-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FgoV1dOCe5AB7GrtzEJzQXBxrGZKQp3o+Q7sDGFGO56zy/NOyLbuTVVCzrdqz+Bp X8F5a8wbF0dMFUV64AUELw== 0001209286-08-000306.txt : 20080929 0001209286-08-000306.hdr.sgml : 20080929 20080929170439 ACCESSION NUMBER: 0001209286-08-000306 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 FILED AS OF DATE: 20080929 DATE AS OF CHANGE: 20080929 EFFECTIVENESS DATE: 20080929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPSTONE SERIES FUND INC CENTRAL INDEX KEY: 0000079179 IRS NUMBER: 221720134 STATE OF INCORPORATION: MD FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01436 FILM NUMBER: 081095159 BUSINESS ADDRESS: STREET 1: 5847 SAN FELIPE STREET 2: STE 4100 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 7132609000 MAIL ADDRESS: STREET 1: 5847 SAN FELIPE STREET 2: SUITE 4100 CITY: HOUSTON STATE: TX ZIP: 77057 FORMER COMPANY: FORMER CONFORMED NAME: CAPSTONE GROWTH FUND INC DATE OF NAME CHANGE: 19941109 FORMER COMPANY: FORMER CONFORMED NAME: CAPSTONE US TREND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: US TREND FUND INC DATE OF NAME CHANGE: 19920317 0000079179 S000003647 Steward Small-Mid Cap Enhanced Index Fund C000010133 Individual Class TRDFX C000030109 Institutional Class SCECX N-Q 1 e67256.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-01436 --------------------------------------- CAPSTONE SERIES FUND, INC. - -------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 5847 SAN FELIPE, SUITE 4100, HOUSTON, TX 77057 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) CITI FUND SERVICES, 3435 STELZER ROAD, COLUMBUS, OHIO 43219 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 800-262-6631 ------------------ Date of fiscal year end: April 30, 2009 ------------------------------------- Date of reporting period: July 31, 2008 ------------------------------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 ([SEC] [SEC] 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549- 0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. [SEC] 3507. ITEM 1. SCHEDULE OF INVESTMENTS. File the schedules as of the close of the reporting period as set forth in [SEC] [SEC] 210.12-12 - 12-14 of Regulation S-X [17 CFR 210.12-12 - 12-14]. The schedules need not be audited. CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS (100.0%) AEROSPACE & DEFENSE (1.5%) AAR Corp.(a) 3,350 $ 57,587 Alliant Techsystems, Inc.(a) 2,290 226,687 Applied Signal Technology, Inc. 4,850 71,004 BE Aerospace, Inc.(a) 3,580 91,934 Ceradyne, Inc.(a) 3,570 165,469 Cubic Corp. 650 17,368 Curtiss-Wright Corp. 3,070 161,605 DRS Technologies, Inc. 1,680 132,384 Esterline Technologies Corp.(a) 1,220 59,512 GenCorp, Inc.(a) 1,850 15,503 Kaman Corp., Class A 980 24,578 Moog, Inc., Class A(a) 1,710 76,010 Orbital Sciences Corp.(a) 5,440 136,054 Teledyne Technologies, Inc.(a) 2,230 140,267 Triumph Group, Inc. 820 43,427 ----------- 1,419,389 ----------- AIR FREIGHT & LOGISTICS (0.2%) Forward Air Corp. 2,890 105,745 Hub Group, Inc., Class A(a) 1,420 55,181 ----------- 160,926 ----------- AIRLINES (0.2%) AirTran Holdings, Inc.(a) 2,960 8,643 Alaska Air Group, Inc.(a) 5,020 89,758 JetBlue Airways Corp.(a) 10,420 54,913 SkyWest, Inc. 2,350 35,767 ----------- 189,081 ----------- AUTO COMPONENTS (1.3%) ArvinMeritor, Inc. 20,300 280,343 BorgWarner, Inc. 4,460 179,827 Drew Industries, Inc.(a) 3,830 56,684 Gentex Corp. 4,930 76,218 Lear Corp.(a) 6,160 88,766 LKQ Corp.(a) 5,850 119,925 Modine Manufacturing Co. 7,580 132,195 Standard Motor Products, Inc. 23,380 219,538 Superior Industries International, Inc. 6,220 105,056 ----------- 1,258,552 ----------- AUTO PARTS & EQUIPMENT (0.0%) ATC Technology Corp.(a) 900 22,608 Spartan Motors, Inc. 1,020 5,528 ----------- 28,136 ----------- AUTOMOBILES (0.1%) Fleetwood Enterprises, Inc.(a) 2,030 5,745 Monaco Coach Corp. 12,450 27,888 Thor Industries, Inc. 1,550 30,411 Winnebago Industries, Inc. 1,080 13,781 ----------- 77,825 ----------- BEVERAGES (0.2%) Hansen Natural Corp.(a) 5,490 125,501 PepsiAmericas, Inc. 2,040 48,287 ----------- 173,788 ----------- BIOTECHNOLOGY (0.8%) ArQule, Inc.(a) 1,120 4,245 Cephalon, Inc.(a) 2,690 196,800 Martek Biosciences Corp.(a) 5,760 216,634 PDL BioPharma, Inc. 4,260 47,584 Regeneron Pharmaceuticals, Inc.(a) 2,330 51,004 Savient Pharmaceuticals, Inc.(a) 1,600 42,528 Vertex Pharmaceuticals, Inc.(a) 5,330 183,885 ----------- 742,680 ----------- BUILDING PRODUCTS (0.5%) Apogee Enterprises, Inc. 1,130 19,526 Griffon Corp.(a) 7,640 76,782 Lennox International, Inc. 2,280 81,396 NCI Building Systems, Inc.(a) 2,110 79,041 Quanex Building Products Corp. 2,565 39,501 Simpson Manufacturing Co., Inc. 3,860 92,679 Universal Forest Products, Inc. 4,210 113,670 ----------- 502,595 ----------- CAPITAL MARKETS (1.4%) Apollo Investment Corp. 6,530 104,023 Eaton Vance Corp. 6,180 229,525 Investment Technology Group, Inc.(a) 1,800 53,532 Jefferies Group, Inc. 4,540 86,215 LaBranche & Co., Inc.(a) 1,780 12,300 optionsXpress Holdings, Inc. 6,060 150,349 Piper Jaffray Cos., Inc.(a) 1,040 36,920 Raymond James Financial, Inc. 3,800 109,820 SEI Investments Co. 6,860 157,986 SWS Group, Inc. 8,045 152,211 Tradestation Group, Inc.(a) 10,930 117,825 Waddell & Reed Financial, Inc., Class A 3,400 113,560 ----------- 1,324,266 ----------- CHEMICALS (3.4%) A. Schulman, Inc. 4,720 109,646 Airgas, Inc. 3,200 183,296 Albemarle Corp. 2,880 112,118 Arch Chemicals, Inc. 980 31,458 Balchem Corp. 2,640 66,660 Cabot Corp. 3,420 91,759 CF Industries Holdings, Inc. 2,480 405,381 Chemtura Corp. 18,930 123,424 Cytec Industries, Inc. 1,800 97,308 Ferro Corp. 4,540 98,790 FMC Corp. 2,820 209,724 Georgia Gulf Corp. 24,620 71,398 H.B. Fuller Co. 1,950 48,750 Lubrizol Corp. 3,190 158,862 Material Sciences Corp.(a) 4,060 30,734 Minerals Technologies, Inc. 930 59,994 NewMarket Corp. 2,050 126,608 Olin Corp. 6,130 182,306
