UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number 811-01597
Steward Funds, Inc.
(Exact name of registrant as specified in charter)
15375 Memorial Drive
Suite 200
Houston, Texas 77079
(Address of principal executive offices) (Zip code)
John Marten
Vedder Price P.C.
222 North LaSalle Street
Chicago, Illinois 60601
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 262-6631
Date of fiscal year end: April 30
Date of reporting period: October 31, 2020
Item 1. Reports to Stockholders.
| (a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1): |
CROSSMARKGLOBAL.COM October 31, 2020 STEWARD FUNDS SEMI-ANNUAL REPORT
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website at www.crossmarkglobal.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or you are a direct investor, by calling 1-713-243-6746 or sending an email request to Jim Coppedge, jcoppedge@crossmarkglobal.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-713-243-6746 or send an email request to jcoppedge@crossmarkglobal.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Transfer Agent if you invest directly with the Funds.
Dear Shareholder:
It is our pleasure to present you with the 2020 Steward Funds, Inc. Semi-Annual Report. Within its pages, you will be provided with detailed information regarding all of the Funds, including performance, specific holdings within each Fund, and a summary of the key factors impacting Fund performance for the six months ended October 31, 2020.
This past year, while extremely challenging for individuals and businesses alike, has nonetheless yielded some accolades for the Steward Funds and for Crossmark Global Investments (the investment advisory firm that manages the Funds). Most notably, in early 2020 we were notified by Refinitiv that the Steward Global Equity Income Fund (ticker SGISX) was again selected to receive multiple Lipper Fund Awards for its performance. Specifically, the Steward Global Equity Income Fund was named the Best Global Equity Income Fund in the five-year and ten-year performance categories for the period ended November 30, 2019. This marks the sixth consecutive year in which this Fund has received a Lipper Award.
We are extraordinarily proud of all of our Funds. Dedicated to widely-held traditional values, the Steward Funds use a proprietary methodology that seeks to identify and screen out companies for material business involvement (through direct participation and/or percentage of revenue) in abortion and abortifacients, adult entertainment, alcohol, embryonic stem cell research, gambling, recreational cannabis, and tobacco. We believe investors do not need to sacrifice investment returns to align their investments with their values.
As a firm, we are committed to operating according to the highest levels of excellence within our industry. Our commitment to our core values of integrity, courage, commitment, proficiency, and professionalism is unwavering. Not only do we help investors align their investments with their values, we work hard every day to align our business practices with our values.
On behalf of all the professionals at the Steward Funds and Crossmark Global Investments, we sincerely thank you for the trust you have placed in us. We invite you to learn more about the Steward Funds, Crossmark Global Investments, and the various investment options available by visiting our website at www.crossmarkglobal.com. Additionally, if you are ever in the Houston, Texas area, we would love to meet you personally at our office. Feel free to stop by at any time.
Again, thank you for choosing to invest in the Steward Funds.
Sincerely,
Michael L. Kern, III, CFA
Chairman of the Board, President and Treasurer of Steward Funds, Inc.
President, CEO and Treasurer of Crossmark Global Investments, Inc.
15375 Memorial Drive, Suite 200, Houston, TX 77079 800-262-6631
| crossmarkglobal.com/stewardfund s |
STEWARD COVERED CALL INCOME FUND
Paul Townsen, Managing Director, Portfolio Manager
Fund Performance
For the six months ended October 31, 2020, the Steward Covered Call Income Fund returned 9.65% for the Class A shares and 9.67% for the Institutional Class shares. The return for the CBOE S&P 500 BuyWrite Index was 7.06% and the return for the S&P 500 Index was 13.29% for the same period.
Factors Affecting Performance
There are three main factors that contributed to the Fund’s relative performance against the benchmarks: stock selection, the performance of the call option overlay, and the Fund’s values-based screening policies.
The impact of stock allocation and weighting for the six-month period was neutral. Two overweighted names that contributed to positive performance were once again Apple and Microsoft, which returned 48.87% and 13.56% for the period, respectively. Several other names worth mentioning that had a positive impact on performance were Salesforce, Adobe Systems, United Parcel Service, Danaher Corp and PayPal which were up 43.42%, 26.43%, 68.77%, 40.69% and 51.32%, respectively. Stock allocations that negatively impacted performance were tied to the energy and financial sectors of the S&P 500. Chevron Corp, Exxon Mobil, Citigroup and Wells Fargo returned -22.27%, -27.01%, -11.79% and -24.36%, respectively. When the long-only positions are analyzed in isolation, we estimate that security allocation had a neutral impact.
Covered Call Impact
Fund performance is also impacted by covered calls written against the underlying equity securities. For the period, volatility saw several spikes resulting from the COVID-19 pandemic, a lack of continued stimulus and the upcoming elections. The CBOE Volatility Index closed above 40 during the period twice, once in June and again in the last week of October and averaged 28.19 during the six-month period. There was a significant increase in income generation during June and July and again in September and October as volatility heightened. When stocks rise (as they did at the beginning of the time period), writing call options caps the upside in exchange for a premium. However, as the markets sold off in September and October, the option overlay was a boost to performance. Thus, short call options are expected to provide positive performance when the market experiences periods of sharp price depreciation. In summary, option writing increases Fund income while providing a boost to performance in down markets. In rising markets, writing call options partially offsets the cap in Fund performance.
Impact of Values-Based Screening Policies
Performance of the Fund can also be affected by its values-based screening policies. With that said, the Fund was recently able to invest in some previously screened companies due to screening changes approved by the Fund's Board of Directors. Approved for investment were Amazon, AT&T, Comcast, and Netflix, and since the date of purchase these names have returned 22.72%, -8.12%, 13.49%, and 13.31%, respectively.
STEWARD GLOBAL EQUITY INCOME FUND
John R. Wolf, Managing Director, Portfolio Manager
Fund Performance
For the six months ended October 31, 2020, the Steward Global Equity Income Fund returned 11.83% for the Class A shares and 12.02% for the Institutional Class shares. The return for the global market as represented by the S&P Global 1200 Index was 12.51% for the same period. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 2.58% for the same period.
Allocation and Outperformers
The Fund’s allocation at the end of the period was 62% U.S. and 38% international. Domestic stocks outperformed their international counterparts during the period, however, positive relative performance was led by Taiwan Semiconductor Manufacturing Co., Ltd. (up 59%). Shares climbed after the company announced upbeat second quarter results. It also raised full-year revenue guidance to reflect more than 20% growth over the previous year. The company has established technology leadership with accelerating penetration in the 5G smartphone market, featuring robust order flows from Apple for the company’s cutting-edge 5 nanometer (nm) process. Shares of Infosys Ltd. (up 58%) surged on solid second quarterly results backed by growth in several areas of its consulting and software services business segments. During the second quarter the company won 15 large deals worth $1.7 billion in the financial services, manufacturing, retail, utilities, resources and technology segments. Despite the economic slowdown, the company
also reported record free cash flows supported by robust collections. United Parcel Service, Inc. shares jumped (up 69%) after reporting results that massively beat all analyst estimates. The company noted that the better-than-expected results were driven by a surge in residential volumes, COVID-19 related healthcare shipments and strong outbound shipments from Asia. While UPS is still withholding revenue and EPS guidance given the current uncertainty, the new CEO provided details on their future strategic direction - this was broadly praised by analysts.
Underperformers and Impact of Values-Based Screening Policies
Negative contributors to relative performance included Intel Corp. (down 25%). Shares dropped after the company reported earnings that beat expectations but disclosed a 6-month production delay in the 7 nm CPUs due to a defect in the manufacturing process. Normally, such a delay would not have much impact, but in this case, the question is whether Intel is losing its technological leadership position. If so, the company might consider outsourcing some manufacturing, which would represent a change in its business model. Shares of National Instruments Corp. (down 17%) dropped after reporting a loss in the third quarter. Revenue for the most recent quarter was down 9% from the year-ago period, and revenue for the first three quarters of 2020 was down 7% from the same period last year. However, management remains committed to continue taking bold action to secure long-term growth despite the challenges of the current economic environment.
Performance of the Fund can also be affected by its values-based screening policies. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall S&P Global 1200 Index can be extremely difficult regardless of its weight within that Index. For the six-month period ended October 31, 2020, the Fund’s values-based screening policies had a slight positive impact on performance.
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance
For the six months ended October 31, 2020, the Steward International Enhanced Index Fund returned 10.70% for the Class A shares and 11.03% for the Institutional Class shares. The total return for the S&P ADR Index, which is the Fund’s benchmark and generally represents the international developed markets (DM) component of the Fund, was 5.32% for the same period. The BLDRS Emerging Markets 50 ADR Index Fund, used to generally represent the emerging markets (EM) component of the Fund, returned 35.16% for the same period. Over this six-month period, the Institutional Class shares outperformed the S&P ADR Index benchmark by 570 basis points.
Factors Affecting Performance
The Fund’s dual market structure maintained the same allocation throughout the six-month period: 85% towards DM and 15% towards EM. This represents a neutral outlook between emerging and developed markets. Overall, international DM and EM equity market returns exhibited significant divergence as seen in the return data above. Furthermore, international developed markets materially underperformed domestic U.S. markets when comparing the 5.32% total return of the S&P ADR Index to the 13.29% total return of the S&P 500.
The international DM component of the Fund (S&P ADR Index) materially underperformed the EM component (BLDRS EM 50 ADR Index) during the six-month period by 2,984 basis points (almost 30%). However, the 15% allocation to EM stocks had a positive 448 basis point performance impact on the Fund relative to the S&P ADR Index. The primary stocks driving the EM component higher were Alibaba and JD.com, which were up 50.34% and 89.14%, respectively. (Alibaba had the second highest weighting within the Fund and is not included in the S&P ADR Index).
Impact of Values-Based Screening Policies
Performance of the Fund can also be affected by its values-based screening policies. For the six months ended October 31, 2020, the values-based screening policies had a material positive performance impact on the Fund, mostly due to the heavy health care weighting within the S&P ADR Index which includes companies that are engaged in stem cell/fetal tissue research and abortifacients. In fact, the stem cell/fetal tissue research and abortifacients categories contributed 185 basis points of relative performance over the benchmark index during this six-month period.
On a total return basis, restricted securities such as Novartis AG (stem cell research - down 7.85% and the second largest holding in the S&P ADR Index), GlaxoSmithKline plc (stem cell research - down 18.71%), and AstraZeneca plc (stem cell research - down 3.30%) significantly underperformed the S&P ADR benchmark. Screening out these three securities alone contributed 141 basis points to relative performance during the period. Conversely, the only company screened out that detracted from performance over
the period was Anheuser-Busch InBev (alcohol). While the stock was up 12.43% over the period, it detracted just five basis points from Fund relative performance. Overall, not owning restricted companies contributed 230 basis points to the Fund’s relative performance during the period.
STEWARD LARGE CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance
For the six months ended October 31, 2020, the Steward Large Cap Enhanced Index Fund returned 13.20% for the Class A shares and 13.43% for the Institutional Class shares. For comparison purposes, the return for the S&P 500 Index for the same period was 13.29%. The S&P 500 Pure Style Index returns were 19.62% for the S&P 500 Pure Growth Index and 10.57% for the S&P 500 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure was changed during the period. As of October 31, 2020, the blended style structure of the Fund was 60% large-cap core, 30% growth stocks, and 10% value stocks. The prior weighting had been 60% large-cap core, 18% growth and 22% value. The precipitating factor for this allocation change was to bring the Fund to a more neutral sector weighting in relation to the S&P 500 Index, eliminating the large underweight of the technology sector and large overweight of the financial sector that the prior tilts maintained, and to express a bias towards growth.
The factor-focused growth and value components of the Fund may impact performance. During this reporting period, growth outperformed and value underperformed the cap-weighted counterpart, contributing overall to the Fund’s outperformance. This was the most significant single measurable factor impacting performance for the period. Overall, the allocation towards value and growth added 34 basis points to performance when compared to the S&P 500. The tilt towards value (versus the neutral scenario) before the style change during the period detracted 18 basis points.
Impact of Values-Based Screening Policies
Performance of the Fund can also be affected by its values-based screening policies. For the six months ended October 31, 2020, the values-based screening policies had a positive performance impact on the Fund, adding 87 basis points. However, companies such as Thermo Fisher Scientific (embryonic stem cell research - up 41.53%), Take Two Interactive (adult entertainment - up 27.98%), and Darden Restaurants (alcohol - up 24.93%) outperformed the S&P 500 benchmark. Screening out these three securities detracted 18 basis points from performance. Conversely, not owning companies such as Johnson & Johnson (embryonic stem cell research - down 7.37%), Merck (embryonic stem cell research - down 3.76%), and Pfizer (embryonic stem cell research - down 5.64%) added 64 basis points for Fund performance for the period.
STEWARD SELECT BOND FUND
Victoria Fernandez, CFA, Chief Market Strategist, Portfolio Manager
Fund Performance
For the six months ended October 31, 2020, the Steward Select Bond Fund returned 1.26% for the Class A shares and 1.43% for the Institutional Class shares. As a representative of the broader fixed income market, the Bloomberg Barclays US Government/Credit Bond Index returned 1.63% for the same six-month period.
Factors Affecting Performance
Over the past six months, the Fund has had split results as compared to the Index, outperforming during the months of May, August and October, and underperforming during the months of June, July, and September. Underperformance was driven primarily by our shorter duration positioning versus the Index - given the volatility this year, we utilized this more conservative strategy by reducing the Fund’s sensitivity to interest rate movements. The month of August saw the largest upswing in rates, with the 10-year Treasury yield rising about 18 basis points, resulting in the Fund’s largest monthly outperformance as compared to the Index.
Allocations and Positions
The largest positive contributor to relative performance was the allocation component. This was due to our overweight in the investment-grade corporate sector. Within this sector, we saw a positive rebound in many energy and industrial names that had been hit hard earlier in the year. The corporate allocation also provided a steady stream of income for the portfolio which, over time, tends to be the largest component of total return (compared to price appreciation). Additional corporate and agency bonds were purchased over the course of the past six months, including Nike, MasterCard, Procter & Gamble and Waste Management.
Impact of Values-Based Screening Policies
The effect of our values-based screens for the Steward Select Bond Fund is not evaluated in the same manner as some of our other fund family members. In this strategy, once we follow our investment process of determining duration, yield curve placement and sector selection based on our outlook and economic data, we utilize a recommended list from our in-house research department to find an issuer that has the appropriate style of bond with the characteristics we require to purchase for the fund. We avoid any issuers that fail our screening parameters and utilize issues that match the structure of the bond we want to purchase.
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance
For the six months ended October 31, 2020, the Steward Small-Mid Cap Enhanced Index Fund returned 17.49% for the Class A shares and 17.75% for the Institutional Class shares. For comparison purposes, the return for the S&P 1000 Index during the same period was 15.81%. The S&P 1000 Pure Style Index returns were 25.73% for the S&P 1000 Pure Growth Index and 21.96% for the S&P 1000 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure was changed during the period. As of October 31, 2020, the blended style structure of the Fund was 60% small- and mid-cap core, 30% growth and 10% value. The prior weighting had been 60% small- and mid-cap core, 18% growth and 22% value. The precipitating factor for this allocation change was to express a bias towards growth.
The Fund’s factor-focused growth and value components may impact performance. During this reporting period, both growth and value outperformed the cap-weighted counterpart. Value's outperformance contributed 181 basis points to the Fund’s outperformance, and growth's outperformance added 181 basis points to the Fund's outperformance. Overall, the allocations towards value and growth added 361 basis points to performance when compared to the S&P 1000 Index. The tilt towards value (versus the neutral scenario) before the style change during the period detracted 138 basis points.
Impact of Values-Based Screening Policies
The performance of the Fund can be affected by its values-based screening policies. For the period ended October 31, 2020, these policies had a net negative performance impact on the Fund. Companies such as Caesar’s Entertainment (gambling - up 109.05%), Penn National Gaming (gambling - up 202.92%), and Boston Beer (alcohol - up 122.76%) outperformed the S&P 1000 benchmark. Screening out these three securities detracted 122 basis points from performance. Conversely, not owning companies such as Core-Mark Holding (tobacco - up 2.10%), Universal Group (alcohol - down 1.93%) and Vector Group (tobacco - up 6.59%) added to performance by six basis points. Overall, not owning restricted companies negatively impacted Fund performance by 136 basis points during the period.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
The table below sets forth the diversification of the Steward Covered Call Income Fund investments by Industry.
| Industry Diversification | | Percent* |
| Software | | 8.4% |
| IT Services | | 8.1 |
| Interactive Media & Services | | 6.5 |
| Internet & Direct Marketing Retail | | 5.2 |
| Semiconductors & Semiconductor Equipment | | 4.9 |
| Banks | | 4.7 |
| Health Care Equipment & Supplies | | 4.6 |
| Technology Hardware, Storage & Peripherals | | 4.4 |
| Electric Utilities | | 4.2 |
| Biotechnology | | 3.3 |
| Household Products | | 3.2 |
| Beverages | | 3.1 |
| Specialty Retail | | 3.0 |
| Food & Staples Retailing | | 2.8 |
| Diversified Telecommunication Services | | 2.5 |
| Aerospace & Defense | | 2.2 |
| Media | | 2.2 |
| Hotels, Restaurants & Leisure | | 2.1 |
| Diversified Financial Services | | 2.0 |
| Oil, Gas & Consumable Fuels | | 2.0 |
| Entertainment | | 2.0 |
| Industry Diversification | | Percent* |
| Capital Markets | | 1.9% |
| Industrial Conglomerates | | 1.9 |
| Insurance | | 1.5 |
| Money Market Fund | | 1.4 |
| Consumer Finance | | 1.3 |
| Road & Rail | | 1.3 |
| Equity Real Estate Investment Trusts | | 1.3 |
| Air Freight & Logistics | | 1.2 |
| Communications Equipment | | 1.1 |
| Automobiles | | 1.1 |
| Pharmaceuticals | | 1.1 |
| Food Products | | 1.0 |
| Electrical Equipment | | 0.9 |
| Chemicals | | 0.9 |
| Textiles, Apparel & Luxury Goods | | 0.8 |
| Health Care Providers & Services | | 0.6 |
| Multiline Retail | | 0.5 |
| Machinery | | 0.5 |
| Energy Equipment & Services | | 0.2 |
| Total Investments | | 101.9% |
| * | Percentages indicated are based on net assets as of October 31, 2020.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
| | Shares | | Value |
| COMMON STOCKS (100.5%) |
| AEROSPACE & DEFENSE (2.2%) |
| Boeing Co. (The) | 800 | | $ 115,512 |
| General Dynamics Corp. | 1,300 | | 170,729 |
| Lockheed Martin Corp. | 500 | | 175,065 |
| Raytheon Technologies Corp. | 3,499 | | 190,065 |
| | | | 651,371 |
| AIR FREIGHT & LOGISTICS (1.2%) |
| FedEx Corp. | 500 | | 129,735 |
| United Parcel Service, Inc., Class B | 1,500 | | 235,665 |
| | | | 365,400 |
| AUTOMOBILES (1.1%) |
| Ford Motor Co. | 20,000 | | 154,600 |
| General Motors Co. | 5,000 | | 172,650 |
| | | | 327,250 |
| BANKS (4.7%) |
| Bank of America Corp. | 15,000 | | 355,500 |
| Citigroup, Inc. | 5,500 | | 227,810 |
| JPMorgan Chase & Co. | 5,000 | | 490,200 |
| U.S. Bancorp | 5,000 | | 194,750 |
| Wells Fargo & Co. | 6,500 | | 139,425 |
| | | | 1,407,685 |
| BEVERAGES (3.1%) |
| Coca-Cola Co. (The) | 8,500 | | 408,510 |
| PepsiCo, Inc. | 3,800 | | 506,502 |
| | | | 915,012 |
| BIOTECHNOLOGY (3.3%) |
| AbbVie, Inc. | 3,500 | | 297,850 |
| Amgen, Inc. | 1,500 | | 325,410 |
| Biogen, Inc.(a) | 700 | | 176,449 |
| Gilead Sciences, Inc. | 3,000 | | 174,450 |
| | | | 974,159 |
| CAPITAL MARKETS (1.9%) |
| Bank of New York Mellon Corp. (The) | 3,000 | | 103,080 |
| BlackRock, Inc. | 300 | | 179,763 |
| Goldman Sachs Group, Inc. (The) | 700 | | 132,328 |
| Morgan Stanley | 3,000 | | 144,450 |
| | | | 559,621 |
| CHEMICALS (0.9%) |
| Dow, Inc. | 2,500 | | 113,725 |
| DuPont de Nemours, Inc. | 2,500 | | 142,200 |
| | | | 255,925 |
| | Shares | | Value |
| COMMUNICATIONS EQUIPMENT (1.1%) |
| Cisco Systems, Inc. | 9,500 | | $ 341,050 |
| CONSUMER FINANCE (1.3%) |
| American Express Co. | 2,500 | | 228,100 |
| Capital One Financial Corp. | 2,100 | | 153,468 |
| | | | 381,568 |
| DIVERSIFIED FINANCIAL SERVICES (2.0%) |
| Berkshire Hathaway, Inc., Class B(a) | 3,000 | | 605,700 |
| DIVERSIFIED TELECOMMUNICATION SERVICES (2.5%) |
| AT&T, Inc. | 12,500 | | 337,750 |
| Verizon Communications, Inc. | 7,000 | | 398,930 |
| | | | 736,680 |
| ELECTRIC UTILITIES (4.2%) |
| Duke Energy Corp. | 4,000 | | 368,440 |
| Exelon Corp. | 5,000 | | 199,450 |
| NextEra Energy, Inc. | 5,200 | | 380,692 |
| Southern Co. (The) | 5,600 | | 321,720 |
| | | | 1,270,302 |
| ELECTRICAL EQUIPMENT (0.9%) |
| Emerson Electric Co. | 4,000 | | 259,160 |
| ENERGY EQUIPMENT & SERVICES (0.2%) |
| Schlumberger Ltd. | 4,100 | | 61,254 |
| ENTERTAINMENT (2.0%) |
| Netflix, Inc.(a) | 500 | | 237,870 |
| Walt Disney Co. (The) | 3,000 | | 363,750 |
| | | | 601,620 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (1.3%) |
| American Tower Corp. | 1,200 | | 275,580 |
| Simon Property Group, Inc. | 1,600 | | 100,496 |
| | | | 376,076 |
| FOOD & STAPLES RETAILING (2.8%) |
| Costco Wholesale Corp. | 900 | | 321,858 |
| Walgreens Boots Alliance, Inc. | 2,300 | | 78,292 |
| Walmart, Inc. | 3,100 | | 430,125 |
| | | | 830,275 |
| FOOD PRODUCTS (1.0%) |
| Kraft Heinz Co. (The) | 3,000 | | 91,770 |
| Mondelez International, Inc., Class A | 4,000 | | 212,480 |
| | | | 304,250 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
| | Shares | | Value |
| HEALTH CARE EQUIPMENT & SUPPLIES (4.6%) |
| Abbott Laboratories | 4,600 | | $ 483,506 |
| Danaher Corp. | 2,000 | | 459,080 |
| Medtronic PLC | 4,300 | | 432,451 |
| | | | 1,375,037 |
| HEALTH CARE PROVIDERS & SERVICES (0.6%) |
| CVS Health Corp. | 3,000 | | 168,270 |
| HOTELS, RESTAURANTS & LEISURE (2.1%) |
| McDonald's Corp. | 2,000 | | 426,000 |
| Starbucks Corp. | 2,400 | | 208,704 |
| | | | 634,704 |
| HOUSEHOLD PRODUCTS (3.2%) |
| Colgate-Palmolive Co. | 4,100 | | 323,449 |
| Procter & Gamble Co. (The) | 4,600 | | 630,660 |
| | | | 954,109 |
| INDUSTRIAL CONGLOMERATES (1.9%) |
| 3M Co. | 1,500 | | 239,940 |
| Honeywell International, Inc. | 2,000 | | 329,900 |
| | | | 569,840 |
| INSURANCE (1.5%) |
| Allstate Corp. (The) | 2,000 | | 177,500 |
| American International Group, Inc. | 3,000 | | 94,470 |
| MetLife, Inc. | 4,500 | | 170,325 |
| | | | 442,295 |
| INTERACTIVE MEDIA & SERVICES (6.5%) |
| Alphabet, Inc., Class A†(a) | 400 | | 646,444 |
| Alphabet, Inc., Class C(a) | 300 | | 486,303 |
| Facebook, Inc., Class A(a) | 3,100 | | 815,641 |
| | | | 1,948,388 |
| INTERNET & DIRECT MARKETING RETAIL (5.2%) |
| Amazon.com, Inc.†(a) | 400 | | 1,214,460 |
| Booking Holdings, Inc.(a) | 200 | | 324,500 |
| | | | 1,538,960 |
| IT SERVICES (8.1%) |
| Accenture PLC, Class A | 2,000 | | 433,820 |
| International Business Machines Corp. | 2,000 | | 223,320 |
| Mastercard, Inc., Class A | 1,800 | | 519,552 |
| | Shares | | Value |
| PayPal Holdings, Inc.(a) | 2,600 | | $ 483,938 |
| Visa, Inc., Class A | 4,100 | | 745,011 |
| | | | 2,405,641 |
| MACHINERY (0.5%) |
| Caterpillar, Inc. | 1,000 | | 157,050 |
| MEDIA (2.2%) |
| Charter Communications, Inc., Class A†(a) | 500 | | 301,910 |
| Comcast Corp., Class A | 8,500 | | 359,040 |
| | | | 660,950 |
| MULTILINE RETAIL (0.5%) |
| Target Corp. | 1,000 | | 152,220 |
| OIL, GAS & CONSUMABLE FUELS (2.0%) |
| Chevron Corp. | 2,500 | | 173,750 |
| ConocoPhillips | 1,900 | | 54,378 |
| Exxon Mobil Corp. | 6,500 | | 212,030 |
| Kinder Morgan, Inc. | 10,000 | | 119,000 |
| Occidental Petroleum Corp. | 4,000 | | 36,520 |
| | | | 595,678 |
| PHARMACEUTICALS (1.1%) |
| Eli Lilly and Co. | 2,500 | | 326,150 |
| ROAD & RAIL (1.3%) |
| Union Pacific Corp. | 2,200 | | 389,818 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.9%) |
| Intel Corp. | 7,000 | | 309,960 |
| NVIDIA Corp. | 1,100 | | 551,496 |
| QUALCOMM, Inc. | 2,000 | | 246,720 |
| Texas Instruments, Inc. | 2,500 | | 361,475 |
| | | | 1,469,651 |
| SOFTWARE (8.4%) |
| Adobe, Inc.(a) | 1,500 | | 670,650 |
| Microsoft Corp. | 6,400 | | 1,295,808 |
| Oracle Corp. | 4,500 | | 252,495 |
| salesforce.com, Inc.(a) | 1,300 | | 301,951 |
| | | | 2,520,904 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
| | Shares | | Value |
| SPECIALTY RETAIL (3.0%) |
| Home Depot, Inc. (The) | 2,100 | | $ 560,091 |
| Lowe’s Cos., Inc. | 2,100 | | 332,010 |
| | | | 892,101 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.4%) |
| Apple, Inc. | 12,000 | | 1,306,320 |
| TEXTILES, APPAREL & LUXURY GOODS (0.8%) |
| NIKE, Inc., Class B | 2,100 | | 252,168 |
TOTAL COMMON STOCKS
(COST $32,003,360) | | | 29,984,612 |
| | Number of
Warrants | | Value |
| WARRANTS (0.0%) |
| Occidental Petroleum Corp., Exp. 7/6/27, Strike $22.00(a) | 500 | | $ 1,235 |
TOTAL WARRANTS
(COST $—) | | | 1,235 |
| | Shares | | Value |
| MONEY MARKET FUND (1.4%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(b) | 418,563 | | $ 418,563 |
TOTAL MONEY MARKET FUND
(COST $418,563) | | | 418,563 |
| | Shares | | Value |
TOTAL INVESTMENTS
(COST $32,421,923) 101.9% | | | $ 30,404,410 |
| | | Value |
WRITTEN CALL OPTIONS -1.9%
(PREMIUMS RECEIVED $(608,364)) | | $ (552,492) |
| LIABILITIES IN EXCESS OF OTHER ASSETS 0.0% | | (12,396) |
| NET ASSETS 100.0% | | $ 29,839,522 |
| Securities in this Fund are pledged as collateral for call options written. |
| † | Security is not pledged as collateral for call options written. |
| (a) | Represents non-income producing security. |
| (b) | 7-day current yield as of October 31, 2020 is disclosed.
