500,000		515,201
Enterprise Products Operating LLC, 3.70%, 6/01/15		1,000,000		1,011,599
Indiana Gas Co., Inc., 6.55%, 6/30/28		250,000		256,379
Michigan Consolidated Gas Co., 8.25%, 5/01/14		1,000,000		1,174,427
National Fuel Gas Co., 6.50%, 4/15/18		500,000		536,073
Northern Natural Gas Co., 5.38%, 10/31/12(a)		1,000,000		1,079,525
Sempra Energy, 6.50%, 6/01/16		600,000		688,499
Southern Union Co., 8.25%, 11/15/29		525,000		558,449
				5,820,152
HEALTH CARE EQUIPMENT & SUPPLIES—0.6%
Beckman Coulter, Inc., 6.00%, 6/01/15		900,000		1,013,911
Zimmer Holdings, Inc., 4.63%, 11/30/19		500,000		525,067
				1,538,978

See accompanying notes to financial statements.

14

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
HEALTH CARE PROVIDERS & SERVICES—1.4%
Express Scripts, Inc., 6.25%, 6/15/14	$	550,000	$	622,719
Howard Hughes Medical Institute, 3.45%, 9/01/14		843,000		892,846
McKesson Corp., 6.50%, 2/15/14		1,000,000		1,142,594
Roche Holdings, Inc., 6.00%, 3/01/19(a)		1,000,000		1,164,893
				3,823,052
HOTELS, RESTAURANTS & LEISURE—0.4%
Yum! Brands, Inc., 8.88%, 4/15/11		1,000,000		1,056,455
HOUSEHOLD DURABLES—0.3%
Stanley Black & Decker, Inc., 6.15%, 10/01/13		725,000		819,709
INDUSTRIAL CONGLOMERATES—0.8%
Cooper U.S., Inc., 5.45%, 4/01/15		1,000,000		1,129,041
Harsco Corp., 5.75%, 5/15/18		1,000,000		1,120,475
				2,249,516
INDUSTRIAL MACHINERY—0.4%
Valmont Industries, Inc., 6.63%, 4/20/20		1,000,000		1,024,795
INSURANCE BROKERS—0.4%
Willis North America, Inc., 5.63%, 7/15/15		1,000,000		1,057,791
INTEGRATED TELECOMMUNICATION SERVICES—1.4%
AT&T, Inc., 4.95%, 1/15/13		1,000,000		1,085,478
GTE Corp., 6.84%, 4/15/18		1,000,000		1,130,775
New Communications Holdings, Inc., 7.88%, 4/15/15(a)		500,000		503,750
Sprint Capital Corp., 7.63%, 1/30/11		1,000,000		1,017,500
				3,737,503
INTERNET & CATALOG RETAIL—0.2%
QVC, Inc., 7.13%, 4/15/17(a)		500,000		490,000
IT SERVICES—0.4%
Dun & Bradstreet Corp., 6.00%, 4/01/13		1,000,000		1,091,768
LIFE & HEALTH INSURANCE—0.3%
Prudential Financial, Inc., 4.75%, 4/01/14		641,000		672,615
MACHINERY—0.2%
Pall Corp., 5.00%, 6/15/20		500,000		518,634
METALS & MINING—0.3%
Teck Resources Ltd., 9.75%, 5/15/14		750,000		886,362

See accompanying notes to financial statements.

15

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
MULTI-LINE INSURANCE—0.8%
American International Group, Inc., 4.25%, 5/15/13	$	500,000	$	482,500
Metropolitan Life Global Funding I, 5.13%, 6/10/14(a)		500,000		543,161
Principal Life Global Funding I, 6.25%, 2/15/12(a)		1,000,000		1,066,030
				2,091,691
MULTILINE RETAIL—0.9%
Wal-Mart Stores, Inc., 2.25%, 7/08/15		1,000,000		996,950
Wal-Mart Stores, Inc., 7.55%, 2/15/30		1,000,000		1,326,850
				2,323,800
OFFICE ELECTRONICS—0.4%
Xerox Corp., 6.35%, 5/15/18		1,000,000		1,115,434
OIL, GAS & CONSUMABLE FUELS—3.2%
BP Capital Markets plc, 3.88%, 3/10/15		1,500,000		1,278,230
ConocoPhillips Holding Co., 6.95%, 4/15/29		1,075,000		1,319,284
Motiva Enterprises LLC, 5.20%, 9/15/12(a)		1,000,000		1,071,417
Pioneer Natural Resources Co., 5.88%, 7/15/16		500,000		499,489
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 9/30/16(a)		1,000,000		1,075,500
Shell International Finance BV, 4.00%, 3/21/14		1,000,000		1,057,694
Texas Gas Transmission LLC, 4.60%, 6/01/15		1,000,000		1,045,004
XTO Energy, Inc., 7.50%, 4/15/12		1,000,000		1,113,446
				8,460,064
PERSONAL PRODUCTS—0.6%
Avon Products, Inc., 5.63%, 3/01/14		1,000,000		1,117,718
Mead Johnson Nutrition Co., 3.50%, 11/01/14(a)		500,000		517,639
				1,635,357
PHARMACEUTICALS—1.1%
Abbott Laboratories, 5.13%, 4/01/19		1,000,000		1,115,769
Merck & Co., Inc., 4.00%, 6/30/15		500,000		541,520
Novartis Capital Corp., 4.13%, 2/10/14		1,250,000		1,348,661
				3,005,950
PROPERTY & CASUALTY INSURANCE—1.5%
21st Century Insurance Group, 5.90%, 12/15/13		496,000		514,089
Fidelity National Financial, Inc., 7.30%, 8/15/11		1,000,000		1,029,879
Markel Corp., 6.80%, 2/15/13		1,000,000		1,071,516
Progressive Corp., 6.70%, 6/15/37+		500,000		467,500
W.R. Berkley Corp., 5.13%, 9/30/10		1,000,000		1,004,022
				4,087,006
PUBLISHING—0.3%
Washington Post Co., 7.25%, 2/01/19		575,000		686,384

See accompanying notes to financial statements.

16

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.9%
AMB Property LP, 6.13%, 12/01/16	$	1,000,000	$	1,069,079
Pan Pacific Retail Properties, Inc., 5.95%, 6/01/14		1,000,000		1,083,491
Simon Property Group LP, 4.20%, 2/01/15		240,000		246,623
				2,399,193
REINSURANCE—0.5%
Berkshire Hathaway, Inc., 2.13%, 2/11/13		1,200,000		1,225,169
ROAD & RAIL—1.0%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40		1,000,000		1,057,689
Canadian National Railway Co., 4.40%, 3/15/13		1,000,000		1,071,870
CSX Transportation, Inc., 8.38%, 10/15/14		460,666		544,696
				2,674,255
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%
Analog Devices, Inc., 5.00%, 7/01/14		500,000		540,430
Applied Materials, Inc., 7.13%, 10/15/17		500,000		583,563
KLA-Tencor Corp., 6.90%, 5/01/18		1,000,000		1,118,695
				2,242,688
SOFT DRINKS—0.4%
Bottling Group LLC, 5.13%, 1/15/19		1,000,000		1,111,087
SPECIALTY RETAIL—0.4%
Home Depot, Inc., 5.25%, 12/16/13		500,000		549,774
Staples, Inc., 9.75%, 1/15/14		500,000		613,338
				1,163,112
SUPRANATIONAL—2.4%
Corporation Andina de Fomento, 5.20%, 5/21/13		1,000,000		1,078,437
Inter-American Development Bank, 3.50%, 3/15/13		1,000,000		1,058,182
Inter-American Development Bank, 3.50%, 7/08/13		1,000,000		1,060,363
International Bank for Reconstruction & Development, 2.00%, 12/04/13		2,000,000		2,032,532
International Finance Facility for Immunisation (IFFIM), 5.00%, 11/14/11(a)		1,000,000		1,049,486
				6,279,000
THRIFTS & MORTGAGE FINANCE—0.4%
Countrywide Financial Corp., 5.80%, 6/07/12		1,000,000		1,051,544
TRANSPORTATION SERVICES—0.3%
Golden State Petroleum Transport Corp., 8.04%, 2/01/19		868,961		841,068
TRUCK MANUFACTURERS—0.3%
PACCAR, Inc., 6.88%, 2/15/14		760,000		880,460

See accompanying notes to financial statements.

17

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS—47.3%, continued
UTILITIES—0.6%
Harper Lake Solar Funding Corp., 7.65%, 12/31/18(a)	$	609,147	$	699,769
Salton Sea Funding Corp., 7.48%, 11/30/18		922,265		1,035,132
				1,734,901
WATER UTILITIES—0.4%
American Water Capital Corp., 6.09%, 10/15/17		1,000,000		1,102,674
TOTAL CORPORATE BONDS				126,079,083
CORPORATE NOTES—0.9%
DEVELOPMENT AUTHORITIES—0.9%
MMA Community Development Investment, Inc., 1.10%,12/15/11+(b)(c)		802,500		802,500
MMA Community Development Investment, Inc., 0.73%,12/15/12+(b)(c)		910,000		910,000
MMA Community Development Investment, Inc., 1.10%,12/15/13+(b)(c)		802,500		723,053
TOTAL CORPORATE NOTES				2,435,553
INTEREST ONLY BONDS—0.0%
FREDDIE MAC REMICS — 0.0%
5.00%, 4/15/29		1,827,847		74,966
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.0%
0.79%, 4/16/27+		6,106,988		96,330
TOTAL INTEREST ONLY BONDS				171,296
U.S. GOVERNMENT AGENCIES—37.6%
FEDERAL FARM CREDIT BANK — 0.8%
4.88%, 12/16/15		2,000,000		2,258,676
FEDERAL HOME LOAN BANK — 3.7%
3.88%, 6/14/13		300,000		323,225
4.13%, 8/13/10		1,000,000		1,004,684
5.00%, 11/17/17		4,000,000		4,564,552
5.00%, 12/10/21		2,625,000		2,949,579
6.63%, 11/15/10		900,000		921,295
				9,763,335
FEDERAL HOME LOAN MORTGAGE CORP. — 11.0%
2.61%, 5/01/34+		467,919		485,532
2.61%, 5/01/34+		227,957		236,537
3.75%, 3/27/19		8,750,000		9,129,076
4.50%, 6/01/18		901,865		952,128
5.00%, 4/01/19		829,941		891,863
5.00%, 12/01/21		1,409,142		1,508,553

See accompanying notes to financial statements.

18

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES—37.6%, continued
FEDERAL HOME LOAN MORTGAGE CORP. — 11.0%, continued
5.00%, 2/15/32	$	2,000,000	$	2,121,363
5.00%, 7/01/35		1,500,212		1,590,991
5.50%, 4/01/22		1,010,373		1,092,070
5.50%, 11/01/33		746,646		806,074
5.50%, 3/01/36		928,442		999,729
5.50%, 6/01/36		1,442,465		1,550,965
5.50%, 12/01/36		1,365,677		1,468,401
6.00%, 9/01/17		576,187		625,500
6.00%, 4/01/27		1,407,816		1,537,154
6.00%, 6/01/36		1,018,303		1,106,513
6.00%, 8/01/37		858,935		933,340
6.88%, 9/15/10		1,081,000		1,096,185
7.00%, 2/01/30		321,847		358,036
7.00%, 3/01/31		243,729		271,134
7.50%, 7/01/30		498,876		554,936
				29,316,080
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 15.1%
2.11%, 2/01/34+		367,580		377,355
2.52%, 6/01/33+		129,713		135,016
2.60%, 5/01/34+		315,617		328,945
4.13%, 4/15/14		900,000		982,795
4.38%, 10/15/15		6,000,000		6,635,976
5.00%, 2/13/17		3,000,000		3,409,818
5.00%, 7/01/18		485,422		518,605
5.00%, 9/01/18		706,002		754,263
5.00%, 4/01/25		1,143,068		1,218,134
5.00%, 7/01/25		968,877		1,038,358
5.00%, 10/01/25		1,218,469		1,298,488
5.00%, 10/01/35		1,651,703		1,750,100
5.31%, 5/01/37+		1,237,067		1,306,173
5.50%, 6/01/22		1,025,715		1,109,455
5.50%, 11/01/25		311		339
5.50%, 2/01/34		638,617		686,353
5.50%, 1/01/35		1,289,288		1,385,662
5.50%, 10/01/35		1,911,396		2,054,273
5.50%, 6/01/36		1,096,570		1,178,539
5.50%, 11/01/36		1,344,658		1,445,171
6.00%, 10/01/33		335,816		364,644
6.00%, 11/01/34		1,279,529		1,389,369
6.00%, 10/01/35		799,038		867,630
6.00%, 6/01/36		808,224		877,605
6.63%, 11/15/30		6,750,000		8,778,085

See accompanying notes to financial statements.

19

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES—37.6%, continued
FEDERAL NATIONAL MORTGAGE ASSOCIATION — 15.1%, continued
7.00%, 7/01/15	$	4,369	$	4,767
7.00%, 11/01/19		39,861		44,275
7.00%, 11/01/19		66,762		74,154
8.50%, 9/01/26		227,358		263,786
				40,278,133
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 0.9%
3.50%, 1/20/34+		159,474		163,524
5.50%, 10/20/38		1,358,135		1,456,303
6.50%, 11/20/38		288,801		313,629
6.75%, 4/15/16		52,757		57,678
7.00%, 12/20/30		81,822		89,767
7.00%, 10/20/31		52,730		57,849
7.00%, 3/20/32		168,079		184,400
				2,323,150
SMALL BUSINESS ADMINISTRATION — 0.2%
0.60%, 2/25/32+		588,443		582,326
1.00%, 9/25/18+		38,212		38,144
				620,470
FDIC GUARANTEED—5.9% (d)
Citibank NA, 1.75%, 12/28/12		3,000,000		3,053,487
Citigroup Funding, Inc., 1.88%, 10/22/12		3,000,000		3,063,063
Citigroup Funding, Inc., 1.88%, 11/15/12		1,330,000		1,358,046
General Electric Capital Corp., 1.63%, 1/07/11		1,400,000		1,408,540
General Electric Capital Corp., 2.20%, 6/08/12		175,000		179,618
JPMorgan Chase & Co., 2.63%, 12/01/10		1,000,000		1,009,209
PNC Funding Corp., 1.88%, 6/22/11		650,000		658,237
Regions Bank/Birmingham AL, 3.25%, 12/09/11		1,500,000		1,554,595
U.S. Central Federal Credit Union, 1.25%, 10/19/11		1,300,000		1,310,446
U.S. Central Federal Credit Union, 1.90%, 10/19/12		2,000,000		2,041,258
				15,636,499
TOTAL U.S. GOVERNMENT AGENCIES				100,196,343

See accompanying notes to financial statements.

20

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES	VALUE
INVESTMENT COMPANY—0.5%
MUTUAL FUND—0.5%
Pax World High Yield Bond Fund	167,685	$	1,259,317
SHORT TERM INVESTMENT—3.0%
INVESTMENT COMPANY—3.0%
JPMorgan U.S. Government Money Market Fund-Agency Shares	8,003,589		8,003,589
TOTAL INVESTMENTS (Cost* $254,971,955)—101.0%		$	269,236,419
Liabilities in excess of other assets — (1.0)%			(2,731,062	)
NET ASSETS—100%		$	266,505,357

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	144a security is restricted as to resale to institutional investors. These securities were deemed liquid under guidelines established by the Board of Trustees. At June 30, 2010, these securities were valued at $19,905,018 or 7.5% of net assets.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
MMA Community Development Investment, Inc.	1.10%	802,500	12/2009
MMA Community Development Investment, Inc.	0.73%	910,000	12/2009
MMA Community Development Investment, Inc.	1.10%	802,500	12/2009

At June 30, 2010, these securities had an aggregate market value of $2,435,553, representing 0.9% of net assets.

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

plc	—	Public Liability Company
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
XLCA	—	XL Capital Assurance, Inc.

See accompanying notes to financial statements.

21

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Investments at Value
Asset Backed Security	$	—	$	516,579	$	—	$	516,579
Collateralized Mortgage
Obligations		—		784,273		—		784,273
Commercial Mortgage
Backed Securities		—		21,662,666		—		21,662,666
Foreign Bonds		—		2,095,399		—		2,095,399
Municipal Bonds		—		6,032,321		—		6,032,321
Corporate Bonds		—		126,079,083		—		126,079,083
Corporate Notes		—		—		2,435,553		2,435,553
Interest Only Bonds		—		171,296		—		171,296
U.S. Government
Agencies		—		100,196,343		—		100,196,343
Investment Company		1,259,317		—		—		1,259,317
Short Term Investment		8,003,589		—		—		8,003,589
Total Investments	$	9,262,906	$	257,537,960	$	2,435,553	$	269,236,419

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

	Intermediate
Corporate Notes	Income Fund
Balance as of December 31, 2009	$	2,515,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(79,447	)
Balance as of June 30, 2010	$	2,435,553

There were no significant transfers in and out of Levels 1, 2 or 3 during the six months ended June 30, 2010.

See accompanying notes to financial statements.

22

MMA Praxis Core Stock Fund

MMA Praxis Core Stock Fund

Semi-Annual report to shareholders

Portfolio managers’ letter

MMA Praxis Core Stock Fund performance overview

For the six-month period ended June 30, 2010, MMA Praxis Core Stock Fund Class A returned -7.26 percent, underperforming its benchmark, the Standard & Poor’s 500 Index (“Index”), which returned -6.65 percent.

Factors affecting the Fund’s performance

All sectors of the market declined over the six-month period. Materials, Energy, and Information Technology were the sectors within the Index that declined the most. Industrials, Consumer Discretionary, and Consumer Staples were the sectors within the Index that declined the least.

The Fund had more invested in financial companies than any other sector over the six-month period and was the most important contributor relative to the Index. The Fund’s financial companies outperformed the corresponding sector within the Index (down 2 percent versus down 4 percent for the Index) and had a higher relative average weighting (29 percent versus 16 percent for the Index). Berkshire Hathaway, Progressive, Hartford Financial Services, and Hang Lung Group were among the most important contributors to performance while Bank of New York Mellon and Julius Baer were among the most important detractors from performance. The Fund no longer owns Hartford Financial Services.

Information Technology companies were the most important detractors from performance on an absolute basis. The Fund’s Information Technology companies underperformed the corresponding sector within the Index (down 21 percent versus down 11 percent for the Index) and had a lower relative average weighting (10 percent versus 19 percent for the Index). Google, Microsoft, and Hewlett Packard were among the most important detractors from performance.

Energy companies were the second most important detractors from performance on an absolute basis. The Fund’s Energy companies outperformed the corresponding sector within the Index (down 10 percent versus down 12 percent for the Index). Devon Energy and Transocean were among the most important detractors from performance while EOG Resources was among the most important contributors to performance.

The Fund’s Consumer Discretionary companies were the most important detractors from performance compared to the Index. The Fund’s Consumer Discretionary companies underperformed the corresponding sector within the Index (down 11 percent versus down 2 percent for the Index) and had a lower relative average weighting (7 percent versus 10 percent for the Index) in this stronger performing sector.

As of June 30, 2010, only one company had dropped out of the Fund’s top 10 holdings from Dec. 31, 2009. Loews has been replaced by CVS Caremark.

23

The Fund held approximately 13 percent of its assets in foreign companies (including American Depositary Receipts) at June 30, 2010. As a whole, these companies underperformed the domestic companies held by the Fund.

Christopher C. Davis

Portfolio Manager and CEO of Davis Advisors

Kenneth C. Feinberg

Portfolio Manager

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

24

Performance review

MMA Praxis Core Stock Fund

Performance review

Average annual total returns as of 6/30/10

	Inception					Expense Ratio**
	Date	1 Year	3 Year	5 Year	10 Year	Gross	Net
Class A (No Load)	5/12/99	15.31%	(12.39%)	(3.61%)	(2.62%)	1.60%	1.60%
Class A *	5/12/99	9.21%	(13.95%)	(4.65%)	(3.14%)
Class I	5/1/06	16.01%	(12.02%)	(3.27%)	(2.45%)	0.95%	0.95%

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

* Reflects maximum front  end sales charge of 5.25%.

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010.

25

MMA Praxis Core Stock Fund

Performance review

Growth of $10,000 investment 6/30/00 to 6/30/10

This chart represents historical performance of a hypothetical investment of $10,000 in the Core Stock Fund from 6/30/00 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

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

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

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

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.

26

Schedule of portfolio investments

MMA Praxis Core Stock Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.6%
AIR FREIGHT & LOGISTICS—0.2%
United Parcel Service, Inc., Class B		6,000	$	341,340
AUTOMOBILES—1.1%
Harley-Davidson, Inc.		74,400		1,653,912
BEVERAGES—1.2%
Coca-Cola Co.		38,100		1,909,572
CAPITAL MARKETS—5.7%
Ameriprise Financial, Inc.		30,800		1,112,804
Bank of New York Mellon Corp		155,700		3,844,233
GAM Holding Ltd. (Switzerland)(a)		81,800		891,729
Goldman Sachs Group, Inc.		6,590		865,069
Julius Baer Group Ltd. (Switzerland)		81,800		2,349,611
				9,063,446
CHEMICALS—0.4%
Potash Corp of Saskatchewan, Inc. (Canada)		4,627		399,032
Praxair, Inc.		3,700		281,163
				680,195
COMMERCIAL BANKS—4.5%
Wells Fargo & Co.		278,558		7,131,085
COMMERCIAL SERVICES & SUPPLIES—1.7%
Iron Mountain, Inc.		116,000		2,605,360
COMPUTERS & PERIPHERALS—1.5%
Hewlett-Packard Co.		54,250		2,347,940
CONSTRUCTION MATERIALS—1.4%
Martin Marietta Materials, Inc		20,300		1,721,643
Vulcan Materials Co.		10,200		447,066
				2,168,709
CONSUMER FINANCE—4.2%
American Express Co.		169,500		6,729,150
CONTAINERS & PACKAGING—2.1%
Sealed Air Corp		168,900		3,330,708
DIVERSIFIED CONSUMER SERVICES—0.0%
H&R Block, Inc.		2,450		38,440

See accompanying notes to financial statements.

27

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.6%, continued
DIVERSIFIED FINANCIAL SERVICES—0.7%
JPMorgan Chase & Co.		4,800	$	175,728
Moody’s Corp.		49,300		982,056
				1,157,784
ELECTRICAL EQUIPMENT—0.5%
ABB Ltd.- ADR (Switzerland)(a)		43,940		759,283
ENERGY EQUIPMENT & SERVICES—0.6%
Transocean Ltd. (Switzerland)(a)		18,955		878,185
FOOD & STAPLES RETAILING—11.5%
Costco Wholesale Corp.		244,400		13,400,452
CVS Caremark Corp.		163,122		4,782,737
				18,183,189
FOOD PRODUCTS—0.7%
Hershey Co.		11,500		551,195
Unilever NV - NY Registry Shares (Netherlands)		22,700		620,164
				1,171,359
HEALTH CARE EQUIPMENT & SUPPLIES—1.5%
Baxter International, Inc.		19,800		804,672
Becton Dickinson and Co.		21,800		1,474,116
CareFusion Corp. (a)		6,465		146,756
				2,425,544
HEALTH CARE PROVIDERS & SERVICES—1.6%
Cardinal Health, Inc.		2,730		91,755
Express Scripts, Inc. (a)		52,800		2,482,656
				2,574,411
HOUSEHOLD DURABLES—0.2%
Hunter Douglas NV (Netherlands)		8,300		304,388
HOUSEHOLD PRODUCTS—5.0%
Procter & Gamble Co.		133,200		7,989,336
INDUSTRIAL CONGLOMERATES—0.7%
Tyco International Ltd. (Switzerland)		33,190		1,169,284
INSURANCE—10.2%
Berkshire Hathaway, Inc., Class A (a)		52		6,240,000
Loews Corp		125,900		4,193,729
Markel Corp. (a)		480		163,200
Progressive Corp.		212,200		3,972,384

See accompanying notes to financial statements.

