PYT Merrill Lynch Depositor Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_______________

 

FORM N-Q

_______________

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-01436

 

CAPSTONE SERIES FUND, INC.

(Exact name of registrant as specified in charter)

_____________________

 

3700 W. SAM HOUSTON PARKWAY SOUTH, SUITE 250

HOUSTON, TX 77042

(Address of principal executive offices) (Zip Code)

 

Citi Fund Services Ohio, Inc.

3435 Stelzer Road

Columbus, OH 43219

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (800-262-6631)

 

Date of fiscal year end: April 30

 

Date of reporting period: January 31, 2014

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
COMMON STOCKS (99.5%)
AEROSPACE & DEFENSE (1.9%)
AAR Corp.			5,730			$	152,704
AeroVironment, Inc. (a)			770				22,961
Alliant Techsystems, Inc.			1,230				176,751
American Science & Engineering, Inc.			290				19,833
BE Aerospace, Inc. (a)			5,120				406,886
Cubic Corp.			750				37,148
Curtiss-Wright Corp.			2,600				159,692
Engility Holdings, Inc. (a)			6,260				239,821
Esterline Technologies Corp. (a)			1,730				178,104
Exelis, Inc.			11,360				222,542
GenCorp, Inc. (a)			13,120				223,302
Moog, Inc., Class A (a)			1,660				99,700
Orbital Sciences Corp. (a)			2,590				63,326
Teledyne Technologies, Inc. (a)			1,420				130,455
Triumph Group, Inc.			2,790				190,892
							2,324,117
AIR FREIGHT & LOGISTICS (0.4%)
Atlas Air Worldwide Holdings (a)			5,750				203,148
Forward Air Corp.			1,030				45,876
Hub Group, Inc., Class A (a)			4,150				172,018
UTI Worldwide, Inc.			6,140				96,152
							517,194
AIRLINES (0.7%)
Alaska Air Group, Inc.			3,660				289,396
Allegiant Travel Co.			1,070				97,445
JetBlue Airways Corp. (a)			28,740				251,763
SkyWest, Inc.			16,030				208,550
							847,154
AUTO COMPONENTS (0.8%)
Dorman Products, Inc. (a)			1,100				57,376
Drew Industries, Inc.			2,500				120,225
Gentex Corp.			7,450				241,306
LKQ Corp. (a)			13,820				374,107
Spartan Motors, Inc.			18,220				104,765
Standard Motor Products, Inc.			800				26,168
Superior Industries International, Inc.			6,410				116,726
							1,040,673
AUTOMOBILES (0.2%)
Thor Industries, Inc.			1,580				81,165
Winnebago Industries, Inc. (a)			5,650				135,374
							216,539
BIOTECHNOLOGY (0.7%)
Acorda Therapeutics, Inc. (a)			5,620				164,947
ArQule, Inc. (a)			13,530				30,984
Emergent BioSolutions, Inc. (a)			950				22,734
Ligand Pharmaceuticals, Inc., Class - B (a)			2,730				169,096
Momenta Pharmaceuticals, Inc. (a)			1,950				34,905
Neogen Corp. (a)			2,222				93,368
Spectrum Pharmaceuticals, Inc. (a)			3,020				25,398
United Therapeutics Corp. (a)			3,310				339,672
							881,104
BUILDING PRODUCTS (0.9%)
AAON, Inc.			4,672				138,572
American Woodmark Corp. (a)			400				14,044
Apogee Enterprises, Inc.			2,280				77,064
Comfort Systems USA, Inc.			1,710				29,138
Eagle Materials, Inc.			2,720				214,200
Griffon Corp.			13,530				169,937
Lennox International, Inc.			1,640				141,958
Quanex Building Products Corp.			3,875				73,431
Simpson Manufacturing Co., Inc.			1,280				41,728
Universal Forest Products, Inc.			3,320				174,466
							1,074,538
CAPITAL MARKETS (1.8%)
Apollo Investment Corp.			14,930				126,009
Eaton Vance Corp.			4,360				165,985
Evercore Partners, Inc.			2,860				159,703
Federated Investors, Inc., Class B			3,190				85,779
Financial Engines, Inc.			2,820				171,794
Fxcm, Inc.			1,570				26,910
HFF, Inc., Class A			6,200				183,396
Investment Technology Group, Inc. (a)			1,570				25,905
Janus Capital Group, Inc.			10,230				112,428
Piper Jaffray Cos., Inc. (a)			3,500				137,480
Prospect Capital Corp.			13,490				146,636
Raymond James Financial, Inc.			4,390				223,495
SEI Investments Co.			4,800				163,488
SWS Group, Inc. (a)			9,965				76,531
Virtus Investment Partners, Inc. (a)			1,079				196,659
Waddell & Reed Financial, Inc., Class A			4,550				294,931
							2,297,129
CHEMICALS (2.3%)
A. Schulman, Inc.			3,950				134,182
Albemarle Corp.			2,930				188,047
American Vanguard Corp.			4,260				99,002
Ashland, Inc.			3,510				325,763
Balchem Corp.			1,755				95,683
Cabot Corp.			3,450				167,911
Cytec Industries, Inc.			1,320				118,760
Flotek Industries, Inc. (a)			6,050				130,136
Futurefuel Corp.			470				7,689
H.B. Fuller Co.			3,110				144,864
Hawkins, Inc.			220				7,746
Innophos Holdings, Inc.			790				36,869
Intrepid Potash, Inc. (a)			2,230				32,781
Kraton Performance Polymers, Inc. (a)			3,330				83,283
Mineral Technologies, Inc.			1,320				68,218
NewMarket Corp.			425				142,316
Olin Corp.			5,770				148,347
Om Group, Inc. (a)			2,370				76,646
PolyOne Corp.			3,530				125,527
Quaker Chemical Corp.			460				31,791
RPM International, Inc.			4,650				184,466
Sensient Technologies Corp.			1,860				90,991
Stepan Co.			1,270				80,505
The Scotts Miracle-Gro Co., Class A			1,580				93,836
Valspar Corp.			2,890				203,109
Zep, Inc.			4,275				68,571
							2,887,039
COMMERCIAL BANKS (5.5%)
Associated Bancorp			10,790				177,711
BancorpSouth, Inc.			9,370				220,851
Bank of Hawaii Corp.			1,650				93,687
Bank of the Ozarks, Inc.			2,980				188,932
Banner Corp.			600				22,098
BBCN Bancorp, Inc.			12,440				187,222
Boston Private Financial Holdings, Inc.			9,010				110,733
Cardinal Financial Corp.			1,530				26,086
Cathay General Bancorp			8,850				207,975
City Holding Co.			310				13,832
City National Corp.			2,550				184,492
Columbia Banking System, Inc.			1,480				38,643
Commerce Bancshares, Inc.			2,904				126,237
Community Bank System, Inc.			1,360				48,416
Cullen/Frost Bankers, Inc.			1,920				142,118
CVB Financial Corp.			1,780				26,558
East West Bancorp, Inc.			6,170				206,448

 

