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 811-01597

STEWARD FUNDS, 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: July 31, 2014

Item 1. Schedule of Investments.

STEWARD FUNDS

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

STEWARD LARGE CAP ENHANCED INDEX FUND 

	Shares		Value
COMMON STOCKS (99.5%)
AEROSPACE & DEFENSE (2.2%)
General Dynamics Corp.		3,030	$	353,813
Honeywell International, Inc.		6,910		634,545
L-3 Communications Holdings, Inc.		5,000		524,800
Lockheed Martin Corp.		2,792		466,180
Northrop Grumman Corp.		2,450		302,012
Precision Castparts Corp.		2,009		459,659
Raytheon Co.		2,900		263,233
Rockwell Collins, Inc.		1,400		102,578
The Boeing Co.		7,658		922,636
United Technologies Corp.		7,430		781,265
				4,810,721
AIR FREIGHT & LOGISTICS (0.5%)
C.H. Robinson Worldwide, Inc.		1,200		80,952
Expeditors International of Washington, Inc.		1,490		64,338
FedEx Corp.		2,440		358,387
United Parcel Service, Inc., Class B		6,540		634,969
				1,138,646
AIRLINES (0.9%)
Delta Air Lines, Inc.		24,740		926,760
Southwest Airlines Co.		37,520		1,061,066
				1,987,826
AUTO COMPONENTS (0.7%)
BorgWarner, Inc.		6,220		387,195
Delphi Automotive PLC		2,260		150,968
Goodyear Tire & Rubber Co.		22,590		568,590
Johnson Controls, Inc.		10,570		499,327
				1,606,080
AUTOMOBILES (0.9%)
Ford Motor Co.		54,740		931,675
General Motors Co.		24,170		817,429
Harley-Davidson, Inc.		4,380		270,772
				2,019,876
BANKS (3.5%)
BB&T Corp.		11,830		437,946
Comerica, Inc.		12,800		643,328
Fifth Third Bancorp		30,870		632,218
Huntington Bancshares, Inc.		86,190		846,386
KeyCorp		49,100		664,814
M&T Bank Corp.		2,680		325,620
PNC Financial Services Group, Inc.		8,714		719,428
Regions Financial Corp.		15,012		152,222
SunTrust Banks, Inc.		13,890		528,514
U.S. Bancorp		14,870		624,986
Wells Fargo & Co.		41,578		2,116,320
Zions Bancorp		1,440		41,501
				7,733,283
BEVERAGES (1.4%)
Coca-Cola Co.		33,550		1,318,180
Dr Pepper Snapple Group, Inc.		3,390		199,196
Monster Beverage Corp.		4,440		283,982
PepsiCo, Inc.		15,081		1,328,636
				3,129,994
BIOTECHNOLOGY (3.7%)
Alexion Pharmaceuticals, Inc.(a)		4,285		681,272
Amgen, Inc.		6,480		825,487
Biogen Idec, Inc.(a)		3,782		1,264,663
Celgene Corp.		15,480		1,349,082
Coca-Cola Enterprises, Inc.		7,370		334,966
Gilead Sciences, Inc.		19,850		1,817,268
PerkinElmer, Inc.		1,550		71,641
Regeneron Pharmaceuticals, Inc.(a)		2,766		874,665
Vertex Pharmaceuticals, Inc.(a)		11,030		980,677
				8,199,721
BUILDING PRODUCTS (0.0%)
Allegion PLC		713		36,670
Masco Corp.		2,800		58,240
				94,910
CAPITAL MARKETS (2.5%)
Ameriprise Financial, Inc.		5,516		659,714
Bank of New York Mellon Corp.		17,491		682,849
BlackRock, Inc.		1,820		554,609
Charles Schwab Corp.		20,910		580,252
E*TRADE Financial Corp.		2,728		57,343
Franklin Resources, Inc.		3,360		181,944
Goldman Sachs Group, Inc.		5,737		991,755
Invesco Ltd.		8,520		320,608
Legg Mason, Inc.		890		42,230
Morgan Stanley		23,380		756,109
Northern Trust Corp.		2,150		143,813
State Street Corp.		3,947		278,027
T. Rowe Price Group, Inc.		2,570		199,586
				5,448,839
CHEMICALS (2.4%)
Air Products & Chemicals, Inc.		2,000		263,900
Airgas, Inc.		800		85,536
CF Industries Holdings, Inc.		519		129,927
Dow Chemical Co.		14,570		744,090
E.I. du Pont de Nemours & Co.		8,010		515,123
Ecolab, Inc.		5,680		616,450
FMC Corp.		1,300		84,786
International Flavors & Fragrances, Inc.		1,010		102,000
Lyondellbasell Industries NV, Class A		9,660		1,026,375
Monsanto Co.		4,590		519,083
PPG Industries, Inc.		2,361		468,328
Praxair, Inc.		3,120		399,797
The Mosaic Co.		7,030		324,153
				5,279,548
COMMERCIAL SERVICES & SUPPLIES (1.6%)
Avery Dennison Corp.		3,790		178,926
Cintas Corp.		1,400		87,640
Equifax, Inc.		1,170		89,025
Iron Mountain, Inc.		1,697		56,866
Leucadia National Corp.		2,670		65,976
Moody's Corp.		5,900		513,300
Pentair PLC		1,790		114,685
Pitney Bowes, Inc.		10,510		284,401
Republic Services, Inc., Class A		3,796		143,982
Robert Half International, Inc.		8,010		389,687
Stericycle, Inc.		1,120		131,768
The ADT Corp.		1,695		58,986
The Dun & Bradstreet Corp.		460		50,614
Total System Services, Inc.		2,271		72,672
Visa, Inc., Class A		5,081		1,072,142
Waste Management, Inc.		4,570		205,147
				3,515,817
COMMUNICATIONS EQUIPMENT (1.2%)
Cisco Systems, Inc.		39,440		995,071
F5 Networks, Inc.		640		72,058
Harris Corp.		930		63,491
Juniper Networks, Inc.(a)		3,760		88,510
Motorola Solutions, Inc.		1,991		126,787
QUALCOMM, Inc.		16,830		1,240,371
				2,586,288
CONSTRUCTION & ENGINEERING (0.2%)
Fluor Corp.		5,720		416,816

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD LARGE CAP ENHANCED INDEX FUND 