28

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.6%, continued
INSURANCE—10.2%, continued
Transatlantic Holdings, Inc.		34,343	$	1,647,090
				16,216,403
INTERNET & CATALOG RETAIL—0.3%
Amazon.com, Inc. (a)		1,050		114,723
Liberty Media Corp. - Interactive, Series A (a)		38,475		403,987
				518,710
INTERNET SOFTWARE & SERVICES—3.7%
Google, Inc., Class A (a)		13,200		5,873,340
IT SERVICES—0.3%
Visa, Inc., Class A		6,370		450,678
MARINE—1.1%
China Shipping Development Co. Ltd., Class H (China)		406,000		518,782
Kuehne + Nagel International AG (Switzerland)		12,000		1,244,700
				1,763,482
MEDIA—2.2%
Grupo Televisa SA- ADR (Mexico)		42,500		739,925
Liberty Media Corp. - Starz, Series A (a)		3,044		157,801
News Corp., Class A		102,100		1,221,116
Walt Disney Co.		45,100		1,420,650
				3,539,492
METALS & MINING—1.0%
BHP Billiton plc (United Kingdom)		32,000		838,848
Rio Tinto plc (United Kingdom)		17,400		771,731
				1,610,579
OIL, GAS & CONSUMABLE FUELS—10.0%
Canadian Natural Resources Ltd. (Canada)		109,200		3,628,716
ConocoPhillips		960		47,126
Devon Energy Corp		77,900		4,745,668
EOG Resources, Inc.		64,400		6,335,028
OGX Petroleo e Gas Participacoes SA (Brazil)(a)		110,000		1,021,995
				15,778,533
PAPER & FOREST PRODUCTS—1.0%
Sino-Forest Corp. (Canada)(a)		107,060		1,521,599
PERSONAL PRODUCTS—0.2%
Natura Cosmeticos SA (Brazil)		12,200		270,360

See accompanying notes to financial statements.

29

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
COMMON STOCKS—92.6%, continued
PHARMACEUTICALS—7.4%
Johnson & Johnson		66,100	$	3,903,866
Merck & Co., Inc		223,916		7,830,343
				11,734,209
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%
Brookfield Asset Management, Inc., Class A (Canada)		39,900		902,538
Hang Lung Group Ltd. (Hong Kong)		231,000		1,254,838
				2,157,376
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%
Texas Instruments, Inc.		104,200		2,425,776
SOFTWARE—1.5%
Activision Blizzard, Inc.		81,500		854,935
Microsoft Corp.		68,300		1,571,583
				2,426,518
SPECIALTY RETAIL—2.1%
Bed Bath & Beyond, Inc. (a)		57,400		2,128,392
CarMax, Inc. (a)		58,200		1,158,180
				3,286,572
TRANSPORTATION INFRASTRUCTURE—1.3%
China Merchants Holdings International Co. Ltd. (Hong Kong)		557,355		1,857,397
COSCO Pacific Ltd. (Bermuda)		163,041		194,931
				2,052,328
WIRELESS TELECOMMUNICATION SERVICES—0.4%
America Movil SAB de CV, Series L- ADR (Mexico)		13,000		617,500
TOTAL COMMON STOCKS				146,856,075
COMMERCIAL PAPER—3.6%
Intesa Funding LLC, 0.10%, 7/01/10	$	5,805,000		5,804,984
CORPORATE BOND—0.8%
AUTOMOBILES—0.8%
Harley-Davidson, Inc., 15.00%, 2/01/14		1,000,000		1,324,879

See accompanying notes to financial statements.

30

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
CORPORATE NOTES—1.8%
DEVELOPMENT AUTHORITIES—1.8%
MMA Community Development Investment, Inc., 1.10%, 12/15/11+(b)(c)	$	1,016,000	$	1,016,000
MMA Community Development Investment, Inc., 0.73%, 12/15/12+(b)(c)		903,000		903,000
MMA Community Development Investment, Inc., 1.10%, 12/15/13+(b)(c)		1,016,000		915,416
TOTAL CORPORATE NOTES				2,834,416
SHORT TERM INVESTMENT—0.2%
INVESTMENT COMPANY—0.2%
JPMorgan U.S. Government Money Market Fund- Agency Shares		265,558		265,558
TOTAL INVESTMENTS (Cost* $159,216,120)—99.0%			$	157,085,912
Other assets in excess of liabilities — 1.0%				1,539,011
NET ASSETS—100%			$	158,624,923

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
MMA Community Development Investment, Inc.	1.10%	1,016,000	12/2009
MMA Community Development Investment, Inc.	0.73%	903,000	12/2009
MMA Community Development Investment, Inc.	1.10%	1,016,000	12/2009

At June 30, 2010, these securities had an aggregate market value of $2,834,416, representing 1.8% of net assets.

(c)	Fair valued security.
*	Represents cost for financial reporting purposes.

ADR	—	American Depositary Receipt
plc	—	Public Liability Company

See accompanying notes to financial statements.

31

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	146,856,075	$	—	$	—	$	146,856,075
Commercial Paper		—		5,804,984		—		5,804,984
Corporate Bond		—		1,324,879		—		1,324,879
Corporate Notes		—		—		2,834,416		2,834,416
Short Term Investment		265,558		—		—		265,558
Total Investments	$	147,121,633	$	7,129,863	$	2,834,416	$	157,085,912

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

Corporate Notes	Core Stock Fund
Balance as of December 31, 2009	$	2,935,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(100,584	)
Balance as of June 30, 2010	$	2,834,416

There were no significant transfers in and out of Levels 1, 2 or 3 during the six months ended June 30, 2010.

See accompanying notes to financial statements.

32

MMA Praxis International Fund

MMA Praxis International Fund

Semi-Annual report to shareholders

Portfolio manager’s letter

Strategy

The half-year in global equity markets was a period of contrasts. After the market strength of 2009, markets showed small gains in the first quarter of 2010 only to experience a sharp reversal of fortunes in the second quarter. Among the factors that had an impact were investor fears regarding sovereign debt problems, tightening fiscal measures in many countries, a slow-down in the rate of growth in China and slower than expected jobs growth in the United States and elsewhere. While many Eurozone countries announced austerity programs that should begin to address the long-term government debt imbalances, investors’ fears increased around the idea that the recovery would be derailed and that a double-dip recession was a distinct possibility.

During the half-year, we made some modest changes in the portfolio. These reflected, in part, the change in economic and market environment that took place later in the period. By June 30, 2010, Health Care was the largest sector increase and we also raised cash levels. These were funded by reductions in some of the more economically sensitive sectors such as Materials, Financials and Information Technology. Exposure to Energy was also reduced. In Health Care, we added new exposure in leading pharmaceuticals GlaxoSmithKline, Bayer and Astra Zeneca, while reducing our holding in Novartis. Because of strong relative outperformance, the weight in Consumer Discretionary increased in the period despite significant trims in individual positions. In Materials, we trimmed mining giants Rio Tinto and BHP Billiton due to a slow down in Chinese commodity demand. We eliminated exposure to two Greek holdings, Hellenic Exchanges and National Bank of Greece, against the background of the economic difficulties in that country, while opening exposure to some stronger companies in the sector such as UBS, Westpac Banking, and Lloyds Banking. Within Information Technology, we also eliminated some holdings, such as Elpida Memory (the Japanese DRAM manufacturer) on increased competition within the industry. We increased Yahoo Japan and reintroduced Nintendo, the latter company in anticipation of the next wave of console launches. The geographic distribution of the portfolio saw sizeable reduction in Europe and the United Kingdom with modest increases in Japan and Canada.

Performance

Over the half-year, the portfolio outperformed the MSCI EAFE Index. Consumer Discretionary and Energy were the principal contributors due to the benefits of stock outperformance combined with selective underweights to specific companies. Materials benefitted from sector underweight combined with stock outperformance while our cash holding also benefitted in the down market environment. Within Consumer Discretionary, Isuzu Motors, the Japanese truck manufacturer, rose over 60 percent. Our thesis for holding this stock was the potential recovery in truck sales driven by an improving economic environment, particularly in emerging markets. The company raised its earnings guidance significantly for its full-year results and subsequently projected strong earnings growth for year ending March 2011. Luxury goods retailers, Bu rberry, Swatch and PPR all contributed meaningfully in the period. Despite concerns in some segments about the retail industry, the luxury goods market has held up very well given the increased consumer wealth and spending power in Asia. Our underweight in BP proved positive, given the difficulties the company has been experiencing in the Gulf of Mexico, and two of our Canadian quoted holdings, oil producer Pacific Rubiales and gas producer Encana, outperformed the sector and overall market strongly. The weaker sectors in the period included Industrials, and Consumer Staples. In Industrials, our holdings in temporary employment companies detracted as the expected uptick in employment was pushed back in time. We continue to believe in the potential from these companies and have maintained our exposure to the stronger ones. The benefits of our stock outperformance in Consumer Staples were more than offset by our underweight position in the sector, one of the stronger performing sectors during the half-year.

33

Geographically, Europe, Canada and Japan were the strongest contributors. Japan had the highest regional return both in the portfolio and in the MSCI EAFE Index in the half-year.

Outlook

While corporate balance sheets appear strong and price multiples of expected corporate earnings are not expensive, based on current business levels, the sovereign storm clouds have continued to gather on the horizon and are resulting in a reassessment of the sustainable level of Gross Domestic Product growth.

Indeed, we have been in the midst of a fairly normal positive upswing from the recessionary levels seen in 2008 and early 2009. Fiscal and monetary stimulus, coupled with inventory rebuilding and the release of some pent-up consumer demand, was producing a cyclical upturn. We had even noticed the first signs of cheer in employment through a clear uptick in temporary employment, as well as improvement in work-week numbers, before concerns about the sustainability of the recovery surfaced.

During the second quarter, risk appetite clearly diminished with the greatest indicator being the European sovereign debt markets. CDS and yield spreads over German paper started to widen acutely, to the point that governments began the implementation of hasty austerity measures which, coupled with a multilateral assistance package, have still been insufficient to calm markets in the short run.

Currently, the global outlook encompasses fiscal drag and monetary stimulus. The transition from fiscal stimulus to fiscal drag is particularly conspicuous due to the very public nature of cuts in fiscal finances. This has a follow-on effect on consumer and corporate confidence which, in turn, can impact consumer and capital spending. Negative revisions to GDP growth can and probably will ensue.

To put the current environment in a different perspective, we all have front row seats at this ‘fight’. On one side of the ring, we have Fiscal Drag and on the other side we have Monetary Stimulus. The bout is already underway and should be a fierce fight. Our prediction is that Fiscal Drag will take the first few rounds as sovereign deficits have gained much weight, but as the fight wages on, we would expect that Monetary Stimulus will gain in strength and that Fiscal Drag will decrease with the deficit alleviating measures that are being implemented around the globe.

Also, as the fight moves through the rounds, we may see continued market turmoil, which could provide some very attractive entry points for international equities. It seems quite clear that reflationary monetary policies will cease only when reflation becomes apparent. When that occurs, it should bode well for equities and bode ill for debt. Eventually, we should see a rise in interest rates; the optimists would say this is a result of the emergence of some inflationary pressure as the economy gradually recovers. The pessimists would counter that rate pressure will come as a result of a lack of buyers of sovereigns. We believe the first cause is ultimately more likely, but the second is not out of the question.

Low debt yields do make the equity earnings yields very attractive by comparison and will provide a floor to equity markets. Indeed, we are seeing some signs emerge already: mergers and acquisitions activity is beginning to rise and the largest global bond shop in the world, PIMCO, has taken a leap into equities markets – an interesting pointer.

Francis Claró, CFA®

Evergreen Investment Management

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

34

Performance review

MMA Praxis International Fund

Performance review

Average annual total returns as of 6/30/10

	Inception					Expense Ratio**
	Date	1 Year	3 Year	5 Year	10 Year	Gross	Net
Class A (No Load)	5/12/99	6.68%	(14.72%)	(1.37%)	(3.65%)	1.97%	1.97%
Class A *	5/12/99	1.04%	(16.23%)	(2.43%)	(4.17%)
Class I	5/1/06	7.40%	(14.34%)	(0.99%)	(3.47%)	1.26%	1.26%

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

* Reflects maximum front  end sales charge of 5.25%.

Class I Share of this Fund was not in existence prior to 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Share since inception of 4/1/97 and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009.

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010.

35

MMA Praxis International Fund

Performance review

Growth of $10,000 investment 6/30/00 to 6/30/10

This chart represents historical performance of a hypothetical investment of $10,000 in the International Fund from 6/30/00 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

* Reflects maximum front  end sales charge of 5.25%.

Class I Share of this Fund was not in existence prior to 5/1/06. Class I Share performance calculated for any period prior to 5/1/06 is based on the performance of Class B Share since inception of 4/1/97 and has been adjusted to reflect differences in sales charges and expenses between the classes. The Class B Shares were exchanged into Class A Shares on August 17, 2009.

1 The MSCI EAFE Index is a widely recognized, unmanaged index composed of a sample of companies representative of the developed markets throughout the world, excluding the United States and Canada.

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.

36

Schedule of portfolio investments

MMA Praxis International Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%
ARGENTINA—0.8%
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
IRSA Inversiones y Representaciones SA- ADR		61,060	$	637,466
AUSTRALIA—4.1%
COMMERCIAL BANKS—1.3%
Commonwealth Bank of Australia		13,467		551,376
Westpac Banking Corp.		26,342		470,741
				1,022,117
DIVERSIFIED FINANCIAL SERVICES—0.5%
ASX Ltd		18,266		448,347
DIVERSIFIED FINANCIALS—0.4%
Macquarie Group Ltd.		9,554		298,522
INSURANCE—0.7%
AMP Ltd.		122,452		537,015
MATERIALS—1.2%
Newcrest Mining Ltd.		32,942		973,285
				3,279,286
BELGIUM—0.5%
HEALTH CARE TECHNOLOGY—0.5%
AGFA-Gevaert NV (a)		64,578		373,524
BRAZIL—0.4%
COMMERCIAL BANKS—0.4%
Banco Bradesco SA- ADR		20,703		328,350
CANADA—7.4%
ENERGY—4.4%
Canadian Natural Resources Ltd.		49,658		1,648,036
EnCana Corp		25,007		757,339
Pacific Rubiales Energy Corp. (a)		28,988		649,715
Suncor Energy, Inc.		14,763		434,479
				3,489,569
MATERIALS—1.3%
Agnico-Eagle Mines Ltd.		13,405		814,756
Teck Resources Ltd., Class B		6,569		194,253
				1,009,009

See accompanying notes to financial statements.

37

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
CANADA—7.4%, continued
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%
Brookfield Asset Management, Inc., Class A		40,948	$	926,244
TECHNOLOGY HARDWARE & EQUIPMENT—0.6%
Research In Motion Ltd. (a)		9,360		461,074
				5,885,896
CHINA—4.5%
INTERNET SOFTWARE & SERVICES—3.1%
Netease.com- ADR (a)		15,323		485,892
Sina Corp. (a)		48,186		1,699,039
Tencent Holdings Ltd.		14,800		248,032
				2,432,963
SOFTWARE—1.4%
VanceInfo Technologies, Inc.- ADR (a)		49,308		1,147,890
				3,580,853
DENMARK—0.4%
TRANSPORTATION—0.4%
A.P. Moller - Maersk A/S, Class B		41		326,167
FINLAND—0.7%
INSURANCE—0.3%
Sampo OYJ, Class A		11,403		242,210
TECHNOLOGY HARDWARE & EQUIPMENT—0.4%
Nokia OYJ		41,650		341,752
				583,962
FRANCE—4.9%
CAPITAL GOODS—0.6%
Alstom SA		2,704		123,931
Cie de Saint-Gobain		9,096		343,646
				467,577
COMMERCIAL BANKS—0.8%
BNP Paribas		11,278		617,437
FOOD & DRUG RETAILING—0.5%
Carrefour SA		9,276		371,375
FOOD, BEVERAGE & TOBACCO—0.6%
Danone SA		9,090		491,314

See accompanying notes to financial statements.

38

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
FRANCE—4.9%, continued
INSURANCE—0.6%
AXA SA		31,667	$	493,537
MEDIA—0.6%
Publicis Groupe SA		11,298		454,262
RETAILING—0.9%
PPR		5,635		706,648
TELECOMMUNICATION SERVICES—0.3%
France Telecom SA		16,183		282,691
				3,884,841
GERMANY—7.3%
CAPITAL GOODS—0.3%
Hochtief AG		4,408		265,150
CONSUMER DURABLES & APPAREL—1.6%
Adidas AG		25,487		1,242,775
DIVERSIFIED FINANCIAL SERVICES—0.7%
Deutsche Boerse AG		8,359		511,908
DIVERSIFIED FINANCIALS—0.4%
Deutsche Bank AG		5,440		310,663
FOOD & DRUG RETAILING—0.6%
Metro AG		8,667		444,287
INSURANCE—1.4%
Allianz SE		5,273		527,776
Muenchener Rueckversicherungs Gesellschaft AG		4,363		551,403
				1,079,179
MATERIALS—1.0%
BASF SE		8,305		458,127
Lanxess AG		8,143		346,676
				804,803
PHARMACEUTICALS—0.7%
Bayer AG		10,292		578,936
RETAILING—0.3%
Kloeckner & Co. SE (a)		15,242		271,006

See accompanying notes to financial statements.

39

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
GERMANY—7.3%, continued
SOFTWARE—0.3%
SAP AG		6,052	$	271,457
				5,780,164
HONG KONG—0.9%
DIVERSIFIED FINANCIAL SERVICES—0.4%
Hong Kong Exchanges and Clearing Ltd.		20,400		321,185
TELECOMMUNICATION SERVICES—0.5%
China Mobile Ltd.- ADR		7,714		381,149
				702,334
ISRAEL—0.6%
PHARMACEUTICALS—0.6%
Teva Pharmaceutical Industries Ltd.- ADR		9,378		487,562
ITALY—0.3%
COMMERCIAL BANKS—0.3%
UniCredit SpA		103,822		233,477
JAPAN—13.4%
AUTOMOBILES—3.5%
Isuzu Motors Ltd.		685,000		2,091,839
Toyota Motor Corp.		19,400		675,813
				2,767,652
CAPITAL GOODS—1.6%
Makita Corp.		25,100		679,913
Toshiba Machine Co. Ltd.		148,000		605,960
				1,285,873
DIVERSIFIED FINANCIALS—1.0%
Nomura Holdings, Inc		98,500		544,778
ORIX Corp		3,440		252,898
				797,676
HOUSEHOLD PRODUCTS—1.3%
Unicharm Corp.		9,000		1,020,980
INSURANCE—0.5%
NKSJ Holdings, Inc. (a)		59,600		356,596
INTERNET SOFTWARE & SERVICES—1.2%
Yahoo! Japan Corp.		2,381		960,048

See accompanying notes to financial statements.

40

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
JAPAN—13.4%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%
Tokyo Electron Ltd.		10,500	$	576,571
SOFTWARE—0.3%
Nintendo Co. Ltd		800		238,421
TECHNOLOGY HARDWARE & EQUIPMENT—1.1%
Canon, Inc.		8,700		327,671
TDK Corp.		10,500		583,696
				911,367
TRANSPORTATION—2.2%
Mitsui O.S.K. Lines Ltd		94,000		631,522
Nippon Yusen KK		293,000		1,083,651
				1,715,173
				10,630,357
NETHERLANDS—7.4%
CAPITAL GOODS—0.4%
Koninklijke Philips Electronics NV		9,824		296,968
COMMERCIAL SERVICES & SUPPLIES—3.2%
Brunel International NV		11,140		318,768
Randstad Holding NV (a)		30,595		1,213,494
USG People NV (a)		70,496		1,002,576
				2,534,838
DIVERSIFIED FINANCIAL SERVICES—0.4%
ING Groep NV, CVA (a)		38,355		289,669
FOOD & DRUG RETAILING—0.4%
Koninklijke Ahold NV		26,184		325,474
FOOD, BEVERAGE & TOBACCO—1.4%
Unilever NV, CVA		40,515		1,116,717
MATERIALS—0.5%
New World Resources NV, Class A (a)		39,157		408,361
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%
ASML Holding NV		31,903		892,023
				5,864,050

See accompanying notes to financial statements.

41

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
NORWAY—0.5%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Telenor ASA		32,499	$	412,745
SINGAPORE—0.5%
COMMERCIAL BANKS—0.5%
DBS Group Holdings Ltd.		39,000		381,276
SOUTH KOREA—0.4%
FOOD, BEVERAGE & TOBACCO—0.4%
Lotte Confectionery Co. Ltd.		348		363,104
SPAIN—1.4%
COMMERCIAL BANKS—0.4%
Banco Santander SA		33,086		353,614
DIVERSIFIED FINANCIAL SERVICES—0.3%
Criteria Caixacorp SA		49,338		202,779
RETAILING—0.7%
Inditex SA		9,474		545,493
				1,101,886
SWEDEN—1.3%
CAPITAL GOODS—0.4%
Skanska AB, Class B		22,131		322,428
COMMERCIAL BANKS—0.3%
Swedbank AB (a)		26,372		245,377
SPECIALTY RETAIL—0.6%
Hennes & Mauritz AB (H&M), Class B		16,598		458,941
				1,026,746
SWITZERLAND—7.7%
CAPITAL GOODS—0.6%
ABB Ltd. (a)		26,063		458,705
CONSUMER DURABLES & APPAREL—1.6%
Swatch Group AG		4,542		1,291,574
DIVERSIFIED FINANCIALS—1.8%
Credit Suisse Group AG		24,821		942,316
UBS AG (a)		36,116		484,518
				1,426,834

See accompanying notes to financial statements.

42

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
SWITZERLAND—7.7%, continued
INSURANCE—1.3%
Zurich Financial Services AG		4,724	$	1,049,680
MATERIALS—0.3%
Givaudan SA		305		260,758
PHARMACEUTICALS—2.1%
Novartis AG		8,688		423,982
Roche Holding AG		8,969		1,240,690
				1,664,672
				6,152,223
UNITED KINGDOM—20.7%
CAPITAL GOODS—1.7%
Ashtead Group plc		350,012		469,873
Cookson Group plc (a)		60,495		350,425
Invensys plc		67,269		242,824
Travis Perkins plc (a)		26,175		286,662
				1,349,784
COMMERCIAL BANKS—4.6%
Barclays plc		235,043		950,111
HSBC Holdings plc		176,336		1,620,828
Lloyds Banking Group plc (a)		510,959		409,959
Royal Bank of Scotland Group plc (a)		453,614		280,790
Standard Chartered plc		15,111		370,494
				3,632,182
COMMERCIAL SERVICES—1.7%
Hays plc		540,634		740,717
Intertek Group plc		14,342		309,211
Savills plc		67,439		277,092
				1,327,020
CONSUMER DURABLES—0.8%
Burberry Group plc		57,354		652,549
ENERGY—2.5%
BG Group plc		22,682		340,925
BP plc		112,353		535,327
Royal Dutch Shell plc, Class A		42,967		1,091,991
				1,968,243
HOUSEHOLD PRODUCTS—0.5%
Reckitt Benckiser Group plc		8,644		404,498

See accompanying notes to financial statements.

43

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—86.6%, continued
UNITED KINGDOM—20.7%, continued
MEDIA—0.7%
WPP plc		57,630	$	547,197
METALS & MINING—3.5%
Antofagasta plc		54,644		642,127
BHP Billiton plc		29,439		771,713
Rio Tinto plc		15,271		677,305
Xstrata plc		52,771		699,199
				2,790,344
PHARMACEUTICALS—1.8%
AstraZeneca plc		8,994		425,848
GlaxoSmithKline plc		59,812		1,021,444
				1,447,292
PROFESSIONAL SERVICES—0.6%
Experian plc		57,255		501,292
RETAILING—1.0%
Game Group plc		304,043		290,279
Kingfisher plc		86,550		273,112
Next plc		8,783		263,635
				827,026
TRANSPORTATION—0.4%
British Airways plc (a)		112,808		330,351
WIRELESS TELECOMMUNICATION SERVICES—0.9%
Vodafone Group plc		356,376		740,920
				16,518,698
UNITED STATES—0.5%
DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%
Telefonica SA		22,155		413,292
TOTAL COMMON STOCKS				68,948,259
PREFERRED STOCK—2.2%
GERMANY—2.2%
HEALTH CARE EQUIPMENT & SUPPLIES—2.2%
Fresenius SE (Preference)		26,549		1,761,250

See accompanying notes to financial statements.

