
		Semi-Annual Report
		Steward Large Cap Enhanced Index Fund
		Steward Small-Mid Cap Enhanced Index Fund
		Steward International Enhanced Index Fund
		Steward Select Bond Fund
		Steward Global Equity Income Fund
		October 31, 2012

Dear Shareholder:

We are pleased to present the Steward Funds Semi-Annual Report for the period ending October 31, 2012. The Semi-Annual Report includes commentary on the Funds’ screening process, as well as performance reviews and current strategy from the portfolio managers.

Steward Funds Offer Diversification to Your Portfolio

The asset allocation decision is one of the most important decisions an investor will make and the Steward Funds make it possible to achieve a diverse asset allocation for your investment portfolio. The Funds offer fixed income, large-cap equity, small/mid-cap equity, international equity and global equity income for your investing solutions.

What are the Steward Funds’ Faith-Based Screens?

Did you know faith-based screens are applied to all of the investments within the Steward Funds family? The Steward Funds seek to avoid investment in pornography and abortion, as well as companies that are substantial producers of alcohol, gambling and tobacco. The Funds’ screening resource firm, CFS Consulting Services, LLC, has extensive expertise in the faith-based investing business and brings a wealth of knowledge of screening for Christian-based investors.

The following details each of the Fund’s annual performance and strategies.

STEWARD LARGE CAP ENHANCED INDEX FUND

Fund Performance

For the six month period ending October 31, 2012, the Steward Large Cap Enhanced Index Fund returned 1.02% for the Individual class shares and 1.20% for the Institutional class shares. The return for the S&P 500 for the same period was 2.16%. The S&P Pure index component returns were: -2.04% for the S&P 500 Pure Growth and 5.05% for the S&P 500 Pure Value index.

Factors Affecting Performance

At October 31, 2012, the Fund’s multi-index structure was allocated to the S&P 500, S&P 500 Pure Growth and S&P 500 Pure Value at 60%, 20% and 20% respectively. The Fund has maintained this allocation for the entire six month period. The equity market was primarily driven by government intervention in the financial markets with the Federal Reserve implementing QE3 (Quantitative Easing 3). This program buys $40 billion worth of mortgage bonds per month with no set termination date. Across the pond, the European Central Bank has also introduced a new bond buying program that provides for unlimited purchases of one to three year sovereign debt in the secondary market. The announcement of these programs triggered a sharp rise in equity valuations during the month of September. Growth and value style momentum experienced some volatility as the equity market looked forward to U.S. election results in November.

The more style focused S&P 500 Pure Growth and S&P 500 Pure Value indices when combined have slightly underperformed their non-pure counterparts over the period contributing to the Fund’s lower relative return. The higher weighted style focused companies such as Monster Beverage Corp. (-31.31%) and Chipotle Mexican Grill, Inc. (-38.54%) were the most significant factors.

Performance of the Fund can also be affected by faith-based investment policies which avoid investments in pornography and abortion, as well as companies that are substantial producers of alcohol, tobacco products and gambling. For the six month period ending October 31, 2012, the faith-based investment policies had a net negative performance impact on the Fund. Companies such as Merck & Co., Inc. (abortion/life ethics) and Comcast Corp. (pornography) substantially outperformed the benchmark with returns of +18.66% and +24.86% respectively.

Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall Index is extremely difficult regardless of its weight within that Index.

Current Strategy

The Fund’s strategy is to provide effective diversified large cap equity exposure while adhering to faith-based investment policies. In addition, the Fund seeks to outperform its benchmark through selective allocation between growth and value style securities. This is accomplished by utilizing three subcomponents that represent an appropriate large cap pure growth, large cap pure value and large cap blend benchmark. The Fund will generally not attempt to allocate preferences in one industry over another or in one security over another versus its subcomponent benchmark allocations except to comply with its faith-based investment policies.

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

Fund Performance

For the six month period ending October 31, 2012, the Steward Small Mid-Cap Enhanced Index Fund returned -0.20% for the Individual class shares and -0.07% for the Institutional class shares. The return for the S&P 1000 for the same period was 0.16%. The S&P Pure index component returns were: -0.92% for the S&P 1000 Pure Growth and 0.75% for the S&P 1000 Pure Value index.

Factors Affecting Performance

At October 31, 2012, the Fund’s multi-index structure was allocated to the S&P 1000, S&P 1000 Pure Growth and S&P 1000 Pure Value at 60%, 20% and 20% respectively. The Fund has maintained this allocation for the entire six month period. The equity market was primarily driven by government intervention in the financial markets with the Federal Reserve implementing QE3. This program buys $40 billion worth of mortgage bonds per month with no set termination date. Across the pond, the European Central Bank has also introduced a new bond buying program that provides for unlimited purchases of one to three year sovereign debt in the secondary market. The announcement of these programs triggered a sharp rise in equity valuations during the month of September. Growth and value style momentum experienced some volatility as the equity market looked forward to U.S. election results in November.

The more style focused S&P 1000 Pure Growth and S&P 1000 Pure Value indices when combined, slightly underperformed their non-pure counterparts over the period contributing negatively to the Fund’s relative return. The higher weighted style focused companies such as VOXX International Corp. (-50.99%) and ITT Educational Services, Inc. (-67.45%) were the primary factors.

Performance of the Fund can also be affected by faith-based investment policies which avoid investments in pornography and abortion, as well as companies that are substantial producers of alcohol, tobacco products and gambling. For the six month period ending October 31, 2012, the faith-based investment policies had a positive performance impact on the Fund. Companies such as WMS Industries Inc. (gambling) and Take-Two Interactive Software, Inc. (pornography) underperformed the benchmark with returns of -32.97% and -20.95% respectively.

Compensating for a specific industry or company whose total return deviates dramatically from the overall Index is extremely difficult regardless of its weight within that Index.

Current Strategy

The Fund’s strategy is to provide effective diversified small-mid cap equity exposure while adhering to faith-based investment policies. In addition, the Fund seeks to outperform its benchmark through selective allocation between growth and value style securities. This is accomplished by utilizing three subcomponents that represent an appropriate small-mid cap pure growth, small-mid cap pure value and small-mid cap blend benchmark. The Fund will generally not attempt to allocate preferences in one industry over another or in one security over another versus its subcomponent benchmark allocations except to comply with its cultural values investment policies.

STEWARD INTERNATIONAL ENHANCED INDEX FUND

Fund Performance

For the six month period ending October 31, 2012, the Steward International Enhanced Index Fund returned -0.11% for the Individual class shares and 0.07% for the Institutional class shares. The return for the S&P ADR Index was 2.60%. To represent the emerging markets component, the BLDRS Emerging Markets 50 ADR Index Fund returned -4.07% for the same time period.

Factors Affecting Performance

At October 31, 2012, the Fund’s duel-index structure was allocated to the S&P ADR Index and BLDRS Emerging Markets 50 ADR Index Fund at 80% and 20% respectively representing a tilt towards emerging markets. This allocation was in effect for

the entire six month period. The continuing fiscal issues facing the Euro-zone countries which include the funding of the European Financial Stability Facility as well as the eventual recapitalization of the affected banks remain significant obstacles to economic growth. The European Central Bank introduced a new bond buying program in September that provides for unlimited purchases of one to three year sovereign debt in the secondary market. Equity markets responded sharply higher after the announcement as investors view this as a positive step. Slower current economic growth prospects facing the emerging market economies, particularly China, has impaired relative performance during the period.

Performance of the Fund can also be affected by the addition of faith-based investment policies which avoids investments in pornography and abortion, as well as companies that are substantial producers of alcohol, tobacco products and gambling. For the six month period ending October 31, 2012, the faith-based investment policies had a net negative performance impact on the Fund. Companies such as Sanofi (abortion/life ethics) and Novartis AG (abortion/life ethics) substantially outperformed the benchmark with returns of +20.19% and +9.59% respectively.

Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall Index is extremely difficult regardless of its weight within that Index.

Current Strategy

The Fund’s strategy is to provide effective diversified international equity exposure while adhering to faith-based investment policies. In addition, the Fund seeks to outperform its benchmark through selective allocation between the developed and emerging market equity classes. This is accomplished by utilizing two subcomponents that represent an appropriate developed market and emerging market benchmark. The Fund will generally not attempt to allocate preferences in one country over another or in one security over another versus its subcomponent benchmark allocations except to comply with its cultural values investment policies.

STEWARD SELECT BOND FUND

Market Overview

Uncertainty from Europe, Asia and the U.S. continue to worry businesses and investors and has helped keep interest rates at historically low levels. Economic growth in Asia has slowed from its torrid pace of a few years ago while Europe is experiencing negative GDP growth prompting riots in the streets. The uncertainty of the U.S. election is now gone, but the fiscal cliff looms with hard choices. With this backdrop, the Fed has announced yet another round of quantitative easing. “Operation Twist” is scheduled to expire at the end of this year, but many think it will be extended or the quantitative easing will be increased to offset its expiration. The Fed has indicated that they will keep interest rates low until at least 2015. Inflation remains benign at this time and with low global demand and high unemployment in the U.S., inflation is unlikely to increase in the near term.

What does all this mean? The economy in the U.S. will probably grow slowly for the next two years which should be positive for employment and housing. The fiscal cliff will be addressed but, because the choices are difficult, Congress will probably enact a partial solution to push it further into the future. Rates should remain low and the U.S. will remain a safe haven.

Fund Performance

For the six months ending October 31, 2012, the Steward Select Bond Fund returned 2.41% for the Institutional class shares and 2.22% for the Individual class chares. For comparison purposes, the Barclays Intermediate Aggregate Bond Index returned 1.92% for the same period.

The benchmark for the Steward Select Bond Fund has been changed from the Barclays Intermediate Aggregate Bond Index to the Barclays Government Credit Index. This change provides a wider range of maturities for the Fund. It also takes away the mortgage segment that was in the intermediate aggregate index but is not present in the government credit index. The longer maturities in the government credit index allow the Fund to generate a greater income return in the current low rate environment while maintaining high quality bonds in the portfolio.

Portfolio Positioning

We will continue to overweight corporates and underweight U.S. Treasuries in the Steward Select Bond Fund. This weighting has penalized total return versus the benchmark but the fund provides a higher current income than the benchmark. We are also duration neutral versus the benchmark due to our belief that rates will remain about the same for at least a year and probably longer. This duration will allow the fund to generate a better overall income return for the shareholder. We do believe that corporates will eventually outperform U.S. Treasuries with rates as low as they are. The uncertain environment and turmoil in

Europe continues to force a flight to quality that has benefitted U.S. Treasuries over any other fixed income sector even with the very low rates that U.S. Treasuries currently pay. The higher coupons of corporate bonds should overcome the fear in investors at some time in the near future.

Current Strategy

We intend to maintain our strategic direction which includes utilizing an over allocation to corporate bonds. Higher coupons and yields provide elevated long term returns compared to the Treasury market over the same period. In addition, the Fund intends to maintain duration equal to or longer than the benchmark. We believe it is unlikely that rates will decline to any degree in the near term. The spread between governments and corporates will continue to fluctuate, but the temporary advantage that governments have will slowly erode as the higher rates earned by the corporate bonds held in the Fund play a strong role in the overall value and performance.

STEWARD GLOBAL EQUITY INCOME FUND

Fund Performance

For the six month period ending October 31, 2012, the Steward Global Equity Income Fund returned -1.70% for the Individual class shares and -1.53% for the Institutional Class shares. The return for the benchmark S&P 500 for the same period was 2.16%. The return for the global market as represented by the S&P Global 1200 index was 2.23%. The dividend yield on the portfolio as of October 31, 2012 was 3.74%.

Factors Affecting Performance

For the six month period ending October 31, 2012 the equity markets experienced volatility ending with a moderate increase in valuations overall. Valuations were primarily driven by government intervention in the financial markets with the Federal Reserve implementing QE3. This program buys $40 billion worth of mortgage bonds per month with no set termination date. Across the pond, the European Central Bank has introduced a new bond buying program that provides for unlimited purchases of one to three year sovereign debt in the secondary market. The announcement of these programs triggered a rise in equity valuations offsetting losses from earlier in the period.

The Fund’s dividend strategy experienced some relative weakness during this period as the U.S. approaches its fiscal cliff with uncertainty regarding tax rates of dividend income. Positive areas included the Fund’s largest holding Mattel, Inc. (+11.52%) which reported income up 22% in the third quarter topping Wall Street expectations. Siemens AG (+8.66%) shares rose on strong overall U.S. sales growth as manufacturing customers were increasingly making investments to support productivity and improve efficiency. Canadian telecom giant, BCE Inc. (+10.54%), saw its first quarter profit jump 14.1% which was driven by its wireless division and the increased use of smart phones.

Relative negative performance within the portfolio was reflected in holdings such as Brazilian steel producer, Companhia Siderurgica Nacional S.A. (-35.88%), whose profits missed first quarter analyst estimates on increased costs and a decrease in iron ore sales. Intel Corp. (-22.61%) announced that third quarter revenue is expected to be below the company’s previous outlook as a result of weaker than expected demand in a challenging environment.

Performance of the Fund can also be affected by the addition of faith-based investment policies which avoids investments in pornography and abortion, as well as companies that are substantial producers of alcohol, tobacco products and gambling. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall Index is extremely difficult regardless of its weight within that Index.

Current Strategy

The Fund’s strategy pursues its objective through the investment of dividend paying stocks that have demonstrated above median yield and a favorable trend in dividend and earnings growth. In addition to domestic stocks, this strategy includes the ability to invest in international securities traded on U.S. market exchanges. As the international market’s share of the world’s total market capitalization continues to grow, the ability to access these markets becomes increasingly important.

The benefits of dividend paying stocks include lower volatility versus non dividend payers and the overall market. Dividends are an important indicator of corporate strength therefore companies are reluctant to change policy which could signal corporate distress and encourages disciplined management. Unlike earnings, which can be affected by various accounting methods; dividends are transparent and cannot be manipulated. In addition, dividends have historically provided a major component of the stock market’s total return. The strategy provides income with capital appreciation while lowering overall risk. This is accomplished while adhering to the Fund’s faith-based investment policies.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND

The table below sets forth the diversification of the Steward Large Cap Enhanced Index Fund investments by Industry.


Industry Diversification	Percent*
Oil, Gas & Consumable Fuels		8.1	%
Insurance		6.8
Computers & Peripherals		5.4
Diversified Financial Services		3.9
Specialty Retail		3.6
Health Care Providers & Services		3.5
Commercial Banks		3.0
Food Products		2.8
Software		2.8
Internet Software & Services		2.7
Health Care Equipment & Supplies		2.7
Capital Markets		2.6
Biotechnology		2.5
Media		2.5
Pharmaceuticals		2.5
Food & Staples Retailing		2.4
Chemicals		2.4
Commercial Services & Supplies		2.3
Aerospace & Defense		2.2
Beverages		2.2
Semiconductors & Semiconductor Equipment		2.2
Diversified Telecommunication Services		2.1
IT Services		1.9
Electric Utilities		1.9
Machinery		1.8
Household Products		1.8
Real Estate Investment Trust		1.6
Energy Equipment & Services		1.6
Hotels, Restaurants & Leisure		1.5
Multi-Utilities		1.5
Communications Equipment		1.5
Household Durables		1.0
Metals & Mining		1.0


Industry Diversification (continued)	Percent*
Consumer Finance		1.0	%
Textiles Apparel & Luxury Goods		0.9
Electronic Equipment & Instruments		0.9
Wireless Telecommunication Services		0.9
Multiline Retail		0.8
Road & Rail		0.7
Air Freight & Logistics		0.7
Industrial Conglomerates		0.5
Money Market Funds		0.5
Electrical Equipment		0.5
Paper & Forest Products		0.4
Automobiles		0.4
Independent Power Producers & Energy Traders		0.4
Thrifts & Mortgage Finance		0.4
Containers & Packaging		0.4
Auto Components		0.3
Gas Utilities		0.3
Internet & Catalog Retail		0.3
Airlines		0.2
Office Electronics		0.2
Personal Products		0.2
Trading Companies & Distributors		0.2
Diversified Consumer Services		0.1
Marine		0.1
Life Sciences Tools and Services		0.1
Construction & Engineering		0.1
Distributors		0.1
Leisure Equipment & Products		0.1
Building Products		0.0
Construction Materials		0.0
Total Investments		100.0	%

Percentages indicated are based on net assets as of October 31, 2012.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
COMMON STOCKS (99.5%)
AEROSPACE & DEFENSE (2.2%)
General Dynamics Corp.		3,350	$	228,068
Honeywell International, Inc.		6,970		426,843
L-3 Communications Holdings, Inc.		5,960		439,848
Lockheed Martin Corp.		5,090		476,780
Northrop Grumman Corp.		8,250		566,692
Precision Castparts Corp.		1,020		176,531
Raytheon Co.		3,610		204,182
Rockwell Collins, Inc.		1,360		72,869
The Boeing Co.		6,408		451,380
United Technologies Corp.		7,230		565,097
				3,608,290
AIR FREIGHT & LOGISTICS (0.7%)
C.H. Robinson Worldwide, Inc.		4,580		276,311
Expeditors International of Washington, Inc.		1,600		58,576
FedEx Corp.		2,010		184,900
United Parcel Service, Inc., Class B		9,110		667,308
				1,187,095
AIRLINES (0.2%)
Southwest Airlines Co.		40,010		352,888
AUTO COMPONENTS (0.3%)
BorgWarner, Inc.^(a)		630		41,467
Goodyear Tire & Rubber Co.^(a)		10,940		124,825
Johnson Controls, Inc.		10,370		267,028
				433,320
AUTOMOBILES (0.4%)
Ford Motor Co.		55,980		624,736
Harley-Davidson, Inc.		2,060		96,326
				721,062
BEVERAGES (2.2%)
Coca-Cola Co.		46,830		1,741,140
Coca-Cola Enterprises, Inc.		4,510		141,794
Dr Pepper Snapple Group, Inc.		2,900		124,265
Monster Beverage Corp.^(a)		6,710		299,736
PepsiCo, Inc.		19,331		1,338,478
				3,645,413
BIOTECHNOLOGY (2.5%)
Alexion Pharmaceuticals, Inc.^(a)		7,350		664,293
Amgen, Inc.		11,080		958,918
Biogen Idec, Inc.^(a)		5,300		732,566
Celgene Corp.^(a)		9,650		707,538
Gilead Sciences, Inc.^(a)		14,160		950,986
PerkinElmer, Inc.		6,970		215,582
				4,229,883


	Shares		Value
BUILDING PRODUCTS (0.0%)
Masco Corp.		3,810	$	57,493
CAPITAL MARKETS (2.6%)
Ameriprise Financial, Inc.		5,756		335,978
Bank of New York Mellon Corp.		23,431		578,980
BlackRock, Inc.		1,893		359,064
Charles Schwab Corp.		8,460		114,887
E*TRADE Financial Corp.^(a)		32,938		275,362
Federated Investors, Inc., Class B		1,180		27,423
Franklin Resources, Inc.		2,990		382,122
Goldman Sachs Group, Inc.		6,645		813,281
Legg Mason, Inc.		10,110		257,603
Morgan Stanley		42,180		733,088
Northern Trust Corp.		2,190		104,638
State Street Corp.		4,317		192,409
T. Rowe Price Group, Inc.		4,630		300,672
				4,475,507
CHEMICALS (2.4%)
Air Products & Chemicals, Inc.		1,660		128,700
Airgas, Inc.		750		66,728
CF Industries Holdings, Inc.		1,639		336,306
Dow Chemical Co.		14,810		433,932
E.I. du Pont de Nemours & Co.		8,910		396,673
Ecolab, Inc.		6,110		425,256
FMC Corp.		5,680		303,994
International Flavors & Fragrances, Inc.		4,880		315,346
Lyondellbasell Industries NV, Class A		2,520		134,543
Monsanto Co.		6,160		530,190
PPG Industries, Inc.		3,290		385,193
Praxair, Inc.		3,870		411,033
The Mosaic Co.		2,520		131,897
				3,999,791
COMMERCIAL BANKS (3.0%)
BB&T Corp.		11,990		347,111
Comerica, Inc.		7,650		228,047
Fifth Third Bancorp		20,900		303,677
First Horizon National Corp.		13,172		122,631
Huntington Bancshares, Inc.		25,160		160,772
KeyCorp		36,480		307,162
M&T Bank Corp.		720		74,952
PNC Financial Services Group, Inc.		7,534		438,403
Regions Financial Corp.		47,872		312,125
SunTrust Banks, Inc.		20,050		545,360
U.S. Bancorp		16,830		558,924
Wells Fargo & Co.		48,758		1,642,657
Zions Bancorp		1,310		28,126
				5,069,947

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
COMMERCIAL SERVICES & SUPPLIES (2.3%)
Avery Dennison Corp.		10,730	$	347,437
Cintas Corp.		1,360		56,862
Equifax, Inc.		1,670		83,567
Iron Mountain, Inc.		2,110		73,006
Leucadia National Corp.		10,080		228,816
Moody's Corp.		2,130		102,581
Pitney Bowes, Inc.		3,170		45,521
R.R. Donnelley & Sons Co.		26,550		266,031
Republic Services, Inc., Class A		3,796		107,617
Robert Half International, Inc.		1,250		33,613
SAIC, Inc.		23,940		263,101
Stericycle, Inc.^(a)		4,940		468,113
The Adt Corp.^(a)		2,335		96,926
The Dun & Bradstreet Corp.		2,820		228,533
Total System Services, Inc.		3,041		68,392
Visa, Inc., Class A		8,180		1,135,056
Waste Management, Inc.		5,980		195,785
				3,800,957
COMMUNICATIONS EQUIPMENT (1.5%)
Cisco Systems, Inc.		46,870		803,352
F5 Networks, Inc.^(a)		3,430		282,906
Harris Corp.		5,040		230,731
JDS Uniphase Corp.^(a)		2,130		20,640
Juniper Networks, Inc.^(a)		4,640		76,885
Motorola Solutions, Inc.		2,591		133,903
QUALCOMM, Inc.		17,900		1,048,492
				2,596,909
COMPUTERS & PERIPHERALS (5.4%)
Apple Computer, Inc.		8,458		5,033,357
Dell, Inc.		21,500		198,445
EMC Corp.^(a)		18,290		446,642
Hewlett-Packard Co.		26,310		364,394
International Business Machines Corp.		9,382		1,825,080
NetApp, Inc.^(a)		8,770		235,913
SanDisk Corp.^(a)		7,440		310,694
Seagate Technology PLC		2,760		75,403
Teradata Corp.^(a)		5,220		356,578
Western Digital Corp.		8,660		296,432
				9,142,938
CONSTRUCTION & ENGINEERING (0.1%)
Fluor Corp.		1,320		73,722
Quanta Services, Inc.^(a)		1,660		43,044
				116,766
CONSTRUCTION MATERIALS (0.0%)
Vulcan Materials Co.		903		41,511


	Shares		Value
CONSUMER FINANCE (1.0%)
American Express Co.		8,750	$	489,738
Capital One Financial Corp.		11,478		690,630
Discover Financial Services		5,180		212,380
SLM Corp.		13,470		236,803
				1,629,551
CONTAINERS & PACKAGING (0.4%)
Ball Corp.		1,870		80,092
Bemis Co., Inc.		4,720		155,996
Owens-Illinois, Inc.^(a)		10,200		198,798
Sealed Air Corp.		13,820		224,161
				659,047
DISTRIBUTORS (0.1%)
Genuine Parts Co.		1,420		88,864
DIVERSIFIED CONSUMER SERVICES (0.1%)
Apollo Group, Inc., Class A^(a)		8,230		165,258
H&R Block, Inc.		3,150		55,755
				221,013
DIVERSIFIED FINANCIAL SERVICES (3.9%)
Bank of America Corp.		148,109		1,380,376
Citigroup, Inc.		40,700		1,521,773
CME Group, Inc.		5,305		296,709
IntercontinentalExchange, Inc.^(a)		3,270		428,370
Invesco Ltd.		4,390		106,765
JP Morgan Chase & Co.		41,334		1,722,800
MasterCard, Inc., Class A		1,522		701,535
NYSE Euronext		6,530		161,683
The NASDAQ OMX Group, Inc.		6,920		164,765
				6,484,776
DIVERSIFIED TELECOMMUNICATION SERVICES (2.1%)
AT&T, Inc.		53,057		1,835,242
CenturyLink, Inc.		8,834		339,049
Frontier Communications Corp.		24,020		113,374
Verizon Communications, Inc.		26,190		1,169,122
Windstream Corp.		7,334		69,966
				3,526,753
ELECTRIC UTILITIES (1.9%)
American Electric Power Co., Inc.		5,770		256,419
Duke Energy Corp.		7,804		512,645
Edison International		8,110		380,683
Entergy Corp.		1,700		123,386
Exelon Corp.		8,919		319,122
FirstEnergy Corp.		4,839		221,239
NextEra Energy, Inc.		4,440		311,066
Northeast Utilities		2,840		111,612
Pepco Holdings, Inc.		15,060		299,242
Pinnacle West Capital Corp.		1,410		74,688