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
F.N.B. Corp.			9,830			$	116,387
First Bancorp (a)			6,162				30,132
First Commonwealth Financial Corp.			7,560				62,068
First Financial Bancorp			2,060				34,155
First Financial Bankshares, Inc.			1,725				105,518
First Horizon National Corp.			6,380				75,029
First Midwest Bancorp, Inc.			9,070				144,848
FirstMerit Corp.			6,560				133,496
Fulton Financial Corp.			9,120				112,632
Glacier Bancorp, Inc.			5,220				137,965
Hancock Holding Co.			3,989				138,019
Hanmi Financial Corp.			881				19,003
Home Bancshares, Inc.			5,676				175,048
Independent Bank Corp. - Massachusetts			610				22,058
International Bancshares Corp.			4,190				98,088
MB Financial, Inc.			8,410				236,321
National Penn Bancshares, Inc.			7,920				82,210
NBT Bancorp			1,270				30,531
Old National Bancorp			4,450				62,300
PacWest Bancorp			4,520				181,297
Pinnacle Financial Partners, Inc.			5,450				177,888
PrivateBancorp, Inc.			8,000				228,720
Prosperity Bancshares, Inc.			2,020				126,371
S & T Bancorp, Inc.			920				21,519
Signature Bank (a)			2,470				301,488
Simmons First National Corp., Class A			370				12,776
Sterling BanCorp/de			2,638				33,239
Susquehanna Bancshares, Inc.			11,230				121,621
SVB Financial Group (a)			3,110				349,035
Synovus Financial Corp.			73,590				246,526
Taylor Capital Group, Inc. (a)			400				8,932
TCF Financial Corp.			6,860				110,446
Texas Capital Bancshares, Inc. (a)			2,700				160,569
Tompkins Financial Corp.			319				14,961
Trustmark Corp.			2,140				50,846
UMB Financial Corp.			1,320				78,263
Umpqua Holdings Corp.			12,810				224,944
United Bankshares, Inc.			1,510				45,134
United Community Banks, Inc. (a)			11,342				189,185
Valley National Bancorp			8,042				77,927
WestAmerica Bancorp			790				38,994
Wilshire Bancorp, Inc.			12,440				123,902
Wintrust Financial Corp.			3,250				142,448
							6,904,878
COMMERCIAL SERVICES & SUPPLIES (3.8%)
ABM Industries, Inc.			6,990				186,353
Brady Corp., Class A			1,480				40,493
CDI Corp.			11,850				202,872
Clean Harbors, Inc. (a)			2,000				112,160
Consolidated Graphics, Inc. (a)			1,430				92,721
Copart, Inc. (a)			5,530				189,568
Corrections Corp. of America			4,338				145,627
Darling International, Inc. (a)			6,150				120,294
Deluxe Corp.			2,640				128,172
Exponent, Inc.			470				33,943
Forrester Research, Inc.			530				19,896
FTI Consulting, Inc. (a)			1,580				58,571
G & K Services, Inc., Class A			720				40,241
Healthcare Services Group, Inc.			2,792				75,747
Heartland Payment Systems, Inc.			1,370				59,061
Heidrick & Struggles International, Inc.			4,990				83,233
Herman Miller, Inc.			2,130				59,704
Higher One Holdings, Inc. (a)			1,570				12,183
HMS Holdings Corp. (a)			3,150				72,545
HNI Corp.			3,150				108,077
Interface, Inc.			2,160				45,252
Kelly Services, Inc., Class A			9,450				226,611
Korn/Ferry International, Inc. (a)			3,540				83,048
Leidos Holdings, Inc.			5,940				269,320
Manpower, Inc.			4,210				327,959
Mine Safety Appliances Co.			1,090				54,914
Mobile Mini, Inc. (a)			2,500				96,675
Monro Muffler Brake, Inc.			1,085				60,228
Monster Worldwide, Inc. (a)			25,690				157,223
Navigant Consulting, Inc. (a)			2,470				43,398
On Assignment, Inc. (a)			7,730				229,426
R.R. Donnelley & Sons Co.			6,680				123,380
Resources Connection, Inc.			3,590				48,393
Rollins, Inc.			2,470				71,185
TeleTech Holdings, Inc. (a)			1,190				25,966
Tetra Tech, Inc. (a)			2,440				72,004
The Brink's Co.			4,700				148,708
The Corporate Executive Board Co.			3,070				224,417
The Geo Group, Inc.			2,773				92,840
TrueBlue, Inc. (a)			1,650				40,475
United Stationers, Inc.			4,360				180,635
Viad Corp.			4,390				115,413
Waste Connections, Inc.			4,502				184,042
							4,762,973
COMMUNICATIONS EQUIPMENT (1.7%)
ADTRAN, Inc.			2,120				53,827
Arris Group, Inc. (a)			4,319				111,862
Bel Fuse, Inc.			4,600				88,182
Belden CDT, Inc.			2,810				181,835
Black Box Corp.			8,240				225,858
CalAmp Corp. (a)			9,480				279,470
Ciena Corp. (a)			6,250				145,813
Comtech Telecommunications Corp.			650				19,773
Digi International, Inc. (a)			4,640				47,792
Dycom Industries, Inc. (a)			6,840				190,357
Harmonic, Inc. (a)			16,540				108,502
InterDigital, Inc.			1,510				43,413
Ixia (a)			2,410				30,824
JDS Uniphase Corp. (a)			7,670				101,934
NETGEAR, Inc. (a)			3,430				109,451
Oplink Communications, Inc. (a)			4,110				69,582
PCTEL, Inc.			750				6,158
Plantronics, Inc.			1,460				62,678
Polycom, Inc. (a)			5,770				68,836
Procera Networks, Inc. (a)			900				10,404
Riverbed Technology, Inc. (a)			5,779				113,962
ViaSat, Inc. (a)			1,480				88,075
							2,158,588
COMPUTERS & PERIPHERALS (0.9%)
Avid Technology, Inc. (a)			1,790				12,423
Diebold, Inc.			2,410				80,952
Electronics for Imaging, Inc. (a)			6,830				289,387
Lexmark International, Inc., Class A			5,290				207,315
NCR Corp. (a)			5,860				206,213
Super Micro Computer, Inc. (a)			6,810				140,014
Synaptics, Inc. (a)			3,070				179,165
							1,115,469
CONSTRUCTION & ENGINEERING (1.2%)
AECOM Technology Corp. (a)			9,760				279,819
Aegion Corp. (a)			6,480				132,970
EMCOR Group, Inc.			5,450				231,679
Granite Construction, Inc.			4,140				137,821
ITT Corp.			3,210				131,449

  