	Shares		Value
Quanta Services, Inc.		1,800	$	60,282
				477,098
CONSTRUCTION MATERIALS (0.1%)
Martin Marietta Materials, Inc.		630		78,265
Vulcan Materials Co.		1,133		71,526
				149,791
CONSUMER FINANCE (1.1%)
American Express Co.		9,730		856,240
Capital One Financial Corp.		9,918		788,878
Discover Financial Services		11,210		684,482
				2,329,600
CONTAINERS & PACKAGING (0.3%)
Ball Corp.		1,550		94,953
Bemis Co., Inc.		5,450		212,605
Owens-Illinois, Inc.		1,580		49,280
Sealed Air Corp.		11,860		380,943
				737,781
DISTRIBUTORS (0.1%)
Genuine Parts Co.		1,480		122,574
DIVERSIFIED CONSUMER SERVICES (0.2%)
Graham Holdings Co.		421		288,701
H&R Block, Inc.		2,460		79,040
				367,741
DIVERSIFIED FINANCIAL SERVICES (3.2%)
Affiliated Managers Group, Inc.(a)		2,145		427,391
Bank of America Corp.		101,519		1,548,165
Citigroup, Inc.		24,450		1,195,849
CME Group, Inc.		2,705		200,008
IntercontinentalExchange Group, Inc.		1,767		339,653
JPMorgan Chase & Co.		35,804		2,064,817
MasterCard, Inc., Class A		12,430		921,684
The NASDAQ OMX Group, Inc.		8,050		339,630
				7,037,197
DIVERSIFIED TELECOMMUNICATION SERVICES (2.0%)
AT&T, Inc.		43,657		1,553,752
CenturyLink, Inc.		14,174		556,188
Frontier Communications Corp.		62,180		407,279
Verizon Communications, Inc.		33,420		1,685,036
Windstream Holdings, Inc.		7,334		84,048
				4,286,303
ELECTRIC UTILITIES (2.7%)
American Electric Power Co., Inc.		8,970		466,350
Duke Energy Corp.		10,274		741,064
Edison International		8,760		480,048
Entergy Corp.		8,670		631,436
Exelon Corp.		23,449		728,795
FirstEnergy Corp.		13,549		422,864
NextEra Energy, Inc.		4,480		420,627
Northeast Utilities		7,920		347,688
Pepco Holdings, Inc.		21,130		567,341
Pinnacle West Capital Corp.		5,320		284,567
PPL Corp.		13,330		439,757
Southern Co.		8,170		353,679
				5,884,216
ELECTRICAL EQUIPMENT (0.5%)
AMETEK, Inc.		2,180		106,144
Eaton Corp. PLC		4,240		287,981
Emerson Electric Co.		6,380		406,087
Rockwell Automation, Inc.		1,380		154,091
Roper Industries, Inc.		1,380		198,816
				1,153,119
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.8%)
Agilent Technologies, Inc.		3,100		173,879
Amphenol Corp., Class A		1,410		135,600
Corning, Inc.		25,320		497,538
FLIR Systems, Inc.		1,140		37,939
Jabil Circuit, Inc.		31,100		620,756
TE Connectivity Ltd.		3,550		219,710
Waters Corp.		1,110		114,818
				1,800,240
ENERGY EQUIPMENT & SERVICES (3.0%)
Baker Hughes, Inc.		7,809		537,025
Cameron International Corp.(a)		1,640		116,292
Diamond Offshore Drilling, Inc.		610		28,542
Ensco PLC, Class A, Sponsored ADR		7,190		364,174
First Solar, Inc.		7,740		488,471
FMC Technologies, Inc.(a)		1,760		107,008
Halliburton Co.		14,950		1,031,400
Helmerich & Payne, Inc.		5,920		629,059
Nabors Industries Ltd.		34,530		937,835
National-Oilwell Varco, Inc.		3,486		282,505
Rowan Cos., Inc., Class A		10,530		321,376
Schlumberger Ltd.		12,379		1,341,760
Transocean Ltd.		9,700		391,298
				6,576,745
FOOD & STAPLES RETAILING (2.6%)
Costco Wholesale Corp.		5,820		684,083
CVS Corp.		13,995		1,068,658
Safeway, Inc.		25,800		889,068
SYSCO Corp.		14,230		507,869
The Kroger Co.		14,190		695,026
Walgreen Co.		7,190		494,456
Wal-Mart Stores, Inc.		16,830		1,238,352
Whole Foods Market, Inc.		3,020		115,424
				5,692,936
FOOD PRODUCTS (2.3%)
Archer-Daniels-Midland Co.		20,880		968,832
Campbell Soup Co.		2,190		91,082
ConAgra Foods, Inc.		8,410		253,393
General Mills, Inc.		7,140		358,071
Hormel Foods Corp.		2,150		97,309
J.M. Smucker Co.		1,250		124,550
Kellogg Co.		3,560		212,995
Keurig Green Mountain, Inc.		8,320		992,409
Kraft Foods, Inc., Class A		5,986		320,760
McCormick & Co., Inc.		1,710		112,484
Mead Johnson Nutrition Co., Class A		1,790		163,678
Mondelez International, Inc., Class A		14,970		538,920
The Hershey Co.		1,900		167,485
Tyson Foods, Inc., Class A		19,510		725,967
				5,127,935
GAS UTILITIES (0.3%)
AGL Resources, Inc.		6,309		325,797
ONEOK, Inc.		1,850		119,195
QEP Resources, Inc.		1,310		43,295
Spectra Energy Corp.		5,443		222,728
				711,015
HEALTH CARE EQUIPMENT & SUPPLIES (1.8%)
Baxter International, Inc.		4,880		364,487
Becton, Dickinson & Co.		3,130		363,831
Boston Scientific Corp.		42,167		538,894
C.R. Bard, Inc.		970		144,753
CareFusion Corp.(a)		2,440		106,848
Covidien PLC		4,950		428,225
DENTSPLY International, Inc.		1,990		92,376

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD LARGE CAP ENHANCED INDEX FUND 

	Shares		Value
Edwards Lifesciences Corp.		940	$	84,835
Hospira, Inc.		2,340		129,800
Intuitive Surgical, Inc.(a)		326		149,161
Medtronic, Inc.		9,080		560,599
St. Jude Medical, Inc.		5,800		378,102
Stryker Corp.		3,230		257,657
Varian Medical Systems, Inc.(a)		1,130		92,830
Zimmer Holdings, Inc.		1,960		196,137
				3,888,535
HEALTH CARE PROVIDERS & SERVICES (3.2%)
Aetna, Inc.		10,074		781,037
AmerisourceBergen Corp.		2,490		191,506
Cardinal Health, Inc.		7,800		558,870
CIGNA Corp.		6,370		573,555
DaVita, Inc.(a)		1,840		129,610
Express Scripts Holding Co.(a)		11,281		785,722
Humana, Inc.		7,360		865,904
Laboratory Corp. of America Holdings(a)		1,130		117,170
McKesson Corp.		2,077		398,493
Patterson Cos., Inc.		1,740		67,877
Quest Diagnostics, Inc.		3,900		238,290
UnitedHealth Group, Inc.		12,764		1,034,522
WellPoint, Inc.		11,400		1,251,834
				6,994,390
HOTELS, RESTAURANTS & LEISURE (2.0%)
Chipotle Mexican Grill, Inc.		1,517		1,020,182
Marriott International, Inc., Class A		2,574		166,564
McDonald's Corp.		8,570		810,379
Starbucks Corp.		8,410		653,289
Starwood Hotels & Resorts Worldwide, Inc.		2,140		164,438
TripAdvisor, Inc.		9,745		924,216
Wyndham Worldwide Corp.		6,090		460,099
YUM! Brands, Inc.		3,580		248,452
				4,447,619
HOUSEHOLD DURABLES (1.1%)
D. R. Horton, Inc.		16,236		336,085
Garmin Ltd.		1,090		59,994
Harman International Industries, Inc.		5,914		641,965
Jacobs Engineering Group, Inc.		6,570		333,822
Leggett & Platt, Inc.		1,450		47,560
Lennar Corp., Class A		1,680		60,866
Mohawk Industries, Inc.		1,740		217,100
Newell Rubbermaid, Inc.		2,940		95,491
Pulte Group, Inc.		14,145		249,659
Snap-on, Inc.		590		70,918
Whirlpool Corp.		2,463		351,322
				2,464,782
HOUSEHOLD PRODUCTS (1.4%)
Clorox Co.		2,410		209,357
Colgate-Palmolive Co.		9,590		608,006
Kimberly-Clark Corp.		4,300		446,641
Procter & Gamble Co.		23,291		1,800,860
				3,064,864
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.5%)
NRG Energy, Inc.		22,530		697,529
The AES Corp.		23,550		344,065
				1,041,594
INDUSTRIAL CONGLOMERATES (0.8%)
3M Co.		7,014		988,202
Textron, Inc.		14,730		535,730
Tyco International Ltd.		4,190		180,799
				1,704,731
INSURANCE (6.4%)
ACE Ltd.		6,830		683,683
AFLAC, Inc.		6,680		399,063
American International Group, Inc.		22,624		1,175,996
Aon PLC		2,650		223,554
Assurant, Inc.		11,320		717,235
Berkshire Hathaway, Inc., Class B		22,470		2,818,412
Chubb Corp.		5,090		441,354
Cincinnati Financial Corp.		5,002		230,192
Genworth Financial, Inc., Class A(a)		43,350		567,885
Hartford Financial Services Group, Inc.		19,220		656,555
Lincoln National Corp.		2,666		139,672
Loews Corp.		11,880		500,504
Marsh & McLennan Cos., Inc.		5,410		274,666
MetLife, Inc.		19,450		1,023,070
Principal Financial Group, Inc.		2,710		134,633
Progressive Corp.		9,910		232,290
Prudential Financial, Inc.		10,465		910,141
The Allstate Corp.		13,000		759,850
The Travelers Cos., Inc.		7,580		678,865
Torchmark Corp.		6,397		337,378
Unum Group		17,760		609,701
XL Group PLC		18,050		581,932
				14,096,631
INTERNET & CATALOG RETAIL (0.5%)
Expedia, Inc.		895		71,081
Netflix, Inc.(a)		2,423		1,024,250
				1,095,331
INTERNET SOFTWARE & SERVICES (4.1%)
Akamai Technologies, Inc.(a)		1,490		87,940
Amazon.com, Inc.(a)		4,177		1,307,359
Facebook, Inc.(a)		25,810		1,875,096
Google, Inc., Class A(a)		2,571		1,490,023
Google, Inc., Class C(a)		2,709		1,548,464
Priceline.com, Inc.		946		1,175,358
Salesforce.com, Inc.(a)		9,370		508,323
VeriSign, Inc.		10,300		556,715
Yahoo!, Inc.		12,720		455,503
				9,004,781
IT SERVICES (2.1%)
Accenture PLC, Class A		5,260		417,013
Alliance Data Systems Corp.(a)		2,428		636,840
Automatic Data Processing, Inc.		4,720		383,783
Cerner Corp.		6,740		372,048
Cognizant Technology Solutions Corp., Class A		13,040		639,612
Computer Sciences Corp.		8,390		523,452
Fidelity National Information Services, Inc.		6,516		367,503
Fiserv, Inc.		2,620		161,575
Paychex, Inc.		3,920		160,759
Western Union Co.		5,640		98,531
Xerox Corp.		57,735		765,566
				4,526,682
LEISURE PRODUCTS (0.1%)
Hasbro, Inc.		950		47,462
Mattel, Inc.		2,920		103,441
				150,903
MACHINERY (1.8%)
Caterpillar, Inc.		5,300		533,975
Cummins, Inc.		1,590		221,630
Danaher Corp.		6,080		449,191
Deere & Co.		5,472		465,722
Dover Corp.		1,570		134,643
Flowserve Corp.		3,990		295,420
Illinois Tool Works, Inc.		3,860		317,948