44

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL
	AMOUNT/
	SHARES		VALUE
INVESTMENT COMPANY—1.2%
EXCHANGE TRADED FUND (ETF)—1.2%
iShares MSCI EAFE Index Fund		19,715	$	916,945
CORPORATE NOTES—1.6%
DEVELOPMENT AUTHORITIES—1.6%
MMA Community Development Investment, Inc., 1.10%, 12/15/11+(b)(c)	$	381,000		381,000
MMA Community Development Investment, Inc., 0.73%, 12/15/12+(b)(c)		543,000		543,000
MMA Community Development Investment, Inc., 1.10%, 12/15/13+(b)(c)		381,000		343,281
TOTAL CORPORATE NOTES				1,267,281
SHORT TERM INVESTMENT—4.3%
INVESTMENT COMPANY—4.3%
JPMorgan U.S. Government Money Market Fund-Agency Shares		3,440,799		3,440,799
TOTAL INVESTMENTS (Cost* $72,635,488)—95.9%			$	76,334,534
Other assets in excess of liabilities — 4.1%				3,242,316
NET ASSETS—100%			$	79,576,850

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

			Acquisition
Security	Yield	Shares	Date
MMA Community Development Investment, Inc.	1.10%	381,000	12/2009
MMA Community Development Investment, Inc.	0.73%	543,000	12/2009
MMA Community Development Investment, Inc.	1.10%	381,000	12/2009
At June 30, 2010, these securities had an aggregate market value of $1,267,281, representing 1.6% of net assets.

(c)	Fair valued security.
*	Represents cost for financial reporting purposes.

ADR	—	American Depositary Receipt
CVA	—	Dutch Certificate
plc	—	Public Liability Company

See accompanying notes to financial statements.

45

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Investments at Value
Common Stocks	$	21,400,407	$	47,547,852	$	—	$	68,948,259
Preferred Stock		—		1,761,250		—		1,761,250
Investment Company		916,945		—		—		916,945
Corporate Notes		—		—		1,267,281		1,267,281
Short Term Investment		3,440,799		—		—		3,440,799
Total Investments	$	25,758,151	$	49,309,102	$	1,267,281	$	76,334,534

	Level 1		Level 2			Level 3		Total
Other Financial Instruments*
Foreign Forward Currency Exchange Contracts	$	—	$	(94,195	)	$	—	$	(94,195	)

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

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

Corporate Notes	International Fund
Balance as of December 31, 2009	$	1,305,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(37,719	)
Balance as of June 30, 2010	$	1,267,281

Of the Level 2 investments presented above, none of the Common Stock investments were considered Level 2 investments at the beginning of the period. The primary reason for changes in the classifications between Level 1 and 2 occurs when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The Fund’s foreign equity securities may often be valued at fair value.

See accompanying notes to financial statements.

46

MMA Praxis Value Index Fund

MMA Praxis Value Index Fund

Semi-Annual report to shareholders

Portfolio manager’s letter

A long list of investor concerns ushered in a new phase for investment markets during the second quarter. The rally that began in March 2009 finally ran out of steam in mid-April of this year when European sovereign debt worries burst on the scene at about the same time the Deepwater Horizon oil rig went up in flames in the Gulf of Mexico. Soon after came the “flash crash” that sent U.S. equity markets on a harrowing roller coaster ride over the course of a few hours. Stock indexes declined across the board, leaving only bonds and REITS in positive territory for the year to date.

As we pass through the summer, the impacts of the stimulus package are expected to wane, causing investors to look into the future for signs of indigenous economic growth. Signs are mixed on whether the economy is pulling its own weight after a period of significant government intervention over the last 24 months. Readings for economic growth continue to register in the positive column, but the recovery appears to be weaker than usual. Unemployment remains stubbornly near the 10 percent mark, causing concern that an element of the workforce now out of work for months may suffer persistent damage to their psyches, not to mention their skills.

In short, we believe this recovery will be slower and less robust than we are accustomed to experiencing. The dislocations caused by the credit crisis are fundamental, not cyclical, in nature. Our collective use of debt to finance consumer purchases simply could not be sustained at the pace of the last few years. Saving, not spending, will characterize the coming period, and that is not positive for economic growth in the short run.

The value style of investing bested the growth style during the year, though both strategies registered negative results. The Fund’s A shares lost 4.51 percent versus a decline of 5.32 percent for its benchmark, the MSCI Prime Market Value Index during the period. The Fund’s outperformance during the period is primarily a result of its underweight to large integrated oil companies whose performance significantly lagged broader markets early in the year.

Chad Horning, CFA®

MMA Praxis Value Index Fund Manager

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

                  

47

Performance review

MMA Praxis Value Index Fund

Performance review

Average annual total returns as of 6/30/10

						Expense Ratio**
	Inception Date	1 Year	3 Year	5 Year	Since Inception	Gross	Net
Class A (No Load)	5/1/01	17.71%	(14.47%)	(3.54%)	(1.89%)	1.30%	1.30%
Class A *	5/1/01	11.53%	(16.00%)	(4.57%)	(2.46%)
Class I	5/1/06	18.35%	(14.15%)	(3.25%)	(1.79%)	0.59%	0.59%

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

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

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

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

**Reflects the expense ratios as reported in the Prospectus dated May 1, 2010.

48

MMA Praxis Value Index Fund

Performance review

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

This chart represents historical performance of a hypothetical investment of $10,000 in the Value Index Fund from 5/1/01 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

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

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

1 The MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market). The MSCI US Prime Market Value Index is a subset of the MSCI US Prime Market 750 Index.

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

49

Schedule of portfolio investments

MMA Praxis Value Index Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES	VALUE
COMMON STOCKS—98.4%
AIRLINES—0.1%
Southwest Airlines Co.	3,909	$	43,429
BEVERAGES—0.1%
Dr. Pepper Snapple Group, Inc	1,738		64,984
BUILDING PRODUCTS—0.2%
Masco Corp.	5,766		62,042
Owens Corning (a)	1,759		52,612
			114,654
CAPITAL MARKETS—4.0%
Ameriprise Financial, Inc.	3,757		135,740
Bank of New York Mellon Corp	16,898		417,212
BlackRock, Inc.	514		73,708
Goldman Sachs Group, Inc.	6,943		911,408
Invesco Ltd	6,779		114,090
Legg Mason, Inc	2,963		83,053
Morgan Stanley	17,491		405,966
			2,141,177
CHEMICALS—1.7%
Airgas, Inc	1,218		75,760
Albemarle Corp	1,285		51,027
Ashland, Inc.	1,112		51,619
E.I. du Pont de Nemours & Co.	12,342		426,910
FMC Corp.	861		49,447
International Flavors & Fragrances, Inc.	1,910		81,022
PPG Industries, Inc	2,803		169,329
			905,114
COMMERCIAL BANKS—7.0%
BB&T Corp.	9,900		260,469
Comerica, Inc.	1,809		66,626
Fifth Third Bancorp	11,090		136,296
First Horizon National Corp. (a)	4,503		51,563
Huntington Bancshares, Inc.	10,533		58,353
KeyCorp	13,700		105,353
M&T Bank Corp.	1,320		112,134
Marshall & Ilsley Corp.	7,130		51,193
PNC Financial Services Group, Inc	6,956		393,014
Regions Financial Corp	16,978		111,715
SunTrust Banks, Inc.	4,445		103,569
U.S. Bancorp	25,747		575,445

See accompanying notes to financial statements.

50

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES	VALUE
COMMON STOCKS—98.4%, continued
COMMERCIAL BANKS—7.0%, continued
Wells Fargo & Co.	66,662	$	1,706,547
Zions Bancorp.	1,442		31,104
			3,763,381
COMMERCIAL SERVICES & SUPPLIES—0.2%
Avery Dennison Corp.	2,140		68,758
R.R. Donnelley & Sons Co.	3,672		60,111
			128,869
COMMUNICATIONS EQUIPMENT—0.3%
Motorola, Inc. (a)	16,926		110,357
Tellabs, Inc.	8,127		51,932
			162,289
COMPUTERS & PERIPHERALS—0.2%
Seagate Technology (a)	7,615		99,300
CONSTRUCTION & ENGINEERING—0.1%
URS Corp. (a)	1,783		70,161
CONSTRUCTION MATERIALS—0.2%
Vulcan Materials Co.	2,061		90,334
CONSUMER FINANCE—0.1%
SLM Corp. (a)	6,972		72,439
CONTAINERS & PACKAGING—0.1%
Owens-Illinois, Inc. (a)	2,703		71,494
DISTRIBUTORS—0.2%
Genuine Parts Co.	3,410		134,524
DIVERSIFIED CONSUMER SERVICES—0.1%
H&R Block, Inc.	4,703		73,790
DIVERSIFIED FINANCIAL SERVICES—9.8%
Bank of America Corp	136,744		1,965,011
Citigroup, Inc. (a)	291,444		1,095,829
JPMorgan Chase & Co.	53,916		1,973,865
NASDAQ OMX Group, Inc. (a)	4,382		77,912
NYSE Euronext	4,404		121,683
			5,234,300

See accompanying notes to financial statements.

51

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
DIVERSIFIED TELECOMMUNICATION SERVICES—6.6%
AT&T, Inc.		82,735	$	2,001,360
CenturyLink, Inc.		5,001		166,583
Qwest Communications International, Inc.		27,125		142,406
Verizon Communications, Inc		39,693		1,112,198
Windstream Corp.		9,242		97,596
				3,520,143
ELECTRIC UTILITIES—1.2%
NextEra Energy, Inc.		6,950		338,882
Northeast Utilities		4,607		117,386
Pepco Holdings, Inc.		6,554		102,767
Pinnacle West Capital Corp		2,837		103,153
				662,188
ELECTRICAL EQUIPMENT—0.4%
Cooper Industries plc		2,745		120,780
Rockwell Automation, Inc		1,425		69,953
				190,733
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%
Arrow Electronics, Inc. (a)		2,680		59,898
Corning, Inc.		10,605		171,271
Flextronics International Ltd. (a)		9,429		52,802
				283,971
ENERGY EQUIPMENT & SERVICES—0.8%
Nabors Industries Ltd. (a)		3,702		65,229
National Oilwell Varco, Inc.		2,924		96,697
Noble Corp. (a)		1,629		50,352
Patterson-UTI Energy, Inc.		2,566		33,025
Pride International, Inc. (a)		3,089		69,008
Transocean Ltd. (a)		2,820		130,651
				444,962
FOOD & STAPLES RETAILING—1.3%
CVS Caremark Corp.		8,263		242,271
Safeway, Inc.		7,210		141,748
SUPERVALU, Inc.		4,544		49,257
Sysco Corp.		8,561		244,588
				677,864
FOOD PRODUCTS—2.7%
ConAgra Foods, Inc.		7,530		175,600
H.J. Heinz Co.		2,946		127,326
Hormel Foods Corp.		2,340		94,723
J. M. Smucker Co		1,548		93,221

See accompanying notes to financial statements.

52

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unedited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
FOOD PRODUCTS—2.7% continued
Kraft Foods, Inc., Class A		24,301	$	680,428
McCormick & Co., Inc.		3,539		134,340
Sara Lee Corp		10,900		153,690
				1,459,328
GAS UTILITIES—0.5%
National Fuel Gas Co		1,408		64,599
Oneok, Inc.		1,690		73,093
Questar Corp		2,645		120,321
				258,013
HEALTH CARE EQUIPMENT & SUPPLIES—1.1%
Boston Scientific Corp. (a)		23,812		138,110
CareFusion Corp. (a)		2,800		63,560
Covidien plc		7,347		295,202
Hologic, Inc. (a)		4,950		68,954
				565,826
HEALTH CARE PROVIDERS & SERVICES—2.5%
Aetna, Inc.		6,164		162,606
CIGNA Corp.		4,205		130,607
Coventry Health Care, Inc. (a)		2,032		35,926
Humana, Inc. (a)		2,757		125,912
Omnicare, Inc.		3,854		91,340
UnitedHealth Group, Inc.		16,822		477,745
WellPoint, Inc. (a)		6,407		313,495
				1,337,631
HOTELS, RESTAURANTS & LEISURE—0.7%
Carnival Corp.		6,173		186,672
Darden Restaurants, Inc		1,878		72,960
Royal Caribbean Cruises Ltd. (a)		1,313		29,897
Starwood Hotels & Resorts Worldwide, Inc		1,359		56,303
Wyndham Worldwide Corp.		2,582		52,002
				397,834
HOUSEHOLD DURABLES—0.8%
D.R. Horton, Inc.		5,775		56,768
Leggett & Platt, Inc		2,910		58,374
Lennar Corp., Class A		2,711		37,710
Mohawk Industries, Inc. (a)		841		38,484
Newell Rubbermaid, Inc.		4,750		69,540
Stanley Black & Decker, Inc.		2,321		117,257
Whirlpool Corp.		680		59,718
				437,851

See accompanying notes to financial statements.

53

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
HOUSEHOLD PRODUCTS—5.2%
Church & Dwight Co., Inc		1,268	$	79,516
Kimberly-Clark Corp.		5,450		330,434
Procter & Gamble Co.		39,926		2,394,761
				2,804,711
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.2%
NRG Energy, Inc. (a)		4,298		91,161
INDUSTRIAL CONGLOMERATES—1.9%
3M Co.		9,515		751,590
Tyco International Ltd		7,001		246,645
				998,235
INSURANCE—9.2%
ACE Ltd		5,380		276,962
Aflac, Inc		2,351		100,317
Allstate Corp.		7,809		224,352
American International Group, Inc. (a)		1,782		61,372
AON Corp.		5,090		188,941
Assurant, Inc.		2,380		82,586
Axis Capital Holdings Ltd.		2,896		86,069
Berkshire Hathaway, Inc., Class B (a)		7,787		620,546
Chubb Corp		5,190		259,552
Cincinnati Financial Corp.		3,180		82,267
Everest Re Group Ltd.		1,400		99,008
Fidelity National Financial, Inc., Class A		3,675		47,738
Genworth Financial, Inc., Class A (a)		7,019		91,738
Hartford Financial Services Group, Inc		5,940		131,452
Lincoln National Corp.		4,385		106,512
Loews Corp		5,564		185,337
Markel Corp. (a)		219		74,460
Marsh & McLennan Cos., Inc		9,960		224,598
MetLife, Inc		11,342		428,274
Principal Financial Group, Inc		4,754		111,434
Progressive Corp.		7,694		144,032
Prudential Financial, Inc.		6,339		340,151
RenaissanceRe Holdings Ltd.		1,607		90,426
Torchmark Corp.		1,589		78,671
Transatlantic Holdings, Inc.		1,150		55,154
Travelers Cos., Inc.		7,719		380,161
Unum Group		4,968		107,806
White Mountains Insurance Group Ltd.		180		58,356
Willis Group Holdings plc		3,790		113,889
XL Capital Ltd., Class A		4,703		75,295
				4,927,456

See accompanying notes to financial statements.

54

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
INTERNET & CATALOG RETAIL—0.1%
LiLiberty Media Corp. - Interactive, Series A (a)		7,606	$	79,863
INTERNET SOFTWARE & SERVICES—0.2%
AOL, Inc. (a)		4,122		85,696
IT SERVICES—0.2%
Fidelity National Information Services, Inc		3,883		104,142
LEISURE EQUIPMENT & PRODUCTS—0.4%
Hasbro, Inc.		2,037		83,721
Mattel, Inc		5,796		122,643
				206,364
LIFE SCIENCES TOOLS & SERVICES—0.6%
Thermo Fisher Scientific, Inc. (a)		6,447		316,225
MACHINERY—0.9%
Harsco Corp.		1,722		40,467
Illinois Tool Works, Inc		6,373		263,077
Ingersoll-Rand plc		4,701		162,138
				465,682
MEDIA—4.8%
CBS Corp., Class B		9,008		116,473
Comcast Corp. - Special, Class A		9,696		159,305
Comcast Corp., Class A		27,988		486,152
DISH Network Corp., Class A		2,810		51,002
Gannett Co., Inc.		3,372		45,387
News Corp., Class A		26,069		311,785
Time Warner Cable, Inc.		5,169		269,202
Time Warner, Inc.		16,532		477,940
Viacom, Inc., Class B		4,904		153,838
Walt Disney Co.		16,382		516,033
				2,587,117
METALS & MINING—0.6%
Nucor Corp.		5,562		212,914
Steel Dynamics, Inc.		2,106		27,778
United States Steel Corp		1,522		58,673
				299,365
MULTILINE RETAIL—0.3%
J.C. Penney Co., Inc.		1,928		41,414
Macy’s, Inc.		6,152		110,121
Sears Holdings Corp. (a)		216		13,964
				165,499

See accompanying notes to financial statements.

55

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
MULTI-UTILITIES—1.9%
Alliant Energy Corp		2,675	$	84,905
CenterPoint Energy, Inc.		7,501		98,713
Consolidated Edison, Inc.		5,320		229,292
DTE Energy Co.		2,550		116,305
MDU Resources Group, Inc.		4,677		84,326
NiSource, Inc.		5,550		80,475
Wisconsin Energy Corp.		2,613		132,584
Xcel Energy, Inc.		9,154		188,664
				1,015,264
OFFICE ELECTRONICS—0.3%
Xerox Corp.		19,510		156,860
OIL, GAS & CONSUMABLE FUELS—6.7%
Apache Corp.		4,819		405,712
Arch Coal, Inc.		2,100		41,601
Cabot Oil & Gas Corp.		1,057		33,105
Chesapeake Energy Corp.		9,312		195,086
Cimarex Energy Co.		1,289		92,267
ConocoPhillips		19,423		953,475
Denbury Resources, Inc. (a)		4,479		65,573
Devon Energy Corp		6,095		371,307
Exxon Mobil Corp.		3,765		214,856
Forest Oil Corp. (a)		1,309		35,814
Hess Corp		3,885		195,571
Marathon Oil Corp.		10,627		330,393
Murphy Oil Corp.		2,243		111,141
Newfield Exploration Co. (a)		2,066		100,945
Noble Energy, Inc.		1,600		96,528
Spectra Energy Corp		9,524		191,147
Williams Cos., Inc		8,984		164,227
				3,598,748
PAPER & FOREST PRODUCTS—0.2%
MeadWestvaco Corp		2,902		64,425
Weyerhaeuser Co.		1,186		41,747
				106,172
PHARMACEUTICALS—10.4%
Abbott Laboratories		14,091		659,177
Bristol-Myers Squibb Co.		24,950		622,253
Eli Lilly & Co.		16,210		543,035
Forest Laboratories, Inc. (a)		5,227		143,377
Johnson & Johnson		37,656		2,223,963

See accompanying notes to financial statements.

56

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—98.4%, continued
PHARMACEUTICALS—10.4%, continued
King Pharmaceuticals, Inc. (a)		6,184	$	46,937
Merck & Co., Inc		38,858		1,358,864
				5,597,606
PROFESSIONAL SERVICES—0.1%
Manpower, Inc.		915		39,510
REAL ESTATE INVESTMENT TRUSTS (REITS)—3.9%
AMB Property Corp. REIT		2,750		65,202
Annaly Capital Management, Inc. REIT		9,607		164,760
AvalonBay Communities, Inc. REIT		1,262		117,833
Boston Properties, Inc. REIT		1,496		106,725
Duke Realty Corp. REIT		4,136		46,944
Equity Residential REIT		4,000		166,560
Federal Realty Investment Trust REIT		1,074		75,470
HCP, Inc. REIT		4,495		144,964
Host Hotels & Resorts, Inc. REIT		5,980		80,610
Kimco Realty Corp. REIT		6,550		88,032
Liberty Property Trust REIT		2,156		62,201
Macerich Co. REIT		1,986		74,117
Plum Creek Timber Co., Inc. REIT		3,320		114,640
ProLogis REIT		6,068		61,469
Rayonier, Inc. REIT		1,300		57,226
Regency Centers Corp. REIT		1,634		56,210
Simon Property Group, Inc. REIT		2,167		174,985
SL Green Realty Corp. REIT		1,136		62,525
UDR, Inc. REIT		2,982		57,046
Ventas, Inc. REIT		2,371		111,318
Vornado Realty Trust REIT		2,420		176,539
Weingarten Realty Investors REIT		2,084		39,700
				2,105,076
ROAD & RAIL—0.5%
CSX Corp.		5,767		286,216
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%
Analog Devices, Inc.		2,708		75,445
Applied Materials, Inc		19,767		237,599
Intel Corp.		50,211		976,604
KLA-Tencor Corp.		3,035		84,616
LSI Corp. (a)		11,770		54,142
Maxim Integrated Products, Inc		4,493		75,168
Microchip Technology, Inc.		2,894		80,280

See accompanying notes to financial statements.

57

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		VALUE
COMMON STOCKS—98.4%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%, continued
Micron Technology, Inc. (a)		12,628	$	107,212
Xilinx, Inc.		6,467		163,356
				1,854,422
SOFTWARE—0.1%
Synopsys, Inc. (a)		3,565		74,402
SPECIALTY RETAIL—1.2%
Foot Locker, Inc.		3,454		43,589
Gap, Inc.		3,155		61,396
Home Depot, Inc		15,367		431,352
Limited Brands, Inc.		4,015		88,611
				624,948
TEXTILES, APPAREL & LUXURY GOODS—0.2%
VF Corp		1,234		87,836
THRIFTS & MORTGAGE FINANCE—0.5%
Hudson City Bancorp, Inc		7,200		88,128
New York Community Bancorp, Inc.		5,331		81,404
People’s United Financial, Inc		8,584		115,884
				285,416
WATER UTILITIES—0.4%
Aqua America, Inc.		11,004		194,551
WIRELESS TELECOMMUNICATION SERVICES—0.4%
Sprint Nextel Corp. (a)		42,572		180,505
Telephone & Data Systems, Inc.		1,172		35,617
				216,122
TOTAL COMMON STOCKS				52,781,248
CORPORATE NOTES—1.4%
DEVELOPMENT AUTHORITIES—1.4%
MMA Community Development Investment, Inc., 1.10%, 12/15/11+(b)(c)	$	292,500		292,500
MMA Community Development Investment, Inc., 0.73%, 12/15/12+(b)(c)		175,000		175,000
MMA Community Development Investment, Inc., 1.10%, 12/15/13+(b)(c)		292,500		263,543
TOTAL CORPORATE NOTES				731,043

See accompanying notes to financial statements.

58

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
SHORT TERM INVESTMENT—0.5%
INVESTMENT COMPANY—0.5%
JPMorgan U.S. Government Money Market Fund-Agency Shares		291,271	$	291,271
TOTAL INVESTMENTS (Cost* $57,556,241)—100.3%			$	53,803,562
Liabilities in excess of other assets — (0.3)%				(163,768	)
NET ASSETS—100%			$	53,639,794

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield	Shares	Acquisition Date
MMA Community Development Investment, Inc.	1.10%	292,500	12/2009
MMA Community Development Investment, Inc.	0.73%	175,000	12/2009
MMA Community Development Investment, Inc.	1.10%	292,500	12/2009

At June 30, 2010, these securities had an aggregate market value of $731,043, representing 1.4% of net assets.

(c)	Fair valued security.
*	Represents cost for financial reporting purposes.

plc	— Public Liability Company
REIT	— Real Estate Investment Trust

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Common Stocks		$	52,781,248		$	—		$	—		$	52,781,248
Corporate Notes			—			—			731,043			731,043
Short Term Investment			291,271			—			—			291,271
Total Investments		$	53,072,519		$	—		$	731,043		$	53,803,562

See accompanying notes to financial statements.

59

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

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

Corporate Notes	Value Index Fund
Balance as of December 31, 2009	$	760,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		(28,957	)
Balance as of June 30, 2010	$	731,043

There were no significant transfers in and out of Levels 1, 2 or 3 during the six months ended June 30, 2010.

See accompanying notes to financial statements.