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
KBR, Inc.			7,510			$	235,063
Orion Marine Group, Inc. (a)			3,830				42,896
URS Corp.			7,160				359,432
							1,551,129
CONSTRUCTION MATERIALS (0.2%)
Headwaters, Inc. (a)			3,420				38,030
Martin Marietta Materials, Inc.			1,760				191,858
Texas Industries, Inc. (a)			790				59,424
							289,312
CONSUMER FINANCE (0.3%)
Cash America International, Inc.			5,770				211,932
First Cash Financial Services, Inc. (a)			1,790				87,961
Green Dot Corp., Class A (a)			870				19,592
World Acceptance Corp. (a)			440				42,104
							361,589
CONTAINERS & PACKAGING (0.9%)
AptarGroup, Inc.			2,350				149,930
Greif, Inc., Class A			2,850				144,295
Myers Industries, Inc.			1,180				22,597
Packaging Corp. of America			4,700				303,620
Rock-Tenn Co., Class A			2,590				262,833
Silgan Holdings, Inc.			1,740				79,744
Sonoco Products Co.			3,470				143,589
							1,106,608
DISTRIBUTORS (0.3%)
MWI Veterinary Supply, Inc. (a)			1,180				219,787
VOXX International Corp. (a)			12,320				164,225
							384,012
DIVERSIFIED CONSUMER SERVICES (1.2%)
American Public Education, Inc. (a)			2,220				93,973
Apollo Group, Inc., Class A (a)			5,820				187,928
Capella Education Co.			1,900				118,541
Career Education Corp. (a)			18,280				99,443
DeVry, Inc.			3,410				123,237
Hillenbrand, Inc.			4,520				122,356
Interval Leisure Group, Inc.			1,850				48,840
ITT Educational Services, Inc. (a)			705				20,727
Matthews International Corp., Class A			1,240				52,725
Nutri/System, Inc.			1,240				17,633
Outerwall, Inc. (a)			1,000				64,310
Regis Corp.			10,070				124,163
Service Corp. International			9,560				169,212
Sotheby's			3,500				167,720
Strayer Education, Inc. (a)			452				15,802
Universal Technical Institute, Inc.			1,230				14,477
							1,441,087
DIVERSIFIED FINANCIAL SERVICES (2.1%)
Affiliated Managers Group, Inc. (a)			2,281				454,466
BofI Holdings, Inc. (a)			2,000				165,500
Calamos Asset Management, Inc., Class A			9,780				112,177
Cardtronics, Inc. (a)			3,530				135,976
CBOE Holdings, Inc.			4,560				237,211
CoreLogic, Inc. (a)			5,200				165,620
Encore Capital Group, Inc. (a)			3,690				175,607
EZCORP, Inc., Class A (a)			18,620				204,448
Greenhill & Co., Inc.			930				48,313
Interactive Brokers Group, Inc., Class A			2,360				50,032
MarketAxess Holdings, Inc.			3,170				198,886
MSCI, Inc., Class A (a)			5,520				235,814
Portfolio Recovery Associates, Inc. (a)			4,400				220,968
Provident Financial Services, Inc.			3,540				61,313
Stifel Financial Corp. (a)			2,225				100,459
Viewpoint Financial Group			1,540				37,915
							2,604,705
DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%)
Atlantic Tele-Network, Inc.			1,460				85,045
Cincinnati Bell, Inc. (a)			11,010				38,095
General Communication, Inc., Class A (a)			1,510				14,692
Lumos Networks Corp.			2,840				53,989
NeuStar, Inc., Class A (a)			3,790				128,443
tw Telecom, Inc. (a)			5,640				166,154
							486,418
ELECTRIC UTILITIES (1.0%)
ALLETE, Inc.			1,220				60,976
Cleco Corp.			2,030				99,186
El Paso Electric Co.			1,460				53,188
Great Plains Energy, Inc.			8,731				215,481
Hawaiian Electric Industries, Inc.			5,970				155,339
IDACORP, Inc.			2,770				146,062
NorthWestern Corp.			2,350				106,244
UIL Holdings Corp.			3,020				116,783
UniSource Energy Corp.			1,680				100,598
Westar Energy, Inc.			6,420				212,951
							1,266,808
ELECTRICAL EQUIPMENT (1.2%)
A.O. Smith Corp.			5,810				274,348
Acuity Brands, Inc.			1,530				194,371
AZZ, Inc.			2,060				86,129
Encore Wire Corp.			660				33,720
EnerSys			2,970				202,138
Franklin Electric Co., Inc.			1,400				55,776
General Cable Corp.			1,970				56,204
Hubbell, Inc., Class B			1,960				228,791
Powell Industries, Inc.			320				19,651
REGAL-BELOIT Corp.			2,440				180,780
Rofin-Sinar Technologies, Inc. (a)			2,940				67,914
Vicor Corp. (a)			910				9,400
Woodward, Inc.			2,140				91,699
							1,500,921
ELECTRONIC EQUIPMENT & INSTRUMENTS (4.1%)
Agilysys, Inc. (a)			740				9,694
Anixter International, Inc.			2,120				185,966
Arrow Electronics, Inc. (a)			7,180				368,908
Avnet, Inc.			9,500				390,165
Badger Meter, Inc.			470				23,942
Benchmark Electronics, Inc. (a)			9,320				211,844
Checkpoint Systems, Inc. (a)			1,700				22,678
Cognex Corp. (a)			4,640				183,048
Coherent, Inc. (a)			890				59,488
CTS Corp.			1,420				26,540
Daktronics, Inc.			8,350				121,993
DTS, Inc. (a)			650				13,474
Electro Scientific Industries, Inc.			1,040				11,274
ESCO Technologies, Inc.			860				30,014
FARO Technologies, Inc. (a)			1,810				93,613
II-VI, Inc. (a)			2,370				36,190
Ingram Micro, Inc. (a)			15,650				391,563
Insight Enterprises, Inc. (a)			8,360				176,396
Itron, Inc. (a)			2,570				103,777
Littelfuse, Inc.			810				72,495
Measurement Specialties, Inc. (a)			1,990				109,788
Mercury Computer Systems, Inc. (a)			5,390				57,673
Methode Electronics, Inc.			5,440				183,110
Mettler-Toledo International, Inc. (a)			1,090				268,467
MTS Systems Corp.			1,430				100,572
National Instruments Corp.			3,285				95,265
Newport Corp. (a)			1,610				29,205
Park Electrochemical Corp.			490				14,783
Plexus Corp. (a)			3,250				127,075
Rogers Corp. (a)			640				38,848
Rovi Corp. (a)			3,773				80,025
Sanmina Corp. (a)			14,440				241,437

  

See notes to Schedules of Portfolio Investments.

 

  