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
PPL Corp.		5,760	$	170,381
Southern Co.		8,170		382,683
				3,163,166
ELECTRICAL EQUIPMENT (0.5%)
Cooper Industries PLC		1,240		92,926
Emerson Electric Co.		6,250		302,687
Rockwell Automation, Inc.		2,950		209,627
Roper Industries, Inc.		2,090		228,165
				833,405
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.9%)
Agilent Technologies, Inc.		3,510		126,325
Amphenol Corp., Class A		5,300		318,689
Corning, Inc.		21,720		255,210
FLIR Systems, Inc.		1,590		30,894
Jabil Circuit, Inc.		19,950		345,932
Molex, Inc.		1,180		30,645
TE Connectivity Ltd.		3,540		113,917
Waters Corp.^(a)		3,380		276,518
				1,498,130
ENERGY EQUIPMENT & SERVICES (1.6%)
Baker Hughes, Inc.		3,459		145,174
Cameron International Corp.^(a)		5,130		259,783
Diamond Offshore Drilling, Inc.		4,160		288,038
First Solar, Inc.^(a)		9,730		236,536
FMC Technologies, Inc.^(a)		2,270		92,843
Halliburton Co.		8,000		258,320
Helmerich & Payne, Inc.		3,590		171,602
Nabors Industries Ltd.^(a)		7,950		107,246
National-Oilwell Varco, Inc.		3,326		245,126
Rowan Cos., Inc., Class A^(a)		1,340		42,491
Schlumberger Ltd.		12,379		860,713
				2,707,872
FOOD & STAPLES RETAILING (2.4%)
Costco Wholesale Corp.		3,870		380,924
CVS Corp.		17,005		789,032
Safeway, Inc.		24,140		393,723
SYSCO Corp.		11,440		355,441
The Kroger Co.		20,640		520,541
Walgreen Co.		13,710		483,003
Wal-Mart Stores, Inc.		14,380		1,078,788
Whole Foods Market, Inc.		1,410		133,569
				4,135,021
FOOD PRODUCTS (2.8%)
Archer-Daniels-Midland Co.		24,520		658,117
Campbell Soup Co.		3,660		129,088
ConAgra Foods, Inc.		6,650		185,136
Dean Foods Co.^(a)		42,560		716,710
General Mills, Inc.		7,800		312,624


	Shares		Value
H.J. Heinz Co.		4,690	$	269,722
Hormel Foods Corp.		3,240		95,677
J.M. Smucker Co.		1,120		95,917
Kellogg Co.		6,310		330,139
Kraft Foods, Inc., Class A^(a)		5,866		266,786
McCormick & Co., Inc.		2,410		148,504
Mead Johnson Nutrition Co., Class A		4,200		258,972
Mondelez International, Inc.		17,600		467,104
The Hershey Co.		5,440		374,544
Tyson Foods, Inc., Class A		27,470		461,771
				4,770,811
GAS UTILITIES (0.3%)
AGL Resources, Inc.		2,359		96,318
ONEOK, Inc.		2,040		96,492
QEP Resources, Inc.		1,410		40,890
Spectra Energy Corp.		8,563		247,214
				480,914
HEALTH CARE EQUIPMENT & SUPPLIES (2.7%)
Baxter International, Inc.		9,610		601,874
Boston Scientific Corp.^(a)		24,987		128,433
C.R. Bard, Inc.		3,860		371,293
CareFusion Corp.^(a)		4,610		122,442
Covidien PLC		5,180		284,641
DENTSPLY International, Inc.		2,960		109,046
Edwards Lifesciences Corp.^(a)		4,720		409,838
Hospira, Inc.^(a)		2,090		64,142
Intuitive Surgical, Inc.^(a)		1,075		582,887
Medtronic, Inc.		11,310		470,270
St. Jude Medical, Inc.		8,350		319,471
Stryker Corp.		7,560		397,656
Varian Medical Systems, Inc.^(a)		5,090		339,808
Zimmer Holdings, Inc.		5,760		369,850
				4,571,651
HEALTH CARE PROVIDERS & SERVICES (3.5%)
Aetna, Inc.		4,540		198,398
AmerisourceBergen Corp.		12,650		498,916
Cardinal Health, Inc.		12,850		528,521
CIGNA Corp.		7,770		396,270
Coventry Health Care, Inc.		12,546		547,507
DaVita, Inc.^(a)		3,750		421,950
Express Scripts Holding Co.^(a)		14,171		872,084
Humana, Inc.		1,560		115,861
Laboratory Corp. of America Holdings^(a)		4,170		353,324
McKesson Corp.		6,100		569,191
Patterson Cos., Inc.		3,290		109,886
Quest Diagnostics, Inc.		5,450		314,574
UnitedHealth Group, Inc.		15,314		857,584
WellPoint, Inc.		3,110		190,581
				5,974,647

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
HOTELS, RESTAURANTS & LEISURE (1.5%)
Chipotle Mexican Grill, Inc.^(a)		1,196	$	304,418
Darden Restaurants, Inc.		1,530		80,509
Marriott International, Inc., Class A		3,144		114,693
McDonald's Corp.		10,400		902,720
Starbucks Corp.		9,190		421,821
Starwood Hotels & Resorts Worldwide, Inc.		1,760		91,256
TripAdvisor, Inc.^(a)		1,045		31,653
Wyndham Worldwide Corp.		1,740		87,696
YUM! Brands, Inc.		7,430		520,917
				2,555,683
HOUSEHOLD DURABLES (1.0%)
D. R. Horton, Inc.		2,616		54,831
Harman International Industries, Inc.		524		21,971
Jacobs Engineering Group, Inc.^(a)		5,110		197,195
Leggett & Platt, Inc.		1,820		48,285
Lennar Corp., Class A		1,240		46,463
Newell Rubbermaid, Inc.		3,770		77,813
Pulte Group, Inc.^(a)		3,115		54,014
Snap-on, Inc.		330		25,519
Whirlpool Corp.		12,123		1,184,175
				1,710,266
HOUSEHOLD PRODUCTS (1.8%)
Clorox Co.		1,640		118,572
Colgate-Palmolive Co.		6,320		663,347
Kimberly-Clark Corp.		6,900		575,805
Procter & Gamble Co.		23,931		1,656,983
				3,014,707
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.4%)
NRG Energy, Inc.		27,400		590,744
The AES Corp.		8,240		86,108
				676,852
INDUSTRIAL CONGLOMERATES (0.5%)
3M Co.		6,374		558,362
Textron, Inc.		7,470		188,319
Tyco International Ltd.		4,670		125,483
				872,164
INSURANCE (6.8%)
ACE Ltd.		5,670		445,946
AFLAC, Inc.		9,610		478,386
American International Group, Inc.^(a)		38,444		1,342,850
Aon PLC		2,990		161,311
Assurant, Inc.		9,440		356,926
Berkshire Hathaway, Inc., Class B^(a)		14,650		1,265,028
Chubb Corp.		3,000		230,940
Cincinnati Financial Corp.		7,642		304,457
Genworth Financial, Inc., Class A^(a)		88,190		525,612


	Shares		Value
Hartford Financial Services Group, Inc.		38,250	$	830,408
Lincoln National Corp.		26,676		661,298
Loews Corp.		9,460		399,969
Marsh & McLennan Cos., Inc.		5,410		184,102
MetLife, Inc.		24,560		871,634
Principal Financial Group, Inc.		13,530		372,616
Progressive Corp.		7,470		166,581
Prudential Financial, Inc.		11,705		667,770
The Allstate Corp.		19,530		780,809
The Travelers Cos., Inc.		3,940		279,504
Torchmark Corp.		4,475		226,390
Unum Group		18,630		377,816
XL Group PLC		19,510		482,677
				11,413,030
INTERNET & CATALOG RETAIL (0.3%)
Expedia, Inc.		925		54,714
Netflix, Inc.^(a)		5,368		424,555
				479,269
INTERNET SOFTWARE & SERVICES (2.7%)
Akamai Technologies, Inc.^(a)		6,400		243,136
Amazon.com, Inc.^(a)		4,576		1,065,384
Google, Inc., Class A^(a)		2,661		1,808,868
Priceline.com, Inc.^(a)		1,065		611,065
Salesforce.com, Inc.^(a)		3,590		524,068
VeriSign, Inc.^(a)		1,930		71,545
Yahoo!, Inc.^(a)		10,180		171,126
				4,495,192
IT SERVICES (1.9%)
Accenture PLC, Class A		5,510		371,429
Automatic Data Processing, Inc.		8,360		483,124
Cerner Corp.^(a)		4,270		325,331
Cognizant Technology Solutions Corp., Class A^(a)		7,470		497,876
Computer Sciences Corp.		30,480		928,116
Fidelity National Information Services, Inc.		2,836		93,219
Fiserv, Inc.^(a)		4,610		345,473
Paychex, Inc.		4,290		139,125
Western Union Co.		6,350		80,645
				3,264,338
LEISURE EQUIPMENT & PRODUCTS (0.1%)
Hasbro, Inc.		1,230		44,268
Mattel, Inc.		3,770		138,660
				182,928
LIFE SCIENCES TOOLS AND SERVICES (0.1%)
Thermo Fisher Scientific, Inc.		3,770		230,196
MACHINERY (1.8%)
Caterpillar, Inc.		5,010		424,898
Cummins, Inc.		1,020		95,452

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
Danaher Corp.		6,010	$	310,897
Deere & Co.		5,482		468,381
Dover Corp.		1,400		81,508
Eaton Corp.		2,910		137,410
Flowserve Corp.		210		28,453
Illinois Tool Works, Inc.		4,490		275,372
Ingersoll-Rand PLC		6,600		310,398
Joy Global, Inc.		1,920		119,904
PACCAR, Inc.		3,125		135,438
Pall Corp.		3,970		249,951
Parker Hannifin Corp.		945		74,334
Pentair, Ltd.		1,120		47,309
Stanley Black & Decker, Inc.		1,222		84,685
Xylem, Inc.		1,490		36,147
				2,880,537
MARINE (0.1%)
Carnival Corp.		5,240		198,491
MEDIA (2.5%)
Cablevision Systems Corp., Class A		4,780		83,268
CBS Corp., Class B		7,150		231,660
DIRECTV^(a)		13,040		666,474
Discovery Communications, Inc., Class A^(a)		10,280		606,726
Gannett Co., Inc.		24,860		420,134
Interpublic Group of Cos., Inc.		5,480		55,348
McGraw Hill Cos., Inc.		3,130		173,026
Omnicom Group, Inc.		3,120		149,479
Scripps Networks Interactive, Class A		7,490		454,793
The Walt Disney Co.		16,730		820,941
The Washington Post Co., Class B		658		219,450
Time Warner Cable, Inc.		3,310		328,054
				4,209,353
METALS & MINING (1.0%)
Alcoa, Inc.		40,860		350,170
Allegheny Technologies, Inc.		730		19,236
Cliffs Natural Resources, Inc.		4,520		163,940
Freeport-McMoRan Copper & Gold, Inc., Class B		8,168		317,572
Newmont Mining Corp.		10,330		563,501
Nucor Corp.		2,720		109,154
Titanium Metals Corp.		730		8,548
United States Steel Corp.		10,520		214,503
				1,746,624
MULTILINE RETAIL (0.8%)
Big Lots, Inc.^(a)		530		15,439
Family Dollar Stores, Inc.		5,450		359,482
J.C. Penney Co., Inc.		8,300		199,283
Kohl's Corp.		2,110		112,421
Macy's, Inc.		3,772		143,600
Nordstrom, Inc.		1,570		89,129


	Shares		Value
Target Corp.		6,050	$	385,687
				1,305,041
MULTI-UTILITIES (1.5%)
Ameren Corp.		3,850		126,588
CenterPoint Energy, Inc.		7,160		155,157
CMS Energy Corp.		5,180		125,978
Consolidated Edison, Inc.		3,410		205,896
Dominion Resources, Inc.		5,964		314,780
DTE Energy Co.		4,540		281,934
Integrys Energy Group, Inc.		3,898		210,648
NiSource, Inc.		5,230		133,208
PG&E Corp.		4,070		173,056
Public Service Enterprise Group, Inc.		5,236		167,761
SCANA Corp.		2,350		115,338
Sempra Energy		2,820		196,695
TECO Energy, Inc.		4,460		79,700
Wisconsin Energy Corp.		2,190		84,249
Xcel Energy, Inc.		6,470		182,778
				2,553,766
OFFICE ELECTRONICS (0.2%)
Xerox Corp.		45,105		290,476
OIL, GAS & CONSUMABLE FUELS (8.1%)
Anadarko Petroleum Corp.		3,890		267,671
Apache Corp.		2,600		215,150
Cabot Oil & Gas Corp., Class A		4,580		215,168
Chesapeake Energy Corp.		5,780		117,103
Chevron Corp.		15,759		1,736,799
ConocoPhillips		14,299		827,197
CONSOL Energy, Inc.		1,890		66,452
Denbury Resources, Inc.^(a)		3,380		51,815
Devon Energy Corp.		2,900		168,809
Energy Transfer Partners L.P.		1		26
Ensco PLC		1,750		101,185
EOG Resources, Inc.		3,890		453,146
EQT Corp.		1,220		73,969
Exxon Mobil Corp.		37,230		3,394,259
Hess Corp.		6,430		336,032
Kinder Morgan, Inc.		3,890		135,022
Marathon Oil Corp.		25,500		766,530
Marathon Petroleum Corp.		14,310		786,048
Murphy Oil Corp.		5,830		349,800
Newfield Exploration Co.^(a)		1,030		27,934
Noble Corp.		2,180		82,273
Noble Energy, Inc.		1,110		105,461
Occidental Petroleum Corp.		6,262		494,448
Peabody Energy Corp.		8,410		234,639
Phillips 66		8,229		388,080
Pioneer Natural Resources Co.		2,340		247,221
Range Resources Corp.		1,190		77,778

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
Southwestern Energy Co.^(a)		10,170	$	352,899
Tesoro Corp.		18,660		703,669
Valero Energy Corp.		30,950		900,645
Williams Cos., Inc.		5,500		192,445
WPX Energy, Inc.^(a)		1,833		31,051
				13,900,724
PAPER & FOREST PRODUCTS (0.4%)
International Paper Co.		9,700		347,552
MeadWestvaco Corp.		2,280		67,693
Weyerhaeuser Co.		10,731		297,141
				712,386
PERSONAL PRODUCTS (0.2%)
Avon Products, Inc.		5,290		81,942
The Estee Lauder Cos., Inc., Class A		4,640		285,917
				367,859
PHARMACEUTICALS (2.5%)
Abbott Laboratories		22,170		1,452,579
Allergan, Inc.		5,700		512,544
Eli Lilly & Co.		13,140		638,998
Forest Laboratories, Inc.^(a)		4,720		159,111
Mylan Laboratories, Inc.^(a)		22,630		573,444
Perrigo Co.		4,120		473,841
Watson Pharmaceuticals, Inc.^(a)		4,460		383,337
				4,193,854
REAL ESTATE INVESTMENT TRUST (1.6%)
American Tower Corp.		8,310		625,659
Apartment Investment & Management Co., Class A		1,349		36,005
AvalonBay Communities, Inc.		621		84,183
Boston Properties, Inc.		1,250		132,875
CBRE Group, Inc.^(a)		2,700		48,654
Equity Residential		2,740		157,303
HCP, Inc.		3,740		165,682
Health Care REIT, Inc.		1,990		118,266
Host Hotels & Resorts, Inc.		6,283		90,852
Kimco Realty Corp.		4,510		88,035
Plum Creek Timber Co., Inc.		1,510		66,289
Prologis, Inc.		3,572		122,484
Public Storage, Inc.		1,057		146,532
Simon Property Group, Inc.		2,645		402,595
Ventas, Inc.		5,180		327,739
Vornado Realty Trust		1,565		125,529
				2,738,682
ROAD & RAIL (0.7%)
CSX Corp.		9,770		199,992
Norfolk Southern Corp.		2,700		165,645
Ryder System, Inc.		2,580		116,410


	Shares		Value
Union Pacific Corp.		5,270	$	648,368
				1,130,415
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.2%)
Advanced Micro Devices, Inc.^(a)		6,980		14,309
Altera Corp.		10,550		321,564
Analog Devices, Inc.		2,830		110,681
Applied Materials, Inc.		12,470		132,182
Broadcom Corp., Class A		12,080		380,943
Intel Corp.		44,150		954,744
KLA-Tencor Corp.		6,620		307,962
Lam Research Corp.^(a)		7,543		267,022
Linear Technology Corp.		2,470		77,212
LSI Logic Corp.^(a)		6,630		45,416
Microchip Technology, Inc.		8,260		258,951
Micron Technology, Inc.^(a)		57,150		310,039
NVIDIA Corp.^(a)		4,905		58,713
Teradyne, Inc.^(a)		1,870		27,339
Texas Instruments, Inc.		10,230		287,361
Xilinx, Inc.		7,230		236,855
				3,791,293
SOFTWARE (2.8%)
Adobe Systems, Inc.^(a)		4,754		161,636
Autodesk, Inc.^(a)		2,180		69,411
BMC Software, Inc.^(a)		1,620		65,934
CA, Inc.		4,380		98,638
Citrix Systems, Inc.^(a)		4,380		270,728
Intuit, Inc.		6,930		411,781
Microsoft Corp.		64,140		1,830,235
Oracle Corp.		39,691		1,232,406
Red Hat, Inc.^(a)		8,190		402,702
Symantec Corp.^(a)		8,122		147,739
				4,691,210
SPECIALTY RETAIL (3.6%)
Abercrombie & Fitch Co., Class A		660		20,183
AutoNation, Inc.^(a)		3,630		161,172
AutoZone, Inc.^(a)		1,209		453,375
Bed Bath & Beyond, Inc.^(a)		5,430		313,202
Best Buy Co., Inc.		18,150		276,062
CarMax, Inc.^(a)		1,970		66,488
Dollar Tree, Inc.^(a)		10,480		417,838
GameStop Corp., Class A		17,602		401,854
Gap, Inc.		3,920		140,022
Home Depot, Inc.		13,400		822,491
Limited Brands		2,440		116,852
Lowe's Cos., Inc.		10,990		355,856
O'Reilly Automotive, Inc.^(a)		5,310		454,961
PETsMart, Inc.		3,830		254,274
Ross Stores, Inc.		9,160		558,302
Staples, Inc.		22,835		262,945

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD LARGE CAP ENHANCED INDEX FUND


	Shares		Value
The Sherwin-Williams Co.		2,530	$	360,727
Tiffany & Co.		3,060		193,453
TJX Cos., Inc.		15,280		636,106
Urban Outfitters, Inc.^(a)		1,070		38,263
				6,304,426
TEXTILES APPAREL & LUXURY GOODS (0.9%)
Coach, Inc.		7,510		420,936
Fossil, Inc.^(a)		3,090		269,139
NIKE, Inc., Class B		4,570		417,607
Ralph Lauren Corp.		1,600		245,904
VF Corp.		1,430		223,766
				1,577,352
THRIFTS & MORTGAGE FINANCE (0.4%)
Hudson City Bancorp, Inc.		72,010		611,005
People's United Financial, Inc.		6,930		83,368
				694,373
TRADING COMPANIES & DISTRIBUTORS (0.2%)
Fastenal Co.		2,480		110,856
W.W. Grainger, Inc.		1,433		288,621
				399,477


	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
Crown Castle International Corp.^(a)		8,750	$	584,063
MetroPCS Communications, Inc.^(a)		21,870		223,293
Sprint Corp.^(a)		126,662		701,707
				1,509,063
TOTAL COMMON STOCKS			$	168,315,418
MONEY MARKET FUND (0.5%)
Federated Government Obligations Fund, 0.04%^(b)		907,633		907,633
TOTAL MONEY MARKET FUND				907,633
TOTAL INVESTMENTS (COST $145,614,085) 100.0%				169,223,051
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0%				11,502
NET ASSETS 100.0%			$	169,234,553

^(a)

Represents non-income producing security.

^(b)

Variable rate security. Rate shown represents the rate as of October 31, 2012.

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

The table below sets forth the diversification of the Steward Small-Mid Cap Enhanced Index Fund investments by Industry.


Industry Diversification	Percent*
Real Estate Investment Trust		6.1	%
Specialty Retail		5.2
Insurance		5.1
Health Care Providers & Services		4.4
Machinery		3.7
Electronic Equipment & Instruments		3.5
Software		3.4
Commercial Banks		3.4
Semiconductors & Semiconductor Equipment		3.5
Commercial Services & Supplies		3.4
Health Care Equipment & Supplies		3.1
Textiles Apparel & Luxury Goods		2.8
Internet Software & Services		2.5
Chemicals		2.5
Oil, Gas & Consumable Fuels		2.4
Hotels, Restaurants & Leisure		2.2
IT Services		2.2
Household Durables		2.2
Food Products		2.1
Energy Equipment & Services		1.9
Aerospace & Defense		1.7
Biotechnology		1.7
Metals & Mining		1.6
Electrical Equipment		1.5
Road & Rail		1.5
Construction & Engineering		1.5
Diversified Financial Services		1.4
Capital Markets		1.4
Diversified Consumer Services		1.4
Pharmaceuticals		1.3
Gas Utilities		1.2
Communications Equipment		1.2
Electric Utilities		1.2
Money Market Funds		1.1
Thrifts & Mortgage Finance		1.0
Media		1.0


Industry Diversification (continued)	Percent*
Containers & Packaging		1.0	%
Multi-Utilities		0.9
Leisure Equipment & Products		0.9
Airlines		0.8
Household Products		0.7
Multiline Retail		0.7
Building Products		0.7
Paper & Forest Products		0.6
Food & Staples Retailing		0.6
Auto Components		0.6
Diversified Telecommunication Services		0.5
Computers & Peripherals		0.5
Trading Companies & Distributors		0.5
Life Sciences Tools and Services		0.4
Distributors		0.4
Health Care Technology		0.4
Marine		0.4
Industrial Conglomerates		0.4
Consumer Finance		0.4
Air Freight & Logistics		0.2
Automobiles		0.2
Construction Materials		0.2
Wireless Telecommunication Services		0.2
Professional Services		0.2
Water Utilities		0.2
Auto Parts & Equipment		0.1
Office Electronics		0.1
Independent Power Producers & Energy Traders		0.1
Radio Broadcasting		0.1
Real Estate Management and Development		0.1
Internet & Catalog Retail		0.1
Personal Products		0.1
Total Investments		100.6	%

Percentages indicated are based on net assets as of October 31, 2012.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
COMMON STOCKS (99.5%)
AEROSPACE & DEFENSE (1.7%)
AAR Corp.		7,400	$	111,666
Aerovironment, Inc.^(a)		2,050		45,080
Alliant Techsystems, Inc.		1,290		73,904
American Science & Engineering, Inc.		2,080		132,246
BE Aerospace, Inc.^(a)		4,020		181,262
Ceradyne, Inc.		940		32,862
Cubic Corp.		2,780		135,664
Curtiss-Wright Corp.		2,150		66,371
Esterline Technologies Corp.^(a)		980		56,634
Exelis, Inc.		27,210		300,943
GenCorp, Inc.^(a)		4,850		42,777
Moog, Inc., Class A^(a)		1,740		64,397
Orbital Sciences Corp.^(a)		2,910		38,994
Teledyne Technologies, Inc.^(a)		2,190		140,226
Triumph Group, Inc.		3,400		222,428
				1,645,454
AIR FREIGHT & LOGISTICS (0.2%)
Forward Air Corp.		2,230		74,415
Hub Group, Inc., Class A^(a)		1,400		43,414
UTI Worldwide, Inc.		8,280		115,009
				232,838
AIRLINES (0.8%)
Alaska Air Group, Inc.^(a)		4,820		184,317
Allegiant Travel Co.^(a)		3,000		218,220
JetBlue Airways Corp.^(a)		37,470		198,216
SkyWest, Inc.		16,860		184,617
				785,370
AUTO COMPONENTS (0.6%)
Drew Industries, Inc.^(a)		770		24,386
Gentex Corp.		6,330		109,002
LKQ Corp.^(a)		15,540		324,630
Standard Motor Products, Inc.		860		16,151
Superior Industries International, Inc.		4,350		74,342
				548,511
AUTO PARTS & EQUIPMENT (0.1%)
Spartan Motors, Inc.		17,590		82,673
AUTOMOBILES (0.2%)
Thor Industries, Inc.		3,820		145,275
Winnebago Industries, Inc.^(a)		8,100		102,060
				247,335
BIOTECHNOLOGY (1.7%)
Acorda Theraputics, Inc.^(a)		3,400		81,430
ArQule, Inc.^(a)		14,610		36,671
Emergent Biosolutions, Inc.^(a)		920		12,227
Momenta Pharmaceuticals, Inc.^(a)		8,230		104,356
Neogen Corp.^(a)		3,575		152,974
Regeneron Pharmaceuticals, Inc.^(a)		4,670		664,542
Spectrum Pharmaceuticals^(a)		5,870		65,509
United Therapeutics Corp.^(a)		4,340		198,208