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED CHEMICALS -- CONTINUED OM Group, Inc.(a) 1,310 $ 44,016 OMNOVA Solutions, Inc.(a) 6,440 17,324 Penford Corp. 460 6,587 PolyOne Corp.(a) 18,300 137,250 Quaker Chemical Corp. 3,950 118,026 RPM International, Inc. 7,480 153,340 Sensient Technologies Corp. 2,710 84,335 Terra Industries, Inc. 5,240 282,960 The Scotts Miracle-Gro Co., Class A 1,830 35,648 The Valspar Corp. 5,520 119,618 Tronox, Inc., Class B 16,110 22,554 Zep, Inc. 655 11,181 ----------- 3,241,055 ----------- COMMERCIAL BANKS (3.6%) Associated Bancorp 7,040 117,498 Bank of Hawaii Corp. 2,350 118,416 Boston Private Financial Holdings, Inc. 1,400 10,962 Cascade Bancorp 930 6,947 Cathay General Bancorp 1,950 31,083 Central Pacific Financial Corp. 6,780 75,055 City National Corp. 2,280 112,016 Colonial BancGroup, Inc. 10,420 69,397 Columbia Banking System, Inc. 940 14,203 Commerce Bancshares, Inc. 2,630 114,747 Community Bank System, Inc. 3,900 92,040 Cullen/Frost Bankers, Inc. 2,760 145,562 East West Bancorp, Inc. 2,460 29,299 First Bancorp 19,930 174,387 First Commonwealth Financial Corp. 5,920 67,488 First Financial Bancorp 5,160 58,308 First Financial Bankshares, Inc. 890 40,842 First Midwest Bancorp, Inc. 3,010 61,795 FirstMerit Corp. 5,370 105,682 Frontier Financial Corp. 1,530 17,671 Glacier Bancorp, Inc. 1,820 39,439 Hancock Holding Co. 1,260 56,561 Hanmi Financial Corp. 6,250 33,125 Independent Bank Corp. 9,165 46,467 Irwin Financial Corp. 9,470 38,922 Nara Bancorp, Inc. 5,410 56,697 National Penn Bancshares, Inc. 5,600 75,208 Old National Bancorp 5,660 85,919 PacWest Bancorp 2,440 45,433 PrivateBancorp, Inc. 2,760 81,558 Prosperity Bancshares, Inc. 1,780 57,138 Provident Bankshares Corp. 4,400 40,040 Signature Bank(a) 1,300 38,259 South Financial Group, Inc. 5,940 35,818 Sterling Bancorp 4,300 60,372 Sterling Bancshares, Inc. 2,230 21,676 Sterling Financial Corp. 4,815 36,016 Susquehanna Bancshares, Inc. 7,380 105,682 SVB Financial Group(a) 1,610 92,720 Synovus Financial Corp. 10,310 98,048 TCF Financial Corp. 7,420 94,605 UCBH Holdings, Inc. 6,500 29,315 UMB Financial Corp. 1,630 89,764 Umpqua Holdings Corp. 7,950 107,961 United Bankshares, Inc. 2,630 66,250 United Community Banks, Inc. 1,570 16,721 Westamerica Bancorp 1,530 79,560 Whitney Holding Corp. 4,460 91,698 Wilmington Trust Corp. 3,730 87,916 Wilshire Bancorp, Inc. 11,540 142,173 Wintrust Financial Corp. 1,370 28,290 ----------- 3,442,749 ----------- COMMERCIAL SERVICES & SUPPLIES (4.4%) ABM Industries, Inc. 4,930 117,975 Administaff, Inc. 960 27,562 Angelica Corp. 5,070 111,236 Bowne & Co., Inc. 910 11,766 Brady Corp. 2,100 77,007 CDI Corp. 2,560 52,685 ChoicePoint, Inc.(a) 2,670 127,759 Coinstar, Inc.(a) 4,930 170,036 Consolidated Graphics, Inc.(a) 640 21,440 Copart, Inc.(a) 3,790 166,229 Corrections Corp. of America(a) 4,460 125,014 Darling International, Inc.(a) 2,610 42,230 Deluxe Corp. 2,300 32,890 G & K Services, Inc., Class A 890 30,296 Healthcare Services Group 1,355 22,507 Heidrick & Struggles International, Inc. 790 22,404 Herman Miller, Inc. 2,110 55,155 HMS Holdings Corp.(a) 760 18,909 HNI Corp. 1,860 40,269 Kelly Services, Inc., Class A 8,950 164,769 Korn/Ferry International, Inc.(a) 5,530 96,775 Lender Processing Services, Inc.(a) 3,490 116,391 Manpower, Inc. 4,040 193,920 Marvel Entertainment, Inc.(a) 4,750 164,825 Mine Safety Appliances Co. 2,120 70,045 Mobile Mini, Inc.(a) 1,290 25,774 Navigant Consulting, Inc.(a) 7,570 139,894 On Assignment, Inc.(a) 1,130 9,639 Republic Services, Inc., Class A 5,430 176,475 Rollins, Inc. 3,780 64,562 School Specialty, Inc.(a) 870 28,980 Spherion Corp.(a) 15,320 74,915 Standard Register Co. 9,450 83,443 Stericycle, Inc.(a) 3,830 228,842 Tetra Tech, Inc.(a) 2,090 60,046 The Brink's Co. 1,880 129,645 The Corporate Executive Board Co. 2,870 107,568 The Dun & Bradstreet Corp. 3,140 303,450 TrueBlue, Inc.(a) 1,440 21,744 United Stationers, Inc.(a) 1,700 65,161 Viad Corp. 960 29,261 Volt Information Sciences, Inc.(a) 7,815 108,394 Waste Connections, Inc.(a) 3,585 130,458 Watson Wyatt & Co. Holdings 1,730 100,236 Wright Express Corp.(a) 5,860 155,583 ----------- 4,124,164 ----------- COMMUNICATIONS EQUIPMENT (1.7%) ADC Telecommunications, Inc.(a) 4,270 40,394 ADTRAN, Inc. 2,100 46,956
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED COMMUNICATIONS EQUIPMENT -- CONTINUED Arris Group, Inc.(a) 4,269 $ 40,854 Avocent Corp.(a) 1,910 45,420 Bel Fuse, Inc. 720 20,419 Belden CDT, Inc. 1,900 70,148 Black Box Corp. 1,920 57,024 Blue Coat Systems, Inc.(a) 1,420 20,633 CommScope, Inc.(a) 2,730 121,731 Comtech Telecommunications Corp.(a) 2,560 125,773 Digi International, Inc.(a) 790 7,995 Ditech Networks, Inc.(a) 10,130 20,057 Dycom Industries, Inc.(a) 1,510 23,964 F5 Networks, Inc.(a) 7,770 226,495 Foundry Networks, Inc.(a) 5,170 90,165 Harmonic, Inc.(a) 2,830 22,046 Harris Corp. 6,050 291,307 NETGEAR, Inc.(a) 5,730 86,810 Network Equipment Technologies, Inc.(a) 920 2,686 PCTEL, Inc. 750 7,823 Plantronics, Inc. 4,710 114,688 Polycom, Inc.(a) 3,350 79,060 Symmetricom, Inc.(a) 6,030 29,125 Tollgrade Communications, Inc.(a) 500 2,600 ViaSat, Inc.(a) 2,330 53,660 ----------- 1,647,833 ----------- COMPUTERS & PERIPHERALS (1.1%) Adaptec, Inc.(a) 3,850 14,053 Avid Technology, Inc.(a) 1,440 31,838 Diebold, Inc. 3,670 135,717 Hutchinson Technology, Inc.(a) 970 14,395 Imation Corp. 7,250 138,185 NCR Corp.(a) 6,250 167,875 Novatel Wireless, Inc.(a) 1,100 10,285 Palm, Inc. 15,140 99,621 Stratasys, Inc.(a) 2,570 39,963 Synaptics, Inc.(a) 1,040 50,149 Western Digital Corp.(a) 11,970 344,616 ----------- 1,046,697 ----------- CONSTRUCTION & ENGINEERING (0.9%) EMCOR Group, Inc.(a) 2,530 76,204 Granite Construction, Inc. 1,480 46,812 Insituform Technologies, Inc., Class A(a) 2,650 45,818 KBR, Inc. 6,310 179,835 Quanta Services, Inc.(a) 6,450 199,176 Shaw Group, Inc.(a) 3,140 181,492 Standard Pacific Corp. 22,750 4,323 URS Corp.(a) 3,300 138,336 ----------- 871,996 ----------- CONSTRUCTION MATERIALS (0.4%) Headwaters, Inc.(a) 10,030 131,493 Martin Marietta Materials, Inc. 1,720 180,549 Texas Industries, Inc. 1,200 62,040 ----------- 374,082 ----------- CONSUMER FINANCE (0.4%) AmeriCredit Corp.(a) 11,710 102,696 Cash America International, Inc. 1,300 54,808 First Cash Financial Services, Inc.(a) 4,200 80,094 Rewards Network, Inc.(a) 940 4,672 World Acceptance Corp.(a) 3,150 103,194 ----------- 345,464 ----------- CONTAINERS & PACKAGING (0.7%) AptarGroup, Inc. 2,610 101,007 Chesapeake Corp.