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Ingersoll-Rand PLC		2,340	$	137,569
Joy Global, Inc.		4,620		273,781
PACCAR, Inc.		9,005		560,741
Pall Corp.		1,370		106,134
Parker Hannifin Corp.		1,495		171,850
Stanley Black & Decker, Inc.		3,252		284,387
Xylem, Inc.		1,490		52,582
				4,005,573
MARINE (0.2%)
Carnival Corp.		10,490		379,948
MEDIA (2.5%)
Cablevision Systems Corp., Class A		2,840		54,585
CBS Corp., Class B		8,910		506,355
DIRECTV(a)		9,920		853,616
Discovery Communications, Inc., Class A(a)		5,840		497,626
Gannett Co., Inc.		3,030		99,142
Interpublic Group of Cos., Inc.		19,040		375,278
McGraw Hill Cos., Inc.		2,470		198,143
News Corp., Class A(a)		40,350		712,178
Omnicom Group, Inc.		3,310		231,667
Scripps Networks Interactive, Class A		1,480		121,967
The Walt Disney Co.		13,830		1,187,721
Time Warner Cable, Inc.		4,050		587,655
				5,425,933
METALS & MINING (1.2%)
Alcoa, Inc.		86,340		1,415,113
Allegheny Technologies, Inc.		8,120		305,718
Freeport-McMoRan Copper & Gold, Inc., Class B		12,698		472,619
Newmont Mining Corp.		3,680		91,669
Nucor Corp.		5,220		262,148
				2,547,267
MULTILINE RETAIL (0.8%)
Dollar General Corp.		2,520		139,180
Family Dollar Stores, Inc.		870		65,032
Kohl's Corp.		8,310		444,917
Macy's, Inc.		6,402		369,972
Nordstrom, Inc.		1,490		103,153
Target Corp.		10,900		649,531
				1,771,785
MULTI-UTILITIES (2.1%)
Ameren Corp.		3,690		141,880
CenterPoint Energy, Inc.		5,930		144,218
CMS Energy Corp.		8,000		231,440
Consolidated Edison, Inc.		8,450		473,960
Dominion Resources, Inc.		5,554		375,672
DTE Energy Co.		5,750		424,465
Integrys Energy Group, Inc.		8,128		532,872
NiSource, Inc.		3,670		138,286
PG&E Corp.		10,710		478,416
Public Service Enterprise Group, Inc.		10,916		383,916
SCANA Corp.		6,620		336,826
Sempra Energy		2,790		278,191
TECO Energy, Inc.		9,870		172,330
Wisconsin Energy Corp.		2,190		95,440
Xcel Energy, Inc.		12,570		387,156
				4,595,068
OIL, GAS & CONSUMABLE FUELS (8.5%)
Anadarko Petroleum Corp.		4,060		433,811
Apache Corp.		6,580		675,503
Cabot Oil & Gas Corp., Class A		15,810		520,939
Chesapeake Energy Corp.		3,840		101,261
Chevron Corp.		17,329		2,239,600
Cimarex Energy Co.		720		100,094
ConocoPhillips		12,439		1,026,217
CONSOL Energy, Inc.		1,690		65,606
Denbury Resources, Inc.		18,330		310,693
Devon Energy Corp.		3,090		233,295
EOG Resources, Inc.		9,174		1,004,003
EQT Corp.		3,230		303,039
Exxon Mobil Corp.		35,220		3,484,667
Hess Corp.		8,680		859,146
Kinder Morgan, Inc.		10,510		378,150
Marathon Oil Corp.		11,980		464,225
Marathon Petroleum Corp.		2,310		192,839
Murphy Oil Corp.		11,810		733,755
Newfield Exploration Co.		1,030		41,509
Noble Corp.		8,970		281,389
Noble Energy, Inc.		6,250		415,562
Occidental Petroleum Corp.		6,352		620,654
Peabody Energy Corp.		2,130		32,312
Phillips 66		12,589		1,021,094
Pioneer Natural Resources Co.		3,573		791,277
Range Resources Corp.		4,740		358,297
Southwestern Energy Co.		2,600		105,508
Tesoro Corp.		10,600		652,324
Valero Energy Corp.		19,110		970,788
Williams Cos., Inc.		5,870		332,418
				18,749,975
PAPER & FOREST PRODUCTS (0.3%)
International Paper Co.		8,100		384,750
MeadWestvaco Corp.		1,900		79,420
Weyerhaeuser Co.		4,821		150,994
				615,164
PERSONAL PRODUCTS (0.1%)
Avon Products, Inc.		4,100		54,120
The Estee Lauder Cos., Inc., Class A		2,790		204,953
				259,073
PHARMACEUTICALS (2.3%)
Abbott Laboratories		14,000		589,680
AbbVie, Inc.		13,890		727,003
Actavis, Inc. PLC(a)		6,204		1,329,269
Allergan, Inc.		5,444		902,942
Eli Lilly & Co.		9,900		604,494
Mylan Laboratories, Inc.		4,360		215,253
Perrigo Co. PLC		2,940		442,323
Zoetis, Inc.		6,100		200,751
				5,011,715
PROFESSIONAL SERVICES (0.1%)
Nielsen Holdings NV		3,120		143,863
REAL ESTATE INVESTMENT TRUST (1.6%)
American Tower Corp.		3,340		315,263
Apartment Investment & Management Co., Class A		1,349		46,109
AvalonBay Communities, Inc.		1,221		180,806
Boston Properties, Inc.		1,640		195,898
CBRE Group, Inc.(a)		2,140		65,998
Equity Residential		2,770		179,080
Essex Property Trust, Inc.		694		131,561
General Growth Properties, Inc.		3,090		72,213
HCP, Inc.		3,810		158,229
Health Care REIT, Inc.		2,730		173,710
Host Hotels & Resorts, Inc.		6,283		136,592
Kimco Realty Corp.		4,510		100,934
Macerich Co.		4,200		273,042
Navient Corp.		6,040		103,888
Plum Creek Timber Co., Inc.		1,370		56,677
Prologis, Inc.		3,852		157,200
Public Storage, Inc.		1,383		237,337

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Simon Property Group, Inc.		3,240	$	544,936
Ventas, Inc.		2,500		158,750
Vornado Realty Trust		1,895		200,908
				3,489,131
ROAD & RAIL (0.9%)
CSX Corp.		8,910		266,587
Kansas City Southern		940		102,516
Norfolk Southern Corp.		2,660		270,416
Ryder System, Inc.		5,920		509,890
Union Pacific Corp.		7,432		730,640
				1,880,049
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.6%)
Altera Corp.		2,230		72,966
Analog Devices, Inc.		2,640		131,023
Applied Materials, Inc.		10,320		216,307
Avago Technologies Ltd.		2,020		140,148
Broadcom Corp., Class A		4,300		164,518
Intel Corp.		38,490		1,304,426
KLA-Tencor Corp.		1,370		97,941
Lam Research Corp.		1,293		90,510
Linear Technology Corp.		1,760		77,678
Microchip Technology, Inc.		1,480		66,630
Micron Technology, Inc.		15,540		474,747
NVIDIA Corp.		4,905		85,837
Texas Instruments, Inc.		8,930		413,012
Xilinx, Inc.		2,060		84,728
				3,420,471
SOFTWARE (2.1%)
Adobe Systems, Inc.(a)		3,884		268,423
Autodesk, Inc.(a)		1,970		105,099
CA, Inc.		3,430		99,058
Citrix Systems, Inc.		1,370		92,790
Intuit, Inc.		2,480		203,286
Microsoft Corp.		57,980		2,502,417
Oracle Corp.		26,971		1,089,359
Red Hat, Inc.		1,580		91,830
Symantec Corp.		6,102		144,373
				4,596,635
SPECIALTY RETAIL (2.2%)
AutoNation, Inc.(a)		8,910		475,081
AutoZone, Inc.(a)		313		161,830
Bed Bath & Beyond, Inc.		4,060		256,957
Best Buy Co., Inc.		2,070		61,541
CarMax, Inc.		1,860		90,787
Dollar Tree, Inc.		5,180		282,155
GameStop Corp., Class A		892		37,437
Gap, Inc.		2,230		89,445
Home Depot, Inc.		11,110		898,243
L Brands, Inc.		2,160		125,215
Lowe's Cos., Inc.		7,950		380,408
O'Reilly Automotive, Inc.(a)		2,110		316,500
PetSmart, Inc.		920		62,689
Ross Stores, Inc.		1,790		115,276
Staples, Inc.		38,105		441,637
The Sherwin-Williams Co.		817		168,490
Tiffany & Co.		980		95,658
TJX Cos., Inc.		8,330		443,906
Tractor Supply Co.		6,130		381,102
Urban Outfitters, Inc.		830		29,656
				4,914,013
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.5%)
Apple Computer, Inc.		46,281		4,423,075
EMC Corp.		15,870		464,991
Hewlett-Packard Co.		33,350		1,187,594
International Business Machines Corp.		7,757		1,486,784
NetApp, Inc.		2,600		100,984
SanDisk Corp.		4,880		447,545
Seagate Technology PLC		14,320		839,152
Teradata Corp.(a)		1,280		53,965
Western Digital Corp.		7,780		776,677
				9,780,767
TEXTILES, APPAREL & LUXURY GOODS (1.5%)
Coach, Inc.		2,150		74,304
Fossil Group, Inc.(a)		3,910		383,180
Michael Kors Holdings Ltd.(a)		9,530		776,504
NIKE, Inc., Class B		9,390		724,251
PVH Corp.		780		85,940
Ralph Lauren Corp.		705		109,881
Under Armour, Inc., Class A		12,240		817,020
VF Corp.		6,465		396,111
				3,367,191
THRIFTS & MORTGAGE FINANCE (0.1%)
Hudson City Bancorp, Inc.		17,540		171,015
People's United Financial, Inc.		7,570		109,916
				280,931
TRADING COMPANIES & DISTRIBUTORS (0.1%)
Fastenal Co.		2,030		90,031
W.W. Grainger, Inc.		656		154,258
				244,289
WIRELESS TELECOMMUNICATION SERVICES (0.1%)
Crown Castle International Corp.		2,770		205,479
TOTAL COMMON STOCKS				218,171,003
MONEY MARKET FUND (1.6%)
Federated Government Obligations Fund, Institutional Shares, 0.01%(b)		3,606,111		3,606,111
TOTAL MONEY MARKET FUND				3,606,111
TOTAL INVESTMENTS (COST $160,302,108) 101.1%				221,777,114
LIABILITIES IN EXCESS OF OTHER ASSETS -1.1%				(2,571,993	)
NET ASSETS 100.0%			$	219,205,121