	Shares		Value
Vertex Pharmaceuticals, Inc.^(a)		7,830	$	377,719
				1,693,636
BUILDING PRODUCTS (0.7%)
AAON, Inc.		615		12,903
Apogee Enterprises, Inc.		4,530		92,276
Comfort Systems USA, Inc.		7,810		85,129
Eagle Materials, Inc.		1,660		87,930
Griffon Corp.		10,670		108,301
Lennox International, Inc.		1,740		87,087
NCI Building Systems, Inc.^(a)		744		8,340
Quanex Building Products Corp.		1,535		30,347
Simpson Manufacturing Co., Inc.		1,540		46,908
Universal Forest Products, Inc.		4,010		154,385
				713,606
CAPITAL MARKETS (1.4%)
Apollo Investment Corp.		14,930		118,694
Eaton Vance Corp.		4,540		127,756
Financial Engines, Inc.^(a)		5,020		120,530
Investment Technology Group, Inc.^(a)		9,020		76,129
Janus Capital Group, Inc.		13,850		117,725
Jefferies Group, Inc.		12,060		171,733
Piper Jaffray Cos., Inc.^(a)		5,510		147,944
Prospect Capital Corp.		6,830		80,867
Raymond James Financial, Inc.		3,970		151,416
SEI Investments Co.		5,700		124,716
SWS Group, Inc.^(a)		9,745		55,449
Virtus Investment Partners, Inc.^(a)		170		16,320
Waddell & Reed Financial, Inc., Class A		3,500		116,655
				1,425,934
CHEMICALS (2.5%)
A. Schulman, Inc.		5,860		150,368
Albemarle Corp.		4,010		220,991
American Vanguard Corp.		660		23,582
Ashland, Inc.		3,510		249,736
Balchem Corp.		3,115		108,495
Cabot Corp.		3,240		115,862
Cytec Industries, Inc.		2,120		145,898
H.B. Fuller Co.		1,950		59,280
Hawkins, Inc.		2,620		102,442
Innophos Holdings, Inc.		2,550		121,508
Intrepid Potash, Inc.^(a)		4,310		93,656
Kraton Performance Polymers, Inc.^(a)		1,260		27,493
Mineral Technologies, Inc.		260		18,632
NewMarket Corp.		830		225,187
Olin Corp.		3,610		74,871
Om Group, Inc.^(a)		6,650		134,530
PolyOne Corp.		8,790		166,395
Quaker Chemical Corp.		310		16,427
RPM International, Inc.		5,040		134,366
Sensient Technologies Corp.		2,070		75,307
Stepan Co.		90		8,622
STR Holdings, Inc.^(a)		1,630		3,505
The Scotts Miracle-Gro Co., Class A		1,700		72,777
Valspar Corp.		3,430		192,183

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Zep, Inc.		775	$	11,106
				2,553,219
COMMERCIAL BANKS (3.4%)
Associated Bancorp		9,780		126,064
BancorpSouth, Inc.		9,040		127,916
Bank of Hawaii Corp.		1,710		75,514
Bank of the Ozarks, Inc.		1,070		35,032
BBCN Bancorp, Inc.		2,310		27,558
Boston Private Financial Holdings, Inc.		4,130		38,079
Cathay General Bancorp		3,010		53,247
City Holding Co.		600		21,072
City National Corp.		1,450		74,095
Columbia Banking System, Inc.		1,480		26,211
Commerce Bancshares, Inc.		3,244		123,532
Community Bank System, Inc.		1,360		37,522
Cullen/Frost Bankers, Inc.		1,810		100,093
East West Bancorp, Inc.		5,560		118,372
F.N.B. Corp.		3,900		41,847
First Bancorp^(a)		12,762		54,111
First Commonwealth Financial Corp.		13,760		90,128
First Financial Bancorp		2,060		32,342
First Financial Bankshares, Inc.		1,245		45,106
First Midwest Bancorp, Inc.		3,820		47,253
FirstMerit Corp.		4,390		60,845
Fulton Financial Corp.		11,010		107,017
Glacier Bancorp, Inc.		2,550		36,975
Hancock Holding Co.		3,379		106,743
Hanmi Financial Corp.^(a)		261		3,239
Home Bancshares, Inc.		803		27,816
Independent Bank Corp. – Massachusetts		930		27,444
International Bancshares Corp.		4,570		82,946
National Penn Bancshares, Inc.		6,000		53,580
NBT BanCorp		1,270		27,013
Old National BanCorp		3,340		40,982
PacWest BanCorp		1,180		26,550
Pinnacle Financial Partners, Inc.^(a)		1,530		29,912
PrivateBancorp, Inc.		5,550		89,688
Prosperity Bancshares, Inc.		1,590		66,557
S & T Bancorp, Inc.		920		16,164
Signature Bank^(a)		2,570		183,086
Simmons First National Corp., Class A		770		19,165
Sterling Bancorp		2,190		20,915
Susquehanna Bancshares, Inc.		13,570		140,721
SVB Financial Group^(a)		1,360		76,962
Synovus Financial Corp.		38,710		94,840
TCF Financial Corp.		11,490		131,446
Texas Capital Bancshares, Inc.^(a)		1,280		60,762
Tompkins Financial Corp.		329		13,318
Trustmark Corp.		2,330		54,685
UMB Financial Corp.		980		43,639
Umpqua Holdings Corp.		4,950		59,846
United Bankshares, Inc.		1,670		39,796
United Community Banks, Inc.^(a)		7,102		61,787
Valley National Bancorp		6,762		65,862
Westamerica Bancorp		600		26,472


	Shares		Value
Wilshire Bancorp, Inc.^(a)		5,080	$	33,071
Wintrust Financial Corp.		3,360		124,152
				3,349,090
COMMERCIAL SERVICES & SUPPLIES (3.4%)
ABM Industries, Inc.		5,250		99,750
Brady Corp.		2,040		62,750
CDI Corp.		6,750		116,033
Clean Harbors, Inc.^(a)		3,080		179,717
Coinstar, Inc.^(a)		3,940		184,944
Consolidated Graphics, Inc.^(a)		260		7,673
Copart, Inc.^(a)		7,000		201,529
Corrections Corp. of America		4,170		140,321
Darling International, Inc.^(a)		5,260		86,948
Deluxe Corp.		2,060		64,911
Exponent, Inc.^(a)		2,020		111,060
Forrester Research, Inc.		1,740		50,356
FTI Consulting, Inc.^(a)		2,900		75,284
G & K Services, Inc., Class A		2,080		67,080
Healthcare Services Group, Inc.		3,092		73,899
Heartland Payment Systems, Inc.		1,700		44,336
Heidrick & Struggles International, Inc.		620		7,341
Herman Miller, Inc.		2,330		45,179
Higher One Holdings, Inc.^(a)		4,560		57,593
HMS Holdings Corp.^(a)		5,440		125,610
HNI Corp.		1,690		46,509
Interface, Inc.		2,480		35,489
Kelly Services, Inc., Class A		10,140		134,761
Korn/Ferry International, Inc.^(a)		1,800		24,102
Lender Processing Services, Inc.		3,470		83,662
Manpower, Inc.		4,540		172,247
Mine Safety Appliances Co.		1,010		38,986
Mobile Mini, Inc.^(a)		1,420		24,736
Monro Muffler Brake, Inc.		3,445		116,854
Monster Worldwide, Inc.^(a)		9,070		56,415
Navigant Consulting, Inc.^(a)		2,710		28,157
On Assignment, Inc.^(a)		1,660		31,673
Resources Connection, Inc.		1,430		17,646
Rollins, Inc.		2,710		61,436
TeleTech Holdings, Inc.^(a)		1,280		21,555
Tetra Tech, Inc.^(a)		2,520		65,369
The Brink's Co.		3,900		102,609
The Corporate Executive Board Co.		1,190		53,502
The Geo Group, Inc.		4,300		119,196
TrueBlue, Inc.^(a)		1,720		22,446
United Stationers, Inc.		3,810		110,566
Viad Corp.		3,460		73,387
Waste Connections, Inc.		4,672		153,381
				3,396,998
COMMUNICATIONS EQUIPMENT (1.2%)
ADTRAN, Inc.		3,870		65,364
Arris Group, Inc.^(a)		5,319		73,083
Bel Fuse, Inc.		2,590		42,890
Belden CDT, Inc.		1,790		64,082
Black Box Corp.		4,710		103,243
Ciena Corp.^(a)		3,650		45,297

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Comtech Telecommunications Corp.		920	$	23,156
Digi International, Inc.^(a)		1,350		12,717
Dycom Industries, Inc.^(a)		1,430		20,363
Harmonic, Inc.^(a)		3,270		14,192
InterDigital, Inc.		5,270		200,735
NETGEAR, Inc.^(a)		2,820		100,138
Oplink Communications, Inc.^(a)		990		14,711
PCTEL, Inc.		750		4,890
Plantronics, Inc.		1,770		57,419
Polycom, Inc.^(a)		7,120		71,342
Riverbed Technology, Inc.^(a)		8,040		148,500
Symmetricom, Inc.^(a)		3,420		21,033
ViaSat, Inc.^(a)		2,650		102,926
				1,186,081
COMPUTERS & PERIPHERALS (0.5%)
Avid Technology, Inc.^(a)		6,260		36,746
Diebold, Inc.		2,490		74,078
Intermec, Inc.^(a)		1,950		13,221
Lexmark International, Inc., Class A		3,750		79,725
NCR Corp.^(a)		6,270		133,425
Novatel Wireless, Inc.^(a)		15,220		25,113
Super Micro Computer, Inc.^(a)		750		5,933
Synaptics, Inc.^(a)		4,050		93,798
				462,039
CONSTRUCTION & ENGINEERING (1.5%)
AECOM Technology Corp.^(a)		8,840		189,795
Aegion Corp.^(a)		5,220		96,413
EMCOR Group, Inc.		4,220		135,715
Granite Construction, Inc.		1,570		47,430
ITT Corp.		13,730		285,585
KBR, Inc.		7,300		203,378
Orion Marine Group, Inc.^(a)		20,660		138,215
Shaw Group, Inc.^(a)		2,490		109,037
URS Corp.		7,080		237,038
				1,442,606
CONSTRUCTION MATERIALS (0.2%)
Headwaters, Inc.^(a)		4,710		33,865
Martin Marietta Materials, Inc.		1,280		105,356
Texas Industries, Inc.^(a)		850		36,661
				175,882
CONSUMER FINANCE (0.4%)
Cash America International, Inc.		3,170		123,915
First Cash Financial Services, Inc.^(a)		2,470		110,310
World Acceptance Corp.^(a)		2,190		146,205
				380,430
CONTAINERS & PACKAGING (1.0%)
AptarGroup, Inc.		3,610		185,121
Greif, Inc., Class A		1,900		79,724
Myers Industries, Inc.		1,500		22,245
Packaging Corp. of America		4,370		154,130
Rock-Tenn Co., Class A		3,950		289,100
Silgan Holdings, Inc.		2,000		86,620


	Shares		Value
Sonoco Products Co.		4,320	$	134,482
				951,422
DISTRIBUTORS (0.4%)
MWI Veterinary Supply, Inc.^(a)		2,280		239,446
VOXX International Corp.^(a)		24,440		152,017
				391,463
DIVERSIFIED CONSUMER SERVICES (1.4%)
American Public Education, Inc.^(a)		3,490		127,141
Capella Education Co.^(a)		3,730		116,451
Career Education Corp.^(a)		26,540		90,236
Corinthian Colleges, Inc.^(a)		35,340		96,478
DeVry, Inc.		5,590		146,793
Hillenbrand, Inc.		3,270		66,937
Interval Leisure Group, Inc.		2,280		43,457
ITT Educational Services, Inc.^(a)		3,275		70,380
Lincoln Educational Services Corp.		21,730		80,618
Matthews International Corp., Class A		1,270		36,538
Nutri/System, Inc.		1,330		12,808
Regis Corp.		7,320		121,951
Service Corp. International		11,460		160,897
Sotheby's		2,530		78,759
Strayer Education, Inc.		1,632		93,775
Universal Technical Institute, Inc.		1,230		15,769
				1,358,988
DIVERSIFIED FINANCIAL SERVICES (1.4%)
Affiliated Managers Group, Inc.^(a)		1,600		202,399
Calamos Asset Management, Inc., Class A		3,280		35,424
Cardtronics, Inc.^(a)		1,750		49,718
CBOE Holdings, Inc.		2,390		70,481
CoreLogic, Inc.^(a)		7,060		168,028
Encore Capital Group, Inc.^(a)		810		23,490
EZCORP, Inc., Class A^(a)		4,850		95,351
Greenhill & Co., Inc.		1,020		48,674
Interactive Brokers Group, Inc., Class A		2,400		34,200
MarketAxess Holdings, Inc.		3,540		110,590
MSCI, Inc., Class A^(a)		6,090		164,065
National Financial Partners Corp.^(a)		3,550		65,143
Portfolio Recovery Associates, Inc.^(a)		2,260		236,508
Provident Financial Services, Inc.		1,230		18,450
Stifel Financial Corp.^(a)		2,005		63,559
				1,386,080
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%)
Atlantic Tele-Network, Inc.		2,710		112,302
Cincinnati Bell, Inc.^(a)		12,990		67,678
General Communication, Inc., Class A^(a)		1,510		13,197
Lumos Networks Corp.		630		4,958
NeuStar, Inc., Class A^(a)		3,700		135,383
tw Telecom, Inc.^(a)		6,190		157,660
				491,178
ELECTRIC UTILITIES (1.2%)
ALLETE, Inc.		1,240		51,609
Cleco Corp.		2,370		102,266

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
El Paso Electric Co.		1,610	$	54,724
Great Plains Energy, Inc.		8,351		187,396
Hawaiian Electric Industries, Inc.		4,040		104,555
IDACORP, Inc.		2,200		98,384
NorthWestern Corp.		1,610		57,654
NV Energy, Inc.		13,010		247,320
UIL Holdings Corp.		1,900		68,723
Unisource Energy Corp.		1,530		65,239
Westar Energy, Inc.		4,990		148,203
				1,186,073
ELECTRICAL EQUIPMENT (1.5%)
A.O. Smith Corp.		1,285		78,089
Acuity Brands, Inc.		1,350		87,345
AMETEK, Inc.		10,252		364,460
AZZ, Inc.		3,280		129,363
Encore Wire Corp.		820		25,305
EnerSys^(a)		3,630		125,162
Franklin Electric Co., Inc.		1,980		114,721
General Cable Corp.^(a)		6,520		186,016
Hubbell, Inc., Class B		1,840		154,045
Powell Industries, Inc.^(a)		1,310		52,112
REGAL-BELOIT Corp.		1,340		87,341
Rofin-Sinar Technologies, Inc.^(a)		1,040		18,938
Vicor Corp.^(a)		1,540		9,825
Woodward, Inc.		3,410		114,235
				1,546,957
ELECTRONIC EQUIPMENT & INSTRUMENTS (3.5%)
Agilysys, Inc.^(a)		740		6,046
Anixter International, Inc.		1,390		81,482
Arrow Electronics, Inc.^(a)		7,590		267,396
Avnet, Inc.^(a)		10,060		288,218
Badger Meter, Inc.		570		24,419
Benchmark Electronics, Inc.^(a)		10,700		158,574
Checkpoint Systems, Inc.^(a)		6,920		56,190
Cognex Corp.		3,620		131,985
CTS Corp.		7,110		58,871
Daktronics, Inc.		1,550		13,594
DTS, Inc.^(a)		3,500		73,430
Electro Scientific Industries, Inc.		1,040		11,107
ESCO Technologies, Inc.		1,020		38,189
FARO Technologies, Inc.^(a)		1,340		53,868
II-VI, Inc.^(a)		4,600		75,946
Ingram Micro, Inc.^(a)		14,320		217,664
Insight Enterprises, Inc.^(a)		9,410		152,160
Itron, Inc.^(a)		3,120		128,107
Littelfuse, Inc.		2,200		117,920
Measurement Specialties, Inc.^(a)		660		21,523
Mercury Computer Systems, Inc.^(a)		1,410		11,555
Methode Electronics, Inc.		1,800		18,216
Mettler-Toledo International, Inc.^(a)		1,455		246,433
MTS Systems Corp.		1,840		92,754
National Instruments Corp.		3,305		77,866
Newport Corp.^(a)		1,250		13,525
Park Electrochemical Corp.		700		17,374
Plexus Corp.^(a)		2,860		76,963


	Shares		Value
RadiSys Corp.^(a)		18,810	$	53,420
Rogers Corp.^(a)		610		24,040
Rovi Corp.^(a)		6,893		93,262
ScanSource, Inc.^(a)		2,990		87,458
SYNNEX Corp.^(a)		5,590		181,060
Tech Data Corp.^(a)		3,950		175,025
Trimble Navigation, Ltd.^(a)		5,060		238,731
TTM Technologies, Inc.^(a)		6,650		59,850
Vishay Intertechnology, Inc.^(a)		12,480		103,334
				3,547,555
ENERGY EQUIPMENT & SERVICES (1.9%)
Atwood Oceanics, Inc.^(a)		2,290		109,462
Basic Energy Services, Inc.^(a)		1,030		10,702
Bristow Group, Inc.		1,360		67,891
CARBO Ceramics, Inc.		1,370		101,312
Dril-Quip, Inc.^(a)		1,900		131,594
Exterran Holdings, Inc.^(a)		9,850		196,802
Geospace Technologies Corp.^(a)		1,500		97,095
Gulf Island Fabrication, Inc.		470		11,153
Helix Energy Solutions Group, Inc.^(a)		4,380		75,730
ION Geophysical Corp.^(a)		5,700		36,822
Lufkin Industries, Inc.		1,950		97,520
Matrix Service Co.^(a)		8,150		85,494
Oceaneering International, Inc.		4,870		254,846
Patterson-UTI Energy, Inc.		5,850		94,653
Pioneer Energy Services Corp.^(a)		2,770		18,282
SEACOR Holdings, Inc.^(a)		2,040		178,928
Superior Energy Services, Inc.^(a)		4,720		95,958
TETRA Technologies, Inc.^(a)		3,950		21,133
Tidewater, Inc.		1,990		94,545
Unit Corp.^(a)		1,470		59,315
				1,839,237
FOOD & STAPLES RETAILING (0.6%)
Casey's General Stores, Inc.		3,470		178,878
Harris Teeter Supermarkets, Inc.		3,040		113,848
Nash Finch Co.		5,480		105,380
Spartan Stores, Inc.		7,080		101,669
United Natural Foods, Inc.^(a)		1,790		95,300
				595,075
FOOD PRODUCTS (2.1%)
B&G Foods, Inc.		1,760		53,275
Calavo Growers, Inc.		610		14,402
Cal-Maine Foods, Inc.		730		31,485
Diamond Foods, Inc.		930		17,224
Flowers Foods, Inc.		4,852		95,536
Green Mountain Coffee Roasters, Inc.^(a)		6,740		162,838
Hain Celestial Group, Inc.^(a)		1,610		93,058
Hillshire Brands Co. (The)		3,140		81,671
Ingredion, Inc.		4,060		249,528
J & J Snack Foods Corp.		2,020		115,685
Lancaster Colony Corp.		1,540		112,081
Post Holdings, Inc.^(a)		1,025		32,339
Ralcorp Holdings, Inc.^(a)		2,050		147,990
Sanderson Farms, Inc.		2,860		129,529

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Seneca Foods Corp., Class A^(a)		6,320	$	180,657
Smithfield Foods, Inc.^(a)		10,930		223,737
Snyders-Lance, Inc.		1,860		47,132
Tootsie Roll Industries, Inc.		1,101		29,342
TreeHouse Foods, Inc.^(a)		3,010		161,186
				1,978,695
GAS UTILITIES (1.2%)
Atmos Energy Corp.		4,870		175,174
Energen Corp.		2,620		122,223
National Fuel Gas Co.		3,060		161,262
New Jersey Resources Corp.		1,560		69,358
Northwest Natural Gas Co.		980		45,599
Piedmont Natural Gas Co., Inc.		2,840		90,511
Questar Corp.		7,670		155,241
South Jersey Industries, Inc.		1,870		94,603
Southwest Gas Corp.		1,920		83,462
The Laclede Group, Inc.		1,640		68,290
UGI Corp.		5,640		182,115
WGL Holdings, Inc.		1,980		78,745
				1,326,583
HEALTH CARE EQUIPMENT & SUPPLIES (3.1%)
Abaxis, Inc.^(a)		2,700		99,306
Align Technology, Inc.^(a)		2,740		72,829
Allscripts Healthcare Solutions, Inc.^(a)		10,056		129,924
Analogic Corp.		1,620		119,329
Bio-Rad Laboratories, Inc., Class A^(a)		1,500		152,025
Cantel Medical Corp.		885		23,019
CONMED Corp.		1,470		40,660
Cyberonics, Inc.^(a)		3,660		169,275
Greatbatch, Inc.^(a)		1,050		23,079
Haemonetics Corp.^(a)		2,530		206,701
Hanger Orthopedic Group, Inc.^(a)		1,610		40,814
Hill-Rom Holdings, Inc.		2,520		70,787
Hologic, Inc.^(a)		10,370		213,829
ICU Medical, Inc.^(a)		2,930		173,837
IDEXX Laboratories, Inc.^(a)		2,900		278,979
Integra LifeSciences Holdings^(a)		890		34,043
Invacare Corp.		4,880		66,612
Masimo Corp.^(a)		2,520		55,364
Meridian Bioscience, Inc.		1,840		36,340
Merit Medical Systems, Inc.^(a)		1,625		23,465
Natus Medical, Inc.^(a)		4,800		54,240
NuVasive, Inc.^(a)		8,780		126,608
OSI Systems, Inc.^(a)		1,700		134,725
Palomar Medical Technologies, Inc.^(a)		890		7,681
ResMed, Inc.		7,480		298,750
STERIS Corp.		2,540		90,449
SurModics, Inc.^(a)		910		16,362
Symmetry Medical, Inc.^(a)		6,800		62,288
Thoratec Corp.^(a)		4,270		152,439
West Pharmaceutical Services, Inc.		1,410		75,957
				3,049,716
HEALTH CARE PROVIDERS & SERVICES (4.4%)
Air Methods Corp.^(a)		1,620		177,601


	Shares		Value
Almost Family, Inc.^(a)		8,140	$	168,742
Amedisys, Inc.^(a)		17,419		192,306
AMERIGROUP Corp.^(a)		3,750		342,524
AMN Healthcare Services, Inc.^(a)		3,190		31,645
AmSurg Corp.^(a)		2,020		57,610
Bio-Reference Laboratories, Inc.^(a)		1,300		36,088
Centene Corp.^(a)		2,080		78,998
Chemed Corp.		2,470		166,108
CorVel Corp.^(a)		2,520		107,176
Cross Country Healthcare, Inc.^(a)		20,660		90,904
CryoLife, Inc.		830		5,138
Gentiva Health Services, Inc.^(a)		30,490		286,605
Health Net, Inc.^(a)		6,870		147,842
Healthways, Inc.^(a)		27,160		264,266
Henry Schein, Inc.^(a)		4,430		326,844
IPC The Hospitalist Co.^(a)		3,400		117,266
Kindred Healthcare, Inc.^(a)		17,162		168,188
Landauer, Inc.		1,850		107,208
LHC Group, Inc.^(a)		8,100		141,912
Magellan Health Services, Inc.^(a)		3,770		189,066
Medifast, Inc.^(a)		5,490		140,105
Molina Heathcare, Inc.^(a)		5,825		146,033
Omnicare, Inc.		5,800		200,274
Owens & Minor, Inc.		6,085		173,240
PharMerica Corp.^(a)		8,550		104,481
PSS World Medical, Inc.^(a)		2,400		68,688
The Ensign Group, Inc.		4,000		116,640
VCA Antech, Inc.^(a)		4,270		83,607
WellCare Group, Inc.^(a)		1,570		74,732
				4,311,837
HEALTH CARE TECHNOLOGY (0.4%)
Computer Programs & Systems, Inc.		2,290		111,775
Healthstream, Inc.^(a)		440		11,238
Medidata Solutions^(a)		5,210		218,924
Omnicell, Inc.^(a)		1,350		19,683
				361,620
HOTELS, RESTAURANTS & LEISURE (2.2%)
Biglari Holdings, Inc.^(a)		274		96,889
Bob Evans Farms, Inc.		2,620		99,743
CEC Entertainment, Inc.		3,630		112,530
Cheesecake Factory		2,750		90,915
Cracker Barrel Old Country Store, Inc.		910		57,922
DineEquity, Inc.^(a)		2,790		174,933
International Speedway Corp., Class A		1,400		35,700
Jack in the Box, Inc.^(a)		3,940		102,479
LIFE TIME FITNESS, Inc.^(a)		2,960		132,874
Marcus Corp.		1,730		18,857
Marriott Vacations Worldwide Corp.^(a)		9,700		381,599
Panera Bread Co., Class A^(a)		1,670		281,629
Papa John's International, Inc.^(a)		2,270		121,036
Red Robin Gourmet Burgers, Inc.^(a)		1,700		56,780
Ruby Tuesday, Inc.^(a)		18,070		130,465
Ruth's Hospitality Group, Inc.^(a)		9,200		61,180
Sonic Corp.^(a)		3,250		32,403
Texas Roadhouse, Inc., Class A		3,520		57,306