60

MMA Praxis Growth Index Fund

MMA Praxis Growth Index Fund

Semi-Annual report to shareholders

Portfolio manager’s letter

A long list of investor concerns ushered in a new phase for investment markets during the second quarter. The rally that began in March 2009 finally ran out of steam in mid-April of this year when European sovereign debt worries burst on the scene at about the same time the Deepwater Horizon oil rig went up in flames in the Gulf of Mexico. Soon after came the “flash crash” that sent U.S. equity markets on a harrowing roller coaster ride over the course of a few hours. Stock indexes declined across the board, leaving only bonds and REITS in positive territory for the year to date.

As we pass through the summer, the impacts of the stimulus package are expected to wane, causing investors to look into the future for signs of indigenous economic growth. Signs are mixed on whether the economy is pulling its own weight after a period of significant government intervention over the last 24 months. Readings for economic growth continue to register in the positive column, but the recovery appears to be weaker than usual. Unemployment remains stubbornly near the 10 percent mark, causing concern that an element of the workforce now out of work for months may suffer persistent damage to their psyches, not to mention their skills.

In short, we believe this recovery will be slower and less robust than we are accustomed to experiencing. The dislocations caused by the credit crisis are fundamental, not cyclical, in nature. Our collective use of debt to finance consumer purchases simply could not be sustained at the pace of the last few years. Saving, not spending, will characterize the coming period, and that is not positive for economic growth in the short run.

The growth style of equity investing trailed the value style during the period, though both lost value. The Fund’s A shares declined 8.50 percent versus a 7.79 percent decline for its benchmark, the MSCI Prime Market Growth Index. The Fund typically generates returns that closely follow the returns of the benchmark, but screens and resulting sector weights can have an impact. However, in this period, the Fund’s underperformance appears not be a result of screens, but rather a function of fund expenses.

Chad Horning, CFA®

MMA Praxis Growth Index Fund Manager

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

61

Performance review

MMA Praxis Growth Index Fund

Performance review

Average annual total returns as of 6/30/10

	Inception			Since	Expense Ratio**
	Date	1 Year	3 Year	Inception	Gross	Net
Class A (No Load)	5/1/07	11.32%	(7.63%)	(6.75%)	2.08%	1.10%
Class A *	5/1/07	5.44%	(9.27%)	(8.32%)
Class I	5/1/07	11.55%	(7.40%)	(6.54%)	0.70%	0.70%

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from May 1, 2010 through April 30, 2011 for Class A.

62

MMA Praxis Growth Index Fund

Performance review

Growth of $10,000 investment 5/1/07 to 6/30/10

This chart represents historical performance of a hypothetical investment of $10,000 in the Growth Index Fund from 5/1/07 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

*	Reflects maximum front-end sales charge of 5.25%.
1	The MSCI US Prime Market Growth Index represents the growth companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market). The MSCI US Prime Market Growth Index is a subset of the MSCI US Prime Market 750 Index.

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

63

Schedule of portfolio investments

MMA Praxis Growth Index Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%
AIR FREIGHT & LOGISTICS—1.8%
CH Robinson Worldwide, Inc.		608	$	33,841
Expeditors International of Washington, Inc.		1,026		35,407
FedEx Corp.		1,564		109,652
United Parcel Service, Inc., Class B		3,521		200,310
				379,210
AIRLINES—0.4%
Delta Air Lines, Inc. (a)		4,310		50,643
Southwest Airlines Co.		3,394		37,707
				88,350
AUTO COMPONENTS—0.4%
Johnson Controls, Inc.		3,520		94,582
AUTOMOBILES—0.9%
Ford Motor Co. (a)		15,040		151,603
Harley-Davidson, Inc.		1,740		38,680
				190,283
BEVERAGES—4.9%
Coca-Cola Co.		9,551		478,696
Coca-Cola Enterprises, Inc.		1,953		50,505
Dr. Pepper Snapple Group, Inc		1,081		40,419
Hansen Natural Corp. (a)		577		22,566
PepsiCo, Inc.		7,659		466,816
				1,059,002
BIOTECHNOLOGY—3.4%
Amgen, Inc. (a)		4,795		252,217
Amylin Pharmaceuticals, Inc. (a)		1,504		28,275
Biogen Idec, Inc. (a)		1,445		68,565
Celgene Corp. (a)		2,299		116,835
Cephalon, Inc. (a)		392		22,246
Genzyme Corp. (a)		1,336		67,829
Gilead Sciences, Inc. (a)		4,048		138,766
Vertex Pharmaceuticals, Inc. (a)		1,259		41,421
				736,154
CAPITAL MARKETS—1.9%
Charles Schwab Corp.		4,856		68,858
Eaton Vance Corp.		1,115		30,785
Franklin Resources, Inc.		837		72,141
Northern Trust Corp.		1,081		50,483
State Street Corp.		2,649		89,589
T. Rowe Price Group, Inc.		1,484		65,875
TD Ameritrade Holding Corp. (a)		1,431		21,894
				399,625

See accompanying notes to financial statements.

64

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
CHEMICALS—1.7%
Air Products & Chemicals, Inc.		1,082	$	70,125
Celanese Corp., Series A		1,066		26,554
CF Industries Holdings, Inc.		458		29,060
Ecolab, Inc.		1,178		52,904
Lubrizol Corp.		480		38,549
Nalco Holding Co.		1,153		23,590
Praxair, Inc.		1,311		99,623
Sigma-Aldrich Corp.		636		31,692
				372,097
COMMERCIAL BANKS—0.2%
CIT Group, Inc. (a)		1,529		51,772
COMMERCIAL SERVICES & SUPPLIES—0.3%
Copart, Inc. (a)		479		17,153
Iron Mountain, Inc.		897		20,147
Stericycle, Inc. (a)		409		26,822
				64,122
COMMUNICATIONS EQUIPMENT—4.5%
Cisco Systems, Inc. (a)		27,454		585,045
Juniper Networks, Inc. (a)		2,900		66,178
Motorola, Inc. (a)		8,846		57,676
QUALCOMM, Inc.		7,846		257,662
				966,561
COMPUTERS & PERIPHERALS—9.7%
Apple, Inc. (a)		4,390		1,104,217
Dell, Inc. (a)		9,030		108,902
EMC Corp. (a)		10,581		193,632
Hewlett-Packard Co.		11,330		490,362
NetApp, Inc. (a)		1,983		73,986
SanDisk Corp. (a)		1,292		54,355
Teradata Corp. (a)		1,331		40,569
Western Digital Corp. (a)		1,034		31,185
				2,097,208
CONSTRUCTION & ENGINEERING—0.4%
Fluor Corp		972		41,310
Foster Wheeler AG (a)		951		20,028
Quanta Services, Inc. (a)		1,121		23,149
				84,487
CONSTRUCTION MATERIALS—0.1%
Martin Marietta Materials, Inc		325		27,563

See accompanying notes to financial statements.

65

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
CONSUMER FINANCE—1.7%
American Express Co.		5,400	$	214,380
Capital One Financial Corp.		2,312		93,174
Discover Financial Services		3,658		51,139
				358,693
CONTAINERS & PACKAGING—0.1%
Crown Holdings, Inc. (a)		1,105		27,669
DIVERSIFIED CONSUMER SERVICES—0.3%
Apollo Group, Inc., Class A (a)		606		25,737
ITT Educational Services, Inc. (a)		341		28,310
				54,047
DIVERSIFIED FINANCIAL SERVICES—0.8%
CME Group, Inc., Class A		353		99,387
IntercontinentalExchange, Inc. (a)		406		45,890
Moody’s Corp.		1,588		31,633
				176,910
ELECTRICAL EQUIPMENT—1.0%
AMETEK, Inc		612		24,572
Emerson Electric Co.		3,726		162,789
Roper Industries, Inc.		635		35,534
				222,895
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%
Corning, Inc.		4,063		65,618
ENERGY EQUIPMENT & SERVICES—1.4%
Cameron International Corp. (a)		1,320		42,926
Diamond Offshore Drilling, Inc		361		22,451
FMC Technologies, Inc. (a)		733		38,600
Helmerich & Payne, Inc.		695		25,381
National Oilwell Varco, Inc.		1,183		39,122
Noble Corp. (a)		771		23,832
Smith International, Inc.		1,331		50,112
Weatherford International Ltd. (a)		3,967		52,126
				294,550
FOOD & STAPLES RETAILING—4.1%
Costco Wholesale Corp.		2,193		120,242
CVS Caremark Corp.		3,476		101,916
Kroger Co.		2,956		58,204
Walgreen Co.		4,764		127,199
Wal-Mart Stores, Inc.		9,764		469,355
				876,916

See accompanying notes to financial statements.

66

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
FOOD PRODUCTS—1.6%
General Mills, Inc.		3,556	$	126,309
H.J. Heinz Co.		996		43,047
Hershey Co.		837		40,117
Kellogg Co.		1,539		77,412
Mead Johnson Nutrition Co.		958		48,015
				334,900
GAS UTILITIES—0.1%
EQT Corp.		838		30,285
HEALTH CARE EQUIPMENT & SUPPLIES—3.9%
Baxter International, Inc.		2,681		108,956
Beckman Coulter, Inc.		569		34,305
Becton Dickinson and Co.		1,004		67,891
C.R. Bard, Inc.		413		32,020
DENTSPLY International, Inc.		992		29,671
Hospira, Inc. (a)		1,027		59,001
Intuitive Surgical, Inc. (a)		200		63,124
Medtronic, Inc.		5,400		195,858
ResMed, Inc. (a)		488		29,675
St. Jude Medical, Inc. (a)		1,572		56,733
Stryker Corp.		1,470		73,588
Varian Medical Systems, Inc. (a)		682		35,655
Zimmer Holdings, Inc. (a)		1,166		63,022
				849,499
HEALTH CARE PROVIDERS & SERVICES—3.0%
AmerisourceBergen Corp.		1,765		56,039
Cardinal Health, Inc.		1,929		64,834
DaVita, Inc. (a)		650		40,586
Express Scripts, Inc. (a)		2,788		131,092
Henry Schein, Inc. (a)		571		31,348
Laboratory Corp of America Holdings (a)		596		44,909
McKesson Corp.		1,403		94,225
Medco Health Solutions, Inc. (a)		2,426		133,624
Quest Diagnostics, Inc.		876		43,598
				640,255
HEALTH CARE TECHNOLOGY—0.2%
Cerner Corp. (a)		456		34,606
HOTELS, RESTAURANTS & LEISURE—2.7%
Marriott International, Inc., Class A		1,765		52,844
McDonald’s Corp.		5,178		341,075

See accompanying notes to financial statements.

67

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
HOTELS, RESTAURANTS & LEISURE—2.7%, continued
Starbucks Corp		4,069	$	98,877
Yum! Brands, Inc.		2,512		98,068
				590,864
HOUSEHOLD DURABLES—0.1%
Toll Brothers, Inc. (a)		1,321		21,612
HOUSEHOLD PRODUCTS—1.2%
Clorox Co.		843		52,401
Colgate-Palmolive Co.		2,412		189,969
Energizer Holdings, Inc. (a)		479		24,084
				266,454
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
AES Corp. (a)		3,197		29,540
INSURANCE—0.4%
Aflac, Inc		1,729		73,776
Brown & Brown, Inc		935		17,896
				91,672
INTERNET & CATALOG RETAIL—1.3%
Amazon.com, Inc. (a)		1,797		196,340
Expedia, Inc.		1,463		27,475
priceline.com, Inc. (a)		275		48,549
				272,364
INTERNET SOFTWARE & SERVICES—3.7%
Akamai Technologies, Inc. (a)		1,041		42,233
eBay, Inc. (a)		5,702		111,816
Google, Inc., Class A (a)		1,169		520,147
VeriSign, Inc. (a)		1,302		34,568
Yahoo!, Inc. (a)		6,967		96,354
				805,118
IT SERVICES—6.8%
Accenture plc, Class A		3,093		119,545
Automatic Data Processing, Inc.		2,503		100,771
Cognizant Technology Solutions Corp., Class A (a)		1,600		80,096
Fiserv, Inc. (a)		965		44,062
Hewitt Associates, Inc., Class A (a)		609		20,986
International Business Machines Corp		6,128		756,685
Mastercard, Inc., Class A		480		95,774
Paychex, Inc.		1,693		43,967
Visa, Inc., Class A		2,266		160,320
Western Union Co		3,288		49,024
				1,471,230

See accompanying notes to financial statements.

68

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
LIFE SCIENCES TOOLS & SERVICES—0.9%
Covance, Inc. (a)		508	$	26,071
Illumina, Inc. (a)		784		34,127
Life Technologies Corp. (a)		1,130		53,392
Millipore Corp. (a)		447		47,673
Waters Corp. (a)		650		42,055
				203,318
MACHINERY—1.7%
Bucyrus International, Inc		513		24,342
Cummins, Inc.		1,114		72,555
Deere & Co.		2,259		125,781
Flowserve Corp		362		30,698
Joy Global, Inc.		596		29,854
PACCAR, Inc		1,811		72,204
				355,434
MEDIA—2.9%
Cablevision Systems Corp., Class A		1,590		38,176
DIRECTV, Class A (a)		4,771		161,832
Discovery Communications, Inc., Class A (a)		932		33,282
Discovery Communications, Inc., Class C (a)		1,116		34,518
Interpublic Group of Cos., Inc. (a)		4,104		29,262
Liberty Global, Inc., Class A (a)		1,054		27,393
McGraw-Hill Cos., Inc		1,627		45,784
News Corp., Class B		3,227		44,694
Omnicom Group, Inc.		1,634		56,046
Viacom, Inc., Class B		1,197		37,550
Walt Disney Co.		3,590		113,085
				621,622
METALS & MINING—0.4%
Cliffs Natural Resources, Inc.		875		41,265
United States Steel Corp		609		23,477
Walter Energy, Inc		359		21,845
				86,587
MULTILINE RETAIL—1.7%
Dollar Tree, Inc. (a)		926		38,529
Family Dollar Stores, Inc.		952		35,881
Kohl’s Corp. (a)		1,513		71,867
Nordstrom, Inc.		1,194		38,435
Target Corp.		3,591		176,569
				361,281

See accompanying notes to financial statements.

69

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
OIL, GAS & CONSUMABLE FUELS—2.7%
Alpha Natural Resources, Inc. (a)		756	$	25,606
Anadarko Petroleum Corp.		2,432		87,771
Denbury Resources, Inc. (a)		1,340		19,618
El Paso Corp		4,420		49,106
EOG Resources, Inc.		1,313		129,160
Exxon Mobil Corp.		684		39,050
Noble Energy, Inc.		418		25,218
Petrohawk Energy Corp. (a)		1,464		24,844
Pioneer Natural Resources Co.		756		44,944
Range Resources Corp		907		36,416
Southwestern Energy Co. (a)		1,843		71,214
Ultra Petroleum Corp. (a)		698		30,886
				583,833
PAPER & FOREST PRODUCTS—0.5%
International Paper Co.		2,768		62,640
Weyerhaeuser Co.		1,051		36,995
				99,635
PERSONAL PRODUCTS—0.4%
Avon Products, Inc.		2,251		59,652
Estee Lauder Cos., Inc., Class A		650		36,224
				95,876
PHARMACEUTICALS—1.3%
Abbott Laboratories		2,515		117,652
Allergan, Inc./United States		1,505		87,681
Mylan, Inc. (a)		1,971		33,586
Perrigo Co		523		30,894
				269,813
PROFESSIONAL SERVICES—0.4%
Dun & Bradstreet Corp.		294		19,733
FTI Consulting, Inc. (a)		370		16,128
IHS, Inc., Class A (a)		373		21,791
Robert Half International, Inc.		1,189		28,001
				85,653
REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%
Host Hotels & Resorts, Inc. REIT		2,065		27,836
Public Storage REIT		926		81,405
Simon Property Group, Inc. REIT		869		70,172
				179,413
ROAD & RAIL—0.6%
J.B. Hunt Transport Services, Inc		507		16,564
Norfolk Southern Corp.		2,010		106,630
				123,194

See accompanying notes to financial statements.

70

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—97.2%, continued
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%
Altera Corp.		1,699	$	42,152
Broadcom Corp., Class A		2,377		78,370
Cree, Inc. (a)		700		42,021
First Solar, Inc. (a)		248		28,230
Intel Corp.		9,410		183,024
Lam Research Corp. (a)		628		23,902
Marvell Technology Group Ltd. (a)		2,813		44,333
MEMC Electronic Materials, Inc. (a)		1,802		17,804
NVIDIA Corp. (a)		3,331		34,009
SunPower Corp., Class A (a)		637		7,708
SunPower Corp., Class B (a)		464		5,011
Texas Instruments, Inc.		6,696		155,883
				662,447
SOFTWARE—8.6%
Activision Blizzard, Inc.		3,596		37,722
Adobe Systems, Inc. (a)		2,851		75,352
Autodesk, Inc. (a)		1,483		36,126
BMC Software, Inc. (a)		962		33,314
CA, Inc.		2,481		45,650
Citrix Systems, Inc. (a)		1,171		49,451
Electronic Arts, Inc. (a)		2,092		30,125
Intuit, Inc. (a)		1,857		64,568
McAfee, Inc. (a)		846		25,989
Microsoft Corp.		38,033		875,139
Nuance Communications, Inc. (a)		1,773		26,506
Oracle Corp		18,824		403,963
Red Hat, Inc. (a)		1,160		33,571
Salesforce.com, Inc. (a)		627		53,809
Symantec Corp. (a)		3,953		54,868
				1,846,153
SPECIALTY RETAIL—3.4%
AutoZone, Inc. (a)		164		31,688
Bed Bath & Beyond, Inc. (a)		1,559		57,808
Best Buy Co., Inc.		1,781		60,305
CarMax, Inc. (a)		1,462		29,094
GameStop Corp., Class A (a)		1,014		19,053
Home Depot, Inc		3,227		90,582
Lowe’s Cos., Inc.		7,404		151,190
O’Reilly Automotive, Inc. (a)		964		45,848
PetSmart, Inc.		1,009		30,441
Ross Stores, Inc.		902		48,067

See accompanying notes to financial statements.

71

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		VALUE
COMMON STOCKS—97.2%, continued
SPECIALTY RETAIL—3.4%, continued
Staples, Inc		3,692	$	70,332
TJX Cos., Inc.		2,425		101,729
				736,137
TEXTILES, APPAREL & LUXURY GOODS—1.1%
Coach, Inc		1,814		66,302
NIKE, Inc., Class B		1,950		131,722
Polo Ralph Lauren Corp.		478		34,875
				232,899
TRADING COMPANIES & DISTRIBUTORS—0.4%
Fastenal Co.		797		40,001
W.W. Grainger, Inc.		402		39,979
				79,980
WIRELESS TELECOMMUNICATION SERVICES—0.9%
American Tower Corp., Class A (a)		2,093		93,139
Crown Castle International Corp. (a)		1,644		61,255
NII Holdings, Inc. (a)		998		32,455
				186,849
TOTAL COMMON STOCKS				20,936,837
CORPORATE NOTES—0.9%
DEVELOPMENT AUTHORITIES—0.9%
MMA Community Development Investment, Inc., 0.73%, 12/31/10+(b)(c)	$	35,000		35,000
MMA Community Development Investment, Inc., 1.10%, 12/31/10+(b)(c)		155,000		155,000
TOTAL CORPORATE NOTES				190,000
SHORT TERM INVESTMENT—1.5%
INVESTMENT COMPANY—1.5%
JPMorgan U.S. Government Money Market Fund-Agency Shares		330,932		330,932
TOTAL INVESTMENTS (Cost* $23,112,286)—99.6%			$	21,457,769
Other assets in excess of liabilities — 0.4%				82,866
NET ASSETS—100%			$	21,540,635

See accompanying notes to financial statements.

72

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield	Shares	Acquisition Date
MMA Community Development Investment, Inc.	0.73%	35,000	12/2007
MMA Community Development Investment, Inc.	1.10%	155,000	12/2007

At June 30, 2010, these securities had an aggregate market value of $190,000, representing 0.9% of net assets.

(c)	Fair valued security.
*	Represents cost for financial reporting purposes.

plc	—	Public Liability Company
REIT	—	Real Estate Investment Trust

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Common Stocks		$	20,936,837		$	—		$	—		$	20,936,837
Corporate Notes			—			—			190,000			190,000
Short Term Investment			330,932			—			—			330,932
Total Investments		$	21,267,769		$	—		$	190,000		$	21,457,769

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

Corporate Notes	Growth Index Fund
Balance as of December 31, 2009	$	190,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		—
Balance as of June 30, 2010	$	190,000

There were no significant transfers in and out of Levels 1, 2 or 3 during the six months ended June 30, 2010.

See accompanying notes to financial statements.

73

MMA Praxis Small Cap Fund

MMA Praxis Small Cap Fund

Semi-Annual report to shareholders

Portfolio managers’ letter

The MMA Praxis Small Cap Fund (A shares) declined 1.46 percent versus the Russell 2000’s 1.95 percent decline during the first half of 2010. The market got off to a good start in the first quarter but gave back all of its gains to finish the period lower. The pullback in the second quarter was the first quarterly decline since the market bottomed in first quarter, 2009. Uncertainty about future economic growth and increased concerns about a double-dip recession resulted in a market correction.

Our outlook remains unchanged. We expect the economy to continue expanding, albeit at a slower pace. To us, this has been a typical economic recovery. The next stage is for corporate profit growth to lead to capital spending and employment growth in the second half of 2010 as cash flows have exceeded capital spending. We also expect companies to use their excess cash to increase their dividends, buy back stock and to make strategic acquisitions. The heightened uncertainty about the economy appears to be overly discounted by the stock market. Negative market sentiment, the recent correction and the continuation of the economic recovery should result in a more rewarding market environment.

The Russell 2000’s performance in the first half of 2010 showed a shift back to quality companies toward the end of the period, reflecting the market’s uncertainty. Not surprisingly, the sectors that had been the strongest and the most tied to the economy were hit the hardest in the pullback: the Consumer Discretionary and Materials sectors. The Energy sector, with the unfortunate situation in the Gulf, was also a lagging sector.

During the first half of 2010, the Fund benefited from a rotation toward higher-quality companies in addition to strong stock selection. Investments in the Health Care and Industrial sectors were highly additive, while our Financials stocks detracted from our overall performance. Sector allocation decisions were a slight drag as we were overweight the Energy and underweight the Financials sectors.

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

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

J. Luther King, Jr., CFA®

Steven R. Purvis, CFA®

Co-Portfolio Managers

Luther King Capital Management

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

74

Performance review

MMA Praxis Small Cap Fund

Performance review

Average annual total returns as of 6/30/10

	Inception			Since	Expense Ratio**
	Date	1 Year	3 Year	Inception	Gross	Net
Class A (No Load)	5/1/07	18.10%	(10.25%)	(8.92%)	2.97%	1.72%
Class A *	5/1/07	11.88%	(11.84%)	(10.45%)
Class I	5/1/07	18.48%	(9.98%)	(8.66%)	1.35%	1.35%

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from May 1, 2010 through April 30, 2011 for Class A.

75

MMA Praxis Small Cap Fund

Performance review

Growth of $10,000 investment 5/1/07 to 6/30/10

This chart represents historical performance of a hypothetical investment of $10,000 in the Small Cap Fund from 5/1/07 to 6/30/10, and represents the reinvestment of dividends and capital gains in the Fund.

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

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

*	Reflects maximum front-end sales charge of 5.25%.
1	The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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.