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
ScanSource, Inc. (a)			4,140			$	155,416
SYNNEX Corp. (a)			3,080				172,942
Tech Data Corp. (a)			5,760				310,579
Trimble Navigation, Ltd. (a)			10,350				334,616
TTM Technologies, Inc. (a)			14,650				117,347
Vishay Intertechnology, Inc. (a)			14,160				192,293
							5,162,503
ENERGY EQUIPMENT & SERVICES (2.6%)
Atwood Oceanics, Inc. (a)			2,180				103,332
Basic Energy Services, Inc. (a)			1,320				22,612
Bristow Group, Inc.			1,360				97,634
C&j Energy Services, Inc. (a)			7,540				176,285
CARBO Ceramics, Inc.			1,260				145,051
Dril-Quip, Inc. (a)			1,980				199,109
Era Group, Inc. (a)			5,290				154,944
Exterran Holdings, Inc. (a)			5,080				176,479
Geospace Technologies Corp. (a)			1,120				89,062
Gulf Island Fabrication, Inc.			3,830				77,596
Helix Energy Solutions Group, Inc. (a)			3,870				78,909
ION Geophysical Corp. (a)			5,630				17,059
Matrix Service Co. (a)			10,840				284,875
Newpark Resources, Inc. (a)			13,020				147,907
Oceaneering International, Inc.			4,880				332,572
Patterson-UTI Energy, Inc.			11,150				286,444
Pioneer Energy Services Corp. (a)			18,750				157,125
SEACOR Holdings, Inc. (a)			1,260				106,067
Superior Energy Services, Inc. (a)			11,180				264,295
TETRA Technologies, Inc. (a)			3,490				36,017
Tidewater, Inc.			3,100				160,735
Unit Corp. (a)			2,780				138,917
							3,253,026
FOOD & STAPLES RETAILING (0.6%)
Casey's General Stores, Inc.			1,470				100,945
Spartan Stores, Inc.			8,284				187,136
SuperValu, Inc. (a)			15,530				89,764
Tesco Corp. (a)			9,370				197,894
United Natural Foods, Inc. (a)			2,690				181,763
							757,502
FOOD PRODUCTS (2.0%)
Annie's, Inc. (a)			620				24,875
B&G Foods, Inc.			1,860				60,952
Calavo Growers, Inc.			490				14,886
Cal-Maine Foods, Inc.			570				28,717
Dean Foods Co. (a)			10,830				171,114
Diamond Foods, Inc. (a)			840				22,142
Flowers Foods, Inc.			6,373				133,514
Green Mountain Coffee Roasters, Inc. (a)			6,980				565,380
Hain Celestial Group, Inc. (a)			2,530				232,482
Ingredion, Inc.			3,700				230,510
J & J Snack Foods Corp.			550				48,455
Lancaster Colony Corp.			770				66,928
Post Holdings, Inc. (a)			2,355				126,063
Sanderson Farms, Inc.			1,830				136,061
Seneca Foods Corp., Class A (a)			7,320				212,792
Snyders-Lance, Inc.			1,860				49,681
The Hillshire Brands Co.			4,470				159,221
Tootsie Roll Industries, Inc.			1,004				30,461
TreeHouse Foods, Inc. (a)			1,380				90,859
Whitewave Foods Co., Class A (a)			6,060				146,713
							2,551,806
GAS UTILITIES (1.4%)
Atmos Energy Corp.			4,610				221,326
Energen Corp.			2,630				185,994
National Fuel Gas Co.			2,970				223,819
New Jersey Resources Corp.			3,230				147,288
Northwest Natural Gas Co.			840				34,911
Piedmont Natural Gas Co., Inc.			2,670				88,163
Questar Corp.			6,930				161,608
South Jersey Industries, Inc.			1,110				59,207
Southwest Gas Corp.			1,620				87,043
The Laclede Group, Inc.			2,170				99,581
UGI Corp.			6,370				276,394
WGL Holdings, Inc.			3,250				122,785
							1,708,119
HEALTH CARE EQUIPMENT & SUPPLIES (2.6%)
Abaxis, Inc. (a)			870				33,208
ABIOMED, Inc. (a)			7,250				199,302
Align Technology, Inc. (a)			4,500				267,390
Allscripts Healthcare Solutions, Inc. (a)			6,076				100,619
Analogic Corp.			500				47,825
Anika Therapeutics, Inc. (a)			4,330				144,059
Bio-Rad Laboratories, Inc., Class A (a)			800				101,696
Cantel Medical Corp.			4,777				151,431
CONMED Corp.			1,300				54,535
Cyberonics, Inc. (a)			940				62,792
Cynosure, Inc. (a)			840				22,537
Greatbatch, Inc. (a)			1,010				42,935
Haemonetics Corp. (a)			2,190				82,979
Hanger Orthopedic Group, Inc. (a)			1,670				56,463
Hill-Rom Holdings, Inc.			2,310				83,784
Hologic, Inc. (a)			9,760				208,474
ICU Medical, Inc. (a)			590				38,061
IDEXX Laboratories, Inc. (a)			1,970				225,092
Integra LifeSciences Holdings Corp. (a)			960				44,602
Invacare Corp.			5,860				118,255
Masimo Corp. (a)			2,060				60,255
Meridian Bioscience, Inc.			1,810				41,232
Merit Medical Systems, Inc. (a)			1,625				23,351
Natus Medical, Inc. (a)			6,950				179,935
NuVasive, Inc. (a)			3,800				142,272
OSI Systems, Inc. (a)			710				41,130
ResMed, Inc.			5,120				223,283
STERIS Corp.			2,270				104,170
SurModics, Inc. (a)			3,150				76,797
Symmetry Medical, Inc. (a)			2,490				24,203
Thoratec Corp. (a)			2,220				77,567
West Pharmaceutical Services, Inc.			3,700				175,565
							3,255,799
HEALTH CARE PROVIDERS & SERVICES (3.1%)
Air Methods Corp. (a)			2,510				129,089
Almost Family, Inc. (a)			4,010				121,944
Amedisys, Inc. (a)			1,529				23,073
AMN Healthcare Services, Inc. (a)			5,210				78,723
AmSurg Corp. (a)			1,690				70,558
Bio-Reference Laboratories, Inc. (a)			1,190				31,999
Centene Corp. (a)			3,750				227,250
Chemed Corp.			820				64,714
CorVel Corp. (a)			2,780				131,661
Cross Country Healthcare, Inc. (a)			16,290				175,932
CryoLife, Inc.			9,920				107,037
Gentiva Health Services, Inc. (a)			1,630				18,517
Health Net, Inc. (a)			8,470				278,578
Healthways, Inc. (a)			4,700				71,957
Henry Schein, Inc. (a)			3,510				403,264
IPC The Hospitalist Co. (a)			2,180				116,368
Kindred Healthcare, Inc.			9,482				179,589
Landauer, Inc.			490				22,623
LHC Group, Inc. (a)			5,150				118,141
Magellan Health Services, Inc. (a)			3,550				212,397
Medifast, Inc. (a)			620				16,449
Molina Heathcare, Inc. (a)			5,275				189,900

 

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
Omnicare, Inc.			4,090			$	255,461
Owens & Minor, Inc.			6,205				214,941
PharMerica Corp. (a)			8,150				198,371
The Ensign Group, Inc.			1,160				48,627
VCA Antech, Inc. (a)			3,790				121,053
WellCare Group, Inc. (a)			3,460				225,281
							3,853,497
HEALTH CARE TECHNOLOGY (0.4%)
Computer Programs & Systems, Inc.			430				28,733
Healthstream, Inc. (a)			1,970				57,169
Medidata Solutions, Inc. (a)			3,740				235,994
Omnicell, Inc. (a)			6,560				169,379
							491,275
HOTELS, RESTAURANTS & LEISURE (1.7%)
Biglari Holdings, Inc. (a)			268				117,105
Bob Evans Farms, Inc.			1,140				57,285
Brinker International, Inc.			4,110				198,760
CEC Entertainment, Inc.			760				41,010
Cracker Barrel Old Country Store, Inc.			980				97,030
DineEquity, Inc.			670				52,133
Domino's Pizza, Inc.			2,700				190,647
International Speedway Corp., Class A			1,240				41,627
Jack in the Box, Inc. (a)			1,880				95,072
Life Time Fitness, Inc. (a)			1,690				69,560
Marcus Corp.			6,390				83,453
Marriott Vacations Worldwide Corp. (a)			1,230				58,892
Panera Bread Co., Class A (a)			1,019				172,282
Papa John's International, Inc.			2,730				131,395
Red Robin Gourmet Burgers, Inc. (a)			1,980				127,571
Ruby Tuesday, Inc. (a)			17,540				98,224
Sonic Corp. (a)			5,130				91,263
Texas Roadhouse, Inc., Class A			4,300				104,275
The Cheesecake Factory, Inc.			2,040				90,862
The Wendy's Co.			25,220				228,745
							2,147,191
HOUSEHOLD DURABLES (2.1%)
Ethan Allen Interiors, Inc.			1,010				25,492
Fortune Brands Home & Security, Inc.			7,330				330,290
iRobot Corp. (a)			1,080				38,167
Jarden Corp. (a)			5,745				347,285
KB HOME			3,210				62,081
La-Z-Boy, Inc.			4,430				119,256
M.D.C. Holdings, Inc. (a)			5,140				158,775
M/I Homes, Inc. (a)			7,630				187,622
Meritage Homes Corp. (a)			2,660				129,196
National Presto Industries, Inc. (a)			760				57,828
NVR, Inc. (a)			157				181,085
Ryland Group, Inc.			1,810				80,798
Standard Pacific Corp. (a)			10,580				93,104
Tempur-Pedic International, Inc. (a)			5,250				258,773
Toll Brothers, Inc. (a)			9,570				351,698
Tupperware Corp.			1,830				143,399
Universal Electronics, Inc. (a)			3,450				123,303
							2,688,152
HOUSEHOLD PRODUCTS (0.7%)
Central Garden & Pet Co., Class A (a)			28,900				180,336
Church & Dwight Co., Inc.			4,980				321,608
Energizer Holdings, Inc.			2,300				217,350
Inter Parfums, Inc.			3,820				124,303
WD-40 Co.			560				38,489
							882,086
INDUSTRIAL CONGLOMERATES (0.3%)
Carlisle Cos., Inc.			2,280				169,928
Koppers Holdings, Inc.			730				28,835
LSB Industries, Inc. (a)			680				22,515
Standex International Corp.			440				25,027
Teleflex, Inc.			1,640				153,570
Tredegar Industries, Inc.			910				22,559
							422,434
INSURANCE (5.1%)
Alleghany Corp. (a)			890				331,374
American Financial Group, Inc.			4,610				253,181
Amerisafe, Inc.			670				27,718
Arthur J. Gallagher & Co.			4,560				210,809
Aspen Insurance Holdings, Ltd.			5,740				223,286
Brown & Brown, Inc.			4,370				137,611
eHealth, Inc. (a)			2,020				107,929
Employers Holdings, Inc.			5,750				141,277
Everest Re Group, Ltd.			2,450				354,662
Fidelity National Financial, Inc., Class A			13,083				412,638
First American Financial Corp.			9,720				251,942
HCC Insurance Holdings, Inc.			4,990				214,121
Hci Group, Inc.			4,820				204,995
Horace Mann Educators Corp.			4,830				134,757
Infinity Property & Casualty Corp.			2,160				152,496
Kemper Corp.			4,920				180,810
Meadowbrook Insurance Group, Inc.			15,360				93,082
Mercury General Corp.			2,460				112,742
Old Republic International Corp.			16,770				261,947
Primerica, Inc.			1,930				81,311
ProAssurance Corp.			3,090				143,561
Protective Life Corp.			5,570				272,986
Reinsurance Group of America			5,230				390,524
Renaissancere Holdings, Ltd.			1,820				165,092
RLI Corp.			1,220				50,825
Safety Insurance Group, Inc.			1,830				98,966
Selective Insurance Group, Inc.			5,530				130,066
StanCorp Financial Group, Inc.			3,040				195,320
Stewart Information Services Corp.			7,290				236,998
The Hanover Insurance Group, Inc.			4,250				236,002
The Navigators Group, Inc. (a)			2,290				136,553
Tower Group International, Ltd.			6,950				17,375
United Fire Group, Inc.			5,200				130,520
W.R. Berkley Corp.			6,120				237,211
							6,330,687
INTERNET & CATALOG RETAIL (0.2%)
FTD Cos., Inc. (a)			700				21,700
HSN, Inc.			1,220				66,819
XO Group, Inc. (a)			15,870				192,503
							281,022
INTERNET SOFTWARE & SERVICES (2.1%)
AOL, Inc. (a)			2,790				128,563
Blucora, Inc. (a)			8,210				210,258
Blue Nile, Inc. (a)			450				19,377
Bottomline Technologies, Inc. (a)			1,280				44,314
comScore, Inc. (a)			2,470				67,703
Concur Technologies, Inc. (a)			2,400				291,216
DealerTrack Holdings, Inc. (a)			4,790				223,453
Dice Holdings, Inc. (a)			4,010				28,070
Digital River, Inc. (a)			1,510				26,546
Equinix, Inc. (a)			1,799				333,175
j2 Global, Inc.			3,930				178,225
Liquidity Services, Inc. (a)			990				23,532
LivePerson, Inc. (a)			2,110				29,181
Microstrategy, Inc., Class A (a)			340				42,738
Nic, Inc.			5,460				118,700
OpenTable, Inc. (a)			2,660				200,245
Perficient, Inc. (a)			7,750				159,108
PetMed Express, Inc.			940				12,436
QuinStreet, Inc. (a)			2,000				16,540