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
The Wendy's Co.		23,700	$	101,199
				2,146,439
HOUSEHOLD DURABLES (2.2%)
American Greetings Corp., Class A		7,640		131,179
Ethan Allen Interiors, Inc.		1,180		34,704
Fortune Brands Home & Security, Inc.^(a)		5,950		169,218
iRobot Corp.^(a)		3,520		63,254
Jarden Corp.		2,380		118,524
KB HOME		8,250		131,835
La-Z-Boy, Inc.^(a)		6,060		98,293
M.D.C. Holdings, Inc.		1,530		58,507
M/I Homes, Inc.^(a)		6,640		147,740
Meritage Homes Corp.^(a)		1,220		45,116
Mohawk Industries, Inc.^(a)		2,610		217,858
National Presto Industries, Inc.		820		60,967
NVR, Inc.^(a)		157		141,887
Ryland Group, Inc.		1,960		66,385
Standard Pacific Corp.^(a)		27,400		189,060
Tempur-Pedic International, Inc.^(a)		3,530		93,333
Toll Brothers, Inc.^(a)		5,590		184,526
Tupperware Corp.		3,070		181,437
Universal Electronics, Inc.^(a)		2,840		48,734
				2,182,557
HOUSEHOLD PRODUCTS (0.7%)
Central Garden & Pet Co., Class A^(a)		12,640		142,453
Church & Dwight Co., Inc.		6,190		314,204
Energizer Holdings, Inc.		2,350		171,480
Inter Parfums, Inc.		870		15,886
WD-40 Co.		1,690		80,883
				724,906
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%)
Black Hills Corp.		1,620		57,947
INDUSTRIAL CONGLOMERATES (0.4%)
Carlisle Cos., Inc.		2,140		118,877
Koppers Holdings, Inc.		810		28,917
LSB Industries, Inc.^(a)		680		27,384
Standex International Corp.		1,280		59,187
Teleflex, Inc.		1,470		99,887
Tredegar Industries, Inc.		1,010		17,140
				351,392
INSURANCE (5.1%)
Alleghany Corp.^(a)		556		193,266
American Financial Group, Inc.		5,560		215,728
Amerisafe, Inc.^(a)		800		21,000
Arthur J. Gallagher & Co.		4,360		154,518
Aspen Insurance Holdings, Ltd.		6,930		224,186
Brown & Brown, Inc.		4,680		119,574
eHealth, Inc.^(a)		1,220		26,474
Employers Holdings, Inc.		1,610		29,383
Everest Re Group, Ltd.		2,670		296,503
Fidelity National Financial, Inc., Class A		13,520		289,462
First American Financial Corp.		17,730		403,357
HCC Insurance Holdings, Inc.		6,390		227,740


	Shares		Value
Horace Mann Educators Corp.		11,160	$	214,384
Infinity Property & Casualty Corp.		2,060		117,647
Kemper Corp.		5,590		173,290
Meadowbrook Insurance Group, Inc.		6,490		36,474
Mercury General Corp.		1,560		63,227
Old Republic International Corp.		21,520		212,618
Presidential Life Corp.		8,240		115,195
ProAssurance Corp.		1,740		155,556
Protective Life Corp.		8,980		245,154
Reinsurance Group of America		4,670		247,135
RLI Corp.		1,210		82,498
Safety Insurance Group, Inc.		1,530		70,916
Selective Insurance Group, Inc.		6,600		122,034
StanCorp Financial Group, Inc.		4,100		140,835
Stewart Information Services Corp.		12,210		284,736
The Hanover Insurance Group, Inc.		5,150		185,967
The Navigators Group, Inc.^(a)		310		16,455
Tower Group, Inc.		5,480		98,750
United Fire Group, Inc.		4,050		96,269
W.R. Berkley Corp.		5,570		216,617
				5,096,948
INTERNET & CATALOG RETAIL (0.1%)
HSN, Inc.		1,550		80,631
XO Group, Inc.^(a)		1,670		13,444
				94,075
INTERNET SOFTWARE & SERVICES (2.5%)
AOL, Inc.^(a)		3,600		123,588
Blucora, Inc.^(a)		8,000		140,400
Blue Nile, Inc.^(a)		1,650		62,321
Bottomline Technologies, Inc.^(a)		1,550		36,270
comScore, Inc.^(a)		3,750		53,138
Concur Technologies, Inc.^(a)		2,790		184,782
DealerTrack Holdings, Inc.^(a)		1,640		44,821
Digital River, Inc.^(a)		1,750		25,095
Equinix, Inc.^(a)		2,751		496,307
j2 Global, Inc.		3,520		105,741
Liquidity Services, Inc.^(a)		1,690		69,679
LivePerson, Inc.^(a)		5,410		84,883
Microstrategy, Inc., Class A^(a)		1,050		99,194
OpenTable, Inc.^(a)		3,260		153,122
Perficient, Inc.^(a)		1,680		19,102
PetMed Express, Inc.		1,660		18,094
Rackspace Hosting, Inc.^(a)		5,860		373,223
Stamps.com, Inc.^(a)		2,410		66,323
TIBCO Software, Inc.^(a)		6,170		155,546
United Online, Inc.		15,500		83,080
ValueClick, Inc.^(a)		3,360		56,011
Websense, Inc.^(a)		4,500		59,490
				2,510,210
IT SERVICES (2.2%)
Acxiom Corp.^(a)		3,380		61,685
Alliance Data Systems Corp.^(a)		2,870		410,553
Broadridge Financial Solutions, Inc.		5,090		116,816
CACI International, Inc., Class A^(a)		2,910		146,751

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Ciber, Inc.^(a)		16,910	$	52,759
Convergys Corp.		5,370		90,270
CSG Systems International, Inc.^(a)		1,950		40,190
DST Systems, Inc.		1,280		73,011
Exlservice Holdings, Inc.^(a)		420		12,449
Gartner, Inc.^(a)		4,390		203,740
iGATE Corp.^(a)		1,430		22,952
LogMeIn, Inc.^(a)		3,430		84,652
ManTech International Corp., Class A		970		22,281
MAXIMUS, Inc.		3,340		184,301
NCI, Inc.,, Class A^(a)		10,100		56,762
Sourcefire, Inc.^(a)		3,890		166,453
Sykes Enterprises, Inc.^(a)		1,670		22,745
Synchronoss Technologies, Inc.^(a)		2,540		52,045
VeriFone Systems, Inc.^(a)		5,630		166,873
Virtusa Corp.^(a)		970		16,645
Wex, Inc.^(a)		2,800		206,584
				2,210,517
LEISURE EQUIPMENT & PRODUCTS (0.9%)
Arctic Cat, Inc.^(a)		450		16,322
Brunswick Corp.		3,440		81,150
Callaway Golf Co.		17,090		93,311
JAKKS Pacific, Inc.		2,880		37,181
MarineMax, Inc.^(a)		20,290		166,987
Polaris Industries, Inc.		3,260		275,469
Pool Corp.		1,910		80,449
Sturm Ruger & Co., Inc.		3,340		157,748
				908,617
LIFE SCIENCES TOOLS AND SERVICES (0.4%)
Affymetrix, Inc.^(a)		4,370		13,853
Cambrex Corp.^(a)		1,930		23,314
Charles River Laboratories International, Inc.^(a)		2,310		86,209
Covance, Inc.^(a)		3,220		156,846
Enzo Biochem, Inc.^(a)		9,620		19,240
Luminex Corp.^(a)		3,220		51,778
PAREXEL International Corp.^(a)		2,540		77,953
				429,193
MACHINERY (3.7%)
3d Systems Corp.^(a)		1,490		64,815
Actuant Corp., Class A		2,720		76,813
AGCO Corp.^(a)		4,200		191,142
Albany International Corp., Class A		1,150		25,266
Applied Industrial Technologies, Inc.		1,500		60,885
Astec Industries, Inc.^(a)		690		19,872
Barnes Group, Inc.		2,090		47,819
Briggs & Stratton Corp.		6,660		131,535
Cascade Corp.		230		14,948
CIRCOR International, Inc.		650		22,419
CLARCOR, Inc.		1,850		83,694
Crane Co.		1,730		72,625
Donaldson Co., Inc.		6,580		212,337
EnPro Industries, Inc.^(a)		810		29,614
Federal Signal Corp.^(a)		4,620		26,657


	Shares		Value
Gardner Denver, Inc.		2,130	$	147,673
Graco, Inc.		2,110		101,407
Harsco Corp.		5,320		106,347
IDEX Corp.		3,210		136,521
Intevac, Inc.^(a)		10,210		51,050
John Bean Technologies Corp.		1,435		22,128
Kaydon Corp.		1,260		28,174
Kennametal, Inc.		2,950		104,489
Lincoln Electric Holdings, Inc.		3,140		136,182
Lindsay Manufacturing Co.		1,200		91,644
Lydall, Inc.^(a)		7,640		98,632
Mueller Industries, Inc.		1,430		62,634
Nordson Corp.		1,880		110,976
Oshkosh Truck Corp.^(a)		9,830		294,702
Robbins & Myers, Inc.		1,520		90,106
SPX Corp.		1,630		111,802
Tennant Co.		600		22,452
Terex Corp.^(a)		7,360		165,968
The Timken Co.		2,900		114,521
Toro Co.		4,060		171,413
Trinity Industries, Inc.		3,240		101,347
Valmont Industries, Inc.		1,530		206,703
Watts Water Technologies, Inc.		1,160		46,667
				3,603,979
MARINE (0.4%)
Huntington Ingalls Industries, Inc.^(a)		5,680		240,718
Kirby Corp.^(a)		2,000		114,960
Matson, Inc.		1,500		31,875
Overseas Shipholding Group, Inc.		6,010		6,731
				394,284
MEDIA (1.0%)
Cinemark Holdings, Inc.		2,140		52,837
Digital Generation, Inc.^(a)		7,380		68,634
DreamWorks Animation SKG, Inc., Class A^(a)		3,270		66,610
Harte-Hanks, Inc.		5,190		28,908
Lamar Advertising Co., Class A^(a)		2,300		90,275
Live Nation, Inc.^(a)		9,872		90,329
Meredith Corp.		1,630		54,556
Scholastic Corp.		3,510		115,795
The E.W. Scripps Co., Class A^(a)		6,870		72,891
The New York Times Co., Class A^(a)		12,500		102,250
Valassis Communications, Inc.^(a)		5,280		137,385
Wiley John And Sons, Class A		1,890		81,988
				962,458
METALS & MINING (1.6%)
A.M. Castle & Co.^(a)		5,570		67,676
AK Steel Holding Corp.		7,750		39,060
AMCOL International Corp.		950		30,001
Carpenter Technology Corp.		1,520		73,887
Century Aluminum Co.^(a)		7,870		56,271
Commercial Metals Co.		8,820		121,363
Compass Minerals International, Inc.		2,090		164,797
Gibraltar Industries, Inc.^(a)		1,270		15,824

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Globe Specialty Metals, Inc.		360	$	5,411
Haynes International, Inc.		310		15,711
Kaiser Aluminum Corp.		480		29,078
Materion Corp.		3,740		78,353
Olympic Steel, Inc.		3,390		61,020
Reliance Steel & Aluminum Co.		3,420		185,842
Royal Gold, Inc.		3,840		338,226
RTI International Metals, Inc.^(a)		1,150		26,209
Steel Dynamics, Inc.		12,420		157,113
SunCoke Energy, Inc.^(a)		3,480		55,924
Worthington Industries, Inc.		4,240		91,669
				1,613,435
MULTILINE RETAIL (0.7%)
Fred's, Inc.		8,880		120,324
Saks, Inc.^(a)		10,390		106,809
The Andersons, Inc.		2,750		108,020
Tuesday Morning Corp.^(a)		54,800		327,156
				662,309
MULTI-UTILITIES (0.9%)
Alliant Energy Corp.		4,320		193,104
Avista Corp.		2,760		70,159
CH Energy Group, Inc.		360		23,411
MDU Resources Group, Inc.		7,640		166,017
OGE Energy Corp.		3,700		213,046
PNM Resources, Inc.		3,530		78,225
Vectren Corp.		3,470		102,608
				846,570
OFFICE ELECTRONICS (0.1%)
Zebra Technologies Corp., Class A^(a)		3,170		113,898
OIL, GAS & CONSUMABLE FUELS (2.4%)
Alpha Natural Resources, Inc.^(a)		9,950		85,272
Approach Resources, Inc.^(a)		2,640		65,023
Arch Coal, Inc.		10,500		83,580
Bill Barrett Corp.^(a)		4,210		96,451
Cimarex Energy Co.		3,870		221,287
Cloud Peak Energy, Inc.^(a)		760		16,036
Comstock Resources, Inc.^(a)		2,010		34,411
Contango Oil & Gas Co.^(a)		2,230		109,627
Dresser-Rand Group, Inc.^(a)		3,980		205,089
Forest Oil Corp.^(a)		4,290		32,518
Gulfport Energy Corp.^(a)		1,760		58,397
HollyFrontier Corp.		9,998		386,223
Hornbeck Offshore Services, Inc.^(a)		1,370		47,457
Northern Oil and Gas, Inc.^(a)		4,550		68,978
Oil States International, Inc.^(a)		2,370		173,247
PDC Energy, Inc.^(a)		890		26,940
Penn Virginia Corp.		1,910		8,633
PetroQuest Energy, Inc.^(a)		3,140		19,154
Plains Exploration & Production Co.^(a)		4,870		173,664
Quicksilver Resources, Inc.^(a)		8,140		31,502
Rosetta Resources, Inc.^(a)		2,760		127,070
SM Energy Co.		2,700		145,584
Stone Energy Corp.^(a)		1,900		44,821
Swift Energy Co.^(a)		1,680		28,073


	Shares		Value
World Fuel Services Corp.		4,720	$	163,784
				2,452,821
PAPER & FOREST PRODUCTS (0.6%)
Buckeye Technologies, Inc.		1,650		43,230
Clearwater Paper Corp.^(a)		950		37,563
Deltic Timber Corp.		1,360		92,290
Domtar Corp.		1,190		94,903
KapStone Paper and Packaging Corp.^(a)		2,070		45,478
Louisiana-Pacific Corp.^(a)		9,220		145,583
Neenah Paper, Inc.		3,170		82,103
Wausau-Mosinee Paper Corp.		10,120		83,692
				624,842
PERSONAL PRODUCTS (0.1%)
Blyth, Inc.		324		7,400
Helen of Troy, Ltd.^(a)		1,400		42,308
Prestige Brands Holdings, Inc.^(a)		1,830		31,824
				81,532
PHARMACEUTICALS (1.3%)
Akorn, Inc.^(a)		4,840		58,128
Cubist Pharmaceuticals, Inc.^(a)		5,180		222,222
Endo Pharmaceuticals Holdings, Inc.^(a)		6,920		198,327
Hi Tech Pharmacal Co., Inc.^(a)		3,910		122,579
Medicis Pharmaceutical Corp., Class A		4,270		185,361
Questcor Pharmaceuticals, Inc.		4,610		117,463
Salix Pharmaceutical, Ltd.^(a)		3,080		120,243
The Medicines Co.^(a)		6,970		152,782
ViroPharma, Inc.^(a)		5,720		144,430
				1,321,535
PROFESSIONAL SERVICES (0.2%)
Insperity, Inc.		1,960		51,176
Nolan Co.^(a)		12,510		57,921
Towers Watson & Co., Class A		1,840		98,826
				207,923
RADIO BROADCASTING (0.1%)
Arbitron, Inc.		2,730		99,263
REAL ESTATE INVESTMENT TRUST (6.1%)
Acadia Realty Trust		2,257		57,960
Alexandria Real Estate Equities, Inc.		2,030		142,973
American Campus Communities, Inc.		2,770		125,509
BioMed Realty Trust, Inc.		5,700		108,984
BRE Properties, Inc.		2,950		142,633
Camden Property Trust		2,800		183,764
Cedar Shopping Centers, Inc.		10,090		53,376
Colonial Properties Trust		3,380		73,109
Corporate Office Properties Trust		3,390		84,581
Cousins Properties, Inc.		5,215		43,858
DiamondRock Hospitality Co.		7,410		62,837
Duke Realty Corp.		10,230		148,130
Eastgroup Properties, Inc.		1,870		97,352
Entertainment Properties Trust		1,870		83,122
Equity One, Inc.		1,850		38,665
Essex Property Trust, Inc.		1,570		235,500

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Extra Space Storage, Inc.		3,630	$	125,199
Federal Realty Investment Trust		2,730		294,375
Franklin Street Properties Corp.		3,250		37,083
Getty Realty Corp.		810		14,831
Healthcare Realty Trust, Inc.		2,800		65,772
Highwood Properties, Inc.		2,760		89,010
Home Properties, Inc.		2,350		142,857
Hospitality Properties Trust		5,360		123,923
Inland Real Estate Corp.		4,470		36,520
Kilroy Realty Corp.		2,280		101,255
Kite Realty Group Trust		6,380		34,899
LaSalle Hotel Properties		3,180		76,129
Lexington Corp. Properties Trust		6,935		65,813
Liberty Property Trust		4,450		156,284
LTC Properties, Inc.		1,020		33,670
Macerich Co.		4,755		271,035
Mack-Cali Realty Corp.		3,380		87,846
Medical Properties Trust, Inc.		6,080		69,798
Mid-America Apartment Communities, Inc.		2,220		143,656
National Retail Properties, Inc.		3,860		122,285
OMEGA Healthcare Investors, Inc.		3,890		89,237
Parkway Properties, Inc.		4,820		66,371
Pennsylvania Real Estate Investment Trust		2,200		36,366
Post Properties, Inc.		1,940		94,691
Potlatch Corp.		1,430		55,026
PS Business Parks, Inc.		1,360		87,217
Rayonier, Inc.		4,470		219,075
Realty Income Corp.		4,990		195,957
Regency Centers Corp.		3,530		169,511
Saul Centers, Inc.		530		22,933
Senior Housing Properties Trust		6,050		132,979
SL Green Realty Corp.		3,000		225,900
Sovran Self Storage, Inc.		1,060		61,268
Tanger Factory Outlet Center		3,240		101,963
Taubman Centers, Inc.		2,680		210,514
UDR, Inc.		8,321		201,951
Universal Health Realty Income Trust		430		21,259
Urstadt Biddle Properties, Inc., Class A		1,190		22,539
Weingarten Realty Investors		4,610		124,470
				5,913,820
REAL ESTATE MANAGEMENT AND DEVELOPMENT (0.1%)
Alexander & Baldwin, Inc.^(a)		1,500		43,395
Forestar Group, Inc.^(a)		1,500		24,015
Jones Lang LaSalle, Inc.		1,360		105,726
				173,136
ROAD & RAIL (1.5%)
Arkansas Best Corp.		4,310		34,696
Atmel Corp.^(a)		18,910		88,215
Con-way, Inc.		4,340		126,337
Genesee & Wyoming, Inc.^(a)		2,280		165,232
Heartland Express, Inc.		2,863		39,939
J.B. Hunt Transport Services, Inc.		4,400		258,280
Kansas City Southern		3,730		300,115
Knight Transportation, Inc.		2,960		44,755
Landstar System, Inc.		1,740		88,131


	Shares		Value
Old Dominion Freight Line, Inc.^(a)		2,590	$	86,869
Wabtec Corp.		2,340		191,646
Werner Enterprises, Inc.		1,870		43,309
				1,467,524
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.5%)
Advanced Energy Industries, Inc.^(a)		4,920		58,105
ATMI, Inc.^(a)		1,250		24,688
Brooks Automation, Inc.		2,850		20,577
Cabot Microelectronics Corp.		2,280		67,944
CEVA, Inc.^(a)		2,430		36,815
Cirrus Logic, Inc.^(a)		8,750		356,649
Cohu, Inc.		6,040		53,152
Cree, Inc.^(a)		4,350		131,936
Cymer, Inc.^(a)		2,370		188,864
Cypress Semiconductor Corp.		6,170		61,145
Diodes, Inc.^(a)		1,610		24,408
DSP Group, Inc.^(a)		3,390		18,645
Entropic Communications, Inc.^(a)		17,590		84,608
Exar Corp.^(a)		13,520		115,596
Fairchild Semiconductor International, Inc.^(a)		6,950		81,732
FEI Co.		1,290		71,015
GT Advanced Technologies, Inc.^(a)		13,180		57,201
Hittite Microwave Corp.^(a)		3,200		181,248
Integrated Device Technology, Inc.^(a)		6,170		33,565
International Rectifier Corp.^(a)		4,730		73,268
Intersil Corp., Class A		5,590		39,410
Kopin Corp.^(a)		6,100		22,936
Kulicke & Soffa Industries, Inc.^(a)		14,120		144,871
MEMC Electronic Materials, Inc.^(a)		38,410		96,793
Micrel, Inc.		2,500		24,225
Microsemi Corp.^(a)		3,180		61,056
MKS Instruments, Inc.		1,880		44,424
Monolithic Power Systems, Inc.^(a)		1,430		27,785
Nanometrics, Inc.^(a)		740		10,182
Pericom Semiconductor Corp.^(a)		5,790		44,757
Power Integrations, Inc.		3,690		109,150
QLogic Corp.^(a)		4,590		43,054
RF Micro Devices, Inc.^(a)		12,820		56,536
Rubicon Technology, Inc.^(a)		9,050		78,645
Rudolph Technologies, Inc.^(a)		1,620		15,406
Semtech Corp.^(a)		4,880		121,854
Sigma Designs, Inc.^(a)		13,750		81,675
Silicon Laboratories, Inc.^(a)		3,710		149,958
Skyworks Solutions, Inc.^(a)		7,150		167,310
Supertex, Inc.^(a)		390		7,453
Tessera Technologies		1,970		27,915
TriQuint Semiconductor, Inc.^(a)		8,240		38,728
Ultratech, Inc.^(a)		830		25,655
Veeco Instruments, Inc.^(a)		6,590		202,312
Volterra Semiconductor Corp.^(a)		4,390		79,766
				3,463,017
SOFTWARE (3.4%)
ACI Worldwide, Inc.^(a)		2,510		98,141
Advent Software, Inc.^(a)		2,440		52,948
ANSYS, Inc.^(a)		4,439		314,635

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Blackbaud, Inc.		3,260	$	77,490
Cadence Design Systems, Inc.^(a)		10,070		127,486
CommVault Systems, Inc.^(a)		3,890		243,007
Ebix, Inc.		5,080		110,693
EPIQ Systems, Inc.		1,915		23,382
FactSet Research Systems, Inc.		2,250		203,738
Fair Isaac Corp.		1,320		61,512
Informatica Corp.^(a)		5,990		162,569
Interactive Intelligence Group, Inc.^(a)		2,800		88,788
Jack Henry & Associates, Inc.		4,770		181,260
JDA Software Group, Inc.^(a)		3,360		128,150
Manhattan Associates, Inc.^(a)		1,840		110,400
Mentor Graphics Corp.^(a)		3,880		60,218
MICROS Systems, Inc.^(a)		3,750		170,213
Monotype Imaging Holdings, Inc.		1,050		16,076
NetScout Systems, Inc.^(a)		4,380		108,317
OPNET Technologies, Inc.		2,340		99,286
Parametric Technology Corp.^(a)		4,670		94,241
Progress Software Corp.^(a)		2,530		49,892
Quality Systems, Inc.		4,070		71,022
Solarwinds, Inc.^(a)		3,810		192,748
Solera Holdings, Inc.		4,070		190,517
Synopsys, Inc.^(a)		5,820		187,404
Tyler Technologies, Inc.^(a)		3,290		157,295
				3,381,428
SPECIALTY RETAIL (5.2%)
Aaron's, Inc.		3,060		94,340
Advance Auto Parts, Inc.		3,990		283,050
Aeropostale, Inc.^(a)		3,590		42,901
American Eagle Outfitters, Inc.		7,940		165,708
Ann, Inc.^(a)		1,980		69,617
Ascena Retail Group, Inc.^(a)		5,416		107,237
Barnes & Noble, Inc.^(a)		6,520		109,797
Big 5 Sporting Goods Corp.		12,200		108,946
Cabela's, Inc.^(a)		2,640		118,298
Cato Corp.		1,300		36,894
Chico's FAS, Inc.		7,450		138,570
Children's Place Retail Stores, Inc.^(a)		2,090		122,119
Christopher & Banks Corp.^(a)		23,630		73,726
Coldwater Creek, Inc.^(a)		13,352		55,411
Dick's Sporting Goods, Inc.		3,500		175,000
Finish Line, Inc., Class A		2,247		46,749
Foot Locker, Inc.		5,980		200,330
Genesco, Inc.^(a)		2,140		122,622
Group 1 Automotive, Inc.		2,440		151,304
Guess?, Inc.		2,780		68,888
Haverty Furniture Cos., Inc.		6,010		90,210
Hibbett Sports, Inc.^(a)		2,790		150,632
Hot Topic, Inc.		3,140		27,004
Jos. A. Bank Clothiers, Inc.^(a)		3,113		145,657
Kirkland's, Inc.^(a)		840		8,056
Lithia Motors, Inc., Class A		3,720		127,224
Lumber Liquidators Holdings, Inc.^(a)		990		55,262
Men's Wearhouse, Inc.		2,070		67,875
Movado Group, Inc.		650		20,599
Office Depot, Inc.^(a)		38,070		94,414