^(a) Represents non-income producing security.

^(b) Variable rate security. Rate shown represents the rate as of July 31, 2014.

ADR—American Depositary Receipt

PLC—Public Limited Company

REIT—Real Estate Investment Trust

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD INTERNATIONAL ENHANCED INDEX FUND 

	Shares		Value
COMMON STOCKS (99.1%)
AEROSPACE & DEFENSE (0.3%)
Embraer SA, Sponsored ADR		8,130	$	309,265
AIRLINES (0.2%)
Latam Airlines Group SA, Sponsored ADR(a)		7,890		92,471
Ryanair Holdings PLC, Sponsored ADR(a)		3,460		183,345
				275,816
AUTO COMPONENTS (0.4%)
Magna International, Inc., Class A		4,700		504,780
AUTOMOBILES (3.1%)
Honda Motor Co. Ltd., Sponsored ADR		28,720		1,001,754
Toyota Motor Corp., Sponsored ADR		22,760		2,685,452
				3,687,206
BANKS (20.3%)
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR		89,440		1,099,218
Banco Bradesco SA, Sponsored ADR		87,443		1,336,129
Banco de Chile, Sponsored ADR		1,956		146,446
Banco Santander Central Hispano SA, Sponsored ADR		184,434		1,838,807
Banco Santander Chile SA, Sponsored ADR		3,764		95,718
Bank of Ireland, Sponsored ADR(a)		9,820		139,739
Bank of Montreal		12,310		917,957
Bank of Nova Scotia		21,890		1,486,331
Barclays PLC, Sponsored ADR		57,274		869,419
Canadian Imperial Bank of Commerce		7,910		733,573
Credicorp Ltd.		1,365		201,911
HDFC Bank Ltd., Sponsored ADR		10,810		512,394
HSBC Holdings PLC, Sponsored ADR		60,669		3,239,118
ICICI Bank Ltd., Sponsored ADR		7,480		374,150
Itau Unibanco Banco Multiplo SA, Sponsored ADR		114,459		1,762,669
Lloyds Banking Group PLC, Sponsored ADR		192,075		964,216
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR		209,580		1,236,522
Mizuho Financial Group, Inc., Sponsored ADR		177,700		689,476
National Bank of Greece SA, Sponsored ADR		11,400		36,936
Royal Bank of Canada		25,190		1,859,274
Royal Bank of Scotland Group PLC, Sponsored ADR(a)		11,748		139,566
Shinhan Financial Group Co. Ltd., Sponsored ADR		20,060		991,566
The Toronto - Dominion Bank		33,280		1,738,880
Westpac Banking Corp., Sponsored ADR		49,195		1,568,828
				23,978,843
BEVERAGES (0.8%)
Fomento Economico, Sponsored ADR		9,790		919,183
CAPITAL MARKETS (2.2%)
Credit Suisse Group, Sponsored ADR		23,179		628,151
Deutsche Bank AG		20,040		684,566
Nomura Holdings, Inc., Sponsored ADR		57,010		359,163
UBS AG, Sponsored GRS		57,483		986,983
				2,658,863
CHEMICALS (1.4%)
Agrium, Inc.		3,600		327,888
Potash Corp. of Saskatchewan, Inc.		15,415		547,078
Sociedad Quimica y Minera de Chile SA, Sponsored ADR		2,100		58,233
Syngenta AG, Sponsored ADR		9,770		693,084
				1,626,283
COMMUNICATIONS EQUIPMENT (1.1%)
Alcatel-Lucent, Sponsored ADR		39,420		135,211
BlackBerry Ltd.(a)		7,030		65,590
Nokia Oyj, Sponsored ADR		54,130		429,251
Telefonektiebolaget LM Ericsson, Sponsored ADR		51,450		639,523
				1,269,575
CONSTRUCTION MATERIALS (0.9%)
Cemex SA de CV, Sponsored ADR		50,671		636,428
CRH PLC, Sponsored ADR		13,460		316,176
James Hardie Industries PLC, Sponsored ADR		1,830		114,942
				1,067,546
CONSUMER FINANCE (0.3%)
Orix Corp., Sponsored ADR		4,490		365,621
DISTRIBUTORS (0.6%)
CANON, Inc., Sponsored ADR		20,190		662,030
DIVERSIFIED CONSUMER SERVICES (1.7%)
Baidu, Inc., Sponsored ADR(a)		7,263		1,569,171
Reed Elsevier NV, Sponsored ADR		8,653		389,212
				1,958,383
DIVERSIFIED FINANCIAL SERVICES (2.2%)
Bancolombia SA, Sponsored ADR		5,440		339,510
ING Groep NV, Sponsored ADR		58,180		754,595
KB Financial Group, Inc., Sponsored ADR		16,250		635,700
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR		103,780		854,109
				2,583,914
DIVERSIFIED TELECOMMUNICATION SERVICES (4.8%)
BCE, Inc.		18,005		815,266
BT Group PLC, Sponsored ADR		13,730		899,589
China Unicom Ltd., Sponsored ADR		14,445		250,910
Nippon Telegraph & Telephone Corp., Sponsored ADR		25,060		833,496
Orange SA, Sponsored ADR		37,610		585,212
Portugal Telecom SGPS SA, Sponsored ADR		15,030		32,765
PT Telekomunikasi Indonesia, Sponsored ADR		7,080		317,963
Telecom Italia S.p.A., Sponsored ADR(a)		15,340		175,029
Telefonica Brasil SA, Sponsored ADR		10,391		209,379
Telefonica SA, Sponsored ADR		64,630		1,049,591
TELUS Corp.		13,680		477,432
				5,646,632
ELECTRIC UTILITIES (0.8%)
Companhia Energetica de Minas Gerais, Sponsored ADR		15,155		124,574
CPFL Energia SA, Sponsored ADR		5,410		94,837
Enersis SA, Sponsored ADR		21,710		366,031
Korea Electric Power Corp., Sponsored ADR		16,730		339,117
				924,559
ELECTRICAL EQUIPMENT (1.0%)
ABB Ltd., Sponsored ADR		36,970		850,310
NIDEC Corp., Sponsored ADR		18,690		306,516
				1,156,826
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.4%)
Kyocera Corp., Sponsored ADR		6,240		296,650
LG Display Co. Ltd., Sponsored ADR(a)		12,940		210,275
				506,925
ENERGY EQUIPMENT & SERVICES (0.2%)
Tenaris SA, Sponsored ADR		4,800		206,256
FOOD & STAPLES RETAILING (0.7%)
Cencosud SA, Sponsored ADR		10,150		94,090
Companhia Brasileira de Distribuicao Grupo, Sponsored ADR		4,980		240,136
Delhaize Group, Sponsored ADR		10,030		162,787
Tim Hortons, Inc.		6,570		367,066
				864,079

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD INTERNATIONAL ENHANCED INDEX FUND 