|
| PLC — Public Limited Company |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of October 31, 2020 were as follows:
| Description | | Type | | Number of
Contracts | | Notional
Amount* | | Exercise
Price | | Expiration
Date | | Value |
| 3M Co. | | Call | | 20 | | $ (290,000) | | $ 145.00 | | 12/18/20 | | $ (3,800) |
| Abbott Laboratories | | Call | | 35 | | (306,250) | | 87.50 | | 1/15/21 | | (24,500) |
| AbbVie, Inc. | | Call | | 50 | | (1,100,000) | | 220.00 | | 12/18/20 | | (19,350) |
| Accenture PLC, Class A | | Call | | 8 | | (448,000) | | 560.00 | | 11/20/20 | | (6,768) |
| Adobe, Inc. | | Call | | 25 | | (725,000) | | 290.00 | | 11/20/20 | | (7,750) |
| Allstate Corp. (The) | | Call | | 50 | | (525,000) | | 105.00 | | 12/18/20 | | (13,050) |
| Alphabet, Inc., Class C | | Call | | 19 | | (190,000) | | 100.00 | | 1/15/21 | | (5,187) |
| American Express Co. | | Call | | 15 | | (487,500) | | 325.00 | | 1/15/21 | | (8,430) |
| American International Group, Inc. | | Call | | 10 | | (500,000) | | 500.00 | | 12/18/20 | | (8,830) |
| American Tower Corp. | | Call | | 35 | | (682,500) | | 195.00 | | 12/18/20 | | (11,585) |
| Amgen, Inc. | | Call | | 20 | | (570,000) | | 285.00 | | 12/18/20 | | (11,540) |
| Apple, Inc. | | Call | | 100 | | (1,200,000) | | 120.00 | | 12/18/20 | | (25,300) |
| AT&T, Inc. | | Call | | 20 | | (120,000) | | 60.00 | | 11/20/20 | | (2,000) |
| Bank of America Corp. | | Call | | 40 | | (600,000) | | 150.00 | | 1/15/21 | | (7,460) |
| Bank of New York Mellon Corp. (The) | | Call | | 25 | | (350,000) | | 140.00 | | 11/20/20 | | (11,000) |
| Berkshire Hathaway, Inc., Class B | | Call | | 40 | | (420,000) | | 105.00 | | 11/20/20 | | (9,160) |
| Biogen, Inc. | | Call | | 20 | | (420,000) | | 210.00 | | 11/20/20 | | (6,060) |
| BlackRock, Inc. | | Call | | 80 | | (400,000) | | 50.00 | | 1/15/21 | | (11,200) |
| Boeing Co. (The) | | Call | | 150 | | (405,000) | | 27.00 | | 12/18/20 | | (4,950) |
| Booking Holdings, Inc. | | Call | | 25 | | (525,000) | | 210.00 | | 12/18/20 | | (11,625) |
| Capital One Financial Corp. | | Call | | 65 | | (325,000) | | 50.00 | | 1/15/21 | | (5,005) |
| Caterpillar, Inc. | | Call | | 15 | | (330,000) | | 220.00 | | 12/18/20 | | (24,225) |
| Chevron Corp. | | Call | | 10 | | (290,000) | | 290.00 | | 12/18/20 | | (2,570) |
| Cisco Systems, Inc. | | Call | | 35 | | (490,000) | | 140.00 | | 12/18/20 | | (7,490) |
| Citigroup, Inc. | | Call | | 20 | | (380,000) | | 190.00 | | 1/15/21 | | (10,840) |
| Coca-Cola Co. (The) | | Call | | 60 | | (360,000) | | 60.00 | | 1/15/21 | | (5,160) |
| Colgate-Palmolive Co. | | Call | | 2 | | (372,000) | | 1,860.00 | | 11/20/20 | | (2,670) |
| Comcast Corp., Class A | | Call | | 25 | | (337,500) | | 135.00 | | 12/18/20 | | (6,150) |
| ConocoPhillips | | Call | | 90 | | (360,000) | | 40.00 | | 1/15/21 | | (7,110) |
| Costco Wholesale Corp. | | Call | | 35 | | (245,000) | | 70.00 | | 12/18/20 | | (4,095) |
| CVS Health Corp. | | Call | | 20 | | (300,000) | | 150.00 | | 11/20/20 | | (5,720) |
| Danaher Corp. | | Call | | 35 | | (280,000) | | 80.00 | | 11/20/20 | | (5,075) |
| Dow, Inc. | | Call | | 10 | | (250,000) | | 250.00 | | 1/15/21 | | (5,500) |
| Duke Energy Corp. | | Call | | 15 | | (210,000) | | 140.00 | | 1/15/21 | | (2,708) |
| DuPont de Nemours, Inc. | | Call | | 50 | | (275,000) | | 55.00 | | 11/20/20 | | (15,550) |
| Eli Lilly and Co. | | Call | | 10 | | (240,000) | | 240.00 | | 12/18/20 | | (2,980) |
| Emerson Electric Co. | | Call | | 40 | | (240,000) | | 60.00 | | 1/15/21 | | (6,360) |
| Exelon Corp. | | Call | | 20 | | (360,000) | | 180.00 | | 11/20/20 | | (1,870) |
| Exxon Mobil Corp. | | Call | | 2 | | (130,000) | | 650.00 | | 11/20/20 | | (620) |
| Facebook, Inc., Class A | | Call | | 15 | | (345,000) | | 230.00 | | 1/15/21 | | (7,050) |
| FedEx Corp. | | Call | | 100 | | (290,000) | | 29.00 | | 12/18/20 | | (2,800) |
| Ford Motor Co. | | Call | | 15 | | (337,500) | | 225.00 | | 11/20/20 | | (5,550) |
| General Dynamics Corp. | | Call | | 20 | | (155,000) | | 77.50 | | 12/18/20 | | (7,250) |
| General Motors Co. | | Call | | 10 | | (300,000) | | 300.00 | | 11/20/20 | | (1,580) |
| Gilead Sciences, Inc. | | Call | | 2 | | (356,000) | | 1,780.00 | | 12/18/20 | | (6,310) |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
| Description | | Type | | Number of
Contracts | | Notional
Amount* | | Exercise
Price | | Expiration
Date | | Value |
| Goldman Sachs Group, Inc. (The) | | Call | | 30 | | $ (180,000) | | $ 60.00 | | 1/15/21 | | $ (5,700) |
| Home Depot, Inc. (The) | | Call | | 30 | | (270,000) | | 90.00 | | 1/15/21 | | (8,610) |
| Honeywell International, Inc. | | Call | | 20 | | (190,000) | | 95.00 | | 1/15/21 | | (4,260) |
| Intel Corp. | | Call | | 50 | | (237,500) | | 47.50 | | 12/18/20 | | (3,600) |
| International Business Machines Corp. | | Call | | 60 | | (210,000) | | 35.00 | | 12/18/20 | | (6,420) |
| JPMorgan Chase & Co. | | Call | | 45 | | (153,000) | | 34.00 | | 12/18/20 | | (13,162) |
| Kinder Morgan, Inc. | | Call | | 3 | | (165,000) | | 550.00 | | 12/18/20 | | (2,937) |
| Kraft Heinz Co. (The) | | Call | | 30 | | (105,000) | | 35.00 | | 12/18/20 | | (5,100) |
| Lockheed Martin Corp. | | Call | | 15 | | (195,000) | | 130.00 | | 11/20/20 | | (5,625) |
| Lowe’s Cos., Inc. | | Call | | 5 | | (150,000) | | 300.00 | | 11/20/20 | | (5,410) |
| Mastercard, Inc., Class A | | Call | | 175 | | (140,000) | | 8.00 | | 12/18/20 | | (7,787) |
| McDonald's Corp. | | Call | | 20 | | (100,000) | | 50.00 | | 12/18/20 | | (2,000) |
| Medtronic PLC | | Call | | 60 | | (150,000) | | 25.00 | | 12/18/20 | | (2,100) |
| MetLife, Inc. | | Call | | 25 | | (125,000) | | 50.00 | | 11/20/20 | | (3,038) |
| Microsoft Corp. | | Call | | 15 | | (180,000) | | 120.00 | | 1/15/21 | | (3,960) |
| Mondelez International, Inc., Class A | | Call | | 15 | | (105,000) | | 70.00 | | 11/20/20 | | (2,700) |
| Morgan Stanley | | Call | | 45 | | (162,000) | | 36.00 | | 11/20/20 | | (18,675) |
| Netflix, Inc. | | Call | | 40 | | (160,000) | | 40.00 | | 12/18/20 | | (5,400) |
| NextEra Energy, Inc. | | Call | | 40 | | (150,000) | | 37.50 | | 11/20/20 | | (10,580) |
| NIKE, Inc., Class B | | Call | | 10 | | (145,000) | | 145.00 | | 1/15/21 | | (2,400) |
| NVIDIA Corp. | | Call | | 25 | | (162,500) | | 65.00 | | 1/15/21 | | (3,000) |
| Occidental Petroleum Corp. | | Call | | 10 | | (165,000) | | 165.00 | | 12/18/20 | | (4,500) |
| Oracle Corp. | | Call | | 10 | | (175,000) | | 175.00 | | 12/18/20 | | (2,450) |
| PayPal Holdings, Inc. | | Call | | 5 | | (202,500) | | 405.00 | | 12/18/20 | | (1,490) |
| PepsiCo, Inc. | | Call | | 15 | | (270,000) | | 180.00 | | 12/18/20 | | (3,315) |
| Procter & Gamble Co. (The) | | Call | | 20 | | (190,000) | | 95.00 | | 12/18/20 | | (2,800) |
| QUALCOMM, Inc. | | Call | | 30 | | (90,000) | | 30.00 | | 11/20/20 | | (4,320) |
| Raytheon Technologies Corp. | | Call | | 5 | | (95,000) | | 190.00 | | 1/15/21 | | (1,725) |
| salesforce.com, Inc. | | Call | | 40 | | (440,000) | | 110.00 | | 11/20/20 | | (7,540) |
| Schlumberger Ltd. | | Call | | 28 | | (84,000) | | 30.00 | | 11/20/20 | | (7,364) |
| Simon Property Group, Inc. | | Call | | 30 | | (180,000) | | 60.00 | | 12/18/20 | | (4,260) |
| Southern Co. (The) | | Call | | 3 | | (87,000) | | 290.00 | | 12/18/20 | | (2,451) |
| Starbucks Corp. | | Call | | 80 | | (104,000) | | 13.00 | | 12/18/20 | | (2,320) |
| Target Corp. | | Call | | 20 | | (150,000) | | 75.00 | | 12/18/20 | | (3,740) |
| Texas Instruments, Inc. | | Call | | 5 | | (80,000) | | 160.00 | | 12/18/20 | | (3,825) |
| U.S. Bancorp | | Call | | 5 | | (105,000) | | 210.00 | | 1/15/21 | | (2,325) |
| Union Pacific Corp. | | Call | | 22 | | (82,500) | | 37.50 | | 11/20/20 | | (550) |
| United Parcel Service, Inc., Class B | | Call | | 35 | | (210,000) | | 60.00 | | 12/18/20 | | (1,120) |
| Verizon Communications, Inc. | | Call | | 3 | | (114,000) | | 380.00 | | 12/18/20 | | (1,650) |
| Visa, Inc., Class A | | Call | | 5 | | (85,000) | | 170.00 | | 1/15/21 | | (1,825) |
| Walgreens Boots Alliance, Inc. | | Call | | 35 | | (42,000) | | 12.00 | | 11/20/20 | | (490) |
| Walmart, Inc. | | Call | | 15 | | (52,500) | | 35.00 | | 1/15/21 | | (1,260) |
| Walt Disney Co. (The) | | Call | | 75 | | (356,250) | | 47.50 | | 1/15/21 | | (4,125) |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD COVERED CALL INCOME FUND
| Description | | Type | | Number of
Contracts | | Notional
Amount* | | Exercise
Price | | Expiration
Date | | Value |
| Wells Fargo & Co. | | Call | | 40 | | $ (70,000) | | $ 17.50 | | 1/15/21 | | $ (2,800) |
| Total (Premiums received $608,364) | | | | | | | | | | | | $ (552,492) |
| * | Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
The table below sets forth the diversification of the Steward Global Equity Income Fund investments by Country.
| Country Diversification | | Percent* |
| United States | | 61.5% |
| Canada | | 12.4 |
| Taiwan, Province of China | | 5.1 |
| Ireland (Republic of) | | 3.7 |
| Republic of Korea (South) | | 3.3 |
| India | | 2.4 |
| Hong Kong | | 2.3 |
| Netherlands | | 2.2 |
| China | | 1.6 |
| Japan | | 1.6 |
| Brazil | | 1.4 |
| Switzerland | | 1.4 |
| United Kingdom | | 1.2 |
| Total Investments | | 100.1% |
| * | Percentages indicated are based on net assets as of October 31, 2020.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
| | Shares | | Value |
| COMMON STOCKS (98.8%) |
| AEROSPACE & DEFENSE (0.9%) |
| General Dynamics Corp. | 18,230 | | $ 2,394,146 |
| AIR FREIGHT & LOGISTICS (2.0%) |
| United Parcel Service, Inc., Class B | 36,380 | | 5,715,662 |
| AUTO COMPONENTS (1.1%) |
| BorgWarner, Inc. | 88,400 | | 3,092,232 |
| BANKS (12.8%) |
| Banco Santander Brasil, ADR | 729,330 | | 4,040,488 |
| Bank of Nova Scotia (The) | 66,210 | | 2,751,688 |
| Canadian Imperial Bank of Commerce | 47,860 | | 3,571,313 |
| Huntington Bancshares, Inc. | 245,530 | | 2,563,333 |
| KB Financial Group, Inc., ADR | 124,260 | | 4,439,810 |
| People's United Financial, Inc. | 159,180 | | 1,698,451 |
| Royal Bank of Canada | 51,490 | | 3,603,785 |
| Shinhan Financial Group Co. Ltd., ADR | 173,400 | | 4,666,194 |
| Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 809,600 | | 4,485,184 |
| Toronto-Dominion Bank (The) | 94,850 | | 4,195,215 |
| | | | 36,015,461 |
| BEVERAGES (2.3%) |
| PepsiCo, Inc. | 47,810 | | 6,372,595 |
| BIOTECHNOLOGY (1.5%) |
| AbbVie, Inc. | 48,750 | | 4,148,625 |
| COMMUNICATIONS EQUIPMENT (1.5%) |
| Cisco Systems, Inc. | 120,560 | | 4,328,104 |
| CONSTRUCTION MATERIALS (1.6%) |
| CRH PLC, Sponsored ADR | 131,250 | | 4,613,438 |
| DIVERSIFIED TELECOMMUNICATION SERVICES (2.9%) |
| BCE, Inc. | 113,620 | | 4,569,796 |
| TELUS Corp. | 201,380 | | 3,445,612 |
| | | | 8,015,408 |
| ELECTRIC UTILITIES (1.6%) |
| Duke Energy Corp. | 47,920 | | 4,413,911 |
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (1.0%) |
| National Instruments Corp. | 88,750 | | 2,776,100 |
| ENTERTAINMENT (1.6%) |
| NetEase, Inc., ADR | 52,330 | | 4,541,721 |
| | Shares | | Value |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (2.0%) |
| LTC Properties, Inc. | 54,120 | | $ 1,786,501 |
| Physicians Realty Trust | 223,980 | | 3,776,303 |
| | | | 5,562,804 |
| FOOD PRODUCTS (2.5%) |
| General Mills, Inc. | 55,140 | | 3,259,877 |
| Kellogg Co. | 59,420 | | 3,736,924 |
| | | | 6,996,801 |
| HEALTH CARE EQUIPMENT & SUPPLIES (5.9%) |
| Abbott Laboratories | 49,950 | | 5,250,245 |
| Medtronic PLC | 56,990 | | 5,731,484 |
| Stryker Corp. | 27,190 | | 5,492,652 |
| | | | 16,474,381 |
| HEALTH CARE PROVIDERS & SERVICES (5.1%) |
| CVS Health Corp. | 56,450 | | 3,166,281 |
| Encompass Health Corp. | 68,420 | | 4,194,830 |
| Quest Diagnostics, Inc. | 56,910 | | 6,950,987 |
| | | | 14,312,098 |
| HOTELS, RESTAURANTS & LEISURE (2.9%) |
| McDonald's Corp. | 38,590 | | 8,219,670 |
| HOUSEHOLD DURABLES (2.4%) |
| Garmin Ltd. | 38,510 | | 4,005,810 |
| Leggett & Platt, Inc. | 63,590 | | 2,653,611 |
| | | | 6,659,421 |
| INDUSTRIAL CONGLOMERATES (1.4%) |
| 3M Co. | 23,950 | | 3,831,042 |
| INSURANCE (0.9%) |
| Principal Financial Group, Inc. | 68,070 | | 2,669,705 |
| IT SERVICES (5.6%) |
| Amdocs Ltd. | 63,400 | | 3,574,492 |
| Infosys Ltd., Sponsored ADR | 479,340 | | 6,840,182 |
| Paychex, Inc. | 65,810 | | 5,412,872 |
| | | | 15,827,546 |
| MACHINERY (3.6%) |
| Cummins, Inc. | 29,720 | | 6,535,131 |
| Snap-on, Inc. | 22,760 | | 3,585,383 |
| | | | 10,120,514 |
| MEDIA (4.6%) |
| Comcast Corp., Class A | 140,300 | | 5,926,272 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
| | Shares | | Value |
| Interpublic Group of Cos., Inc. (The) | 164,980 | | $ 2,984,488 |
| ViacomCBS, Inc., Class B | 142,820 | | 4,080,368 |
| | | | 12,991,128 |
| MULTILINE RETAIL (1.4%) |
| Target Corp. | 26,070 | | 3,968,375 |
| MULTI-UTILITIES (2.2%) |
| Algonquin Power & Utilities Corp. | 410,460 | | 6,218,469 |
| OIL, GAS & CONSUMABLE FUELS (3.3%) |
| CNOOC Ltd., Sponsored ADR | 30,990 | | 2,854,799 |
| Pembina Pipeline Corp. | 172,860 | | 3,617,959 |
| TC Energy Corp. | 70,330 | | 2,775,222 |
| | | | 9,247,980 |
| PERSONAL PRODUCTS (2.2%) |
| Unilever N.V., Sponsored NYS | 109,680 | | 6,203,501 |
| PROFESSIONAL SERVICES (1.2%) |
| RELX PLC, Sponsored ADR | 172,660 | | 3,406,582 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (13.4%) |
| Analog Devices, Inc. | 46,390 | | 5,498,607 |
| Intel Corp. | 115,700 | | 5,123,196 |
| QUALCOMM, Inc. | 43,080 | | 5,314,349 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 100,960 | | 8,467,515 |
| Texas Instruments, Inc. | 51,250 | | 7,410,237 |
| United Microelectronics Corp., Sponsored ADR | 1,117,460 | | 5,922,538 |
| | | | 37,736,442 |
| SOFTWARE (1.3%) |
| Oracle Corp. | 66,330 | | 3,721,776 |
| | Shares | | Value |
| SPECIALTY RETAIL (1.6%) |
| Home Depot, Inc. (The) | 17,030 | | $ 4,542,071 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.2%) |
| HP, Inc. | 240,890 | | 4,326,384 |
| NetApp, Inc. | 106,890 | | 4,691,402 |
| | | | 9,017,786 |
| WIRELESS TELECOMMUNICATION SERVICES (1.3%) |
| China Mobile Ltd., Sponsored ADR | 117,790 | | 3,619,687 |
TOTAL COMMON STOCKS
(COST $257,497,208) | | | 277,775,182 |
| MONEY MARKET FUND (1.3%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(a) | 3,639,081 | | 3,639,081 |
TOTAL MONEY MARKET FUND
(COST $3,639,081) | | | 3,639,081 |
TOTAL INVESTMENTS
(COST $261,136,289) 100.1% | | | 281,414,263 |
| LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% | | | (248,622) |
| NET ASSETS 100.0% | | | $ 281,165,641 |
| |
| (a) | 7-day current yield as of October 31, 2020 is disclosed.
|
| ADR — American Depositary Receipt |
| NYS — New York Shares |
| PLC — Public Limited Company |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward International Enhanced Index Fund investments by Country.
| Country Diversification | | Percent* |
| Canada | | 28.1% |
| United Kingdom | | 13.0 |
| United States | | 9.9 |
| Netherlands | | 9.4 |
| Japan | | 6.1 |
| Taiwan, Province of China | | 5.9 |
| Switzerland | | 3.7 |
| Germany | | 3.1 |
| Brazil | | 3.0 |
| India | | 2.6 |
| Australia | | 2.2 |
| France | | 1.9 |
| Hong Kong | | 1.6 |
| Republic of Korea (South) | | 1.5 |
| China | | 1.2 |
| Mexico | | 1.2 |
| Ireland (Republic of) | | 1.0 |
| Spain | | 0.9 |
| Sweden | | 0.7 |
| Denmark | | 0.6 |
| Chile | | 0.5 |
| Finland | | 0.3 |
| Italy | | 0.3 |
| Norway | | 0.3 |
| South Africa | | 0.2 |
| Belgium | | 0.2 |
| Jersey | | 0.2 |
| Indonesia | | 0.2 |
| Colombia | | 0.1 |
| Total Investments | | 99.9% |
| * | Percentages indicated are based on net assets as of October 31, 2020.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
| | Shares | | Value |
| COMMON STOCKS (97.2%) |
| AIR FREIGHT & LOGISTICS (0.3%) |
| ZTO Express Cayman, Inc., ADR | 12,630 | | $ 366,017 |
| AIRLINES (0.2%) |
| Ryanair Holdings PLC, Sponsored ADR(a) | 3,688 | | 297,253 |
| AUTO COMPONENTS (0.4%) |
| Magna International, Inc., ADR | 10,570 | | 540,233 |
| AUTOMOBILES (2.1%) |
| Ferrari N.V. | 5,080 | | 906,374 |
| Fiat Chrysler Automobiles N.V.(a) | 27,660 | | 339,941 |
| Honda Motor Co. Ltd., Sponsored ADR | 54,030 | | 1,276,189 |
| NIO, Inc., ADR(a) | 15,830 | | 484,081 |
| | | | 3,006,585 |
| BANKS (15.5%) |
| Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 130,110 | | 376,018 |
| Banco de Chile, ADR | 9,779 | | 154,019 |
| Banco Santander Chile SA, ADR | 5,574 | | 77,367 |
| Banco Santander SA, Sponsored ADR(a) | 310,085 | | 623,271 |
| Bank of Montreal | 21,000 | | 1,248,870 |
| Bank of Nova Scotia (The) | 38,780 | | 1,611,697 |
| Barclays PLC, Sponsored ADR(a) | 75,389 | | 416,901 |
| Canadian Imperial Bank of Commerce | 16,190 | | 1,208,098 |
| Credicorp Ltd. | 3,747 | | 429,706 |
| HDFC Bank Ltd., ADR(a) | 21,570 | | 1,238,981 |
| HSBC Holdings PLC, Sponsored ADR(a) | 109,701 | | 2,301,527 |
| ICICI Bank Ltd., Sponsored ADR(a) | 41,800 | | 440,990 |
| ING Groep N.V., Sponsored ADR(a) | 83,780 | | 571,380 |
| KB Financial Group, Inc., ADR | 18,020 | | 643,855 |
| Lloyds Banking Group PLC, ADR(a) | 305,785 | | 431,157 |
| Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 297,360 | | 1,171,598 |
| Mizuho Financial Group, Inc., ADR | 239,140 | | 593,067 |
| Natwest Group PLC, Sponsored ADR(a) | 33,078 | | 105,519 |
| Royal Bank of Canada | 48,570 | | 3,399,414 |
| Shinhan Financial Group Co. Ltd., ADR | 20,370 | | 548,157 |
| Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 173,710 | | 962,353 |
| Toronto-Dominion Bank (The) | 55,510 | | 2,455,207 |
| Westpac Banking Corp., Sponsored ADR | 88,585 | | 1,125,029 |
| | | | 22,134,181 |
| BEVERAGES (0.5%) |
| Fomento Economico, Sponsored ADR | 12,890 | | 693,095 |
| | Shares | | Value |
| BIOTECHNOLOGY (1.5%) |
| Argenx SE, ADR(a) | 2,350 | | $ 583,106 |
| BeiGene Ltd., ADR(a) | 1,110 | | 329,137 |
| Galapagos N.V., Sponsored ADR(a) | 2,360 | | 274,893 |
| Genmab A/S, Sponsored ADR(a) | 27,090 | | 911,849 |
| | | | 2,098,985 |
| CAPITAL MARKETS (2.5%) |
| Brookfield Asset Management, Inc., Class A | 36,767 | | 1,094,921 |
| Credit Suisse Group, Sponsored ADR | 52,549 | | 494,486 |
| Deutsche Bank AG(a) | 46,370 | | 428,923 |
| Nomura Holdings, Inc., Sponsored ADR | 75,430 | | 336,418 |
| UBS Group AG | 103,500 | | 1,209,915 |
| | | | 3,564,663 |
| CHEMICALS (0.5%) |
| Nutrien Ltd. | 18,313 | | 744,973 |
| COMMERCIAL SERVICES & SUPPLIES (1.0%) |
| Waste Connections, Inc. | 14,930 | | 1,482,848 |
| COMMUNICATIONS EQUIPMENT (1.0%) |
| Nokia Oyj, Sponsored ADR(a) | 130,990 | | 441,436 |
| Telefonaktiebolaget LM Ericsson, Sponsored ADR | 83,330 | | 934,130 |
| | | | 1,375,566 |
| CONSTRUCTION MATERIALS (1.0%) |
| CEMEX SA de CV, Sponsored ADR | 55,045 | | 228,437 |
| CRH PLC, Sponsored ADR | 24,240 | | 852,036 |
| James Hardie Industries PLC, Sponsored ADR | 12,070 | | 294,266 |
| | | | 1,374,739 |
| DIVERSIFIED CONSUMER SERVICES (0.6%) |
| New Oriental Education & Technology Group, Sponsored ADR(a) | 2,640 | | 423,403 |
| TAL Education Group, ADR(a) | 6,980 | | 463,891 |
| | | | 887,294 |
| DIVERSIFIED FINANCIAL SERVICES (0.4%) |
| ORIX Corp., Sponsored ADR | 9,590 | | 564,276 |
| DIVERSIFIED TELECOMMUNICATION SERVICES (4.0%) |
| BCE, Inc. | 45,525 | | 1,831,015 |
| Chunghwa Telecom Co. Ltd., Sponsored ADR | 36,545 | | 1,380,670 |
| Orange SA, Sponsored ADR | 66,020 | | 742,065 |
| PT Telekomunikasi Indonesia, Sponsored ADR | 15,420 | | 263,528 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
| | Shares | | Value |
| Telefonica SA, Sponsored ADR | 97,653 | | $ 324,208 |
| TELUS Corp. | 66,420 | | 1,136,446 |
| | | | 5,677,932 |
| ELECTRIC UTILITIES (0.2%) |
| Enel Chile SA, ADR | 14,260 | | 47,486 |
| Enersis SA, ADR | 39,420 | | 256,230 |
| | | | 303,716 |
| ELECTRICAL EQUIPMENT (1.1%) |
| ABB Ltd., Sponsored ADR | 66,380 | | 1,612,370 |
| ENERGY EQUIPMENT & SERVICES (0.0%) |
| Tenaris SA, ADR | 870 | | 8,317 |
| ENTERTAINMENT (0.8%) |
| iQIYI, Inc., ADR(a) | 7,300 | | 180,310 |
| NetEase, Inc., ADR | 8,885 | | 771,129 |
| Tencent Music Entertainment Group, ADR(a) | 14,840 | | 220,819 |
| | | | 1,172,258 |
| FOOD PRODUCTS (0.1%) |
| BRF SA, ADR(a) | 30,790 | | 91,138 |
| HEALTH CARE EQUIPMENT & SUPPLIES (2.7%) |
| Alcon, Inc.(a) | 21,530 | | 1,223,765 |
| Koninklijke Philips N.V., Sponsored NYS(a) | 40,135 | | 1,866,278 |
| Smith & Nephew PLC, Sponsored ADR | 20,460 | | 717,532 |
| | | | 3,807,575 |
| HEALTH CARE PROVIDERS & SERVICES (0.6%) |
| Fresenius Medical Care AG & Co., ADR | 22,430 | | 857,499 |
| HOTELS, RESTAURANTS & LEISURE (0.4%) |
| InterContinental Hotels Group PLC, ADR(a) | 2,973 | | 152,039 |
| Restaurant Brands International, Inc. | 8,655 | | 450,060 |
| | | | 602,099 |
| HOUSEHOLD DURABLES (2.2%) |
| Sony Corp., Sponsored ADR | 37,230 | | 3,114,662 |
| INSURANCE (2.4%) |
| Aegon N.V., Sponsored NYS | 32,878 | | 88,771 |
| China Life Insurance Co. Ltd., ADR | 76,810 | | 840,301 |
| Manulife Financial Corp. | 57,000 | | 774,060 |
| Prudential PLC, ADR | 34,460 | | 841,858 |
| Sun Life Financial, Inc. | 23,080 | | 919,045 |
| | | | 3,464,035 |
| | Shares | | Value |
| INTERACTIVE MEDIA & SERVICES (0.7%) |
| Autohome, Inc., ADR | 1,920 | | $ 183,456 |
| Baidu, Inc., Sponsored ADR(a) | 5,533 | | 736,166 |
| | | | 919,622 |
| INTERNET & DIRECT MARKETING RETAIL (5.0%) |
| Alibaba Group Holding Ltd., Sponsored ADR(a) | 16,050 | | 4,890,275 |
| JD.com, Inc., ADR(a) | 14,950 | | 1,218,724 |
| Pinduoduo, Inc., ADR(a) | 6,100 | | 548,878 |
| Trip.com Group Ltd., ADR(a) | 9,800 | | 281,848 |
| Vipshop Holdings Ltd., ADR(a) | 9,690 | | 207,366 |
| | | | 7,147,091 |
| IT SERVICES (3.5%) |
| CGI, Inc.(a) | 12,120 | | 753,501 |
| GDS Holdings Ltd., ADR(a) | 2,230 | | 187,409 |
| Infosys Ltd., Sponsored ADR | 83,000 | | 1,184,410 |
| Pagseguro Digital Ltd., Class A(a) | 3,270 | | 119,715 |
| Shopify, Inc., Class A(a) | 2,730 | | 2,526,424 |
| Wipro Ltd., ADR | 56,023 | | 271,151 |
| | | | 5,042,610 |
| LIFE SCIENCES TOOLS & SERVICES (0.5%) |
| QIAGEN N.V.(a) | 15,914 | | 754,960 |
| MACHINERY (0.1%) |
| CNH Industrial N.V.(a) | 18,220 | | 141,569 |
| MEDIA (0.7%) |
| Grupo Televisa SA, Sponsored ADR(a) | 17,140 | | 109,010 |
| Pearson PLC, Sponsored ADR | 22,230 | | 148,496 |
| Shaw Communications, Inc., Class B | 31,180 | | 514,470 |
| WPP PLC, Sponsored ADR | 6,810 | | 272,060 |
| | | | 1,044,036 |
| METALS & MINING (8.7%) |
| Agnico-Eagle Mines Ltd. | 8,610 | | 682,687 |
| AngloGold Ashanti Ltd., Sponsored ADR | 7,750 | | 179,335 |
| ArcelorMittal SA, Sponsored NYS(a) | 10,383 | | 141,209 |
| Barrick Gold Corp., ADR | 53,503 | | 1,430,135 |
| BHP Group Ltd., Sponsored ADR | 41,380 | | 1,990,792 |
| BHP Group PLC, ADR | 29,840 | | 1,159,881 |
| Franco Nevada Corp. | 8,740 | | 1,193,447 |
| Gold Fields Ltd., Sponsored ADR | 12,570 | | 137,390 |
| Kinross Gold Corp. | 28,810 | | 229,616 |
| Kirkland Lake Gold Ltd. | 7,460 | | 340,325 |
| POSCO, Sponsored ADR | 14,260 | | 660,381 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
| | Shares | | Value |
| Rio Tinto PLC, Sponsored ADR | 31,972 | | $ 1,815,050 |
| Sibanye Stillwater Ltd., ADR | 2,290 | | 27,182 |
| Southern Copper Corp. | 2,833 | | 148,279 |
| Teck Resources Ltd., Class B | 4,463 | | 58,644 |
| Vale SA, Sponsored ADR | 134,930 | | 1,426,210 |
| Wheaton Precious Metals Corp. | 15,380 | | 709,172 |
| | | | 12,329,735 |
| MULTI-UTILITIES (1.7%) |
| Algonquin Power & Utilities Corp. | 41,230 | | 624,634 |
| National Grid PLC, Sponsored ADR | 29,659 | | 1,763,228 |
| | | | 2,387,862 |
| OIL, GAS & CONSUMABLE FUELS (9.1%) |
| BP PLC, Sponsored ADR | 78,992 | | 1,222,796 |
| Cameco Corp. | 13,390 | | 127,339 |
| Canadian Natural Resources, Ltd. | 25,070 | | 399,866 |
| Cenovus Energy, Inc. | 15,050 | | 49,364 |
| China Petroleum & Chemical Corp., ADR | 15,766 | | 620,077 |
| CNOOC Ltd., Sponsored ADR | 7,590 | | 699,191 |
| Ecopetrol SA, Sponsored ADR | 6,810 | | 62,992 |
| Enbridge, Inc. | 65,920 | | 1,816,755 |
| Eni S.p.A., Sponsored ADR | 30,250 | | 422,895 |
| Equinor ASA, Sponsored ADR | 28,377 | | 364,077 |
| Imperial Oil Ltd. | 4,170 | | 55,586 |
| Pembina Pipeline Corp. | 9,410 | | 196,951 |
| PetroChina Co. Ltd., ADR | 9,295 | | 264,536 |
| Petroleo Brasileiro SA, Sponsored ADR | 65,590 | | 434,862 |
| Royal Dutch Shell PLC, Class A, Sponsored ADR | 49,225 | | 1,257,699 |
| Royal Dutch Shell PLC, Class B, Sponsored ADR | 52,250 | | 1,261,837 |
| Suncor Energy, Inc. | 35,148 | | 396,821 |
| TC Energy Corp. | 33,950 | | 1,339,667 |
| TOTAL SE, Sponsored ADR | 64,120 | | 1,944,760 |
| Ultrapar Participacoes SA, Sponsored ADR | 29,720 | | 84,405 |
| | | | 13,022,476 |
| PAPER & FOREST PRODUCTS (0.1%) |
| Suzano SA, Sponsored ADR(a) | 9,400 | | 81,404 |
| PERSONAL PRODUCTS (4.1%) |
| Natura &, Co. Holding SA, ADR(a) | 13,390 | | 213,570 |
| Unilever N.V., Sponsored NYS | 53,470 | | 3,024,263 |
| Unilever PLC, Sponsored ADR | 46,544 | | 2,645,096 |
| | | | 5,882,929 |
| | Shares | | Value |
| PHARMACEUTICALS (0.6%) |
| Bausch Health Cos., Inc.(a) | 12,258 | | $ 202,257 |
| Dr. Reddy's Laboratories Ltd., ADR | 9,810 | | 635,786 |
| | | | 838,043 |
| PROFESSIONAL SERVICES (1.9%) |
| RELX PLC, Sponsored ADR | 70,513 | | 1,391,221 |
| Thomson Reuters Corp. | 17,274 | | 1,344,781 |
| | | | 2,736,002 |
| ROAD & RAIL (3.2%) |
| Canadian National Railway Co. | 28,950 | | 2,879,078 |
| Canadian Pacific Railway, Ltd. | 5,570 | | 1,666,154 |
| | | | 4,545,232 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (8.5%) |
| ASE Industrial Holding Co. Ltd., ADR | 55,075 | | 251,693 |
| ASML Holding N.V., Sponsored NYS | 12,037 | | 4,347,885 |
| STMicroelectronics N.V., Sponsored NYS | 23,090 | | 705,168 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 78,000 | | 6,541,860 |
| United Microelectronics Corp., Sponsored ADR | 47,670 | | 252,651 |
| | | | 12,099,257 |
| SOFTWARE (2.7%) |
| Open Text Corp. | 21,960 | | 806,591 |
| SAP AG, Sponsored ADR | 28,910 | | 3,088,455 |
| | | | 3,895,046 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.1%) |
| Canon, Inc., Sponsored ADR | 42,920 | | 748,954 |
| Logitech International SA | 9,150 | | 774,548 |
| | | | 1,523,502 |
| TEXTILES, APPAREL & LUXURY GOODS (0.1%) |
| Gildan Activewear, Inc. | 3,590 | | 74,564 |
| WIRELESS TELECOMMUNICATION SERVICES (2.9%) |
| America Movil SA, Class L, Sponsored ADR | 57,060 | | 680,155 |
| China Mobile Ltd., Sponsored ADR | 52,310 | | 1,607,486 |
| Rogers Communications, Inc., Class B | 17,270 | | 701,335 |
| SK Telecom Co. Ltd., Sponsored ADR | 14,160 | | 298,210 |
| Vodafone Group PLC, Sponsored ADR | 65,639 | | 886,783 |
| | | | 4,173,969 |
TOTAL COMMON STOCKS
(COST $150,559,057) | | | 138,482,218 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
| | Shares | | Value |
| MASTER LIMITED PARTNERSHIPS (0.3%) |
| MULTI-UTILITIES (0.3%) |
| Brookfield Infrastructure Partners LP | 10,100 | | $ 433,290 |
TOTAL MASTER LIMITED PARTNERSHIPS
(COST $472,221) | | | 433,290 |
| MONEY MARKET FUND (0.9%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(b) | 1,327,835 | | 1,327,835 |
TOTAL MONEY MARKET FUND
(COST $1,327,835) | | | 1,327,835 |
| PREFERRED STOCKS (1.5%) |
| BANKS (1.1%) |
| Banco Bradesco SA, ADR, 5.13%(c) | 181,065 | | 633,728 |
| Bancolombia SA, Sponsored ADR, 4.18%(c) | 1,520 | | 38,745 |
| Itau Unibanco Banco Multiplo SA, Sponsored ADR, 0.78%(c) | 197,327 | | 807,067 |
| | | | 1,479,540 |
| CHEMICALS (0.1%) |
| Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 1.87%(c) | 4,080 | | 151,001 |
| METALS & MINING (0.0%) |
| Gerdau SA, Sponsored ADR, 2.16%(c) | 7,250 | | 27,622 |
| | Shares | | Value |
| OIL, GAS & CONSUMABLE FUELS (0.3%) |
| Petroleo Brasileiro SA, Sponsored ADR, 0.00%(c)(d) | 67,110 | | $ 443,597 |
TOTAL PREFERRED STOCKS
(COST $3,028,304) | | | 2,101,760 |
TOTAL INVESTMENTS
(COST $155,387,417) 99.9% | | | 142,345,103 |
| OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | | | 113,174 |
| NET ASSETS 100.0% | | | $ 142,458,277 |
| |
| (a) | Represents non-income producing security. |
| (b) | 7-day current yield as of October 31, 2020 is disclosed. |
| (c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
| (d) | Current yield is less than 0.01%.