	Shares		Value
OfficeMax, Inc.		35,420	$	260,336
Rent-A-Center, Inc.		2,410		80,325
Rue21, Inc.^(a)		3,970		119,537
Select Comfort Corp.^(a)		2,040		56,773
Signet Jewelers, Ltd.		3,090		159,938
Sonic Automotive, Inc., Class A		8,430		163,542
Stage Stores, Inc.		9,102		222,999
Stein Mart, Inc.^(a)		18,840		148,082
The Pep Boys – Manny Moe & Jack		10,020		100,100
Tractor Supply Co.		3,710		357,049
Vitamin Shoppe, Inc.^(a)		2,800		160,272
Williams-Sonoma, Inc.		3,390		156,720
Zale Corp.^(a)		18,220		130,820
Zumiez, Inc.^(a)		860		21,767
				5,216,700
TEXTILES APPAREL & LUXURY GOODS (2.8%)
Brown Shoe Co., Inc.		16,945		267,392
Carter's, Inc.^(a)		3,970		214,618
Crocs, Inc.^(a)		3,730		46,998
Deckers Outdoor Corp.^(a)		2,470		70,716
Fifth & Pacific Cos., Inc.^(a)		4,270		46,885
Hanesbrands, Inc.^(a)		3,830		128,190
Iconix Brand Group, Inc.^(a)		3,300		61,083
K-Swiss, Inc., Class A^(a)		1,650		3,762
Maidenform Brands, Inc.^(a)		1,170		21,891
Oxford Industries, Inc.		430		23,856
Perry Ellis International, Inc.^(a)		11,930		246,235
PVH Corp.		3,650		401,465
Quiksilver, Inc.^(a)		35,420		113,344
Skechers U.S.A., Inc., Class A^(a)		12,470		207,002
Steven Madden Ltd.^(a)		4,235		181,766
The Buckle, Inc.		3,415		154,256
The Warnaco Group, Inc.^(a)		2,800		197,624
True Religion Apparel, Inc.		3,740		95,931
Under Armour, Inc., Class A^(a)		5,040		263,390
UniFirst Corp.		390		27,132
Wolverine World Wide, Inc.		3,020		126,447
				2,899,983
THRIFTS & MORTGAGE FINANCE (1.0%)
Astoria Financial Corp.		17,070		171,212
Bank Mutual Corp.		7,130		32,156
Brookline Bancorp, Inc.		4,000		33,920
Dime Community Bancshares, Inc.		1,490		21,605
First Niagara Financial Group, Inc.		20,150		166,842
New York Community Bancorp, Inc.		19,610		271,795
Northwest Bancshares, Inc.		3,000		35,700
Oritani Financial Corp.		670		10,238
TrustCo Bank Corp. NY		3,990		22,264
Washington Federal, Inc.		7,580		127,192
Webster Financial Corp.		3,150		69,300
				962,224
TRADING COMPANIES & DISTRIBUTORS (0.5%)
GATX Corp.		1,840		76,286
Kaman Corp., Class A		940		34,968

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	Shares		Value
Lawson Products, Inc.		4,820	$	34,270
MSC Industrial Direct Co., Inc., Class A		2,280		170,088
United Rentals, Inc.^(a)		2,910		118,321
Watsco, Inc.		2,080		142,168
				576,101
WATER UTILITIES (0.2%)
American States Water Co.		1,550		68,231
Aqua America, Inc.		4,810		122,126
Calgon Carbon Corp.^(a)		2,170		26,886
				217,243
WIRELESS TELECOMMUNICATION SERVICES (0.2%)
Cbeyond, Inc.^(a)		1,990		15,243
Neutral Tandem, Inc.		2,170		10,025
NTELOS Holding Corp.		750		11,438
Telephone & Data Systems, Inc.		7,630		189,758
USA Mobility, Inc.		1,190		13,150
				239,614
TOTAL COMMON STOCKS				98,852,621


	Shares		Value
RIGHT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
Gerber Scientific, Inc.		9,000	$	90
TOTAL RIGHT				90
MONEY MARKET FUND (1.1%)
Federated Government Obligations Fund, 0.04%^(b)		1,079,778		1,079,778
TOTAL MONEY MARKET FUND				1,079,778
TOTAL INVESTMENTS (COST $85,490,322) 100.6%				99,932,489
LIABILITIES IN EXCESS OF OTHER ASSETS (0.6%)				(572,787	)
NET ASSETS 100.0%			$	99,359,702

^(a)

Represents non-income producing security.

^(b)

Variable rate security. Rate shown represents the rate as of October 31, 2012.

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND


	Shares		Value
COMMON STOCKS (99.1%)
AEROSPACE & DEFENSE (0.1%)
Embraer SA, Sponsored ADR		4,400	$	122,804
AIRLINES (0.4%)
Latam Airlines Group SA, Sponsored ADR		12,610		312,602
Ryanair Holdings PLC, Sponsored ADR^(a)		4,220		136,095
				448,697
AUTO COMPONENTS (0.2%)
Magna International, Inc., Class A		3,460		153,659
AUTOMOBILES (2.6%)
Honda Motor Co., Ltd., Sponsored ADR		26,090		786,874
Toyota Motor Corp., Sponsored ADR		21,960		1,701,241
				2,488,115
BEVERAGES (0.9%)
Fomento Economico		9,250		838,143
CAPITAL MARKETS (2.1%)
Credit Suisse Group, Sponsored ADR		14,930		348,466
Deutsche Bank AG, Registered Shares		12,690		580,060
Nomura Holdings, Inc., Sponsored ADR		46,630		167,868
UBS AG, Registered Shares		52,013		781,236
				1,877,630
CHEMICALS (1.9%)
Agrium, Inc.		3,310		349,337
Potash Corp. of Saskatchewan, Inc.		13,325		537,931
Sociedad Quimica y Minera de Chile SA, Sponsored ADR		5,630		325,696
Syngenta AG, Sponsored ADR		9,040		704,758
				1,917,722
COMMERCIAL BANKS (17.8%)
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR		71,110		590,213
Banco Bradesco SA, Sponsored ADR		69,060		1,081,480
Banco de Chile, Sponsored ADR		1,575		139,261
Banco Santander Central Hispano SA, Sponsored ADR		137,610		1,026,570
Banco Santander Chile, Sponsored ADR		3,974		108,058
Bank of Montreal		12,740		753,189
Bank of Nova Scotia		19,990		1,087,056
Barclays PLC, Sponsored ADR		39,890		590,372
Canadian Imperial Bank of Commerce		8,080		634,926
Credicorp Ltd.		1,390		179,783
HDFC Bank Ltd., Sponsored ADR		9,820		367,170
HSBC Holdings PLC, Sponsored ADR		55,420		2,735,530
ICICI Bank Ltd., Sponsored ADR		6,160		241,780
Itau Unibanco Banco Multiplo SA, Sponsored ADR		80,977		1,180,644
Lloyds TSB Group PLC, Sponsored ADR^(a)		136,245		356,962
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR		198,170		889,783
Mizuho Financial Group, Inc., Sponsored ADR		155,290		482,952
National Bank of Greece S.A., Sponsored ADR^(a)		5,901		13,985


	Shares		Value
Royal Bank of Canada		23,670	$	1,349,900
Royal Bank of Scotland Group PLC, Sponsored ADR^(a)		9,138		81,694
Shinhan Financial Group Co., Ltd., Sponsored ADR		16,780		574,212
The Toronto-Dominion Bank		15,580		1,267,277
Westpac Banking Corp., Sponsored ADR		9,310		1,229,292
				16,962,089
COMMUNICATIONS EQUIPMENT (0.5%)
Alcatel-Lucent, Sponsored ADR^(a)		26,530		27,591
Nokia Oyj, Sponsored ADR		50,720		135,422
Research In Motion Ltd.^(a)		5,460		43,298
Telefonektiebolaget LM Ericsson, Sponsored ADR		44,920		399,339
				605,650
CONSTRUCTION MATERIALS (0.5%)
Cemex SA de CV, Sponsored ADR^(a)		31,490		284,670
CRH PLC, Sponsored ADR		10,660		198,809
				483,479
CONSUMER FINANCE (0.2%)
Orix Corp., Sponsored ADR		4,250		218,238
DISTRIBUTORS (0.6%)
CANON, Inc., Sponsored ADR		18,620		598,633
DIVERSIFIED CONSUMER SERVICES (1.0%)
Baidu, Inc., Sponsored ADR^(a)		5,880		626,926
Reed Elsevier NV, Sponsored ADR		9,103		244,233
				871,159
DIVERSIFIED FINANCIAL SERVICES (1.8%)
Bancolombia SA, Sponsored ADR		4,030		258,001
ING Groep NV, Sponsored ADR^(a)		48,550		430,153
KB Financial Group, Inc., Sponsored ADR		13,450		457,973
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR		102,330		619,097
				1,765,224
DIVERSIFIED TELECOMMUNICATION SERVICES (4.9%)
BCE, Inc.		20,145		879,530
BT Group PLC, Sponsored ADR		14,910		512,606
China Unicom Ltd., Sponsored ADR		12,475		200,723
France Telecom SA, Sponsored ADR		31,740		356,123
Nippon Telegraph & Telephone Corp., Sponsored ADR		28,240		644,437
Oi SA, Sponsored ADR		10,860		43,440
Portugal Telecom SGPS SA, Sponsored ADR		15,030		75,300
PT Telekomunikasi Indonesia, Sponsored ADR		7,900		321,135
Telecom Italia S.p.A., Sponsored ADR		13,160		120,940
Telefonica Brasil SA, Sponsored ADR		9,071		199,743
Telefonica SA, Sponsored ADR		61,320		805,745
Telus Corp.		9,050		582,006
				4,741,728

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND


	Shares		Value
ELECTRIC UTILITIES (1.0%)
Centrais Electricas Brasileiras SA, Sponsored ADR		9,630	$	53,543
Companhia Energetica de Minas Gerais, Sponsored ADR		23,336		279,798
CPFL Energia SA, Sponsored ADR		6,510		151,618
Enersis SA, Sponsored ADR		12,320		208,701
Korea Electric Power Corp., Sponsored ADR^(a)		19,670		253,546
				947,206
ELECTRICAL EQUIPMENT (0.8%)
ABB Ltd., Sponsored ADR		34,420		621,625
NIDEC Corp., Sponsored ADR		8,470		150,258
				771,883
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.5%)
Kyocera Corp., Sponsored ADR		3,270		290,376
Panasonic Corp., Sponsored ADR		28,460		157,384
				447,760
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.1%)
LG Display Co., Ltd.^(a)		7,040		104,474
ENERGY EQUIPMENT & SERVICES (0.1%)
Tenaris SA, Sponsored ADR		3,080		115,870
FOOD & STAPLES RETAILING (0.8%)
Cencosud SA		14,330		231,716
Companhia Brasileira de Distribuicao Grupo, Sponsored Preferred ADR		4,140		193,504
Delhaize Group, Sponsored ADR		2,550		97,512
Tim Hortons, Inc.		6,070		301,558
				824,290
FOOD PRODUCTS (2.8%)
BRF-Brasil Foods SA, Sponsored ADR		27,500		503,800
Unilever NV, NY Shares		35,600		1,306,164
Unilever PLC, Sponsored ADR		25,664		957,011
				2,766,975
HEALTH CARE EQUIPMENT & SUPPLIES (0.6%)
Qiagen NV^(a)		13,000		226,850
Smith & Nephew PLC, Sponsored ADR		7,410		392,508
				619,358
HEALTH CARE PROVIDERS & SERVICES (1.0%)
Fresenius Medical Care AG & Co., Sponsored ADR		6,410		451,136
Shire PLC, Sponsored ADR		5,440		459,082
				910,218
HOTELS RESTAURANTS & LEISURE (0.2%)
Intercontinental Hotels Group PLC, Sponsored ADR		6,607		162,664
HOUSEHOLD DURABLES (0.5%)
Koninklijke Royal Philips Electronics NV, NY Shares		17,855		447,803


	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.5%)
Companhia Paranaense de Energia-Copel, Sponsored ADR		6,010	$	88,708
Empresa Nacional de Electricidad SA, Sponsored ADR		7,060		337,962
				426,670
INDUSTRIAL CONGLOMERATES (1.3%)
Siemens AG, Sponsored ADR		13,300		1,342,103
INSURANCE (2.5%)
Aegon NV, NY Shares		14,094		78,645
Aviva PLC, Sponsored ADR		19,800		213,444
China Life Insurance Co., Ltd., Sponsored ADR		18,850		832,793
Manulife Financial Corp.		26,030		322,251
Prudential PLC, Sponsored ADR		22,910		629,567
Sun Life Financial, Inc.		11,750		291,400
				2,368,100
MACHINERY (0.3%)
Kubota Corp., Sponsored ADR		4,690		240,409
MARINE (0.2%)
Carnival PLC, Sponsored ADR		5,600		221,368
MEDIA (2.1%)
Grupo Televisa SA, Sponsored ADR		17,250		389,850
Pearson PLC, Sponsored ADR		22,760		457,476
Reed Elsevier PLC, Sponsored ADR		6,657		260,089
Shaw Communications, Inc., Class B		13,570		296,369
Thomson Reuters Corp.		11,478		324,368
WPP PLC, Sponsored ADR		5,810		375,558
				2,103,710
METALS & MINING (10.7%)
Agnico-Eagle Mines Ltd.		2,550		144,050
AngloGold Ashanti Ltd., Sponsored ADR		8,770		298,005
ArcelorMittal, NY Shares		9,980		147,405
Barrick Gold Corp.		15,180		614,790
BHP Billiton Ltd., Sponsored ADR		23,210		1,641,876
BHP Billiton PLC, Sponsored ADR		15,620		999,368
Cameco Corp.		5,840		113,004
Cia Vale Do Rio, Sponsored Preferred ADR		75,480		1,342,790
Companhia Siderurgica Nacional SA, Sponsored ADR		10,760		58,534
Compania de Minas Buenaventura SA, Sponsored ADR		7,660		273,922
Eldorado Gold Corp.		9,050		134,121
Gerdau SA, Sponsored ADR		25,200		221,508
Gold Fields Ltd., Sponsored ADR		17,110		214,046
Goldcorp, Inc.		12,267		554,836
IAMGOLD Corp.		5,430		84,654
Kinross Gold Corp.		16,860		168,431
POSCO, Sponsored ADR		12,150		952,316
Randgold Resources Ltd., Sponsored ADR		1,380		165,034
Rio Tinto PLC, Sponsored ADR		17,492		874,250
Silver Wheaton Corp.		4,820		195,210
Southern Copper Corp.		4,473		170,421

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND


	Shares		Value
Teck Resources Ltd.		5,953	$	189,782
Vale SA, Sponsored Preferred ADR		25,070		459,282
Yamana Gold, Inc.		12,420		251,008
				10,268,643
MULTI-UTILITIES (1.3%)
National Grid PLC, Sponsored ADR		16,600		946,366
Transalta Corp.		12,910		206,302
Veoilia Environnement, Sponsored ADR		7,710		76,637
				1,229,305
OIL, GAS & CONSUMABLE FUELS (20.0%)
BP PLC, Sponsored ADR		47,970		2,057,432
Canadian Natural Resources Ltd.		15,260		460,852
Cenovus Energy, Inc.		11,490		405,712
China Petroleum & Chemical Corp., ADR		6,780		713,324
CNOOC Ltd., Sponsored ADR		5,778		1,187,668
Ecopetrol SA, Sponsored ADR		9,580		567,231
Enbridge, Inc.		16,520		657,000
EnCana Corp.		9,950		224,373
Enerplus Corp.		1,630		26,210
ENI S.p.A., Sponsored ADR		20,570		943,958
Imperial Oil Ltd.		5,870		257,693
Nexen, Inc.		7,020		167,778
Penn West Petroleum Ltd.		5,800		75,342
PetroChina Co., Ltd., Sponsored ADR		8,015		1,088,116
Petroleo Brasileiro SA, Class A, Sponsored ADR		34,910		740,441
Petroleo Brasileiro SA, Sponsored ADR		76,500		1,570,545
Royal Dutch Shell PLC, Sponsored ADR		29,460		2,017,421
Royal Dutch Shell PLC, Class B, Sponsored ADR		20,700		1,462,041
Sasol Ltd., Sponsored ADR		11,990		508,496
Statoil ASA, Sponsored ADR		17,707		434,707
Suncor Energy, Inc.		22,188		745,961
Talisman Energy, Inc.		12,700		144,780
Total SA, Sponsored ADR		36,120		1,820,448
TransCanada Corp.		15,840		716,443
Ultrapar Participacoes SA, Sponsored ADR		11,690		243,503
				19,237,475
PHARMACEUTICALS (0.5%)
Elan Corp. PLC, Sponsored ADR^(a)		14,040		151,632
Valeant Pharmaceuticals International, Inc.^(a)		5,890		329,428
				481,060
REAL ESTATE MANAGEMENT AND DEVELOPMENT (0.5%)
Brookfield Asset Management, Inc., Class A		15,162		522,179
ROAD & RAIL (1.1%)
Canadian National Railway Co.		9,240		798,151
Canadian Pacific Railway Ltd.		3,250		299,195
				1,097,346


	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.1%)
Advanced Semiconductor Engineering, Inc., Sponsored ADR		944	$	3,587
ADVANTEST Corp., Sponsored ADR		1,795		22,545
ARM Holdings PLC, Sponsored ADR		7,350		237,773
ASML Holding NV, NY Shares		7,465		410,351
STMicroelectronics NV, NY Shares		6,060		35,693
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		143,078		2,274,941
United Microelectronics Corp., Sponsored ADR		22,139		41,621
				3,026,511
SOFTWARE (1.7%)
Infosys Technologies Ltd., Sponsored ADR		11,660		506,277
SAP AG, Sponsored ADR		15,300		1,115,370
				1,621,647
TEXTILES APPAREL & LUXURY GOODS (0.3%)
Gildan Activewear, Inc.		2,700		92,124
Luxottica Group S.p.A., Sponsored ADR		4,250		161,755
				253,879
WIRELESS TELECOMMUNICATION SERVICES (9.1%)
America Movil SA, Series L, Sponsored ADR		79,970		2,022,440
China Mobile Ltd., Sponsored ADR		40,010		2,216,154
China Telecom Corp. Ltd., Sponsored ADR		3,740		220,473
Chunghwa Telecom Co., Ltd., Sponsored ADR		22,835		709,712
Mobile TeleSystems, Sponsored ADR		11,725		200,967
NTT DoCoMo, Inc., Sponsored ADR		29,250		421,200
Philippine Long Distance Telephone Co., Sponsored ADR		3,040		193,131
Rogers Communications, Inc., Class B		10,090		443,153
SK Telecom Co., Ltd.		9,130		142,702
Vodafone Group PLC, Sponsored ADR		77,143		2,099,832
				8,669,764
TOTAL COMMON STOCKS				95,321,640
MONEY MARKET FUND (0.8%)
Federated Government Obligations Fund, 0.04%^(b)		737,950		737,950
TOTAL MONEY MARKET FUND				737,950
TOTAL INVESTMENTS (COST $103,327,538) 99.9%				96,059,590
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1%				59,108
NET ASSETS 100.0%			$	96,118,698

^(a)

Represents non-income producing security.

^(b)

Variable rate security. Rate shown represents the rate as of October 31, 2012.

ADR – American Depositary Receipt

PLC – Public Limited Company

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND

The table below sets forth the diversification of the Steward Select Bond Fund investments by Industry.


Industry Diversification	Percent*
U.S. Government Agency Mortgage-Backed Obligations		24.7	%
U.S. Treasury Obligations		15.1
Commercial Banks		6.1
U.S. Government Agencies		5.0
Insurance		5.0
Food Products		3.7
Capital Markets		3.3
Electric Utilities		3.2
Consumer Finance		3.1
Oil, Gas & Consumable Fuels		2.8
Diversified Financial Services		2.7
Beverages		2.7
Money Market Fund		2.6
Chemicals		2.6
Semiconductors & Semiconductor Equipment		2.4
Electronic Equipment & Instruments		2.0
Oil & Gas – Integrated		2.0
Utilities – Telecommunications		1.7
Pharmaceuticals		1.6
Financial Services		1.0
Mortgage Backed Securities – Financial Services		0.9
Specialty Retail		0.8
Consumer Staples		0.8
Health Care Equipment & Supplies		0.8
Road & Rail		0.6
Industrial Conglomerates		0.6
Mortgage Backed Securities – Religious Organizations		0.5
Computers & Peripherals		0.4
Household Products		0.4
Diversified Consumer Services		0.3
Total Investments		99.4	%

Percentages indicated are based on net assets as of October 31, 2012.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND


	Principal Amount		Value
CORPORATE BONDS (52.0%)
BEVERAGES (2.7%)
PepsiCo, Inc., 3.00%, 8/25/21	$	3,435,000	$	3,686,298
CAPITAL MARKETS (3.3%)
Bear Stearns Cos. LLC, 6.40%, 10/2/17		1,500,000		1,807,451
Goldman Sachs Group, Inc., 3.63%, 2/7/16		1,500,000		1,587,864
UBS AG Stamford Connecticut, 5.88%, 7/15/16		1,000,000		1,119,668
				4,514,983
CHEMICALS (2.6%)
Cabot Corp., 5.00%, 10/1/16		1,000,000		1,115,541
E.I. du Pont de Nemour & Co., 3.63%, 1/15/21		1,000,000		1,104,241
Eastman Chemical Co., 5.50%, 11/15/19		1,200,000		1,410,740
				3,630,522
COMMERCIAL BANKS (6.1%)
Bank of New York Mellon, 4.30%, 5/15/14		1,000,000		1,057,366
BB&T Corp., 3.95%, 4/29/16		1,500,000		1,653,161
HSBC Bank USA NA, 4.88%, 8/24/20		2,000,000		2,202,611
Manufacturers & Traders Trust Co., 5.63%, 12/1/21^(a)		1,150,000		1,175,807
National City Corp., 4.90%, 1/15/15		1,000,000		1,089,458
Wachovia Corp., 5.75%, 6/15/17		1,000,000		1,195,798
				8,374,201
COMPUTERS & PERIPHERALS (0.4%)
Cisco Systems, Inc., 4.45%, 1/15/20		500,000		589,543
CONSUMER FINANCE (3.1%)
Caterpillar Financial Services Corp., 2.85%, 6/1/22		1,000,000		1,048,232
John Deere Capital Corp., 2.25%, 4/17/19		2,000,000		2,081,231
John Deere Capital Corp., 2.75%, 3/15/22		1,000,000		1,040,603
				4,170,066
CONSUMER STAPLES (0.8%)
Avon Products, Inc., 5.75%, 3/1/18		1,000,000		1,079,851
DIVERSIFIED CONSUMER SERVICES (0.3%)
Rensselaer Polytechnic Institute, 5.60%, 9/1/20		400,000		464,448
DIVERSIFIED FINANCIAL SERVICES (2.7%)
Charles Schwab Corp., 4.45%, 7/22/20		1,250,000		1,430,756
Citigroup, Inc., 4.88%, 5/7/15		500,000		537,247
Morgan Stanley, 5.75%, 1/25/21		1,500,000		1,678,277
				3,646,280
ELECTRIC UTILITIES (3.2%)
Duke Energy Ohio, Inc., 5.45%, 4/1/19		1,154,000		1,404,930
Entergy Gulf States Louisiana, LLC, 3.95%, 10/1/20		1,500,000		1,634,206
Ohio Power Co., 5.85%, 10/1/35		1,000,000		1,269,794
				4,308,930
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.0%)
Eaton Corp., 4.90%, 5/15/13		500,000		511,540
Kansas City Power & Light Co., 7.15%, 4/1/19		775,000		1,003,767
Philips Electronics NV, 5.75%, 3/11/18		1,000,000		1,216,823
				2,732,130