(a) 21,710 39,078 Myers Industries, Inc. 870 9,744 Packaging Corp. of America 3,370 86,003 Rock-Tenn Co., Class A 4,480 159,264 Sonoco Products Co. 5,110 166,688 Temple-Inland, Inc. 3,840 62,400 ----------- 624,184 ----------- DISTRIBUTORS (0.1%) Audiovox Corp., Class A(a) 3,600 32,868 Building Materials Holding Corp. 25,540 47,504 ----------- 80,372 ----------- DIVERSIFIED CONSUMER SERVICES (1.7%) Career Education Corp.(a) 7,440 136,450 Corinthian Colleges, Inc.(a) 8,620 135,765 DeVry, Inc. 2,300 130,663 Hillenbrand, Inc. 2,400 55,560 ITT Educational Services, Inc.(a) 2,220 196,647 Matthews International Corp., Class A 2,620 130,764 NutriSystem, Inc. 8,200 141,122 Pre-Paid Legal Services, Inc.(a) 2,370 99,587 Regis Corp. 3,230 90,408 Service Corp. International 8,610 82,398 Sotheby's 4,440 123,166 Strayer Education, Inc. 1,090 242,743 Universal Technical Institute, Inc.(a) 3,800 55,784 ----------- 1,621,057 ----------- DIVERSIFIED FINANCIAL SERVICES (0.5%) Affiliated Managers Group, Inc.(a) 2,260 195,264 Financial Federal Corp. 2,740 63,157 National Financial Partners Corp. 1,810 37,739 Portfolio Recovery Associates, Inc.(a) 3,550 141,538 ----------- 437,698 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES (0.1%) Cincinnati Bell, Inc.(a) 7,770 30,303 FairPoint Communications, Inc. 2,800 19,432 General Communication, Inc., Class A(a) 1,510 13,545
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED DIVERSIFIED TELECOMMUNICATION SERVICES -- CONTINUED NeuStar, Inc., Class A(a) 2,910 $ 61,052 ----------- 124,332 ----------- ELECTRIC UTILITIES (1.4%) ALLETE, Inc. 2,580 109,805 Central Vermont Public Service Corp. 2,440 53,778 Cleco Corp. 3,580 89,965 DPL, Inc. 3,750 95,175 El Paso Electric Co.(a) 1,540 31,816 Great Plains Energy, Inc. 7,201 181,903 Hawaiian Electric Industries, Inc. 5,850 144,729 IDACORP, Inc. 3,090 92,113 Northeast Utilities 5,490 138,128 Sierra Pacific Resources 8,940 101,380 UIL Holdings Corp. 2,680 83,830 Unisource Energy Corp. 3,230 98,677 Westar Energy, Inc. 5,800 128,064 ----------- 1,349,363 ----------- ELECTRICAL EQUIPMENT (1.1%) A.O. Smith Corp. 2,480 98,456 Acuity Brands, Inc. 1,740 71,096 AMETEK, Inc. 3,990 190,962 Baldor Electric Co. 2,060 70,143 C&D Technologies, Inc.(a) 5,630 45,209 Hubbell, Inc., Class B 2,350 99,076 MagneTek, Inc.(a) 1,070 4,976 REGAL-BELOIT Corp. 1,460 60,955 Roper Industries, Inc. 3,550 217,189 Thomas & Betts Corp.(a) 2,130 88,139 Vicor Corp. 570 6,213 Woodward Governor Co. 2,200 99,000 ----------- 1,051,414 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (3.4%) Agilysys, Inc. 880 10,560 Amphenol Corp., Class A 8,240 392,801 Anixter International, Inc.(a) 1,350 91,840 Arrow Electronics, Inc.(a) 5,780 186,231 Avnet, Inc.(a) 5,810 158,381 Benchmark Electronics, Inc.(a) 4,610 67,490 Brightpoint, Inc.(a) 5,620 38,722 Checkpoint Systems, Inc.(a) 1,590 33,501 Cognex Corp. 1,630 30,725 CTS Corp. 4,880 62,757 Daktronics, Inc. 3,840 68,544 Electro Scientific Industries, Inc.(a) 970 15,171 FARO Technologies, Inc.(a) 3,470 82,239 FLIR Systems, Inc.(a) 8,860 360,956 Gerber Scientific, Inc.(a) 3,610 42,851 II-VI, Inc.(a) 1,000 38,460 Ingram Micro, Inc.(a) 9,990 184,116 Insight Enterprises, Inc.(a) 5,000 63,800 Itron, Inc.(a) 1,400 129,262 Keithley Instruments, Inc. 440 4,136 KEMET Corp.(a) 8,110 11,030 Littelfuse, Inc.(a) 1,050 33,558 LoJack Corp.(a) 3,360 20,630 Mercury Computer Systems, Inc.(a) 790 6,036 Methode Electronics, Inc. 3,020 33,794 MTS Systems Corp. 870 36,444 National Instruments Corp. 2,180 74,229 Newport Corp.(a) 1,130 11,854 Park Electrochemical Corp. 2,460 62,336 Photon Dynamics, Inc.(a) 550 8,195 Planar Systems, Inc.(a) 670 1,447 Plexus Corp.(a) 1,700 48,450 RadiSys Corp.(a) 710 8,222 Rogers Corp.(a) 910 37,592 ScanSource, Inc.(a) 2,910 89,308 SYNNEX Corp.(a) 7,810 182,442 Tech Data Corp.(a) 3,970 138,434 Technitrol, Inc. 1,530 21,451 Trimble Navigation Ltd.(a) 6,050 200,860 TTM Technologies, Inc.(a) 1,280 14,400 Vishay Intertechnology, Inc.(a) 10,190 91,404 ----------- 3,194,659 ----------- ENERGY EQUIPMENT & SERVICES (3.3%) Atwood Oceanics, Inc.(a) 2,100 96,411 Basic Energy Services, Inc.(a) 7,390 198,939 Bristow Group, Inc.(a) 1,140 51,289 CARBO Ceramics, Inc. 2,350 128,592 Dril-Quip, Inc.(a) 1,540 83,376 Exterran Holdings, Inc.(a) 2,560 144,486 FMC Technologies, Inc.(a) 5,860 362,031 Gulf Island Fabrication, Inc. 440 19,514 Helix Energy Solutions Group, Inc.(a) 5,820 185,833 Helmerich & Payne, Inc. 3,840 227,059 ION Geophysical Corp.(a) 2,890 46,153 Lufkin Industries, Inc. 660 58,872 Matrix Service Co.(a) 1,030 23,247 NATCO Group, Inc., Class A(a) 780 37,167 Oceaneering International, Inc.(a) 2,920 177,069 Patterson-UTI Energy, Inc. 5,570 158,299 Pride International, Inc.(a) 6,150 238,374 SEACOR Holdings, Inc.(a) 1,020 85,343 Superior Energy Services, Inc.(a) 2,980 141,341 Superior Well Services, Inc.(a) 2,930 93,057 TETRA Technologies, Inc.(a) 2,610 49,407 Tidewater, Inc. 2,140 128,272 Unit Corp.(a) 4,040 272,902 W-H Energy Services, Inc.(a) 1,210 110,751 ----------- 3,117,784 ----------- FOOD & STAPLES RETAILING (0.7%) BJ's Wholesale Club, Inc.(a) 2,400 90,072 Casey's General Stores, Inc. 1,840 45,264 Great Atlantic & Pacific Tea Co., Inc.(a) 1,880 29,911 Longs Drug Stores Corp. 1,950 91,162 Nash Finch Co. 4,210 166,169 Ruddick Corp. 2,130 65,945 Spartan Stores, Inc. 4,630 110,148