	Shares		Value
FOOD PRODUCTS (2.7%)
BRF-Brasil Foods SA, Sponsored ADR		30,200	$	739,900
Unilever NV, Sponsored NY Shares		35,090		1,443,252
Unilever PLC, Sponsored ADR		23,384		1,010,890
				3,194,042
HEALTH CARE EQUIPMENT & SUPPLIES (0.6%)
Qiagen NV(a)		12,290		300,245
Smith & Nephew PLC, Sponsored ADR		5,320		457,892
				758,137
HEALTH CARE PROVIDERS & SERVICES (1.3%)
Catamaran Corp.		4,340		197,427
Fresenius Medical Care AG & Co., Sponsored ADR		12,500		432,625
Shire PLC, Sponsored ADR		3,837		945,820
				1,575,872
HOTELS, RESTAURANTS & LEISURE (0.4%)
Ctrip.com International Ltd., Sponsored ADR(a)		3,630		232,429
InterContinental Hotels Group PLC, Sponsored ADR		6,514		263,100
				495,529
HOUSEHOLD DURABLES (0.4%)
Koninklijke Royal Philips Electronics NV, Sponsored NY Shares		17,294		532,655
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.1%)
Empresa Nacional de Electricidad SA, Sponsored ADR		3,920		174,322
INSURANCE (3.4%)
Aegon NV, Sponsored NY Shares		30,814		250,210
Aviva PLC, Sponsored ADR		24,730		418,926
China Life Insurance Co. Ltd., Sponsored ADR		21,300		944,868
Manulife Financial Corp.		37,990		775,376
Prudential PLC, Sponsored ADR		22,140		1,017,997
Sun Life Financial, Inc.		14,680		559,748
				3,967,125
INTERNET SOFTWARE & SERVICES (0.2%)
Qihoo 360 Technology Co. Ltd., Sponsored ADR(a)		2,200		200,530
IT SERVICES (0.4%)
CGI Group, Inc., Class A(a)		5,620		201,646
Wipro Ltd., Sponsored ADR		20,800		240,240
				441,886
MACHINERY (0.2%)
Tata Motors Ltd., Sponsored ADR		5,070		199,352
MARINE (0.2%)
Carnival PLC, Sponsored ADR		5,260		190,044
MEDIA (2.4%)
Grupo Televisa SA, Sponsored ADR		17,930		638,129
Pearson PLC, Sponsored ADR		18,960		364,222
Reed Elsevier PLC, Sponsored ADR		6,717		433,179
Shaw Communications, Inc., Class B		15,520		380,395
Thomson Reuters Corp.		12,478		471,793
WPP PLC, Sponsored ADR		4,990		496,455
				2,784,173
METALS & MINING (7.5%)
Agnico-Eagle Mines Ltd.		3,030		112,686
AngloGold Ashanti Ltd., Sponsored ADR(a)		9,500		163,305
ArcelorMittal, Sponsored NY Shares		13,740		208,985
Barrick Gold Corp.		16,260		293,981
BHP Billiton Ltd., Sponsored ADR		24,880		1,768,719
BHP Billiton PLC, Sponsored ADR		16,690		1,137,590
Cameco Corp.		6,900		139,104
Cia Vale Do Rio, Sponsored ADR		79,040		1,011,712
Companhia Siderurgica Nacional SA, Sponsored ADR		7,390		36,728
Compania de Minas Buenaventura SA,  Sponsored ADR		2,000		23,420
Eldorado Gold Corp.		8,430		62,551
Gerdau SA, Sponsored ADR		14,440		84,907
Goldcorp, Inc.		12,077		330,910
Kinross Gold Corp.		15,430		61,566
POSCO, Sponsored ADR		12,820		1,036,241
Randgold Resources Ltd., Sponsored ADR		1,440		124,042
Rio Tinto PLC, Sponsored ADR		18,722		1,072,583
Sesa Sterlite, Ltd., Sponsored ADR		8,940		168,251
Silver Wheaton Corp.		5,030		131,333
Southern Copper Corp.		3,863		126,938
Teck Resources Ltd.		6,613		158,447
Vale SA, Sponsored ADR		35,900		515,165
Yamana Gold, Inc.		9,050		77,106
				8,846,270
MULTI-UTILITIES (1.2%)
National Grid PLC, Sponsored ADR		15,450		1,109,156
TransAlta Corp.		11,060		126,858
Veolia Environnement, Sponsored ADR		10,324		183,148
				1,419,162
OIL, GAS & CONSUMABLE FUELS (19.3%)
BP PLC, Sponsored ADR		48,741		2,386,847
Canadian Natural Resources Ltd.		18,830		820,988
Cenovus Energy, Inc.		15,090		463,263
China Petroleum & Chemical Corp., Sponsored ADR		10,856		1,059,980
CNOOC Ltd., Sponsored ADR		6,702		1,184,042
Ecopetrol SA, Sponsored ADR		11,140		375,864
Enbridge, Inc.		16,110		789,068
EnCana Corp.		14,230		306,656
Enerplus Corp.		5,140		117,809
ENI S.p.A., Sponsored ADR		21,610		1,097,788
Imperial Oil Ltd.		6,710		344,491
Pembina Pipeline Corp.		7,760		324,989
Penn West Petroleum Ltd.		7,490		57,898
PetroChina Co. Ltd., Sponsored ADR		8,995		1,160,985
Petroleo Brasileiro SA, Sponsored ADR		83,400		1,402,788
Petroleo Brasileiro SA, Class A, Sponsored ADR		37,170		592,490
Royal Dutch Shell PLC, Sponsored ADR		30,285		2,478,221
Royal Dutch Shell PLC, Class B, Sponsored ADR		18,480		1,591,867
Sasol Ltd., Sponsored ADR		15,770		912,294
Statoil ASA, Sponsored ADR		18,627		529,752
Suncor Energy, Inc.		24,458		1,004,490
Talisman Energy, Inc.		15,640		163,438
Total SA, Sponsored ADR		36,760		2,371,020
TransCanada Corp.		14,940		749,540
Ultrapar Participacoes SA, Sponsored ADR		18,690		427,814
YPF Sociedad Anonima, Sponsored ADR		4,970		175,839
				22,890,221
PHARMACEUTICALS (0.6%)
Valeant Pharmaceuticals International, Inc.(a)		5,920		694,949
REAL ESTATE MANAGEMENT AND DEVELOPMENT (0.6%)
Brookfield Asset Management, Inc., Class A		15,672		699,755
ROAD & RAIL (1.4%)
Canadian National Railway Co.		16,680		1,114,891
Canadian Pacific Railway Ltd.		3,090		586,946
				1,701,837
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.7%)
Advanced Semiconductor Engineering, Inc., Sponsored ADR(a)		37,930		227,201

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD INTERNATIONAL ENHANCED INDEX FUND 

	Shares		Value
ARM Holdings PLC, Sponsored ADR		7,550	$	322,838
ASML Holding NV, Sponsored NY Shares		7,337		690,852
STMicroelectronics NV, Sponsored NY Shares		12,950		106,708
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		154,558		3,091,160
				4,438,759
SOFTWARE (1.7%)
Infosys Technologies Ltd., Sponsored ADR		14,040		769,673
SAP AG, Sponsored ADR		16,390		1,286,451
				2,056,124
TEXTILES, APPAREL & LUXURY GOODS (0.4%)
Gildan Activewear, Inc.		3,550		207,888
Luxottica Group S.p.A., Sponsored ADR		4,910		269,559
				477,447
WIRELESS TELECOMMUNICATION SERVICES (7.0%)
America Movil SA, Sponsored ADR		74,860		1,764,450
China Mobile Ltd., Sponsored ADR		44,300		2,413,907
China Telecom Corp. Ltd., Sponsored ADR		4,680		260,770
Chunghwa Telecom Co. Ltd., Sponsored ADR		27,415		829,578
Mobile TeleSystems, Sponsored ADR		16,165		289,839
NTT DoCoMo, Inc., Sponsored ADR		26,850		470,681
Philippine Long Distance Telephone Co., Sponsored ADR		4,020		282,847
Rogers Communications, Inc., Class B		8,460		330,278
SK Telecom Co. Ltd., Sponsored ADR		11,030		312,259
Vodafone Group PLC, Sponsored ADR		40,729		1,353,017
				8,307,626
TOTAL COMMON STOCKS				117,218,402
MONEY MARKET FUND (0.7%)
Federated Government Obligations Fund, Institutional Shares, 0.01%(b)		853,932		853,932
TOTAL MONEY MARKET FUND				853,932
TOTAL INVESTMENTS (COST $111,794,988) 99.8%				118,072,334
OTHER ASSETS IN EXCESS OF LIABILITIES 0.2%				252,320
NET ASSETS 100.0%			$	118,324,654

^(a) Represents non-income producing security.

^(b) Variable rate security. Rate shown represents the rate as of July 31, 2014.