 

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
Rackspace Hosting, Inc. (a)			4,040			$	147,096
Stamps.com, Inc. (a)			2,910				114,829
TIBCO Software, Inc. (a)			5,440				115,818
ValueClick, Inc. (a)			4,990				107,285
							2,638,408
IT SERVICES (2.2%)
Acxiom Corp. (a)			4,060				145,998
Broadridge Financial Solutions, Inc.			5,310				192,700
CACI International, Inc., Class A (a)			3,200				236,864
Ciber, Inc. (a)			46,300				179,644
Convergys Corp.			5,890				119,979
CSG Systems International, Inc.			1,380				41,345
DST Systems, Inc.			1,160				105,560
Exlservice Holdings, Inc. (a)			1,350				33,952
Gartner, Inc. (a)			3,260				229,276
iGATE Corp. (a)			5,630				190,012
LogMeIn, Inc. (a)			2,730				92,711
ManTech International Corp., Class A			8,510				247,641
MAXIMUS, Inc.			3,740				158,464
Science Applications International Corp.			4,850				179,498
Sykes Enterprises, Inc. (a)			1,820				38,147
Synchronoss Technologies, Inc. (a)			4,570				121,836
VeriFone Systems, Inc. (a)			3,860				111,979
Virtusa Corp. (a)			5,270				180,656
Wex, Inc. (a)			2,350				193,546
							2,799,808
LEISURE EQUIPMENT & PRODUCTS (1.0%)
Arctic Cat, Inc.			3,120				132,101
Brunswick Corp.			4,600				190,716
Callaway Golf Co.			4,510				36,847
JAKKS Pacific, Inc.			10,980				63,245
MarineMax, Inc. (a)			11,030				162,692
Polaris Industries, Inc.			3,160				395,632
Pool Corp.			1,640				88,855
Sturm Ruger & Co., Inc.			1,800				137,106
							1,207,194
LIFE SCIENCES TOOLS AND SERVICES (0.7%)
Affymetrix, Inc. (a)			3,120				29,297
Cambrex Corp. (a)			8,910				167,241
Charles River Laboratories International, Inc. (a)			2,820				159,414
Covance, Inc. (a)			2,620				247,747
Luminex Corp. (a)			1,640				29,963
PAREXEL International Corp. (a)			2,110				102,989
Techne Corp.			1,210				109,953
							846,604
MACHINERY (4.0%)
3D Systems Corp. (a)			5,630				437,620
Actuant Corp., Class A			2,720				93,079
AGCO Corp.			5,610				299,181
Albany International Corp., Class A			1,110				38,373
Applied Industrial Technologies, Inc.			1,380				69,745
Astec Industries, Inc.			2,350				87,420
Barnes Group, Inc.			1,750				65,520
Briggs & Stratton Corp.			4,880				102,822
CIRCOR International, Inc.			1,910				137,558
CLARCOR, Inc.			1,700				94,214
Crane Co.			1,730				109,267
Donaldson Co., Inc.			4,520				186,495
EnPro Industries, Inc. (a)			800				58,032
Federal Signal Corp. (a)			11,690				144,021
Graco, Inc.			3,170				220,283
Harsco Corp.			2,780				70,584
IDEX Corp.			3,740				269,318
Intevac, Inc. (a)			1,720				12,762
John Bean Technologies Corp.			1,175				36,272
Kennametal, Inc.			2,780				120,485
Lincoln Electric Holdings, Inc.			3,690				255,348
Lindsay Manufacturing Co.			490				41,650
Lydall, Inc. (a)			860				15,196
Mueller Industries, Inc.			1,830				113,899
Nordson Corp.			2,090				144,879
Oshkosh Truck Corp.			5,150				278,821
SPX Corp.			1,650				164,291
Tennant Co.			640				41,043
Terex Corp.			6,420				263,220
The Timken Co.			2,810				158,287
Titan International, Inc.			11,190				187,544
Toro Co.			1,980				125,453
Trinity Industries, Inc.			5,780				336,569
Valmont Industries, Inc.			1,010				147,844
Watts Water Technologies, Inc.			1,000				56,020
							4,983,115
MARINE (0.5%)
Huntington Ingalls Industries, Inc.			1,840				174,837
Kirby Corp. (a)			3,410				340,284
Matson, Inc.			3,330				79,687
							594,808
MEDIA (1.0%)
Cinemark Holdings, Inc.			4,060				118,999
Digital Generation, Inc. (a)			4,420				59,670
DreamWorks Animation SKG, Inc., Class A (a)			3,660				123,489
Harte-Hanks, Inc.			2,660				18,221
Lamar Advertising Co., Class A (a)			2,430				118,244
Live Nation, Inc. (a)			5,492				116,815
Meredith Corp.			1,330				60,887
Scholastic Corp.			5,620				185,404
The E.W. Scripps Co., Class A (a)			6,510				119,849
The New York Times Co., Class A			5,210				73,669
Valassis Communications, Inc.			4,970				168,980
Wiley John And Sons, Class A			1,710				92,579
							1,256,806
METALS & MINING (1.9%)
A.M. Castle & Co. (a)			9,200				126,224
AK Steel Holding Corp. (a)			5,850				41,359
AMCOL International Corp.			850				28,960
Carpenter Technology Corp.			1,880				109,247
Century Aluminum Co. (a)			13,430				156,728
Commercial Metals Co.			11,360				216,522
Compass Minerals International, Inc.			1,170				91,985
Gibraltar Industries, Inc. (a)			5,450				97,337
Globe Specialty Metals, Inc.			2,640				46,147
Haynes International, Inc.			370				18,922
Kaiser Aluminum Corp.			2,210				154,280
Materion Corp.			5,560				147,729
Olympic Steel, Inc.			6,380				176,662
Reliance Steel & Aluminum Co.			4,210				294,490
Royal Gold, Inc.			2,310				129,221
RTI International Metals, Inc. (a)			1,040				32,365
Steel Dynamics, Inc.			14,380				237,270
Stillwater Mining Co. (a)			4,020				50,411
SunCoke Energy, Inc. (a)			2,960				65,653
Worthington Industries, Inc.			4,060				164,592
							2,386,104
MULTILINE RETAIL (0.4%)
Big Lots, Inc. (a)			5,950				159,400
Fred's, Inc.			9,740				170,255
J.C. Penney Co., Inc. (a)			15,740				93,181
The Andersons, Inc.			690				57,091
Tuesday Morning Corp. (a)			1,560				20,498
							500,425