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED FOOD & STAPLES RETAILING -- CONTINUED United Natural Foods, Inc.(a) 3,370 $ 64,771 ----------- 663,442 ----------- FOOD PRODUCTS (1.1%) Corn Products International, Inc. 2,850 132,553 Flowers Foods, Inc. 2,645 79,535 Green Mountain Coffee Roasters, Inc.(a) 2,170 78,880 Hain Celestial Group, Inc.(a) 1,540 40,256 Hormel Foods Corp. 2,520 91,148 J & J Snack Foods Corp. 630 19,952 J.M. Smucker Co. 2,870 139,884 Lancaster Colony Corp. 900 29,259 Lance, Inc. 2,510 46,184 Mannatech, Inc. 21,550 142,876 Peet's Coffee & Tea, Inc.(a) 450 8,771 Ralcorp Holdings, Inc.(a) 1,150 62,054 Sanderson Farms, Inc. 710 28,215 Smithfield Foods, Inc.(a) 6,210 133,391 Tootsie Roll Industries, Inc. 950 24,843 TreeHouse Foods, Inc.(a) 1,230 33,333 ----------- 1,091,134 ----------- GAS UTILITIES (2.4%) AGL Resources, Inc. 4,520 156,211 Atmos Energy Corp. 8,270 218,907 Energen Corp. 2,680 161,336 Equitable Resources, Inc. 4,850 253,412 Laclede Group, Inc. 3,760 159,462 National Fuel Gas Co. 3,170 157,834 New Jersey Resources Corp. 2,770 94,429 Northwest Natural Gas Co. 1,820 82,355 ONEOK, Inc. 5,590 254,233 Piedmont Natural Gas Co., Inc. 3,710 99,354 South Jersey Industries, Inc. 1,150 42,895 Southern Union Co. 5,740 149,929 Southwest Gas Corp. 4,440 128,316 UGI Corp. 5,210 140,983 WGL Holdings, Inc. 3,920 135,358 ----------- 2,235,014 ----------- HEALTH CARE EQUIPMENT & SUPPLIES (3.6%) Abaxis, Inc.(a) 2,690 53,504 Advanced Medical Optics, Inc.(a) 2,460 42,706 Allscripts Healthcare Solutions, Inc.(a) 2,170 26,148 American Medical Systems Holdings, Inc.(a) 4,650 76,585 Analogic Corp. 630 46,103 ArthroCare Corp.(a) 1,110 23,465 Beckman Coulter, Inc. 2,500 180,850 BioLase Technology, Inc.(a) 890 2,617 CONMED Corp.(a) 1,050 31,909 Cooper Cos., Inc. 3,590 120,983 Cyberonics, Inc.(a) 860 23,753 Datascope Corp. 1,560 72,821 DENTSPLY International, Inc. 5,540 222,985 Edwards Lifesciences Corp.(a) 2,200 137,896 Gen-Probe, Inc.(a) 3,230 172,224 Greatbatch, Inc.(a) 1,010 20,665 Haemonetics Corp.(a) 1,510 87,671 Hill-Rom Holdings, Inc. 2,520 70,787 Hologic, Inc.(a) 12,570 232,168 ICU Medical, Inc.(a) 1,790 50,890 IDEXX Laboratories, Inc.(a) 3,350 179,225 Immucor, Inc.(a) 5,490 165,414 Integra LifeSciences Holdings(a) 2,650 120,999 Invacare Corp. 1,130 26,589 Kensey Nash Corp.(a) 1,890 65,640 Kinetic Concepts, Inc.(a) 4,370 152,731 Mentor Corp. 1,410 34,982 Meridian Bioscience, Inc. 1,440 37,454 Merit Medical Systems, Inc.(a) 3,510 70,937 Osteotech, Inc.(a) 830 4,781 Palomar Medical Technologies, Inc.(a) 8,610 110,122 ResMed, Inc.(a) 4,440 167,921 STERIS Corp. 2,280 77,908 SurModics, Inc.(a) 1,550 65,239 Symmetry Medical, Inc.(a) 1,160 19,384 Techne Corp.(a) 2,550 202,776 Theragenics Corp.(a) 1,190 4,308 Varian, Inc.(a) 1,270 62,738 Vital Signs, Inc. 470 34,380 West Pharmaceutical Services, Inc. 1,320 60,614 Zoll Medical Corp.(a) 810 25,515 ----------- 3,386,387 ----------- HEALTH CARE PROVIDERS & SERVICES (3.8%) Air Methods Corp.(a) 1,790 51,319 Amedisys, Inc.(a) 1,929 123,687 AMERIGROUP Corp.(a) 2,100 53,340 AMN Healthcare Services, Inc.(a) 5,650 106,785 AmSurg Corp.(a) 3,200 85,760 Apria Healthcare Group, Inc.(a) 5,410 103,926 Centene Corp.(a) 1,700 37,927 Chemed Corp. 1,160 49,648 Cross Country Healthcare, Inc.(a) 1,010 16,110 CryoLife, Inc.(a) 800 10,872 Gentiva Health Services, Inc.(a) 2,380 60,785 Health Net, Inc.(a) 4,390 122,744 HealthExtras, Inc.(a) 7,140 214,271 HealthSpring, Inc.(a) 1,890 36,761 Healthways, Inc.(a) 3,080 78,263 Henry Schein, Inc.(a) 4,210 225,488 inVentiv Health, Inc.(a) 4,650 112,344 Kindred Healthcare, Inc.(a) 4,840 130,535 LCA-Vision, Inc. 8,020 47,158 LHC Group, Inc.(a) 6,610 185,212 LifePoint Hospitals, Inc.(a) 2,320 66,422 Lincare Holdings, Inc.(a) 5,060 163,033 Magellan Health Services, Inc.(a) 1,710 71,392 MedCath Corp.(a) 2,280 42,568 Molina Healthcare, Inc.(a) 2,770 82,657 Odyssey Healthcare, Inc.(a) 1,220 11,492 Omnicare, Inc. 7,470 219,917 Owens & Minor, Inc. 2,740 125,821 Pediatrix Medical Group, Inc.(a) 2,850 138,652 PharMerica Corp.(a) 4,440 105,006 PSS World Medical, Inc.(a) 2,120 35,531
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED HEALTH CARE PROVIDERS & SERVICES -- CONTINUED Psychiatric Solutions, Inc.(a) 6,630 $ 232,183 RehabCare, Inc.(a) 680 11,261 Res-Care, Inc.(a) 880 16,157 Sunrise Senior Living, Inc.(a) 4,280 76,740 USANA Health Sciences, Inc.(a) 3,800 129,542 VCA Antech, Inc.(a) 5,820 169,595 WellCare Health Plans, Inc.(a) 1,680 66,074 ----------- 3,616,978 ----------- HEALTH CARE TECHNOLOGY (0.1%) Omnicell, Inc.(a) 1,190 19,338 Phase Forward, Inc.(a) 1,550 28,520 ----------- 47,858 ----------- HOTELS, RESTAURANTS & LEISURE (1.5%) Bob Evans Farms, Inc. 3,020 86,493 Brinker International, Inc. 3,870 71,169 California Pizza Kitchen, Inc.(a) 990 12,919 CBRL Group, Inc. 1,150 27,795 CEC Entertainment, Inc.(a) 3,650 127,239 Cheesecake Factory(a) 4,970 69,978 CKE Restaurants, Inc. 3,640 44,663 International Speedway Corp., Class A 1,580 58,128 Jack in the Box, Inc.(a) 2,310 49,850 LIFE TIME FITNESS, Inc.(a) 1,580 47,068 Marcus Corp. 790 12,569 O'Charley's, Inc. 7,050 79,312 P.F. Chang's China Bistro, Inc.(a) 4,020 104,520 Panera Bread Co., Class A(a) 4,210 210,921 Papa John's International, Inc.(a) 3,930 111,180 Red Robin Gourmet Burgers, Inc.(a) 830 20,609 Ruby Tuesday, Inc.(a) 10,100 69,488 Ruth's Chris Steak House, Inc.(a) 830 3,959 Sonic Corp.(a) 5,440 82,090 Texas Roadhouse, Inc., Class A(a) 1,760 16,333 The Steak n Shake Co.(a) 3,590 24,735 Triarc Cos., Inc., Class B 13,920 77,674 ----------- 1,408,692 ----------- HOUSEHOLD DURABLES (2.5%) American Greetings Corp., Class A 1,970 29,195 Bassett Furniture Industries, Inc. 19,120 227,337 Blyth, Inc. 920 13,386 Champion Enterprises, Inc.(a) 2,450 9,678 Ethan Allen Interiors, Inc. 2,720 68,272 Furniture Brands International, Inc. 19,650 233,245 Hovnanian Enterprises, Inc., Class A(a) 1,370 9,631 Interface, Inc. 1,830 21,686 La-Z-Boy, Inc. 24,660 181,991 Libbey, Inc. 4,060 36,824 M.D.C. Holdings, Inc. 1,560 64,771 M/I Homes, Inc. 11,850 224,558 Meritage Homes Corp.(a) 8,600 155,230 Mohawk Industries, Inc.(a) 2,360 139,169 National Presto Industries, Inc. 1,860 132,953 NVR, Inc.(a) 466 257,381 Russ Berrie & Co., Inc.(a) 610 5,923 Ryland Group, Inc. 7,070 145,571 Skyline Corp. 490 12,774 Standard Pacific Corp. 22,750 75,985 Toll Brothers, Inc.(a) 9,940 199,695 Tupperware Corp. 2,350 91,650 Universal Electronics, Inc.(a) 660 14,995 ----------- 2,351,900 ----------- HOUSEHOLD PRODUCTS (0.6%) Central Garden & Pet Co., Class A(a) 24,690 103,204 Church & Dwight Co., Inc. 3,460 189,850 Energizer Holdings, Inc.(a) 3,340 238,276 Spectrum Brands, Inc.