|
| ADR — American Depositary Receipt |
| LP — Limited Partnership |
| NYS — New York Shares |
| PLC — Public Limited Company |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (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* |
| Software | | 10.2% |
| Semiconductors & Semiconductor Equipment | | 6.8 |
| IT Services | | 5.0 |
| Health Care Equipment & Supplies | | 4.9 |
| Technology Hardware, Storage & Peripherals | | 4.8 |
| Interactive Media & Services | | 4.5 |
| Internet & Direct Marketing Retail | | 4.0 |
| Capital Markets | | 3.7 |
| Banks | | 2.9 |
| Chemicals | | 2.9 |
| Specialty Retail | | 2.9 |
| Insurance | | 2.8 |
| Hotels, Restaurants & Leisure | | 2.3 |
| Equity Real Estate Investment Trusts | | 2.2 |
| Oil, Gas & Consumable Fuels | | 2.0 |
| Health Care Providers & Services | | 2.0 |
| Aerospace & Defense | | 2.0 |
| Household Durables | | 1.8 |
| Biotechnology | | 1.7 |
| Electric Utilities | | 1.7 |
| Entertainment | | 1.6 |
| Media | | 1.5 |
| Food & Staples Retailing | | 1.4 |
| Diversified Financial Services | | 1.3 |
| Machinery | | 1.3 |
| Food Products | | 1.3 |
| Household Products | | 1.3 |
| Road & Rail | | 1.2 |
| Diversified Telecommunication Services | | 1.2 |
| Beverages | | 1.1 |
| Pharmaceuticals | | 1.1 |
Electronic Equipment, Instruments
& Components | | 1.0 |
| Commercial Services & Supplies | | 1.0 |
| Industry Diversification | | Percent* |
| Multi-Utilities | | 0.9% |
| Building Products | | 0.9 |
| Money Market Fund | | 0.9 |
| Communications Equipment | | 0.8 |
| Life Sciences Tools & Services | | 0.7 |
| Industrial Conglomerates | | 0.7 |
| Automobiles | | 0.7 |
| Consumer Finance | | 0.6 |
| Air Freight & Logistics | | 0.6 |
| Containers & Packaging | | 0.6 |
| Multiline Retail | | 0.6 |
| Trading Companies & Distributors | | 0.5 |
| Electrical Equipment | | 0.5 |
| Metals & Mining | | 0.5 |
| Textiles, Apparel & Luxury Goods | | 0.5 |
| Energy Equipment & Services | | 0.4 |
| Airlines | | 0.4 |
| Construction Materials | | 0.4 |
| Real Estate Management & Development | | 0.3 |
| Distributors | | 0.3 |
| Personal Products | | 0.3 |
| Professional Services | | 0.2 |
| Wireless Telecommunication Services | | 0.2 |
| Auto Components | | 0.1 |
| Gas Utilities | | 0.1 |
| Health Care Technology | | 0.1 |
| Water Utilities | | 0.1 |
| Independent Power and Renewable Electricity Producers | | 0.0 |
| Construction & Engineering | | 0.0 |
| Leisure Products | | 0.0 |
| Total Investments | | 100.3% |
| * | Percentages indicated are based on net assets as of October 31, 2020.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| COMMON STOCKS (99.4%) |
| AEROSPACE & DEFENSE (2.0%) |
| Boeing Co. (The) | 4,534 | | $ 654,664 |
| General Dynamics Corp. | 2,174 | | 285,512 |
| Howmet Aerospace, Inc. | 4,693 | | 80,954 |
| Huntington Ingalls Industries, Inc. | 142 | | 20,942 |
| L3Harris Technologies, Inc. | 6,758 | | 1,088,781 |
| Lockheed Martin Corp. | 4,019 | | 1,407,173 |
| Northrop Grumman Corp. | 3,987 | | 1,155,512 |
| Raytheon Technologies Corp. | 14,241 | | 773,571 |
| Teledyne Technologies, Inc.(a) | 3,400 | | 1,051,110 |
| Textron, Inc. | 10,250 | | 366,950 |
| TransDigm Group, Inc. | 2,748 | | 1,311,923 |
| | | | 8,197,092 |
| AIR FREIGHT & LOGISTICS (0.6%) |
| C.H. Robinson Worldwide, Inc. | 1,190 | | 105,232 |
| Expeditors International of Washington, Inc. | 2,100 | | 185,577 |
| FedEx Corp. | 4,206 | | 1,091,331 |
| United Parcel Service, Inc., Class B | 6,560 | | 1,030,641 |
| | | | 2,412,781 |
| AIRLINES (0.4%) |
| Alaska Air Group, Inc. | 5,420 | | 205,364 |
| American Airlines Group, Inc. | 33,330 | | 375,962 |
| Delta Air Lines, Inc. | 12,160 | | 372,582 |
| Southwest Airlines Co. | 6,090 | | 240,738 |
| United Airlines Holdings, Inc.(a) | 7,000 | | 237,020 |
| | | | 1,431,666 |
| AUTO COMPONENTS (0.1%) |
| Aptiv PLC | 2,210 | | 213,243 |
| BorgWarner, Inc. | 10,740 | | 375,685 |
| | | | 588,928 |
| AUTOMOBILES (0.7%) |
| Ford Motor Co. | 195,950 | | 1,514,693 |
| General Motors Co. | 41,790 | | 1,443,009 |
| | | | 2,957,702 |
| BANKS (2.9%) |
| Bank of America Corp. | 84,129 | | 1,993,857 |
| Citigroup, Inc. | 24,730 | | 1,024,317 |
| Citizens Financial Group, Inc. | 19,090 | | 520,203 |
| Comerica, Inc. | 3,770 | | 171,573 |
| Fifth Third Bancorp | 21,170 | | 491,567 |
| First Republic Bank | 1,410 | | 177,857 |
| Huntington Bancshares, Inc. | 24,180 | | 252,439 |
| | Shares | | Value |
| JPMorgan Chase & Co. | 27,274 | | $ 2,673,943 |
| KeyCorp | 34,230 | | 444,305 |
| M&T Bank Corp. | 1,130 | | 117,045 |
| People's United Financial, Inc. | 27,500 | | 293,425 |
| PNC Financial Services Group, Inc. (The) | 2,724 | | 304,761 |
| Regions Financial Corp. | 45,392 | | 603,714 |
| SVB Financial Group(a) | 307 | | 89,245 |
| Truist Financial Corp. | 16,347 | | 688,536 |
| U.S. Bancorp | 13,810 | | 537,899 |
| Wells Fargo & Co. | 43,428 | | 931,531 |
| Zions Bancorp | 9,130 | | 294,625 |
| | | | 11,610,842 |
| BEVERAGES (1.1%) |
| Coca-Cola Co. (The) | 41,810 | | 2,009,389 |
| Monster Beverage Corp.(a) | 4,990 | | 382,084 |
| PepsiCo, Inc. | 14,321 | | 1,908,846 |
| | | | 4,300,319 |
| BIOTECHNOLOGY (1.7%) |
| AbbVie, Inc. | 19,270 | | 1,639,877 |
| Alexion Pharmaceuticals, Inc.(a) | 3,351 | | 385,834 |
| Amgen, Inc. | 6,638 | | 1,440,048 |
| Biogen, Inc.(a) | 2,004 | | 505,148 |
| Gilead Sciences, Inc. | 14,900 | | 866,435 |
| Incyte Corp.(a) | 20,810 | | 1,802,979 |
| | | | 6,640,321 |
| BUILDING PRODUCTS (0.9%) |
| A.O. Smith Corp. | 1,680 | | 86,839 |
| Allegion PLC | 4,503 | | 443,545 |
| Carrier Global Corp. | 8,436 | | 281,678 |
| Fortune Brands Home & Security, Inc. | 11,580 | | 936,475 |
| Johnson Controls International PLC | 11,231 | | 474,061 |
| Masco Corp. | 19,240 | | 1,031,264 |
| Trane Technologies PLC | 2,450 | | 325,237 |
| | | | 3,579,099 |
| CAPITAL MARKETS (3.7%) |
| Ameriprise Financial, Inc. | 1,016 | | 163,403 |
| Bank of New York Mellon Corp. (The) | 16,231 | | 557,697 |
| BlackRock, Inc. | 1,376 | | 824,513 |
| Cboe Global Markets, Inc. | 9,330 | | 758,436 |
| Charles Schwab Corp. (The) | 13,860 | | 569,785 |
| CME Group, Inc. | 3,560 | | 536,563 |
| Franklin Resources, Inc. | 17,560 | | 329,250 |
| Goldman Sachs Group, Inc. (The) | 5,122 | | 968,263 |
| IntercontinentalExchange Group, Inc. | 6,095 | | 575,368 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Invesco Ltd. | 48,120 | | $ 630,853 |
| MarketAxess Holdings, Inc. | 2,880 | | 1,551,888 |
| Moody's Corp. | 4,868 | | 1,279,797 |
| Morgan Stanley | 22,667 | | 1,091,408 |
| MSCI, Inc. | 5,722 | | 2,001,784 |
| Nasdaq, Inc. | 1,540 | | 186,325 |
| Northern Trust Corp. | 2,360 | | 184,717 |
| Raymond James Financial, Inc. | 3,610 | | 275,948 |
| S&P Global, Inc. | 4,475 | | 1,444,217 |
| State Street Corp. | 7,527 | | 443,340 |
| T. Rowe Price Group, Inc. | 2,410 | | 305,251 |
| | | | 14,678,806 |
| CHEMICALS (2.9%) |
| Air Products and Chemicals, Inc. | 4,493 | | 1,241,146 |
| Albemarle Corp. | 1,010 | | 94,142 |
| CF Industries Holdings, Inc. | 2,890 | | 79,793 |
| Corteva, Inc. | 32,815 | | 1,082,239 |
| Dow, Inc. | 28,532 | | 1,297,921 |
| DuPont de Nemours, Inc. | 20,005 | | 1,137,884 |
| Eastman Chemical Co. | 5,150 | | 416,326 |
| Ecolab, Inc. | 2,426 | | 445,389 |
| FMC Corp. | 13,910 | | 1,429,114 |
| International Flavors & Fragrances, Inc. | 1,190 | | 122,165 |
| Linde PLC | 4,883 | | 1,075,920 |
| LyondellBasell Industries N.V., Class A | 1,980 | | 135,531 |
| Mosaic Co. (The) | 49,020 | | 906,870 |
| PPG Industries, Inc. | 2,548 | | 330,527 |
| Sherwin-Williams Co. (The) | 2,461 | | 1,693,119 |
| | | | 11,488,086 |
| COMMERCIAL SERVICES & SUPPLIES (1.0%) |
| Cintas Corp. | 4,004 | | 1,259,458 |
| Copart, Inc.(a) | 16,530 | | 1,824,251 |
| Republic Services, Inc. | 3,216 | | 283,555 |
| Rollins, Inc. | 2,350 | | 135,947 |
| Waste Management, Inc. | 4,500 | | 485,595 |
| | | | 3,988,806 |
| COMMUNICATIONS EQUIPMENT (0.8%) |
| Arista Networks, Inc.(a) | 3,011 | | 628,998 |
| Cisco Systems, Inc. | 43,260 | | 1,553,034 |
| F5 Networks, Inc.(a) | 520 | | 69,129 |
| Juniper Networks, Inc. | 6,190 | | 122,066 |
| Motorola Solutions, Inc. | 5,031 | | 795,200 |
| | | | 3,168,427 |
| | Shares | | Value |
| CONSTRUCTION & ENGINEERING (0.0%) |
| Jacobs Engineering Group, Inc. | 1,220 | | $ 115,900 |
| Quanta Services, Inc. | 1,300 | | 81,159 |
| | | | 197,059 |
| CONSTRUCTION MATERIALS (0.4%) |
| Martin Marietta Materials, Inc. | 2,906 | | 774,013 |
| Vulcan Materials Co. | 5,783 | | 837,610 |
| | | | 1,611,623 |
| CONSUMER FINANCE (0.6%) |
| American Express Co. | 6,330 | | 577,549 |
| Capital One Financial Corp. | 9,518 | | 695,575 |
| Discover Financial Services | 2,650 | | 172,277 |
| Synchrony Financial | 41,430 | | 1,036,579 |
| | | | 2,481,980 |
| CONTAINERS & PACKAGING (0.6%) |
| Avery Dennison Corp. | 1,160 | | 160,532 |
| Ball Corp. | 3,960 | | 352,440 |
| International Paper Co. | 12,070 | | 528,063 |
| Packaging Corp. of America | 1,290 | | 147,692 |
| Sealed Air Corp. | 1,390 | | 55,030 |
| Westrock Co. | 26,009 | | 976,638 |
| | | | 2,220,395 |
| DISTRIBUTORS (0.3%) |
| Genuine Parts Co. | 1,380 | | 124,793 |
| LKQ Corp.(a) | 3,080 | | 98,529 |
| Pool Corp. | 2,650 | | 927,050 |
| | | | 1,150,372 |
| DIVERSIFIED FINANCIAL SERVICES (1.3%) |
| Berkshire Hathaway, Inc., Class B(a) | 24,897 | | 5,026,704 |
| DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%) |
| AT&T, Inc. | 80,170 | | 2,166,193 |
| CenturyLink, Inc. | 20,719 | | 178,598 |
| Verizon Communications, Inc. | 42,740 | | 2,435,753 |
| | | | 4,780,544 |
| ELECTRIC UTILITIES (1.7%) |
| Alliant Energy Corp. | 2,090 | | 115,535 |
| American Electric Power Co., Inc. | 5,680 | | 510,802 |
| Duke Energy Corp. | 10,374 | | 955,549 |
| Edison International | 3,610 | | 202,304 |
| Entergy Corp. | 1,600 | | 161,952 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Evergy, Inc. | 2,440 | | $ 134,688 |
| Eversource Energy | 3,510 | | 306,318 |
| Exelon Corp. | 18,349 | | 731,942 |
| FirstEnergy Corp. | 5,119 | | 152,137 |
| NextEra Energy, Inc. | 18,476 | | 1,352,628 |
| NRG Energy, Inc. | 26,820 | | 848,048 |
| Pinnacle West Capital Corp. | 1,080 | | 88,096 |
| PPL Corp. | 7,780 | | 213,950 |
| Southern Co. (The) | 11,120 | | 638,844 |
| Xcel Energy, Inc. | 6,600 | | 462,198 |
| | | | 6,874,991 |
| ELECTRICAL EQUIPMENT (0.5%) |
| AMETEK, Inc. | 8,720 | | 856,304 |
| Eaton Corp. PLC | 4,310 | | 447,335 |
| Emerson Electric Co. | 6,650 | | 430,853 |
| Rockwell Automation, Inc. | 996 | | 236,172 |
| | | | 1,970,664 |
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (1.0%) |
| Amphenol Corp., Class A | 3,170 | | 357,703 |
| CDW Corp. | 8,290 | | 1,016,354 |
| Corning, Inc. | 8,970 | | 286,771 |
| FLIR Systems, Inc. | 1,270 | | 44,056 |
| IPG Photonics Corp.(a) | 340 | | 63,227 |
| Keysight Technologies, Inc.(a) | 9,930 | | 1,041,359 |
| TE Connectivity Ltd. | 3,240 | | 313,891 |
| Vontier Corp.(a) | 1,260 | | 36,212 |
| Zebra Technologies Corp., Class A(a) | 2,650 | | 751,646 |
| | | | 3,911,219 |
| ENERGY EQUIPMENT & SERVICES (0.4%) |
| Baker Hughes Co. | 55,579 | | 820,902 |
| Halliburton Co. | 23,490 | | 283,289 |
| National-Oilwell Varco, Inc. | 8,236 | | 69,182 |
| Schlumberger Ltd. | 13,114 | | 195,923 |
| TechnipFMC PLC | 38,020 | | 210,251 |
| | | | 1,579,547 |
| ENTERTAINMENT (1.6%) |
| Activision Blizzard, Inc. | 7,510 | | 568,732 |
| Electronic Arts, Inc.(a) | 2,780 | | 333,127 |
| Live Nation, Inc.(a) | 1,600 | | 78,080 |
| Netflix, Inc.(a) | 7,090 | | 3,372,997 |
| Walt Disney Co. (The) | 16,560 | | 2,007,900 |
| | | | 6,360,836 |
| | Shares | | Value |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (2.2%) |
| Alexandria Real Estate Equities, Inc. | 1,080 | | $ 163,642 |
| American Tower Corp. | 6,479 | | 1,487,902 |
| Apartment Investment and Management Co., Class A | 1,355 | | 43,225 |
| AvalonBay Communities, Inc. | 919 | | 127,861 |
| Boston Properties, Inc. | 260 | | 18,827 |
| Crown Castle International Corp. | 3,820 | | 596,684 |
| Digital Realty Trust, Inc. | 2,500 | | 360,750 |
| Duke Realty Corp. | 5,570 | | 211,604 |
| Equinix, Inc. | 2,193 | | 1,603,609 |
| Equity Residential | 3,930 | | 184,632 |
| Essex Property Trust, Inc. | 87 | | 17,799 |
| Extra Space Storage, Inc. | 1,280 | | 148,416 |
| Healthpeak Properties, Inc. | 9,450 | | 254,867 |
| Host Hotels & Resorts, Inc. | 12,433 | | 130,298 |
| Iron Mountain, Inc. | 3,019 | | 78,675 |
| Kimco Realty Corp. | 10,690 | | 109,679 |
| Mid-America Apartment Communities, Inc. | 980 | | 114,297 |
| Prologis, Inc. | 7,022 | | 696,583 |
| Public Storage, Inc. | 1,486 | | 340,398 |
| Realty Income Corp. | 3,200 | | 185,152 |
| Regency Centers Corp. | 1,030 | | 36,658 |
| SBA Communications Corp. | 3,911 | | 1,135,637 |
| Simon Property Group, Inc. | 2,140 | | 134,413 |
| UDR, Inc. | 2,330 | | 72,789 |
| Ventas, Inc. | 3,160 | | 124,725 |
| Vornado Realty Trust | 825 | | 25,352 |
| Welltower, Inc. | 3,420 | | 183,893 |
| Weyerhaeuser Co. | 7,979 | | 217,747 |
| | | | 8,806,114 |
| FOOD & STAPLES RETAILING (1.4%) |
| Costco Wholesale Corp. | 4,466 | | 1,597,131 |
| Kroger Co. (The) | 39,900 | | 1,285,179 |
| Sysco Corp. | 4,680 | | 258,851 |
| Walgreens Boots Alliance, Inc. | 19,000 | | 646,760 |
| Walmart, Inc. | 13,810 | | 1,916,137 |
| | | | 5,704,058 |
| FOOD PRODUCTS (1.3%) |
| Archer-Daniels-Midland Co. | 27,550 | | 1,273,912 |
| Campbell Soup Co. | 3,350 | | 156,345 |
| Conagra Brands, Inc. | 6,220 | | 218,260 |
| General Mills, Inc. | 7,690 | | 454,633 |
| Hershey Co. (The) | 1,620 | | 222,685 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Hormel Foods Corp. | 6,330 | | $ 308,208 |
| J.M. Smucker Co. (The) | 4,180 | | 468,996 |
| Kellogg Co. | 4,580 | | 288,036 |
| Kraft Heinz Co. (The) | 17,066 | | 522,049 |
| Lamb Weston Holdings, Inc. | 1,300 | | 82,485 |
| McCormick & Co., Inc. | 1,320 | | 238,273 |
| Mondelez International, Inc., Class A | 17,090 | | 907,821 |
| Tyson Foods, Inc., Class A | 3,050 | | 174,551 |
| | | | 5,316,254 |
| GAS UTILITIES (0.1%) |
| Atmos Energy Corp. | 2,300 | | 210,841 |
| HEALTH CARE EQUIPMENT & SUPPLIES (4.9%) |
| Abbott Laboratories | 18,432 | | 1,937,388 |
| ABIOMED, Inc.(a) | 533 | | 134,252 |
| Align Technology, Inc.(a) | 4,877 | | 2,077,992 |
| Baxter International, Inc. | 6,710 | | 520,495 |
| Becton Dickinson and Co. | 3,006 | | 694,777 |
| Boston Scientific Corp.(a) | 20,007 | | 685,640 |
| Danaher Corp. | 7,370 | | 1,691,710 |
| DENTSPLY SIRONA, Inc. | 3,920 | | 184,985 |
| DexCom, Inc.(a) | 5,680 | | 1,815,214 |
| Edwards Lifesciences Corp.(a) | 21,021 | | 1,506,995 |
| Hologic, Inc.(a) | 3,920 | | 269,774 |
| IDEXX Laboratories, Inc.(a) | 3,090 | | 1,312,694 |
| Intuitive Surgical, Inc.(a) | 2,279 | | 1,520,275 |
| Medtronic PLC | 14,843 | | 1,492,761 |
| ResMed, Inc. | 6,210 | | 1,191,947 |
| STERIS PLC | 1,610 | | 285,276 |
| Stryker Corp. | 3,714 | | 750,265 |
| Teleflex, Inc. | 647 | | 205,895 |
| Varian Medical Systems, Inc.(a) | 1,220 | | 210,816 |
| West Pharmaceutical Services, Inc. | 3,470 | | 944,083 |
| Zimmer Holdings, Inc. | 2,450 | | 323,645 |
| | | | 19,756,879 |
| HEALTH CARE PROVIDERS & SERVICES (2.0%) |
| AmerisourceBergen Corp. | 10,210 | | 980,875 |
| Anthem, Inc. | 5,831 | | 1,590,697 |
| Cardinal Health, Inc. | 5,020 | | 229,866 |
| Cigna Corp. | 7,970 | | 1,330,751 |
| CVS Health Corp. | 24,867 | | 1,394,790 |
| DaVita, Inc.(a) | 1,530 | | 131,962 |
| Henry Schein, Inc.(a) | 2,470 | | 157,043 |
| Humana, Inc. | 2,307 | | 921,139 |
| | Shares | | Value |
| Laboratory Corporation of America Holdings(a) | 1,170 | | $ 233,731 |
| McKesson Corp. | 6,305 | | 929,924 |
| Quest Diagnostics, Inc. | 2,000 | | 244,280 |
| | | | 8,145,058 |
| HEALTH CARE TECHNOLOGY (0.1%) |
| Cerner Corp. | 5,060 | | 354,656 |
| HOTELS, RESTAURANTS & LEISURE (2.3%) |
| Carnival Corp. | 16,460 | | 225,667 |
| Chipotle Mexican Grill, Inc.(a) | 1,621 | | 1,947,599 |
| Domino's Pizza, Inc. | 2,990 | | 1,131,177 |
| Hilton Worldwide Holdings, Inc. | 16,520 | | 1,450,621 |
| Marriott International, Inc., Class A | 2,446 | | 227,184 |
| McDonald's Corp. | 6,841 | | 1,457,133 |
| Norwegian Cruise Line Holdings Ltd.(a) | 6,770 | | 112,585 |
| Royal Caribbean Cruises Ltd. | 1,390 | | 78,424 |
| Starbucks Corp. | 18,820 | | 1,636,587 |
| Yum! Brands, Inc. | 11,730 | | 1,094,761 |
| | | | 9,361,738 |
| HOUSEHOLD DURABLES (1.8%) |
| D.R. Horton, Inc. | 20,866 | | 1,394,057 |
| Garmin Ltd. | 8,010 | | 833,200 |
| Leggett & Platt, Inc. | 1,260 | | 52,580 |
| Lennar Corp., Class A | 10,960 | | 769,721 |
| Mohawk Industries, Inc.(a) | 3,724 | | 384,280 |
| Newell Brands, Inc. | 6,240 | | 110,198 |
| NVR, Inc.(a) | 284 | | 1,122,677 |
| PulteGroup, Inc. | 39,355 | | 1,604,110 |
| Whirlpool Corp. | 4,082 | | 755,007 |
| | | | 7,025,830 |
| HOUSEHOLD PRODUCTS (1.3%) |
| Church & Dwight Co., Inc. | 3,330 | | 294,339 |
| Clorox Co. (The) | 1,470 | | 304,657 |
| Colgate-Palmolive Co. | 10,790 | | 851,223 |
| Kimberly-Clark Corp. | 3,920 | | 519,753 |
| Procter & Gamble Co. (The) | 24,431 | | 3,349,490 |
| | | | 5,319,462 |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
PRODUCERS (0.0%) |
| AES Corp. (The) | 10,180 | | 198,510 |
| INDUSTRIAL CONGLOMERATES (0.7%) |
| 3M Co. | 5,614 | | 898,015 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Honeywell International, Inc. | 6,542 | | $ 1,079,103 |
| Roper Technologies, Inc. | 2,306 | | 856,310 |
| | | | 2,833,428 |
| INSURANCE (2.8%) |
| Aflac, Inc. | 15,240 | | 517,398 |
| Allstate Corp. (The) | 6,840 | | 607,050 |
| American International Group, Inc. | 23,754 | | 748,013 |
| Aon PLC, Class A | 2,251 | | 414,207 |
| Arthur J. Gallagher & Co. | 2,340 | | 242,681 |
| Assurant, Inc. | 3,670 | | 456,438 |
| Chubb Ltd. | 6,241 | | 810,768 |
| Cincinnati Financial Corp. | 1,582 | | 111,911 |
| Everest Re Group Ltd. | 1,550 | | 305,474 |
| Globe Life, Inc. | 3,187 | | 258,434 |
| Hartford Financial Services Group, Inc. (The) | 10,190 | | 392,519 |
| Lincoln National Corp. | 16,736 | | 587,434 |
| Loews Corp. | 16,600 | | 575,688 |
| Marsh & McLennan Cos., Inc. | 5,420 | | 560,753 |
| MetLife, Inc. | 27,490 | | 1,040,496 |
| Principal Financial Group, Inc. | 14,800 | | 580,456 |
| Progressive Corp. (The) | 6,000 | | 551,400 |
| Prudential Financial, Inc. | 13,535 | | 866,511 |
| Travelers Cos., Inc. (The) | 5,160 | | 622,864 |
| Unum Group | 38,790 | | 685,031 |
| Willis Towers Watson PLC | 1,327 | | 242,151 |
| | | | 11,177,677 |
| INTERACTIVE MEDIA & SERVICES (4.5%) |
| Alphabet, Inc., Class A(a) | 3,065 | | 4,953,377 |
| Alphabet, Inc., Class C(a) | 3,009 | | 4,877,619 |
| Facebook, Inc., Class A(a) | 29,308 | | 7,711,228 |
| Twitter, Inc.(a) | 7,710 | | 318,886 |
| | | | 17,861,110 |
| INTERNET & DIRECT MARKETING RETAIL (4.0%) |
| Amazon.com, Inc.(a) | 4,250 | | 12,903,637 |
| Booking Holdings, Inc.(a) | 596 | | 967,010 |
| eBay, Inc. | 27,960 | | 1,331,735 |
| Etsy, Inc.(a) | 7,250 | | 881,528 |
| Expedia Group, Inc. | 1,235 | | 116,275 |
| | | | 16,200,185 |
| IT SERVICES (5.0%) |
| Accenture PLC, Class A | 5,957 | | 1,292,133 |
| Akamai Technologies, Inc.(a) | 1,790 | | 170,265 |
| Automatic Data Processing, Inc. | 4,090 | | 646,056 |
| | Shares | | Value |
| Broadridge Financial Solutions, Inc. | 1,220 | | $ 167,872 |
| Cognizant Technology Solutions Corp., Class A | 5,390 | | 384,954 |
| DXC Technology Co. | 18,467 | | 340,162 |
| Fidelity National Information Services, Inc. | 5,906 | | 735,829 |
| Fiserv, Inc.(a) | 13,150 | | 1,255,430 |
| FleetCor Technologies, Inc.(a) | 5,010 | | 1,106,759 |
| Gartner, Inc.(a) | 590 | | 70,859 |
| Global Payments, Inc. | 2,607 | | 411,228 |
| International Business Machines Corp. | 7,966 | | 889,484 |
| Jack Henry & Associates, Inc. | 770 | | 114,153 |
| Mastercard, Inc., Class A | 12,732 | | 3,674,964 |
| Paychex, Inc. | 3,970 | | 326,533 |
| PayPal Holdings, Inc.(a) | 20,560 | | 3,826,833 |
| VeriSign, Inc.(a) | 812 | | 154,848 |
| Visa, Inc., Class A | 21,604 | | 3,925,663 |
| Western Union Co. (The) | 19,130 | | 371,887 |
| | | | 19,865,912 |
| LEISURE PRODUCTS (0.0%) |
| Hasbro, Inc. | 1,080 | | 89,338 |
| LIFE SCIENCES TOOLS & SERVICES (0.7%) |
| Agilent Technologies, Inc. | 6,310 | | 644,188 |
| Bio-Rad Laboratories, Inc., Class A(a) | 660 | | 387,037 |
| Illumina, Inc.(a) | 1,627 | | 476,223 |
| IQVIA Holdings, Inc.(a) | 2,930 | | 451,191 |
| Mettler-Toledo International, Inc.(a) | 403 | | 402,158 |
| PerkinElmer, Inc. | 2,750 | | 356,262 |
| Waters Corp.(a) | 1,297 | | 288,998 |
| | | | 3,006,057 |
| MACHINERY (1.3%) |
| Caterpillar, Inc. | 4,960 | | 778,968 |
| Cummins, Inc. | 1,377 | | 302,789 |
| Deere & Co. | 2,803 | | 633,226 |
| Dover Corp. | 1,260 | | 139,495 |
| Flowserve Corp. | 780 | | 22,714 |
| Fortive Corp. | 3,150 | | 194,040 |
| IDEX Corp. | 860 | | 146,535 |
| Illinois Tool Works, Inc. | 2,654 | | 519,866 |
| Ingersoll Rand, Inc.(a) | 2,638 | | 92,172 |
| Otis Worldwide Corp. | 4,523 | | 277,169 |
| PACCAR, Inc. | 15,285 | | 1,305,033 |
| Parker-Hannifin Corp. | 818 | | 170,438 |
| Snap-on, Inc. | 240 | | 37,807 |
| Stanley Black & Decker, Inc. | 1,202 | | 199,772 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Westinghouse Air Brake Technologies Corp. | 1,620 | | $ 96,066 |
| Xylem, Inc. | 2,000 | | 174,280 |
| | | | 5,090,370 |
| MEDIA (1.5%) |
| Charter Communications, Inc., Class A(a) | 3,640 | | 2,197,905 |
| Comcast Corp., Class A | 40,360 | | 1,704,806 |
| Discovery Communications, Inc., Class A(a) | 2,420 | | 48,981 |
| Discovery Communications, Inc., Class C(a) | 4,541 | | 83,191 |
| DISH Network Corp., Class A(a) | 12,570 | | 320,409 |
| Fox Corp., Class A | 5,730 | | 151,960 |
| Fox Corp., Class B | 1,230 | | 32,152 |
| Interpublic Group of Cos., Inc. (The) | 10,430 | | 188,679 |
| News Corp., Class A | 47,000 | | 617,110 |
| News Corp., Class B | 16,980 | | 221,080 |
| Omnicom Group, Inc. | 2,770 | | 130,744 |
| ViacomCBS, Inc., Class B | 6,050 | | 172,848 |
| | | | 5,869,865 |
| METALS & MINING (0.5%) |
| Freeport-McMoRan Copper & Gold, Inc. | 16,598 | | 287,809 |
| Newmont Corp. | 15,260 | | 958,938 |
| Nucor Corp. | 12,410 | | 592,702 |
| | | | 1,839,449 |
| MULTILINE RETAIL (0.6%) |
| Dollar General Corp. | 7,870 | | 1,642,548 |
| Dollar Tree, Inc.(a) | 2,402 | | 216,948 |
| Target Corp. | 4,750 | | 723,045 |
| | | | 2,582,541 |
| MULTI-UTILITIES (0.9%) |
| Ameren Corp. | 4,320 | | 350,438 |
| CenterPoint Energy, Inc. | 18,960 | | 400,625 |
| CMS Energy Corp. | 4,630 | | 293,218 |
| Consolidated Edison, Inc. | 4,110 | | 322,594 |
| Dominion Resources, Inc. | 8,932 | | 717,597 |
| DTE Energy Co. | 1,680 | | 207,346 |
| NiSource, Inc. | 7,770 | | 178,477 |
| Public Service Enterprise Group, Inc. | 5,856 | | 340,526 |
| Sempra Energy | 2,600 | | 325,936 |
| WEC Energy Group | 4,035 | | 405,719 |
| | | | 3,542,476 |
| OIL, GAS & CONSUMABLE FUELS (2.0%) |
| Apache Corp. | 6,210 | | 51,543 |
| Cabot Oil & Gas Corp. | 4,320 | | 76,853 |
| | Shares | | Value |
| Chevron Corp. | 19,343 | | $ 1,344,344 |
| Concho Resources, Inc. | 9,740 | | 404,307 |
| ConocoPhillips | 22,499 | | 643,921 |
| Devon Energy Corp. | 33,550 | | 299,602 |
| Diamondback Energy, Inc. | 6,560 | | 170,298 |
| EOG Resources, Inc. | 4,144 | | 141,891 |
| Exxon Mobil Corp. | 44,670 | | 1,457,135 |
| Hess Corp. | 11,140 | | 414,631 |
| HollyFrontier Corp. | 16,460 | | 304,675 |
| Kinder Morgan, Inc. | 47,920 | | 570,248 |
| Marathon Oil Corp. | 78,790 | | 312,008 |
| Marathon Petroleum Corp. | 24,628 | | 726,526 |
| Occidental Petroleum Corp. | 18,233 | | 166,467 |
| ONEOK, Inc. | 3,490 | | 101,210 |
| Phillips 66 | 3,549 | | 165,596 |
| Pioneer Natural Resources Co. | 486 | | 38,666 |
| Valero Energy Corp. | 10,850 | | 418,919 |
| Williams Cos., Inc. (The) | 13,780 | | 264,438 |
| | | | 8,073,278 |
| PERSONAL PRODUCTS (0.3%) |
| Estee Lauder Cos., Inc., (The) Class A | 5,858 | | 1,286,768 |
| PHARMACEUTICALS (1.1%) |
| Catalent, Inc.(a) | 9,930 | | 871,556 |
| Eli Lilly and Co. | 9,780 | | 1,275,899 |
| Mylan N.V.(a) | 50,850 | | 739,359 |
| Perrigo Co. PLC | 11,561 | | 507,181 |
| Zoetis, Inc. | 6,240 | | 989,352 |
| | | | 4,383,347 |
| PROFESSIONAL SERVICES (0.2%) |
| Equifax, Inc. | 1,090 | | 148,894 |
| IHS Markit Ltd. | 4,820 | | 389,794 |
| Nielsen Holdings PLC | 5,520 | | 74,575 |
| Robert Half International, Inc. | 1,460 | | 74,007 |
| Verisk Analytics, Inc. | 1,620 | | 288,312 |
| | | | 975,582 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT (0.3%) |
| CBRE Group, Inc., Class A(a) | 23,150 | | 1,166,760 |
| ROAD & RAIL (1.2%) |
| CSX Corp. | 8,010 | | 632,310 |
| J.B. Hunt Transport Services, Inc. | 820 | | 99,827 |
| Kansas City Southern Industries, Inc. | 5,970 | | 1,051,556 |
| Norfolk Southern Corp. | 2,268 | | 474,284 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Old Dominion Freight Line, Inc. | 8,490 | | $ 1,616,241 |
| Union Pacific Corp. | 6,165 | | 1,092,376 |
| | | | 4,966,594 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.8%) |
| Advanced Micro Devices, Inc.(a) | 23,170 | | 1,744,469 |
| Analog Devices, Inc. | 8,074 | | 957,011 |
| Applied Materials, Inc. | 29,680 | | 1,757,947 |
| Broadcom, Inc. | 6,672 | | 2,332,731 |
| Intel Corp. | 38,930 | | 1,723,820 |
| KLA Corp. | 8,870 | | 1,748,987 |
| Lam Research Corp. | 6,956 | | 2,379,509 |
| Maxim Integrated Products, Inc. | 2,300 | | 160,195 |
| Microchip Technology, Inc. | 12,880 | | 1,353,430 |
| Micron Technology, Inc.(a) | 39,690 | | 1,997,995 |
| NVIDIA Corp. | 8,862 | | 4,443,052 |
| Qorvo, Inc.(a) | 6,830 | | 869,869 |
| QUALCOMM, Inc. | 17,140 | | 2,114,391 |
| Skyworks Solutions, Inc. | 1,360 | | 192,154 |
| Teradyne, Inc. | 22,810 | | 2,003,859 |
| Texas Instruments, Inc. | 8,160 | | 1,179,854 |
| Xilinx, Inc. | 2,260 | | 268,239 |
| | | | 27,227,512 |
| SOFTWARE (10.2%) |
| Adobe, Inc.(a) | 8,451 | | 3,778,442 |
| ANSYS, Inc.(a) | 5,713 | | 1,738,866 |
| Autodesk, Inc.(a) | 5,370 | | 1,264,850 |
| Cadence Design Systems, Inc.(a) | 16,420 | | 1,795,855 |
| Citrix Systems, Inc. | 1,150 | | 130,261 |
| Fortinet, Inc.(a) | 15,110 | | 1,667,691 |
| Intuit, Inc. | 4,452 | | 1,400,955 |
| Microsoft Corp. | 73,720 | | 14,926,088 |
| NortonLifeLock, Inc. | 8,472 | | 174,269 |
| Oracle Corp. | 19,471 | | 1,092,518 |
| Paycom Software, Inc.(a) | 7,080 | | 2,577,757 |
| salesforce.com, Inc.(a) | 13,590 | | 3,156,549 |
| ServiceNow, Inc.(a) | 8,010 | | 3,985,536 |
| Synopsys, Inc.(a) | 8,900 | | 1,903,354 |
| Tyler Technologies, Inc.(a) | 3,560 | | 1,368,393 |
| | | | 40,961,384 |
| SPECIALTY RETAIL (2.9%) |
| Advance Auto Parts, Inc. | 566 | | 83,360 |
| AutoZone, Inc.(a) | 831 | | 938,182 |
| | Shares | | Value |
| Best Buy Co., Inc. | 5,790 | | $ 645,875 |
| CarMax, Inc.(a) | 11,270 | | 974,179 |
| Gap, Inc. (The) | 52,560 | | 1,022,292 |
| Home Depot, Inc. (The) | 9,549 | | 2,546,814 |
| L Brands, Inc. | 23,910 | | 765,359 |
| Lowe’s Cos., Inc. | 6,820 | | 1,078,242 |
| O'Reilly Automotive, Inc.(a) | 2,202 | | 961,393 |
| Ross Stores, Inc. | 8,110 | | 690,729 |
| Tiffany & Co. | 4,960 | | 648,966 |
| TJX Cos., Inc. (The) | 17,210 | | 874,268 |
| Tractor Supply Co. | 1,150 | | 153,192 |
| Ulta Salon Cosmetics & Fragrance, Inc.(a) | 381 | | 78,779 |
| | | | 11,461,630 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.8%) |
| Apple, Inc. | 156,714 | | 17,059,886 |
| Hewlett Packard Enterprise Co. | 75,450 | | 651,888 |
| HP, Inc. | 28,610 | | 513,836 |
| NetApp, Inc. | 2,460 | | 107,969 |
| Seagate Technology PLC | 2,730 | | 130,549 |
| Western Digital Corp. | 2,811 | | 106,059 |
| Xerox Holdings Corp. | 32,001 | | 556,177 |
| | | | 19,126,364 |
| TEXTILES, APPAREL & LUXURY GOODS (0.5%) |
| Hanesbrands, Inc. | 4,930 | | 79,225 |
| NIKE, Inc., Class B | 11,380 | | 1,366,510 |
| PVH Corp. | 6,270 | | 365,478 |
| Tapestry, Inc. | 2,920 | | 64,912 |
| Under Armour, Inc., Class A(a) | 4,900 | | 67,816 |
| Under Armour, Inc., Class C(a) | 1,024 | | 12,524 |
| VF Corp. | 2,445 | | 164,304 |
| | | | 2,120,769 |
| TRADING COMPANIES & DISTRIBUTORS (0.5%) |
| Fastenal Co. | 7,210 | | 311,688 |
| United Rentals, Inc.(a) | 9,770 | | 1,741,893 |
| W.W. Grainger, Inc. | 328 | | 114,807 |
| | | | 2,168,388 |
| WATER UTILITIES (0.1%) |
| American Water Works Co., Inc. | 1,770 | | 266,403 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
| | Shares | | Value |
| WIRELESS TELECOMMUNICATION SERVICES (0.2%) |
| T-Mobile U.S., Inc.(a) | 5,530 | | $ 605,922 |
TOTAL COMMON STOCKS
(COST $333,115,787) | | | 398,157,318 |
| | Number of
Warrants | | Value |
| WARRANTS (0.0%) |
| Occidental Petroleum Corp., Exp. 7/6/27, Strike $22.00(a) | 3,039 | | $ 7,506 |
TOTAL WARRANTS
(COST $—) | | | 7,506 |
| | Shares | | Value |
| MONEY MARKET FUND (0.9%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(b) | 3,452,259 | | $ 3,452,259 |
TOTAL MONEY MARKET FUND
(COST $3,452,259) | | | 3,452,259 |
| | Shares | | Value |
TOTAL INVESTMENTS
(COST $336,568,046) 100.3% | | | $ 401,617,083 |
| LIABILITIES IN EXCESS OF OTHER ASSETS (0.3)% | | | (1,086,945) |
| NET ASSETS 100.0% | | | $ 400,530,138 |
| |
| (a) | Represents non-income producing security. |
| (b) | 7-day current yield as of October 31, 2020 is disclosed.