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND


	Principal Amount		Value
FINANCIAL SERVICES (1.0%)
BlackRock, Inc., 6.25%, 9/15/17	$	733,000	$	898,519
SLM Corp., 5.00%, 6/15/18		500,000		498,162
				1,396,681
FOOD PRODUCTS (3.7%)
Campbell Soup Co., 4.50%, 2/15/19		1,500,000		1,729,154
Kellogg Co., 4.45%, 5/30/16		1,500,000		1,686,912
The Hershey Co., 4.13%, 12/1/20		1,500,000		1,702,263
				5,118,329
HEALTH CARE EQUIPMENT & SUPPLIES (0.8%)
Baxter International, Inc., 4.50%, 8/15/19		1,000,000		1,158,661
HOUSEHOLD PRODUCTS (0.4%)
Kimberly-Clark Corp., 2.40%, 3/1/22		585,000		596,491
INDUSTRIAL CONGLOMERATES (0.6%)
Tyco Electronics Group SA, 4.88%, 1/15/21		750,000		842,420
INSURANCE (5.0%)
ACE INA Holdings, Inc., 2.60%, 11/23/15		1,485,000		1,556,193
Allstate Corp., 5.00%, 8/15/14		500,000		537,776
GE Global Insurance Holding Corp., 6.45%, 3/1/19		1,000,000		1,163,736
Jefferson Pilot Corp., 4.75%, 1/30/14		900,000		940,037
Principal Life, Income Funding Trusts, 5.30%, 4/24/13		1,500,000		1,534,706
Prudential Financial, Inc., 5.87%, 9/15/42^(a)		1,000,000		1,052,500
				6,784,948
MORTGAGE BACKED SECURITIES – FINANCIAL SERVICES (0.9%)
Opteum Mortgate Acceptance Corp., Class 2AD2, 5.85%, 12/25/35^(a)		1,000,000		918,252
Wells Fargo Mortgage Backed Securities, 4.43%, 10/25/33^(a)		246,562		250,153
				1,168,405
MORTGAGE BACKED SECURITIES – RELIGIOUS ORGANIZATIONS (0.5%)^(b)^(c)
Abyssinia Missionary Baptist Church Ministries, Inc., 7.30%, 9/15/14, (Callable 12/15/12 @ 100)		73,000		44,267
Abyssinia Missionary Baptist Church Ministries, Inc., 7.40%, 3/15/15, (Callable 12/15/12 @ 100)		106,000		64,279
Abyssinia Missionary Baptist Church Ministries, Inc., 7.50%, 3/15/16, (Callable 12/15/12 @ 100)		90,000		54,576
Abyssinia Missionary Baptist Church Ministries, Inc., 7.50%, 9/15/16, (Callable 12/15/12 @ 100)		63,000		38,017
Abyssinia Missionary Baptist Church Ministries, Inc., 7.50%, 9/15/15, (Callable 12/15/12 @ 100)		63,000		38,203
Bethel Baptist Institutional Church, Inc., 7.60%, 1/21/15, (Callable 1/21/13 @ 100)^(d)^(e)		152,000		61,500
Bethel Baptist Institutional Church, Inc., 7.70%, 7/21/15, (Callable 1/21/13 @ 100)^(d)^(e)		101,000		40,865
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/16, (Callable 1/21/13 @ 100)^(d)^(e)		203,000		82,135
Bethel Baptist Institutional Church, Inc., 7.80%, 1/21/17, (Callable 1/21/13 @ 100)^(d)^(e)		212,000		85,392
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/17, (Callable 1/21/13 @ 100)^(d)^(e)		46,000		18,612
Bethel Baptist Institutional Church, Inc., 7.80%, 7/21/20, (Callable 1/21/13 @ 100)^(d)^(e)		86,000		34,676
Metropolitan Baptist Church, 7.90%, 7/12/13, (Callable 1/12/13 @ 100)^(d)^(e)		29,000		4,756
Metropolitan Baptist Church, 8.00%, 1/12/14, (Callable 1/12/13 @ 100)^(d)^(e)		71,000		11,691
Metropolitan Baptist Church, 8.10%, 7/12/14, (Callable 1/12/13 @ 100)^(d)^(e)		74,000		12,205
Metropolitan Baptist Church, 8.40%, 1/12/17, (Callable 1/12/13 @ 100)^(d)^(e)		90,000		14,774
Metropolitan Baptist Church, 8.40%, 7/12/18, (Callable 1/12/13 @ 100)^(d)^(e)		23,000		3,787
Metropolitan Baptist Church, 8.40%, 7/12/20, (Callable 1/12/13 @ 100)^(d)^(e)		121,000		19,878
Metropolitan Baptist Church, 8.40%, 7/12/16, (Callable 1/12/13 @ 100)^(d)^(e)		87,000		14,349
New Life Anointed Ministries International, Inc., 7.40%, 12/21/17, (Callable 12/21/12 @ 100)^(d)^(e)		44,000		442
New Life Anointed Ministries International, Inc., 7.80%, 12/21/17, (Callable 12/21/12 @ 100)^(d)^(e)		111,000		1,119

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND


	Principal Amount		Value
New Life Anointed Ministries International, Inc., 7.80%, 6/21/18, (Callable 12/21/12 @ 100)^(d)^(e)	$	147,000	$	1,477
New Life Anointed Ministries International, Inc., 7.80%, 12/21/18, (Callable 12/21/12 @ 100)^(d)^(e)		152,000		1,535
New Life Anointed Ministries International, Inc., 7.80%, 6/21/19, (Callable 12/21/12 @ 100)^(d)^(e)		158,000		1,592
New Life Anointed Ministries International, Inc., 7.80%, 12/21/19, (Callable 12/21/12 @ 100)^(d)^(e)		165,000		1,661
				651,788
OIL & GAS – INTEGRATED (2.0%)
ConocoPhillips, 4.60%, 1/15/15		500,000		543,762
Nabors Industries, Inc., 6.15%, 2/15/18		1,250,000		1,483,400
Phillips Petroleum Co., 6.65%, 7/15/18		500,000		639,556
				2,666,718
OIL, GAS & CONSUMABLE FUELS (2.8%)
Apache Corp., 3.25%, 4/15/22		1,000,000		1,089,070
Gulf South Pipeline Co., 4.00%, 6/15/22		1,500,000		1,598,162
Occidental Petroleum Corp., 3.13%, 2/15/22		1,000,000		1,089,390
				3,776,622
PHARMACEUTICALS (1.6%)
Teva Pharmaceutial Finance, 3.65%, 11/10/21		2,000,000		2,176,834
ROAD & RAIL (0.6%)
Ryder System, Inc., 2.50%, 3/1/17		750,000		763,172
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.4%)
Applied Materials, Inc., 2.65%, 6/15/16		1,000,000		1,057,823
Applied Materials, Inc., 7.13%, 10/15/17		500,000		630,411
Texas Instruments, Inc., 2.38%, 5/16/16		1,500,000		1,578,590
				3,266,824
SPECIALTY RETAIL (0.8%)
Lowe's Cos., Inc., 3.80%, 11/15/21		1,000,000		1,103,069
UTILITIES-TELECOMMUNICATIONS (1.7%)
AT&T, Inc., 5.63%, 6/15/16		1,500,000		1,748,630
Verizon New England, Inc., 4.75%, 10/1/13		500,000		518,825
				2,267,455
TOTAL CORPORATE BONDS				70,935,669
U.S. GOVERNMENT AGENCIES (5.0%)
Federal Farm Credit Bank
2.63%, 4/17/14		2,000,000		2,067,936
Federal Home Loan Bank
3.50%, 7/29/21		2,000,000		2,293,140
4.75%, 6/8/18		2,000,000		2,406,876
				4,700,016
TOTAL U.S. GOVERNMENT AGENCIES				6,767,952
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (24.7%)
Federal Home Loan Mortgage Corp., Class KY
4.00%, 12/15/25		2,500,000		2,786,990
5.00%, 7/15/19		398,321		423,416
5.00%, 11/1/37		311,647		335,075
5.67%^(a), 5/1/36		387,326		419,695
5.76%^(a), 10/1/37		241,658		258,809
6.00%, 8/1/36		40,437		44,689

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND


	Principal Amount		Value
6.00%, 3/1/38	$	319,405	$	351,569
				4,620,243
Federal National Mortgage Assoc.
0.63%^(a), 11/25/36		583,788		587,661
1.63%, 10/26/15		2,000,000		2,069,740
2.20%^(a), 7/1/35		2,545,710		2,733,805
2.38%, 4/11/16		2,000,000		2,126,646
2.95%^(a), 5/1/36		402,231		424,356
5.00%, 1/1/35		171,024		187,027
5.24%, 8/7/18		2,020,000		2,094,265
5.50%, 5/1/36		629,626		692,652
5.50%, 8/1/36		169,078		186,003
5.50%, 9/1/36		60,235		65,606
5.50%, 12/1/36		704,616		773,607
5.50%, 9/1/37		598,932		658,886
5.76%^(a), 7/1/36		997,131		1,086,940
5.80%^(a), 10/1/36		344,430		374,527
6.00%, 3/1/36		571,652		629,768
6.00%, 6/1/36		1,499,643		1,652,102
6.00%, 9/1/36		332,914		369,932
6.00%, 5/1/37		228,518		253,107
				16,966,630
Government National Mortgage Assoc., Class PL
4.25%, 10/20/38		1,544,082		1,652,644
4.50%, 8/20/38		845,409		898,214
4.50%, 5/20/39		2,587,249		2,846,001
4.50%, 6/15/40		1,628,896		1,783,440
4.50%, 1/20/41		2,842,255		3,008,887
5.00%, 5/20/40		866,212		914,423
5.50%, 12/20/38		205,065		218,337
5.50%^(a), 1/20/39		211,347		225,731
6.00%, 6/15/37		199,175		225,554
6.00%, 10/15/37		234,010		265,170
6.50%, 10/20/38		201,812		223,252
				12,261,653
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS				33,848,526

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD SELECT BOND FUND


	Shares or Principal Amount		Value
U.S. TREASURY OBLIGATIONS (15.1%)
U.S. Treasury Notes
2.00%, 4/30/16	$	3,000,000	$	3,159,375
2.00%, 11/15/21		5,000,000		5,193,750
2.00%, 2/15/22		7,000,000		7,248,828
2.13%, 5/31/15		1,500,000		1,568,087
3.13%, 5/15/19		3,000,000		3,400,314
TOTAL U.S. TREASURY OBLIGATIONS				20,570,354
MONEY MARKET FUND (2.6%)
Federated Government Obligations Fund, 0.04%^(a)		3,573,309		3,573,309
TOTAL MONEY MARKET FUND				3,573,309
TOTAL INVESTMENTS (COST $130,173,451) 99.4%				135,695,810
OTHER ASSETS IN EXCESS OF LIABILITIES 0.6%				872,614
NET ASSETS 100.0%			$	136,568,424

^(a)

Variable rate security. Rate shown represents the rate as of October 31, 2012.

^(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)

The trustee of the issuer has initiated foreclosure proceedings against the bond issuer and/or the bond issuer is in bankruptcy or forebearance.

^(e)

In default. Security is considered non-income producing, as no interest was paid on the last interest payment date, prior to October 31, 2012.

LLC – Limited Liability Company

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD GLOBAL EQUITY INCOME FUND


	Shares		Value
COMMON STOCKS (98.7%)
AEROSPACE & DEFENSE (4.3%)
General Dynamics Corp.		36,480	$	2,483,558
Lockheed Martin Corp.		14,330		1,342,291
Raytheon Co.		30,980		1,752,229
				5,578,078
CHEMICALS (1.5%)
Sensient Technologies Corp.		54,480		1,981,982
COMMERCIAL BANKS (8.3%)
Banco Santander Chile, Sponsored ADR		44,158		1,200,642
Bank of Nova Scotia		58,700		3,192,106
Cullen/Frost Bankers, Inc.		25,180		1,392,454
Tompkins Financial Corp.		43,030		1,741,854
Westpac Banking Corp., Sponsored ADR		24,870		3,283,835
				10,810,891
DISTRIBUTORS (4.4%)
CANON, Inc., Sponsored ADR		56,570		1,818,726
Genuine Parts Co.		60,830		3,806,741
				5,625,467
DIVERSIFIED TELECOMMUNICATION SERVICES (2.3%)
BCE, Inc.		66,350		2,896,841
ELECTRIC UTILITIES (1.9%)
PPL Corp.		80,800		2,390,064
ELECTRICAL EQUIPMENT (2.8%)
Hubbell, Inc., Class B		42,820		3,584,890
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)
Corning, Inc.		110,440		1,297,670
FOOD & STAPLES RETAILING (1.7%)
SYSCO Corp.		71,000		2,205,970
FOOD PRODUCTS (6.3%)
Campbell Soup Co.		46,100		1,625,947
ConAgra Foods, Inc.		53,130		1,479,139
H.J. Heinz Co.		37,240		2,141,673
Unilever PLC, Sponsored ADR		77,020		2,872,076
				8,118,835
HEALTH CARE EQUIPMENT & SUPPLIES (4.4%)
Baxter International, Inc.		23,030		1,442,369
Medtronic, Inc.		61,780		2,568,812
STERIS Corp.		45,410		1,617,050
				5,628,231
HEALTH CARE PROVIDERS & SERVICES (0.9%)
Landauer, Inc.		20,340		1,178,703
HEALTH CARE TECHNOLOGY (0.7%)
Computer Programs & Systems, Inc.		18,020		879,556
HOTELS, RESTAURANTS & LEISURE (2.6%)
McDonald's Corp.		39,130		3,396,484


	Shares		Value
HOUSEHOLD PRODUCTS (1.2%)
Kimberly-Clark Corp.		19,240	$	1,605,578
INDUSTRIAL CONGLOMERATES (2.1%)
Siemens AG, Sponsored ADR		27,320		2,756,861
IT SERVICES (5.4%)
Accenture PLC, Class A		42,790		2,884,474
Automatic Data Processing, Inc.		45,740		2,643,314
Broadridge Financial Solutions, Inc.		63,870		1,465,817
				6,993,605
LEISURE EQUIPMENT & PRODUCTS (3.2%)
Mattel, Inc.		112,000		4,119,360
MEDIA (5.0%)
Reed Elsevier PLC, Sponsored ADR		54,090		2,113,297
Shaw Communications, Inc., Class B		104,380		2,279,659
WPP PLC, Sponsored ADR		29,330		1,895,891
				6,288,847
METALS & MINING (3.8%)
BHP Billiton Ltd., Sponsored ADR		15,850		1,121,229
Cia Vale Do Rio, Sponsored Preferred ADR		51,740		920,455
Cliffs Natural Resources, Inc.		29,010		1,052,193
Companhia Siderurgica Nacional SA, Sponsored ADR		332,960		1,811,302
				4,905,179
MULTI-UTILITIES (2.8%)
National Grid PLC, Sponsored ADR		47,710		2,719,947
SCANA Corp.		17,390		853,501
				3,573,448
OIL, GAS & CONSUMABLE FUELS (13.9%)
Chevron Corp.		23,250		2,562,383
China Petroleum & Chemical Corp., ADR		31,670		3,332,001
CNOOC Ltd., Sponsored ADR		15,829		3,253,651
Ecopetrol SA, Sponsored ADR		31,320		1,854,457
Enbridge, Inc.		62,940		2,503,124
Royal Dutch Shell PLC, Class B, Sponsored ADR		27,270		1,926,080
TransCanada Corp.		56,470		2,554,138
				17,985,834
PERSONAL PRODUCTS (1.2%)
Avon Products, Inc.		103,560		1,604,144
PHARMACEUTICALS (2.5%)
Abbott Laboratories		48,120		3,152,822
REAL ESTATE INVESTMENT TRUST (5.5%)
LTC Properties, Inc.		51,900		1,713,220
Public Storage, Inc.		18,580		2,575,746
Senior Housing Properties Trust		58,840		1,293,303
Urstadt Biddle Properties, Inc., Class A		74,950		1,419,553
				7,001,822

See notes to financial statements.

STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2012 (Unaudited)

STEWARD GLOBAL EQUITY INCOME FUND


	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.9%)
Intel Corp.		112,240	$	2,427,190
Linear Technology Corp.		36,070		1,127,548
Microchip Technology, Inc.		85,100		2,667,886
				6,222,624
SOFTWARE (1.9%)
Microsoft Corp.		87,890		2,507,941
THRIFTS & MORTGAGE FINANCE (0.8%)
Northwest Bancshares, Inc.		84,890		1,010,191
WIRELESS TELECOMMUNICATION SERVICES (1.4%)
Vodafone Group PLC, Sponsored ADR		65,460		1,781,821
TOTAL COMMON STOCKS				127,083,739


	Shares		Value
MONEY MARKET FUND (1.2%)
Federated Government Obligations Fund, 0.04%^(a)		1,505,639	$	1,505,639
TOTAL MONEY MARKET FUND				1,505,639
TOTAL INVESTMENTS (COST $116,326,228) 99.9%				128,589,378
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1%				96,977
NET ASSETS 100.0%			$	128,686,355

^(a)

Variable rate security. Rate shown represents the rate as of October 31, 2012.

ADR – American Depositary Receipt

PLC – Public Limited Company

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2012 (Unaudited)


	Steward Large Cap Enhanced Index Fund		Steward Small-Mid Cap Enhanced Index Fund			Steward International Enhanced Index Fund			Steward Select Bond Fund			Steward Global Equity Income Fund
Assets:
Investments, at value (cost $145,614,085, $85,490,322, $103,327,538, $130,173,451 and $116,326,228, respectively)	$	169,223,051	$	99,932,489		$	96,059,590		$	135,695,810		$	128,589,378
Cash		41,766		—			6,962			5,900			1,895
Receivable for investments sold		—		—			—			38,767			—
Receivable for capital shares issued		21,470		22,546			20,206			87,356			20,561
Interest and dividend receivable		170,460		35,309			179,430			1,002,505			231,954
Reclaims receivable		—		—			3,462			—			—
Prepaid expenses and other assets		24,944		18,419			14,962			22,637			20,329
Total assets		169,481,691		100,008,763			96,284,612			136,852,975			128,864,117
Liabilities:
Payable to custodian		—		496,997			—			—			—
Payable for capital shares redeemed		161,335		89,194			108,061			204,726			101,765
Investment advisory fees		21,827		12,767			24,407			28,802			32,753
Consulting fees		14,793		8,648			8,268			11,735			11,094
Compliance service fees		1,657		980			943			1,207			1,258
Administration fees		9,500		5,549			5,309			7,552			7,121
Distribution fees – Individual Class		3,785		9,208			2,151			2,534			2,883
Administrative services fee – Individual Class		2,017		5,275			1,447			575			1,871
Fund accounting fees		2,184		1,318			1,244			1,798			1,659
Transfer agent fees		5,184		6,058			2,382			4,808			2,572
Custodian fees		1,663		819			745			1,417			993
Directors’ fees		1,869		935			855			1,616			1,134
Other accrued liabilities		21,324		11,313			10,102			17,781			12,659
Total liabilities		247,138		649,061			165,914			284,551			177,762
Net Assets	$	169,234,553	$	99,359,702		$	96,118,698		$	136,568,424		$	128,686,355
Composition of Net Assets:
Capital (par value and paid-in surplus)	$	144,570,662	$	78,880,648		$	116,036,243		$	132,226,401		$	126,812,222
Accumulated undistributed/(distribution in excess of) net investment income		147,056		(29,918	)		156,912			14,361			185,500
Accumulated net realized gain/(loss) from investment transactions		907,869		6,066,805			(12,806,509	)		(1,194,697	)		(10,574,517	)
Unrealized appreciation/(depreciation) from investments		23,608,966		14,442,167			(7,267,948	)		5,522,359			12,263,150
Net Assets	$	169,234,553	$	99,359,702		$	96,118,698		$	136,568,424		$	128,686,355
Individual Class
Net Assets	$	17,510,565	$	42,649,269		$	10,043,725		$	11,805,915		$	13,862,770
Shares authorized		7,500,000		12,499,900			7,500,000			7,500,000			7,500,000
Shares issued and outstanding ($0.001 par value)		606,709		3,255,858			489,358			459,383			570,975
Net asset value, offering and redemption price per share	$	28.86	$	13.10		$	20.52		$	25.70		$	24.28
Institutional Class
Net Assets	$	151,723,988	$	56,710,433		$	86,074,973		$	124,762,509		$	114,823,585
Shares authorized		37,500,000		12,500,000			37,500,000			37,500,000			37,500,000
Shares issued and outstanding ($0.001 par value)		5,280,647		4,296,673			4,185,705			4,878,502			4,724,811
Net asset value, offering and redemption price per share	$	28.73	$	13.20		$	20.56		$	25.57		$	24.30

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2012 (Unaudited)


	Steward Large Cap Enhanced Index Fund		Steward Small-Mid Cap Enhanced Index Fund			Steward International Enhanced Index Fund			Steward Select Bond Fund		Steward Global Equity Income Fund
Investment Income:
Interest	$	—	$	—		$	—		$	2,058,574	$	—
Dividends (net of foreign withholding tax of $0, $0, $97,430, $0 and $42,082, respectively)		1,622,531		582,011			1,740,071			230		2,189,523
Total investment income		1,622,531		582,011			1,740,071			2,058,804		2,189,523
Expenses:
Investment advisory fees		126,264		74,257			138,671			170,875		187,029
Consulting fees		87,673		52,159			48,733			71,496		65,253
Compliance service fees		9,592		5,638			5,265			7,787		7,105
Administration fees		55,956		32,912			30,719			45,471		41,444
Distribution fees – Individual Class		22,212		53,404			12,016			15,033		16,569
Administrative services fees – Individual Class		8,885		2,196			4,806			6,013		6,628
Fund accounting fees		66,551		49,962			36,727			59,208		46,071
Transfer agent fees		28,983		51,311			16,131			26,492		15,711
Custodian fees		13,271		7,946			7,138			10,840		9,525
Directors’ fees		21,870		13,348			11,979			17,753		15,782
Miscellaneous fees		66,210		47,502			41,485			52,613		49,827
Total expenses		507,467		390,635			353,670			483,581		460,944
Net investment income		1,115,064		191,376			1,386,401			1,575,223		1,728,579
Realized and unrealized gain/(loss) from investments:
Net realized gain/(loss) from investment transactions		1,049,629		1,844,015			245,605			633,333		(1,083,163	)
Net change in unrealized appreciation/ (depreciation) from investments		309,448		(2,199,802	)		(1,414,411	)		1,038,017		(2,229,054	)
Net realized and unrealized gain/(loss) from investments		1,359,077		(355,787	)		(1,168,806	)		1,671,350		(3,312,217	)
Change in net assets resulting from operations	$	2,474,141	$	(164,411	)	$	217,595		$	3,246,573	$	(1,583,638	)

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD LARGE CAP ENHANCED INDEX FUND


	For the Six Months Ended October 31, 2012			For the Year Ended April 30, 2012
	(Unaudited)
Change in net assets from operations:
Net investment income	$	1,115,064		$	1,994,526
Net realized gain from investment transactions		1,049,629			7,923,576
Net change in unrealized appreciation/(depreciation) from investments		309,448			(6,152,877	)
Change in net assets resulting from operations		2,474,141			3,765,225
Distributions to shareholders from:
Net investment income:
Individual Class		(86,696	)		(156,476	)
Institutional Class		(1,015,249	)		(1,807,976	)
Change in net assets from shareholder distributions		(1,101,945	)		(1,964,452	)
Capital Transactions:
Individual Class
Proceeds from shares issued		2,286,475			4,126,629
Dividends reinvested		86,028			156,375
Cost of shares redeemed		(3,120,140	)		(6,457,528	)
Change in Individual Class from capital transactions		(747,637	)		(2,174,524	)
Institutional Class
Proceeds from shares issued		8,664,528			12,778,150
Dividends reinvested		1,006,157			1,795,034
Cost of shares redeemed		(9,983,520	)		(21,749,140	)
Change in Institutional Class from capital transactions		(312,835	)		(7,175,956	)
Change in net assets from capital transactions		(1,060,472	)		(9,350,480	)
Change in net assets		311,724			(7,549,707	)
Net Assets:
Beginning of period	$	168,922,829		$	176,472,536
End of period	$	169,234,553		$	168,922,829
Accumulated undistributed net investment income	$	147,056		$	133,937
Share Transactions:
Individual Class
Issued		81,213			155,482
Reinvested		3,021			6,057
Redeemed		(108,919	)		(247,329	)
Change in Individual Class		(24,685	)		(85,790	)
Institutional Class
Issued		317,007			499,410
Reinvested		35,537			69,674
Redeemed		(347,793	)		(805,217	)
Change in Institutional Class		4,751			(236,133	)