(a) 7,970 20,084 WD-40 Co. 670 22,894 ----------- 574,308 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.1%) Black Hills Corp. 2,680 86,484 ----------- INDUSTRIAL CONGLOMERATES (0.4%) Carlisle Cos., Inc. 2,310 70,663 Standex International Corp. 6,600 144,474 Teleflex, Inc. 2,240 137,357 Tredegar Corp. 3,980 65,192 ----------- 417,686 ----------- INSURANCE (3.8%) American Financial Group, Inc. 4,630 134,131 Arthur J. Gallagher & Co. 4,730 120,284 Brown & Brown, Inc. 7,210 126,680 Delphi Financial Group, Inc., Class A 1,805 45,035 Everest Re Group Ltd. 3,200 261,760 Fidelity National Financial, Inc., Class A 18,670 249,431 First American Financial Corp. 7,200 181,440 HCC Insurance Holdings, Inc. 4,120 93,318 Hilb, Rogal & Hobbs Co. 1,640 71,094 Horace Mann Educators Corp. 3,110 43,105 Infinity Property & Casualty Corp. 3,040 135,462 LandAmerica Financial Group, Inc. 7,300 83,877 Mercury General Corp. 2,900 146,479 Old Republic International Corp. 14,320 150,360 Philadelphia Consolidated Holding Corp.(a) 4,330 253,089 Presidential Life Corp. 4,470 71,699 ProAssurance Corp.(a) 1,480 72,431 Protective Life Corp. 4,630 166,495 RLI Corp. 980 53,528 Safety Insurance Group, Inc. 3,330 141,425 Selective Insurance Group, Inc. 4,070 87,912 StanCorp Financial Group, Inc. 2,080 102,731 Stewart Information Services Corp. 8,360 145,966 The Hanover Insurance Group, Inc. 3,110 133,481 The Navigators Group, Inc.(a) 700 33,292 The PMI Group, Inc. 7,530 18,900 Tower Group, Inc. 790 17,996 United Fire & Casualty Co. 2,090 56,785 Unitrin, Inc. 3,600 99,324 W.R. Berkley Corp. 8,400 198,408
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED INSURANCE -- CONTINUED Zenith National Insurance Corp. 4,145 $ 142,629 ----------- 3,638,547 ----------- INTERNET & CATALOG RETAIL (0.1%) Netflix, Inc.(a) 1,760 54,366 ----------- INTERNET SOFTWARE & SERVICES (1.9%) Bankrate, Inc.(a) 3,650 114,793 Blue Nile, Inc.(a) 760 29,275 Concur Technologies, Inc.(a) 3,810 157,048 DealerTrack Holdings, Inc.(a) 5,110 79,614 Digital River, Inc.(a) 6,070 242,132 InfoSpace, Inc. 5,720 53,997 J2 Global Communications, Inc.(a) 8,540 204,704 McAfee, Inc.(a) 8,090 264,947 Perficient, Inc.(a) 1,110 11,178 PetMed Express, Inc.(a) 11,050 160,225 Stamps.com, Inc.(a) 5,940 80,843 The Knot, Inc.(a) 880 7,709 United Online, Inc. 9,840 106,862 ValueClick, Inc.(a) 6,870 81,753 Websense, Inc.(a) 7,970 166,334 ----------- 1,761,414 ----------- IT SERVICES (1.9%) 3Com Corp.(a) 12,320 23,162 Acxiom Corp. 7,840 100,665 Alliance Data Systems Corp.(a) 4,060 260,449 Broadridge Financial Solutions, Inc. 4,970 102,879 CACI International, Inc., Class A(a) 2,800 125,888 Cerner Corp.(a) 3,540 158,096 Ciber, Inc.(a) 9,010 63,701 CSG Systems International, Inc.(a) 1,160 20,578 CyberSource Corp.(a) 2,416 42,884 DST Systems, Inc.(a) 3,550 214,526 Gartner, Inc.(a) 4,080 99,389 Gevity HR, Inc. 25,020 186,399 Global Payments, Inc. 4,470 197,976 ManTech International Corp., Class A(a) 820 45,789 MAXIMUS, Inc. 960 35,626 MPS Group, Inc.(a) 3,040 35,021 SI International, Inc.(a) 670 12,248 SRA International, Inc., Class A(a) 3,460 75,947 StarTek, Inc.(a) 440 3,969 Sykes Enterprises, Inc.(a) 1,130 19,956 ----------- 1,825,148 ----------- LEISURE EQUIPMENT & PRODUCTS (0.8%) Arctic Cat, Inc. 10,500 93,450 Brunswick Corp. 11,400 147,060 Callaway Golf Co. 2,270 28,784 JAKKS Pacific, Inc.(a) 1,180 25,936 MarineMax, Inc.(a) 6,320 41,586 Nautilus Group, Inc. 19,540 95,355 Polaris Industries, Inc. 3,070 131,396 Pool Corp. 6,860 151,469 RC2 Corp.(a) 900 20,664 Sturm, Ruger & Co., Inc.(a) 730 4,416 ----------- 740,116 ----------- LIFE SCIENCES TOOLS AND SERVICES (1.5%) Affymetrix, Inc.(a) 6,910 54,451 Cambrex Corp.(a) 8,270 62,935 Charles River Laboratories International, Inc.(a) 3,180 211,343 Covance, Inc.(a) 2,920 268,056 Dionex Corp.(a) 1,780 123,745 Enzo Biochem, Inc.(a) 1,040 14,778 Invitrogen Corp.(a) 6,360 282,066 Kendle International, Inc.(a) 1,860 76,539 PAREXEL International Corp.(a) 1,920 56,122 Pharmaceutical Product Development, Inc. 5,660 215,872 Pharmanet Development Group, Inc.(a) 2,270 54,775 ----------- 1,420,682 ----------- MACHINERY (4.4%) AGCO Corp.(a) 3,500 209,475 Albany International Corp., Class A 1,290 37,023 Applied Industrial Technologies, Inc. 1,310 35,003 Astec Industries, Inc.(a) 770 24,578 Barnes Group, Inc. 1,770 39,984 Briggs & Stratton Corp. 5,210 70,543 Cascade Corp. 430 18,868 CLARCOR, Inc. 2,010 77,425 Crane Co. 2,040 72,420 Donaldson Co., Inc. 3,870 174,576 EnPro Industries, Inc.(a) 960 34,570 Federal Signal Corp. 9,340 134,216 Flowserve Corp. 2,170 289,348 Gardner Denver, Inc.(a) 2,060 93,936 Graco, Inc. 4,380 158,687 Harsco Corp. 3,180 172,038 IDEX Corp. 3,070 116,138 Intevac, Inc.(a) 6,520 69,438 Joy Global, Inc. 5,910 426,820 Kaydon Corp. 1,260 59,749 Kennametal, Inc. 2,970 88,387 Lincoln Electric Holdings, Inc. 1,760 141,416 Lindsay Manufacturing Co. 480 44,290 Lydall, Inc.(a) 5,430 84,491 Mueller Industries, Inc. 2,550 65,459 Nordson Corp. 1,420 100,337 Oshkosh Truck Corp. 3,120 56,285 Pentair, Inc. 3,770 130,517 Robbins & Myers, Inc. 1,380 70,063 SPX Corp. 2,120 268,774 The Timken Co. 4,870 160,807 Toro Co. 2,930 95,372 Trinity Industries, Inc. 5,020 188,953 Valmont Industries, Inc. 710 75,906 Wabash National Corp. 24,940 231,942
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED MACHINERY -- CONTINUED Watts Water Technologies, Inc. 1,230 $ 36,334 ----------- 4,154,168 ----------- MARINE (0.3%) Alexander & Baldwin, Inc. 1,780 77,234 Kirby Corp.(a) 2,080 99,258 Overseas Shipholding Group, Inc. 1,210 95,287 ----------- 271,779 ----------- MEDIA (1.0%) 4Kids Entertainment, Inc.(a) 470 4,051 AH Belo Corp., Class A 670 3,618 Belo Corp., Class A 6,960 47,258 DreamWorks Animation SKG, Inc., Class A(a) 7,740 229,878 Entercom Communications Corp., Class A 7,330 44,933 Harte-Hanks, Inc. 1,540 19,111 John Wiley & Sons, Inc., Class A 3,290 149,169 Lamar Advertising Co., Class A(a) 3,330 126,474 Lee Enterprises, Inc. 11,060 33,401 Live Nation, Inc.(a) 7,270 91,747 Media General, Inc., Class A 7,970 101,060 Radio One, Inc., Class D(a) 3,110 3,079 Scholastic Corp. 2,340 60,349 Valassis Communications, Inc., Class A(a) 7,650 67,473 ----------- 981,601 ----------- METALS & MINING (2.2%) A.M. Castle & Co. 2,330 47,159 AMCOL International Corp. 770 24,578 Brush Engineered Materials, Inc.(a) 2,360 56,475 Carpenter Technology Corp. 1,930 74,691 Century Aluminum Co.(a) 1,150 68,333 Cleveland-Cliffs, Inc. 5,860 635,283 Commercial Metals Co. 8,100 241,785 Gibraltar Industries, Inc. 7,780 123,002 Olympic Steel, Inc. 370 18,815 Patriot Coal Corp.