  

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
MULTI-UTILITIES (0.9%)
Alliant Energy Corp.			4,010			$	208,359
Avista Corp.			4,680				134,924
Black Hills Corp.			1,620				88,825
MDU Resources Group, Inc.			6,890				220,756
OGE Energy Corp.			6,830				232,698
PNM Resources, Inc.			5,980				147,407
Vectren Corp.			3,150				115,038
							1,148,007
OFFICE ELECTRONICS (0.1%)
Zebra Technologies Corp., Class A (a)			1,730				95,081
OIL, GAS & CONSUMABLE FUELS (3.1%)
Alpha Natural Resources, Inc. (a)			18,240				103,603
Approach Resources, Inc. (a)			1,200				24,108
Arch Coal, Inc.			21,860				92,687
Bill Barrett Corp. (a)			1,960				54,900
Carrizo Oil & Gas, Inc. (a)			5,860				240,846
Cimarex Energy Co.			3,100				303,738
Cloud Peak Energy, Inc. (a)			9,830				184,116
Comstock Resources, Inc.			1,740				29,841
Contango Oil & Gas Co. (a)			530				22,239
Dresser-Rand Group, Inc. (a)			2,740				156,180
Forest Oil Corp. (a)			4,290				13,085
Green Plains Renewable Energy, Inc.			12,300				274,044
Gulfport Energy Corp. (a)			3,780				230,391
HollyFrontier Corp.			10,268				475,408
Hornbeck Offshore Services, Inc. (a)			1,220				52,106
Northern Oil & Gas, Inc. (a)			8,480				123,299
Oil States International, Inc. (a)			2,900				272,455
PDC Energy, Inc. (a)			1,300				64,818
Penn Virginia Corp. (a)			1,910				22,901
PetroQuest Energy, Inc. (a)			3,140				12,120
Rosetta Resources, Inc. (a)			4,140				176,405
SM Energy Co.			4,110				340,144
Stone Energy Corp. (a)			6,260				193,747
Swift Energy Co. (a)			11,600				143,608
World Fuel Services Corp.			6,210				265,291
							3,872,080
PAPER & FOREST PRODUCTS (0.8%)
Clearwater Paper Corp. (a)			1,810				103,079
Deltic Timber Corp.			370				23,795
Domtar Corp.			2,870				308,267
KapStone Paper & Packaging Corp. (a)			8,860				247,814
Louisiana-Pacific Corp. (a)			5,290				92,734
Neenah Paper, Inc.			1,440				62,554
P. H. Glatfelter & Co.			3,910				121,171
Wausau-Mosinee Paper Corp.			2,740				37,428
							996,842
PERSONAL PRODUCTS (0.2%)
Blyth, Inc.			594				5,572
Helen of Troy, Ltd. (a)			1,130				62,195
Prestige Brands Holdings, Inc. (a)			5,360				162,193
							229,960
PHARMACEUTICALS (1.7%)
Akorn, Inc. (a)			12,430				282,161
Cubist Pharmaceuticals, Inc. (a)			3,650				266,779
Endo Pharmaceuticals Holdings, Inc. (a)			6,480				426,902
Hi Tech Pharmacal Co., Inc. (a)			430				18,602
Impax Laboratories, Inc. (a)			2,570				59,470
Mallinckrodt PLC (a)			2,170				125,491
Questcor Pharmaceuticals, Inc.			5,820				389,998
Salix Pharmaceutical, Ltd. (a)			4,460				434,136
The Medicines Co. (a)			4,850				168,586
							2,172,125
PROFESSIONAL SERVICES (0.4%)
Insperity, Inc.			3,250				107,315
Towers Watson & Co., Class A			3,050				356,606
Wageworks, Inc. (a)			1,060				65,921
							529,842
REAL ESTATE INVESTMENT TRUST (5.3%)
Acadia Realty Trust			2,257				57,441
Agree Realty Corp.			310				8,863
Alexandria Real Estate Equities, Inc.			2,770			$	194,260
American Assets Trust, Inc.			1,110				37,152
American Campus Communities, Inc.			3,880				134,869
Associated Estates Realty CP			1,280				20,441
BioMed Realty Trust, Inc.			5,700				111,207
BRE Properties, Inc.			2,800				165,480
Camden Property Trust			3,130				193,497
Capstead Mortgage Corp.			6,990				88,214
Cedar Shopping Centers, Inc.			5,940				37,481
Coresite Realty Corp.			4,720				144,810
Corporate Office Properties Trust			3,370				83,744
Cousins Properties, Inc.			5,215				56,061
DiamondRock Hospitality Co.			7,410				85,808
Duke Realty Corp.			10,230				160,713
Eastgroup Properties, Inc.			1,090				64,681
EPR Properties			1,910				97,563
Equity One, Inc.			1,850				41,921
Essex Property Trust, Inc.			1,490				235,971
Extra Space Storage, Inc.			4,070				185,836
Federal Realty Investment Trust			2,440				265,960
Franklin Street Properties Corp.			3,250				38,967
Getty Realty Corp.			810				15,390
Government Properties Income Trust			1,360				33,592
Healthcare Realty Trust, Inc.			2,800				64,176
Highwood Properties, Inc.			3,050				113,277
Home Properties, Inc.			2,170				120,978
Hospitality Properties Trust			5,000				128,500
Inland Real Estate Corp.			4,470				47,114
Kilroy Realty Corp.			2,960				156,288
Kite Realty Group Trust			6,380				41,151
LaSalle Hotel Properties			3,550				109,198
Lexington Corp. Properties Trust			6,935				74,967
Liberty Property Trust			5,160				187,824
LTC Properties, Inc.			1,060				40,227
Mack-Cali Realty Corp.			3,380				68,377
Medical Properties Trust, Inc.			6,080				80,682
Mid-America Apartment Communities, Inc.			2,796				180,454
National Retail Properties, Inc.			4,220				140,104
OMEGA Healthcare Investors, Inc.			5,480				175,031
Parkway Properties, Inc.			1,990				35,303
Pennsylvania Real Estate Investment Trust			2,200				41,030
Post Properties, Inc.			2,010				94,329
Potlatch Corp.			1,430				57,200
PS Business Parks, Inc.			800				62,856
Rayonier, Inc.			4,390				194,301
Realty Income Corp.			7,300				297,694
Regency Centers Corp.			3,240				155,974
Sabra Healthcare REIT, Inc.			6,080				175,894
Saul Centers, Inc.			480				22,368
Senior Housing Properties Trust			6,050				136,246
SL Green Realty Corp.			3,560				333,821
Sovran Self Storage, Inc.			1,170				79,455
Tanger Factory Outlet Center			3,240				108,151
Taubman Centers, Inc.			2,410				156,698
UDR, Inc.			8,321				202,533
Universal Health Realty Income Trust			470				19,928
Urstadt Biddle Properties, Inc., Class A			1,160				21,762
Weingarten Realty Investors			4,310				124,947
							6,608,760

 

See notes to Schedules of Portfolio Investments.   