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD SMALL-MID CAP ENHANCED INDEX FUND


	For the Six Months Ended October 31, 2012			For the Year Ended April 30, 2012
	(Unaudited)
Change in net assets from operations:
Net investment income	$	191,376		$	383,109
Net realized gain from investment transactions		1,844,015			7,466,478
Net change in unrealized depreciation from investments		(2,199,802	)		(8,630,182	)
Change in net assets resulting from operations		(164,411	)		(780,595	)
Distributions to shareholders from:
Net investment income:
Individual Class		(76,498	)		(89,903	)
Institutional Class		(173,276	)		(264,726	)
Net realized gains:
Individual Class		—			(1,468,069	)
Institutional Class		—			(1,982,357	)
Change in net assets from shareholder distributions		(249,774	)		(3,805,055	)
Capital Transactions:
Individual Class
Proceeds from shares issued		1,065,337			2,040,131
Dividends reinvested		70,898			1,433,710
Cost of shares redeemed		(2,680,540	)		(5,066,020	)
Change in Individual Class from capital transactions		(1,544,305	)		(1,592,179	)
Institutional Class
Proceeds from shares issued		2,227,507			7,182,592
Dividends reinvested		172,557			2,245,320
Cost of shares redeemed		(3,312,467	)		(9,738,153	)
Change in Institutional Class from capital transactions		(912,403	)		(310,241	)
Change in net assets from capital transactions		(2,456,708	)		(1,902,420	)
Change in net assets		(2,870,893	)		(6,488,070	)
Net Assets:
Beginning of period	$	102,230,595		$	108,718,665
End of period	$	99,359,702		$	102,230,595
Accumulated undistributed/(distribution in excess of) net investment income	$	(29,918	)	$	28,480
Share Transactions:
Individual Class
Issued		80,998			163,454
Reinvested		5,572			121,469
Redeemed		(209,160	)		(406,883	)
Change in Individual Class		(122,590	)		(121,960	)
Institutional Class
Issued		172,114			603,779
Reinvested		13,414			188,488
Redeemed		(252,083	)		(769,976	)
Change in Institutional Class		(66,555	)		22,291

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD INTERNATIONAL ENHANCED INDEX FUND


	For the Six Months Ended October 31, 2012			For the Year Ended April 30, 2012
	(Unaudited)
Change in net assets from operations:
Net investment income	$	1,386,401		$	2,316,430
Net realized gain/(loss) from investment transactions		245,605			(275,946	)
Net change in unrealized depreciation from investments		(1,414,411	)		(15,760,344	)
Change in net assets resulting from operations		217,595			(13,719,860	)
Distributions to shareholders from:
Net investment income:
Individual Class		(138,503	)		(219,196	)
Institutional Class		(1,343,499	)		(2,057,906	)
Change in net assets from shareholder distributions		(1,482,002	)		(2,277,102	)
Capital Transactions:
Individual Class
Proceeds from shares issued		1,045,368			2,375,774
Dividends reinvested		136,881			218,116
Cost of shares redeemed		(947,421	)		(1,830,150	)
Change in Individual Class from capital transactions		234,828			763,740
Institutional Class
Proceeds from shares issued		5,069,247			20,061,037
Dividends reinvested		1,232,975			1,916,351
Cost of shares redeemed		(4,214,809	)		(10,238,323	)
Change in Institutional Class from capital transactions		2,087,413			11,739,065
Change in net assets from capital transactions		2,322,241			12,502,805
Change in net assets		1,057,834			(3,494,157	)
Net Assets:
Beginning of period	$	95,060,864		$	98,555,021
End of period	$	96,118,698		$	95,060,864
Accumulated undistributed net investment income	$	156,912		$	252,513
Share Transactions:
Individual Class
Issued		53,012			113,446
Reinvested		7,024			10,600
Redeemed		(47,755	)		(88,513	)
Change in Individual Class		12,281			35,533
Institutional Class
Issued		257,087			967,986
Reinvested		63,113			93,263
Redeemed		(208,516	)		(486,824	)
Change in Institutional Class		111,684			574,425

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD SELECT BOND FUND


	For the Six Months Ended October 31, 2012			For the Year Ended April 30, 2012
	(Unaudited)
Change in net assets from operations:
Net investment income	$	1,575,223		$	3,770,426
Net realized gain from investment transactions		633,333			1,057,942
Net change in unrealized appreciation from investments		1,038,017			728,703
Change in net assets resulting from operations		3,246,573			5,557,071
Distributions to shareholders from:
Net investment income:
Individual Class		(154,438	)		(346,956	)
Institutional Class		(1,834,401	)		(3,748,253	)
Change in net assets from shareholder distributions		(1,988,839	)		(4,095,209	)
Capital Transactions:
Individual Class
Proceeds from shares issued		580,739			1,606,643
Dividends reinvested		154,140			346,149
Cost of shares redeemed		(1,034,239	)		(4,852,846	)
Change in Individual Class from capital transactions		(299,360	)		(2,900,054	)
Institutional Class
Proceeds from shares issued		4,531,953			13,098,062
Dividends reinvested		1,818,467			3,683,922
Cost of shares redeemed		(6,924,420	)		(23,760,485	)
Change in Institutional Class from capital transactions		(574,000	)		(6,978,501	)
Change in net assets from capital transactions		(873,360	)		(9,878,555	)
Change in net assets		384,374			(8,416,693	)
Net Assets:
Beginning of period	$	136,184,050		$	144,600,743
End of period	$	136,568,424		$	136,184,050
Accumulated undistributed net investment income	$	14,361		$	427,977
Share Transactions:
Individual Class
Issued		22,704			63,428
Reinvested		6,050			13,702
Redeemed		(40,374	)		(191,539	)
Change in Individual Class		(11,620	)		(114,409	)
Institutional Class
Issued		177,884			519,930
Reinvested		71,747			146,580
Redeemed		(271,294	)		(942,717	)
Change in Institutional Class		(21,663	)		(276,207	)

See notes to financial statements.

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD GLOBAL EQUITY INCOME FUND


	For the Six Months Ended October 31, 2012			For the Year Ended April 30, 2012
	(Unaudited)
Change in net assets from operations:
Net investment income	$	1,728,579		$	3,137,808
Net realized gain/(loss) from investment transactions		(1,083,163	)		6,323,437
Net change in unrealized depreciation from investments		(2,229,054	)		(3,976,153	)
Change in net assets resulting from operations		(1,583,638	)		5,485,092
Distributions to shareholders from:
Net investment income:
Individual Class		(193,602	)		(235,737	)
Institutional Class		(1,826,956	)		(2,672,232	)
Change in net assets from shareholder distributions		(2,020,558	)		(2,907,969	)
Capital Transactions:
Individual Class
Proceeds from shares issued		2,115,364			6,181,741
Dividends reinvested		193,452			235,670
Cost of shares redeemed		(1,469,629	)		(3,584,836	)
Change in Individual Class from capital transactions		839,187			2,832,575
Institutional Class
Proceeds from shares issued		7,337,585			14,107,708
Dividends reinvested		1,826,956			2,672,231
Cost of shares redeemed		(2,835,386	)		(11,216,605	)
Change in Institutional Class from capital transactions		6,329,155			5,563,334
Change in net assets from capital transactions		7,168,342			8,395,909
Change in net assets		3,564,146			10,973,032
Net Assets:
Beginning of period	$	125,122,209		$	114,149,177
End of period	$	128,686,355		$	125,122,209
Accumulated undistributed net investment income	$	185,500		$	477,479
Share Transactions:
Individual Class
Issued		88,033			258,670
Reinvested		8,170			10,311
Redeemed		(60,880	)		(152,353	)
Change in Individual Class		35,323			116,628
Institutional Class
Issued		314,200			615,948
Reinvested		76,991			117,030
Redeemed		(117,620	)		(477,967	)
Change in Institutional Class		273,571			255,011

See notes to financial statements.

STEWARD FUNDS
FINANCIALS HIGHLIGHTS

The following tables set forth the per share operating performance data for a share of capital stock outstanding, total return ratios to average net assets and other supplemental data for each period indicated.


			Investment Operations:
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gains/ (Losses) from Investments			Total from Investment Operations
Steward Large Cap Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)	$	28.71		0.15			0.14			0.29
Year ended April 30, 2012		28.44		0.25			0.26			0.51
Year ended April 30, 2011		24.08		0.18			4.37			4.55
Year ended April 30, 2010		16.57		0.19			7.53			7.72
Year ended April 30, 2009		28.09		0.30			(10.23	)		(9.93	)
Year ended April 30, 2008		32.19		0.07			(1.96	)		(1.89	)
Institutional Class
Six Months ended October 31, 2012 (Unaudited)	$	28.58		0.19			0.15			0.34
Year ended April 30, 2012		28.32		0.34			0.25			0.59
Year ended April 30, 2011		23.97		0.26			4.36			4.62
Year ended April 30, 2010		16.48		0.26			7.49			7.75
Year ended April 30, 2009		27.95		0.37			(10.19	)		(9.82	)
Year ended April 30, 2008		32.10		0.35			(2.15	)		(1.80	)
Steward Small-Mid Cap Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)	$	13.15		0.01			(0.04	)		(0.03	)
Year ended April 30, 2012		13.81		0.03			(0.22	)		(0.19	)
Year ended April 30, 2011		11.30		0.02			2.52			2.54
Year ended April 30, 2010		7.36		0.03			3.94			3.97
Year ended April 30, 2009		10.78		0.07			(3.26	)		(3.19	)
Year ended April 30, 2008		13.60		(0.02	)		(1.31	)		(1.33	)
Institutional Class
Six Months ended October 31, 2012 (Unaudited)	$	13.25		0.03			(0.04	)		(0.01	)
Year ended April 30, 2012		13.91		0.06			(0.22	)		(0.16	)
Year ended April 30, 2011		11.38		0.06			2.53			2.59
Year ended April 30, 2010		7.40		0.06			3.97			4.03
Year ended April 30, 2009		10.84		0.08			(3.27	)		(3.19	)
Year ended April 30, 2008		13.63		0.02			(1.31	)		(1.29	)
Steward International Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)	$	20.85		0.27			(0.31	)		(0.04	)
Year ended April 30, 2012		24.96		0.48			(4.11	)		(3.63	)
Year ended April 30, 2011		21.80		0.38			3.16			3.54
Year ended April 30, 2010		16.29		0.43			5.50			5.93
Year ended April 30, 2009		29.28		0.47			(12.84	)		(12.37	)
Year ended April 30, 2008		29.87		0.67			0.79			1.46
Institutional Class
Six Months ended October 31, 2012 (Unaudited)	$	20.89		0.31			(0.31	)		—
Year ended April 30, 2012		25.01		0.55			(4.12	)		(3.57	)
Year ended April 30, 2011		21.84		0.45			3.17			3.62
Year ended April 30, 2010		16.32		0.49			5.52			6.01
Year ended April 30, 2009		29.33		0.55			(12.88	)		(12.33	)
Year ended April 30, 2008		29.92		0.83			0.72			1.55
Steward Select Bond Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)	$	25.47		0.25			0.31			0.56
Year ended April 30, 2012		25.20		0.62			0.32			0.94
Year ended April 30, 2011		25.09		0.64			0.21			0.85
Year ended April 30, 2010		24.23		0.77			0.86			1.63
Year ended April 30, 2009		24.52		0.92			(0.24	)		0.68
Year ended April 30, 2008		24.35		0.79			0.37			1.16
Institutional Class
Six Months ended October 31, 2012 (Unaudited)	$	25.34		0.30			0.31			0.61
Year ended April 30, 2012		25.08		0.70			0.32			1.02
Year ended April 30, 2011		24.97		0.72			0.21			0.93
Year ended April 30, 2010		24.11		0.87			0.84			1.71
Year ended April 30, 2009		24.41		0.99			(0.24	)		0.75
Year ended April 30, 2008		24.30		1.08			0.13			1.21
Steward Global Equity Income Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)	$	25.07		0.29			(0.73	)		(0.44	)
Year ended April 30, 2012		24.71		0.58			0.32			0.90
Year ended April 30, 2011		21.59		0.52			3.12			3.64
Year ended April 30, 2010		15.99		0.55			5.61			6.16
Year ended April 30, 2009		25.11		0.74			(9.13	)		(8.39	)
Period ended April 30, 2008^(c)		25.00		0.03			0.08			0.11
Institutional Class
Six Months ended October 31, 2012 (Unaudited)	$	25.09		0.34			(0.73	)		(0.39	)
Year ended April 30, 2012		24.74		0.67			0.31			0.98
Year ended April 30, 2011		21.61		0.57			3.15			3.72
Year ended April 30, 2010		16.00		0.63			5.61			6.24
Year ended April 30, 2009		25.12		0.81			(9.14	)		(8.33	)
Period ended April 30, 2008^(c)		25.00		0.05			0.07			0.12

Portfolio turnover is calculated on the basis of the fund as whole without distinguishing between the classes of shares issued.

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

For the period from April 1, 2008 (commencement of operations) through April 30, 2008.

See notes to financial statements.

STEWARD FUNDS
FINANCIALS HIGHLIGHTS


	Distributions:														Ratios/Supplementary Data:
	Net Investment Income			Net Realized Gains from Investments			Total Distributions			Net Asset Value, End of Period		Total Return^(a)			Net Assets, End of Period (000's)		Ratio of Expenses to Average Net Assets^(b)			Ratio of Net Investment Income/(Loss) to Average Net Assets^(b)			Portfolio Turnover Rate*
Steward Large Cap Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)		(0.14	)		—			(0.14	)	$	28.86		1.02	%	$	17,511		0.91	%		1.01	%		6	%
Year ended April 30, 2012		(0.24	)		—			(0.24	)		28.71		1.87	%		18,127		0.91	%		0.91	%		20	%
Year ended April 30, 2011		(0.19	)		—			(0.19	)		28.44		19.02	%		20,394		0.89	%		0.72	%		22	%
Year ended April 30, 2010		(0.21	)		—			(0.21	)		24.08		46.80	%		18,762		0.86	%		0.92	%		36	%
Year ended April 30, 2009		(0.30	)		(1.29	)		(1.59	)		16.57		(35.20	)%		11,851		0.93	%		1.47	%		23	%
Year ended April 30, 2008		(0.22	)		(1.99	)		(2.21	)		28.09		(6.36	)%		16,950		1.01	%		0.51	%		74	%
Institutional Class
Six Months ended October 31, 2012 (Unaudited)		(0.19	)		—			(0.19	)	$	28.73		1.20	%	$	151,724		0.56	%		1.36	%		6	%
Year ended April 30, 2012		(0.33	)		—			(0.33	)		28.58		2.21	%		150,796		0.56	%		1.26	%		20	%
Year ended April 30, 2011		(0.27	)		—			(0.27	)		28.32		19.47	%		156,079		0.54	%		1.06	%		22	%
Year ended April 30, 2010		(0.26	)		—			(0.26	)		23.97		47.30	%		139,999		0.51	%		1.26	%		36	%
Year ended April 30, 2009		(0.36	)		(1.29	)		(1.65	)		16.48		(34.99	)%		92,373		0.58	%		1.84	%		23	%
Year ended April 30, 2008		(0.36	)		(1.99	)		(2.35	)		27.95		(6.13	)%		137,446		0.64	%		1.07	%		74	%
Steward Small-Mid Cap Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)		(0.02	)		—			(0.02	)	$	13.10		(0.20	)%	$	42,649		0.93	%		0.24	%		3	%
Year ended April 30, 2012		(0.03	)		(0.44	)		(0.47	)		13.15		(0.99	)%		44,422		0.90	%		0.24	%		26	%
Year ended April 30, 2011		(0.03	)		—			(0.03	)		13.81		22.56	%		48,337		0.88	%		0.15	%		24	%
Year ended April 30, 2010		(0.03	)		—			(0.03	)		11.30		53.95	%		42,337		0.95	%		0.19	%		33	%
Year ended April 30, 2009		(0.06	)		(0.17	)		(0.23	)		7.36		(29.41	)%		29,142		0.98	%		0.90	%		33	%
Year ended April 30, 2008		(0.01	)		(1.48	)		(1.49	)		10.78		(10.59	)%		42,633		1.49	%		(0.17	)%		72	%
Institutional Class
Six Months ended October 31, 2012 (Unaudited)		(0.04	)		—			(0.04	)	$	13.20		(0.07	)%	$	56,711		0.68	%		0.50	%		3	%
Year ended April 30, 2012		(0.06	)		(0.44	)		(0.50	)		13.25		(0.71	)%		57,808		0.64	%		0.50	%		26	%
Year ended April 30, 2011		(0.06	)		—			(0.06	)		13.91		22.83	%		60,381		0.62	%		0.43	%		24	%
Year ended April 30, 2010		(0.05	)		—			(0.05	)		11.38		54.55	%		61,751		0.61	%		0.54	%		33	%
Year ended April 30, 2009		(0.08	)		(0.17	)		(0.25	)		7.40		(29.26	)%		42,125		0.72	%		1.01	%		33	%
Year ended April 30, 2008		(0.02	)		(1.48	)		(1.50	)		10.84		(10.27	)%		54,529		0.80	%		0.38	%		72	%
Steward International Enhanced Index Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)		(0.29	)		—			(0.29	)	$	20.52		(0.11	)%	$	10,044		1.08	%		2.69	%		5	%
Year ended April 30, 2012		(0.48	)		—			(0.48	)		20.85		(14.51	)%		9,948		1.06	%		2.26	%		9	%
Year ended April 30, 2011		(0.38	)		—			(0.38	)		24.96		16.52	%		11,021		1.05	%		1.73	%		17	%
Year ended April 30, 2010		(0.42	)		—			(0.42	)		21.80		36.68	%		9,928		1.00	%		2.07	%		25	%
Year ended April 30, 2009		(0.56	)		(0.06	)		(0.62	)		16.29		(42.65	)%		7,717		1.09	%		2.39	%		5	%
Year ended April 30, 2008		(0.72	)		(1.33	)		(2.05	)		29.28		4.77	%		10,351		1.13	%		5.11	%		20	%
Institutional Class
Six Months ended October 31, 2012 (Unaudited)		(0.33	)		—			(0.33	)	$	20.56		0.07	%	$	86,075		0.73	%		3.04	%		5	%
Year ended April 30, 2012		(0.55	)		—			(0.55	)		20.89		(14.20	)%		85,113		0.71	%		2.60	%		9	%
Year ended April 30, 2011		(0.45	)		—			(0.45	)		25.01		16.94	%		87,534		0.70	%		2.13	%		17	%
Year ended April 30, 2010		(0.49	)		—			(0.49	)		21.84		37.14	%		101,386		0.65	%		2.32	%		25	%
Year ended April 30, 2009		(0.62	)		(0.06	)		(0.68	)		16.32		(42.48	)%		52,361		0.76	%		2.73	%		5	%
Year ended April 30, 2008		(0.81	)		(1.33	)		(2.14	)		29.33		5.06	%		80,971		0.88	%		3.07	%		20	%
Steward Select Bond Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)		(0.33	)		—			(0.33	)	$	25.70		2.22	%	$	11,806		1.02	%		1.99	%		18	%
Year ended April 30, 2012		(0.67	)		—			(0.67	)		25.47		3.77	%		11,995		1.00	%		2.40	%		30	%
Year ended April 30, 2011		(0.74	)		—			(0.74	)		25.20		3.41	%		14,755		0.99	%		2.51	%		38	%
Year ended April 30, 2010		(0.77	)		—			(0.77	)		25.09		6.80	%		14,440		0.97	%		3.12	%		40	%
Year ended April 30, 2009		(0.97	)		—			(0.97	)		24.23		2.85	%		14,616		0.95	%		3.79	%		39	%
Year ended April 30, 2008		(0.99	)		—			(0.99	)		24.52		4.89	%		16,695		1.08	%		3.92	%		36	%
Institutional Class
Six Months ended October 31, 2012 (Unaudited)		(0.38	)		—			(0.38	)	$	25.57		2.41	%	$	124,762		0.68	%		2.34	%		18	%
Year ended April 30, 2012		(0.76	)		—			(0.76	)		25.34		4.12	%		124,189		0.66	%		2.76	%		30	%
Year ended April 30, 2011		(0.82	)		—			(0.82	)		25.08		3.79	%		129,846		0.65	%		2.87	%		38	%
Year ended April 30, 2010		(0.85	)		—			(0.85	)		24.97		7.21	%		119,825		0.63	%		3.48	%		40	%
Year ended April 30, 2009		(1.05	)		—			(1.05	)		24.11		3.16	%		126,062		0.63	%		4.09	%		39	%
Year ended April 30, 2008		(1.10	)		—			(1.10	)		24.41		5.11	%		132,563		0.69	%		4.37	%		36	%
Steward Global Equity Income Fund
Individual Class
Six Months ended October 31, 2012 (Unaudited)		(0.35	)		—			(0.35	)	$	24.28		(1.70	)%	$	13,863		1.05	%		2.46	%		20	%
Year ended April 30, 2012		(0.54	)		—			(0.54	)		25.07		3.90	%		13,428		1.05	%		2.47	%		51	%
Year ended April 30, 2011		(0.52	)		—			(0.52	)		24.71		17.17	%		10,355		1.04	%		2.29	%		38	%
Year ended April 30, 2010		(0.56	)		—			(0.56	)		21.59		39.02	%		9,943		1.03	%		2.90	%		84	%
Year ended April 30, 2009		(0.73	)		—			(0.73	)		15.99		(33.86	)%		7,236		1.09	%		3.82	%		28	%
Period ended April 30, 2008^(c)		—			—			—			25.11		0.44	%		9,572		1.44	%		3.35	%		—	%
Institutional Class
Six Months ended October 31, 2012 (Unaudited)		(0.40	)		—			(0.40	)	$	24.30		(1.53	)%	$	114,823		0.70	%		2.81	%		20	%
Year ended April 30, 2012		(0.63	)		—			(0.63	)		25.09		4.22	%		111,694		0.70	%		2.83	%		51	%
Year ended April 30, 2011		(0.59	)		—			(0.59	)		24.74		17.61	%		103,794		0.69	%		2.62	%		38	%
Year ended April 30, 2010		(0.63	)		—			(0.63	)		21.61		39.53	%		75,291		0.68	%		3.23	%		84	%
Year ended April 30, 2009		(0.79	)		—			(0.79	)		16.00		(33.63	)%		53,443		0.72	%		4.20	%		28	%
Period ended April 30, 2008^(c)		—			—			—			25.12		0.48	%		75,656		0.81	%		2.73	%		—	%

See notes to financial statements.

STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — October 31, 2012 (Unaudited)

Note 1 — Organization:

The Steward Funds consist of five funds (individually a “Fund” and, collectively, the “Funds”) that are series of two separate companies: the Steward Funds, Inc. and the Capstone Series Fund, Inc. The Funds are organized as Maryland corporations. Each is registered under the Investment Company Act of 1940 (“1940 Act”) as a diversified open-end management investment company. Four of the Funds are series of Steward Funds, Inc. — Steward Large Cap Enhanced Index Fund, Steward Global Equity Income Fund, Steward International Enhanced Index Fund, and Steward Select Bond Fund. One Fund, Steward Small-Mid Cap Enhanced Index Fund, is a series of Capstone Series Fund, Inc.

Each Fund currently offers two Classes of shares (“Individual Class” and “Institutional Class”). Each Class of shares has equal rights as to earnings, assets and voting privileges, except that Individual Class bears expenses under a Service and Distribution Plan and an Administrative Services Plan. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Class. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.

Note 2 — Investment Objectives:

Steward Large Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of large capitalization companies that represent a broad spectrum of the United States economy and allocates selectively between growth and value-type securities. As of October 31, 2012, stocks with market capitalizations between $1.43 billion and $556.56 billion are considered to be large capitalization stocks.

Steward Small-Mid Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of small and medium capitalization companies that represent a broad spectrum of the United States economy and allocates selectively between growth and value-type securities. As of October 31, 2012, stocks with market capitalizations between $49.98 million and $13,238.60 million are considered to be small to medium capitalization stocks.

Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in American Depository Receipts (“ADRs”) representing securities of companies located or domiciled outside of the United States, with selective allocation between equity securities of developed market companies and emerging market companies.

Steward Select Bond Fund seeks to provide high current income with capital appreciation and growth of income. The Fund invests primarily in fixed income investments such as corporate bonds, mortgage-backed securities and government and agency bonds and notes.

Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of ADRs.

In pursuing their investment objectives, the Funds apply a comprehensive set of cultural value screens to all of their portfolio investments.

Note 3 — Significant Accounting Policies:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds.

Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various validation 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 treasurey 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 market 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 investments in mortgage bonds of religious organizations (“church 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 bonds on the basis of readily available market quotations or, lacking such quotations, at fair value as determined under 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 of the church bonds is generally 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 church bond 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 church 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.