76

Schedule of portfolio investments

MMA Praxis Small Cap Fund

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.2%
AIR FREIGHT & LOGISTICS—2.2%
Forward Air Corp.		11,300	$	307,925
UTi Worldwide, Inc.		16,450		203,651
				511,576
CAPITAL MARKETS—2.4%
Evercore Partners, Inc., Class A		7,350		171,623
Gleacher & Co., Inc. (a)		57,100		145,605
Raymond James Financial, Inc		9,850		243,196
				560,424
CHEMICALS—2.2%
Calgon Carbon Corp. (a)		18,300		242,292
Schulman (A.), Inc.		14,750		279,660
				521,952
COMMERCIAL BANKS—7.1%
First Horizon National Corp. (a)		20,109		230,248
Glacier Bancorp, Inc.		20,800		305,136
Pinnacle Financial Partners, Inc. (a)		17,250		221,663
Prosperity Bancshares, Inc		6,550		227,612
Synovus Financial Corp.		109,350		277,749
Texas Capital Bancshares, Inc. (a)		14,700		241,080
Umpqua Holdings Corp.		15,050		172,774
				1,676,262
COMMERCIAL SERVICES & SUPPLIES—0.9%
Copart, Inc. (a)		5,550		198,745
COMMUNICATIONS EQUIPMENT—1.3%
Arris Group, Inc. (a)		11,900		121,261
Brocade Communications Systems, Inc. (a)		35,350		182,406
				303,667
COMPUTERS & PERIPHERALS—4.3%
3PAR, Inc. (a)		27,950		260,215
Compellent Technologies, Inc. (a)		22,000		266,640
Electronics for Imaging, Inc. (a)		15,100		147,225
Netezza Corp. (a)		24,450		334,476
				1,008,556
CONSUMER FINANCE—2.7%
Cash America International, Inc.		9,400		322,138
First Cash Financial Services, Inc. (a)		13,800		300,840
				622,978
CONTAINERS & PACKAGING—1.0%
Silgan Holdings, Inc.		8,400		238,392

See accompanying notes to financial statements.

77

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.2%, continued
DISTRIBUTORS—1.0%
LKQ Corp. (a)		12,550	$	241,964
DIVERSIFIED CONSUMER SERVICES—0.8%
K12, Inc. (a)		8,150		180,767
ELECTRICAL EQUIPMENT—1.5%
Baldor Electric Co.		10,050		362,604
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%
National Instruments Corp.		11,700		371,826
Rofin-Sinar Technologies, Inc. (a)		9,350		194,667
Trimble Navigation Ltd. (a)		7,850		219,800
				786,293
ENERGY EQUIPMENT & SERVICES—3.0%
Atwood Oceanics, Inc. (a)		6,000		153,120
Core Laboratories NV		2,400		354,264
Dril-Quip, Inc. (a)		4,550		200,291
				707,675
FOOD & STAPLES RETAILING—0.5%
Ruddick Corp.		4,100		127,059
HEALTH CARE EQUIPMENT & SUPPLIES—4.4%
American Medical Systems Holdings, Inc. (a)		13,300		294,196
Conceptus, Inc. (a)		18,150		282,777
Merit Medical Systems, Inc. (a)		13,850		222,570
NuVasive, Inc. (a)		6,450		228,717
				1,028,260
HEALTH CARE PROVIDERS & SERVICES—4.3%
Health Management Associates, Inc., Class A (a)		27,200		211,344
MWI Veterinary Supply, Inc. (a)		9,500		477,470
PSS World Medical, Inc. (a)		15,400		325,710
				1,014,524
HEALTH CARE TECHNOLOGY—1.4%
MedAssets, Inc. (a)		14,000		323,120
HOTELS, RESTAURANTS & LEISURE—1.5%
Life Time Fitness, Inc. (a)		6,750		214,583
Sonic Corp. (a)		16,250		125,937
				340,520

See accompanying notes to financial statements.

78

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.2%, continued
HOUSEHOLD DURABLES—1.4%
Tempur-Pedic International, Inc. (a)		10,550	$	324,412
INDUSTRIAL CONGLOMERATES—0.9%
Raven Industries, Inc.		6,150		207,317
INTERNET & CATALOG RETAIL—0.9%
PetMed Express, Inc		11,600		206,480
INTERNET SOFTWARE & SERVICES—2.0%
Art Technology Group, Inc. (a)		58,482		200,008
LogMeIn, Inc. (a)		10,700		280,661
				480,669
LEISURE EQUIPMENT & PRODUCTS—0.6%
Callaway Golf Co		23,100		139,524
LIFE SCIENCES TOOLS & SERVICES—2.2%
Parexel International Corp. (a)		14,000		303,520
Techne Corp.		3,550		203,947
				507,467
MACHINERY—7.8%
Actuant Corp., Class A		12,400		233,492
Astec Industries, Inc. (a)		6,600		183,018
CIRCOR International, Inc.		9,250		236,615
CLARCOR, Inc.		9,100		323,232
Kaydon Corp		9,450		310,527
Middleby Corp. (a)		5,750		305,842
Mueller Water Products, Inc., Class A		63,050		233,916
				1,826,642
MARINE—1.3%
Kirby Corp. (a)		8,200		313,650
MEDIA—2.1%
Cinemark Holdings, Inc.		14,700		193,305
Live Nation Entertainment, Inc. (a)		28,650		299,393
				492,698
METALS & MINING—2.5%
Carpenter Technology Corp.		11,950		392,319
Haynes International, Inc.		6,450		198,853
				591,172

See accompanying notes to financial statements.

79

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	SHARES		VALUE
COMMON STOCKS—92.2%, continued
OIL, GAS & CONSUMABLE FUELS—4.4%
Brigham Exploration Co. (a)		17,850	$	274,533
Carrizo Oil & Gas, Inc. (a)		11,350		176,265
Oasis Petroleum, Inc. (a)		7,750		112,375
Rosetta Resources, Inc. (a)		10,500		208,005
SM Energy Co		6,750		271,080
				1,042,258
PHARMACEUTICALS—0.9%
Endo Pharmaceuticals Holdings, Inc. (a)		10,050		219,291
PROFESSIONAL SERVICES—2.6%
Administaff, Inc.		15,950		385,352
Resources Connection, Inc. (a)		16,375		222,700
				608,052
SOFTWARE—5.2%
ANSYS, Inc. (a)		5,450		221,107
MicroStrategy, Inc., Class A (a)		3,150		236,533
Nuance Communications, Inc. (a)		11,150		166,693
SolarWinds, Inc. (a)		13,800		221,352
TIBCO Software, Inc. (a)		32,050		386,523
				1,232,208
SPECIALTY RETAIL—8.0%
DSW, Inc., Class A (a)		10,050		225,723
Hibbett Sports, Inc. (a)		13,800		330,648
Lumber Liquidators Holdings, Inc. (a)		8,650		201,805
Monro Muffler Brake, Inc.		7,550		298,451
Signet Jewelers Ltd. (a)		7,600		209,000
Tractor Supply Co		5,950		362,772
Ulta Salon Cosmetics & Fragrance, Inc. (a)		10,850		256,711
				1,885,110
TEXTILES, APPAREL & LUXURY GOODS—2.1%
Crocs, Inc. (a)		23,050		243,869
Warnaco Group, Inc. (a)		7,200		260,208
				504,077
TRADING COMPANIES & DISTRIBUTORS—1.5%
WESCO International, Inc. (a)		10,500		353,535
TOTAL COMMON STOCKS				21,689,900

See accompanying notes to financial statements.

80

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

	PRINCIPAL AMOUNT/ SHARES		VALUE
CORPORATE NOTES—0.9%
DEVELOPMENT AUTHORITIES—0.9%
MMA Community Development Investment, Inc., 0.73%, 12/31/10+(b)(c)	$	80,000	$	80,000
MMA Community Development Investment, Inc., 1.10%, 12/31/10+(b)(c)		120,000		120,000
TOTAL CORPORATE NOTES				200,000
SHORT TERM INVESTMENT—6.1%
INVESTMENT COMPANY—6.1%
JPMorgan U.S. Government Money Market Fund-Agency Shares		1,445,735		1,445,735
TOTAL INVESTMENTS (Cost* $21,863,735)—99.2%			$	23,335,635
Other assets in excess of liabilities — 0.8%				179,470
NET ASSETS—100%			$	23,515,105

+	Variable rate security. Rates presented are the rates in effect at June 30, 2010.
(a)	Non-income producing securities.
(b)	Represents affiliated restricted security as to resale to shareholders and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees:

Security	Yield	Shares	Acquisition Date
MMA Community Development Investment, Inc.	0.73%	80,000	12/2007
MMA Community Development Investment, Inc.	1.10%	120,000	12/2007

At June 30, 2010, these securities had an aggregate market value of $200,000, representing 0.9% of net assets.

(c)	Fair valued security.
*	Represents cost for financial reporting purposes.

Valuation Information:

The following is a summary of the valuation inputs used to value the Fund’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Common Stocks		$	21,689,900		$	—		$	—		$	21,689,900
Corporate Notes			—			—			200,000			200,000
Short Term Investment			1,445,735			—			—			1,445,735
Total Investments		$	23,135,635		$	—		$	200,000		$	23,335,635

See accompanying notes to financial statements.

81

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2010 (Unaudited)

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

Corporate Notes	Small Cap Fund
Balance as of December 31, 2009	$	200,000
Proceeds from Sales		—
Cost of Purchases		—
Change in unrealized appreciation (depreciation)		—
Balance as of June 30, 2010	$	200,000

There were no significant transfers in and out of Levels 1, 2 or 3 during the six months ended June 30, 2010.

See accompanying notes to financial statements.

82

MMA Praxis Genesis Portfolios

MMA Praxis Genesis Portfolios

Semi-Annual report to shareholders

Portfolio manager’s letter

A long list of investor concerns ushered in a new phase for investment markets during the second quarter. The equity rally that began in March 2009 finally ran out of steam in mid-April of this year when European sovereign debt worries burst on the scene at about the same time the Deepwater Horizon oil rig went up in flames in the Gulf of Mexico. Soon after came the “flash crash” that sent U.S. equity markets on a harrowing roller coaster ride over the course of a few hours. Stock indexes declined across the board, leaving only bonds and real estate investment trusts (REITS) in positive territory for the year to date.

For the six months ending June 30, 2010, the MMA Praxis Genesis Conservative portfolio (A shares) was the only one of the three that generated a positive return, 0.79 percent, versus its composite benchmark, which returned 0.86 percent. The Genesis Balanced portfolio (A shares) returned -3.25 percent, marginally outperforming its composite benchmark, which returned -3.30 percent. And, the Genesis Aggressive portfolio (A shares) returned -5.84 percent, slightly outperforming its composite benchmark, which returned -6.08 percent. Results from the MMA Praxis International, Value Index, and Small Cap funds exceeded performance of their respective benchmarks, while the performance of the MMA Praxis Core Stock, Growth Index, and Intermediate Income funds trailed performance of their respective benchmarks.

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

Chad Horning, CFA®

MMA Praxis Genesis Portfolios Manager

The views expressed are those of the portfolio manager as of June 30, 2010, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

83

Performance review

MMA Praxis Genesis Conservative Portfolio

Performance review

Total returns as of 6/30/10

	Inception	Since	Expense Ratio**
	Date	Inception	Gross	Net
Class A (No Load)	1/1/10	0.58%	1.97%	1.33%
Class A *	1/1/10	(4.67%)

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from January 1, 2010 (commencement of operations) through April 30, 2011.

84

MMA Praxis Genesis Conservative Portfolio

Performance review

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

This chart represents historical performance of a hypothetical investment of $10,000 in the Conservative Portfolio from 1/1/10 (commencement of operations) to 6/30/10, and represents the reinvestment of dividends and capital gains in the Portfolio.

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

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

*	Reflects maximum front-end sales charge of 5.25%.
1	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (70%), the MSCI EAFE Index (7.50%), the Russell 1000 Index (2.50%) and the Russell 2000 Index (20%).

The above composite benchmark 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 Portfolio’s performance reflects the deduction of these value-added services. An investor cannot invest directly in a benchmark, although they can invest in its underlying securities.

85

Schedule of portfolio investments

MMA Praxis Genesis Conservative Portfolio

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
Mutual Funds — 98.2%
MMA Praxis Core Stock Fund, Class I (a)		89,264	$	945,309
MMA Praxis Growth Index Fund, Class I (a)		57,979		463,256
MMA Praxis Intermediate Income Fund, Class I (a)		648,110		6,792,191
MMA Praxis International Fund, Class I (a)(b)		83,859		742,154
MMA Praxis Small Cap Fund, Class I (a)(b)		31,379		235,346
MMA Praxis Value Index Fund, Class I (a)		69,569		470,980
TOTAL MUTUAL FUNDS				9,649,236
TOTAL INVESTMENTS (Cost* $9,772,108)—98.2%			$	9,649,236
Other assets in excess of liabilities — 1.8%				177,110
NET ASSETS—100%			$	9,826,346

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

Valuation Information:

The following is a summary of the valuation inputs used to value the Portfolio’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Mutual Funds		$	9,649,236		$	—		$	—		$	9,649,236
Total Investments		$	9,649,236		$	—		$	—		$	9,649,236

There were no significant transfers in and out of Levels 1, 2 or 3 during the period ended June 30, 2010 and the Portfolio held no Level 3 securities as of June 30, 2010.

See accompanying notes to financial statements.

86

Performance review

MMA Praxis Genesis Balanced Portfolio

Performance review

Total returns as of 6/30/10

	Inception	Since	Expense Ratio**
	Date	Inception	Gross	Net
Class A (No Load)	1/1/10	(3.35%)	1.68%	1.44%
Class A *	1/1/10	(8.39%)

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from January 1, 2010 (commencement of operations) through April 30, 2011.

87

MMA Praxis Genesis Balanced Portfolio

Performance review

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

This chart represents historical performance of a hypothetical investment of $10,000 in the Balanced Portfolio from 1/1/10 (commencement of operations) to 6/30/10, and represents the reinvestment of dividends and capital gains in the Portfolio.

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

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

*	Reflects maximum front-end sales charge of 5.25%.
1	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (40%), the MSCI EAFE Index (15%), the Russell 1000 Index (35%) and the Russell 2000 Index (10%).

The above composite benchmark 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 Portfolio’s performance reflects the deduction of these value-added services. An investor cannot invest directly in a benchmark, although they can invest in its underlying securities.

88

Schedule of portfolio investments

MMA Praxis Genesis Balanced Portfolio

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
Mutual Funds — 98.4%
MMA Praxis Core Stock Fund, Class I (a)		439,919	$	4,658,743
MMA Praxis Growth Index Fund, Class I (a)		217,046		1,734,199
MMA Praxis Intermediate Income Fund, Class I (a)		934,323		9,791,701
MMA Praxis International Fund, Class I (a)(b)		402,621		3,563,195
MMA Praxis Small Cap Fund, Class I (a)(b)		313,290		2,349,676
MMA Praxis Value Index Fund, Class I (a)		257,714		1,744,722
TOTAL MUTUAL FUNDS				23,842,236
TOTAL INVESTMENTS (Cost* $24,848,131)—98.4%			$	23,842,236
Other assets in excess of liabilities — 1.6%				388,438
NET ASSETS—100%			$	24,230,674

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

Valuation Information:

The following is a summary of the valuation inputs used to value the Portfolio’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Mutual Funds		$	23,842,236		$	—		$	—		$	23,842,236
Total Investments		$	23,842,236		$	—		$	—		$	23,842,236

There were no significant transfers in and out of Levels 1, 2 or 3 during the period ended June 30, 2010 and the Portfolio held no Level 3 securities as of June 30, 2010.

See accompanying notes to financial statements.

89

Performance review

MMA Praxis Genesis Growth Portfolio

Performance review

Total returns as of 6/30/10

	Inception	Since	Expense Ratio**
	Date	Inception	Gross	Net
Class A (No Load)	1/1/10	(5.87%)	2.13%	1.51%
Class A *	1/1/10	(10.78%)

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

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

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

** Reflects the expense ratios as reported in the Prospectus dated May 1, 2010. Contractual fee waivers are in effect from January 1, 2010 (commencement of operations) through April 30, 2011.

                  

90

MMA Praxis Genesis Growth Portfolio

Performance review

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

This chart represents historical performance of a hypothetical investment of $10,000 in the Growth Portfolio from 1/1/10 (commencement of operations) to 6/30/10, and represents the reinvestment of dividends and capital gains in the Portfolio.

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

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

*	Reflects maximum front-end sales charge of 5.25%.
1	The Composite Benchmark is comprised of unmanaged indices that correspond to the Portfolio’s model allocation and consists of the Barclay’s Capital Aggregate Bond Index (20%), the MSCI EAFE Index (20%), the Russell 1000 Index (45%) and the Russell 2000 Index (15%).

The above composite benchmark 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 Portfolio’s performance reflects the deduction of these value-added services. An investor cannot invest directly in a benchmark, although they can invest in its underlying securities.

91

Schedule of portfolio investments

MMA Praxis Genesis Growth Portfolio

Schedule of portfolio investments

June 30, 2010 (Unaudited)

	SHARES		VALUE
Mutual Funds — 99.1%
MMA Praxis Core Stock Fund, Class I (a)		393,124	$	4,163,186
MMA Praxis Growth Index Fund, Class I (a)		206,185		1,647,421
MMA Praxis Intermediate Income Fund, Class I (a)		337,319		3,535,101
MMA Praxis International Fund, Class I (a)(b)		384,431		3,402,216
MMA Praxis Small Cap Fund, Class I (a)(b)		336,308		2,522,310
MMA Praxis Value Index Fund, Class I (a)		245,008		1,658,703
TOTAL MUTUAL FUNDS				16,928,937
TOTAL INVESTMENTS (Cost* $17,936,336)—99.1%			$	16,928,937
Other assets in excess of liabilities — 0.9%				151,125
NET ASSETS—100%			$	17,080,062

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

Valuation Information:

The following is a summary of the valuation inputs used to value the Portfolio’s investments at June 30, 2010. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Level 1			Level 2			Level 3			Total
Investments at Value
Mutual Funds		$	16,928,937		$	—		$	—		$	16,928,937
Total Investments		$	16,928,937		$	—		$	—		$	16,928,937

There were no significant transfers in and out of Levels 1, 2 or 3 during the period ended June 30, 2010 and the Portfolio held no Level 3 securities as of June 30, 2010.

See accompanying notes to financial statements.

92

(This page intentionally left blank)

93

Statements of assets & liabilities

MMA Praxis Funds

Statements of assets & liabilities

June 30, 2010 (Unaudited)

	Intermediate Income Fund			Core Stock Fund			International Fund
Assets
Investment securities, at cost	$	254,971,955		$	159,216,120		$	72,635,488
Investment securities, at market value	$	266,800,866		$	154,251,496		$	75,067,253
Investments in affiliates		2,435,553			2,834,416			1,267,281
Cash		—			21,623			956,882
Foreign currency, at value (cost $12,149, $110,661)		—			12,180			109,503
Unrealized appreciation on foreign forward currency exchange contracts		—			—			629,238
Receivable for investments sold		306,432			56,731			1,595,251
Receivable for capital shares sold		1,625,249			2,531,860			1,003,968
Receivable for dividends and interest		2,458,751			186,383			124,171
Receivable for tax reclaims		—			35,003			443,333
Prepaid expenses		41,531			54,088			53,059
Total Assets		273,668,382			159,983,780			81,249,939
Liabilities
Bank overdraft		1,129,559			—			—
Payable for capital shares redeemed		4,726,234			995,773			254,886
Payable for investments purchased		996,950			34,221			339,165
Unrealized depreciation on foreign forward currency exchange contracts		—			—			723,433
Accrued expenses and other payables:
Investment advisory fees		80,540			100,593			59,982
Affiliates		51,828			34,780			18,450
Distribution fees		28,800			17,088			8,353
Trustee fees		5,218			7,731			11,256
Other		143,896			168,671			257,564
Total Liabilities		7,163,025			1,358,857			1,673,089
Net Assets	$	266,505,357		$	158,624,923		$	79,576,850
Components of Net Assets
Paid-in capital	$	253,578,411		$	211,017,975		$	97,284,239
Accumulated net investment income (loss)		5,453			(195,328	)		1,110,139
Accumulated net realized losses on investments and foreign currency transactions		(1,342,971	)		(50,069,193	)		(22,428,404	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		14,264,464			(2,128,531	)		3,610,876
Net Assets	$	266,505,357		$	158,624,923		$	79,576,850

See accompanying Notes to Financial Statements.

94

MMA Praxis Funds

Statements of assets & liabilities, continued

June 30, 2010 (Unaudited)

	Intermediate Income Fund			Core Stock Fund			International Fund
Pricing of Class A Shares
Net assets attributable to Class A shares	$	67,929,153		$	63,303,993		$	27,574,279
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		6,461,294			6,037,062			3,140,163
Net asset value and redemption price per share	$	10.51		$	10.49		$	8.78
Maximum sales charge		3.75	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.92		$	11.07		$	9.27
Pricing of Class I Shares
Net assets attributable to Class I shares	$	198,576,204		$	95,320,930		$	52,002,571
Shares of beneficial interest outstanding (unlimited number of shares authorized no par value)		18,946,973			9,002,015			5,874,654
Net asset value, offering price and redemption price per share	$	10.48		$	10.59		$	8.85

See accompanying Notes to Financial Statements.

95

MMA Praxis Funds

Statements of assets & liabilities

June 30, 2010 (Unaudited)

	Value Index Fund			Growth Index Fund			Small Cap Fund
Assets
Investment securities, at cost	$	57,556,241		$	23,112,286		$	21,863,735
Investment securities, at market value	$	53,072,519		$	21,267,769		$	23,135,635
Investments in affiliates		731,043			190,000			200,000
Cash		—			69,193			—
Receivable for investments sold		39,875			—			200,389
Receivable for capital shares sold		335,468			241,673			256,475
Receivable for dividends and interest		81,128			14,491			9,615
Prepaid expenses		20,243			18,646			15,711
Total Assets		54,280,276			21,801,772			23,817,825
Liabilities
Bank overdraft		99,553			—			199,876
Payable for capital shares redeemed		403,953			155,384			34,761
Payable for investments purchased		—			68,678			—
Accrued expenses and other payables:
Investment advisory fees		14,023			813			12,710
Affiliates		9,961			4,680			4,414
Distribution fees		10,943			—			—
Trustee fees		4,741			1,314			4,223
Other		97,308			30,268			46,736
Total Liabilities		640,482			261,137			302,720
Net Assets	$	53,639,794		$	21,540,635		$	23,515,105
Components of Net Assets
Paid-in capital	$	72,999,659		$	26,930,483		$	28,750,876
Accumulated net investment income (loss)		1,293,697			67,296			(68,600	)
Accumulated net realized losses on investments and foreign currency transactions		(16,900,883	)		(3,802,627	)		(6,639,071	)
Net unrealized appreciation (depreciation) on investments		(3,752,679	)		(1,654,517	)		1,471,900
Net Assets	$	53,639,794		$	21,540,635		$	23,515,105

See accompanying Notes to Financial Statements.

96

MMA Praxis Funds

Statements of assets & liabilities, continued

June 30, 2010 (Unaudited)

	Value Index Fund			Growth Index Fund			Small Cap Fund
Pricing of Class A Shares
Net assets attributable to Class A shares	$	22,442,937		$	2,623,689		$	2,893,037
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		3,316,387			329,316			388,704
Net asset value and redemption price per share	$	6.77		$	7.97		$	7.44
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	7.15		$	8.41		$	7.85
Pricing of Class I Shares
Net assets attributable to Class I shares	$	31,196,857		$	18,916,946		$	20,622,068
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		4,607,634			2,366,311			2,749,324
Net asset value, offering price and redemption price per share	$	6.77		$	7.99		$	7.50

See accompanying Notes to Financial Statements.

97

MMA Praxis Funds

Statements of assets & liabilities

June 30, 2010 (Unaudited)

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Assets
Investment in affiliates, at cost	$	9,772,108		$	24,848,131		$	17,936,336
Investment in affiliates, at value	$	9,649,236		$	23,842,236		$	16,928,937
Cash		6,375			—			—
Receivable for capital shares sold		162,804			410,634			161,892
Receivable for dividends and interest		22,778			32,836			11,855
Due from Adviser		4,739			—			430
Prepaid expenses		197			377			—
Total Assets		9,846,129			24,286,083			17,103,114
Liabilities
Bank Overdraft		—			23,734			2,656
Payable for capital shares redeemed		200			295			5,462
Accrued expenses and other payables:
Investment advisory fees		—			690			—
Affiliates		1,050			3,150			720
Distribution fees		1,955			4,310			2,968
Trustee fees		34			125			18
Other		16,544			23,105			11,228
Total Liabilities		19,783			55,409			23,052
Net Assets	$	9,826,346		$	24,230,674		$	17,080,062
Components of Net Assets
Paid-in capital	$	9,932,656		$	25,218,471		$	18,083,534
Accumulated net investment income		17,074			18,098			3,927
Accumulated net realized losses on investments in affiliates		(512	)		—			—
Net unrealized depreciation on investments in affiliates		(122,872	)		(1,005,895	)		(1,007,399	)
Net Assets	$	9,826,346		$	24,230,674		$	17,080,062

See accompanying Notes to Financial Statements.