|
| MSCI — Morgan Stanley Capital International |
| PLC — Public Limited Company |
| S&P — Standard & Poor's |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (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. Treasury Obligations | | 11.9% |
| U.S. Government Agencies | | 7.5 |
| Semiconductors & Semiconductor Equipment | | 6.1 |
| Banks | | 4.6 |
| U.S. Government Agency Mortgage-Backed Obligations | | 4.6 |
| Biotechnology | | 4.5 |
| Air Freight & Logistics | | 4.1 |
| Oil, Gas & Consumable Fuels | | 4.0 |
| Money Market Fund | | 4.0 |
| IT Services | | 3.6 |
| Software | | 3.5 |
| Beverages | | 2.8 |
| Specialty Retail | | 2.7 |
| Internet & Direct Marketing Retail | | 2.3 |
| Food Products | | 2.3 |
| Technology Hardware, Storage & Peripherals | | 2.1 |
| Capital Markets | | 2.1 |
| Aerospace & Defense | | 2.1 |
| Textiles, Apparel & Luxury Goods | | 2.1 |
| Health Care Providers & Services | | 2.0 |
| Communications Equipment | | 1.8 |
| Industry Diversification | | Percent |
| Hotels, Restaurants & Leisure | | 1.7% |
| Insurance | | 1.6 |
| Consumer Finance | | 1.4 |
| Commercial Services & Supplies | | 1.4 |
| Machinery | | 1.3 |
| Road & Rail | | 1.3 |
| Food & Staples Retailing | | 1.3 |
| Health Care Equipment & Supplies | | 1.3 |
| Media | | 1.3 |
| Industrial Conglomerates | | 1.2 |
| Household Products | | 0.7 |
| Multiline Retail | | 0.7 |
Electronic Equipment, Instruments
& Components | | 0.7 |
| Chemicals | | 0.7 |
| Household Durables | | 0.6 |
| Pharmaceuticals | | 0.5 |
| Municipal Bonds | | 0.3 |
| Thrifts & Mortgage Finance | | 0.2 |
| Total Investments | | 98.9% |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SELECT BOND FUND
| | Principal
Amount | | Value |
| CORPORATE BONDS (69.9%) |
| AEROSPACE & DEFENSE (2.1%) |
| General Dynamics Corp., 3.75%, 5/15/28, (Callable 2/15/28 @ 100) | $ 1,000,000 | | $ 1,163,763 |
| Raytheon Technologies Corp., 4.12%, 11/16/28, (Callable 8/16/28 @ 100) | 2,000,000 | | 2,345,314 |
| | | | 3,509,077 |
| AIR FREIGHT & LOGISTICS (4.1%) |
| FedEx Corp., 4.00%, 1/15/24 | 2,000,000 | | 2,205,774 |
| United Parcel Service, Inc., 3.05%, 11/15/27, (Callable 8/15/27 @ 100) | 1,000,000 | | 1,119,414 |
| United Parcel Service, Inc., 3.75%, 11/15/47, (Callable 5/15/47 @ 100) | 1,000,000 | | 1,201,617 |
| United Parcel Service, Inc., 3.90%, 4/1/25, (Callable 3/1/25 @ 100) | 2,000,000 | | 2,269,232 |
| | | | 6,796,037 |
| BANKS (4.4%) |
| Citigroup, Inc., 6.62%, 6/15/32 | 1,000,000 | | 1,389,100 |
| KeyCorp, 5.10%, 3/24/21 | 2,000,000 | | 2,037,400 |
| Manufacturers & Traders Trust Co., 0.89% (US0003M + 64 bps), 12/1/21, (Callable 12/11/20 @ 100)(a) | 1,150,000 | | 1,150,068 |
| U.S. Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) | 2,500,000 | | 2,704,568 |
| | | | 7,281,136 |
| BEVERAGES (2.8%) |
| Coca-Cola Co. (The), 3.20%, 11/1/23 | 1,000,000 | | 1,082,511 |
| PepsiCo, Inc., 3.00%, 8/25/21 | 3,435,000 | | 3,508,466 |
| | | | 4,590,977 |
| BIOTECHNOLOGY (4.5%) |
| AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | | 1,823,264 |
| Amgen, Inc., 3.88%, 11/15/21, (Callable 8/15/21 @ 100) | 3,314,286 | | 3,403,253 |
| Celgene Corp., 3.87%, 8/15/25, (Callable 5/15/25 @ 100) | 1,000,000 | | 1,117,772 |
| Gilead Sciences, Inc., 4.40%, 12/1/21, (Callable 9/1/21 @ 100) | 1,000,000 | | 1,033,677 |
| | | | 7,377,966 |
| CAPITAL MARKETS (2.1%) |
| Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27 | 1,500,000 | | 1,856,119 |
| Morgan Stanley, 5.75%, 1/25/21 | 1,500,000 | | 1,518,714 |
| | | | 3,374,833 |
| CHEMICALS (0.7%) |
| Sherwin-Williams Co. (The), 3.80%, 8/15/49, (Callable 2/15/49 @ 100) | 1,000,000 | | 1,144,778 |
| COMMERCIAL SERVICES & SUPPLIES (1.4%) |
| Waste Management, Inc., 3.15%, 11/15/27, (Callable 8/15/27 @ 100) | 2,000,000 | | 2,248,472 |
| | Principal
Amount | | Value |
| COMMUNICATIONS EQUIPMENT (1.8%) |
| Cisco Systems, Inc., 2.50%, 9/20/26, (Callable 6/20/26 @ 100) | $ 2,000,000 | | $ 2,188,100 |
| Tyco Electronics Group SA, 4.88%, 1/15/21 | 750,000 | | 756,662 |
| | | | 2,944,762 |
| CONSUMER FINANCE (1.4%) |
| American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100) | 1,000,000 | | 1,085,145 |
| American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) | 1,000,000 | | 1,128,184 |
| | | | 2,213,329 |
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (0.7%) |
| Corning, Inc., 3.70%, 11/15/23, (Callable 8/15/23 @ 100) | 1,000,000 | | 1,077,546 |
| FOOD & STAPLES RETAILING (1.3%) |
| Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, (Callable 5/18/34 @ 100) | 1,000,000 | | 1,122,342 |
| Walmart, Inc., 4.25%, 4/15/21 | 1,000,000 | | 1,016,372 |
| | | | 2,138,714 |
| FOOD PRODUCTS (2.3%) |
| General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) | 1,000,000 | | 1,173,155 |
| J.M. Smucker Co. (The), 3.50%, 10/15/21 | 500,000 | | 514,813 |
| Tyson Foods, Inc., 4.50%, 6/15/22, (Callable 3/15/22 @ 100) | 2,000,000 | | 2,109,418 |
| | | | 3,797,386 |
| HEALTH CARE EQUIPMENT & SUPPLIES (1.3%) |
| Abbott Laboratories, 2.95%, 3/15/25, (Callable 12/15/24 @ 100) | 2,000,000 | | 2,191,419 |
| HEALTH CARE PROVIDERS & SERVICES (2.0%) |
| CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 2,000,000 | | 2,188,926 |
| Evernorth Health, Inc., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | | 1,153,891 |
| | | | 3,342,817 |
| HOTELS, RESTAURANTS & LEISURE (1.7%) |
| McDonald’s Corp., 3.70%, 1/30/26, (Callable 10/30/25 @ 100) | 1,500,000 | | 1,693,072 |
| Starbucks Corp., 3.75%, 12/1/47, (Callable 6/1/47 @ 100) | 1,000,000 | | 1,095,725 |
| | | | 2,788,797 |
| HOUSEHOLD DURABLES (0.6%) |
| Newell Brands, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,000,000 | | 1,025,000 |
| HOUSEHOLD PRODUCTS (0.7%) |
| Procter & Gamble Co. (The), 3.10%, 8/15/23 | 1,000,000 | | 1,076,241 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SELECT BOND FUND
| | Principal
Amount | | Value |
| INDUSTRIAL CONGLOMERATES (1.2%) |
| Honeywell International, Inc., 4.25%, 3/1/21 | $ 2,000,000 | | $ 2,026,424 |
| INSURANCE (1.3%) |
| Prudential Financial, Inc., 5.88% (US0003M + 418 bps), 9/15/42, (Callable 9/15/22 @ 100)(a) | 2,000,000 | | 2,115,758 |
| INTERNET & DIRECT MARKETING RETAIL (2.1%) |
| Amazon.com, Inc., 3.80%, 12/5/24, (Callable 9/5/24 @ 100) | 3,000,000 | | 3,364,233 |
| IT SERVICES (3.6%) |
| Fiserv, Inc., 4.20%, 10/1/28, (Callable 7/1/28 @ 100) | 1,000,000 | | 1,175,826 |
| Mastercard, Inc., 3.37%, 4/1/24 | 1,000,000 | | 1,097,751 |
| PayPal Holdings, Inc., 2.85%, 10/1/29, (Callable 7/1/29 @ 100) | 1,000,000 | | 1,091,039 |
| Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) | 2,000,000 | | 2,616,263 |
| | | | 5,980,879 |
| MACHINERY (1.3%) |
| Caterpillar, Inc., 3.90%, 5/27/21 | 1,000,000 | | 1,020,797 |
| John Deere Capital Corp., 3.45%, 3/13/25 | 1,000,000 | | 1,116,551 |
| | | | 2,137,348 |
| MEDIA (1.3%) |
| Comcast Corp., 3.70%, 4/15/24, (Callable 3/15/24 @ 100) | 2,000,000 | | 2,202,753 |
| MULTILINE RETAIL (0.7%) |
| Target Corp., 3.50%, 7/1/24 | 1,000,000 | | 1,108,217 |
| OIL, GAS & CONSUMABLE FUELS (4.0%) |
| Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100) | 724,000 | | 704,090 |
| ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) | 1,000,000 | | 1,190,324 |
| Gulf South Pipeline Co. LP, 4.00%, 6/15/22, (Callable 3/17/22 @ 100) | 1,500,000 | | 1,530,019 |
| Valero Energy Corp., 4.00%, 4/1/29, (Callable 1/1/29 @ 100) | 3,000,000 | | 3,131,228 |
| | | | 6,555,661 |
| PHARMACEUTICALS (0.5%) |
| Teva Pharmaceutical Finance, 3.65%, 11/10/21 | 901,000 | | 891,706 |
| ROAD & RAIL (1.3%) |
| Union Pacific Corp., 4.16%, 7/15/22, (Callable 4/15/22 @ 100) | 2,000,000 | | 2,107,871 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.1%) |
| Intel Corp., 4.00%, 12/15/32 | 2,000,000 | | 2,481,426 |
| | Principal
Amount | | Value |
| NVIDIA Corp., 2.85%, 4/1/30, (Callable 1/1/30 @ 100) | $ 2,000,000 | | $ 2,216,153 |
| Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | | 5,248,589 |
| | | | 9,946,168 |
| SOFTWARE (3.5%) |
| Adobe, Inc., 3.25%, 2/1/25, (Callable 11/1/24 @ 100) | 2,000,000 | | 2,209,353 |
| Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | 2,000,000 | | 2,405,405 |
| Salesforce.com, Inc., 3.70%, 4/11/28, (Callable 1/11/28 @ 100) | 1,000,000 | | 1,174,484 |
| | | | 5,789,242 |
| SPECIALTY RETAIL (2.7%) |
| Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | | 2,194,151 |
| Lowe's Cos., Inc., 3.65%, 4/5/29, (Callable 1/5/29 @ 100) | 1,000,000 | | 1,152,838 |
| Lowe's Cos., Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100) | 1,000,000 | | 1,027,114 |
| | | | 4,374,103 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (2.1%) |
| Apple, Inc., 1.65%, 5/11/30, (Callable 2/11/30 @ 100) | 2,000,000 | | 2,042,548 |
| Apple, Inc., 3.45%, 2/9/45 | 1,000,000 | | 1,172,856 |
| Xerox Corp., 4.50%, 5/15/21 | 290,000 | | 294,350 |
| | | | 3,509,754 |
| TEXTILES, APPAREL & LUXURY GOODS (2.1%) |
| NIKE, Inc., 2.85%, 3/27/30, (Callable 12/27/29 @ 100) | 3,000,000 | | 3,358,426 |
| THRIFTS & MORTGAGE FINANCE (0.2%) |
| Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35, (Callable 11/25/20 @ 100)(a) | 237,248 | | 241,422 |
TOTAL CORPORATE BONDS
(COST $108,308,372) | | | 114,629,252 |
| MUNICIPAL BONDS (0.3%) |
| Cedar Hill Independent School District, 1.79%, 2/15/21 | 250,000 | | 249,172 |
| Oklahoma Development Finance Authority Lease Revenue, 5.65%, 6/1/41, (Callable 6/1/21 @ 100) | 150,000 | | 154,355 |
TOTAL MUNICIPAL BONDS
(COST $401,310) | | | 403,527 |
| U.S. GOVERNMENT AGENCIES (7.5%) |
| Federal Farm Credit Bank, 3.00%, 11/25/30 | 1,000,000 | | 1,178,732 |
| Federal Home Loan Bank | | | |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SELECT BOND FUND
| | Principal
Amount | | Value |
| 2.50%, 5/23/22(b) | $ 1,000,000 | | $ 1,035,733 |
| 3.50%, 7/29/21 | 2,000,000 | | 2,049,738 |
| | | | 3,085,471 |
| Federal Home Loan Banks, 0.80%, 3/8/27 | 1,000,000 | | 988,876 |
| Federal Home Loan Mortgage Corp. | | | |
| 1.05%, 7/21/28, (Callable 7/21/21 @ 100) | 1,000,000 | | 975,312 |
| 2.25%, 2/26/21(b) | 50,000 | | 50,342 |
| 2.50%, 3/29/22(b) | 1,000,000 | | 1,032,213 |
| | | | 2,057,867 |
| Federal National Mortgage Association | | | |
| 0.40%, 10/29/24, (Callable 10/29/21 @ 100) | 1,000,000 | | 998,009 |
| 0.55%, 8/19/25, (Callable 8/19/22 @ 100) | 1,000,000 | | 995,498 |
| 0.56%, 10/28/25, (Callable 10/28/22 @ 100) | 1,000,000 | | 998,015 |
| 0.58%, 8/25/25, (Callable 2/25/22 @ 100) | 1,000,000 | | 993,188 |
| 0.60%, 8/28/25, (Callable 2/28/22 @ 100) | 1,000,000 | | 997,178 |
| | | | 4,981,888 |
TOTAL U.S. GOVERNMENT AGENCIES
(COST $12,066,891) | | | 12,292,834 |
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS (4.6%) |
| Federal Home Loan Mortgage Corp. | | | |
| 3.40% (US0012M + 179 bps), 10/1/37(a) | 23,421 | | 23,680 |
| 3.50%, 2/1/34 | 549,297 | | 581,890 |
| 3.50%, 10/1/49 | 906,672 | | 956,860 |
| 3.75% (H15T1Y + 225 bps), 5/1/36(a) | 30,519 | | 31,017 |
| 4.00%, 12/15/25 | 2,500,000 | | 2,756,761 |
| 5.00%, 11/1/37 | 9,543 | | 10,711 |
| 6.00%, 3/1/38 | 24,601 | | 28,823 |
| | | | 4,389,742 |
| Federal National Mortgage Association | | | |
| 0.57% (US0001M + 42 bps), 11/25/36(a) | 49,828 | | 50,091 |
| 2.69% (US0012M + 182 bps), 5/1/36(a) | 68,461 | | 72,049 |
| 3.50%, 2/1/43 | 485,280 | | 520,851 |
| 3.50%, 4/1/48 | 696,194 | | 778,584 |
| 3.91% (US0012M + 204 bps), 10/1/36(a) | 16,888 | | 16,873 |
| 4.00%, 9/1/33 | 380,040 | | 402,804 |
| 4.00%, 10/1/46 | 667,196 | | 724,210 |
| 5.00%, 1/1/35 | 15,218 | | 16,142 |
| | Principal
Amount | | Value |
| 5.50%, 9/1/36 | $ 9,374 | | $ 9,867 |
| 6.00%, 6/1/36 | 182,643 | | 200,211 |
| 6.00%, 9/1/36 | 42,181 | | 46,356 |
| 6.00%, 5/1/37 | 31,009 | | 35,181 |
| | | | 2,873,219 |
| Government National Mortgage Association | | | |
| 3.00% (H15T1Y + 150 bps), 1/20/39(a) | 9,645 | | 9,673 |
| 4.50%, 6/15/40 | 109,773 | | 121,137 |
| 4.50%, 8/20/38 | 61,582 | | 67,108 |
| 5.00%, 5/20/40 | 60,474 | | 65,796 |
| 5.50%, 12/20/38 | 7,369 | | 8,120 |
| 6.00%, 10/15/37 | 27,909 | | 33,687 |
| 6.00%, 6/15/37 | 25,660 | | 30,779 |
| 6.50%, 10/20/38 | 1,807 | | 1,978 |
| | | | 338,278 |
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS
(COST $7,098,535) | | | 7,601,239 |
| U.S. TREASURY OBLIGATIONS (11.9%) |
| U.S. Treasury Bond, 1.13%, 5/15/40 | 2,000,000 | | 1,908,125 |
| U.S. Treasury Notes | | | |
| 0.38%, 1/15/27 (TIPS) | 1,000,000 | | 1,174,702 |
| 1.62%, 11/30/26 | 1,000,000 | | 1,065,547 |
| 1.75%, 11/15/29 | 1,000,000 | | 1,083,828 |
| 2.00%, 11/15/21 | 5,000,000 | | 5,096,094 |
| 2.00%, 2/15/22 | 7,000,000 | | 7,167,343 |
| 2.00%, 11/30/20 | 2,000,000 | | 2,002,844 |
| | | | 17,590,358 |
TOTAL U.S. TREASURY OBLIGATIONS
(COST $19,050,090) | | | 19,498,483 |
| | Shares | | Value |
| MONEY MARKET FUND (4.0%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(c) | 6,636,273 | | $ 6,636,273 |
TOTAL MONEY MARKET FUND
(COST $6,636,273) | | | 6,636,273 |
| PREFERRED STOCKS (0.7%) |
| BANKS (0.2%) |
| JPMorgan Chase & Co. − Preferred, 6.10%(d) | 15,000 | | 379,350 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SELECT BOND FUND
| | Shares | | Value |
| INSURANCE (0.3%) |
| Globe Life, Inc. − Preferred, 6.13%(d) | 15,000 | | $ 388,050 |
| INTERNET & DIRECT MARKETING RETAIL (0.2%) |
| eBay, Inc. − Preferred, 6.00%(d) | 15,000 | | 383,250 |
TOTAL PREFERRED STOCKS
(COST $1,220,914) | | | 1,150,650 |
TOTAL INVESTMENTS
(COST $154,782,385) 98.9% | | | 162,212,258 |
| OTHER ASSETS IN EXCESS OF LIABILITIES 1.1% | | | 1,852,952 |
| NET ASSETS 100.0% | | | $ 164,065,210 |
| |
| (a) | Variable rate security. The interest rate shown represents the rate in effect at October 31, 2020. For securities based on published reference rate and spread, the reference rate and spread are indicated in the description. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (b) | Step Bond. Coupon rate is set for an initial period and then adjusted at a specified date. The rate shown represents the rate as of October 31, 2020. |
| (c) | 7-day current yield as of October 31, 2020 is disclosed. |
| (d) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
| bps — Basis Points |
| H15T1Y — 1 Year Treasury Constant Maturity Rate |
| LP — Limited Partnership |
| TIPS — Treasury Inflation-Protected Security |
| US0001M — 1 Month US Dollar LIBOR |
| US0003M — 3 Month US Dollar LIBOR |
| US0012M — 12 Month US Dollar LIBOR |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (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* |
| Equity Real Estate Investment Trusts | | 6.7% |
| Semiconductors & Semiconductor Equipment | | 5.6 |
| Specialty Retail | | 4.8 |
| Machinery | | 4.8 |
| Insurance | | 4.5 |
| Banks | | 4.2 |
| Software | | 3.9 |
| Health Care Equipment & Supplies | | 3.7 |
| Health Care Providers & Services | | 3.6 |
Electronic Equipment, Instruments
& Components | | 3.5 |
| Household Durables | | 3.0 |
| IT Services | | 2.5 |
| Chemicals | | 2.4 |
| Building Products | | 2.3 |
| Life Sciences Tools & Services | | 2.2 |
| Hotels, Restaurants & Leisure | | 2.1 |
| Auto Components | | 2.0 |
| Oil, Gas & Consumable Fuels | | 2.0 |
| Electrical Equipment | | 1.9 |
| Commercial Services & Supplies | | 1.8 |
| Capital Markets | | 1.8 |
| Metals & Mining | | 1.7 |
| Biotechnology | | 1.6 |
| Textiles, Apparel & Luxury Goods | | 1.4 |
| Food Products | | 1.4 |
| Aerospace & Defense | | 1.3 |
| Thrifts & Mortgage Finance | | 1.3 |
| Road & Rail | | 1.2 |
| Communications Equipment | | 1.2 |
| Leisure Products | | 1.1 |
| Media | | 1.1 |
| Professional Services | | 1.1 |
| Construction & Engineering | | 1.0 |
| Consumer Finance | | 1.0 |
| Industry Diversification | | Percent* |
| Pharmaceuticals | | 0.9% |
| Air Freight & Logistics | | 0.8 |
| Food & Staples Retailing | | 0.8 |
| Money Market Fund | | 0.8 |
| Diversified Consumer Services | | 0.7 |
| Multiline Retail | | 0.7 |
| Energy Equipment & Services | | 0.7 |
| Trading Companies & Distributors | | 0.7 |
| Gas Utilities | | 0.6 |
| Health Care Technology | | 0.6 |
| Electric Utilities | | 0.5 |
| Automobiles | | 0.5 |
| Internet & Direct Marketing Retail | | 0.5 |
| Containers & Packaging | | 0.5 |
| Real Estate Management & Development | | 0.4 |
| Airlines | | 0.4 |
| Water Utilities | | 0.4 |
| Mortgage Real Estate Investment Trusts | | 0.4 |
| Paper & Forest Products | | 0.4 |
| Diversified Telecommunication Services | | 0.4 |
| Multi-Utilities | | 0.3 |
| Personal Products | | 0.3 |
| Industrial Conglomerates | | 0.3 |
| Household Products | | 0.3 |
| Entertainment | | 0.2 |
| Technology Hardware, Storage & Peripherals | | 0.2 |
| Beverages | | 0.2 |
| Wireless Telecommunication Services | | 0.2 |
| Construction Materials | | 0.2 |
| Interactive Media & Services | | 0.2 |
| Diversified Financial Services | | 0.2 |
| Marine | | 0.1 |
| Total Investments | | 100.1% |
| * | Percentages indicated are based on net assets as of October 31, 2020.