(a) 1,060 133,719 Reliance Steel & Aluminum Co. 2,410 152,216 RTI International Metals, Inc.(a) 1,040 28,350 Steel Dynamics, Inc. 11,130 352,598 Worthington Industries, Inc. 5,130 91,006 ----------- 2,048,010 ----------- MULTI-UTILITIES (2.1%) Alliant Energy Corp. 5,370 173,075 Avista Corp. 4,370 98,849 CH Energy Group, Inc. 3,040 110,200 Energy East Corp. 9,320 232,907 MDU Resources Group, Inc. 6,640 211,882 NSTAR 4,990 158,981 OGE Energy Corp. 4,900 160,328 PNM Resources, Inc. 7,850 91,924 Puget Energy, Inc. 6,520 179,561 SCANA Corp. 5,830 210,988 Vectren Corp. 5,040 147,168 Wisconsin Energy Corp. 4,500 203,040 ----------- 1,978,903 ----------- MULTILINE RETAIL (0.4%) 99 Cents Only Stores(a) 4,280 28,633 Fred's, Inc. 11,010 141,589 Saks, Inc.(a) 4,950 50,441 The Andersons, Inc. 780 35,451 Tuesday Morning Corp.(a) 24,710 94,886 ----------- 351,000 ----------- OFFICE ELECTRONICS (0.1%) Zebra Technologies Corp., Class A(a) 2,660 81,955 ----------- OIL, GAS & CONSUMABLE FUELS (3.8%) Arch Coal, Inc. 5,390 303,511 Bill Barrett Corp.(a) 1,320 54,305 Cimarex Energy Co. 5,210 271,493 Denbury Resources, Inc.(a) 11,190 314,887 Encore Acquisition Co.(a) 6,520 403,392 Forest Oil Corp.(a) 3,310 188,769 Frontier Oil Corp. 6,600 120,450 Hornbeck Offshore Services, Inc.(a) 3,250 144,885 Newfield Exploration Co.(a) 6,020 294,860 Penn Virginia Corp. 3,300 200,475 Petroleum Development Corp.(a) 2,470 136,616 PetroQuest Energy, Inc.(a) 1,450 30,261 Pioneer Drilling Co.(a) 1,560 24,788 Pioneer Natural Resources Co. 5,690 338,270 Plains Exploration & Production Co.(a) 4,260 238,432 Quicksilver Resources, Inc.(a) 5,600 146,496 St. Mary Land & Exploration Co. 5,100 217,056 Stone Energy Corp.(a) 1,130 57,653 Swift Energy Co.(a) 1,230 62,509 World Fuel Services Corp. 1,220 29,402 ----------- 3,578,510 ----------- PAPER & FOREST PRODUCTS (0.4%) Buckeye Technologies, Inc.(a) 1,250 12,188 Deltic Timber Corp. 2,330 141,314 Louisiana-Pacific Corp. 9,030 76,394 Neenah Paper, Inc. 870 16,252 Wausau-Mosinee Paper Corp. 10,420 92,321 ----------- 338,469 ----------- PERSONAL PRODUCTS (0.4%) Alberto-Culver Co. 2,880 77,270 Chattem, Inc.(a) 1,550 99,929 NBTY, Inc.(a) 4,560 157,274 ----------- 334,473 ----------- PHARMACEUTICALS (0.9%) Alpharma, Inc., Class A(a) 1,710 38,834 Cubist Pharmaceuticals, Inc.(a) 2,050 46,453 Endo Pharmaceuticals Holdings, Inc.(a) 8,680 200,942
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED PHARMACEUTICALS -- CONTINUED Medicis Pharmaceutical Corp., Class A 3,770 $ 69,217 Noven Pharmaceuticals, Inc.(a) 910 11,302 Par Pharmaceutical Cos., Inc.(a) 4,420 76,466 Perrigo Co. 2,930 103,224 Salix Pharmaceuticals Ltd.(a) 1,520 12,130 Sciele Pharma, Inc. 4,340 80,941 Sepracor, Inc.(a) 9,820 171,653 Valeant Pharmaceuticals International(a) 3,230 55,298 ViroPharma, Inc.(a) 2,360 29,052 ----------- 895,512 ----------- RADIO BROADCASTING (0.1%) Arbitron, Inc. 2,920 137,240 ----------- REAL ESTATE - OPERATIONS AND DEVELOPMENT (0.0%) Forestar Real Estate Group, Inc.(a) 1,450 26,216 ----------- REAL ESTATE INVESTMENT TRUST (5.7%) Acadia Realty Trust 1,040 23,598 Alexandria Real Estate Equities, Inc. 1,480 152,825 AMB Property Corp. 3,910 191,434 BioMed Realty Trust, Inc. 5,740 148,092 BRE Properties, Inc. 3,000 146,640 Camden Property Trust 3,490 171,638 Colonial Properties Trust 8,010 159,880 Cousins Properties, Inc. 3,060 67,228 DiamondRock Hospitality Co. 6,130 56,519 Duke Realty Corp. 7,680 189,926 Eastgroup Properties, Inc. 1,130 52,432 Entertainment Properties Trust 2,350 126,054 Equity One, Inc. 2,710 52,330 Essex Property Trust, Inc. 1,230 149,260 Extra Space Storage, Inc. 2,320 32,874 Federal Realty Investment Trust 2,490 180,799 Health Care REIT, Inc, 4,510 224,914 Highwood Properties, Inc. 4,710 171,915 Home Properties, Inc. 2,820 155,156 Hospitality Properties Trust 6,090 129,717 Inland Real Estate Corp. 3,970 59,352 Kilroy Realty Corp. 1,650 75,587 Kite Realty Group Trust 4,440 55,145 Lexington Corp. Properties Trust 6,610 95,184 Liberty Property Trust 5,790 210,756 LTC Properties, Inc. 2,330 68,106 Macerich Co. 3,050 168,756 Mack-Cali Realty Corp. 4,800 184,224 Medical Properties Trust, Inc. 7,920 87,833 Mid-America Apartment Communities, Inc. 2,670 153,445 National Retail Properties, Inc. 4,620 97,667 Nationwide Health Properties, Inc. 4,980 184,808 Parkway Properties, Inc. 3,120 110,105 Pennsylvania Real Estate Investment Trust 5,480 100,942 Potlatch Corp. 1,660 77,306 PS Business Parks, Inc. 1,430 75,218 Rayonier, Inc. 2,930 136,890 Realty Income Corp. 4,760 119,904 Regency Centers Corp. 2,960 176,120 Senior Housing Properties Trust 6,090 128,194 Sovran Self Storage, Inc. 2,340 97,835 Tanger Factory Outlet Centers, Inc. 1,320 49,289 UDR, Inc. 6,610 168,819 Weingarten Realty Investors 4,160 126,838 ----------- 5,391,554 ----------- REAL ESTATE MANAGEMENT - SERVICE (0.1%) Jones Lang LaSalle, Inc. 2,920 139,109 ----------- RESTAURANTS (0.2%) Chipotle Mexican Grill, Inc., Class A(a) 2,000 137,000 DineEquity, Inc. 800 18,480 ----------- 155,480 ----------- ROAD & RAIL (1.7%) Arkansas Best Corp. 6,690 248,467 Atmel Corp.(a) 13,390 47,267 Avis Budget Group, Inc.(a) 13,750 83,875 Con-way, Inc. 1,970 99,603 Heartland Express, Inc. 5,063 86,273 J.B. Hunt Transport Services, Inc. 3,160 116,857 Kansas City Southern(a) 3,020 166,100 Knight Transportation, Inc. 6,320 119,574 Landstar System, Inc. 4,460 225,587 Old Dominion Freight Line, Inc.(a) 1,065 39,085 Wabtec Corp. 1,840 102,120 Werner Enterprises, Inc. 3,590 85,478 YRC Worldwide, Inc.(a) 12,290 207,701 ----------- 1,627,987 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.8%) Actel Corp.(a) 870 11,963 Advanced Energy Industries, Inc.(a) 1,310 18,104 ATMI, Inc.(a) 1,450 32,669 Axcelis Technologies, Inc.(a) 3,090 15,512 Brooks Automation, Inc.(a) 2,150 16,792 Cabot Microelectronics Corp.(a) 1,150 44,896 Cohu, Inc. 820 13,054 Cree, Inc.(a) 6,880 133,472 Cymer, Inc.(a) 1,460 38,675 Cypress Semiconductor Corp.(a) 5,780 157,505 Diodes, Inc.(a) 2,920 75,832 DSP Group, Inc.(a) 1,000 7,060 Exar Corp.(a) 1,430 11,011 Fairchild Semiconductor International, Inc.(a) 4,340 52,731 FEI Co.(a) 1,550 39,137 Integrated Device Technology, Inc.(a) 6,170 61,823 International Rectifier Corp.(a) 3,000 50,640 Intersil Corp., Class A 4,850 117,030 Kopin Corp.(a) 2,090 6,751 Kulicke & Soffa Industries, Inc.(a) 1,730 11,003 Lam Research Corp.(a) 4,960 163,134 Micrel, Inc. 1,560 14,851 Microsemi Corp.(a) 2,950 76,582 MKS Instruments, Inc.(a) 1,800 37,080