98

MMA Praxis Funds

Statements of assets & liabilities, continued

June 30, 2010 (Unaudited)

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Pricing of Class A Shares
Net assets attributable to Class A shares	$	9,826,346		$	24,230,674		$	17,080,062
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		986,517			2,518,197			1,817,092
Net asset value and redemption price per share	$	9.96		$	9.62		$	9.40
Maximum sales charge		5.25	%		5.25	%		5.25	%
Maximum offering price per share [(100%/(100%-Maximum Sales Charge)) of net asset value adjusted to the nearest cent]	$	10.51		$	10.15		$	9.92

See accompanying Notes to Financial Statements.

99

Statements of operations

MMA Praxis Funds

Statements of operations

For the six months ended June 30, 2010 (Unaudited)

	Intermediate Income Fund			Core Stock Fund			International Fund
Investment Income
Dividends	$	57,771		$	1,344,941		$	1,272,438
Foreign tax withholding		—			(16,854	)		(181,486	)
Interest		5,978,073			76,547			—
Interest from affiliates		12,176			16,995			6,187
Total Investment Income		6,048,020			1,421,629			1,097,139
Expenses
Investment advisory fees		518,901			670,256			396,576
Administration fees		64,836			51,264			25,212
Distribution fees - Class A		88,445			100,574			44,172
Shareholder servicing fees - Class A		88,445			100,574			44,172
Transfer agent fees - Class A		77,400			158,440			96,487
Transfer agent fees - Class I		3,374			2,132			1,606
Sub transfer agent fees - Class A		8,540			6,932			5,712
Registration fees - Class A		16,321			16,353			16,348
Registration fees - Class I		43			11			16
Shareholder report printing fees - Class A		7,810			16,433			10,020
Shareholder report printing fees - Class I		22			11			9
Professional fees		57,415			45,578			23,943
DDA fees - Class A		4,445			9,354			5,703
DDA fees - Class I		13			7			6
Custodian fees		13,088			9,664			58,324
Trustees’ fees and expenses		23,946			18,744			9,236
Other expenses		57,415			37,885			40,864
Total Expenses Before Reductions/Reimbursements		1,030,459			1,244,212			778,406
Expenses waived by Investment Adviser		(63,207	)		—			—
Expenses reduced by Distributor		(88,445	)		(100,574	)		(44,172	)
Net Expenses		878,807			1,143,638			734,234
Net Investment Income		5,169,213			277,991			362,905
Realized and Unrealized Gains (Losses) on Investments
Net realized gains on investments		606,732			732,318			2,158,411
Net realized gains (losses) on foreign currency transactions		—			(4,765	)		55,403
Change in unrealized appreciation (depreciation) of investments		7,331,586			(12,370,932	)		(11,900,201	)
Change in unrealized appreciation (depreciation) on foreign currency translations		—			1,677			(88,170	)
Net Realized and Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions		7,938,318			(11,641,702	)		(9,774,557	)
Net Change in Net Assets from Operations	$	13,107,531		$	(11,363,711	)	$	(9,411,652	)

See accompanying Notes to Financial Statements.

100

MMA Praxis Funds

Statements of operations

For the six months ended June 30, 2010 (Unaudited)

	Value Index Fund			Growth Index Fund			Small Cap Fund
Investment Income
Dividends	$	703,894		$	124,715		$	70,493
Foreign tax withholding		—			—			(88	)
Interest		6,700			—			—
Interest from affiliates		3,865			1,180			1,147
Total Investment Income		714,459			125,895			71,552
Expenses
Investment advisory fees		90,304			33,370			102,275
Administration fees		16,326			5,753			5,854
Distribution fees - Class A		34,912			4,620			4,595
Shareholder servicing fees - Class A		34,912			4,620			4,595
Transfer agent fees - Class A		66,457			18,674			17,364
Transfer agent fees - Class I		1,176			1,381			1,414
Sub transfer agent fees - Class A		5,861			868			1,713
Registration fees - Class A		16,344			13,734			12,208
Registration fees - Class I		20			51			40
Shareholder report printing fees - Class A		6,777			1,890			1,741
Shareholder report printing fees - Class I		9			7			5
Professional fees		16,511			7,721			7,792
DDA fees - Class A		3,857			1,075			992
DDA fees - Class I		6			3			4
Custodian fees		3,079			1,848			1,873
Trustees’ fees and expenses		5,971			2,109			2,138
Other expenses		23,800			7,186			7,004
Total Expenses Before Reductions/Reimbursements		326,322			104,910			171,607
Expenses waived by Investment Adviser		—			(30,155	)		(26,860	)
Expenses reduced by Distributor		(34,912	)		(4,620	)		(4,595	)
Net Expenses		291,410			70,135			140,152
Net Investment Income (Loss)		423,049			55,760			(68,600	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(643,896	)		(286,678	)		1,016,332
Change in unrealized appreciation (depreciation) of investments		(1,892,282	)		(1,730,309	)		(1,138,237	)
Net Realized and Unrealized Gains (Losses) on Investments		(2,536,178	)		(2,016,987	)		(121,905	)
Net Change in Net Assets from Operations	$	(2,113,129	)	$	(1,961,227	)	$	(190,505	)

See accompanying Notes to Financial Statements.

101

MMA Praxis Funds

Statements of operations

For the period ended June 30, 2010 (Unaudited)

	Conversative Portfolio (a)			Balanced Portfolio (a)			Growth Portfolio (a)
Investment Income
Dividends from affiliates	$	91,829		$	125,452		$	42,119
Expenses
Investment advisory fees		1,398			3,303			2,173
Administration fees		1,050			3,150			1,032
Distribution fees - Class A		6,992			16,513			10,867
Shareholder servicing fees - Class A		6,992			16,513			10,867
Transfer agent fees - Class A		4,134			9,664			3,735
Registration fees - Class A		16,227			16,227			16,227
Shareholder report printing fees - Class A		717			2,150			717
Professional fees		1,120			1,424			1,120
DDA fees - Class A		408			1,225			408
Custodian fees		589			589			589
Trustees’ fees and expenses		68			201			68
Other expenses		374			987			539
Total Expenses Before Reductions/Reimbursements		40,069			71,946			48,342
Expenses waived by Investment Adviser		(14,603	)		(10,947	)		(10,467	)
Expenses reduced by Distributor		(6,992	)		(16,513	)		(10,867	)
Net Expenses		18,474			44,486			27,008
Net Investment Income		73,355			80,966			15,111
Realized and Unrealized Gains (Losses) on Investments
Net realized losses on investments in affiliates		(512	)		—			—
Change in unrealized appreciation (depreciation) of investments in affiliates		(122,872	)		(1,005,895	)		(1,007,399	)
Net Realized and Unrealized Losses on Investments in Affiliates		(123,384	)		(1,005,895	)		(1,007,399	)
Net Change in Net Assets from Operations	$	(50,029	)	$	(924,929	)	$	(992,288	)

(a) For the period January 1, 2010 (commencement of operations) through June 30, 2010.

See accompanying Notes to Financial Statements.

102

Statements of changes in net assets

MMA Praxis Funds

Statements of changes in net assets

	Intermediate Income Fund						Core Stock Fund						International Fund
	For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009			For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009			For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009
From Operations
Net investment income	$	5,169,213		$	9,991,649		$	277,991		$	616,794		$	362,905		$	1,181,532
Net realized gains (losses) from security transactions		606,732			1,340,065			727,553			(35,447,704	)		2,213,814			(4,282,460	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		7,331,586			11,138,756			(12,369,255	)		82,112,757			(11,988,371	)		16,049,344
Net Change in Net Assets from Operations		13,107,531			22,470,470			(11,363,711	)		47,281,847			(9,411,652	)		12,948,416
Distributions to Shareholders
From net investment income - Class A		(1,294,535	)		(2,438,125	)		—			(326,755	)		—			—
From net investment income - Class B		—			(369,458	)		—			—			—			—
From net investment income - Class I		(3,919,920	)		(7,230,736	)		—			(583,213	)		—			—
Decrease in Net Assets from Distributions to Shareholders		(5,214,455	)		(10,038,319	)		—			(909,968	)		—			—
Change in Net Assets from Capital Transactions		7,642,279			19,716,611			(24,908,464	)		(20,151,210	)		(4,218,950	)		(4,614,235	)
Total Increase (Decrease) in Net Assets		15,535,355			32,148,762			(36,272,175	)		26,220,669			(13,630,602	)		8,334,181
Net Assets
Beginning of period		250,970,002			218,821,240			194,897,098			168,676,429			93,207,452			84,873,271
End of period	$	266,505,357		$	250,970,002		$	158,624,923		$	194,897,098		$	79,576,850		$	93,207,452
Accumulated (Distributions in Excess of) Net Investment Income	$	5,453		$	50,695		$	(195,328	)	$	(473,319	)	$	1,110,139		$	747,234

See accompanying Notes to Financial Statements.

103

MMA Praxis Funds

Statements of changes in net assets

	Value Index Fund						Growth Index Fund						Small Cap Fund
	For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009			For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009			For the Six Months Ended June 30, 2010 (Unaudited)			For the Year Ended December 31, 2009
From Operations
Net investment income (loss)	$	423,049		$	1,116,190		$	55,760		$	89,687		$	(68,600	)	$	(131,416	)
Net realized gains (losses) from security transactions		(643,896	)		(9,639,512	)		(286,678	)		(1,354,921	)		1,016,332			(2,916,387	)
Net change in unrealized appreciation (depreciation) on investments		(1,892,282	)		20,074,601			(1,730,309	)		6,910,513			(1,138,237	)		8,479,620
Net Change in Net Assets from Operations		(2,113,129	)		11,551,279			(1,961,227	)		5,645,279			(190,505	)		5,431,817
Distributions to Shareholders
From net investment income - Class A		—			(101,452	)		—			(13,235	)		—			—
From net investment income - Class I		—			(160,741	)		—			(63,506	)		—			—
Decrease in Net Assets from Distributions to Shareholders		—			(262,193	)		—			(76,741	)		—			—
Change in Net Assets from Capital Transactions		(6,130,163	)		(692,436	)		2,218,137			42,572			1,178,048			(1,059,543	)
Total Increase (Decrease) in Net Assets		(8,243,292	)		10,596,650			256,910			5,611,110			987,543			4,372,274
Net Assets
Beginning of period		61,883,086			51,286,436			21,283,725			15,672,615			22,527,562			18,155,288
End of period	$	53,639,794		$	61,883,086		$	21,540,635		$	21,283,725		$	23,515,105		$	22,527,562
Accumulated (Distributions in Excess of) Net Investment Income	$	1,293,697		$	870,648		$	67,296		$	11,536		$	(68,600	)	$	—

See accompanying Notes to Financial Statements.

104

MMA Praxis Funds

Statements of changes in net assets

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
	For the Period Ended June 30, 2010 (a) (Unaudited)			For the Period Ended June 30, 2010 (a) (Unaudited)			For the Period Ended June 30, 2010 (a) (Unaudited)
From Operations
Net investment income	$	73,355		$	80,966		$	15,111
Net realized losses on investments in affiliates		(512	)		—			—
Net change in unrealized depreciation on investments in affiliates		(122,872	)		(1,005,895	)		(1,007,399	)
Net Change in Net Assets from Operations		(50,029	)		(924,929	)		(992,288	)
Distributions to Shareholders
From net investment income - Class A		(56,281	)		(62,868	)		(11,184	)
Change in Net Assets from Capital Transactions		9,932,656			25,218,471			18,083,534
Total Increase in Net Assets		9,826,346			24,230,674			17,080,062
Net Assets
Beginning of period		—			—			—
End of period	$	9,826,346		$	24,230,674		$	17,080,062
Accumulated Net Investment Income	$	17,074		$	18,098		$	3,927

(a) For the period January 1, 2010 (commencement of operations) through June 30, 2010.

See accompanying Notes to Financial Statements.

105

Financial highlights

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Intermediate Income Fund - Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006			Year Ended December 31, 2005
Net asset value at beginning of period	$	10.20		$	9.62		$	9.78		$	9.66		$	9.73		$	9.95
Income (loss) from investment operations:
Net investment income		0.20			0.43			0.45			0.41			0.38			0.37
Net realized and unrealized gains (losses) on investments		0.30			0.56			(0.16	)		0.15			(0.04	)		(0.19	)
Total from investment operations		0.50			0.99			0.29			0.56			0.34			0.18
Less Distributions: Dividends from net investment income		(0.19	)		(0.41	)		(0.45	)		(0.44	)		(0.41	)		(0.40	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	10.51		$	10.20		$	9.62		$	9.78		$	9.66		$	9.73
Total return (excludes sales charge)		4.94	% (d)		10.49	%		3.09	%		5.91	%		3.63	%		1.82	%
Net assets at end of period (000s)	$	67,929		$	74,965		$	49,693		$	48,951		$	41,350		$	239,583
Ratio of net expenses to average net assets		0.96	% (e)		0.92	%		0.88	%		0.88	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		3.70	% (e)		4.22	%		4.49	%		4.23	%		4.19	%		3.77	%
Ratio of expenses to average net assets*		1.39	% (e)		1.27	%		1.21	%		1.27	%		1.28	%		1.23	%
Portfolio turnover rate (c)		9.88	% (d)		28.56	%		25.46	%		29.22	%		34.19	%		37.79	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

106

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Intermediate Income Fund- Class I
	Six Months Ended June 30, 2010 (Unedited )			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Period Ended December 31, 2006 (a)
Net asset value at beginning of period	$	10.17		$	9.61		$	9.77		$	9.65		$	9.47
Income (loss) from investment operations:
Net investment income		0.21			0.45			0.47			0.43			0.29
Net realized and unrealized gains (losses) on investments		0.31			0.57			(0.16	)		0.15			0.18
Total from investment operations		0.52			1.02			0.31			0.58			0.47
Less Distributions:
Dividends from net investment income		(0.21	)		(0.46	)		(0.47	)		(0.46	)		(0.29	)
Paid-in capital from redemption fees		—			—			—	(b )		—			—	(b)
Net asset value at end of period	$	10.48		$	10.17		$	9.61		$	9.77		$	9.65
Total return (excludes sales charge)		5.16	% (d)		10.79	%		5.21	%		6.18	%		5.07	% (d)
Net assets at end of period (000s)	$	198,576		$	176,005		$	153,332		$	212,097		$	206,221
Ratio of net expenses to average net assets		0.57	% (e)		0.67	%		0.63	%		0.63	%		0.63	% (e)
Ratio of net investment income to average net assets		4.09	% (e)		4.51	%		4.73	%		4.48	%		4.47	% (e)
Ratio of expenses to average net assets*		0.57	% (e)		0.72	%		0.64	%		0.77	%		0.76	% (e)
Portfolio turnover rate (c)		9.88	% (d)		28.56	%		25.46	%		29.22	%		34.19	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

107

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Core Stock Fund- Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006			Year Ended December 31, 2005
Net asset value at beginning of period	$	11.30		$	8.79		$	14.87		$	15.40		$	14.42		$	13.99
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		0.01			0.05			0.13			0.04			0.07
Net realized and unrealized gains (losses) on investments		(0.77	)		2.54			(6.08	)		(0.24	)		1.70			0.42
Total from investment operations		(0.81	)		2.55			(6.03	)		(0.11	)		1.74			0.49
Less Distributions:
Dividends from net investment income		—			(0.04	)		(0.05	)		(0.14	)		—			(0.06	)
Distributions from net realized gains		—			—			—			(0.28	)		(0.76	)		—
Total distributions		—			(0.04	)		(0.05	)		(0.42	)		(0.76	)		(0.06	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	10.49		$	11.30		$	8.79		$	14.87		$	15.40		$	14.42
Total return (excludes sales charge)		(7.17	%) (d)		29.00	%		(40.64	%)		(0.68	%)		12.10	%		3.52	%
Net assets at end of period (000s)	$	63,304		$	93,120		$	55,151		$	99,838		$	95,185		$	208,640
Ratio of net expenses to average net assets		1.69	% (e)		1.44	%		1.31	%		1.45	%		1.49	%		1.34	%
Ratio of net investment income (loss) to average net assets		(0.13	%) (e)		0.15	%		0.42	%		0.81	%		0.19	%		0.50	%
Ratio of expenses to average net assets*		1.94	% (e)		1.69	%		1.56	%		1.70	%		1.74	%		1.60	%
Portfolio turnover rate (c)		4.80	% (d)		12.64	%		29.73	%		12.17	%		72.41	%		32.66	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

108

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Core Stock Fund- Class I
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Period Ended December 31, 2006 (a)
Net asset value at beginning of period	$	11.37		$	8.84		$	14.94		$	15.45		$	14.76
Income (loss) from investment operations:
Net investment income		0.04			0.06			0.09			0.20			0.04
Net realized and unrealized gains (losses) on investments		(0.82	)		2.53			(6.11	)		(0.24	)		1.41
Total from investment operations		(0.78	)		2.59			(6.02	)		(0.04	)		1.45
Less Distributions:
Dividends from net investment income		—			(0.06	)		(0.08	)		(0.19	)		—
Distributions from net realized gains		—			—			—			(0.28	)		(0.76	)
Total distributions		—			(0.06	)		(0.08	)		(0.47	)		(0.76	)
Paid-in capital from redemption fees		—			—			—	(b)		—			—
Net asset value at end of period	$	10.59		$	11.37		$	8.84		$	14.94		$	15.45
Total return (excludes sales charge)		(6.86	%) (d)		29.35	%		(40.43	%)		(0.26	%)		9.86	% (d)
Net assets at end of period (000s)	$	95,321		$	101,777		$	90,820		$	159,737		$	173,565
Ratio of net expenses to average net assets		0.93	% (e)		1.08	%		1.01	%		1.05	%		1.02	% (e)
Ratio of net investment income to average net assets		0.65	% (e)		0.57	%		0.72	%		1.20	%		0.43	% (e)
Ratio of expenses to average net assets*		0.93	% (e)		1.08	%		1.01	%		1.05	%		1.03	% (e)
Portfolio turnover rate (c)		4.80	% (d)		12.64	%		29.73	%		12.17	%		72.41	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

109

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis International Fund - Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006			Year Ended December 31, 2005
Net asset value at beginning of period	$	9.88		$	8.61		$	15.42		$	14.23		$	11.94		$	10.78
Income (loss) from investment operations:
Net investment income		0.02			0.08			0.16			0.12			0.16			0.08
Net realized and unrealized gains (losses) on investments		(1.12	)		1.19			(6.44	)		1.65			2.26			1.22
Total from investment operations		(1.10	)		1.27			(6.28	)		1.77			2.42			1.30
Less Distributions:
Dividends from net investment income		—			—			(0.15	)		(0.21	)		(0.13	)		(0.14	)
Distributions from net realized gains		—			—			(0.36	)		(0.37	)		—			—
Tax return of capital		—			—			(0.02	)		—			—			—
Total distributions		—			—			(0.53	)		(0.58	)		(0.13	)		(0.14	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	8.78		$	9.88		$	8.61		$	15.42		$	14.23		$	11.94
Total return (excludes sales charge)		(11.13	%) (d)		14.75	%		(41.01	%)		12.59	%		20.31	%		12.16	%
Net assets at end of period (000s)	$	27,574		$	41,158		$	26,005		$	50,709		$	44,837		$	121,173
Ratio of net expenses to average net assets		2.27	% (e)		1.70	%		1.67	%		1.72	%		1.76	%		1.58	%
Ratio of net investment income to average net assets		0.18	% (e)		1.04	%		1.40	%		0.75	%		0.85	%		0.74	%
Ratio of expenses to average net assets*		2.52	% (e)		1.98	%		1.92	%		1.97	%		2.09	%		1.90	%
Portfolio turnover rate (c)		34.18	% (d)		194.23	%		148.65	%		59.13	%		82.77	%		71.93	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

110

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis International Fund - Class I
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Period Ended December 31, 2006 (a)
Net asset value at beginning of period	$	9.91		$	8.61		$	15.39		$	14.20		$	13.52
Income (loss) from investment operations:
Net investment income		0.05			0.14			0.15			0.17			0.10
Net realized and unrealized gains (losses) on investments		(1.11	)		1.16			(6.38	)		1.65			0.78
Total from investment operations		(1.06	)		1.30			(6.23	)		1.82			0.88
Less Distributions:
Dividends from net investment income		—			—			(0.17	)		(0.26	)		(0.20	)
Distributions from net realized gains		—			—			(0.36	)		(0.37	)		—
Tax return of capital		—			—			(0.02	)		—			—
Total distributions		—			—			(0.55	)		(0.63	)		(0.20	)
Net asset value at end of period	$	8.85		$	9.91		$	8.61		$	15.39		$	14.20
Total return (excludes sales charge)		(10.70	%) (c)		15.23	%		(40.85	%)		13.02	%		6.61	% (c)
Net assets at end of period (000s)	$	52,003		$	52,049		$	48,830		$	110,001		$	98,598
Ratio of net expenses to average net assets		1.27	% (d)		1.39	%		1.32	%		1.31	%		1.28	% (d)
Ratio of net investment income to average net assets		1.26	% (d)		1.56	%		1.47	%		1.13	%		1.23	% (d)
Ratio of expenses to average net assets*		1.27	% (d)		1.39	%		1.32	%		1.31	%		1.39	% (d)
Portfolio turnover rate (b)		34.18	% (c)		194.23	%		148.65	%		59.13	%		82.77	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Not annualized.
(d)	Annualized.

See accompanying Notes to Financial Statements.

111

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Value Index Fund - Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Year Ended December 31, 2007			Year Ended December 31, 2006			Year Ended December 31, 2005
Net asset value at beginning of period	$	7.09		$	5.80		$	10.12		$	11.43		$	10.09		$	9.65
Income (loss) from investment operations:
Net investment income		0.03	(d)		0.10			0.18			0.17			0.22			0.15
Net realized and unrealized gains (losses) on investments		(0.35	)		1.21			(4.21	)		(0.93	)		1.82			0.44
Total from investment operations		(0.32	)		1.31			(4.03	)		(0.76	)		2.04			0.59
Less Distributions:
Dividends from net investment income		—			(0.02	)		(0.18	)		(0.20	)		(0.13	)		(0.15	)
Distributions from net realized gains		—			—			(0.11	)		(0.35	)		(0.57	)		—
Total distributions		—			(0.02	)		(0.29	)		(0.55	)		(0.70	)		(0.15	)
Paid-in capital from redemption fees (b)		—			—			—			—			—			—
Net asset value at end of period	$	6.77		$	7.09		$	5.80		$	10.12		$	11.43		$	10.09
Total return (excludes sales charge)		(4.51	%) (e)		22.64	%		(40.15	%)		(6.66	%)		20.41	%		6.12	%
Net assets at end of period (000s)	$	22,443		$	30,983		$	20,019		$	28,209		$	22,426		$	39,874
Ratio of net expenses to average net assets		1.52	% (f)		1.01	%		0.97	%		0.90	%		1.11	%		1.04	%
Ratio of net investment income to average net assets		0.86	% (f)		1.96	%		2.35	%		1.87	%		1.52	%		1.55	%
Ratio of expenses to average net assets*		1.77	% (f)		1.33	%		1.27	%		1.18	%		1.37	%		1.30	%
Portfolio turnover rate (c)		14.22	% (e)		25.72	%		20.66	%		33.34	%		55.37	%		25.25	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Calculated based upon average shares outstanding.
(e)	Not annualized.
(f)	Annualized.

See accompanying Notes to Financial Statements.