|
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| COMMON STOCKS (99.3%) |
| AEROSPACE & DEFENSE (1.3%) |
| AAR Corp. | 1,810 | | $ 35,223 |
| Aerojet Rocketdyne Holdings, Inc.(a) | 7,810 | | 253,200 |
| AeroVironment, Inc.(a) | 1,120 | | 85,523 |
| Axon Enterprise, Inc.(a) | 8,940 | | 884,166 |
| Cubic Corp. | 1,840 | | 108,763 |
| Curtiss-Wright Corp. | 1,830 | | 154,379 |
| Hexcel Corp. | 6,670 | | 223,312 |
| Kaman Corp. | 1,040 | | 41,246 |
| Mercury Computer Systems, Inc.(a) | 7,950 | | 547,596 |
| Moog, Inc., Class A | 1,470 | | 91,713 |
| National Presto Industries, Inc. | 70 | | 5,816 |
| Park Aerospace Corp. | 770 | | 8,154 |
| Triumph Group, Inc. | 15,560 | | 102,696 |
| | | | 2,541,787 |
| AIR FREIGHT & LOGISTICS (0.8%) |
| Atlas Air Worldwide Holdings(a) | 9,760 | | 577,401 |
| Echo Global Logistics, Inc.(a) | 9,500 | | 256,215 |
| Forward Air Corp. | 3,610 | | 227,322 |
| Hub Group, Inc., Class A(a) | 3,530 | | 176,959 |
| XPO Logistics, Inc.(a) | 5,350 | | 481,500 |
| | | | 1,719,397 |
| AIRLINES (0.4%) |
| Allegiant Travel Co. | 1,796 | | 242,029 |
| Hawaiian Holdings, Inc. | 7,130 | | 98,750 |
| JetBlue Airways Corp.(a) | 27,430 | | 328,337 |
| SkyWest, Inc. | 2,480 | | 71,994 |
| | | | 741,110 |
| AUTO COMPONENTS (2.0%) |
| Adient PLC(a) | 10,110 | | 214,534 |
| American Axle & Manufacturing Holdings, Inc.(a) | 20,670 | | 138,902 |
| Cooper Tire & Rubber Co. | 6,060 | | 208,404 |
| Cooper-Standard Holdings, Inc.(a) | 8,760 | | 137,444 |
| Dana, Inc. | 19,310 | | 270,147 |
| Dorman Products, Inc.(a) | 1,530 | | 136,583 |
| Fox Factory Holding Corp.(a) | 6,370 | | 535,590 |
| Gentex Corp. | 15,930 | | 440,783 |
| Gentherm, Inc.(a) | 1,860 | | 86,099 |
| Goodyear Tire & Rubber Co. (The) | 31,840 | | 263,635 |
| LCI Industries | 3,890 | | 426,578 |
| Lear Corp. | 3,610 | | 436,124 |
| Motorcar Parts of America, Inc.(a) | 1,910 | | 28,134 |
| Patrick Industries, Inc. | 8,415 | | 469,136 |
| | Shares | | Value |
| Standard Motor Products, Inc. | 1,160 | | $ 53,128 |
| Visteon Corp.(a) | 1,390 | | 124,614 |
| | | | 3,969,835 |
| AUTOMOBILES (0.5%) |
| Harley-Davidson, Inc. | 6,720 | | 220,954 |
| Thor Industries, Inc. | 4,290 | | 362,848 |
| Winnebago Industries, Inc. | 11,130 | | 522,553 |
| | | | 1,106,355 |
| BANKS (4.2%) |
| Allegiance Bancshares, Inc. | 690 | | 19,527 |
| Ameris Bancorp | 3,102 | | 90,889 |
| Associated Bancorp | 15,098 | | 206,692 |
| Banc of California, Inc. | 2,870 | | 34,440 |
| BancorpSouth Bank | 4,230 | | 99,024 |
| Bank of Hawaii Corp. | 1,120 | | 67,917 |
| Bank OZK | 9,050 | | 224,259 |
| BankUnited, Inc. | 1,090 | | 27,522 |
| Banner Corp. | 730 | | 26,915 |
| Berkshire Hills Bancorp, Inc. | 4,870 | | 63,456 |
| Boston Private Financial Holdings, Inc. | 6,700 | | 41,406 |
| Brookline Bancorp, Inc. | 6,100 | | 58,438 |
| Cadence BanCorp | 13,230 | | 148,441 |
| Cathay General Bancorp | 2,920 | | 68,708 |
| Central Pacific Financial Corp. | 1,180 | | 16,249 |
| CIT Group, Inc. | 4,490 | | 132,230 |
| Columbia Banking System, Inc. | 3,710 | | 105,401 |
| Commerce Bancshares, Inc. | 5,354 | | 333,286 |
| Community Bank System, Inc. | 2,680 | | 155,413 |
| Cullen/Frost Bankers, Inc. | 2,460 | | 172,864 |
| Customers Bancorp, Inc.(a) | 4,520 | | 62,466 |
| CVB Financial Corp. | 6,320 | | 110,600 |
| Dime Community Bancshares, Inc. | 1,500 | | 18,975 |
| Eagle Bancorp, Inc. | 320 | | 9,574 |
| East West Bancorp, Inc. | 7,210 | | 263,021 |
| F.N.B. Corp. | 24,300 | | 183,708 |
| FB Financial Corp. | 743 | | 21,918 |
| First BanCorp | 14,592 | | 94,702 |
| First Commonwealth Financial Corp. | 4,960 | | 42,755 |
| First Financial Bancorp | 4,760 | | 68,068 |
| First Financial Bankshares, Inc. | 7,880 | | 234,903 |
| First Horizon National Corp. | 18,520 | | 192,793 |
| First Midwest Bancorp, Inc. | 6,240 | | 78,312 |
| Fulton Financial Corp. | 11,140 | | 122,429 |
| Glacier Bancorp, Inc. | 4,760 | | 170,408 |
| Great Western Bancorp, Inc. | 3,280 | | 42,607 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Hancock Holding Corp. | 5,729 | | $ 131,022 |
| Hanmi Financial Corp. | 2,251 | | 20,236 |
| Heritage Financial Corp. | 1,430 | | 29,973 |
| Home Bancshares, Inc. | 9,712 | | 161,219 |
| Hope Bancorp, Inc. | 8,372 | | 67,562 |
| Independent Bank Corp. - Massachusetts | 1,040 | | 59,582 |
| Independent Bank Group, Inc. | 1,400 | | 72,212 |
| International Bancshares Corp. | 2,710 | | 75,013 |
| National Bank Holdings Corp., Class A | 1,950 | | 58,792 |
| NBT Bancorp | 1,820 | | 49,832 |
| OFG Bancorp | 2,890 | | 41,587 |
| Old National Bancorp | 12,610 | | 176,288 |
| Pacific Premier Bancorp, Inc. | 7,992 | | 203,796 |
| PacWest Bancorp | 8,330 | | 160,269 |
| Park National Corp. | 450 | | 41,242 |
| Pinnacle Financial Partners, Inc. | 3,860 | | 176,749 |
| Preferred Bank/Los Angeles, CA | 2,210 | | 74,764 |
| Prosperity Bancshares, Inc. | 4,391 | | 241,988 |
| Renasant Corp. | 790 | | 22,523 |
| Seacoast Banking Corporation of Florida(a) | 3,510 | | 75,395 |
| ServisFirst Bancshares, Inc. | 4,140 | | 152,766 |
| Signature Bank | 2,180 | | 176,013 |
| Simmons First National Corp., Class A | 8,140 | | 138,299 |
| Southside Bancshares, Inc. | 1,154 | | 31,112 |
| Sterling Bancorp | 17,099 | | 228,785 |
| Synovus Financial Corp. | 8,772 | | 228,072 |
| TCF Financial Corp. | 8,961 | | 243,829 |
| Texas Capital Bancshares, Inc.(a) | 3,230 | | 145,350 |
| Triumph Bancorp, Inc.(a) | 1,460 | | 61,510 |
| Trustmark Corp. | 3,420 | | 79,994 |
| UMB Financial Corp. | 1,680 | | 102,262 |
| Umpqua Holdings Corp. | 20,610 | | 258,862 |
| United Bankshares, Inc. | 6,393 | | 167,688 |
| United Community Banks, Inc. | 5,222 | | 109,349 |
| Valley National Bancorp | 19,464 | | 148,705 |
| Veritex Holdings, Inc. | 2,223 | | 43,860 |
| Webster Financial Corp. | 4,290 | | 138,181 |
| Westamerica BanCorp | 1,210 | | 63,368 |
| Wintrust Financial Corp. | 3,200 | | 157,536 |
| | | | 8,425,901 |
| BEVERAGES (0.2%) |
| Coca-Cola Consolidated, Inc. | 1,271 | | 290,995 |
| National Beverage Corp.(a) | 840 | | 65,764 |
| | | | 356,759 |
| | Shares | | Value |
| BIOTECHNOLOGY (1.6%) |
| Anika Therapeutics, Inc.(a) | 3,790 | | $ 123,630 |
| Arrowhead Pharmaceuticals, Inc.(a) | 12,260 | | 702,498 |
| Coherus Biosciences, Inc.(a) | 2,970 | | 49,510 |
| Cytokinetics, Inc.(a) | 4,340 | | 66,706 |
| Eagle Pharmaceuticals, Inc.(a) | 5,790 | | 269,351 |
| Emergent BioSolutions, Inc.(a) | 2,520 | | 226,725 |
| Enanta Pharmaceuticals, Inc.(a) | 3,540 | | 154,450 |
| Exelixis, Inc.(a) | 31,040 | | 635,699 |
| Ligand Pharmaceuticals, Inc.(a) | 3,260 | | 268,787 |
| Myriad Genetics, Inc.(a) | 4,300 | | 53,449 |
| REGENXBIO, Inc.(a) | 4,220 | | 121,367 |
| Spectrum Pharmaceuticals, Inc.(a) | 12,140 | | 41,640 |
| United Therapeutics Corp.(a) | 2,403 | | 322,555 |
| Vanda Pharmaceuticals, Inc.(a) | 3,970 | | 42,439 |
| Xencor, Inc.(a) | 3,540 | | 135,865 |
| | | | 3,214,671 |
| BUILDING PRODUCTS (2.3%) |
| AAON, Inc. | 4,898 | | 286,092 |
| American Woodmark Corp.(a) | 4,390 | | 362,658 |
| Apogee Enterprises, Inc. | 990 | | 23,651 |
| Builders FirstSource, Inc.(a) | 6,480 | | 196,344 |
| Gibraltar Industries, Inc.(a) | 1,840 | | 105,708 |
| Griffon Corp. | 19,150 | | 410,576 |
| Insteel Industries, Inc. | 960 | | 20,890 |
| Lennox International, Inc. | 1,759 | | 477,850 |
| Owens Corning | 6,060 | | 396,748 |
| PGT Innovations, Inc.(a) | 4,250 | | 70,465 |
| Quanex Building Products Corp. | 3,355 | | 61,061 |
| Resideo Technologies, Inc.(a) | 29,220 | | 294,538 |
| Simpson Manufacturing Co., Inc. | 5,780 | | 512,801 |
| Trex Co., Inc.(a) | 12,620 | | 877,595 |
| UFP Industries, Inc. | 9,790 | | 488,619 |
| | | | 4,585,596 |
| CAPITAL MARKETS (1.8%) |
| Affiliated Managers Group, Inc. | 1,980 | | 149,233 |
| Blucora, Inc.(a) | 3,730 | | 37,114 |
| Brightsphere Investment Group, Inc. | 2,130 | | 29,394 |
| Donnelley Financial Solutions, Inc.(a) | 14,241 | | 179,864 |
| Eaton Vance Corp. | 6,240 | | 373,090 |
| Evercore Partners, Inc., Class A | 2,180 | | 173,397 |
| FactSet Research Systems, Inc. | 2,028 | | 621,582 |
| Federated Hermes, Inc. | 5,590 | | 133,601 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Greenhill & Co., Inc. | 1,360 | | $ 17,585 |
| Interactive Brokers Group, Inc., Class A | 4,170 | | 198,367 |
| Janus Henderson Group PLC | 11,470 | | 278,721 |
| Piper Sandler Cos. | 730 | | 60,918 |
| SEI Investments Co. | 6,500 | | 319,475 |
| Stifel Financial Corp. | 3,825 | | 223,609 |
| StoneX Group, Inc.(a) | 4,670 | | 247,417 |
| Virtus Investment Partners, Inc. | 3,677 | | 586,665 |
| Waddell & Reed Financial, Inc., Class A | 4,850 | | 74,447 |
| WisdomTree Investments, Inc. | 6,910 | | 25,152 |
| | | | 3,729,631 |
| CHEMICALS (2.4%) |
| AdvanSix, Inc.(a) | 7,020 | | 106,844 |
| American Vanguard Corp. | 1,350 | | 17,442 |
| Ashland Global Holdings, Inc. | 2,800 | | 195,356 |
| Avient Corp. | 4,750 | | 147,583 |
| Balchem Corp. | 1,645 | | 164,418 |
| Cabot Corp. | 2,920 | | 110,989 |
| Chemours Co. (The) | 13,400 | | 269,876 |
| Ferro Corp.(a) | 4,310 | | 55,427 |
| FutureFuel Corp. | 1,390 | | 16,527 |
| GCP Applied Technologies, Inc.(a) | 2,420 | | 52,780 |
| H.B. Fuller Co. | 2,980 | | 134,845 |
| Hawkins, Inc. | 540 | | 25,223 |
| Ingevity Corp.(a) | 1,920 | | 105,370 |
| Innospec, Inc. | 3,720 | | 246,041 |
| Koppers Holdings, Inc.(a) | 9,290 | | 208,375 |
| Kraton Performance Polymers, Inc. (a) | 8,460 | | 239,418 |
| Livent Corp.(a) | 7,650 | | 82,238 |
| Minerals Technologies, Inc. | 2,700 | | 147,663 |
| NewMarket Corp. | 209 | | 74,757 |
| Olin Corp. | 15,930 | | 263,642 |
| Quaker Chemical Corp. | 650 | | 124,014 |
| Rayonier, Inc.(a) | 51,573 | | 176,895 |
| RPM International, Inc. | 6,950 | | 588,456 |
| Scotts Miracle-Gro Co. (The) | 4,350 | | 652,717 |
| Sensient Technologies Corp. | 2,020 | | 132,169 |
| Stepan Co. | 1,110 | | 129,248 |
| Tredegar Corp. | 2,040 | | 29,743 |
| Trinseo SA | 3,890 | | 123,780 |
| Valvoline, Inc. | 10,396 | | 204,489 |
| | | | 4,826,325 |
| COMMERCIAL SERVICES & SUPPLIES (1.8%) |
| ABM Industries, Inc. | 6,290 | | 218,389 |
| Brady Corp., Class A | 2,500 | | 94,300 |
| Brink's Co. (The) | 3,460 | | 148,192 |
| | Shares | | Value |
| Clean Harbors, Inc.(a) | 3,720 | | $ 197,048 |
| Deluxe Corp. | 2,300 | | 49,312 |
| Harsco Corp.(a) | 5,760 | | 74,304 |
| Healthcare Services Group, Inc. | 4,472 | | 102,319 |
| Herman Miller, Inc. | 5,900 | | 179,773 |
| HNI Corp. | 2,310 | | 75,191 |
| IAA, Inc.(a) | 7,360 | | 416,502 |
| Interface, Inc. | 5,560 | | 34,083 |
| KAR Auction Services, Inc. | 11,170 | | 162,635 |
| Matthews International Corp., Class A | 2,160 | | 47,153 |
| MSA Safety, Inc. | 1,990 | | 262,521 |
| Pitney Bowes, Inc. | 27,950 | | 148,415 |
| R.R. Donnelley & Sons Co. | 42,533 | | 49,764 |
| Stericycle, Inc.(a) | 4,910 | | 305,893 |
| Team, Inc.(a) | 12,050 | | 64,588 |
| Tetra Tech, Inc. | 5,510 | | 556,014 |
| UniFirst Corp. | 1,750 | | 286,667 |
| US Ecology, Inc. | 1,600 | | 48,832 |
| Viad Corp. | 1,360 | | 27,200 |
| | | | 3,549,095 |
| COMMUNICATIONS EQUIPMENT (1.2%) |
| ADTRAN, Inc. | 2,480 | | 26,511 |
| Applied Optoelectronics, Inc.(a) | 6,950 | | 61,021 |
| CalAmp Corp.(a) | 4,110 | | 29,099 |
| Ciena Corp.(a) | 8,300 | | 326,937 |
| Comtech Telecommunications Corp. | 5,260 | | 75,744 |
| Digi International, Inc.(a) | 11,630 | | 171,310 |
| Extreme Networks, Inc.(a) | 21,940 | | 89,076 |
| Harmonic, Inc.(a) | 24,620 | | 146,243 |
| InterDigital, Inc. | 1,820 | | 101,884 |
| Lumentum Holdings, Inc.(a) | 7,685 | | 635,473 |
| NETGEAR, Inc.(a) | 4,120 | | 126,978 |
| NetScout Systems, Inc.(a) | 6,330 | | 129,891 |
| Plantronics, Inc. | 1,900 | | 37,088 |
| ViaSat, Inc.(a) | 3,250 | | 110,175 |
| Viavi Solutions, Inc.(a) | 22,820 | | 281,827 |
| | | | 2,349,257 |
| CONSTRUCTION & ENGINEERING (1.0%) |
| AECOM Technology Corp.(a) | 11,172 | | 500,952 |
| Aegion Corp.(a) | 3,660 | | 51,643 |
| Arcosa, Inc. | 4,183 | | 193,129 |
| Comfort Systems USA, Inc. | 1,920 | | 87,936 |
| Dycom Industries, Inc.(a) | 3,230 | | 209,756 |
| EMCOR Group, Inc. | 2,440 | | 166,384 |
| Fluor Corp. | 7,200 | | 81,720 |
| Granite Construction, Inc. | 7,140 | | 137,873 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| MasTec, Inc.(a) | 9,040 | | $ 448,746 |
| MYR Group, Inc.(a) | 800 | | 34,200 |
| Valmont Industries, Inc. | 930 | | 132,013 |
| | | | 2,044,352 |
| CONSTRUCTION MATERIALS (0.2%) |
| Eagle Materials, Inc. | 3,450 | | 294,112 |
| U.S. Concrete, Inc.(a) | 2,180 | | 74,033 |
| | | | 368,145 |
| CONSUMER FINANCE (1.0%) |
| Encore Capital Group, Inc.(a) | 3,390 | | 108,243 |
| Enova International, Inc.(a) | 12,583 | | 193,149 |
| EZCORP, Inc., Class A(a) | 44,690 | | 199,317 |
| FirstCash, Inc. | 2,028 | | 105,537 |
| Green Dot Corp., Class A(a) | 5,280 | | 281,529 |
| LendingTree, Inc.(a) | 1,652 | | 534,571 |
| Navient Corp. | 19,270 | | 154,353 |
| PRA Group, Inc.(a) | 2,990 | | 102,049 |
| SLM Corp. | 28,740 | | 264,121 |
| World Acceptance Corp.(a) | 260 | | 21,837 |
| | | | 1,964,706 |
| CONTAINERS & PACKAGING (0.5%) |
| AptarGroup, Inc. | 3,340 | | 381,061 |
| Greif, Inc., Class A | 3,470 | | 140,847 |
| Myers Industries, Inc. | 1,870 | | 26,816 |
| O-I Glass, Inc. | 11,100 | | 104,673 |
| Silgan Holdings, Inc. | 4,570 | | 157,436 |
| Sonoco Products Co. | 5,410 | | 264,495 |
| | | | 1,075,328 |
| DIVERSIFIED CONSUMER SERVICES (0.7%) |
| Adtalem Global Education, Inc.(a) | 4,890 | | 114,621 |
| American Public Education, Inc.(a) | 1,300 | | 36,751 |
| Graham Holdings Co., Class B | 297 | | 112,961 |
| Grand Canyon Education, Inc.(a) | 2,860 | | 224,138 |
| H&R Block, Inc. | 9,330 | | 161,036 |
| Perdoceo Education Corp.(a) | 6,540 | | 73,837 |
| Regis Corp.(a) | 3,950 | | 21,883 |
| Service Corp. International | 10,520 | | 487,181 |
| Strategic Education, Inc. | 1,329 | | 110,387 |
| WW International, Inc.(a) | 2,880 | | 60,941 |
| | | | 1,403,736 |
| DIVERSIFIED FINANCIAL SERVICES (0.2%) |
| Jefferies Financial Group, Inc. | 18,420 | | 359,374 |
| | Shares | | Value |
| DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%) |
| ATN International, Inc. | 380 | | $ 16,986 |
| Cincinnati Bell, Inc.(a) | 2,952 | | 44,428 |
| Cogent Communications Holdings, Inc. | 4,360 | | 243,288 |
| Consolidated Communications Holdings, Inc.(a) | 56,600 | | 264,322 |
| Iridium Communications, Inc.(a) | 5,510 | | 145,519 |
| Vonage Holdings Corp.(a) | 13,810 | | 146,110 |
| | | | 860,653 |
| ELECTRIC UTILITIES (0.5%) |
| ALLETE, Inc. | 2,310 | | 119,150 |
| Hawaiian Electric Industries, Inc. | 6,070 | | 200,553 |
| IDACORP, Inc. | 2,450 | | 214,938 |
| OGE Energy Corp. | 10,600 | | 326,162 |
| PNM Resources, Inc. | 4,590 | | 229,500 |
| | | | 1,090,303 |
| ELECTRICAL EQUIPMENT (1.9%) |
| Acuity Brands, Inc. | 1,760 | | 156,886 |
| AZZ, Inc. | 1,120 | | 37,621 |
| Encore Wire Corp. | 560 | | 25,878 |
| EnerSys | 2,040 | | 146,064 |
| Generac Holdings, Inc.(a) | 7,600 | | 1,597,140 |
| Hubbell, Inc. | 4,020 | | 584,950 |
| nVent Electric PLC | 8,980 | | 162,089 |
| Powell Industries, Inc. | 50 | | 1,182 |
| Regal Beloit Corp. | 2,790 | | 275,233 |
| Sunrun, Inc.(a) | 8,340 | | 433,847 |
| Vicor Corp.(a) | 4,300 | | 335,400 |
| | | | 3,756,290 |
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (3.5%) |
| Arlo Technologies, Inc.(a) | 3,851 | | 17,175 |
| Arrow Electronics, Inc.(a) | 5,950 | | 463,445 |
| Avnet, Inc. | 9,420 | | 232,391 |
| Badger Meter, Inc. | 1,490 | | 109,277 |
| Bel Fuse, Inc., Class B | 6,900 | | 80,799 |
| Belden CDT, Inc. | 1,880 | | 58,054 |
| Benchmark Electronics, Inc. | 2,410 | | 50,200 |
| Cognex Corp. | 12,300 | | 810,570 |
| Coherent, Inc.(a) | 2,424 | | 303,339 |
| CTS Corp. | 2,250 | | 62,190 |
| Daktronics, Inc. | 24,320 | | 94,848 |
| ePlus, Inc.(a) | 360 | | 24,304 |
| Fabrinet (a) | 4,840 | | 290,497 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| FARO Technologies, Inc.(a) | 880 | | $ 53,011 |
| II-VI, Inc.(a) | 7,011 | | 318,790 |
| Insight Enterprises, Inc.(a) | 1,960 | | 104,566 |
| Itron, Inc.(a) | 4,620 | | 313,929 |
| Jabil Circuit, Inc. | 16,190 | | 536,537 |
| Knowles Corp.(a) | 5,710 | | 81,368 |
| Littelfuse, Inc. | 1,195 | | 236,538 |
| Methode Electronics, Inc. | 1,950 | | 60,002 |
| MTS Systems Corp. | 800 | | 19,424 |
| National Instruments Corp. | 6,495 | | 203,164 |
| OSI Systems, Inc.(a) | 3,910 | | 301,696 |
| PC Connection, Inc. | 480 | | 21,864 |
| Plexus Corp.(a) | 3,960 | | 275,378 |
| Rogers Corp.(a) | 1,760 | | 213,347 |
| Sanmina Corp.(a) | 9,030 | | 220,693 |
| ScanSource, Inc.(a) | 5,650 | | 113,565 |
| SYNNEX Corp. | 3,398 | | 447,313 |
| Trimble Navigation Ltd.(a) | 13,290 | | 639,648 |
| TTM Technologies, Inc.(a) | 16,630 | | 197,398 |
| Vishay Intertechnology, Inc. | 8,280 | | 134,302 |
| | | | 7,089,622 |
| ENERGY EQUIPMENT & SERVICES (0.7%) |
| Archrock, Inc. | 20,720 | | 122,870 |
| Bristow Group, Inc.(a) | 4,130 | | 85,821 |
| ChampionX Corp.(a) | 6,970 | | 60,848 |
| Core Laboratories N.V. | 2,030 | | 29,334 |
| DMC Global, Inc. | 9,340 | | 332,224 |
| Dril-Quip, Inc.(a) | 1,350 | | 34,965 |
| Exterran Corp.(a) | 29,255 | | 123,749 |
| Geospace Technologies Corp.(a) | 12,360 | | 63,407 |
| Helix Energy Solutions Group, Inc.(a) | 30,130 | | 74,722 |
| Helmerich & Payne, Inc. | 6,160 | | 91,599 |
| Matrix Service Co.(a) | 7,370 | | 56,012 |
| Nabors Industries Ltd. | 338 | | 9,606 |
| Oceaneering International, Inc.(a) | 14,110 | | 57,569 |
| Oil States International, Inc.(a) | 12,080 | | 30,079 |
| Patterson-UTI Energy, Inc. | 26,360 | | 67,482 |
| ProPetro Holding Corp.(a) | 26,400 | | 104,280 |
| RPC, Inc.(a) | 32,300 | | 76,874 |
| SEACOR Holdings, Inc.(a) | 470 | | 14,396 |
| US Silica Holdings, Inc. | 23,870 | | 64,926 |
| | | | 1,500,763 |
| ENTERTAINMENT (0.2%) |
| Cinemark Holdings, Inc. | 6,410 | | 52,498 |
| Glu Mobile, Inc.(a) | 29,810 | | 213,439 |
| | Shares | | Value |
| Marcus Corp. (The) | 2,660 | | $ 19,498 |
| World Wrestling Entertainment, Inc., Class A | 2,750 | | 99,990 |
| | | | 385,425 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (6.7%) |
| Acadia Realty Trust | 5,897 | | 55,019 |
| Agree Realty Corp. | 4,350 | | 270,004 |
| Alexander & Baldwin, Inc. | 5,813 | | 74,697 |
| American Assets Trust, Inc. | 2,570 | | 53,790 |
| American Campus Communities, Inc. | 8,220 | | 307,921 |
| Armada Hoffler Properties, Inc. | 9,190 | | 82,802 |
| Brixmor Property Group, Inc. | 15,740 | | 172,510 |
| Camden Property Trust | 5,140 | | 474,114 |
| CareTrust REIT, Inc. | 5,808 | | 99,317 |
| Chatham Lodging Trust | 2,050 | | 15,068 |
| Community Healthcare Trust, Inc. | 7,630 | | 353,269 |
| Corecivic, Inc. | 14,638 | | 93,830 |
| Coresite Realty Corp. | 2,240 | | 267,366 |
| Corporate Office Properties Trust | 5,850 | | 131,215 |
| Cousins Properties, Inc. | 12,349 | | 314,653 |
| Cyrusone, Inc. | 6,320 | | 449,036 |
| DiamondRock Hospitality Co. | 15,570 | | 76,916 |
| Diversified Healthcare Trust | 30,200 | | 87,429 |
| Douglas Emmett, Inc. | 9,010 | | 212,636 |
| Easterly Government Properties, Inc. | 4,400 | | 91,960 |
| EastGroup Properties, Inc. | 3,090 | | 411,217 |
| EPR Properties | 3,900 | | 92,976 |
| Essential Properties Realty Trust, Inc. | 23,670 | | 391,028 |
| First Industrial Realty Trust, Inc. | 7,330 | | 291,807 |
| Four Corners Property Trust, Inc. | 5,927 | | 150,190 |
| Franklin Street Properties Corp. | 3,260 | | 13,692 |
| Geo Group, Inc. (The) | 13,904 | | 123,189 |
| Getty Realty Corp. | 2,470 | | 64,912 |
| Global Net Lease, Inc. | 4,270 | | 60,762 |
| Healthcare Realty Trust, Inc. | 7,960 | | 221,288 |
| Hersha Hospitality Trust | 8,430 | | 41,307 |
| Highwoods Properties, Inc. | 5,760 | | 171,475 |
| Hudson Pacific Properties, Inc. | 4,900 | | 94,374 |
| Independence Realty Trust, Inc. | 2,480 | | 30,132 |
| Industrial Logistics Properties Trust | 2,480 | | 47,566 |
| Innovative Industrial Properties, Inc. | 8,140 | | 949,368 |
| Investors Real Estate Trust | 600 | | 40,446 |
| iStar, Inc. | 14,020 | | 165,436 |
| JBG Smith Properties | 6,400 | | 149,440 |
| Kilroy Realty Corp. | 4,900 | | 230,692 |
| Kite Realty Group Trust | 7,835 | | 81,171 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Lamar Advertising Co. | 4,520 | | $ 280,059 |
| Lexington Corporate Properties Trust | 15,915 | | 158,036 |
| Life Storage, Inc. | 2,600 | | 296,790 |
| LTC Properties, Inc. | 2,300 | | 75,923 |
| Macerich Co. (The) | 4,879 | | 33,958 |
| Mack-Cali Realty Corp. | 5,020 | | 55,170 |
| Medical Properties Trust, Inc. | 31,440 | | 560,261 |
| National Retail Properties, Inc. | 9,550 | | 305,695 |
| National Storage Affiliates | 3,830 | | 129,799 |
| NexPoint Residential Trust, Inc. | 1,330 | | 58,946 |
| Office Properties Income Trust | 2,397 | | 44,129 |
| Omega Healthcare Investors, Inc. | 12,206 | | 351,655 |
| Park Hotels & Resorts, Inc. | 20,004 | | 198,640 |
| Pebblebrook Hotel Trust | 11,446 | | 137,123 |
| Physicians Realty Trust | 5,000 | | 84,300 |
| Potlatch Corp. | 4,022 | | 167,114 |
| PS Business Parks, Inc. | 570 | | 64,997 |
| Rayonier, Inc. | 7,010 | | 177,914 |
| Retail Opportunity Investments Corp. | 8,910 | | 86,694 |
| Rexford Industrial Realty, Inc. | 11,570 | | 537,542 |
| RPT Realty | 2,440 | | 11,932 |
| Sabra Health Care REIT, Inc. | 12,749 | | 167,777 |
| Safehold, Inc. | 12,410 | | 854,056 |
| Service Properties Trust | 8,860 | | 63,881 |
| Spirit Realty Capital, Inc. | 5,070 | | 152,353 |
| STORE Capital Corp. | 11,100 | | 285,270 |
| Summit Hotel Properties, Inc. | 13,160 | | 69,485 |
| Tanger Factory Outlet Centers | 6,800 | | 42,092 |
| Taubman Centers, Inc. | 3,340 | | 111,623 |
| Uniti Group, Inc. | 10,194 | | 89,911 |
| Universal Health Realty Income Trust | 1,200 | | 64,164 |
| Urban Edge Properties | 5,600 | | 52,640 |
| Urstadt Biddle Properties, Inc., Class A | 3,470 | | 33,000 |
| Washington Prime Group, Inc. | 34,820 | | 20,387 |
| Washington Real Estate | 3,790 | | 66,249 |
| Weingarten Realty Investors | 7,820 | | 124,025 |
| Whitestone REIT | 1,040 | | 6,198 |
| Xenia Hotels & Resorts, Inc. | 9,190 | | 75,726 |
| | | | 13,601,534 |
| FOOD & STAPLES RETAILING (0.8%) |
| Andersons, Inc. (The) | 10,725 | | 232,625 |
| BJ's Wholesale Club Holdings, Inc.(a) | 11,350 | | 434,591 |
| Chefs' Warehouse, Inc. (The)(a) | 1,640 | | 22,173 |
| Grocery Outlet Holding Corp.(a) | 4,410 | | 194,128 |
| PriceSmart, Inc. | 1,270 | | 87,630 |
| SpartanNash Co. | 16,584 | | 305,311 |
| | Shares | | Value |
| Sprouts Farmers Market, Inc.(a) | 10,190 | | $ 194,120 |
| United Natural Foods, Inc.(a) | 11,680 | | 170,178 |
| | | | 1,640,756 |
| FOOD PRODUCTS (1.4%) |
| B&G Foods, Inc. | 8,190 | | 217,526 |
| Calavo Growers, Inc. | 820 | | 55,047 |
| Cal-Maine Foods, Inc.(a) | 1,710 | | 65,578 |
| Darling Ingredients, Inc.(a) | 9,310 | | 400,330 |
| Flowers Foods, Inc. | 10,913 | | 257,329 |
| Fresh Del Monte Produce, Inc. | 6,400 | | 137,792 |
| Hain Celestial Group Inc. (The)(a) | 4,470 | | 137,452 |
| Ingredion, Inc. | 3,370 | | 238,899 |
| J & J Snack Foods Corp. | 770 | | 104,389 |
| John B. Sanfilippo & Son, Inc. | 1,380 | | 100,409 |
| Lancaster Colony Corp. | 1,200 | | 199,368 |
| Pilgrim's Pride Corp.(a) | 3,670 | | 61,436 |
| Post Holdings, Inc.(a) | 3,145 | | 270,155 |
| Sanderson Farms, Inc. | 1,910 | | 244,423 |
| Seneca Foods Corp., Class A(a) | 4,580 | | 168,773 |
| Tootsie Roll Industries, Inc. | 986 | | 29,462 |
| TreeHouse Foods, Inc.(a) | 4,430 | | 172,061 |
| | | | 2,860,429 |
| GAS UTILITIES (0.6%) |
| Chesapeake Utilities Corp. | 390 | | 37,912 |
| National Fuel Gas Co. | 4,840 | | 193,406 |
| New Jersey Resources Corp. | 4,940 | | 144,149 |
| Northwest Natural Holding Co. | 870 | | 38,663 |
| ONE Gas, Inc. | 2,140 | | 147,746 |
| South Jersey Industries, Inc. | 5,050 | | 97,314 |
| Southwest Gas Corp. | 2,520 | | 165,614 |
| Spire, Inc. | 1,930 | | 108,157 |
| UGI Corp. | 11,460 | | 370,616 |
| | | | 1,303,577 |
| HEALTH CARE EQUIPMENT & SUPPLIES (3.7%) |
| AngioDynamics, Inc.(a) | 4,660 | | 48,184 |
| Avanos Medical, Inc.(a) | 2,730 | | 96,506 |
| Cantel Medical Corp. | 1,977 | | 94,580 |
| Cardiovascular Systems, Inc.(a) | 9,030 | | 321,919 |
| CONMED Corp. | 3,590 | | 279,912 |
| CryoLife, Inc.(a) | 2,660 | | 44,582 |
| Cutera, Inc.(a) | 8,270 | | 156,551 |
| Glaukos Corp.(a) | 6,870 | | 384,170 |
| Globus Medical, Inc., Class A(a) | 4,170 | | 217,340 |
| Haemonetics Corp.(a) | 2,670 | | 269,910 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Heska Corp.(a) | 610 | | $ 71,571 |
| Hill-Rom Holdings, Inc. | 3,430 | | 312,370 |
| ICU Medical, Inc.(a) | 1,644 | | 292,287 |