ADR—American Depositary Receipt

PLC—Public Limited Company

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD SELECT BOND FUND 

	Principal Amount		Value
CORPORATE BONDS (55.4%)
BANKS (7.8%)
BB&T Corp., 3.95%, 4/29/16	$	1,500,000	$	1,581,474
HSBC Bank USA NA, 4.88%, 8/24/20		2,000,000		2,222,898
JPMorgan Chase & Co., 4.95%, 3/25/20		2,000,000		2,225,380
KeyCorp, 5.10%, 3/24/21		2,000,000		2,250,182
Manufacturers & Traders Trust Co., 5.63%, 12/1/21, (Callable 12/1/16 @ 100)(a)		1,150,000		1,190,585
National City Corp., 4.90%, 1/15/15		1,000,000		1,019,589
Wachovia Corp., 5.75%, 6/15/17		1,000,000		1,123,839
				11,613,947
BEVERAGES (2.3%)
PepsiCo, Inc., 3.00%, 8/25/21		3,435,000		3,464,173
CAPITAL MARKETS (2.9%)
Bear Stearns Cos. LLC, 6.40%, 10/2/17		1,500,000		1,713,159
Goldman Sachs Group, Inc., 3.63%, 2/7/16		1,500,000		1,559,650
UBS AG Stamford Connecticut, 5.88%, 7/15/16		1,000,000		1,090,424
				4,363,233
CHEMICALS (4.6%)
Cabot Corp., 5.00%, 10/1/16		1,000,000		1,076,123
Dow Chemical Co., 4.25%, 11/15/20		3,000,000		3,251,145
E.I. du Pont de Nemour & Co., 3.63%, 1/15/21		1,000,000		1,060,384
Eastman Chemical Co., 5.50%, 11/15/19		1,200,000		1,361,884
				6,749,536
CONSUMER FINANCE (2.7%)
Caterpillar Financial Services Corp., 2.85%, 6/1/22		1,000,000		985,291
John Deere Capital Corp., 2.25%, 4/17/19		2,000,000		2,016,324
John Deere Capital Corp., 2.75%, 3/15/22		1,000,000		988,037
				3,989,652
CONSUMER STAPLES (0.7%)
Avon Products, Inc., 5.75%, 3/1/18		1,000,000		1,078,165
DIVERSIFIED CONSUMER SERVICES (0.3%)
Rensselaer Polytechnic Institute, 5.60%, 9/1/20		400,000		454,710
DIVERSIFIED FINANCIAL SERVICES (2.5%)
Charles Schwab Corp., 4.45%, 7/22/20		1,250,000		1,382,325
Citigroup, Inc., 4.88%, 5/7/15		500,000		515,692
Morgan Stanley, 5.75%, 1/25/21		1,500,000		1,731,849
				3,629,866
DIVERSIFIED TELECOMMUNICATION SERVICES (0.7%)
Verizon Communications, Inc., 4.60%, 4/1/21		1,000,000		1,094,203
ELECTRIC UTILITIES (2.7%)
Duke Energy Ohio, Inc., 5.45%, 4/1/19		1,154,000		1,315,960
Entergy Gulf States Louisiana LLC, 3.95%, 10/1/20		1,500,000		1,613,078
Southwestern Electric Power Co., 5.88%, 3/1/18		1,000,000		1,130,404
				4,059,442
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.4%)
Kansas City Power & Light Co., 7.15%, 4/1/19		775,000		942,743
Philips Electronics NV, 5.75%, 3/11/18		1,000,000		1,137,578
				2,080,321
FINANCIAL SERVICES (0.6%)
BlackRock, Inc., 6.25%, 9/15/17		733,000		838,814
FOOD & STAPLES RETAILING (0.8%)
Walgreen Co., 5.25%, 1/15/19		1,000,000		1,122,972

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD SELECT BOND FUND 

	Principal Amount		Value
FOOD PRODUCTS (4.1%)
Campbell Soup Co., 4.50%, 2/15/19	$	1,500,000	$	1,637,302
General Mills, Inc., 5.65%, 2/15/19		1,000,000		1,148,990
Kellogg Co., 4.45%, 5/30/16		1,500,000		1,593,948
The Hershey Co., 4.13%, 12/1/20		1,500,000		1,628,822
				6,009,062
HEALTH CARE EQUIPMENT & SUPPLIES (0.7%)
Medtronic, Inc., 4.45%, 3/15/20		1,000,000		1,100,839
HOTELS, RESTAURANTS & LEISURE (0.7%)
McDonald's Corp., 2.63%, 1/15/22		1,000,000		991,893
HOUSEHOLD DURABLES (0.7%)
Newell Rubbermaid, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100)		1,000,000		1,039,528
INDUSTRIAL CONGLOMERATES (0.6%)
Tyco Electronics Group SA, 4.88%, 1/15/21		750,000		826,935
INSURANCE (2.6%)
Allstate Corp., 5.00%, 8/15/14		500,000		500,912
GE Global Insurance Holding Corp., 6.45%, 3/1/19		1,000,000		1,152,048
Prudential Financial, Inc., 5.87%, 9/15/42 (a)		2,000,000		2,165,000
				3,817,960
METALS & MINING (1.5%)
Alcoa, Inc., 5.87%, 2/23/22		2,000,000		2,172,894
MORTGAGE BACKED SECURITIES - FINANCIAL SERVICES (0.7%)
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35 (a)		1,000,000		1,029,976
MORTGAGE BACKED SECURITIES - RELIGIOUS ORGANIZATIONS (0.5%)(b)(c)
Abyssinia Missionary Baptist Church Ministries, Inc., 7.30%, 9/15/14 (d)(e)		73,000		38,884
Abyssinia Missionary Baptist Church Ministries, Inc., 7.40%, 3/15/15, (Callable 12/15/14 @ 100)(d)(e)		106,000		56,938
Abyssinia Missionary Baptist Church Ministries, Inc., , 7.50%, 3/15/16, (Callable 12/15/14 @ 100)(d)(e)		90,000		48,550
Abyssinia Missionary Baptist Church Ministries, Inc., 7.50%, 9/15/16, (Callable 12/15/14 @ 100)(d)(e)		63,000		33,881
Abyssinia Missionary Baptist Church Ministries, Inc., 7.50%, 9/15/15, (Callable 12/15/14 @ 100)(d)(e)		63,000		33,985
Bethel Baptist Institutional Church, Inc., 7.60%, 1/21/15, (Callable 10/21/14 @ 100)(d)(e)		152,000		66,904
Bethel Baptist Institutional Church, Inc., 7.70%, 7/21/15, (Callable 10/21/14 @ 100)(d)(e)		101,000		44,456
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/16, (Callable 10/21/14 @ 100)(d)(e)		203,000		89,352
Bethel Baptist Institutional Church, Inc., 7.80%, 1/21/17, (Callable 10/21/14 @ 100)(d)(e)		212,000		93,313
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/17, (Callable 10/21/14 @ 100)(d)(e)		46,000		20,247
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/20, (Callable 10/21/14 @ 100)(d)(e)		86,000		37,854
Metropolitan Baptist Church, 7.90%, 7/12/13 (d)(e)		29,000		9,115
Metropolitan Baptist Church, 8.00%, 1/12/14 (d)(e)		71,000		22,212
Metropolitan Baptist Church, 8.10%, 7/12/14 (d)(e)		74,000		23,144
Metropolitan Baptist Church, 8.40%, 1/12/17, (Callable 10/12/14 @ 100)(d)(e)		90,000		28,570
Metropolitan Baptist Church, 8.40%, 7/12/18, (Callable 10/12/14 @ 100)(d)(e)		23,000		7,301
Metropolitan Baptist Church, 8.40%, 7/12/20, (Callable 10/12/14 @ 100)(d)(e)		121,000		38,365
Metropolitan Baptist Church, 8.40%, 7/12/16, (Callable 10/12/14 @ 100)(d)(e)		87,000		27,617
New Life Anointed Ministries International, Inc., 7.40%, 12/21/17 (d)(e)		44,000		4
New Life Anointed Ministries International, Inc., 7.80%, 6/21/18, (Callable 9/21/14 @ 100)(d)(e)		147,000		15
New Life Anointed Ministries International, Inc., 7.80%, 12/21/17, (Callable 9/21/14 @ 100)(d)(e)		111,000		11
New Life Anointed Ministries International, Inc., 7.80%, 12/21/18 (d)(e)		152,000		15
New Life Anointed Ministries International, Inc., 7.80%, 6/21/19, (Callable 9/21/14 @ 100)(d)(e)		158,000		16
New Life Anointed Ministries International, Inc., 7.80%, 12/21/19, (Callable 9/21/14 @ 100)(d)(e)		165,000		17
				720,766
MULTILINE RETAIL (1.7%)
Target Corp., 2.90%, 1/15/22		2,500,000		2,492,333
OIL & GAS - INTEGRATED (1.7%)
ConocoPhillips, 4.60%, 1/15/15		500,000		509,269
Nabors Industries, Inc., 6.15%, 2/15/18		1,250,000		1,418,455