112

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Value Index Fund - Class I
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			Period Ended December 31, 2006 (a)
Net asset value at beginning of period	$	7.05		$	5.77		$	10.07		$	11.38		$	10.90
Income (loss) from investment operations:
Net investment income		0.07	(c)		0.14			0.20			0.24			0.12
Net realized and unrealized gains (losses) on investments		(0.35	)		1.18			(4.19	)		(0.97	)		1.13
Total from investment operations		(0.28	)		1.32			(3.99	)		(0.73	)		1.25
Less Distributions:
Dividends from net investment income		—			(0.04	)		(0.20	)		(0.23	)		(0.20	)
Distributions from net realized gains		—			—			(0.11	)		(0.35	)		(0.57	)
Total distributions		—			(0.04	)		(0.31	)		(0.58	)		(0.77	)
Net asset value at end of period	$	6.77		$	7.05		$	5.77		$	10.07		$	11.38
Total return (excludes sales charge)		(3.97	)% (d)		22.82	%		(39.94	%)		(6.46	%)		11.67	% (c)
Net assets at end of period (000s)	$	31,197		$	30,900		$	24,893		$	29,843		$	27,029
Ratio of net expenses to average net assets		0.49	% (e)		0.73	%		0.64	%		0.65	%		0.89	% (d)
Ratio of net investment income to average net assets		1.88	% (e)		2.28	%		2.71	%		2.12	%		1.69	% (d)
Ratio of expenses to average net assets*		0.49	% (e)		0.73	%		0.64	%		0.68	%		0.95	% (d)
Portfolio turnover rate (b)		14.22	% (d)		25.72	%		20.66	%		33.34	%		55.37	%

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

113

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Growth Index Fund - Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Period Ended December 31, 2007 (b)
Net asset value at beginning of period	$	8.71		$	6.50		$	10.40		$	10.00
Income (loss) from investment operations:
Net investment income		—	(c)		0.03			0.01			0.02
Net realized and unrealized gains (losses) on investments		(0.74	)		2.20			(3.89	)		0.38
Total from investment operations		(0.74	)		2.23			(3.88	)		0.40
Less Distributions:
Dividends from net investment income		—			(0.02	)		(0.02	)		—
Distributions from net realized gains		—			—			—			—	(c)
Total distributions		—			(0.02	)		(0.02	)		—	(c)
Paid-in capital from redemption fees (c)		—			—			—			—
Net asset value at end of period	$	7.97		$	8.71		$	6.50		$	10.40
Total return (excludes sales charge)		(8.50	%) (e)		34.38	%		(37.34	%)		4.03	% (e)
Net assets at end of period (000s)	$	2,624		$	4,714		$	2,504		$	2,232
Ratio of net expenses to average net assets		1.10	% (f)		0.93	%		0.94	%		1.16	% (f)
Ratio of net investment income to average net assets		0.01	% (f)		0.42	%		0.19	%		0.68	% (f)
Ratio of expenses to average net assets*		2.99	% (f)		1.54	%		1.51	%		3.65	% (f)
Portfolio turnover rate (d)		14.17	% (e)		30.99	%		28.40	%		36.64	% (f)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.
(c)	Amount rounds to less than $0.005 per share.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	Not annualized.
(f)	Annualized.

See accompanying Notes to Financial Statements.

114

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Growth Index Fund - Class I
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Period Ended December 31, 2007 (a)
Net asset value at beginning of period	$	8.72		$	6.51		$	10.41		$	10.00
Income (loss) from investment operations:
Net investment income		0.02			0.04			0.04			—	(b)
Net realized and unrealized gains (losses) on investments		(0.75	)		2.20			(3.90	)		0.42
Total from investment operations		(0.73	)		2.24			(3.86	)		0.42
Less Distributions:
Dividends from net investment income		—			(0.03	)		(0.04	)		(0.01	)
Distributions from net realized gains		—			—			—			—	(b)
Total distributions		—			(0.03	)		(0.04	)		(0.01	)
Net asset value at end of period	$	7.99		$	8.72		$	6.51		$	10.41
Total return (excludes sales charge)		(8.37	%) (d)		34.46	%		(37.09	%)		4.18	% (d)
Net assets at end of period (000s)	$	18,917		$	16,570		$	12,388		$	24,203
Ratio of net expenses to average net assets		0.54	% (e)		0.81	%		0.65	%		0.82	% (e)
Ratio of net investment income to average net assets		0.60	% (e)		0.54	%		0.45	%		0.34	% (e)
Ratio of expenses to average net assets*		0.54	% (e)		0.87	%		0.73	%		2.41	% (e)
Portfolio turnover rate (c)		14.17	% (d)		30.99	%		28.40	%		36.64	% (e)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(d)	Not annualized.
(e)	Annualized.

See accompanying Notes to Financial Statements.

115

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Small Cap Fund - Class A
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (a)			Year Ended December 31, 2008			Period Ended December 31, 2007 (b)
Net asset value at beginning of period	$	7.55		$	5.82		$	9.50		$	10.00
Loss from investment operations:
Net investment loss		(0.06	)		(0.04	)		(0.03	)		—	(c)
Net realized and unrealized gains (losses) on investments		(0.05	)		1.77			(3.65	)		(0.50	)
Total from investment operations		(0.11	)		1.73			(3.68	)		(0.50	)
Paid-in capital from redemption fees (c)		—			—			—			—
Net asset value at end of period	$	7.44		$	7.55		$	5.82		$	9.50
Total return (excludes sales charge)		(1.46	%) (e)		29.73	%		(38.74	%)		(5.00	%) (e)
Net assets at end of period (000s)	$	2,893		$	4,227		$	2,307		$	1,398
Ratio of net expenses to average net assets		1.71	% (f)		1.49	%		1.46	%		1.65	% (f)
Ratio of net investment loss to average net assets		(1.12	%) (f)		(0.80	%)		(0.52	%)		(0.04	%) (f)
Ratio of expenses to average net assets*		3.43	% (f)		2.34	%		2.20	%		3.78	% (f)
Portfolio turnover rate (d)		42.03	% (e)		60.33	%		64.37	%		30.37	% (f)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	On August 17, 2009, Class B shares were exchanged for Class A shares.
(b)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.
(c)	Amount rounds to less than $0.005 per share.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	Not annualized.
(f)	Annualized.

See accompanying Notes to Financial Statements.

116

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Small Cap Fund - Class I
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Period Ended December 31, 2007 (a)
Net asset value at beginning of period	$	7.59		$	5.84		$	9.50		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		(0.07	)		1.79			(3.64	)		(0.50	)
Total from investment operations		(0.09	)		1.75			(3.66	)		(0.49	)
Less Distributions:
Dividends from net investment income		—			—			—			(0.01	)
Net asset value at end of period	$	7.50		$	7.59		$	5.84		$	9.50
Total return (excludes sales charge)		(1.19	%) (c)		29.97	%		(38.53	%)		(4.91	%) (c)
Net assets at end of period (000s)	$	20,622		$	18,300		$	15,392		$	15,406
Ratio of net expenses to average net assets		1.07	% (d)		1.36	%		1.22	%		1.35	% (d)
Ratio of net investment income (loss) to average net assets		(0.47	%) (d)		(0.66	%)		(0.29	%)		0.47	% (d)
Ratio of expenses to average net assets*		1.07	% (d)		1.53	%		1.27	%		2.18	% (d)
Portfolio turnover rate (b)		42.03	% (c)		60.33	%		64.37	%		30.37	% (d)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period May 1, 2007 (commencement of operations) through December 31, 2007.
(b)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Not annualized.
(d)	Annualized.

See accompanying Notes to Financial Statements.

117

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Genesis Conservative Portfolio – Class A
	Period Ended June 30, 2010 (a) (Unaudited)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.12
Net realized and unrealized losses on investments		(0.06	)
Total from investment operations		0.06
Less Distributions:
Dividends from net investment income		(0.10	)
Paid-in capital from redemption fees (b)		—
Net asset value at end of period	$	9.96
Total return (excludes sales charge)		0.58	% (c)
Net assets at end of period (000s)	$	9,826
Ratio of net expenses to average net assets (e)		0.65	% (d)
Ratio of net investment income to average net assets (f)		2.60	% (d)
Ratio of expenses to average net assets (e)*		1.42	% (d)
Portfolio turnover rate		0.19	% (c)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through June 30, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by the timing of distributions from the Underlying Funds.

See accompanying Notes to Financial Statements.

118

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Genesis Balanced Portfolio – Class A
	Period Ended June 30, 2010 (a) (Unaudited)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.06
Net realized and unrealized losses on investments		(0.39	)
Total from investment operations		(0.33	)
Less Distributions:
Dividends from net investment income		(0.05	)
Paid-in capital from redemption fees (b)		—
Net asset value at end of period	$	9.62
Total return (excludes sales charge)		(3.35	%)(c)
Net assets at end of period (000s)	$	24,231
Ratio of net expenses to average net assets (e)		0.67	%(d)
Ratio of net investment income to average net assets (f)		1.21	%(d)
Ratio of expenses to average net assets (e)*		1.08	%(d)
Portfolio turnover rate		0.00	%(c)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through June 30, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by the timing of distributions from the Underlying Funds.

See accompanying Notes to Financial Statements.

119

MMA Praxis Funds

Financial highlights

For a share outstanding throughout the period indicated.

MMA Praxis Genesis Growth Portfolio – Class A
	Period Ended June 30, 2010 (a) (Unaudited)
Net asset value at beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income		0.01
Net realized and unrealized losses on investments		(0.60	)
Total from investment operations		(0.59	)
Less Distributions:
Dividends from net investment income		(0.01	)
Paid-in capital from redemption fees (b)		—
Net asset value at end of period	$	9.40
Total return (excludes sales charge)		(5.87	%) (c)
Net assets at end of period (000s)	$	17,080
Ratio of net expenses to average net assets (e)		0.61	% (d)
Ratio of net investment income to average net assets (f)		0.34	% (d)
Ratio of expenses to average net assets (e)*		1.10	% (d)
Portfolio turnover rate		0.00	% (c)

*	During the period, certain expenses were reduced and/or reimbursed by the Adviser and/or Distributor. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period January 1, 2010 (commencement of operations) through June 30, 2010.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Represents only expenses of the Fund, not Underlying Funds.
(f)	Net Investment income (loss) is affected by the timing of distributions from the Underlying Funds.

See accompanying Notes to Financial Statements.

120

Notes to financial statements

MMA Praxis Mutual Funds

Notes to financial statements

June 30, 2010 (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 International Fund, the MMA Praxis Value Index Fund, the MMA Praxis Growth Index Fund and the MMA Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”), the MMA Praxis Genesis Conservative Portfolio, the MMA Praxis Genesis Balanced Portfolio, and the MMA Praxis Genesis Growth Portfolio, (individually a “Portfolio̶ 1;, collectively “the Portfolios”). These are also referred to as the Intermediate Income Fund, Core Stock Fund, International Fund, Value Index Fund, Growth Index Fund, Small Cap Fund, Conservative Portfolio, Balanced Portfolio and Growth Portfolio in the financial statements.

The MMA Praxis Genesis Conservative Portfolio, the MMA Praxis Genesis Balanced Portfolio and the MMA Praxis Genesis Growth Portfolio, commenced operations on January 1, 2010.

As of June 30, 2010, the Funds offer two classes of shares; Class A and Class I and the Portfolios offer Class A. Each class of shares in a Fund or Portfolio has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreements, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Class A has a maximum sales charge on purchases of 5.25 percent as a percentage of the original purchase price except for the Intermediate Income Fund which is 3.75 percent.

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

2. Significant Accounting Policies:

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

Securities Valuation:

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

Securities generally are valued at market values determined on the basis of the latest available bid prices in the principal market (closing sales prices if the principal market is an exchange) in which such securities are normally traded. Investments in investment companies are valued at their

121

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

respective net asset values as reported by such companies. The differences between the cost and market values of investments are reflected as either unrealized appreciation or depreciation.

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When valuing foreign securities held by the International Fund, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established will be reviewed by the Adviser under general supervision of the Funds’ Board of Trustees. Securities for which market quotations are not readily available (e.g. an approved pricing service does not provide a price, certain stale prices or an event occurs that materiality affects the furnished price) are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees. Money market instruments and other short-term debt securities of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value.

Investments in restricted securities are valued pursuant to valuation procedures approved by the Board of Trustees (the “Valuation Procedures”). The Valuation Procedures contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Adviser. In valuing restricted securities under the Valuation Procedures, the Adviser will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Adviser report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures. The Portfolio’s investments in the underlying MMA Praxis Funds (the “Underlying Funds”) are valued at the curr ent day’s closing net asset value per share.

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

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

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

The aggregate value by input level, as of June 30, 2010, for each Fund’s and Portfolio’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included in each Fund’s and Portfolio’s Schedule of Portfolio

122

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

Investments, which also includes a breakdown of the Fund’s and Portfolio’s investments by geographic/industry concentration as applicable.

Investment Transactions with Affiliates:

The Portfolios invest in Underlying Funds advised by MMA Capital Management, Inc. (the “Adviser”). An issuer which is under common control with a Portfolio may be considered to be an affiliate. For the purposes of the report, the Portfolios assume the following to be an affiliated issuer:

	For the period ended June 30, 2010
Affiliate	Value at January 1, 2010 (a)		Purchase Cost		Sales Proceeds		Realized Gain/Loss			Dividend Income		Shares at June 30, 2010		Value at June 30, 2010
MMA Praxis Genesis
Conservative Portfolio
MMA Praxis Core Stock Fund	$	—	$	1,019,977	$	1,045	$	(147	)	$	—		89,264	$	945,309
MMA Praxis Growth Index Fund		—		507,268		522		(72	)		—		57,979		463,256
MMA Praxis Intermediate Income Fund		—		6,691,731		7,311		(20	)		91,829		648,110		6,792,191
MMA Praxis International Fund		—		812,812		784		(171	)		—		83,859		742,154
MMA Praxis Small Cap Fund		—		248,287		261		(33	)		—		31,379		235,346
MMA Praxis Value Index Fund		—		502,990		522		(69	)		—		69,569		470,980
Total	$	—					$	(512	)	$	91,829			$	9,649,236

	For the period ended June 30, 2010
Affiliate	Value at January 1, 2010 (a)		Purchase Cost		Sales Proceeds		Realized Gain/Loss		Dividend Income		Shares at June 30, 2010		Value at June 30, 2010
MMA Praxis Genesis
Balanced Portfolio
MMA Praxis Core Stock Fund	$	—	$	5,033,261	$	—	$	—	$	—		439,919	$	4,658,743
MMA Praxis Growth Index Fund		—		1,900,296		—		—		—		217,046		1,734,199
MMA Praxis Intermediate Income Fund		—		9,644,650		—		—		125,452		934,323		9,791,701
MMA Praxis International Fund		—		3,913,792		—		—		—		402,621		3,563,195
MMA Praxis Small Cap Fund		—		2,488,180		—		—		—		313,290		2,349,676
MMA Praxis Value Index Fund		—		1,867,952		—		—		—		257,714		1,744,722
Total	$	—					$	—	$	125,452			$	23,842,236

123

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

	For the period ended June 30, 2010
Affiliate	Value at January 1, 2010 (a)		Purchase Cost		Sales Proceeds		Realized Gain/Loss		Dividend Income		Shares at June 30, 2010		Value at June 30, 2010
MMA Praxis Genesis
Growth Portfolio
MMA Praxis Core Stock Fund	$	—	$	4,486,881	$	—	$	—	$	—		393,124	$	4,163,186
MMA Praxis Growth Index Fund		—		1,800,078		—		—		—		206,185		1,647,421
MMA Praxis Intermediate Income Fund		—		3,486,652		—		—		42,119		337,319		3,535,101
MMA Praxis International Fund		—		3,717,514		—		—		—		384,431		3,402,216
MMA Praxis Small Cap Fund		—		2,671,199		—		—		—		336,308		2,522,310
MMA Praxis Value Index Fund		—		1,774,012		—		—		—		245,008		1,658,703
Total	$	—					$	—	$	42,119			$	16,928,937

(a) Commencement of operations.

Securities Transactions and Related Income:

Changes in holdings of portfolio securities shall be reflected no later than in the first calculation on the first business day following trade date. However, for financial reporting purposes, 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.

Allocations:

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

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

124

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

Risks associated with Foreign Securities and Currencies:

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

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

Foreign Currency Translation:

The market value of investment securities, other assets and liabilities of the Core Stock Fund and the International 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 Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate.

Community Development Investments:

The Board of Trustees has authorized the Funds to make certain types of community development investments. In connection with the community development investments, the Funds have received from the Securities and Exchange Commission (“SEC”) an exemptive order that permits each of the Funds to invest a limited portion of its respective net assets in securities issued by an affiliate of the Adviser, 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 invest ed directly in non-profit and not-for-profit community development organizations. Each Fund, in accordance with guidelines established by the Board of Trustees and in compliance with the SEC’s exemptive order, would be permitted to invest up to 3 percent of its net assets in CDI-Notes. CDI-Notes have certain specific risk factors associated with them. These types of investments offer a rate of return below the prevailing market rate at acquisition and are considered illiquid, unrated and

125

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

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 valued in accordance with procedures approved by the Board of Trustees.

Dividends and Distributions:

Dividends from net investment income are declared and paid monthly for the Intermediate Income Fund. Dividends from net investment income are declared and paid annually for the Core Stock Fund, the International Fund, the Value Index Fund, the Growth Index Fund, and the Small Cap Fund. To the extent the Portfolios invest in the Intermediate Income Fund and receive dividends, they will be paid monthly. Distributions of realized gains from the Underlying Funds are recorded on the ex-dividend date or when the Portfolios first learn of the dividend. Distributable net realized capital gains, if any, are declared and distributed at least annually.

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

Federal Income Taxes:

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

Redemption Fees:

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

3. Derivative Financial Instruments:

A derivative financial instrument in very general terms refers to an investment whose value is “derived” from the value of an underlying asset, reference rate or index. The Trust may use derivative instruments for a variety of reasons, such as to attempt to protect a Fund against possible changes in the market value of its portfolio or to manage a Fund’s foreign currency exposure or to generate potential gain. All of the Trust’s portfolio holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a contract. In these instances, the recognition of gain or loss is postponed until the< /font>

126

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

disposal of the security underlying the contract. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts.

Summarized below are specific types of derivative financial instruments used by the Trust.

Forward Foreign Currency Exchange Contracts:

The 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 Intern ational 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. As of June 30, 2010, the International Fund had the following forward foreign currency exchange contracts outstanding as follows:

Settlement	To Receive/			Initial		Market		Net Unrealized		Net Unrealized
Date	To Deliver			Value		Value		Appreciation		Depreciation
Contracts to Buy
7/7/10		1,906,000	EUR	$	2,599,593	$	2,330,783	$	—	$	268,810
7/29/10		1,487,250	EUR		1,926,212		1,818,818		—		107,394
7/29/10		1,487,250	EUR		1,923,669		1,818,818		—		104,851
8/18/10		1,764,000	EUR		2,194,680		2,157,483		—		37,197
7/6/10		23,161	GBP		34,638		34,606		—		32
7/7/10		1,372,000	GBP		2,115,967		2,049,905		—		66,062
7/29/10		543,500	GBP		815,494		812,043		—		3,451
7/29/10		1,290,900	GBP		1,941,075		1,928,734		—		12,341
7/30/10		104,868,000	JPY		1,147,415		1,186,626		39,211		—
7/30/10		61,521,000	JPY		671,759		696,136		24,377		—
7/30/10		55,463,000	JPY		606,100		627,587		21,487		—
Contracts to Sell
7/2/10		129,337	CHF		119,502		119,995		—		493
7/2/10		215,776	EUR		263,118		263,862		—		744
7/6/10		15,755	EUR		19,324		19,265		59		—
7/7/10		1,906,000	EUR		2,573,157		2,330,784		242,373		—
7/29/10		732,900	EUR		925,968		896,293		29,675		—
7/29/10		517,300	EUR		671,011		632,627		38,384		—
7/29/10		862,100	EUR		1,125,717		1,054,296		71,421		—
7/29/10		862,200	EUR		1,127,572		1,054,419		73,153		—
8/18/10		1,764,000	EUR		2,187,307		2,157,484		29,823		—
7/2/10		160,097	GBP		241,281		239,200		2,081		—
7/2/10		20,865	GBP		31,451		31,175		276		—
7/7/10		686,000	GBP		1,041,362		1,024,953		16,409		—
7/7/10		686,000	GBP		1,041,231		1,024,952		16,279		—
7/29/10		1,290,900	GBP		1,952,964		1,928,734		24,230		—

127

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

Settlement Date	To Receive/ To Deliver			Initial Value		Market Value		Net Unrealized Appreciation		Net Unrealized Depreciation
Contracts to Sell, continued
7/29/10		543,500	GBP	$	807,723	$	812,044	$	—	$	4,321
7/6/10		43,339,438	JPY		489,402		490,214		—		812
7/30/10		204,052,000	JPY		2,196,351		2,308,935		—		112,584
7/30/10		17,800,000	JPY		197,073		201,414		—		4,341
								$	629,238	$	723,433

CHF - Swiss Franc

EUR - Euro

GBP - Great British Pound

JPY - Japanese Yen

Futures Contracts:

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

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

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

128

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures to substantial losses.

The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover excess variation margin payments. As of June 30, 2010, the Funds did not hold any futures contracts.

Derivative Instruments and Hedging Activities:

The following table sets forth the fair value of the Trust’s derivative contracts by primary risk exposure as of June 30, 2010:

Fair Value of Derivative Investments As of June 30, 2010
Asset Derivatives				Liabilities Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Statements of Asset sand Liabilities Location	Fund	Unrealized Appreciation	Statement of Assets and Liabilities Location	Fund	Unrealized Depreciation
Forward foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	International Fund	$629,238	Unrealized depreciation on foreign currency exchange contracts	International Fund	$723,433

The Effect of Derivative Instruments on the Statements of Operations for the Six Months Ended June 30, 2010
Derivatives not accounted for as hedging instruments under ASC 815	Location of Gain or (Loss) on Derivatives on the Statements of Operations	Fund	Realized Gain or (Loss) on Derivatives	Change in Unrealized Appreciation (Depreciation) on Derivatives
Forward Foreign Currency Exchange Contracts	Net realized gains on foreign currency transactions, Change in unrealized appreciation/ depreciation on foreign currency translations	International Fund	$17,607	($57,530)

129

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

4. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the six months ended June 30, 2010 were as follows:

	Purchases		Sales
Intermediate Income Fund	$	41,666,207	$	24,942,190
Core Stock Fund		8,443,611		35,406,238
International Fund		28,841,089		40,778,578
Value Index Fund		8,445,293		13,661,888
Growth Index Fund		5,248,027		3,087,860
Small Cap Fund		9,711,039		9,431,590
Conservative Portfolio		9,783,065		10,445
Balanced Portfolio		24,848,131		—
Growth Portfolio		17,936,336		—

5. Related Party Transactions:

MMA Capital Management, Inc., the Adviser (a separate corporate entity controlled by MMA Holdings, Inc.), provides investment advisory services to the Funds and Portfolios. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds and Portfolios as follows:

Intermediate Income Fund	0.40%
Core Stock Fund	0.74%
International Fund	0.90%
Value Index Fund	0.30%
Growth Index Fund	0.30%
Small Cap Fund	0.85%
Conservative Portfolio	0.05%
Balanced Portfolio	0.05%
Growth Portfolio	0.05%

The Adviser has retained various Sub-Advisers to manage the investments of Funds under the terms of the Sub-Advisory Agreements. The Adviser (not the Funds) pays each Sub-Adviser a fee for these services. Wells Capital Management, serves as the Sub-Adviser to the International Fund, Davis Selected Advisers, L.P. serves as the Sub-Adviser to the Core Stock Fund, and Luther King Capital Management serves as the Sub-Adviser to the Small Cap Fund.