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- CONTINUED Pericom Semiconductor Corp.(a) 860 $ 12,264 Photronics, Inc.(a) 7,020 29,835 RF Micro Devices, Inc.(a) 8,910 29,136 Rudolph Technologies, Inc.(a) 3,800 33,174 Semtech Corp.(a) 2,080 30,306 Silicon Laboratories, Inc.(a) 4,980 162,896 Skyworks Solutions, Inc.(a) 5,340 50,516 Standard Microsystems Corp.(a) 1,040 27,581 Supertex, Inc.(a) 700 21,007 TriQuint Semiconductor, Inc.(a) 4,290 24,153 Ultratech, Inc.(a) 800 11,792 Varian Semiconductor Equipment Associates, Inc.(a) 3,060 89,413 Veeco Instruments, Inc.(a) 1,130 18,396 ----------- 1,747,776 ----------- SOFTWARE (3.0%) ACI Worldwide, Inc.(a) 5,800 113,448 Activision Blizzard, Inc.(a) 11,020 396,500 Advent Software, Inc.(a) 830 36,138 Ansoft Corp.(a) 4,260 152,125 ANSYS, Inc.(a) 4,430 203,248 Blackbaud, Inc. 4,200 75,012 Cadence Design Systems, Inc.(a) 9,240 68,284 Captaris, Inc.(a) 900 3,024 Catapult Communications Corp.(a) 400 2,960 Epicor Software Corp.(a) 11,480 77,605 EPIQ Systems, Inc.(a) 4,665 54,487 FactSet Research Systems, Inc. 3,310 190,888 Fair Issac Corp. 3,700 82,362 Informatica Corp.(a) 3,200 51,808 Jack Henry & Associates, Inc. 2,780 60,020 JDA Software Group, Inc.(a) 1,020 17,411 Macrovision Solutions Corp.(a) 5,460 82,992 Manhattan Associates, Inc.(a) 1,020 25,031 Mentor Graphics Corp.(a) 3,330 46,220 Metavante Technologies, Inc.(a) 3,470 77,242 MICROS Systems, Inc.(a) 4,630 146,678 Parametric Technology Corp.(a) 4,130 79,998 Phoenix Technologies Ltd.(a) 800 9,656 Progress Software Corp.(a) 1,630 47,971 Quality Systems, Inc. 4,250 139,613 Radiant Systems, Inc.(a) 840 9,584 Secure Computing Corp.(a) 10,630 41,776 Smith Micro Software, Inc.(a) 10,430 75,096 Sonic Solutions(a) 7,890 40,634 SPSS, Inc.(a) 2,760 91,218 Sybase, Inc.(a) 2,990 100,494 Synopsys, Inc.(a) 5,370 128,987 Tyler Technologies, Inc.(a) 5,000 79,900 Wind River Systems, Inc.(a) 2,360 27,683 ----------- 2,836,093 ----------- SPECIALTY RETAIL (6.5%) Aaron Rents, Inc. 2,060 56,588 Advance Auto Parts, Inc. 5,590 229,693 Aeropostale, Inc.(a) 7,500 241,875 American Eagle Outfitters, Inc. 10,730 150,220 AnnTaylor Stores Corp.(a) 2,520 56,826 Big 5 Sporting Goods Corp. 2,890 23,091 Cabela's, Inc.(a) 3,200 37,184 CarMax, Inc.(a) 8,070 108,138 Cato Corp. 6,710 120,042 Charlotte Russe Holding, Inc.(a) 790 10,238 Charming Shoppes, Inc.(a) 28,520 155,434 Chico's FAS, Inc.(a) 18,160 101,151 Children's Place Retail Stores, Inc.(a) 1,110 42,236 Christopher & Banks Corp. 5,610 48,807 Coldwater Creek, Inc.(a) 1,950 12,714 Collective Brands, Inc.(a) 5,940 76,507 CPI Corp. 2,120 29,192 Dick's Sporting Goods, Inc.(a) 3,190 55,985 Dollar Tree, Inc.(a) 5,960 223,500 Finish Line, Inc., Class A(a) 61,057 662,469 Foot Locker, Inc. 15,610 235,087 Genesco, Inc. 1,080 31,752 Group 1 Automotive, Inc. 7,020 137,943 Guess?, Inc. 3,090 97,860 Gymboree Corp.(a) 3,970 148,478 Haverty Furniture Cos., Inc. 17,020 194,368 Hibbett Sports, Inc.(a) 5,170 108,829 Hot Topic, Inc.(a) 1,500 9,435 Jo-Ann Stores, Inc.(a) 9,900 217,503 Jos. A. Bank Clothiers, Inc.(a) 3,672 82,253 Lithia Motors, Inc., Class A 13,380 62,217 Men's Wearhouse, Inc. 2,210 44,001 Midas Group, Inc.(a) 510 7,329 Movado Group, Inc. 960 20,640 O'Reilly Automotive, Inc.(a) 6,090 155,539 OfficeMax, Inc. 12,350 157,586 Pacific Sunwear of California, Inc.(a) 7,540 65,673 PETsMart, Inc. 4,880 110,825 Rent-A-Center, Inc.(a) 7,820 165,784 Ross Stores, Inc. 8,290 314,688 Select Comfort Corp.(a) 10,810 21,404 Sonic Automotive, Inc., Class A 8,120 81,768 Stage Stores, Inc. 10,072 149,267 Stein Mart, Inc. 40,570 181,348 The Dress Barn, Inc.(a) 6,380 102,909 The Pep Boys - Manny, Moe & Jack 12,930 95,423 Tractor Supply Co.(a) 3,550 134,936 Tween Brands, Inc.(a) 1,070 14,734 Urban Outfitters, Inc.(a) 8,300 273,983 Williams-Sonoma, Inc. 6,010 104,814 Zale Corp.(a) 5,820 128,738 Zumiez, Inc.(a) 4,910 72,472 ----------- 6,171,476 ----------- TEXTILES APPAREL & LUXURY GOODS (1.4%) Brown Shoe Co., Inc. 6,355 102,570 Crocs, Inc.(a) 6,620 29,393 Deckers Outdoor Corp.(a) 940 106,229 Fossil, Inc.(a) 3,210 85,964 Hanesbrands, Inc.(a) 3,630 77,827 Iconix Brand Group, Inc.(a) 2,070 24,840 K-Swiss, Inc., Class A 6,930 107,138 Maidenform Brands, Inc.(a) 700 10,717 Oxford Industries, Inc. 5,240 110,250 Perry Ellis International, Inc.(a) 630 13,703 Phillips-Van Heusen Corp. 2,230 78,942
CAPSTONE SERIES FUND, INC. SCHEDULE OF PORTFOLIO INVESTMENTS - JULY 31, 2008 (UNAUDITED) SMALL-MID CAP ENHANCED INDEX FUND - --------------------------------------------------------------------------------
SHARES VALUE ---------- ----------- COMMON STOCKS -- CONTINUED TEXTILES APPAREL & LUXURY GOODS -- CONTINUED Quiksilver, Inc.(a) 4,150 $ 31,830 Skechers U.S.A., Inc., Class A(a) 1,390 26,271 The Timberland Co., Class A(a) 6,200 88,908 The Warnaco Group, Inc.(a) 3,550 148,922 Under Armour, Inc., Class A(a) 3,910 113,976 UniFirst Corp. 680 30,444 Volcom, Inc.(a) 5,950 106,743 Wolverine World Wide, Inc. 1,870 49,985 ----------- 1,344,652 ----------- THRIFTS & MORTGAGE FINANCE (1.1%) Anchor BanCorp of Wisconsin, Inc. 1,500 10,800 Astoria Financial Corp. 4,600 102,902 Bank Mutual Corp. 3,870 45,279 BankAtlantic Bancorp, Inc., Class A 20,980 28,533 Brookline Bancorp, Inc. 4,410 42,997 Corus Bankshares, Inc. 13,780 53,880 Dime Community Bancshares, Inc. 3,270 54,707 Downey Financial Corp. 3,250 6,858 First Niagara Financial Group, Inc. 8,980 125,630 FirstFed Financial Corp.(a) 2,690 21,520 Flagstar Bancorp, Inc. 21,820 96,881 Guaranty Financial Group, Inc.(a) 3,950 13,074 New York Community Bancorp, Inc. 15,510 257,776 TrustCo Bank Corp. NY 4,380 38,237 Washington Federal, Inc. 4,550 84,630 Webster Financial Corp. 4,510 89,569 ----------- 1,073,273 ----------- TRADING COMPANIES & DISTRIBUTORS (0.9%) Fastenal Co. 6,100 298,046 GATX Corp. 3,460 157,326 Lawson Products, Inc. 1,420 41,634 MSC Industrial Direct Co., Inc., Class A 2,030 96,831 United Rentals, Inc.(a) 5,410 87,534 Watsco, Inc. 2,850 142,130 ----------- 823,501 ----------- WATER UTILITIES (0.1%) American States Water Co. 840 30,341 Aqua America, Inc. 4,110 65,143 ----------- 95,484 ----------- WIRELESS TELECOMMUNICATION SERVICES (0.2%) Telephone & Data Systems, Inc. 4,320 183,168 ----------- TOTAL COMMON STOCKS (COST $101,461,331) 94,659,686 ----------- SHORT-TERM INVESTMENTS (0.0%) AIM Short Term Prime Money Market, 2.40%(b) 20,790 20,790 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $20,790) 20,790 ----------- TOTAL INVESTMENTS (COST $101,482,121) 100.0% 94,680,476 LIABILITIES IN EXCESS OF OTHER ASSETS 0.0% (28,086) ----------- NET ASSETS 100.0% $94,652,390 ===========