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD SELECT BOND FUND 

	Principal Amount		Value
Phillips Petroleum Co., 6.65%, 7/15/18	$	500,000	$	591,338
				2,519,062
OIL, GAS & CONSUMABLE FUELS (2.2%)
Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100)		724,000		740,073
Gulf South Pipeline Co. LP, 4.00%, 6/15/22, (Callable 3/17/22 @ 100)		1,500,000		1,505,274
Occidental Petroleum Corp., 3.13%, 2/15/22, (Callable 11/15/21 @ 100)		1,000,000		1,006,765
				3,252,112
PHARMACEUTICALS (2.1%)
Sanofi, 4.00%, 3/29/21		1,000,000		1,083,309
Teva Pharmaceutical Finance, 3.65%, 11/10/21		2,000,000		2,045,978
				3,129,287
ROAD & RAIL (1.3%)
Union Pacific Corp., 2.95%, 1/15/23, (Callable 10/15/22 @ 100)		2,000,000		1,991,676
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.1%)
Applied Materials, Inc., 2.65%, 6/15/16		1,000,000		1,032,630
Applied Materials, Inc., 7.13%, 10/15/17		500,000		580,364
Texas Instruments, Inc., 2.38%, 5/16/16		1,500,000		1,546,045
				3,159,039
SOFTWARE (1.1%)
Oracle Corp., 5.00%, 7/8/19		1,500,000		1,691,518
SPECIALTY RETAIL (0.7%)
Lowe's Cos., Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100)		1,000,000		1,064,308
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.4%)
Cisco Systems, Inc., 4.45%, 1/15/20		500,000		550,765
TOTAL CORPORATE BONDS				82,098,987
MUNICIPAL BONDS (0.7%)
Houston Texas State Hotel Occupancy Tax & Special Revenue, Convention and Entertainment Facilities, 5.00%, 9/1/30, (Callable 8/26/14 @ 100)		650,000		651,840
North Carolina State Turnpike Authority Triangle Expressway Systems Revenue, 5.13%, 1/1/20		450,000		509,954
TOTAL MUNICIPAL BONDS				1,161,794
U.S. GOVERNMENT AGENCIES (5.7%)
Federal Farm Credit Bank
2.94%, 10/1/20		2,000,000		2,006,194
Federal Home Loan Bank
1.25%, 6/8/18		2,000,000		1,982,330
3.50%, 7/29/21		2,000,000		2,152,342
4.75%, 6/8/18		2,000,000		2,244,100
				6,378,772
TOTAL U.S. GOVERNMENT AGENCIES				8,384,966
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (13.8%)
Federal Home Loan Mortgage Corp.
2.00%, 8/25/16		2,500,000		2,569,703
2.41%, 10/1/37(a)		137,855		147,650
3.75%, 3/27/19		500,000		544,736
4.00%, 12/15/25		2,500,000		2,601,440
5.00%, 7/15/19		166,258		174,674
5.00%, 11/1/37		97,337		106,036
5.71%, 5/1/36(a)		138,293		148,354
6.00%, 3/1/38		123,921		138,853
				6,431,446
Federal National Mortgage Assoc.
0.38%, 7/5/16		2,000,000		1,993,310
0.58%, 11/25/36(a)		225,233		225,828

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD SELECT BOND FUND 

	Shares or Principal Amount		Value
1.63%, 10/26/15	$	2,000,000	$	2,033,754
2.38%, 4/11/16		3,000,000		3,096,666
2.44%, 5/1/36(a)		265,202		282,168
5.00%, 1/1/35		55,917		61,015
5.37%, 7/1/36(a)		55,343		55,598
5.50%, 8/1/36		101,691		113,046
5.50%, 9/1/36		49,741		54,581
5.70%, 10/1/36(a)		156,934		168,185
6.00%, 6/1/36		523,813		583,864
6.00%, 9/1/36		173,512		191,528
6.00%, 5/1/37		95,443		105,273
				8,964,816
Government National Mortgage Assoc.
4.25%, 10/20/38		870,428		918,557
4.50%, 1/20/39(a)		86,923		90,070
4.50%, 8/20/38		413,640		438,628
4.50%, 5/20/39		1,608,154		1,703,749
4.50%, 6/15/40		865,551		941,521
5.00%, 5/20/40		460,904		494,914
5.50%, 12/20/38		55,816		59,462
6.00%, 6/15/37		98,142		110,271
6.00%, 10/15/37		117,745		132,367
6.50%, 10/20/38		59,166		62,791
				4,952,330
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS				20,348,592
U.S. TREASURY OBLIGATIONS (21.2%)
U.S. Treasury Notes
1.38%, 2/28/19		3,000,000		2,958,984
1.50%, 12/31/18		2,500,000		2,485,155
1.63%, 11/15/22		4,150,000		3,905,216
2.00%, 4/30/16		3,000,000		3,081,798
2.00%, 11/30/20		2,500,000		2,482,813
2.00%, 11/15/21		5,000,000		4,907,810
2.00%, 2/15/22		7,000,000		6,851,796
2.13%, 5/31/15		1,500,000		1,524,903
3.13%, 5/15/19		3,000,000		3,194,298
TOTAL U.S. TREASURY OBLIGATIONS				31,392,773
MONEY MARKET FUND (3.9%)
Federated Government Obligations Fund, Institutional Shares, 0.01%(a)		5,794,601		5,794,601
TOTAL MONEY MARKET FUND				5,794,601
TOTAL INVESTMENTS (COST $148,393,782) 100.7%				149,181,713
LIABILITIES LESS OTHER ASSETS -0.7%				(1,034,210	)
NET ASSETS 100.0%			$	148,147,503

(a)	Variable rate security. Rate shown represents the rate as of July 31, 2014.
(b)	The Issuer has the right to redeem the Bonds, on any quarterly anniversary of the issue date, in whole or in part, without premium or penalty. The Issuer does not have the right to extend the terms of the offering. The Bonds are generally considered to be illiquid due to the limited, if any, secondary market for these bonds.
(c)	Security was valued in good faith under procedures established by the Board of Directors.
(d)	In default. Security is considered non-income producing, as no interest was paid on the last interest payment date, prior to July 31, 2014.
(e)	The trustee of the issuer has initiated foreclosure proceedings against the bond issuer and/or the bond issuer is in bankruptcy or forebearance.

LLC—Limited Liability Company

LP—Limited Partnership

See notes to Schedules of Portfolio Investments.

STEWARD FUNDS

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

STEWARD GLOBAL EQUITY INCOME FUND 

	Shares		Value
COMMON STOCKS (99.3%)
AEROSPACE & DEFENSE (3.1%)
Lockheed Martin Corp.		13,320	$	2,224,040
Raytheon Co.		28,870		2,620,530
				4,844,570
BANKS (10.9%)
Bank of Montreal		54,800		4,086,436
Bank of Nova Scotia		54,970		3,732,463
Cullen/Frost Bankers, Inc.		24,150		1,882,975
HSBC Holdings PLC, Sponsored ADR		34,746		1,855,089
Tompkins Financial Corp.		40,750		1,812,560
Westpac Banking Corp., Sponsored ADR		115,520		3,683,933
				17,053,456
BEVERAGES (2.2%)
Dr Pepper Snapple Group, Inc.		57,620		3,385,751
CHEMICALS (2.3%)
Agrium, Inc.		25,350		2,308,878
Syngenta AG, Sponsored ADR		18,390		1,304,587
				3,613,465
DISTRIBUTORS (3.0%)
Genuine Parts Co.		57,240		4,740,617
DIVERSIFIED TELECOMMUNICATION SERVICES (3.4%)
BCE, Inc.		61,910		2,803,285
Verizon Communications, Inc.		49,760		2,508,899
				5,312,184
ELECTRIC UTILITIES (1.6%)
Westar Energy, Inc.		68,690		2,475,588
ELECTRICAL EQUIPMENT (2.0%)
ABB Ltd., Sponsored ADR		138,800		3,192,400
ENERGY EQUIPMENT & SERVICES (2.8%)
Ensco PLC, Class A, Sponsored ADR		45,450		2,302,043
Tenaris SA, Sponsored ADR		48,290		2,075,021
				4,377,064
FOOD & STAPLES RETAILING (1.5%)
SYSCO Corp.		67,180		2,397,654
FOOD PRODUCTS (4.0%)
ConAgra Foods, Inc.		49,240		1,483,601
General Mills, Inc.		50,550		2,535,083
Unilever NV, Sponsored NY Shares		53,860		2,215,262
				6,233,946
HEALTH CARE EQUIPMENT & SUPPLIES (7.9%)
Baxter International, Inc.		21,940		1,638,698
Covidien PLC		32,410		2,803,789
Medtronic, Inc.		58,080		3,585,859
Smith & Nephew PLC, Sponsored ADR		27,570		2,372,950
St. Jude Medical, Inc.		29,940		1,951,789
				12,353,085
HEALTH CARE PROVIDERS & SERVICES (2.0%)
Quest Diagnostics, Inc.		50,660		3,095,326
HOTELS, RESTAURANTS & LEISURE (2.3%)
McDonald's Corp.		37,650		3,560,184
HOUSEHOLD PRODUCTS (2.2%)
Kimberly-Clark Corp.		17,860		1,855,118
Procter & Gamble Co.		21,010		1,624,493
				3,479,611
INDUSTRIAL CONGLOMERATES (2.0%)
Siemens AG, Sponsored ADR		25,320		3,127,400
IT SERVICES (4.3%)
Accenture PLC, Class A		40,160		3,183,885
Automatic Data Processing, Inc.		43,570		3,542,676
				6,726,561
LEISURE PRODUCTS (2.4%)
Mattel, Inc.		105,530		3,738,400
MACHINERY (2.4%)
Caterpillar, Inc.		37,990		3,827,493
MEDIA (3.6%)
Reed Elsevier PLC, Sponsored ADR		50,460		3,254,165
Shaw Communications, Inc., Class B		98,250		2,408,108
				5,662,273
MULTI-UTILITIES (3.5%)
National Grid PLC, Sponsored ADR		44,430		3,189,630
SCANA Corp.		17,860		908,717
TECO Energy, Inc.		74,100		1,293,786
				5,392,133
OIL, GAS & CONSUMABLE FUELS (9.5%)
Chevron Corp.		21,300		2,752,812
China Petroleum & Chemical Corp., Sponsored ADR		38,105		3,720,572
ConocoPhillips		43,120		3,557,400
PetroChina Co. Ltd., Sponsored ADR		16,790		2,167,085
TransCanada Corp.		53,040		2,661,017
				14,858,886
REAL ESTATE INVESTMENT TRUST (5.1%)
EPR Properties		34,560		1,862,784
LTC Properties, Inc.		49,200		1,885,836
Public Storage, Inc.		17,175		2,947,402
Senior Housing Properties Trust		56,540		1,292,504
				7,988,526
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.9%)
Analog Devices, Inc.		42,960		2,132,105
Intel Corp.		105,100		3,561,839
KLA-Tencor Corp.		35,950		2,570,065
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		125,810		2,516,200
				10,780,209
SOFTWARE (5.2%)
CA, Inc.		75,410		2,177,841
Microsoft Corp.		81,960		3,537,393
SAP AG, Sponsored ADR		29,730		2,333,508
				8,048,742
THRIFTS & MORTGAGE FINANCE (2.0%)
Northwest Bancshares, Inc.		81,550		1,011,220
People's United Financial, Inc.		148,400		2,154,768
				3,165,988
WIRELESS TELECOMMUNICATION SERVICES (1.2%)
China Mobile Ltd., Sponsored ADR		33,830		1,843,397
TOTAL COMMON STOCKS				155,274,909
MONEY MARKET FUND (0.4%)
Federated Government Obligations Fund, Institutional Shares, 0.01%(a)		645,896		645,896
TOTAL MONEY MARKET FUND				645,896
TOTAL INVESTMENTS (COST $125,044,203) 99.7%				155,920,805
OTHER ASSETS IN EXCESS OF LIABILITIES 0.3%				371,001
NET ASSETS 100.0%			$	156,291,806