The Adviser entered into a contractual expense limitation agreement pursuant to which the Adviser agreed to waive fees and/or reimburse expenses to the extent necessary in order to limit the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, legal fees, costs relating to such services and extraordinary expenses). The Funds and Portfolios have agreed to repay the Adviser for the amounts waived and/or reimbursed by the Adviser pursuant to the expense limitation agreement,

130

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

for up to three years following the fiscal year in which the amounts were waived and/or reimbursed. The contractual expense limits in place for the six months ended June 30, 2010 were:

Fund	Class A
Intermediate Income Fund.		0.90	%
Growth Index Fund.		1.04	%
Small Cap Fund		1.65	%
Conservative Portfolio.		0.60	%
Balanced Portfolio.		0.60	%
Growth Portfolio.		0.60	%

For the six months ended June 30, 2010, the Adviser waived investment advisory fees and/or reimbursed other operating expenses of the Funds and Portfolios as follows:

Intermediate Income Fund	$	63,207
Growth Index Fund	$	30,155
Small Cap Fund	$	26,860
Conservative Portfolio	$	14,603
Balanced Portfolio	$	10,947
Growth Portfolio	$	10,467

As of June 30, 2010, the Funds had the following amounts (and year of expiration) subject to repayment to the Adviser:

Fund	Fees Waived		Repayment Expires	Balance
Intermediate Income Fund		2007	2010	$	397,438
		2008	2011		99,191
		2009	2012		78,489
		2010	2013		63,207
				$	638,325
Growth Index Fund		2007	2010	$	53,285
		2008	2011		31,734
		2009	2012		30,231
		2010	2013		30,155
				$	145,405
Small Cap Fund		2007	2010	$	38,293
		2008	2011		26,019
		2009	2012		31,813
		2010	2013		26,860
				$	122,985
Conservative Portfolio		2010	2013	$	14,603
Balanced Portfolio		2010	2013	$	10,947
Growth Portfolio		2010	2013	$	10,467

JPMorgan Chase Bank, N.A. (“JPMorgan”) provides administrative, accounting, transfer agency, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, JPMorgan receives an annual fee, paid monthly, from each Fund and Portfolio.

BHIL Distributors, Inc. (“Underwriter”) serves as the Funds’ and Portfolios’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ and Portfolios’ shares. Under the terms

131

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

of the Underwriting Agreements between the Trust and the Underwriter, the Underwriter earned amounts from underwriting and broker commissions on the sale of shares as follows:

Intermediate Income Fund	$	6,246
Core Stock Fund	$	6,005
International Fund	$	2,673
Value Index Fund	$	2,325
Growth Index Fund	$	905
Small Cap Fund	$	676
Conservative Portfolio	$	3,433
Balanced Portfolio	$	8,801
Growth Portfolio	$	5,442

For the six months ended June 30, 2010, the Underwriter voluntarily waived distribution fees in the Funds and Portfolios as follows:

Intermediate Income Fund	$	88,445
Core Stock Fund	$	100,574
International Fund	$	44,172
Value Index Fund	$	34,912
Growth Index Fund	$	4,620
Small Cap Fund	$	4,595
Conservative Portfolio	$	6,992
Balanced Portfolio	$	16,513
Growth Portfolio	$	10,867

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

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

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

132

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

6. Capital Share Transactions:

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

	Intermediate Income Fund						Core Stock Fund						International Fund
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (A)			Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (A)			Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31 2009 (A),
Capital Transactions:
Class A Shares:
Proceeds from shares issued ..	$	8,789,707		$	30,204,865		$	3,157,032		$	29,827,091		$	2,630,723		$	16,096,091
Dividends reinvested		1,049,191			2,081,266			—			314,085			—			—
Cost of shares redeemed		(19,054,353	)		(10,223,257	)		(28,146,769	)		(10,670,614	)		(12,605,246	)		(5,992,701	)
Redemption fees		1,991			730			281			157			614			915
Class A Share Transactions	$	(9,213,464	)	$	22,063,604		$	(24,989,456	)	$	19,470,719		$	(9,973,909	)	$	10,104,305
Class B Shares:
Proceeds from shares issued ..	$	—		$	1,422,447		$	—		$	944,766		$	—		$	387,190
Dividends reinvested		—			348,828			—			—			—			—
Cost of shares redeemed		—			(18,342,337	)		—			(26,149,469	)		—			(10,691,891	)
Redemption fees		—			52			—			100			—			10
Class B Share Transactions	$	—		$	(16,571,010	)	$	—		$	(25,204,603	)	$	—		$	(10,304,691	)
Class I Shares:
Proceeds from shares issued ..	$	33,760,772		$	31,214,802		$	16,623,537		$	13,803,621		$	12,231,445		$	7,413,449
Dividends reinvested		1,580,434			2,725,160			—			244,775			—			—
Cost of shares redeemed		(18,485,463	)		(19,715,945	)		(16,542,545	)		(28,465,722	)		(6,476,486	)		(11,827,298	)
Class I Share Transactions	$	16,855,743		$	14,224,017		$	80,992		$	(14,417,326	)	$	5,754,959		$	(4,413,849	)
Net increase (decrease) from capital transactions	$	7,642,279		$	19,716,611		$	(24,908,464	)	$	(20,151,210	)	$	(4,218,950	)	$	(4,614,235	)
Share Transactions:
Class A Shares:
Issued		848,448			3,009,574			275,626			3,063,675			270,327			1,837,603
Reinvested		101,468			209,019			—			27,792			—			—
Redeemed		(1,839,280	)		(1,033,868	)		(2,480,411	)		(1,120,630	)		(1,294,469	)		(694,605	)
Change in Class A Shares		(889,364	)		2,184,725			(2,204,785	)		1,970,837			(1,024,142	)		1,142,998
Class B Shares:
Issued		—			146,515			—			118,046			—			51,378
Reinvested		—			35,850			—			—			—			—
Redeemed		—			(1,822,338	)		—			(2,826,197	)		—			(1,244,330	)
Change in Class B Shares		—			(1,639,973	)		—			(2,708,151	)		—			(1,192,952	)
Class I Shares:
Issued		3,268,945			3,080,155			1,470,309			1,574,284			1,266,358			830,999
Reinvested		153,409			274,682			—			21,528			—			—
Redeemed		(1,784,083	)		(1,998,255	)		(1,420,353	)		(2,920,736	)		(641,966	)		(1,255,375	)
Change in Class I Shares		1,638,271			1,356,582			49,956			(1,324,924	)		624,392			(424,376	)
Net increase (decrease) from share transactions		748,907			1,901,334			(2,154,829	)		(2,062,238	)		(399,750	)		(474,330	)

(A) Class B represents the period from January 1, 2009 through August 17, 2009.

133

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

	Value Index Fund						Growth Index Fund						Small Cap Fund
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (A)			Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (A)			Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009 (A)
Capital Transactions:
Class A Shares:
Proceeds from shares issued..	$	2,749,620		$	11,674,195		$	494,404		$	1,915,807		$	453,182		$	1,710,382
Dividends reinvested		—			93,253			—			12,107			—			—
Cost of shares redeemed		(10,386,554	)		(5,556,065	)		(2,344,532	)		(779,907	)		(1,787,076	)		(670,005	)
Redemption fees		961			913			10			—			4			174
Class A Share Transactions	$	(7,635,973	)	$	6,212,296		$	(1,850,118	)	$	1,148,007		$	(1,333,890	)	$	1,040,551
Class B Shares:
Proceeds from shares issued ..	$	—		$	305,775		$	—		$	144,248		$	—		$	97,509
Dividends reinvested		—			5			—			—			—			—
Cost of shares redeemed		—			(7,373,797	)		—			(1,073,858	)		—			(635,992	)
Redemption fees		—			—			—			4			—			—	(B)
Class B Share Transactions	$	—		$	(7,068,017	)	$	—		$	(929,606	)	$	—		$	(538,483	)
Class I Shares:
Proceeds from shares issued ..	$	6,413,560		$	4,977,511		$	4,806,607		$	1,408,366		$	7,667,861		$	3,056,419
Dividends reinvested		—			66,023			—			52,593			—			—
Cost of shares redeemed		(4,907,750	)		(4,880,249	)		(738,352	)		(1,636,788	)		(5,155,923	)		(4,618,030	)
Class I Share Transactions	$	1,505,810		$	163,285		$	4,068,255		$	(175,829	)	$	2,511,938		$	(1,561,611	)
Net increase (decrease) from capital transactions	$	(6,130,163	)	$	(692,436	)	$	2,218,137		$	42,572		$	1,178,048		$	(1,059,543	)
Share Transactions:
Class A Shares:
Issued		373,199			1,883,212			56,878			257,424			57,152			262,699
Reinvested		—			13,124			—			1,390			—			—
Redeemed		(1,429,209	)		(973,170	)		(268,620	)		(102,800	)		(228,025	)		(99,678	)
Change in Class A Shares		(1,056,010	)		923,166			(211,742	)		156,014			(170,873	)		163,021
Class B Shares:
Issued		—			58,641			—			22,401			—			17,309
Reinvested		—			1			—			—			—			—
Redeemed		—			(1,157,347	)		—			(143,257	)		—			(96,423	)
Change in Class B Shares		—			(1,098,705	)		—			(120,856	)		—			(79,114	)
Class I Shares:
Issued		887,507			865,446			551,689			188,402			968,808			462,102
Reinvested		—			9,365			—			6,031			—			—
Redeemed		(660,193	)		(805,322	)		(85,143	)		(198,807	)		(630,853	)		(687,837	)
Change in Class I Shares		227,314			69,489			466,546			(4,374	)		337,955			(225,735	)
Net increase (decrease) from share transactions		(828,696	)		(106,050	)		254,804			30,784			167,082			(141,828	)

(A)	Class B represents the period from January 1, 2009 through August 17, 2009.
(B)	Less than $1.00.

134

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
	Period Ended June 30, 2010 (a) (Unaudited)			Period Ended June 30, 2010 (a) (Unaudited)			Period Ended June 30, 2010 (a) (Unaudited)
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	9,970,177		$	25,873,113		$	18,324,995
Dividends reinvested		56,149			62,425			11,170
Cost of shares redeemed		(93,685	)		(717,834	)		(252,881	)
Redemption fees		15			767			250
Class A Share Transactions	$	9,932,656		$	25,218,471		$	18,083,534
Net increase (decrease) from capital transactions	$	9,932,656		$	25,218,471		$	18,083,534
Share Transactions:
Class A Shares:
Issued		990,261			2,583,886			1,838,874
Reinvested		5,562			6,215			1,121
Redeemed		(9,306	)		(71,904	)		(22,903	)
Change in Class A Shares		986,517			2,518,197			1,817,092
Net increase from share transactions		986,517			2,518,197			1,817,092

(a) For the period January 1, 2010 (commencement of operations) through June 30, 2010.

7. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the latest years ended December 31, 2009 and 2008 was as follows:

	Intermediate Income Fund				Core Stock Fund				International Fund
	2009		2008		2009		2008		2009		2008
From ordinary income	$	10,038,319	$	12,399,258	$	909,968	$	1,053,735	$	—	$	1,438,938
From long-term capital gains		—		—		—		—		—		3,486,770
Tax return of capital		—		—		—		—		—		211,892
Total distributions	$	10,038,319	$	12,399,258	$	909,968	$	1,053,735	$	—	$	5,137,600

	Value Index Fund				Growth Index Fund				Small Cap Fund
	2009		2008		2009		2008		2009		2008
From ordinary income	$	262,193	$	1,467,377	$	76,741	$	92,538	$	—	$	—
From long-term capital gains		—		908,837		—		—		—		—
Tax return of capital		—		—		—		—		—		—
Total distributions	$	262,193	$	2,376,214	$	76,741	$	92,538	$	—	$	—

135

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

The following components of accumulated earnings (deficit) computed on a tax basis as of the latest tax year ended December 31, 2009:

	Intermediate Income Fund			Core Stock Fund			International Fund			Value Index Fund			Growth Index Fund			Small Cap Fund
Tax cost of portfolio investments	$	244,424,173		$	190,497,108		$	83,032,015		$	65,273,475		$	18,675,501		$	20,389,256
Gross unrealized appreciation		8,738,921			30,622,277			15,881,026			22,540,953			4,603,481			3,913,674
Gross unrealized depreciation		(1,806,043	)		(20,961,969	)		(3,038,507	)		(25,801,534	)		(2,101,916	)		(1,327,218	)
Net unrealized appreciation (depreciation)		6,932,878			9,660,308			12,842,519			(3,260,581	)		2,501,565			2,586,456
Undistributed ordinary income		50,695			—			927,265			857,451			11,512			—
Capital loss carryforward		(1,940,494	)		(44,743,431	)		(22,013,691	)		(10,865,736	)		(3,138,715	)		(7,322,873	)
Post-October losses		(9,209	)		(5,821,479	)		(88,492	)		(3,977,870	)		—			(308,849	)
Other temporary differences		—			(124,739	)		36,662			—			(2,802,983	)		—
Accumulated earnings (deficit)	$	5,033,870		$	(41,029,341	)	$	(8,295,737	)	$	(17,246,736	)	$	(3,428,621	)	$	(5,045,266	)

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and investments in Passive Foreign Investment Companies.

As of the latest tax year, December 31, 2009, the following Funds had net capital loss carry forwards to offset future net capital gains, if any:

	Amount		Expires
Intermediate Income Fund	$	223,481		2010
		157,433		2012
		1,277,637		2014
		281,943		2016
	$	1,940,494
Core Stock Fund	$	12,397,714		2016
		32,345,717		2017
	$	44,743,431
International Fund	$	8,630,470		2016
		13,383,221		2017
	$	22,013,691
Value Index Fund	$	1,354,661		2016
		9,511,075		2017
	$	10,865,736
Growth Index Fund	$	885,950		2016
		2,252,765		2017
	$	3,138,715
Small Cap Fund	$	31,958		2015
		2,932,855		2016
		4,358,060		2017
	$	7,322,873

136

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2010 (Unaudited)

The following information is computed on a tax basis for each item as of June 30, 2010:

	Intermediate Income Fund			Core Stock Fund			International Fund
Tax cost of portfolio investments	$	254,971,955		$	159,216,120		$	72,635,488
Gross unrealized appreciation	$	15,453,653		$	18,139,716		$	7,912,772
Gross unrealized depreciation		(1,189,189	)		(20,269,924	)		(4,213,726	)
Net unrealized appreciation (depreciation)	$	14,264,464		$	(2,130,208	)	$	3,699,046

	Value Index Fund			Growth Index Fund			Small Cap Fund
Tax cost of portfolio investments	$	57,556,241		$	23,112,286		$	21,863,735
Gross unrealized appreciation	$	3,719,214		$	1,286,979		$	2,899,843
Gross unrealized depreciation		(7,471,893	)		(2,941,496	)		(1,427,943	)
Net unrealized appreciation (depreciation)	$	(3,752,679	)	$	(1,654,517	)	$	1,471,900

	Conservative Portfolio			Balanced Portfolio			Growth Portfolio
Tax cost of portfolio investments	$	9,772,108		$	24,848,131		$	17,936,336
Gross unrealized appreciation	$	107,791		$	147,051		$	48,448
Gross unrealized depreciation		(230,663	)		(1,152,946	)		(1,055,847	)
Net unrealized appreciation (depreciation)	$	(122,872	)	$	(1,005,895	)	$	(1,007,399	)

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

8. Subsequent Events

The Funds evaluated subsequent events from June 30, 2010 through the date these financial statements were issued and available. There were no significant events that would have a material impact on the Funds’ and Portfolios’ financial statements.

On July 30, 2010 MMA Capital Management Inc., the Funds Investment Adviser, changed its name to Everence Capital Management Inc.

137

Additional fund information

MMA Praxis Mutual Funds

Additional fund information

June 30, 2010 (Unaudited)

Security Allocation:

The MMA Praxis Funds invested, as a percentage of net assets, in the following as of the six months ended June 30, 2010.

Intermediate Income Fund
Security Allocation	Percentage of Net Assets
Asset Backed Security		0.2	%
Collateralized Mortgage Obligations		0.3	%
Commerical Mortgage Backed Securities		8.1	%
Foreign Bonds		0.8	%
Municipal Bonds		2.3	%
Corporate Bonds		47.3	%
Corporate Notes		0.9	%
Interest Only Bonds		0.0	%
Federal Farm Credit Bank		0.8	%
Federal Home Loan Bank		3.7	%
Federal Home Loan Mortgage Corp.		11.0	%
Federal National Mortgage Association		15.1	%
Government National Mortgage Assoc.		0.9	%
Small Business Administration		0.2	%
FDIC Guaranteed		5.9	%
Mutual Funds		0.5	%
Short Term Investment		3.0	%
Total		101.0	%

Core Stock Fund
Security Allocation	Percentage of  Net Assets
Common Stocks		92.6	%
Corporate Bonds		0.8	%
Corporate Notes		1.8	%
Commerical Paper		3.6	%
Short Term Investment		0.2	%
Total		99.0	%

International Fund
Security Allocation	Percentage of Net Assets
Argentina		0.8	%
Australia		4.1	%
Belgium		0.5	%
Brazil		0.4	%
Canada		7.4	%
China		4.5	%
Denmark		0.4	%
Finland		0.7	%
France		4.9	%
Germany		7.3	%
Hong Kong		0.9	%
Israel		0.6	%
Italy		0.3	%
Japan		13.4	%
Netherlands		7.4	%
Norway		0.5	%
Singapore		0.5	%
South Korea		0.4	%
Spain		1.4	%
Sweden		1.3	%
Switzerland		7.7	%
United Kingdom		20.7	%
United States		0.5	%
Preferred Stock - Foreign		2.2	%
Exchange Traded Fund		1.2	%
Corporate Notes - Domestic		1.6	%
Short Term Investment		4.3	%
Total		95.9	%

Value Index Fund
Security Allocation	Percentage of Net Assets
Common Stocks		98.4	%
Corporate Notes		1.4	%
Short Term Investment		0.5	%
Total		100.3	%

138

MMA Praxis Mutual Funds

Additional fund information, continued

June 30, 2010 (Unaudited)

Growth Index Fund
Security Allocation	Percentage of Net Assets
Common Stocks		97.2	%
Corporate Notes		0.9	%
Short Term Investment		1.5	%
Total		99.6	%

Small Cap Fund
Security Allocation	Percentage of Net Assets
Common Stocks		92.2	%
Corporate Notes		0.9	%
Short Term Investment		6.1	%
Total		99.2	%

Conservative Portfolio
Security Allocation	Percentage of Net Assets
Mutual Funds		98.2	%

Balanced Portfolio
Security Allocation	Percentage of Net Assets
Mutual Funds		98.4	%

Growth Portfolio
Security Allocation	Percentage of  Net Assets
Mutual Funds		99.1	%

139

MMA Praxis Mutual Funds

Additional fund information, continued

June 30, 2010 (Unaudited)

Proxy Voting:

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

Quarterly Portfolio Disclosure:

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

140

MMA Praxis Mutual Funds

Additional fund information, continued

June 30, 2010 (Unaudited)

Expense Comparison:

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2010 through June 30, 2010.

Actual Expenses:

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

	Beginning Account Value 1/1/10		Ending Account Value 6/30/10		Expense Paid During Period* 1/1/10 - 6/30/10		Expense Ratio During Period** 1/1/10 - 6/30/10
Intermediate Income Fund
Class A	$	1,000.00	$	1,049.40	$	4.88		0.96	%
Class I		1,000.00		1,051.60		2.90		0.57	%
Core Stock Fund
Class A		1,000.00		928.30		8.08		1.69	%
Class I		1,000.00		931.40		4.45		0.93	%
International Fund
Class A		1,000.00		888.70		10.63		2.27	%
Class I		1,000.00		893.00		5.96		1.27	%
Value Index Fund
Class A		1,000.00		954.90		7.37		1.52	%
Class I		1,000.00		960.30		2.38		0.49	%
Growth Index Fund
Class A		1,000.00		915.00		5.22		1.10	%
Class I		1,000.00		916.30		2.57		0.54	%
Small Cap Fund
Class A		1,000.00		985.40		8.42		1.71	%
Class I		1,000.00		988.10		5.27		1.07	%
Conservative Portfolio (a)
Class A		1,000.00		1,005.80		3.23		0.65	%
Balanced Portfolio (a)
Class A		1,000.00		966.50		3.27		0.67	%
Growth Portfolio (a)
Class A		1,000.00		941.30		2.94		0.61	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.
(a)	The Conservative Portfolio, Balanced Portfolio and Growth Portfolio commenced operation on January 1, 2010.

141

MMA Praxis Mutual Funds

Additional fund information, continued

June 30, 2010 (Unaudited)

Hypothetical Example for Comparison Purposes :

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

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

	Beginning Account Value 1/1/10		Ending Account Value 6/30/10		Expense Paid During Period* 1/1/10 - 6/30/10		Expense Ratio During Period** 1/1/10 - 6/30/10
Intermediate Income Fund
Class A	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Class I		1,000.00		1,021.97		2.86		0.57	%
Core Stock Fund
Class A		1,000.00		1,016.41		8.45		1.69	%
Class I		1,000.00		1,020.18		4.66		0.93	%
International Fund
Class A		1,000.00		1,013.54		11.33		2.27	%
Class I		1,000.00		1,018.50		6.36		1.27	%
Value Index Fund
Class A		1,000.00		1,017.26		7.60		1.52	%
Class I		1,000.00		1,022.36		2.46		0.49	%
Growth Index Fund
Class A		1,000.00		1,019.34		5.51		1.10	%
Class I		1,000.00		1,022.12		2.71		0.54	%
Small Cap Fund
Class A		1,000.00		1,016.31		8.55		1.71	%
Class I		1,000.00		1,019.49		5.36		1.07	%
Conservative Portfolio (a)
Class A		1,000.00		1,021.57		3.26		0.65	%
Balanced Portfolio (a)
Class A		1,000.00		1,021.47		3.36		0.67	%
Growth Portfolio (a)
Class A		1,000.00		1,021.77		3.06		0.61	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.
(a)	The Conservative Portfolio, Balanced Portfolio and Growth Portfolio commenced operation on January 1, 2010.

142

(This page intentionally left blank)

JPMorgan Chase Bank N.A.

303 Broadway, Suite 900

Cincinnati, OH 45202

2100040

Item 2. Code of Ethics.

Not required in semi-annual report filing.

Item 3. Audit Committee Financial Expert.

Not required in semi-annual report filing.

Item 4. Principal Accountant Fees and Services.

Not required in semi-annual report filing.

Item 5. Audit Committee of Listed Companies.

Not applicable.

Item 6.  Schedule of Investments.

(a)   The Schedule of Investments is included in the report to shareholders filed under Item 1 of this Form.

(b)    Not Applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Funds.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Funds.

Not Applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11.  Controls and Procedures.

(a)           Based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective.

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

Item 12. Exhibits.

(a) (1)           Not required in semi-annual report filing.

(a) (2)           Certifications required by Item 12(a) of Form N-CSR are filed herewith.

(a) (3)           Not applicable

(b)                Certification required by Item 12(b) of Form N-CSR is furnished herewith.

SIGNATURES

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

MMA Praxis Mutual Funds

(Registrant)  

By: (Signature and Title)

/s/ Trent Statczar         

Trent Statczar

Treasurer

Date:  September 1, 2010

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

By: (Signature and Title)

/s/ David Gautsche           

David Gautsche

President and Chief Executive Officer

Date:  September 1, 2010

By: (Signature and Title)

/s/ Trent Statczar          

Trent Statczar

Treasurer and Chief Financial Officer

Date:  September 1, 2010

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, David Gautsche, certify that:

1.           I have reviewed this report on Form N-CSR of the MMA Praxis Mutual Funds;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.           The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ David Gautsche        

Date:  September 1, 2010                                                                

David Gautsche

President and Chief Executive Officer

Exhibit 99.CERT

CERTIFICATIONS

I, Trent Statczar, certify that:

1.           I have reviewed this report on Form N-CSR of the MMA Praxis Mutual Funds;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.           The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)  Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ Trent Statczar     

Date:  September 1, 2010                                                                                                                     

Trent Statczar

Treasurer and Chief Financial Officer

EX-99.906 CERT

EX-99.906CERT

CERTIFICATION

David Gautsche, Chief Executive Officer, and Trent Statczar, Chief Financial Officer of the MMA Praxis Mutual Funds (the “Registrant”), each certify to the best of his knowledge that:

1.           The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2010 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.           The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer                                                                                      Chief Financial Officer

MMA Praxis Mutual Funds                                                                             MMA Praxis Mutual Funds

/s/ David Gautsche                                                                                              /s/ Trent Statczar     

David Gautsche                                                                                                  Trent Statczar

Date:  September 1, 2010                                                                                    Date:  September 1, 2010

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the MMA Praxis Mutual Funds and will be retained by the MMA Praxis Mutual Funds and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.