| Inogen, Inc.(a) | 750 | | 21,908 |
| Integer Holdings Corp.(a) | 1,610 | | 94,105 |
| Integra LifeSciences Holdings Corp.(a) | 4,010 | | 176,841 |
| Invacare Corp. | 18,770 | | 152,225 |
| Lantheus Holdings, Inc.(a) | 4,605 | | 50,010 |
| LeMaitre Vascular, Inc. | 5,310 | | 172,469 |
| LivaNova PLC(a) | 2,480 | | 124,843 |
| Masimo Corp.(a) | 4,020 | | 899,756 |
| Meridian Bioscience, Inc.(a) | 3,100 | | 53,165 |
| Merit Medical Systems, Inc.(a) | 3,035 | | 151,902 |
| Mesa Laboratories, Inc. | 290 | | 75,809 |
| Natus Medical, Inc.(a) | 2,130 | | 38,787 |
| Neogen Corp.(a) | 2,979 | | 207,755 |
| NuVasive, Inc.(a) | 2,760 | | 122,627 |
| OraSure Technologies, Inc.(a) | 3,830 | | 57,220 |
| Orthofix Medical, Inc.(a) | 720 | | 22,507 |
| Penumbra, Inc.(a) | 3,990 | | 1,041,510 |
| Quidel Corp.(a) | 3,610 | | 968,527 |
| Surmodics, Inc.(a) | 870 | | 31,973 |
| Tactile Systems Technology, Inc.(a) | 1,120 | | 40,970 |
| Varex Imaging Corp.(a) | 2,360 | | 31,624 |
| Zynex, Inc.(a) | 21,070 | | 269,907 |
| | | | 7,396,322 |
| HEALTH CARE PROVIDERS & SERVICES (3.6%) |
| Acadia Healthcare(a) | 6,520 | | 232,438 |
| Addus HomeCare Corp.(a) | 2,970 | | 289,783 |
| Amedisys, Inc.(a) | 2,729 | | 706,811 |
| AMN Healthcare Services, Inc.(a) | 2,570 | | 167,770 |
| BioTelemetry, Inc.(a) | 1,900 | | 80,902 |
| Chemed Corp. | 1,221 | | 584,029 |
| CorVel Corp.(a) | 2,030 | | 185,177 |
| Covetrus, Inc.(a) | 5,620 | | 138,758 |
| Cross Country Healthcare, Inc.(a) | 3,950 | | 31,008 |
| Encompass Health Corp. | 5,640 | | 345,788 |
| Ensign Group, Inc. (The) | 2,990 | | 175,932 |
| Fulgent Genetics, Inc.(a) | 10,140 | | 329,854 |
| Hanger, Inc.(a) | 12,960 | | 226,411 |
| HealthEquity, Inc.(a) | 4,070 | | 209,564 |
| LHC Group, Inc.(a) | 3,260 | | 705,953 |
| Magellan Health Services, Inc.(a) | 2,950 | | 213,196 |
| Molina Healthcare, Inc.(a) | 3,445 | | 642,389 |
| Owens & Minor, Inc. | 10,445 | | 262,378 |
| Patterson Cos., Inc. | 12,850 | | 319,644 |
| | Shares | | Value |
| Pennant Group, Inc. (The)(a) | 10,315 | | $ 429,723 |
| Providence Service Corp. (The)(a) | 750 | | 88,162 |
| R1 RCM, Inc.(a) | 30,900 | | 553,728 |
| RadNet, Inc.(a) | 13,170 | | 191,097 |
| Select Medical Holdings Corp.(a) | 8,080 | | 169,518 |
| Tivity Health, Inc.(a) | 2,553 | | 35,104 |
| U.S. Physical Therapy, Inc. | 700 | | 55,531 |
| | | | 7,370,648 |
| HEALTH CARE TECHNOLOGY (0.6%) |
| Allscripts Healthcare Solutions, Inc.(a) | 9,616 | | 96,929 |
| Computer Programs and Systems, Inc. | 890 | | 24,822 |
| HealthStream, Inc.(a) | 1,710 | | 31,293 |
| HMS Holdings Corp.(a) | 4,900 | | 130,438 |
| NextGen Healthcare, Inc.(a) | 4,380 | | 59,568 |
| Omnicell, Inc.(a) | 2,370 | | 205,123 |
| Simulations Plus, Inc. | 9,430 | | 611,253 |
| Tabula Rasa HealthCare, Inc.(a) | 1,140 | | 39,376 |
| | | | 1,198,802 |
| HOTELS, RESTAURANTS & LEISURE (2.1%) |
| Choice Hotels International, Inc. | 2,880 | | 251,568 |
| Cracker Barrel Old Country Store, Inc. | 1,450 | | 165,039 |
| Dave & Buster's Entertainment, Inc. | 2,150 | | 36,894 |
| DineEquity, Inc. | 1,090 | | 56,081 |
| Dunkin' Brands Group, Inc. | 8,300 | | 827,593 |
| El Pollo Loco Holdings, Inc.(a) | 4,210 | | 59,445 |
| Fiesta Restaurant Group, Inc.(a) | 1,990 | | 17,194 |
| Jack in the Box, Inc. | 1,420 | | 113,685 |
| Marriott Vacations Worldwide Corp. | 4,946 | | 477,784 |
| Papa John's International, Inc. | 2,120 | | 162,392 |
| Shake Shack, Inc., Class A(a) | 6,020 | | 406,470 |
| Six Flags Entertainment Corp. | 5,530 | | 119,559 |
| Wendy's Co. (The) | 12,810 | | 279,898 |
| Wingstop, Inc. | 6,040 | | 702,633 |
| Wyndham Hotels & Resorts, Inc. | 8,670 | | 403,242 |
| Wyndham Worldwide Corp. | 6,270 | | 204,590 |
| | | | 4,284,067 |
| HOUSEHOLD DURABLES (3.0%) |
| Cavco Industries, Inc.(a) | 1,320 | | 227,225 |
| Century Communities, Inc.(a) | 2,350 | | 91,274 |
| Ethan Allen Interiors, Inc. | 6,070 | | 97,424 |
| Helen of Troy Ltd.(a) | 1,380 | | 261,648 |
| Installed Building Products, Inc.(a) | 8,130 | | 736,090 |
| iRobot Corp.(a) | 1,550 | | 123,349 |
| KB Home | 5,550 | | 178,987 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| La-Z-Boy, Inc. | 2,770 | | $ 94,817 |
| LGI Homes, Inc.(a) | 8,060 | | 861,453 |
| M.D.C Holdings, Inc. | 10,952 | | 476,631 |
| M/I Homes, Inc.(a) | 1,740 | | 71,201 |
| Meritage Homes Corp.(a) | 2,600 | | 226,434 |
| Taylor Morrison Home Corp.(a) | 14,772 | | 319,075 |
| Tempur-Pedic International, Inc.(a) | 4,180 | | 372,020 |
| Toll Brothers, Inc. | 7,230 | | 305,684 |
| TopBuild Corp.(a) | 5,930 | | 908,535 |
| TRI Pointe Group, Inc.(a) | 19,660 | | 323,014 |
| Tupperware Brands Corp.(a) | 11,980 | | 380,006 |
| Universal Electronics, Inc.(a) | 3,110 | | 115,257 |
| | | | 6,170,124 |
| HOUSEHOLD PRODUCTS (0.3%) |
| Central Garden & Pet Co.(a) | 410 | | 15,973 |
| Central Garden & Pet Co., Class A(a) | 5,230 | | 185,090 |
| Energizer Holdings, Inc. | 3,360 | | 132,216 |
| WD-40 Co. | 742 | | 180,588 |
| | | | 513,867 |
| INDUSTRIAL CONGLOMERATES (0.3%) |
| Carlisle Cos., Inc. | 4,390 | | 543,789 |
| Raven Industries, Inc. | 1,930 | | 42,306 |
| | | | 586,095 |
| INSURANCE (4.5%) |
| Alleghany Corp. | 627 | | 342,925 |
| Ambac Financial Group, Inc.(a) | 4,210 | | 51,699 |
| American Equity Investment Life Holding Co. | 7,960 | | 197,567 |
| American Financial Group, Inc. | 3,310 | | 248,051 |
| AMERISAFE, Inc. | 1,060 | | 62,519 |
| Assured Guaranty Ltd. | 7,490 | | 191,220 |
| Brighthouse Financial, Inc.(a) | 9,210 | | 304,851 |
| Brown & Brown, Inc. | 17,830 | | 775,783 |
| CNO Financial Group, Inc. | 18,200 | | 323,050 |
| eHealth, Inc.(a) | 4,810 | | 322,799 |
| Employers Holdings, Inc. | 1,610 | | 51,536 |
| First American Financial Corp. | 6,040 | | 269,324 |
| Genworth Financial, Inc., Class A(a) | 97,500 | | 383,175 |
| Hanover Insurance Group, Inc. (The) | 1,500 | | 143,490 |
| HCI Group, Inc. | 460 | | 21,611 |
| Horace Mann Educators Corp. | 3,660 | | 124,111 |
| James River Group Holdings Ltd. | 1,860 | | 86,918 |
| Kemper Corp. | 4,102 | | 252,929 |
| Kinsale Capital Group, Inc. | 6,320 | | 1,184,811 |
| Mercury General Corp. | 3,310 | | 134,750 |
| Old Republic International Corp. | 23,710 | | 385,999 |
| | Shares | | Value |
| Palomar Holdings, Inc.(a) | 5,040 | | $ 449,417 |
| Primerica, Inc. | 3,540 | | 390,250 |
| ProAssurance Corp. | 3,130 | | 48,296 |
| Reinsurance Group of America, Inc. | 4,020 | | 406,100 |
| RenaissanceRe Holdings Ltd. | 4,860 | | 785,959 |
| RLI Corp. | 2,110 | | 182,937 |
| Safety Insurance Group, Inc. | 300 | | 21,000 |
| Selective Insurance Group, Inc. | 3,220 | | 167,633 |
| Stewart Information Services Corp. | 3,800 | | 161,082 |
| Third Point Reinsurance Ltd.(a) | 18,430 | | 143,385 |
| Trupanion, Inc.(a) | 6,080 | | 434,963 |
| United Fire Group, Inc. | 1,030 | | 21,156 |
| United Insurance Holdings Corp. | 10,170 | | 44,646 |
| Universal Insurance Holdings, Inc. | 2,360 | | 29,429 |
| | | | 9,145,371 |
| INTERACTIVE MEDIA & SERVICES (0.2%) |
| QuinStreet, Inc.(a) | 12,290 | | 196,701 |
| TripAdvisor, Inc. | 5,520 | | 105,487 |
| Yelp, Inc.(a) | 4,180 | | 82,221 |
| | | | 384,409 |
| INTERNET & DIRECT MARKETING RETAIL (0.5%) |
| Grubhub, Inc.(a) | 5,080 | | 375,717 |
| Liquidity Services, Inc.(a) | 3,880 | | 33,096 |
| PetMed Express, Inc. | 1,280 | | 37,862 |
| Shutterstock, Inc. | 3,890 | | 254,601 |
| Stamps.com, Inc.(a) | 980 | | 218,775 |
| | | | 920,051 |
| IT SERVICES (2.5%) |
| Alliance Data Systems Corp. | 2,770 | | 142,766 |
| CACI International, Inc., Class A(a) | 2,217 | | 462,311 |
| Cardtronics PLC, Class A(a) | 2,140 | | 38,113 |
| CSG Systems International, Inc. | 5,410 | | 204,931 |
| EVERTEC, Inc. | 7,690 | | 255,923 |
| ExlService Holdings, Inc.(a) | 4,340 | | 328,712 |
| KBR, Inc. | 15,520 | | 345,941 |
| LiveRamp Holdings, Inc.(a) | 3,870 | | 255,768 |
| ManTech International Corp., Class A | 4,240 | | 275,091 |
| MAXIMUS, Inc. | 3,560 | | 240,585 |
| NIC, Inc. | 10,510 | | 235,634 |
| Perficient, Inc.(a) | 7,670 | | 300,357 |
| Perspecta, Inc. | 12,440 | | 223,049 |
| Sabre Corp. | 18,120 | | 118,142 |
| Science Applications International Corp. | 3,074 | | 234,761 |
| Sykes Enterprises, Inc.(a) | 2,690 | | 92,106 |
| TTEC Holdings, Inc. | 8,150 | | 446,457 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Unisys Corp.(a) | 9,610 | | $ 126,276 |
| Virtusa Corp.(a) | 6,520 | | 327,956 |
| WEX, Inc.(a) | 3,622 | | 458,364 |
| | | | 5,113,243 |
| LEISURE PRODUCTS (1.1%) |
| Brunswick Corp. | 4,220 | | 268,856 |
| Callaway Golf Co. | 21,670 | | 335,669 |
| Mattel, Inc.(a) | 18,090 | | 249,099 |
| Polaris, Inc. | 4,320 | | 392,515 |
| Sturm Ruger & Co., Inc. | 980 | | 65,523 |
| Vista Outdoor, Inc.(a) | 10,200 | | 201,654 |
| YETI Holdings, Inc.(a) | 12,510 | | 618,995 |
| | | | 2,132,311 |
| LIFE SCIENCES TOOLS & SERVICES (2.2%) |
| Bio-Techne Corp. | 3,104 | | 783,481 |
| Luminex Corp. | 2,500 | | 55,100 |
| Medpace Holdings, Inc.(a) | 6,560 | | 727,766 |
| NeoGenomics, Inc.(a) | 17,860 | | 700,648 |
| PRA Health Sciences, Inc.(a) | 5,590 | | 544,690 |
| Repligen Corp.(a) | 7,000 | | 1,165,990 |
| Syneos Health, Inc.(a) | 7,790 | | 413,493 |
| | | | 4,391,168 |
| MACHINERY (4.8%) |
| AGCO Corp. | 3,350 | | 258,050 |
| Alamo Group, Inc. | 1,940 | | 233,440 |
| Albany International Corp., Class A | 3,110 | | 158,423 |
| Astec Industries, Inc. | 1,290 | | 65,532 |
| Barnes Group, Inc. | 1,900 | | 69,730 |
| Chart Industries, Inc.(a) | 1,890 | | 159,610 |
| CIRCOR International, Inc.(a) | 6,280 | | 175,212 |
| Colfax Corp.(a) | 6,030 | | 163,956 |
| Crane Co. | 1,490 | | 75,618 |
| Donaldson Co., Inc. | 6,480 | | 307,800 |
| Enerpac Tool Group Corp. | 3,220 | | 57,413 |
| EnPro Industries, Inc. | 720 | | 42,494 |
| ESCO Technologies, Inc. | 3,540 | | 296,263 |
| Federal Signal Corp. | 13,910 | | 398,939 |
| Franklin Electric Co., Inc. | 5,190 | | 309,999 |
| Graco, Inc. | 9,030 | | 558,957 |
| Greenbrier Cos., Inc. (The) | 9,420 | | 254,152 |
| Hillenbrand, Inc. | 3,930 | | 114,953 |
| ITT, Inc. | 4,700 | | 284,397 |
| John Bean Technologies Corp. | 3,715 | | 311,949 |
| Kennametal, Inc. | 4,980 | | 154,380 |
| Lincoln Electric Holdings, Inc. | 4,170 | | 424,589 |
| | Shares | | Value |
| Lindsay Corp. | 370 | | $ 38,961 |
| Lydall, Inc.(a) | 9,100 | | 180,089 |
| Meritor, Inc.(a) | 3,720 | | 90,545 |
| Middleby Corp. (The)(a) | 2,810 | | 279,707 |
| Mueller Industries, Inc. | 3,700 | | 107,041 |
| Nordson Corp. | 3,680 | | 711,822 |
| Oshkosh Truck Corp. | 3,280 | | 220,941 |
| Proto Labs, Inc.(a) | 1,480 | | 174,758 |
| SPX Corp.(a) | 5,140 | | 217,885 |
| SPX FLOW, Inc.(a) | 5,790 | | 245,206 |
| Tennant Co. | 2,460 | | 146,665 |
| Terex Corp. | 6,870 | | 169,620 |
| Timken Co. (The) | 8,090 | | 482,973 |
| Titan International, Inc. | 62,800 | | 172,700 |
| Toro Co. (The) | 7,200 | | 591,120 |
| Trinity Industries, Inc. | 8,350 | | 157,314 |
| Wabash National Corp. | 11,830 | | 168,696 |
| Watts Water Technologies, Inc., Class A | 3,130 | | 346,710 |
| Woodward, Inc. | 4,920 | | 391,386 |
| | | | 9,769,995 |
| MARINE (0.1%) |
| Kirby Corp.(a) | 2,240 | | 86,218 |
| Matson, Inc. | 2,600 | | 135,070 |
| | | | 221,288 |
| MEDIA (1.1%) |
| AMC Networks, Inc., Class A(a) | 1,790 | | 38,038 |
| Cable One, Inc. | 474 | | 820,902 |
| EW Scripps Co. (The), Class A | 5,640 | | 51,211 |
| Gannett Co., Inc. | 63,202 | | 72,682 |
| John Wiley & Sons, Inc., Class A | 2,750 | | 85,140 |
| Meredith Corp. | 4,900 | | 53,900 |
| New York Times Co. (The), Class A | 7,860 | | 311,728 |
| Scholastic Corp. | 2,820 | | 55,723 |
| TechTarget (a) | 13,020 | | 570,276 |
| TEGNA, Inc. | 13,450 | | 161,803 |
| | | | 2,221,403 |
| METALS & MINING (1.7%) |
| Allegheny Technologies, Inc.(a) | 8,380 | | 77,180 |
| Arconic Corp.(a) | 5,220 | | 113,483 |
| Carpenter Technology Corp. | 1,220 | | 21,326 |
| Century Aluminum Co.(a) | 21,100 | | 138,838 |
| Cleveland-Cliffs, Inc. | 20,558 | | 170,220 |
| Commercial Metals Co. | 12,530 | | 258,744 |
| Compass Minerals International, Inc. | 1,770 | | 106,873 |
| Materion Corp. | 900 | | 46,071 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Olympic Steel, Inc. | 12,850 | | $ 146,618 |
| Reliance Steel & Aluminum Co. | 5,340 | | 582,006 |
| Royal Gold, Inc. | 4,910 | | 583,357 |
| Steel Dynamics, Inc. | 11,640 | | 366,427 |
| SunCoke Energy, Inc. | 31,620 | | 110,354 |
| TimkenSteel Corp.(a) | 36,555 | | 141,468 |
| United States Steel Corp. | 33,220 | | 320,905 |
| Warrior Met Coal, Inc. | 6,180 | | 92,700 |
| Worthington Industries, Inc. | 3,070 | | 151,075 |
| | | | 3,427,645 |
| MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.4%) |
| Apollo Commercial Real Estate Finance, Inc. | 13,240 | | 115,188 |
| Armour Residential REIT, Inc. | 3,580 | | 34,153 |
| Capstead Mortgage Corp. | 12,460 | | 63,671 |
| Granite Point Mortgage Trust, Inc. | 11,390 | | 76,769 |
| Invesco Mortgage Capital, Inc. | 14,479 | | 39,093 |
| KKR Real Estate Finance Trust, Inc. | 1,220 | | 20,386 |
| New York Mortgage Trust, Inc. | 22,570 | | 57,328 |
| Pennymac Mortgage Investment Trust | 19,800 | | 296,406 |
| Ready Capital Corp. | 7,140 | | 80,253 |
| Redwood Trust, Inc. | 11,370 | | 96,645 |
| | | | 879,892 |
| MULTILINE RETAIL (0.7%) |
| Big Lots, Inc. | 7,790 | | 370,804 |
| Kohl's Corp. | 14,760 | | 314,240 |
| Macy's, Inc. | 54,340 | | 337,451 |
| Nordstrom, Inc. | 10,800 | | 130,680 |
| Ollie's Bargain Outlet Holdings, Inc.(a) | 3,150 | | 274,334 |
| | | | 1,427,509 |
| MULTI-UTILITIES (0.3%) |
| Avista Corp. | 3,820 | | 126,900 |
| Black Hills Corp. | 3,170 | | 179,612 |
| MDU Resources Group, Inc. | 11,290 | | 268,251 |
| NorthWestern Corp. | 2,150 | | 112,080 |
| | | | 686,843 |
| OIL, GAS & CONSUMABLE FUELS (2.0%) |
| Antero Midstream Corp. | 29,020 | | 166,285 |
| Bonanza Creek Energy, Inc.(a) | 6,200 | | 109,802 |
| Callon Petroleum Co.(a) | 4,185 | | 21,888 |
| Cimarex Energy Co. | 4,830 | | 122,537 |
| CNX Resources Corp.(a) | 33,480 | | 324,756 |
| CONSOL Energy, Inc.(a) | 21,817 | | 82,686 |
| Dorian LPG Ltd.(a) | 1,410 | | 11,562 |
| EQT Corp. | 23,940 | | 362,452 |
| | Shares | | Value |
| Equitrans Midstream Corp. | 18,840 | | $ 136,778 |
| Green Plains Renewable Energy, Inc.(a) | 15,490 | | 233,899 |
| Gulfport Energy Corp.(a) | 138,450 | | 35,443 |
| Laredo Petroleum, Inc.(a) | 3,037 | | 24,417 |
| Matador Resources Co.(a) | 27,970 | | 197,748 |
| Murphy Oil Corp. | 9,630 | | 74,344 |
| Par Pacific Holdings, Inc.(a) | 19,470 | | 125,387 |
| PBF Energy, Inc., Class A | 15,620 | | 72,945 |
| PDC Energy, Inc.(a) | 5,618 | | 66,967 |
| Penn Virginia Corp.(a) | 13,530 | | 103,910 |
| QEP Resources, Inc. | 46,380 | | 41,742 |
| Range Resources Corp. | 30,110 | | 198,124 |
| Renewable Energy Group, Inc.(a) | 9,440 | | 532,416 |
| REX American Resources Corp.(a) | 150 | | 10,904 |
| SM Energy Co. | 34,730 | | 55,915 |
| Southwestern Energy Co.(a) | 157,360 | | 420,151 |
| Talos Energy, Inc.(a) | 20,300 | | 133,574 |
| World Fuel Services Corp. | 7,070 | | 148,824 |
| WPX Energy, Inc.(a) | 45,320 | | 208,925 |
| | | | 4,024,381 |
| PAPER & FOREST PRODUCTS (0.4%) |
| Boise Cascade Co. | 5,100 | | 195,738 |
| Clearwater Paper Corp.(a) | 3,740 | | 138,941 |
| Domtar Corp. | 8,030 | | 191,756 |
| Glatfelter Corp. | 4,190 | | 59,791 |
| Louisiana-Pacific Corp. | 7,130 | | 203,776 |
| Mercer International, Inc. | 4,330 | | 27,236 |
| | | | 817,238 |
| PERSONAL PRODUCTS (0.3%) |
| Edgewell Personal Care Co.(a) | 3,030 | | 79,447 |
| Inter Parfums, Inc. | 2,050 | | 84,173 |
| Medifast, Inc. | 1,900 | | 266,931 |
| Nu Skin Enterprises, Inc., Class A | 3,030 | | 149,530 |
| USANA Health Sciences, Inc.(a) | 580 | | 43,877 |
| | | | 623,958 |
| PHARMACEUTICALS (0.9%) |
| AMAG Pharmaceuticals, Inc.(a) | 2,480 | | 34,026 |
| Amphastar Pharmaceuticals, Inc.(a) | 3,210 | | 62,884 |
| ANI Pharmaceuticals, Inc.(a) | 4,620 | | 117,764 |
| Corcept Therapeutics, Inc.(a) | 24,660 | | 413,795 |
| ENDO International PLC(a) | 15,320 | | 70,012 |
| Innoviva, Inc.(a) | 20,110 | | 217,389 |
| Jazz Pharmaceuticals PLC(a) | 3,070 | | 442,387 |
| Lannett Co., Inc.(a) | 14,020 | | 90,149 |
| Nektar Therapeutics(a) | 9,540 | | 151,113 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Pacira BioSciences, Inc.(a) | 2,640 | | $ 138,072 |
| Phibro Animal Health Corp., Class A | 1,400 | | 23,016 |
| Prestige Consumer Healthcare, Inc.(a) | 3,020 | | 99,750 |
| Supernus Pharmaceuticals, Inc.(a) | 3,500 | | 64,260 |
| | | | 1,924,617 |
| PROFESSIONAL SERVICES (1.1%) |
| ASGN, Inc.(a) | 2,860 | | 190,705 |
| CoreLogic, Inc. | 4,590 | | 353,109 |
| Exponent, Inc. | 5,220 | | 363,260 |
| Forrester Research, Inc.(a) | 620 | | 22,903 |
| FTI Consulting, Inc.(a) | 4,520 | | 445,039 |
| Heidrick & Struggles International, Inc. | 1,020 | | 23,307 |
| Insperity, Inc. | 1,810 | | 138,610 |
| Kelly Services, Inc., Class A | 12,630 | | 219,509 |
| Korn Ferry | 3,590 | | 108,382 |
| Manpower, Inc. | 4,320 | | 293,198 |
| Resources Connection, Inc. | 3,160 | | 33,938 |
| TrueBlue, Inc.(a) | 7,990 | | 124,005 |
| | | | 2,315,965 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT (0.4%) |
| Jones Lang LaSalle, Inc. | 2,348 | | 264,995 |
| Marcus & Millichap, Inc.(a) | 1,590 | | 49,656 |
| RE/MAX Holdings, Inc., Class A | 1,160 | | 37,514 |
| Realogy Holdings Corp.(a) | 24,480 | | 273,197 |
| St Joe Co. (The)(a) | 8,740 | | 236,330 |
| | | | 861,692 |
| ROAD & RAIL (1.2%) |
| ArcBest Corp. | 8,310 | | 253,621 |
| Avis Budget Group, Inc.(a) | 6,090 | | 205,050 |
| Heartland Express, Inc. | 2,983 | | 54,619 |
| Knight-Swift Transportation Holdings, Inc. | 13,420 | | 509,826 |
| Landstar System, Inc. | 2,200 | | 274,340 |
| Marten Transport Ltd. | 4,059 | | 62,285 |
| Ryder System, Inc. | 6,160 | | 303,442 |
| Saia, Inc.(a) | 4,950 | | 730,917 |
| Werner Enterprises, Inc. | 2,690 | | 102,274 |
| | | | 2,496,374 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.6%) |
| Advanced Energy Industries, Inc.(a) | 5,830 | | 393,350 |
| Axcelis Technologies, Inc.(a) | 2,280 | | 50,320 |
| Brooks Automation, Inc. | 14,860 | | 693,962 |
| CEVA, Inc.(a) | 1,400 | | 56,448 |
| Cirrus Logic, Inc.(a) | 2,930 | | 201,789 |
| CMC Materials, Inc. | 3,910 | | 555,963 |
| | Shares | | Value |
| Cohu, Inc. | 2,970 | | $ 64,538 |
| Cree, Inc.(a) | 5,860 | | 372,696 |
| Diodes, Inc.(a) | 7,010 | | 405,388 |
| DSP Group, Inc.(a) | 1,130 | | 14,882 |
| Enphase Energy, Inc.(a) | 6,650 | | 652,298 |
| First Solar, Inc.(a) | 4,530 | | 394,314 |
| FormFactor, Inc.(a) | 16,050 | | 455,017 |
| Ichor Holdings Ltd.(a) | 10,960 | | 254,930 |
| Kulicke & Soffa Industries, Inc. | 3,550 | | 92,797 |
| MaxLinear, Inc.(a) | 3,850 | | 101,794 |
| MKS Instruments, Inc. | 6,160 | | 667,682 |
| Monolithic Power Systems, Inc. | 3,610 | | 1,153,756 |
| Onto Innovation, Inc.(a) | 2,739 | | 87,840 |
| PDF Solutions, Inc.(a) | 1,280 | | 23,987 |
| Photronics, Inc.(a) | 10,050 | | 97,988 |
| Power Integrations, Inc. | 6,410 | | 385,946 |
| Rambus, Inc.(a) | 8,140 | | 112,251 |
| Semtech Corp.(a) | 3,740 | | 205,289 |
| Silicon Laboratories, Inc.(a) | 2,200 | | 225,412 |
| SMART Global Holdings, Inc.(a) | 700 | | 18,473 |
| SolarEdge Technologies, Inc.(a) | 7,780 | | 2,004,828 |
| Synaptics, Inc.(a) | 1,890 | | 144,906 |
| Ultra Clean Holdings, Inc.(a) | 21,700 | | 461,993 |
| Universal Display Corp. | 4,510 | | 894,378 |
| Veeco Instruments, Inc.(a) | 3,679 | | 46,834 |
| | | | 11,292,049 |
| SOFTWARE (3.9%) |
| 8x8, Inc.(a) | 10,870 | | 187,834 |
| ACI Worldwide, Inc.(a) | 9,060 | | 264,280 |
| Agilysys, Inc.(a) | 9,210 | | 249,407 |
| Alarm.com Holdings, Inc.(a) | 7,180 | | 418,809 |
| Blackbaud, Inc. | 2,690 | | 132,725 |
| Bottomline Technologies DE, Inc.(a) | 2,240 | | 88,973 |
| CDK Global, Inc. | 6,990 | | 301,269 |
| Ceridian HCM Holding, Inc.(a) | 7,170 | | 618,197 |
| CommVault Systems, Inc.(a) | 2,410 | | 95,412 |
| Ebix, Inc. | 1,440 | | 26,006 |
| Fair Isaac Corp.(a) | 2,358 | | 923,039 |
| J2 Global, Inc.(a) | 5,070 | | 344,152 |
| LivePerson, Inc.(a) | 8,290 | | 443,183 |
| Manhattan Associates, Inc.(a) | 5,470 | | 467,685 |
| MicroStrategy, Inc., Class A(a) | 459 | | 76,685 |
| OneSpan, Inc.(a) | 1,780 | | 39,035 |
| Paylocity Holding Corp.(a) | 5,850 | | 1,085,292 |
| Progress Software Corp. | 4,370 | | 158,937 |
| PTC, Inc.(a) | 5,890 | | 494,053 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Qualys, Inc.(a) | 3,990 | | $ 350,522 |
| Sailpoint Technologies Holdings, Inc.(a) | 5,450 | | 226,230 |
| SPS Commerce, Inc.(a) | 6,890 | | 589,715 |
| Teradata Corp.(a) | 6,700 | | 123,079 |
| Xperi Holding Corp. | 18,739 | | 232,364 |
| | | | 7,936,883 |
| SPECIALTY RETAIL (4.8%) |
| Aaron's Holdings Co., Inc. | 3,750 | | 195,975 |
| Abercrombie & Fitch Co., Class A | 14,810 | | 210,598 |
| American Eagle Outfitters, Inc. | 15,060 | | 206,473 |
| America's Car-Mart, Inc.(a) | 340 | | 29,417 |
| Asbury Automotive Group, Inc.(a) | 1,080 | | 111,218 |
| AutoNation, Inc.(a) | 6,580 | | 373,283 |
| Barnes & Noble Education, Inc.(a) | 53,850 | | 123,855 |
| Bed Bath & Beyond, Inc. | 13,530 | | 267,894 |
| Boot Barn Holdings, Inc.(a) | 7,730 | | 247,515 |
| Buckle, Inc. (The) | 2,025 | | 48,519 |
| Caleres, Inc. | 9,735 | | 74,765 |
| Cato Corp., Class A (The) | 8,160 | | 49,939 |
| Chico's FAS, Inc. | 74,800 | | 80,036 |
| Children's Place Retail Stores, Inc. (The) | 750 | | 18,952 |
| Conn's, Inc.(a) | 11,900 | | 111,503 |
| Designer Brands, Inc., Class A | 17,530 | | 75,905 |
| Dick's Sporting Goods, Inc. | 5,590 | | 316,673 |
| Five Below, Inc.(a) | 5,430 | | 724,036 |
| Foot Locker, Inc. | 7,620 | | 281,026 |
| GameStop Corp., Class A(a) | 14,550 | | 152,338 |
| Genesco, Inc.(a) | 4,500 | | 79,740 |
| Group 1 Automotive, Inc. | 2,210 | | 234,437 |
| Guess?, Inc. | 3,860 | | 45,471 |
| Haverty Furniture Cos., Inc. | 5,160 | | 129,103 |
| Hibbett Sports, Inc.(a) | 1,210 | | 45,750 |
| Lithia Motors, Inc., Class A | 3,960 | | 909,097 |
| Lumber Liquidators Holdings, Inc.(a) | 7,330 | | 162,140 |
| MarineMax, Inc.(a) | 13,400 | | 401,732 |
| Michaels Cos., Inc. (The)(a) | 16,260 | | 131,869 |
| Monro Muffler Brake, Inc. | 1,615 | | 67,927 |
| ODP Corp. (The) | 11,978 | | 233,571 |
| Rent-A-Center, Inc. | 19,800 | | 611,820 |
| RH (a) | 2,990 | | 1,002,338 |
| Sally Beauty Holdings, Inc.(a) | 7,810 | | 65,370 |
| Shoe Carnival, Inc. | 2,430 | | 75,281 |
| Signet Jewelers Ltd. | 8,880 | | 197,846 |
| Sleep Number Corp.(a) | 9,780 | | 619,661 |
| Sonic Automotive, Inc., Class A | 6,050 | | 218,163 |
| Urban Outfitters, Inc.(a) | 6,610 | | 147,667 |
| | Shares | | Value |
| Williams-Sonoma, Inc. | 4,360 | | $ 397,676 |
| Zumiez, Inc.(a) | 8,600 | | 240,800 |
| | | | 9,717,379 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.2%) |
| 3D Systems Corp.(a) | 19,670 | | 111,922 |
| Diebold, Inc.(a) | 28,130 | | 175,250 |
| NCR Corp.(a) | 7,520 | | 152,807 |
| | | | 439,979 |
| TEXTILES, APPAREL & LUXURY GOODS (1.4%) |
| Capri Holdings Ltd.(a) | 10,050 | | 213,261 |
| Carter's, Inc. | 2,180 | | 177,561 |
| Columbia Sportswear Co. | 1,710 | | 127,549 |
| Crocs, Inc.(a) | 7,240 | | 378,869 |
| Deckers Outdoor Corp.(a) | 2,370 | | 600,487 |
| Fossil Group, Inc.(a) | 33,260 | | 189,915 |
| G-III Apparel Group Ltd.(a) | 6,390 | | 86,137 |
| Kontoor Brands, Inc. | 2,560 | | 84,224 |
| Movado Group, Inc. | 7,550 | | 82,370 |
| Oxford Industries, Inc. | 350 | | 14,410 |
| Skechers USA, Inc., Class A(a) | 13,160 | | 417,304 |
| Steven Madden Ltd. | 7,935 | | 190,519 |
| Unifi, Inc.(a) | 3,840 | | 57,562 |
| Vera Bradley, Inc.(a) | 7,700 | | 48,818 |
| Wolverine World Wide, Inc. | 5,360 | | 142,951 |
| | | | 2,811,937 |
| THRIFTS & MORTGAGE FINANCE (1.3%) |
| Axos Financial, Inc.(a) | 3,480 | | 94,865 |
| Essent Group Ltd. | 17,480 | | 696,578 |
| Flagstar Bancorp, Inc. | 1,540 | | 45,199 |
| HomeStreet, Inc. | 1,570 | | 48,780 |
| Meta Financial Group, Inc. | 12,090 | | 354,721 |
| Mr. Cooper Group, Inc.(a) | 4,070 | | 85,796 |
| New York Community Bancorp, Inc. | 27,620 | | 229,522 |
| NMI Holdings, Inc., Class A(a) | 19,160 | | 411,749 |
| Northfield Bancorp, Inc. | 4,990 | | 50,698 |
| Northwest Bancshares, Inc. | 3,460 | | 36,918 |
| Provident Financial Services, Inc. | 3,730 | | 50,616 |
| TrustCo Bank Corp. NY | 4,000 | | 21,980 |
| Walker & Dunlop, Inc. | 6,540 | | 411,235 |
| Washington Federal, Inc. | 3,590 | | 76,431 |
| | | | 2,615,088 |
| TRADING COMPANIES & DISTRIBUTORS (0.7%) |
| Applied Industrial Technologies, Inc. | 1,780 | | 108,669 |
| DXP Enterprises, Inc.(a) | 1,970 | | 30,811 |
See notes to financial statements.