^(a) Variable rate security. Rate shown represents the rate as of July 31, 2014.

ADR—American Depositary Receipt

PLC—Public Limited Company

See notes to Schedules of Portfolio Investments.

At July 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	Securities		Appreciation		(Depreciation)			(Depreciation)
Steward Large Cap Enhanced Index Fund	$	160,779,315	$	63,002,404	$	(2,004,605	)	$	60,997,799
Steward International Enhanced Index Fund		113,941,280		17,008,083		(12,877,029	)		4,131,054
Steward Select Bond Fund		148,531,130		3,070,381		(3,049,798	)		650,583
Steward Global Equity Bond Fund		125,232,366		31,863,668		(1,175,229	)		30,668,439

Notes to Schedules of Portfolio Investments

Steward Funds, Inc.

July 31, 2014

(Unaudited)

Portfolio Valuation: Steward Funds, Inc. (individually a “Fund” and, collectively, the “Funds”) consists of four Funds – Steward Large Cap Enhanced Index Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund and Steward Global Equity Income Fund. Fund investments are recorded at fair value. In determining fair value, the Funds use 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.

The Steward Select Bond Fund’s investment in mortgage bonds of religious organizations (“church mortgage bonds”) are generally considered to be illiquid due to the limited, if any, secondary market for these bonds. In the absence of such secondary market, the Steward Select Bond Fund values investments in church mortgage bonds on the basis of readily available market quotations, if available. Lacking such quotations, the Fund values such bonds using a pricing service when such prices are believed to reflect fair value. Bonds with no readily available market quotations or pricing service valuations are fair valued using policies approved by and under the general oversight of the Board of Directors. In determining fair value, all relevant qualitative and quantitative factors available are considered. These factors are subject to change over time and are reviewed periodically. Capstone Asset Management Company’s (“CAMCO” or the “Adviser”) fair valuation process is reviewed and refined by the Adviser’s Internal Valuation Committee no less than monthly and is subject to quarterly review and approval from the Fund’s Board of Directors.

Fair value may be determined using a matrix formula (Market Approach) that derives a price based on relevant factors, including principal amount, interest rate, term, credit quality and spreads determined under a church bond benchmark yield curve. The Adviser constructs and maintains a benchmark yield curve based on new issue church bonds meeting the Fund’s investment requirements. The Adviser obtains credit research and analysis from various industry sources, including an underwriter of mortgage bonds. The Market Approach is sensitive to changes in the yield of new church bond issues and the discount rate applied to the matrix. A reduced yield causes the price to increase. An increased discount rate causes the price to decrease.

When the bond issue becomes delinquent on sinking fund payments or when significant principal or balloon payments are due within the next three years, it is the judgment of the Adviser that the credit quality of the issuer may be impacted. Pursuant to fair value procedures adopted by the Fund’s Board of Directors, the Adviser, under these circumstances, may determine an adjustment to the matrix price. The relevant inputs that the Adviser may consider in establishing the fair value include, but would not be limited to:

 - the general conditions in the church bond market and the overall financial market

 - the transaction price of any recent sales or purchases of the security

 - the transaction price, maturity and yield-to-maturity of any other fixed income security of the issuer

 - the estimated value of the underlying collateral

 - the issuer’s payment history, including the consideration of default on interest payments and/or delinquency of sinking fund payments; as well as conditions for accrual of interest and consideration of the collectability of accrued interest

In addition, the fair value procedures also have specific provisions for treatment of defaulted bonds. When it becomes more than a remote possibility that foreclosure proceedings are probable, the Adviser will take an Income Approach to the valuation of the securities. The relevant inputs that the Adviser may consider in using the Income Approach to determine a fair value include, but would not be limited to:

- any current independent appraisal values

- any current listing price

- index adjusted appraisal values based on published real estate sources

- estimated costs associated with the disposition of the property

- risk adjusted discount rate

- estimated time to sell in years

- probability of foreclosure

The Income Approach is sensitive to changes in appraisal value, costs associated with the disposition of property, discount rates, estimated time to sell and the probability of foreclosure. An increase in an appraisal value causes the fair value to increase, conversely a decrease in an appraisal value causes fair value to decrease. Such movements in the appraisal value would be deemed to have the most significant impact on fair value under the Income Approach. An increase in costs associated with disposition of property, discount rates, estimated time to sell and the probability of foreclosure cause the fair value to decrease. A decrease to the aforementioned types of changes cause the fair value to increase.

Because of the inherent uncertainty of valuations determined by utilizing the above procedures, the estimated fair values may differ significantly from the values that another party might estimate or that would have been used had a ready market for the investments existed. The differences could be material. The estimated fair values may also be influenced by various market trends and can fluctuate significantly. As a result, it is reasonably possible that management's estimate of fair value may have significant changes in the near term.

Accounting principles generally accepted in the United States of America ("GAAP") establishes 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 Funds. Unobservable inputs reflect the Funds’ assumptions about the 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, prepayment speeds and credit risks).

Level 3 – Significant unobservable inputs (including the Funds’ 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, and church mortgage bonds are generally categorized as Level 3. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy.

The following table presents information about the Funds’ assets measured at fair value as of July 31, 2014:

	Investments in Securities
Fund Name	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Steward Large Cap Enhanced Index Fund
Security Type
Common Stocks*	$	218,171,003	$	–	$	–	$	218,171,003
Money Market Fund		3,606,111		–		–		3,606,111
Total		221,777,114		–		–		221,777,114
Steward International Enhanced Index Fund
Security Type
Common Stocks*		117,218,402		–		–		117,218,402
Money Market Fund		853,932		–		–		853,932
Total		118,072,334		–		–		118,072,334
Steward Select Bond Fund
Security Type
Corporate Bonds*		–		81,378,221		720,766		82,098,987
Municipal Bonds		–		1,161,794		–		1,161,794
U.S. Government Agencies		–		8,384,966		–		8,384,966
U.S. Government Agency Mortgage-Backed Obligations		–		20,348,592		–		20,348,592
U.S. Treasury Obligations		31,392,773		–		–		31,392,773
Money Market Fund		5,794,601		–		–		5,794,601
Total		37,187,374		111,273,573		720,766		149,181,713
Steward Global Equity Income Fund
Security Type
Common Stocks*		155,274,909		–		–		155,274,909
Money Market Fund		645,896		–		–		645,896
Total		155,920,805		–		–		155,920,805

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Steward Select Bond Fund
Balance as of January 31, 2014	$	803,773
Accrued Accretion/(Amortization)		-
Change in Unrealized Appreciation/(Depreciation)*		(83,007	)
Realized Gain/(Loss)		-
Net (Maturities)		-
Transfers In/(Out) of Level 3		-
Balance as of July 31, 2014	$	720,766

* Change in unrealized appreciation/depreciation represents the amount for all Level 3 assets held as of July 31, 2014.

The Funds recognize transfers between fair value hierarchy levels at the reporting period end. There were no transfers between levels as of July 31, 2014 from those used on April 30, 2014.

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

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: STEWARD FUNDS, INC.
By (Signature and Title)	/s/ Edward L. Jaroski
	Edward L. Jaroski, President

Date: September 26, 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: September 26, 2014

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

Date: September 26, 2014