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
REAL ESTATE MANAGEMENT AND DEVELOPMENT (0.4%)
Alexander & Baldwin, Inc.			2,550			$	99,730
Forestar Group, Inc. (a)			9,590				191,800
Jones Lang LaSalle, Inc.			1,610				183,959
							475,489
ROAD & RAIL (1.5%)
Arkansas Best Corp.			890				30,518
Atmel Corp. (a)			17,050				142,538
Con-way, Inc.			2,100				80,787
Genesee & Wyoming, Inc., Class A (a)			2,550				230,367
Heartland Express, Inc.			2,563				53,977
J.B. Hunt Transport Services, Inc.			3,770				282,939
Knight Transportation, Inc.			2,960				63,196
Landstar System, Inc.			1,610				92,478
Old Dominion Freight Line, Inc. (a)			4,240				229,978
Saia, Inc. (a)			6,050				203,643
Wabtec Corp.			4,940				364,621
Werner Enterprises, Inc.			2,600				67,756
							1,842,798
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.3%)
Advanced Energy Industries, Inc. (a)			4,890				133,497
Advanced Micro Devices, Inc. (a)			18,210				62,460
ATMI, Inc. (a)			1,130				31,278
Brooks Automation, Inc.			8,170				82,925
Cabot Microelectronics Corp. (a)			770				31,046
CEVA, Inc. (a)			810				14,086
Cirrus Logic, Inc. (a)			2,370				41,499
Cohu, Inc.			1,660				17,198
Cree, Inc. (a)			5,350				323,247
Cypress Semiconductor Corp.			5,000				50,200
Diodes, Inc. (a)			3,200				73,312
DSP Group, Inc. (a)			1,940				17,382
Entropic Communications, Inc. (a)			5,940				24,770
Exar Corp. (a)			2,300				25,323
Fairchild Semiconductor International, Inc. (a)			7,520				95,955
FEI Co.			2,190				205,247
GT Advanced Technologies, Inc. (a)			5,060				51,966
Hittite Microwave Corp. (a)			1,070				61,364
Integrated Device Technology, Inc. (a)			6,170				59,540
International Rectifier Corp. (a)			2,330				60,603
Intersil Corp., Class A			5,270				59,762
Kopin Corp. (a)			6,100				23,424
Kulicke & Soffa Industries, Inc. (a)			7,370				85,787
Micrel, Inc.			2,500				24,950
Microsemi Corp. (a)			3,620				84,853
MKS Instruments, Inc.			1,440				43,387
Monolithic Power Systems, Inc. (a)			1,270				41,516
Nanometrics, Inc. (a)			970				16,432
Pericom Semiconductor Corp. (a)			2,170				17,968
Power Integrations, Inc.			1,040				61,599
QLogic Corp. (a)			4,280				49,520
RF Micro Devices, Inc. (a)			12,820				68,331
Rubicon Technology, Inc. (a)			830				9,105
Rudolph Technologies, Inc. (a)			6,750				74,183
Semtech Corp. (a)			2,650				60,447
Sigma Designs, Inc. (a)			3,240				15,196
Silicon Laboratories, Inc. (a)			1,340				63,302
Skyworks Solutions, Inc. (a)			6,640				200,860
Sunedison, Inc. (a)			8,440				117,400
Supertex, Inc. (a)			320				8,544
Teradyne, Inc. (a)			6,120				115,117
Tessera Technologies, Inc.			1,970				39,105
TriQuint Semiconductor, Inc. (a)			6,900				57,270
Ultratech, Inc. (a)			1,020				25,806
Veeco Instruments, Inc. (a)			1,400				53,214
							2,879,976
SOFTWARE (3.0%)
ACI Worldwide, Inc. (a)			2,850				172,739
Advent Software, Inc.			2,970				97,594
ANSYS, Inc. (a)			3,269				256,715
Blackbaud, Inc.			3,070				105,792
Cadence Design Systems, Inc. (a)			11,230				158,568
CommVault Systems, Inc. (a)			2,230				154,026
Compuware Corp.			6,720				68,141
Ebix, Inc.			4,610				62,604
EPIQ Systems, Inc.			1,695				24,340
FactSet Research Systems, Inc.			1,450				153,367
Fair Isaac Corp.			2,150				116,874
Informatica Corp. (a)			3,800				153,368
Interactive Intelligence Group, Inc. (a)			2,740				208,076
Jack Henry & Associates, Inc.			3,100				172,918
Manhattan Associates, Inc. (a)			6,840				230,645
Mentor Graphics Corp.			7,740				160,992
MICROS Systems, Inc. (a)			2,680				148,820
Monotype Imaging Holdings, Inc.			5,220				152,267
NetScout Systems, Inc. (a)			1,420				50,154
Progress Software Corp. (a)			2,030				49,065
PTC, Inc. (a)			6,990				249,403
Quality Systems, Inc.			1,600				29,456
Solarwinds, Inc. (a)			2,350				93,742
Solera Holdings, Inc.			2,460				164,402
Synopsys, Inc. (a)			5,390				214,845
Tangoe, Inc. (a)			1,140				20,782
Tyler Technologies, Inc. (a)			2,160				227,772
Vasco Data Security International, Inc. (a)			3,090				23,082
							3,720,549
SPECIALTY RETAIL (4.3%)
Aaron's, Inc.			4,710				126,652
Abercrombie & Fitch Co., Class A			5,740				203,081
Advance Auto Parts, Inc.			2,590				297,358
Aeropostale, Inc. (a)			6,450				45,473
American Eagle Outfitters, Inc.			6,740				91,192
Ann, Inc. (a)			3,010				97,343
Ascena Retail Group, Inc. (a)			7,966				149,442
Barnes & Noble, Inc. (a)			1,610				21,703
Big 5 Sporting Goods Corp.			7,640				131,102
Cabela's, Inc. (a)			1,680				112,325
Cato Corp., Class A			910				25,444
Chico's FAS, Inc.			6,490				107,734
Children's Place Retail Stores, Inc. (a)			1,960				103,233
Christopher & Banks Corp. (a)			9,930				70,900
Cst Brands, Inc.			5,600				178,808
Dick's Sporting Goods, Inc.			3,680				193,200
Finish Line, Inc., Class A			3,137				80,464
Foot Locker, Inc.			6,560				253,216
Francesca's Holdings Corp. (a)			1,660				31,540
Genesco, Inc. (a)			1,860				130,609
Group 1 Automotive, Inc.			3,060				187,058
Guess?, Inc.			2,140				60,027
Haverty Furniture Cos., Inc.			790				21,978
Hibbett Sports, Inc. (a)			970				58,210
Jos. A. Bank Clothiers, Inc. (a)			1,033				58,075
Kirkland's, Inc. (a)			3,650				68,730
Lithia Motors, Inc., Class A			3,900				219,531
Lumber Liquidators Holdings, Inc. (a)			2,170				193,108
Men's Wearhouse, Inc.			1,650				79,266
Movado Group, Inc.			2,520				95,130
Murphy USA, Inc. (a)			4,050				156,897

  

See notes to Schedules of Portfolio Investments.