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2020 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
| | Shares | | Value |
| Foundation Building Materials, Inc.(a) | 650 | | $ 9,464 |
| GATX Corp. | 1,570 | | 107,200 |
| GMS, Inc.(a) | 2,580 | | 58,308 |
| MSC Industrial Direct Co., Inc., Class A | 2,210 | | 153,949 |
| NOW, Inc.(a) | 31,890 | | 129,792 |
| Univar Solutions, Inc.(a) | 11,350 | | 188,296 |
| Veritiv Corp.(a) | 9,020 | | 129,888 |
| Watsco, Inc. | 1,880 | | 421,383 |
| | | | 1,337,760 |
| WATER UTILITIES (0.4%) |
| American States Water Co. | 1,950 | | 145,646 |
| California Water Service Group | 2,710 | | 120,785 |
| Essential Utilities, Inc. | 10,912 | | 449,574 |
| | | | 716,005 |
| WIRELESS TELECOMMUNICATION SERVICES (0.2%) |
| Shenandoah Telecommunications Co. | 2,630 | | 114,721 |
| Spok Holdings, Inc. | 8,180 | | 74,274 |
| Telephone and Data Systems, Inc. | 12,770 | | 217,090 |
| | | | 406,085 |
TOTAL COMMON STOCKS
(COST $194,438,281) | | | 200,999,155 |
| RIGHT (0.0%) |
| BIOTECHNOLOGY (0.0%) |
| Progenics Pharmaceuticals, Inc.(a)(b) | 7,180 | | — |
TOTAL RIGHT
(COST $—) | | | — |
| | Shares | | Value |
| MONEY MARKET FUND (0.8%) |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(c) | 1,652,669 | | $ 1,652,669 |
TOTAL MONEY MARKET FUND
(COST $1,652,669) | | | 1,652,669 |
TOTAL INVESTMENTS
(COST $196,090,950) 100.1% | | | 202,651,824 |
| LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% | | | (267,668) |
| NET ASSETS 100.0% | | | $ 202,384,156 |
| Amounts designated as ‘‘—’’ are $0 or have been rounded to $0. |
| (a) | Represents non-income producing security. |
| (b) | Security is a Level 3 investment. |
| (c) | 7-day current yield as of October 31, 2020 is disclosed.
|
| PLC — Public Limited Company |
| REIT — Real Estate Investment Trust |
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2020 (Unaudited)
| | Steward Covered Call Income Fund | | Steward Global Equity Income Fund | | Steward International Enhanced Index Fund |
| Assets: | | | | | |
| Investments, at value (cost $32,421,923, $261,136,289 and $155,387,417, respectively) | $ 30,404,410 | | $ 281,414,263 | | $ 142,345,103 |
| Interest and dividend receivable | 46,296 | | 635,468 | | 246,620 |
| Receivable for investments sold | 45,512 | | — | | — |
| Receivable for capital shares issued | 6,741 | | 68,356 | | 21,022 |
| Reclaims receivable | — | | 92,803 | | 102,973 |
| Prepaid expenses and other assets | 56,421 | | 15,653 | | 22,635 |
| Total assets | 30,559,380 | | 282,226,543 | | 142,738,353 |
| Liabilities: | | | | | |
| Payable for investments purchased | 36,972 | | — | | — |
| Payable for capital shares redeemed | 44,472 | | 611,123 | | 104,864 |
| Written options at fair value (premiums received $608,364, $0 and $0, respectively) | 552,492 | | — | | — |
| Accrued expenses and other payables: | | | | | |
| Investment advisory fees | 16,391 | | 155,375 | | 46,200 |
| Administration fees | 1,967 | | 18,645 | | 9,493 |
| Distribution fees - Class A | 18 | | 21,973 | | 7,081 |
| Distribution fees - Class C | 4,022 | | 23,233 | | — |
| Sub-accounting service fees - Class A | — | | 21,407 | | 17,304 |
| Sub-accounting service fees - Class C | 99 | | — | | — |
| Sub-accounting service fees - Institutional Class | — | | 9,927 | | — |
| Fund accounting and sub-administration fees | 37,578 | | 109,442 | | 52,128 |
| Transfer agent fees | 4,406 | | 4,406 | | 4,406 |
| Custodian fees | 10,245 | | 34,353 | | 11,435 |
| Directors fees | 1,325 | | 13,969 | | 5,872 |
| Printing fees | 1,620 | | 11,472 | | 7,258 |
| Professional fees | 1,686 | | 18,551 | | 7,457 |
| Other accrued liabilities | 6,565 | | 7,026 | | 6,578 |
| Total liabilities | 719,858 | | 1,060,902 | | 280,076 |
| Net Assets | $ 29,839,522 | | $ 281,165,641 | | $ 142,458,277 |
| Composition of Net Assets: | | | | | |
| Capital (par value and paid-in surplus) | 31,308,548 | | 263,301,246 | | 152,452,201 |
| Total distributable earnings/(accumulated deficit) | (1,469,026) | | 17,864,395 | | (9,993,924) |
| Net Assets | $ 29,839,522 | | $ 281,165,641 | | $ 142,458,277 |
| Class A | | | | | |
| Net Assets | $ 8,587 | | $ 39,264,354 | | $ 8,179,667 |
| Shares authorized | 16,000,000 | | 16,000,000 | | 16,000,000 |
| Shares issued and outstanding ($0.001 par value) | 912 | | 1,343,513 | | 423,005 |
| Net asset value, offering and redemption price per share | $ 9.41 | | $ 29.23 | | $ 19.34 |
| Class C | | | | | |
| Net Assets | $ 231,743 | | $ 4,053,773 | | $ 9 |
| Shares authorized | 15,000,000 | | 15,000,000 | | 15,000,000 |
| Shares issued and outstanding ($0.001 par value) | 24,531 | | 132,487 | | 1 |
| Net asset value, offering and redemption price per share(a) | $ 9.45 | | $ 30.60 | | $ 16.22 |
| Class R6 | | | | | |
| Net Assets | $ 11 | | $ 156,381 | | $ 537,609 |
| Shares authorized | 16,000,000 | | 16,000,000 | | 16,000,000 |
| Shares issued and outstanding ($0.001 par value) | 1 | | 5,649 | | 32,740 |
| Net asset value, offering and redemption price per share(a) | $ 9.37 | | $ 27.68 | | $ 16.42 |
| Institutional Class | | | | | |
| Net Assets | $ 29,599,181 | | $ 237,691,133 | | $ 133,740,992 |
| Shares authorized | 20,000,000 | | 20,000,000 | | 20,000,000 |
| Shares issued and outstanding ($0.001 par value) | 3,135,626 | | 8,101,348 | | 6,884,159 |
| Net asset value, offering and redemption price per share | $ 9.44 | | $ 29.34 | | $ 19.43 |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2020 (Unaudited)
| | Steward Large Cap Enhanced Index Fund | | Steward Select Bond Fund | | Steward Small-Mid Cap Enhanced Index Fund |
| Assets: | | | | | |
| Investments, at value (cost $336,568,046, $154,782,385 and $196,090,950, respectively) | $ 401,617,083 | | $ 162,212,258 | | $ 202,651,824 |
| Cash | — | | — | | 4,566 |
| Interest and dividend receivable | 358,684 | | 1,300,103 | | 74,915 |
| Receivable for capital shares issued | 58,884 | | 849,333 | | 54,542 |
| Prepaid expenses and other assets | 34,138 | | 20,263 | | 22,748 |
| Total assets | 402,068,789 | | 164,381,957 | | 202,808,595 |
| Liabilities: | | | | | |
| Payable for capital shares redeemed | 1,140,964 | | 145,635 | | 189,803 |
| Accrued expenses and other payables: | | | | | |
| Investment advisory fees | 77,484 | | 43,255 | | 38,923 |
| Administration fees | 32,317 | | 10,299 | | 13,578 |
| Distribution fees - Class A | 15,136 | | 1,953 | | 23,188 |
| Sub-accounting service fees - Class A | 16,639 | | 4,390 | | 10,834 |
| Sub-accounting service fees - Institutional Class | 4,803 | | — | | 1,919 |
| Fund accounting and sub-administration fees | 136,431 | | 53,249 | | 75,679 |
| Transfer agent fees | 4,406 | | 4,406 | | 4,406 |
| Custodian fees | 37,874 | | 12,897 | | 33,872 |
| Directors fees | 18,590 | | 7,964 | | 8,433 |
| Printing fees | 21,164 | | 9,237 | | 6,792 |
| Professional fees | 7,900 | | 10,694 | | 10,529 |
| Other accrued liabilities | 24,943 | | 12,768 | | 6,483 |
| Total liabilities | 1,538,651 | | 316,747 | | 424,439 |
| Net Assets | $ 400,530,138 | | $ 164,065,210 | | $ 202,384,156 |
| Composition of Net Assets: | | | | | |
| Capital (par value and paid-in surplus) | 304,350,749 | | 158,802,847 | | 193,295,968 |
| Total distributable earnings | 96,179,389 | | 5,262,363 | | 9,088,188 |
| Net Assets | $ 400,530,138 | | $ 164,065,210 | | $ 202,384,156 |
| Class A | | | | | |
| Net Assets | $ 23,540,133 | | $ 4,137,135 | | $ 46,418,123 |
| Shares authorized | 16,000,000 | | 16,000,000 | | 16,000,000 |
| Shares issued and outstanding ($0.001 par value) | 531,799 | | 162,299 | | 3,755,077 |
| Net asset value, offering and redemption price per share(a) | $ 44.27 | | $ 25.49 | | $ 12.36 |
| Class C | | | | | |
| Net Assets | $ 11 | | $ 10 | | $ 9 |
| Shares authorized | 15,000,000 | | 15,000,000 | | 15,000,000 |
| Shares issued and outstanding ($0.001 par value) | 1 | | 1 | | 1 |
| Net asset value, offering and redemption price per share(a) | $ 40.44 | | $ 28.90 | | $ 11.49 |
| Class R6 | | | | | |
| Net Assets | $ 55,416,375 | | $ 11 | | $ 54,252 |
| Shares authorized | 16,000,000 | | 16,000,000 | | 16,000,000 |
| Shares issued and outstanding ($0.001 par value) | 1,373,391 | | 1 | | 4,686 |
| Net asset value, offering and redemption price per share(a) | $ 40.35 | | $ 28.71 | | $ 11.58 |
| Institutional Class | | | | | |
| Net Assets | $ 321,573,619 | | $ 159,928,054 | | $ 155,911,772 |
| Shares authorized | 20,000,000 | | 20,000,000 | | 20,000,000 |
| Shares issued and outstanding ($0.001 par value) | 7,275,314 | | 6,298,177 | | 12,367,712 |
| Net asset value, offering and redemption price per share(a) | $ 44.20 | | $ 25.39 | | $ 12.61 |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2020 (Unaudited)
| | Steward Covered Call Income Fund | | Steward Global Equity Income Fund | | Steward International Enhanced Index Fund |
| Investment Income: | | | | | |
| Dividends (net of foreign witholding tax of $0, $268,988 and $242,121, respectively) | $ 291,284 | | $ 4,705,371 | | $ 1,949,016 |
| Interest | 182 | | 564 | | 459 |
| Total investment income | 291,466 | | 4,705,935 | | 1,949,475 |
| Expenses: | | | | | |
| Investment advisory fees | 93,344 | | 892,953 | | 261,934 |
| Administration fees | 11,201 | | 107,155 | | 53,823 |
| Distribution fees - Class A | 11 | | 57,635 | | 18,369 |
| Distribution fees - Class C | 1,506 | | 18,831 | | — |
| Sub-accounting services fees - Class A | 2 | | 44,892 | | 23,738 |
| Sub-accounting services fees - Class C | 260 | | 727 | | — |
| Sub-accounting services fees - Institutional Class | 2,142 | | 67,383 | | 31,137 |
| Fund accounting and sub-administration fees | 32,244 | | 89,832 | | 42,890 |
| Transfer agent fees | 3,781 | | 3,781 | | 3,781 |
| Custodian fees | 13,187 | | 28,794 | | 10,102 |
| Registration fees | 30,220 | | 40,800 | | 33,648 |
| Directors fees | 2,666 | | 25,734 | | 12,236 |
| Professional fees | 5,822 | | 56,183 | | 26,715 |
| Printing fees | 959 | | 9,259 | | 4,403 |
| Miscellaneous fees | 8,240 | | 21,697 | | 8,754 |
| Total expenses before contractual fee reductions | 205,585 | | 1,465,656 | | 531,530 |
| Fees contractually waived/reimbursed by the Adviser | (105,502) | | — | | — |
| Net expenses | 100,083 | | 1,465,656 | | 531,530 |
| Net investment income | 191,383 | | 3,240,279 | | 1,417,945 |
| Realized and Unrealized Gain/(Loss): | | | | | |
| Net realized gains/(losses) from investment transactions and foreign currency translation | (754,789) | | (6,614,307) | | 2,616,630 |
| Net realized gains on options transactions | 1,588,521 | | — | | — |
| Change in unrealized appreciation on investment transactions and foreign currency transactions | 1,014,107 | | 35,296,371 | | 9,881,228 |
| Change in unrealized appreciation on options transactions | 626,303 | | — | | — |
| Net realized and unrealized gains from investment transactions, foreign currency translations and options transactions | 2,474,142 | | 28,682,064 | | 12,497,858 |
| Change in net assets resulting from operations | $ 2,665,525 | | $ 31,922,343 | | $ 13,915,803 |
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2020 (Unaudited)
| | Steward Large Cap Enhanced Index Fund | | Steward Select Bond Fund | | Steward Small-Mid Cap Enhanced Index Fund |
| Investment Income: | | | | | |
| Dividends (net of foreign witholding tax of $0, $0 and $873, respectively) | $ 3,742,629 | | $ 45,490 | | $ 1,380,335 |
| Interest | 828 | | 1,854,150 | | 591 |
| Total investment income | 3,743,457 | | 1,899,640 | | 1,380,926 |
| Expenses: | | | | | |
| Investment advisory fees | 453,080 | | 247,672 | | 225,297 |
| Administration fees | 158,053 | | 58,970 | | 78,593 |
| Distribution fees - Class A | 36,223 | | 7,699 | | 63,108 |
| Sub-accounting services fees - Class A | 29,048 | | 6,666 | | 21,488 |
| Sub-accounting services fees - Institutional Class | 79,972 | | 40,119 | | 37,409 |
| Fund accounting and sub-administration fees | 112,336 | | 45,794 | | 61,279 |
| Transfer agent fees | 3,781 | | 3,781 | | 3,781 |
| Custodian fees | 31,819 | | 11,434 | | 26,739 |
| Registration fees | 35,926 | | 31,065 | | 32,559 |
| Directors fees | 37,505 | | 15,254 | | 17,257 |
| Professional fees | 81,882 | | 33,300 | | 37,676 |
| Printing fees | 13,495 | | 5,489 | | 6,208 |
| Miscellaneous fees | 35,607 | | 15,465 | | 14,126 |
| Total expenses before contractual fee reductions | 1,108,727 | | 522,708 | | 625,520 |
| Net investment income | 2,634,730 | | 1,376,932 | | 755,406 |
| Realized and Unrealized Gain/(Loss): | | | | | |
| Net realized gains/(losses) from investment transactions and foreign currency translation | 360,764 | | (69,500) | | (5,191,549) |
| Change in unrealized appreciation on investment transactions and foreign currency transactions | 49,510,406 | | 857,147 | | 37,896,675 |
| Net realized and unrealized gains from investment transactions, foreign currency translations and options transactions | 49,871,170 | | 787,647 | | 32,705,126 |
| Change in net assets resulting from operations | $ 52,505,900 | | $ 2,164,579 | | $ 33,460,532 |
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD COVERED CALL INCOME FUND
| | For the Six Months
Ended October 31, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 191,383 | | $ 320,358 |
| Net realized gain from investment transactions, foreign currency transactions and option transactions | 833,732 | | 1,643,943 |
| Net change in unrealized appreciation/(depreciation) on investment transactions, foreign currency transactions and option transactions | 1,640,410 | | (3,721,825) |
| Change in net assets resulting from operations | 2,665,525 | | (1,757,524) |
| Distributions to shareholders from: | | | |
| Class A | (43) | | (1,939) |
| Class C | (1,385) | | (19,972) |
| Class R6 | — | | — |
| Institutional Class | (141,768) | | (2,022,168) |
| Total distributions to shareholders | (143,196) | | (2,044,079) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 381 | | 33,908 |
| Dividends reinvested | 43 | | 1,939 |
| Cost of shares redeemed | (1,184) | | (56,261) |
| Change in Class A from capital transactions | (760) | | (20,414) |
| Class C | | | |
| Proceeds from shares issued | 15 | | 325,900 |
| Dividends reinvested | 1,278 | | 18,253 |
| Cost of shares redeemed | (98,596) | | (84,821) |
| Change in Class C from capital transactions | (97,303) | | 259,332 |
| Class R6 | | | |
| Dividends reinvested | — | | 1 |
| Change in Class R6 from capital transactions | — | | 1 |
| Institutional Class | | | |
| Proceeds from shares issued | 2,447,796 | | 5,385,631 |
| Dividends reinvested | 141,639 | | 2,020,396 |
| Cost of shares redeemed | (2,824,272) | | (5,108,648) |
| Change in Institutional Class from capital transactions | (234,837) | | 2,297,379 |
| Change in net assets from capital transactions | (332,900) | | 2,536,298 |
| Change in net assets | 2,189,429 | | (1,265,305) |
| Net Assets: | | | |
| Beginning of year | 27,650,093 | | 28,915,398 |
| End of year | $ 29,839,522 | | $ 27,650,093 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 40 | | 3,432 |
| Reinvested | 5 | | 198 |
| Redeemed | (129) | | (5,783) |
| Change in Class A | (84) | | (2,153) |
| Class C | | | |
| Issued | — | | 34,200 |
| Reinvested | 139 | | 1,849 |
| Redeemed | (10,227) | | (9,448) |
| Change in Class C | (10,088) | | 26,601 |
| Class R6 | | | |
| Reinvested | — | | — |
| Change in Class R6 | — | | — |
| Institutional Class | | | |
| Issued | 259,203 | | 575,018 |
| Reinvested | 15,340 | | 207,173 |
| Redeemed | (299,050) | | (575,105) |
| Change in Institutional Class | (24,507) | | 207,086 |
Amounts designated as "—" are $0 or have been rounded to $0.
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, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 3,240,279 | | $ 6,745,226 |
| Net realized gain/(loss) from investment transactions and foreign currency transactions | (6,614,307) | | 17,550,945 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 35,296,371 | | (54,202,823) |
| Change in net assets resulting from operations | 31,922,343 | | (29,906,652) |
| Distributions to shareholders from: | | | |
| Class A | (447,170) | | (4,795,394) |
| Class C | (26,961) | | (186,792) |
| Class R6 | (1,747) | | (91,595) |
| Institutional Class | (2,533,156) | | (20,487,257) |
| Total distributions to shareholders | (3,009,034) | | (25,561,038) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 5,571,929 | | 16,615,465 |
| Dividends reinvested | 440,422 | | 4,754,759 |
| Cost of shares redeemed | (23,887,554) | | (31,449,628) |
| Change in Class A from capital transactions | (17,875,203) | | (10,079,404) |
| Class C | | | |
| Proceeds from shares issued | 1,463,147 | | 2,276,695 |
| Dividends reinvested | 26,920 | | 185,723 |
| Cost of shares redeemed | (187,829) | | (37,614) |
| Change in Class C from capital transactions | 1,302,238 | | 2,424,804 |
| Class R6 | | | |
| Proceeds from shares issued | 34,903 | | 230,539 |
| Dividends reinvested | 1,747 | | 91,596 |
| Cost of shares redeemed | (15,528) | | (101,765) |
| Change in Class R6 from capital transactions | 21,122 | | 220,370 |
| Institutional Class | | | |
| Proceeds from shares issued | 30,779,509 | | 79,424,757 |
| Dividends reinvested | 2,423,042 | | 20,192,212 |
| Cost of shares redeemed | (34,150,881) | | (82,721,805) |
| Change in Institutional Class from capital transactions | (948,330) | | 16,895,164 |
| Change in net assets from capital transactions | (17,500,173) | | 9,460,934 |
| Change in net assets | 11,413,136 | | (46,006,756) |
| Net Assets: | | | |
| Beginning of year | 269,752,505 | | 315,759,261 |
| End of year | $ 281,165,641 | | $ 269,752,505 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 195,312 | | 558,561 |
| Reinvested | 15,664 | | 150,184 |
| Redeemed | (849,889) | | (1,033,659) |
| Change in Class A | (638,913) | | (324,914) |
| Class C(a) | | | |
| Issued | 51,443 | | 75,582 |
| Reinvested | 917 | | 5,293 |
| Redeemed | (6,275) | | (1,438) |
| Change in Class C | 46,085 | | 79,437 |
| Class R6(a) | | | |
| Issued | 1,317 | | 5,084 |
| Reinvested | 65 | | 3,026 |
| Redeemed | (559) | | (3,408) |
| Change in Class R6 | 823 | | 4,702 |
| Institutional Class | | | |
| Issued | 1,093,228 | | 2,603,869 |
| Reinvested | 85,552 | | 637,836 |
| Redeemed | (1,192,330) | | (2,854,580) |
| Change in Institutional Class | (13,550) | | 387,125 |
Amounts designated as "—" are $0 or have been rounded to $0.
| (a) | Effective March 9, 2020, the share class had a one-for-ten reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-ten stock split. |
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, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 1,417,945 | | $ 3,557,658 |
| Net realized gain from investment transactions and foreign currency transactions | 2,616,630 | | 1,404,630 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 9,881,228 | | (30,912,113) |
| Change in net assets resulting from operations | 13,915,803 | | (25,949,825) |
| Distributions to shareholders from: | | | |
| Class A | (133,648) | | (734,117) |
| Class C | — | | (1) |
| Class R6 | (5,912) | | (13,125) |
| Institutional Class | (1,124,387) | | (2,929,713) |
| Total distributions to shareholders | (1,263,947) | | (3,676,956) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 443,149 | | 11,574,206 |
| Dividends reinvested | 127,165 | | 707,467 |
| Cost of shares redeemed | (22,400,782) | | (7,815,192) |
| Change in Class A from capital transactions | (21,830,468) | | 4,466,481 |
| Class C | | | |
| Dividends reinvested | — | | 1 |
| Change in Class C from capital transactions | — | | 1 |
| Class R6 | | | |
| Proceeds from shares issued | 79,969 | | 760,083 |
| Dividends reinvested | 5,913 | | 13,125 |
| Cost of shares redeemed | (71,779) | | (208,727) |
| Change in Class R6 from capital transactions | 14,103 | | 564,481 |
| Institutional Class | | | |
| Proceeds from shares issued | 33,456,791 | | 19,490,166 |
| Dividends reinvested | 1,096,538 | | 2,817,398 |
| Cost of shares redeemed | (9,864,249) | | (17,205,803) |
| Change in Institutional Class from capital transactions | 24,689,080 | | 5,101,761 |
| Change in net assets from capital transactions | 2,872,715 | | 10,132,724 |
| Change in net assets | 15,524,571 | | (19,494,057) |
| Net Assets: | | | |
| Beginning of year | 126,933,706 | | 146,427,763 |
| End of year | $ 142,458,277 | | $ 126,933,706 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 23,009 | | 584,792 |
| Reinvested | 6,688 | | 34,399 |
| Redeemed | (1,199,114) | | (377,922) |
| Change in Class A | (1,169,417) | | 241,269 |
| Class C(a) | | | |
| Reinvested | — | | — |
| Change in Class C | — | | — |
| Class R6(a) | | | |
| Issued | 4,919 | | 42,055 |
| Reinvested | 358 | | 740 |
| Redeemed | (4,307) | | (11,026) |
| Change in Class R6 | 970 | | 31,769 |
| Institutional Class | | | |
| Issued | 1,748,751 | | 987,104 |
| Reinvested | 56,114 | | 137,147 |
| Redeemed | (496,541) | | (833,061) |
| Change in Institutional Class | 1,308,324 | | 291,190 |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
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, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 2,634,730 | | $ 6,295,788 |
| Net realized gain from investment transactions and foreign currency transactions | 360,764 | | 33,725,621 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 49,510,406 | | (67,409,526) |
| Change in net assets resulting from operations | 52,505,900 | | (27,388,117) |
| Distributions to shareholders from: | | | |
| Class A | (154,589) | | (1,052,587) |
| Class C | — | | (1) |
| Class R6 | (410,143) | | (5,899,887) |
| Institutional Class | (2,197,288) | | (8,704,134) |
| Total distributions to shareholders | (2,762,020) | | (15,656,609) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 2,739,206 | | 12,510,600 |
| Dividends reinvested | 146,632 | | 1,028,668 |
| Cost of shares redeemed | (21,986,634) | | (12,300,328) |
| Change in Class A from capital transactions | (19,100,796) | | 1,238,940 |
| Class C | | | |
| Dividends reinvested | — | | 1 |
| Change in Class C from capital transactions | — | | 1 |
| Class R6 | | | |
| Proceeds from shares issued | 5,357,280 | | 6,898,246 |
| Dividends reinvested | 410,143 | | 5,899,887 |
| Cost of shares redeemed | (6,290,980) | | (9,642,114) |
| Change in Class R6 from capital transactions | (523,557) | | 3,156,019 |
| Institutional Class | | | |
| Proceeds from shares issued | 40,599,628 | | 98,165,158 |
| Dividends reinvested | 2,145,731 | | 8,542,479 |
| Cost of shares redeemed | (67,946,478) | | (98,173,843) |
| Change in Institutional Class from capital transactions | (25,201,119) | | 8,533,794 |
| Change in net assets from capital transactions | (44,825,472) | | 12,928,754 |
| Change in net assets | 4,918,408 | | (30,115,972) |
| Net Assets: | | | |
| Beginning of year | 395,611,730 | | 425,727,702 |
| End of year | $ 400,530,138 | | $ 395,611,730 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 64,193 | | 302,130 |
| Reinvested | 3,449 | | 23,828 |
| Redeemed | (530,450) | | (287,882) |
| Change in Class A | (462,808) | | 38,076 |
| Class C(a) | | | |
| Reinvested | — | | — |
| Change in Class C | — | | — |
| Class R6(a) | | | |
| Issued | 135,511 | | 177,444 |
| Reinvested | 10,472 | | 142,182 |
| Redeemed | (158,016) | | (243,028) |
| Change in Class R6 | (12,033) | | 76,598 |
| Institutional Class | | | |
| Issued | 966,685 | | 2,354,753 |
| Reinvested | 50,070 | | 200,128 |
| Redeemed | (1,564,028) | | (2,341,086) |
| Change in Institutional Class | (547,273) | | 213,795 |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Effective March 9, 2020, the share class had a one-for-five reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-five stock split. |
See notes to financial statements.