(a) Represents non-income producing security. (b) Variable rate security. Rate shown represents the rate as of July 31, 2008. REIT Real Estate Investment Trust At July 31, 2008, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Net Unrealized Tax Unrealized Tax Unrealized Appreciation Fund Tax Cost Appreciation (Depreciation) (Depreciation) - --------------------------------- ------------------------------------------------------------------------- Small Mid-Cap Enhanced Index Fund 101,773,332 7,451,075 (14,543,931) (7,092,856)
NOTES TO PORTFOLIO OF INVESTMENTS Capstone Series Fund, Inc. July 31, 2008 (Unaudited) 1) PORTFOLIO VALUATION: Fund investments are recorded at market value. 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 last reported mean price as of the close of trading. Equity securities traded on NASDAQ use the official closing price. Equity securities which are traded in the over-the-counter market only, but which are not included on NASDAQ, are valued at the last sale price on the day of valuation. Debt securities with a remaining maturity of sixty days or more are valued using 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 market value. All other securities and securities with no readily determinable market values are valued using procedures determined in good faith by the Board of Directors. 2) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: For financial reporting purposes, 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. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date, if the ex-dividend date has passed. *For additional information regarding the Fund's valuation of investments and other significant accounting policies, please refer to the most recent annual or semi-annual report. STATEMENT OF FINANCIAL ACCOUNTING STANDARD NO. 157 - -------------------------------------------------- In September 2006, the FASB issued Statement of Financial Accounting Standards ("SFAS") No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. One key component of the implementation of SFAS 157 included the development of a three-tier fair value hierarchy. The basis of the tiers is dependant upon the various "inputs" used to determine the value of the Funds' investments. These inputs are summarized in the three broad levels listed below: o Level 1 - quoted prices in active markets for identical assets. o Level 2 - other significant inputs (including quoted prices of similar securities, interest rates, prepayments speeds, credit risk, etc.) o Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The inputs or methodology used to for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. The following is a summary of the inputs used to value the following Funds' net assets as of July 31, 2008:
LEVEL 2 - OTHER SIGNIFICANT LEVEL 3 - SIGNIFICANT LEVEL 1 - QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS INVESTMENTS OTHER FINANCIAL INVESTMENTS OTHER FINANCIAL INVESTMENTS OTHER FINANCIAL FUND NAME IN SECURITIES INVESTMENTS* IN SECURITIES INVESTMENTS* IN SECURITIES INVESTMENTS* - ---------------------------------------------------------- -------------------------------- ------------------------------- Steward Small-Mid Cap Enhanced Index Fund $ 94,680,476 - $ - $ - ------------------------------- -------------------------------- ------------------------------- TOTAL $ 94,680,476 $ - $ - $ - $ - $ - =============================== ================================ ===============================
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation / (depreciation) on the investment. ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). 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-Q IS RECORDED, PROCESSED, SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND EXCHANGE COMMISSION'S RULES AND FORMS. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL QUARTER THAT HAVE MATERIALLY AFFECTED, OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). CERTIFICATIONS PURSUANT TO RULE 30a-2(a) ARE ATTACHED HERETO. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) CAPSTONE SERIES FUND, INC. ---------------------------------------------------- By (Signature and Title)* /s/ Edward Jaroski --------------------------------------- Edward Jaroski, President Date September 29, 2008 ------------------------------------------------------------ Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Edward Jaroski --------------------------------------- Edward Jaroski, President Date September 29, 2008 ------------------------------------------------------------ By (Signature and Title)* /s/ Carla Homer --------------------------------------- Carla Homer, Treasurer Date September 29, 2008 ------------------------------------------------------------ * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 e67256_cert.txt CERTIFICATIONS - -------------- I, Edward Jaroski, certify that: 1. I have reviewed this report on Form N-Q of The Capstone Series Funds, Inc. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. September 29, 2008 /s/ Edward Jaroski - ----------------------- --------------------------- Date Edward Jaroski President CERTIFICATIONS - -------------- I, Carla Homer, certify that: 1. I have reviewed this report on Form N-Q of The Capstone Series Funds, Inc. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. September 29, 2008 /s/ Carla Homer - ---------------------------- ---------------------------- Date Carla Homer Treasurer -----END PRIVACY-ENHANCED MESSAGE-----