When the bond issue becomes delinquent on interest, principal, 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 will 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 church 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 of the underlying property

—

index adjusted appraisal values based on published real estate sources

—

estimated costs associated with the disposition of the property (10.00% – 31.00%)

—

risk adjusted discount rate (4.80% – 6.50%)

—

estimated time to sell in years (1 – 3 years)

—

probability of foreclosure

Because of the inherent uncertainty of valuations determined both by utilizing the matrix formula and by the Adviser, those 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 vary significantly.

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 inputs market participants

would use in pricing the asset or liability 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 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 October 31, 2012:


	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*	$	168,315,418	$	—	$	—	$	168,315,418
Money Market Fund		—		907,633		—		907,633
Total		168,315,418		907,633		—		169,223,051
Steward Small-Mid Cap Enhanced Index Fund
Security Type
Common Stocks*		98,852,621		—		—		98,852,621
Right*		—		90		—		90
Money Market Fund		—		1,079,778		—		1,079,778
Total		98,852,621		1,079,868		—		99,932,489
Steward International Enhanced Index Fund
Security Type
Common Stocks*		95,321,640		—		—		95,321,640
Money Market Fund		—		737,950		—		737,950
Total		95,321,640		737,950		—		96,059,590
Steward Select Bond Fund
Security Type
Corporate Bonds*		—		70,283,881		651,788		70,935,669
U.S. Government Agencies		—		6,767,952		—		6,767,952
U.S. Government Agency Mortgage-Backed Obligations		—		33,848,526		—		33,848,526
U.S. Treasury Obligations		20,570,354		—		—		20,570,354
Money Market Fund		—		3,573,309		—		3,573,309
Total		20,570,354		114,473,668		651,788		135,695,810
Steward Global Equity Income Fund
Security Type
Common Stocks*		127,083,739		—		—		127,083,739
Money Market Fund		—		1,505,639		—		1,505,639
Total		127,083,739		1,505,639		—		128,589,378

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

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


	Steward Select Bond Fund
	Investments in Corporate Bonds
Balance as of May 1, 2012	$	931,144
Accrued Accretion / (Amortization)		—
Change in Unrealized Appreciation / (Depreciation)*		(190,356	)
Realized Gain / (Loss)		—
Net Purchase / (Sales) / (Maturities)		(89,000	)
Transfers In / (Out) of Level 3		—
Balance as of October 31, 2012	$	651,788

Change in unrealized appreciation/depreciation represents the amount for all Level 3 assets held as of October 31, 2012.

The Funds recognize transfers between fair value hierarchy levels at the reporting period end. There were no transfers between levels as of October 31, 2012 from those used on April 30, 2012.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)” (“ASU 2011-04”). ASU 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management has determined that this will not have any impact on the Funds’ financial statements other than enhanced disclosures.

Securities Transactions and Investment Income: Portfolio security transactions are recorded on trade date. Net realized gains or losses on sales of securities are determined by the identified cost method. Interest income, adjusted for accretion of discounts and amortization of premiums, is recorded on the accrual basis. Debt obligations may be placed in non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful as identified by the Adviser as part of the valuation process. (The treatment of such interest income may be different for federal income tax purposes) Dividend income is recorded on the ex-dividend date, or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Income and capital gains on some foreign securities may be subject to foreign withholdings taxes, which are accrued as applicable, and have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.

Dividends and Distributions to Shareholders: Dividends from net investment income, if any, of all Funds are declared and paid quarterly. For all Funds, all net realized long-term or short-term capital gains, if any, will be declared and distributed at least annually.

Income dividends and capital gains distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by the Funds, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Funds.

Federal Income Taxes: The Funds intend to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

As of and during the period ended October 31, 2012, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for tax years before 2008. For all open tax-years, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

Allocation of Expenses: Expenses directly attributable to a Fund or Class are charged directly to that Fund or Class, while expenses that are attributable to more than one Fund or Class are allocated among the respective Funds and their Classes based upon relative net assets or some other reasonable method.

Foreign Securities: Investments in securities of issuers in foreign countries involves risks not associated with domestic investments. These risks include, but are not limited to: (1) political and financial instability; (2) currency exchange rate fluctuations; (3) greater price volatility and less liquidity in particular securities and in certain foreign markets; (4) lack of uniform accounting, auditing and financial reporting standards; (5) less government regulation and supervision of some foreign stock exchanges, brokers and listed companies; (6) delays in transaction settlement in certain foreign markets; and (7) less availability of information. Securities of issuers in emerging and developing countries raise additional risks relative to investments in developed country issuers, including exposure to less mature and diversified economies and to less stable market and political systems, as well as to possible currency transfer restrictions, delays and disruptions in settlement of transactions, and higher volatility than found in developed countries.

New Accounting Pronouncement: In December 2011, FASB issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2011-11 requires disclosure of both gross and net information related to offsetting and related arrangements, enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is evaluating any impact which ASU 2011-11 may have on the Funds’ financial statements.

Note 4 — Investment Advisory and Other Agreements:

CAMCO, a wholly-owned subsidiary of Capstone Financial Services, Inc. (“CFS”) serves as investment adviser to the Funds. During the year, each Fund’s Board of Directors approved a new advisory agreement with CAMCO which was submitted to the Fund’s shareholders for approval on November 18, 2011 and November 21, 2011 as a result of the change of control which occurred on January 12, 2012. CAMCO receives compensation for its services as investment adviser. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. Pursuant to the terms of the investment advisory agreement, CAMCO has full discretion to manage the assets of the Funds in accordance with its investment objectives.

The advisory fees for the Steward Large Cap Enhanced Index Fund and the Steward Small-Mid cap Enhanced Index Fund are calculated at the annual rate of 0.15% on the first $500 million of the Fund’s average daily net assets. The rate then declines to 0.125% on the next $500 million of average daily net assets, and to 0.10% on average daily net assets in excess of $1 billion. The Steward Global Equity Income Fund and the Steward International Enhanced Index Fund each pay 0.30% on the first $500 million of the Fund’s average daily net assets. The rate then declines to 0.25% on the next $500 million of average daily net assets, and to 0.20% on average daily net assets in excess of $1 billion. The Steward Select Bond Fund pays 0.25% on the first $500 million of the Fund’s average daily net assets. The rate then declines to 0.20% on the next $500 million of average daily net assets, and to 0.175% on average daily net assets in excess of $1 billion.

Administration services are provided to the Funds by CFS Consulting Services, LLC (“CCS”), an affiliate of CAMCO and a wholly-owned subsidiary of CFS. Pursuant to the terms of the administration agreement with CCS, CCS will supervise the Funds’ daily business affairs, coordinate the activities of persons providing services to the Funds, and furnish office space and equipment to the Funds. As compensation for its services, CCS receives a monthly fee calculated at the annual rate of 0.075% on the first $500 million of the Funds’ aggregate average daily net assets. The rate declines to 0.03% of the Funds’ aggregate average daily net assets in excess of $500 million.

CCS also serves as a consultant to the Funds. CCS receives its fee monthly, based on the annual average aggregate daily net assets of the Funds as follows:


First	$	200,000,000	0.100	%
Next	$	200,000,000	0.075	%
Next	$	200,000,000	0.060	%
Next	$	400,000,000	0.050	%
Over	$	1,000,000,000	0.040	%

Compliance services are also provided by CCS under the terms of a compliance services agreement which provides for certain compliance services for the Funds and the Board, including the service of the Chief Compliance Officer (“CCO”) for the Funds. The Funds will pay CCS a monthly fee at the annual rate of 0.025% of average daily net assets for compliance

services other than the compensation of the CCO. The CCO compensation aggregates to $72,000 ($6,000 per month) for all Funds in the Steward Funds group and is allocated monthly among the Funds in the group based on the relative net assets of the Funds for that month.

Capstone Asset Planning Company (“CAPCO”) serves as the Distributor of the Funds’ shares. CAPCO is an affiliate of CAMCO, and both are wholly-owned subsidiaries of CFS.

Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act whereby the Fund’s assets are used to compensate CAPCO for costs and expenses incurred in connection with the distribution and marketing of shares of each Fund and servicing of each Fund’s Individual Class shareholders. Distribution and marketing expenses include, among other things, printing of prospectuses for prospective investors, advertising literature, and costs of personnel involved with the promotion and distribution of the Funds’ shares. Under the Plan, the Funds pay CAPCO an amount computed monthly at an annual rate of 0.25% of each Fund’s Individual Class average daily net assets (including reinvested dividends paid with respect to those assets). Of this amount, CAPCO may allocate to securities dealers, (which may include CAPCO itself) and other financial institutions and organizations (collectively “Service Organizations”) amounts based on the particular Fund’s average net assets owned by stockholders for whom the Service Organizations have a servicing relationship.

The Administrative Services Plan provides that each Fund, out of assets attributable to its Individual Class shares, shall compensate CAPCO to cover the costs of payments to certain third-party shareholder service providers related to the administration of group accounts in which the Fund’s shareholders participate. The fee is charged to the Individual Class as a whole, up to 0.10% on the average daily net assets. The fee charged will be limited to the amount of fees paid to third-party shareholder service providers, which is calculated based on the value of shares held in such group accounts. The fee is in addition to fees payable for the Service and Distribution Plan.

Certain officers and directors of the Funds are also officers and/or directors of CAMCO, CAPCO and CCS.

Citi Fund Services Ohio, Inc. (“Citi Ohio”), serves as the Funds’ transfer agent and fund accountant. Under the terms of the Master Service Agreement, Citi Ohio will be paid for annual class fees and per account fees. In addition, Citi Ohio is entitled to receive a monthly fee from each Fund calculated at the annual rate of 0.07% on the first $500 million of the Funds’ average daily net assets. The rate then declines to 0.06% on the next $150 million of average daily net assets, and to 0.05% on the next $100 million of average daily assets, and to 0.04% on average daily net assets thereafter.

Note 5 — Securities Lending:

The Funds have entered into a securities lending arrangement with the custodian. Under the terms of the agreement, the custodian is authorized to loan securities on behalf of the Funds to Credit Suisse, New York Branch (“CSNYB”), against receipt of cash collateral at least equal to the value of the securities loaned. The cash collateral is invested by CSNYB in securities guaranteed by the U.S. Government, time deposits, certificates of deposit, or money markets approved by the Adviser. The agreement provides that after predetermined rebates to the brokers, the income generated from lending transactions is allocated 70% to the Funds and 30% to CSNYB. As of and during the period ended October 31, 2012, there were no securities on loan for any of the Funds.

Note 6 — Purchases and Sales of Securities:

Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the period ended October 31, 2012 were as follows:


Fund	Purchases		Sales
Steward Large Cap Enhanced Index Fund	$	10,164,507	$	10,814,417
Steward Small-Mid Cap Enhanced Index Fund		3,316,494		5,301,997
Steward International Enhanced Index Fund		7,086,639		4,974,779
Steward Select Bond Fund		24,486,130		7,901,881
Steward Global Equity Income Fund		31,038,344		24,931,504

Purchases and sales of U.S. government securities for the period ended October 31, 2012, were as follows:


Fund	Purchases		Sales
Steward Select Bond Fund	$	3	$	17,670,899

Note 7 — Federal Income Tax Information:

As of October 31, 2012, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation\ (Depreciation)
Steward Large Cap Enhanced Index Fund	$	147,120,585	$	33,037,401	$	(10,934,935	)	$	22,102,466
Steward Small-Mid Cap Enhanced Index Fund		86,131,891		23,141,882		(9,341,284	)		13,800,598
Steward International Enhanced Index Fund		105,330,099		8,002,670		(17,273,179	)		(9,270,509	)
Steward Select Bond Fund		130,326,311		7,474,290		(2,104,791	)		5,369,499
Steward Global Equity Income Fund		116,555,149		16,368,795		(4,334,566	)		12,034,229

As of April 30, 2012, the following Funds had net capital loss carryforwards (“CLCFs”) to offset future capital gains, if any, to the extent provided by the Code:

Pre-effective CLCFs subject to expiration:


Fund	Expires 2016		Expires 2017		Expires 2018		Expires 2019		Total
Steward Large Cap Enhanced Index Fund	$	—	$	—	$	—	$	—	$	—
Steward Small-Mid Cap Enhanced Index Fund		—		—		—		—		—
Steward International Enhanced Index Fund		—		141,270		2,760,068		7,312,628		10,213,966
Steward Select Bond Fund		489,282		—		468,259		760,671		1,718,212
Steward Global Equity Income Fund		—		—		9,092,336		182,997		9,275,333


Fund	Short-Term Amount		Long-Term Amount		Total
Steward Large Cap Enhanced Index Fund	$	—	$	—	$	—
Steward Small-Mid Cap Enhanced Index Fund		—		—		—
Steward International Enhanced Index Fund		—		795,504		795,504
Steward Select Bond Fund		—		—		—
Steward Global Equity Income Fund		—		—		—

During the year ended April 30, 2012, the Funds utilized CLCFs as follows:


Fund	Amount
Steward Large Cap Enhanced Index Fund	$	6,290,391
Steward Small-Mid Cap Enhanced Index Fund		—
Steward International Enhanced Index Fund		—
Steward Select Bond Fund		846,784
Steward Global Equity Income Fund		6,409,480

Under current tax law, capital losses realized after October 31 of a Fund's fiscal period may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post-October capital losses, which will be treated as arising on the first business day of the fiscal year ending April 30, 2013:


Fund	Post-October Loss
Steward Large Cap Enhanced Index Fund	$	—
Steward Small-Mid Cap Enhanced Index Fund		—
Steward International Enhanced Index Fund		38,846
Steward Select Bond Fund		109,818
Steward Global Equity Income Fund		—

Note 8 — Contingencies and Commitments:

In the normal course of business, the Funds enter into contracts that contain various representations and warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims against the Funds and is presently unknown. However, based on experience, the Funds consider the risk of loss from such potential claims to be remote.

Note 9 — Control Ownership:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities creates a presumption of control of the Funds, under Section 2(a)(9) of the 1940 Act. As of October 31, 2012, the following were record owners of the approximate amounts of each share class listed below. Record ownership is not necessarily the same as beneficial ownership.


Fund	Shareholder	Percent Owned
Steward Large Cap Enhanced Index Fund – Individual Class	National Financial Services Corp.	72%
Steward Large Cap Enhanced Index Fund – Institutional Class	National Financial Services Corp.	50%
Steward Large Cap Enhanced Index Fund – Institutional Class	TD Ameritrade Trust Co.	43%
Steward Small-Mid Cap Enhanced Index Fund – Institutional Class	TD Ameritrade Trust Co.	58%
Steward Small-Mid Cap Enhanced Index Fund – Institutional Class	National Financial Services Corp.	39%
Steward International Enhanced Index Fund – Individual Class	National Financial Services Corp.	85%
Steward International Enhanced Index Fund – Institutional Class	Pershing LLC	49%
Steward International Enhanced Index Fund – Institutional Class	National Financial Services Corp.	39%
Steward Select Bond Fund – Individual Class	National Financial Services Corp.	79%
Steward Select Bond Fund – Institutional Class	National Financial Services Corp.	52%
Steward Select Bond Fund – Institutional Class	TD Ameritrade Trust Co.	46%
Steward Global Equity Income Fund – Individual Class	National Financial Services Corp.	77%
Steward Global Equity Income Fund – Institutional Class	National Financial Services Corp.	60%
Steward Global Equity Income Fund – Institutional Class	TD Ameritrade Trust Co.	39%

Note 10 — Legal Proceedings:

Lyondell Chemical Company

In October, 2011, CAMCO was named as a defendant in the Weisfelner, as Trustee of the LB Creditor Trust v. Morgan Stanley & Co. (“Creditor Trust Action”) case. The plaintiff seeks to recover the proceeds from the sale of the shares of Lyondell Chemical Company (“Lyondell”). On April 2, 2012, a joinder to the pending motion was filed to dismiss the Second Amended Complaint in the Creditor Trust Action on behalf of CAMCO. Steward Large Cap Enhanced Index Fund was a beneficial owner of Lyondell stock so it is possible the Fund may be identified as a defendant in this action. At this stage of the proceedings, neither CAMCO nor Steward Large Cap Enhanced Index Fund is able to make a reliable prediction as to the outcome of the lawsuit or the effect, if any, on the Fund’s net asset value. The lawsuit does not allege any wrongdoing on the part of the Steward Large Cap Enhanced Index Fund.

Tribune Company

Steward Funds, Inc. and CAMCO have been named as defendants and putative members of a proposed defendant class in the case entitled Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons (In re Tribune Co.), No. 12-2652 (S.D.N.Y.) (the “FitzSimons action”). In this action, the Official Committee of Unsecured Creditors of Tribune Company (“UCC”) is seeking to recover money paid in connection with a pre-bankruptcy distribution by Tribune Company (“Tribune”) to its shareholders pursuant to a 2007 leveraged buyout transaction (“LBO”). In a second action, a group of Tribune creditors, not including the UCC, filed multiple actions involving state law constructive fraudulent conveyance claims against former Tribune shareholders (the “SCLFC actions”). Steward Funds, Inc. has been named as a defendant in one of these suits, entitled Deutsche Bank Trust Co. Americas v. Employees Retirement Fund of the City of Dallas, No. 11-9568 (S.D.N.Y.). The SLCFC actions have been consolidated together with the FitzSimons action in a multidistrict litigation proceeding captioned In re Tribune Co. Fraudulent Conveyance Litig., No. 11-2296 (S.D.N.Y.) (the “MDL proceeding”). Steward Multi-Manager Equity Fund (which terminated operations in early 2008) and Steward Large Cap Enhanced Index Fund were beneficial owners of Tribune stock. At this stage of the proceedings, CAMCO and Steward Large Cap Enhanced Index Fund are not able to make a reliable

General Information (Unaudited)

Proxy Voting Policy and Voting Records

A description of the policies and procedures that the Steward Funds use to determine how to vote proxies and information regarding how each fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-800-262-6631, or (ii) on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Steward Funds file a complete Schedule of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N-Q no later than 60 days following the close of the quarter. Forms N-Q are available without charge on the SEC’s website at http://www.sec.gov. The Steward Funds’ Forms N-Q may be reviewed, or, for a fee, may be copied at the SEC’s Public Reference Room in Washington, D.C. Information about the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

EXPENSE EXAMPLES (Unaudited)

As a shareholder of the Steward Funds, you may incur redemption fees for certain transactions and fees if your account is under $200, (small account fees). You will also incur ongoing costs, including management fees; [and/or service] 12b-1 fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Steward Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2012 through October 31, 2012.

Actual Expenses

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


	Beginning Account Value 5/1/12		Ending Account Value 10/31/12		Expenses Paid During Period* 5/1/12 – 10/31/12		Expense Ratio During Period 5/1/12 – 10/31/12
Steward Large Cap Enhanced Index Fund
Individual Class	$	1,000.00	$	1,010.20	$	4.61		0.91	%
Institutional Class		1,000.00		1,012.00		2.84		0.56	%
Steward Small-Mid Cap Enhanced Equity Index Fund
Individual Class		1,000.00		998.00		4.68		0.93	%
Institutional Class		1,000.00		999.30		3.43		0.68	%
Steward International Enhanced Index Fund
Individual Class		1,000.00		998.90		5.44		1.08	%
Institutional Class		1,000.00		1,000.70		3.68		0.73	%
Steward Select Bond Fund
Individual Class		1,000.00		1,022.20		5.20		1.02	%
Institutional Class		1,000.00		1,024.10		3.47		0.68	%
Steward Global Equity Income Fund
Individual Class		1,000.00		983.00		5.25		1.05	%
Institutional Class		1,000.00		984.70		3.50		0.70	%

Expenses are equal to the average account value times each Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

Hypothetical Example for Comparison Purposes (Unaudited)

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. The expenses do not include any redemption or small account fees, which Funds, in certain circumstances, may assess. The Funds do not charge transactional costs, such as sales charges (front or back end loads) or exchange fees, although other funds might. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative total costs of owning different funds.


	Beginning Account Value 5/1/12		Ending Account Value 10/31/12		Expenses Paid During Period* 5/1/12 – 10/31/12		Expense Ratio During Period 5/1/12 – 10/31/12
Steward Large Cap Enhanced Index Fund
Individual Class	$	1,000.00	$	1,020.51	$	4.69		0.92	%
Institutional Class		1,000.00		1,022.27		2.91		0.57	%
Steward Small-Mid Cap Enhanced Equity Index Fund
Individual Class		1,000.00		1,020.41		4.79		0.94	%
Institutional Class		1,000.00		1,021.72		3.47		0.68	%
Steward International Enhanced Index Fund
Individual Class		1,000.00		1,019.71		5.50		1.08	%
Institutional Class		1,000.00		1,021.47		3.72		0.73	%
Steward Select Bond Fund
Individual Class		1,000.00		1,020.01		5.19		1.02	%
Institutional Class		1,000.00		1,021.72		3.47		0.68	%
Steward Global Equity Income Fund
Individual Class		1,000.00		1,019.86		5.35		1.05	%
Institutional Class		1,000.00		1,021.62		3.57		0.70	%

Visit us online at www.stewardmutualfunds.com

[GRAPHIC MISSING]

STEWARD FUNDS

Managing Wealth, Protecting Values

For more complete information about the Steward Funds, including charges and expenses, contact the Distributor to receive a prospectus. Please read it carefully before you invest or send money.

Steward Large Cap Enhanced Index Fund

Steward Small-Mid Cap Enhanced Index Fund

Steward International Enhanced Index Fund

Steward Select Bond Fund

Steward Global Equity Income Fund


			Distributed by: Capstone Asset Planning Company 3700 W. Sam Houston Parkway South, Suite 250 Houston, TX 77042 1-800-262-6631 info@capstonefinancial.com

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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.

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.

	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)


Edward Jaroski President Steward Funds		Scott Wynant Senior Vice President Steward Funds
John Wolf Portfolio Manager Steward Funds		Claude C. Cody Portfolio Manager Steward Funds
Mel Cody Portfolio Manager Steward Funds


Letter to Shareholders and Manager Commentaries			1
Schedules of Portfolio Investments			6
Financial Statements			39
Notes to Financial Statements			48
General Information			57


Country Diversification	Percent*
United Kingdom		19.5	%
Canada		18.3
Brazil		8.8
Japan		7.7
Taiwan		4.0
Hong Kong		3.8
Mexico		3.7
Germany		3.6
Netherlands		3.5
Australia		3.0
Republic of Korea (South)		2.6
Switzerland		2.6
Spain		2.5
France		2.4
China		2.1
United States		1.7
Chile		1.7
Italy		1.3
India		1.2
South Africa		1.1
Colombia		0.9
Cayman Islands		0.7
Ireland (Republic of)		0.5
Norway		0.5
Sweden		0.4
Indonesia		0.3
Peru		0.3
Jersey		0.2
Philippines		0.2
Bermuda		0.2
Russian Federation		0.2
Belgium		0.1
Luxembourg		0.1
Portugal		0.1
Finland		0.1
Greece		0.0
Total Investments		99.9	%

Steward Funds Offer Diversification to Your Portfolio

What are the Steward Funds’ Faith-Based Screens?

STEWARD LARGE CAP ENHANCED INDEX FUND

Fund Performance

Factors Affecting Performance

Current Strategy

STEWARD SMALL-MID CAP ENHANCED INDEX FUND

Fund Performance

Factors Affecting Performance

Current Strategy

STEWARD INTERNATIONAL ENHANCED INDEX FUND

Fund Performance

Factors Affecting Performance

Current Strategy

STEWARD SELECT BOND FUND

Market Overview

Fund Performance

Portfolio Positioning

Current Strategy

STEWARD GLOBAL EQUITY INCOME FUND

Fund Performance

Factors Affecting Performance

Current Strategy

We Thank You for Your Continued Investment with the Steward Funds

STEWARD FUNDSSTATEMENTS OF ASSETS AND LIABILITIES — October 31, 2012 (Unaudited)

STEWARD FUNDS STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2012 (Unaudited)

STEWARD FUNDS STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS FINANCIALS HIGHLIGHTS

STEWARD FUNDSFINANCIALS HIGHLIGHTS

STEWARD FUNDS NOTES TO FINANCIAL STATEMENTS — October 31, 2012 (Unaudited)

Note 1 — Organization:

Note 2 — Investment Objectives:

Note 3 — Significant Accounting Policies:

Note 4 — Investment Advisory and Other Agreements:

Note 5 — Securities Lending:

Note 6 — Purchases and Sales of Securities:

Note 7 — Federal Income Tax Information:

Note 8 — Contingencies and Commitments:

Note 9 — Control Ownership:

Note 10 — Legal Proceedings:

Note 11 — Subsequent Events:

Proxy Voting Policy and Voting Records

Availability of Quarterly Portfolio Schedule

Actual Expenses

STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2012 (Unaudited)

STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2012 (Unaudited)

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

STEWARD FUNDS
FINANCIALS HIGHLIGHTS

STEWARD FUNDS
FINANCIALS HIGHLIGHTS

STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — October 31, 2012 (Unaudited)