 

 

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS - January 31, 2014 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

 

		Shares				Value
Office Depot, Inc. (a)			19,296			$	94,357
Rent-A-Center, Inc.			5,790				144,403
Select Comfort Corp. (a)			2,090				34,213
Signet Jewelers, Ltd.			2,890				229,900
Sonic Automotive, Inc., Class A			6,500				145,795
Stage Stores, Inc.			7,532				147,627
Stein Mart, Inc.			7,560				93,593
The Pep Boys - Manny, Moe & Jack (a)			13,100				156,414
Tractor Supply Co.			6,020				400,390
Vitamin Shoppe, Inc. (a)			1,130				50,647
Williams-Sonoma, Inc.			3,140				171,193
Zale Corp. (a)			1,310				19,807
Zumiez, Inc. (a)			760				16,355
							5,353,523
TEXTILES, APPAREL & LUXURY GOODS (2.0%)
Brown Shoe Co., Inc.			5,595				132,490
Carter's, Inc.			2,510				168,797
Crocs, Inc. (a)			6,650				102,078
Deckers Outdoor Corp. (a)			3,050				237,748
Fifth & Pacific Cos., Inc. (a)			4,300				123,410
G-III Apparel Group (a)			620				43,381
Hanesbrands, Inc.			4,470				317,996
Iconix Brand Group, Inc. (a)			4,990				185,628
Oxford Industries, Inc.			560				42,263
Perry Ellis International, Inc. (a)			14,200				222,514
Quiksilver, Inc. (a)			5,350				37,718
Skechers U.S.A., Inc., Class A (a)			1,420				41,024
Steven Madden, Ltd. (a)			4,287				139,713
The Buckle, Inc.			1,025				45,428
Under Armour, Inc., Class A (a)			4,240				458,386
UniFirst Corp.			610				64,538
Wolverine World Wide, Inc.			6,470				180,513
							2,543,625
THRIFTS & MORTGAGE FINANCE (1.0%)
Astoria Financial Corp.			9,360				123,926
Bank Mutual Corp.			4,850				33,174
Brookline Bancorp, Inc.			5,360				47,704
Dime Community Bancshares, Inc.			1,490				24,346
First Niagara Financial Group, Inc.			20,150				174,096
New York Community Bancorp, Inc.			19,310				312,629
Northwest Bancshares, Inc.			3,000				42,180
Oritani Financial Corp.			10,590				166,687
TrustCo Bank Corp. NY			3,990				26,055
Washington Federal, Inc.			7,920				173,290
Webster Financial Corp.			3,230				97,998
							1,222,085
TRADING COMPANIES & DISTRIBUTORS (0.8%)
DXP Enterprises, Inc. (a)			1,970				189,199
GATX Corp.			1,750				101,325
Kaman Corp., Class A			2,480				96,125
MSC Industrial Direct Co., Inc., Class A			1,760				147,875
United Rentals, Inc. (a)			4,860				393,368
Watsco, Inc.			1,010				95,566
							1,023,458
WATER UTILITIES (0.2%)
American States Water Co.			1,320				37,488
Aqua America, Inc.			6,012				143,987
Calgon Carbon Corp. (a)			2,170				44,073
							225,548
WIRELESS TELECOMMUNICATION SERVICES (0.4%)
Cbeyond, Inc. (a)			19,750				143,385
NTELOS Holding Corp.			750				12,308
Telephone & Data Systems, Inc.			9,820				265,336
USA Mobility, Inc.			5,630				80,284
							501,313
TOTAL COMMON STOCKS							124,459,416
MONEY MARKET FUND (0.6%)
Federated Government Obligations Fund, 0.01% (b)			711,481				711,481
TOTAL MONEY MARKET FUND							711,481
TOTAL INVESTMENTS (COST $93,895,214) 100.1%							125,170,897
LIABILITIES IN EXCESS OF OTHER ASSETS -0.1%							(28,931	)
NET ASSETS 100.0%						$	125,141,966

 

(a)

Represents non-income producing security.

(b)

Variable rate security. Rate shown represents the rate as of January 31, 2014.

 

PLC - Public Limited Company

REIT - Real Estate Investment Trust

 

At January 31, 2014, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:

 

														Net Unrealized
		Tax Cost of				Unrealized				Unrealized				Appreciation
Fund Name		Securities				Appreciation				(Depreciation)				(Depreciation)
Steward Small-Mid Cap Enhanced Equity Index Fund		$	94,151,939			$	34,450,719			$	(3,431,761	)		$	31,018,958

 

See notes to Schedules of Portfolio Investments.

 

 

Notes to Schedules of Portfolio Investments

Capstone Series Fund, Inc.

January 31, 2014

(Unaudited)

 

1) Portfolio Valuation:

Steward Small-Mid Cap Enhanced Index Fund (“The Fund”) investments are recorded at fair value. In determining fair value, the Fund uses various valuation approaches. Portfolio securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on NASDAQ use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. Debt securities, including corporate bonds and U.S. government agency, mortgage-backed, and treasury obligations, with a remaining maturity of sixty days or more are valued using market prices, if available, or a pricing service when such prices are believed to reflect fair value. Debt securities with a remaining maturity of less than sixty days are valued at amortized cost, which approximates fair value. Money market funds are valued at net asset value per share. All other securities and securities with no readily determinable market values are valued at their fair value in accordance with policies and procedures adopted by the Board of Directors.

 

Accounting principles generally accepted in the United States of America ("GAAP")  establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

The fair value hierarchy is categorized into three levels based on the inputs as follows:

 

Level 1 – quoted prices in active markets for identical securities.

 

Level 2 – other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayments speeds and credit risks).

 

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

  

Pursuant to these valuation policies, equity securities are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy, except that U.S. Treasury debt securities may be categorized as Level 1. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy.

 

The following table presents information about the Fund’s assets measured at fair value as of January 31, 2014:

 

Investments in Securities

Fund Name

LEVEL 1 - Quoted Prices

LEVEL 2 - Other Significant Observable Inputs

LEVEL 3 - Significant Unobservable Inputs

Total

Steward Small-Mid Cap Enhanced Index Fund

Security Type

Common Stocks*

$

124,459,416

$

–

$

–

$

124,459,416

Money Market Fund

711,481

–

–

711,481

Total

125,170,897

–

–

125,170,897

 

 

* Please refer to the Schedule of Portfolio Investments to view common stocks and corporate bonds segregated by industry type.

 

The Fund recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between levels as of January 31, 2014 from those used on April 30, 2013. The Fund did not hold any Level 3 securities during the period ended January 31, 2014.

 

For additional information regarding the Fund’s valuation of investments and other significant accounting policies, please refer to the most recent annual or semi-annual report.

 

2) Securities Transactions:

Portfolio security transactions are recorded on trade date.

 

3) Subsequent Events:

Management has evaluated events subsequent to January 31, 2014 and has concluded no such events require adjustment or disclosure as of January 31, 2014.

 

 

Item 2.   Controls and Procedures.

 

(a)

The registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date") based on their evaluation of the registrant's disclosure controls and procedures as of the Evaluation Date.

 

(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 (17CFR 270.30a-3(d))) that occurred during the registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 3.   Exhibits.

Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

 

 

SIGNATURES

 

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

 

Registrant:   CAPSTONE SERIES FUND, INC .

 

By (Signature and Title)	/s/ Edward L. Jaroski
	Edward L. Jaroski, President

 

Date:

March 27, 2014

 

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/ Edward L. Jaroski
	Edward L. Jaroski, President

 

Date:

March 27, 2014

 

By (Signature and Title)	/s/ Carla Homer
	Carla Homer, Treasurer

 

Date:

March 27, 2014