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SELECT BOND FUND
| | For the Six Months
Ended October 31, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 1,376,932 | | $ 3,546,998 |
| Net realized loss from investment transactions and foreign currency transactions | (69,500) | | (58,674) |
| Net change in unrealized appreciation on investments and foreign currency transactions | 857,147 | | 6,507,196 |
| Change in net assets resulting from operations | 2,164,579 | | 9,995,520 |
| Distributions to shareholders from: | | | |
| Class A | (47,358) | | (190,989) |
| Class C | — | | — |
| Class R6 | — | | (1) |
| Institutional Class | (1,466,995) | | (3,359,056) |
| Total distributions to shareholders | (1,514,353) | | (3,550,046) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 1,295,546 | | 1,113,569 |
| Dividends reinvested | 47,293 | | 189,375 |
| Cost of shares redeemed | (6,450,408) | | (2,560,718) |
| Change in Class A from capital transactions | (5,107,569) | | (1,257,774) |
| Class C | | | |
| Dividends reinvested | — | | — |
| Change in Class C from capital transactions | — | | — |
| Class R6 | | | |
| Dividends reinvested | — | | 1 |
| Change in Class R6 from capital transactions | — | | 1 |
| Institutional Class | | | |
| Proceeds from shares issued | 25,528,554 | | 22,675,458 |
| Dividends reinvested | 1,466,995 | | 3,359,056 |
| Cost of shares redeemed | (10,127,666) | | (42,038,444) |
| Change in Institutional Class from capital transactions | 16,867,883 | | (16,003,930) |
| Change in net assets from capital transactions | 11,760,314 | | (17,261,703) |
| Change in net assets | 12,410,540 | | (10,816,229) |
| Net Assets: | | | |
| Beginning of year | 151,654,670 | | 162,470,899 |
| End of year | $ 164,065,210 | | $ 151,654,670 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 50,474 | | 44,481 |
| Reinvested | 1,849 | | 7,664 |
| Redeemed | (253,773) | | (103,579) |
| Change in Class A | (201,450) | | (51,434) |
| Class C(a) | | | |
| Reinvested | — | | — |
| Change in Class C | — | | — |
| Class R6(a) | | | |
| Reinvested | — | | — |
| Change in Class R6 | — | | — |
| Institutional Class | | | |
| Issued | 1,002,651 | | 914,921 |
| Reinvested | 57,577 | | 136,646 |
| Redeemed | (396,275) | | (1,699,013) |
| Change in Institutional Class | 663,953 | | (647,446) |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Effective March 9, 2020, the share class had a one-for-three reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-three stock split. |
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, 2020 (Unaudited) | | For the Year Ended April 30, 2020 |
| Change in net assets resulting from operations: | | | |
| Net investment income | $ 755,406 | | $ 1,643,705 |
| Net realized gain/(loss) from investment transactions and foreign currency transactions | (5,191,549) | | 7,987,142 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 37,896,675 | | (52,917,504) |
| Change in net assets resulting from operations | 33,460,532 | | (43,286,657) |
| Distributions to shareholders from: | | | |
| Class A | (93,462) | | (2,608,082) |
| Class C | — | | (1) |
| Class R6 | (171) | | (6,229) |
| Institutional Class | (453,707) | | (6,470,384) |
| Total distributions to shareholders | (547,340) | | (9,084,696) |
| Capital Transactions: | | | |
| Class A | | | |
| Proceeds from shares issued | 3,664,556 | | 9,903,543 |
| Dividends reinvested | 89,364 | | 2,495,589 |
| Cost of shares redeemed | (16,010,106) | | (17,452,015) |
| Change in Class A from capital transactions | (12,256,186) | | (5,052,883) |
| Class C | | | |
| Dividends reinvested | — | | 1 |
| Change in Class C from capital transactions | — | | 1 |
| Class R6 | | | |
| Proceeds from shares issued | 7,332 | | 95,565 |
| Dividends reinvested | 171 | | 6,229 |
| Cost of shares redeemed | (7,369) | | (46,608) |
| Change in Class R6 from capital transactions | 134 | | 55,186 |
| Institutional Class | | | |
| Proceeds from shares issued | 16,869,424 | | 49,668,229 |
| Dividends reinvested | 406,176 | | 6,217,171 |
| Cost of shares redeemed | (27,033,191) | | (32,329,095) |
| Change in Institutional Class from capital transactions | (9,757,591) | | 23,556,305 |
| Change in net assets from capital transactions | (22,013,643) | | 18,558,609 |
| Change in net assets | 10,899,549 | | (33,812,744) |
| Net Assets: | | | |
| Beginning of year | 191,484,607 | | 225,297,351 |
| End of year | $ 202,384,156 | | $ 191,484,607 |
| Shares Transactions: | | | |
| Class A | | | |
| Issued | 315,148 | | 816,205 |
| Reinvested | 7,567 | | 187,150 |
| Redeemed | (1,373,341) | | (1,343,613) |
| Change in Class A | (1,050,626) | | (340,258) |
| Class C(a) | | | |
| Reinvested | — | | — |
| Change in Class C | — | | — |
| Class R6(a) | | | |
| Issued | 653 | | 7,611 |
| Reinvested | 16 | | 484 |
| Redeemed | (651) | | (3,619) |
| Change in Class R6 | 18 | | 4,476 |
| Institutional Class | | | |
| Issued | 1,430,209 | | 4,394,565 |
| Reinvested | 33,696 | | 459,117 |
| Redeemed | (2,201,652) | | (2,570,495) |
| Change in Institutional Class | (737,747) | | 2,283,187 |
Amounts designated as "—" are $0 or have been rounded to $0.
| | |
| (a) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
See notes to financial statements.
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
The following table sets 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 the period indicated.
| | | Investment Operations: |
| | Net Asset
Value,
Beginning
of Period | Net
Investment
Income | Net Realized and
Unrealized Gain/(Loss) from
Investments | Total from
Investment
Operations |
| Steward Covered Call Income Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 8.64 | $0.03 (d) | $ 0.79 | $ 0.82 |
| Year ended April 30, 2020 | 9.77 | 0.08 (d) | (0.54) | (0.46) |
| Year ended April 30, 2019 | 9.92 | 0.04 | 0.71 | 0.75 |
| Period ended April 30, 2018(e) | 10.00 | 0.03 | (0.09) | (0.06) |
| Class C | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 8.70 | $ —(d) | $ 0.79 | $ 0.79 |
| Year ended April 30, 2020 | 9.84 | — (d) | (0.53) | (0.53) |
| Year ended April 30, 2019 | 9.95 | 0.01 | 0.71 | 0.72 |
| Period ended April 30, 2018(e) | 10.00 | — (f) | (0.05) | (0.05) |
| Class R6 | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 8.64 | $ —(d) | $ 0.78 | $ 0.78 |
| Year ended April 30, 2020 | 9.80 | — (d)(f) | (0.49) | (0.49) |
| Year ended April 30, 2019 | 9.92 | — (f) | 0.69 | 0.69 |
| Period ended April 30, 2018(e) | 10.00 | — (f) | (0.05) | (0.05) |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 8.65 | $0.04 (d) | $ 0.80 | $ 0.84 |
| Year ended April 30, 2020 | 9.75 | 0.10 (d) | (0.53) | (0.43) |
| Year ended April 30, 2019 | 9.92 | 0.11 | 0.65 | 0.76 |
| Period ended April 30, 2018(e) | 10.00 | 0.03 | (0.08) | (0.05) |
| Steward Global Equity Income Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 26.39 | $0.28 (d) | $ 2.83 | $ 3.11 |
| Year ended April 30, 2020 | 31.36 | 0.59 (d) | (3.16) | (2.57) |
| Year ended April 30, 2019 | 33.06 | 0.70 (d) | 0.43 | 1.13 |
| Year ended April 30, 2018 | 31.00 | 0.60 | 3.87 | 4.47 |
| Year ended April 30, 2017 | 28.72 | 0.51 | 3.72 | 4.23 |
| Year ended April 30, 2016 | 30.11 | 0.60 | 0.18 | 0.78 |
| Class C | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 27.65 | $0.20 (d) | $ 2.96 | $ 3.16 |
| Year ended April 30, 2020(g) | 53.40 | 0.31 (d) | (23.63) | (23.32) |
| Year ended April 30, 2019(g) | 80.20 | 0.70 (d) | (0.90) (h) | (0.20) |
| Period ended April 30, 2018(e)(g) | 100.00 | — (f) | 0.70 | 0.70 |
| Class R6 | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 25.00 | $0.33 (d) | $ 2.67 | $ 3.00 |
| Year ended April 30, 2020(g) | 50.50 | 0.59 (d) | (23.57) | (22.98) |
| Year ended April 30, 2019(g) | 79.90 | 2.10 (d) | (2.10) (h) | — |
| Period ended April 30, 2018(e)(g) | 100.00 | — (f) | 0.80 | 0.80 |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 26.48 | $0.34 (d) | $ 2.83 | $ 3.17 |
| Year ended April 30, 2020 | 31.45 | 0.68 (d) | (3.16) | (2.48) |
| Year ended April 30, 2019 | 33.15 | 0.79 (d) | 0.44 | 1.23 |
| Year ended April 30, 2018 | 31.06 | 0.71 | 3.88 | 4.59 |
| Year ended April 30, 2017 | 28.77 | 0.63 | 3.70 | 4.33 |
| Year ended April 30, 2016 | 30.16 | 0.71 | 0.16 | 0.87 |
Amounts designated as "—" are $0 or have been rounded to $0.
| (a) | Not annualized for periods less than one year. |
| (b) | Annualized for periods less than one year. |
| (c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
| (d) | Calculated based on average shares outstanding. |
| (e) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
| (f) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
| (g) | Effective March 9, 2020, the share class had a one-for-ten reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-ten stock split. |
| (h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
| Distributions: | | | Supplemental data and ratios: |
Net
Investment
Income | Capital
Gains | 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 Prior to
Waivers(b) | Ratio of
Expenses to
Average Net
Assets Net of
Waivers(b) | Ratio of Net
Investment Income
to Average
Net Assets(b) | Portfolio
Turnover
Rate(a)(c) |
| | | | | | | | | | |
| | | | | | | | | | |
| $(0.05) | $ — | $ (0.05) | $ 9.41 | 9.56% | $ 9 | 1.98% | 1.25% | 0.72% | 93% |
| (0.10) | (0.57) | (0.67) | 8.64 | (5.45) | 9 | 1.65 | 1.25 | 0.85 | 135 |
| (0.09) | (0.81) | (0.90) | 9.77 | 8.91 | 31 | 1.44 | 1.25 | 0.79 | 117 |
| (0.02) | — | (0.02) | 9.92 | (0.56) | 3 | 1.42 | 1.25 | 0.81 | 29 |
| | | | | | | | | | |
| $(0.04) | $ — | $ (0.04) | $ 9.45 | 9.11% | $ 232 | 2.86% | 2.00% | (0.04) (f)% | 93% |
| (0.04) | (0.57) | (0.61) | 8.70 | (6.10) | 301 | 2.48 | 2.00 | 0.02 | 135 |
| (0.02) | (0.81) | (0.83) | 9.84 | 8.52 | 79 | 2.23 | 2.00 | 0.05 | 117 |
| — | — | — | 9.95 | (0.50) | — | — (f) | — (f) | — (f) | 29 |
| | | | | | | | | | |
| $(0.05) | $ — | $ (0.05) | $ 9.37 | 8.98% | $ — | —% | —% | —% | 93% |
| (0.10) | (0.57) | (0.67) | 8.64 | (5.81) | — | — (f) | — (f) | — (f) | 135 |
| — | (0.81) | (0.81) | 9.80 | 8.27 | — | — (f) | — (f) | — (f) | 117 |
| (0.03) | — | (0.03) | 9.92 | (0.55) | — | — (f) | — (f) | — (f) | 29 |
| | | | | | | | | | |
| $(0.05) | $ — | $ (0.05) | $ 9.44 | 9.67% | $ 29,599 | 1.70% | 1.00% | 0.95% | 93% |
| (0.10) | (0.57) | (0.67) | 8.65 | (5.15) | 27,340 | 1.32 | 1.00 | 1.08 | 135 |
| (0.12) | (0.81) | (0.93) | 9.75 | 9.06 | 28,806 | 1.14 | 1.00 | 1.10 | 117 |
| (0.03) | — | (0.03) | 9.92 | (0.54) | 25,417 | 1.16 | 1.00 | 0.84 | 29 |
| | | | | | | | | | |
| | | | | | | | | | |
| $(0.27) | $ — | $ (0.27) | $29.23 | 11.83% | $ 39,264 | 1.34% | 1.34% | 1.97% | 39% |
| (0.58) | (1.82) | (2.40) | 26.39 | (9.41) | 52,326 | 1.21 | 1.21 | 1.91 | 48 |
| (0.67) | (2.16) | (2.83) | 31.36 | 4.61 | 72,351 | 0.97 | 0.97 | 2.18 | 28 |
| (0.59) | (1.82) | (2.41) | 33.06 | 14.58 | 67,213 | 0.99 | 0.99 | 1.80 | 59 |
| (0.56) | (1.39) | (1.95) | 31.00 | 15.22 | 60,865 | 0.99 | 0.99 | 1.78 | 48 |
| (0.62) | (1.55) | (2.17) | 28.72 | 2.94 | 40,254 | 0.98 | 0.98 | 2.12 | 54 |
| | | | | | | | | | |
| $(0.21) | $ — | $ (0.21) | $30.60 | 11.48% | $ 4,054 | 1.93% | 1.93% | 1.35% | 39% |
| (0.61) | (1.82) | (2.43) | 27.65 | (10.12) | 2,389 | 2.08 | 2.08 | 0.95 | 48 |
| (5.00) | (21.60) | (26.60) | 53.40 | 4.52 | 372 | 1.64 | 1.64 | 1.24 | 28 |
| (2.30) | (18.20) | (20.50) | 80.20 | 0.83 | — | — (f) | — (f) | — (f) | 59 |
| | | | | | | | | | |
| $(0.32) | $ — | $ (0.32) | $27.68 | 12.03% | $ 157 | 0.89% | 0.89% | 2.41% | 39% |
| (0.70) | (1.82) | (2.52) | 25.00 | (9.09) | 121 | 0.90 | 0.90 | 1.72 | 48 |
| (7.80) | (21.60) | (29.40) | 50.50 | 5.04 | 6 | 0.61 | 0.61 | 2.75 | 28 |
| (2.70) | (18.20) | (20.90) | 79.90 | 0.86 | — | — (f) | — (f) | — (f) | 59 |
| | | | | | | | | | |
| $(0.31) | $ — | $ (0.31) | $29.34 | 12.02% | $237,691 | 0.95% | 0.95% | 2.34% | 39% |
| (0.67) | (1.82) | (2.49) | 26.48 | (9.09) | 214,917 | 0.88 | 0.88 | 2.22 | 48 |
| (0.77) | (2.16) | (2.93) | 31.45 | 4.90 | 243,030 | 0.67 | 0.67 | 2.47 | 28 |
| (0.68) | (1.82) | (2.50) | 33.15 | 14.96 | 220,152 | 0.68 | 0.68 | 2.12 | 59 |
| (0.65) | (1.39) | (2.04) | 31.06 | 15.58 | 181,716 | 0.66 | 0.66 | 2.11 | 48 |
| (0.71) | (1.55) | (2.26) | 28.77 | 3.26 | 134,080 | 0.64 | 0.64 | 2.47 | 54 |
See notes to financial statements.
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
| | | Investment Operations: |
| | Net Asset
Value,
Beginning
of Period | Net
Investment
Income | Net Realized and
Unrealized Gain/(Loss) from
Investments | Total from
Investment
Operations |
| Steward International Enhanced Index Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $17.59 | $0.17 (d) | $ 1.71 | $ 1.88 |
| Year ended April 30, 2020 | 22.01 | 0.46 (d) | (4.40) | (3.94) |
| Year ended April 30, 2019 | 23.01 | 0.53 | (1.01) | (0.48) |
| Year ended April 30, 2018 | 20.45 | 0.43 | 2.59 | 3.02 |
| Year ended April 30, 2017 | 18.65 | 0.36 | 1.81 | 2.17 |
| Year ended April 30, 2016 | 22.22 | 0.40 (d) | (3.27) | (2.87) |
| Class C | | | | |
| Six months ended October 31, 2020 (Unaudited) | $14.90 | $ —(d)(f) | $ 1.43 | $ 1.43 |
| Year ended April 30, 2020(g) | 19.46 | — (d)(f) | (4.12) | (4.12) |
| Year ended April 30, 2019(g) | 20.16 | — (f) | (0.70) | (0.70) |
| Period ended April 30, 2018(g)(h) | 20.00 | — (f) | 0.46 | 0.46 |
| Class R6 | | | | |
| Six months ended October 31, 2020 (Unaudited) | $14.95 | $0.17 (d) | $ 1.48 | $ 1.65 |
| Year ended April 30, 2020(g) | 19.42 | 0.37 (d) | (4.28) | (3.91) |
| Year ended April 30, 2019(g) | 20.10 | — (f) | (0.68) | (0.68) |
| Period ended April 30, 2018(g)(h) | 20.00 | — (f) | 0.46 | 0.46 |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $17.66 | $0.20 (d) | $ 1.75 | $ 1.95 |
| Year ended April 30, 2020 | 22.08 | 0.53 (d) | (4.40) | (3.87) |
| Year ended April 30, 2019 | 23.09 | 0.59 | (1.01) | (0.42) |
| Year ended April 30, 2018 | 20.51 | 0.51 | 2.59 | 3.10 |
| Year ended April 30, 2017 | 18.70 | 0.43 | 1.81 | 2.24 |
| Year ended April 30, 2016 | 22.28 | 0.57 (d) | (3.38) | (2.81) |
| Steward Large Cap Enhanced Index Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $39.31 | $0.29 | $ 4.89 | $ 5.18 |
| Year ended April 30, 2020 | 43.28 | 0.51 (d) | (3.41) | (2.90) |
| Year ended April 30, 2019 | 41.50 | 0.47 | 3.24 | 3.71 |
| Year ended April 30, 2018 | 36.89 | 0.41 | 4.60 | 5.01 |
| Year ended April 30, 2017 | 32.25 | 0.39 | 4.63 | 5.02 |
| Year ended April 30, 2016 | 38.89 | 0.46 | (1.31) | (0.85) |
| Class C | | | | |
| Six months ended October 31, 2020(i) (Unaudited) | $35.97 | $0.15 | $ 4.47 | $ 4.62 |
| Year ended April 30, 2020(i) | 43.70 | — (d)(f) | (6.69) (j) | (6.69) |
| Year ended April 30, 2019(i) | 48.95 | — (f) | 2.30 | 2.30 |
| Period ended April 30, 2018(h)(i) | 50.00 | — (f) | (0.10) | (0.10) |
| Class R6 | | | | |
| Six months ended October 31, 2020(i) (Unaudited) | $35.83 | $0.25 | $ 4.56 | $ 4.81 |
| Year ended April 30, 2020(i) | 42.75 | 0.66 (d) | (6.40) | (5.74) |
| Year ended April 30, 2019(i) | 48.80 | 0.20 | 2.30 | 2.50 |
| Period ended April 30, 2018(h)(i) | 50.00 | — (f) | 0.05 | 0.05 |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $39.23 | $0.29 | $ 4.97 | $ 5.26 |
| Year ended April 30, 2020 | 43.16 | 0.65 (d) | (3.42) | (2.77) |
| Year ended April 30, 2019 | 41.34 | 0.60 | 3.23 | 3.83 |
| Year ended April 30, 2018 | 36.72 | 0.53 | 4.57 | 5.10 |
| Year ended April 30, 2017 | 32.07 | 0.48 | 4.63 | 5.11 |
| Year ended April 30, 2016 | 38.70 | 0.62 | (1.34) | (0.72) |
Amounts designated as "—" are $0 or have been rounded to $0.
| (a) | Not annualized for periods less than one year. |
| (b) | Annualized for periods less than one year. |
| (c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
| (d) | Calculated based on average shares outstanding. |
| (e) | Excludes the value of portfolio securities delivered as a result of a redemption in-kind. |
| (f) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
| (g) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
| (h) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
| (i) | Effective March 9, 2020, the share class had a one-for-five reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-five stock split. |
| (j) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
| Distributions: | | | Supplemental data and ratios: |
Net
Investment
Income | Capital
Gains | In Excess
of Net
Investment
Income | 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
to Average
Net Assets(b) | Portfolio
Turnover
Rate(a)(c) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| $(0.13) | $ — | $ — | $(0.13) | $19.34 | 10.70% | $ 8,180 | 1.21% | 1.77% | 7% | |
| (0.48) | — | — | (0.48) | 17.59 | (18.18) | 28,007 | 1.06 | 2.20 | 15 | |
| (0.52) | — | — | (0.52) | 22.01 | (1.99) | 29,734 | 1.01 | 2.43 | 10 | |
| (0.46) | — | — | (0.46) | 23.01 | 14.92 | 27,085 | 1.02 | 1.88 | 10 | |
| (0.37) | — | — | (0.37) | 20.45 | 11.85 | 17,922 | 1.01 | 1.88 | 16 | |
| (0.70) | — | — | (0.70) | 18.65 | (13.10) | 16,268 | 1.00 | 2.14 | 11 (e) | |
| | | | | | | | | | | |
| $(0.11) | $ — | $ — | $(0.11) | $16.22 | 9.57% | $ — | — (f)% | — (f)% | 7% | |
| (0.44) | — | — | (0.44) | 14.90 | (19.85) | — | — (f) | — (f) | 15 | |
| — | — | — | — | 19.46 | (3.47) | — | — (f) | — (f) | 10 | |
| (0.30) | — | — | (0.30) | 20.16 | 2.32 | — | — (f) | — (f) | 10 | |
| | | | | | | | | | | |
| $(0.18) | $ — | $ — | $(0.18) | $16.42 | 11.05% | $ 538 | 0.64% | 2.07% | 7% | |
| (0.56) | — | — | (0.56) | 14.95 | (18.52) | 475 | 0.68 | 2.14 | 15 | |
| — | — | — | — | 19.42 | (3.38) | — | — (f) | — (f) | 10 | |
| (0.36) | — | — | (0.36) | 20.10 | 2.32 | — | — (f) | — (f) | 10 | |
| | | | | | | | | | | |
| $(0.18) | $ — | $ — | $(0.18) | $19.43 | 11.03% | $133,741 | 0.69% | 2.00% | 7% | |
| (0.55) | — | — | (0.55) | 17.66 | (17.87) | 98,451 | 0.72 | 2.55 | 15 | |
| (0.59) | — | — | (0.59) | 22.08 | (1.74) | 116,694 | 0.71 | 2.73 | 10 | |
| (0.52) | — | — | (0.52) | 23.09 | 15.29 | 112,524 | 0.71 | 2.28 | 10 | |
| (0.43) | — | — | (0.43) | 20.51 | 12.24 | 114,580 | 0.67 | 2.22 | 16 | |
| (0.77) | — | — | (0.77) | 18.70 | (12.82) | 104,190 | 0.65 | 2.93 | 11 (e) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| $(0.22) | $ — | $ — | $(0.22) | $44.27 | 13.20% | $ 23,540 | 0.91% | 0.94% | 14% | |
| (0.40) | (0.67) | — | (1.07) | 39.31 | (6.91) | 39,094 | 0.84 | 1.18 | 32 | |
| (0.42) | (1.51) | — | (1.93) | 43.28 | 9.78 | 41,401 | 0.80 | 1.09 | 27 | |
| (0.40) | — | — | (0.40) | 41.50 | 13.61 | 47,998 | 0.84 | 1.02 | 23 | |
| (0.38) | — | — | (0.38) | 36.89 | 15.63 | 47,052 | 0.82 | 1.10 | 25 | |
| (0.49) | (4.26) | (1.04) | (5.79) | 32.25 | (2.01) | 52,151 | 0.82 | 1.30 | 91 (e) | |
| | | | | | | | | | | |
| $(0.15) | $ — | $ — | $(0.15) | $40.44 | 12.86% | $ — | — (f)% | — (f)% | 14% | |
| (0.37) | (0.67) | — | (1.04) | 35.97 | (9.02) | — | — (f) | — (f) | 32 | |
| — | (7.55) | — | (7.55) | 43.70 | 8.13 | — | — (f) | — (f) | 27 | |
| (0.95) | — | — | (0.95) | 48.95 | (0.27) | — | — (f) | — (f) | 23 | |
| | | | | | | | | | | |
| $(0.29) | $ — | $ — | $(0.29) | $40.35 | 13.46% | $ 55,416 | 0.46% | 1.31% | 14% | |
| (0.51) | (0.67) | — | (1.18) | 35.83 | (6.63) | 49,643 | 0.46 | 1.60 | 32 | |
| (1.00) | (7.55) | — | (8.55) | 42.75 | 8.70 | 55,924 | 0.46 | 1.20 | 27 | |
| (1.25) | — | — | (1.25) | 48.80 | 0.02 | — | — (f) | — (f) | 23 | |
| | | | | | | | | | | |
| $(0.29) | $ — | $ — | $(0.29) | $44.20 | 13.43% | $321,574 | 0.50% | 1.27% | 14% | |
| (0.49) | (0.67) | — | (1.16) | 39.23 | (6.61) | 306,875 | 0.52 | 1.51 | 32 | |
| (0.50) | (1.51) | — | (2.01) | 43.16 | 10.13 | 328,404 | 0.50 | 1.39 | 27 | |
| (0.48) | — | — | (0.48) | 41.34 | 13.93 | 345,522 | 0.54 | 1.32 | 23 | |
| (0.46) | — | — | (0.46) | 36.72 | 16.02 | 319,230 | 0.50 | 1.40 | 25 | |
| (0.61) | (4.26) | (1.04) | (5.91) | 32.07 | (1.67) | 253,302 | 0.48 | 1.66 | 91 (e) | |
See notes to financial statements.
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
| | | Investment Operations: |
| | Net Asset
Value,
Beginning
of Period | Net
Investment
Income | Net Realized and
Unrealized Gain/(Loss) from
Investments | Total from
Investment
Operations |
| Steward Select Bond Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $25.38 | $0.28 | $ 0.04 | $ 0.32 |
| Year ended April 30, 2020 | 24.36 | 0.47 | 1.03 | 1.50 |
| Year ended April 30, 2019 | 23.96 | 0.49 | 0.39 | 0.88 |
| Year ended April 30, 2018 | 24.58 | 0.40 | (0.60) | (0.20) |
| Year ended April 30, 2017 | 24.99 | 0.43 | (0.40) | 0.03 |
| Year ended April 30, 2016 | 24.97 | 0.46 | — | 0.46 |
| Class C | | | | |
| Six months ended October 31, 2020 (Unaudited) | $28.84 | $0.14 | $ 0.06 | $ 0.20 |
| Year ended April 30, 2020(e) | 29.13 | — (d) | 0.12 | 0.12 |
| Year ended April 30, 2019(e) | 28.71 | — (d) | 0.42 | 0.42 |
| Period ended April 30, 2018(e)(f) | 30.00 | — (d) | (0.66) | (0.66) |
| Class R6 | | | | |
| Six months ended October 31, 2020 (Unaudited) | $28.72 | $0.26 | $(0.01) | $ 0.25 |
| Year ended April 30, 2020(e) | 28.98 | — (d) | 0.31 | 0.31 |
| Year ended April 30, 2019(e) | 28.56 | — (d) | 0.42 | 0.42 |
| Period ended April 30, 2018(e)(f) | 30.00 | — (d) | (0.69) | (0.69) |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $25.28 | $0.22 | $ 0.14 | $ 0.36 |
| Year ended April 30, 2020 | 24.25 | 0.55 | 1.03 | 1.58 |
| Year ended April 30, 2019 | 23.85 | 0.55 | 0.40 | 0.95 |
| Year ended April 30, 2018 | 24.47 | 0.48 | (0.61) | (0.13) |
| Year ended April 30, 2017 | 24.87 | 0.51 | (0.39) | 0.12 |
| Year ended April 30, 2016 | 24.85 | 0.53 | 0.01 | 0.54 |
| Steward Small-Mid Cap Enhanced Index Fund | | | | |
| Class A | | | | |
| Six months ended October 31, 2020 (Unaudited) | $10.54 | $0.03 | $ 1.81 | $ 1.84 |
| Year ended April 30, 2020 | 13.94 | 0.07 | (2.91) | (2.84) |
| Year ended April 30, 2019 | 15.70 | 0.09 | 0.03 (g) | 0.12 |
| Year ended April 30, 2018 | 15.44 | 0.11 | 1.37 | 1.48 |
| Year ended April 30, 2017 | 13.26 | 0.06 | 2.64 | 2.70 |
| Year ended April 30, 2016 | 15.33 | 0.08 | (0.51) | (0.43) |
| Class C | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 9.84 | $ —(d) | $ 1.65 | $ 1.65 |
| Year ended April 30, 2020(h) | 13.64 | — (d) | (3.27) | (3.27) |
| Year ended April 30, 2019(h) | 17.52 | — (d) | (0.32) | (0.32) |
| Period ended April 30, 2018(f)(h) | 20.00 | — (d) | (0.08) | (0.08) |
| Class R6 | | | | |
| Six months ended October 31, 2020 (Unaudited) | $ 9.87 | $0.05 | $ 1.70 | $ 1.75 |
| Year ended April 30, 2020(h) | 13.56 | 0.14 | (3.24) | (3.10) |
| Year ended April 30, 2019(h) | 17.48 | — (d) | (0.36) | (0.36) |
| Period ended April 30, 2018(f)(h) | 20.00 | — (d) | (0.08) | (0.08) |
| Institutional Class | | | | |
| Six months ended October 31, 2020 (Unaudited) | $10.74 | $0.05 | $ 1.85 | $ 1.90 |
| Year ended April 30, 2020 | 14.19 | 0.11 | (2.98) | (2.87) |
| Year ended April 30, 2019 | 15.93 | 0.13 | 0.04 (g) | 0.17 |
| Year ended April 30, 2018 | 15.65 | 0.15 | 1.39 | 1.54 |
| Year ended April 30, 2017 | 13.43 | 0.11 | 2.67 | 2.78 |
| Year ended April 30, 2016 | 15.51 | 0.12 | (0.52) | (0.40) |
Amounts designated as "—" are $0 or have been rounded to $0.
| (a) | Not annualized for periods less than one year. |
| (b) | Annualized for periods less than one year. |
| (c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
| (d) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
| (e) | Effective March 9, 2020, the share class had a one-for-three reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-three stock split. |
| (f) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
| (g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| (h) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
See notes to financial statements.
| Distributions: | | | Supplemental data and ratios: |
Net
Investment
Income | Capital
Gains | 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
to Average
Net Assets(b) | Portfolio
Turnover
Rate(a)(c) | |
| | | | | | | | | | |
| | | | | | | | | | |
| $(0.21) | $ — | $(0.21) | $25.49 | 1.26% | $ 4,137 | 1.06% | 1.38% | 14% | |
| (0.48) | — | (0.48) | 25.38 | 6.21 | 9,234 | 0.99 | 1.87 | 22 | |
| (0.48) | — | (0.48) | 24.36 | 3.72 | 10,115 | 0.95 | 1.97 | 25 | |
| (0.42) | — | (0.42) | 23.96 | (0.82) | 11,134 | 0.96 | 1.67 | 5 | |
| (0.44) | — | (0.44) | 24.58 | 0.11 | 10,664 | 0.95 | 1.71 | 18 | |
| (0.44) | — | (0.44) | 24.99 | 1.87 | 11,719 | 0.95 | 1.80 | 11 | |
| | | | | | | | | | |
| $(0.14) | $ — | $(0.14) | $28.90 | 0.70% | $ — | — (d)% | — (d)% | 14% | |
| (0.41) | — | (0.41) | 28.84 | 2.08 | — | — (d) | — (d) | 22 | |
| — | — | — | 29.13 | 1.46 | — | — (d) | — (d) | 25 | |
| (0.63) | — | (0.63) | 28.71 | (2.27) | — | — (d) | — (d) | 5 | |
| | | | | | | | | | |
| $(0.26) | $ — | $(0.26) | $28.71 | 0.86% | $ — | — (d)% | — (d)% | 14% | |
| (0.57) | — | (0.57) | 28.72 | 3.34 | — | — (d) | — (d) | 22 | |
| — | — | — | 28.98 | 1.47 | — | — (d) | — (d) | 25 | |
| (0.75) | — | (0.75) | 28.56 | (2.30) | — | — (d) | — (d) | 5 | |
| | | | | | | | | | |
| $(0.25) | $ — | $(0.25) | $25.39 | 1.43% | $159,928 | 0.65% | 1.77% | 14% | |
| (0.55) | — | (0.55) | 25.28 | 6.60 | 142,421 | 0.65 | 2.24 | 22 | |
| (0.55) | — | (0.55) | 24.25 | 4.05 | 152,356 | 0.66 | 2.28 | 25 | |
| (0.49) | — | (0.49) | 23.85 | (0.54) | 151,593 | 0.66 | 1.98 | 5 | |
| (0.52) | — | (0.52) | 24.47 | 0.50 | 147,953 | 0.61 | 2.05 | 18 | |
| (0.52) | — | (0.52) | 24.87 | 2.22 | 138,503 | 0.60 | 2.16 | 11 | |
| | | | | | | | | | |
| | | | | | | | | | |
| $(0.02) | $ — | $(0.02) | $12.36 | 17.49% | $ 46,418 | 0.82% | 0.51% | 17% | |
| (0.10) | (0.46) | (0.56) | 10.54 | (21.24) | 50,646 | 0.81 | 0.58 | 28 | |
| (0.10) | (1.78) | (1.88) | 13.94 | 3.18 | 71,719 | 0.81 | 0.56 | 33 | |
| (0.08) | (1.14) | (1.22) | 15.70 | 9.59 | 77,227 | 0.83 | 0.69 | 29 | |
| (0.07) | (0.45) | (0.52) | 15.44 | 20.44 | 69,001 | 0.87 | 0.43 | 36 | |
| (0.09) | (1.55) | (1.64) | 13.26 | (2.39) | 55,445 | 0.85 | 0.59 | 33 | |
| | | | | | | | | | |
| $ — | $ — | $ — | $11.49 | 16.77% | $ — | — (d)% | — (d)% | 17% | |
| (0.07) | (0.46) | (0.53) | 9.84 | (22.17) | — | — (d) | — (d) | 28 | |
| — | (3.56) | (3.56) | 13.64 | 2.55 | — | — (d) | — (d) | 33 | |
| (0.12) | (2.28) | (2.40) | 17.52 | (0.48) | — | — (d) | — (d) | 29 | |
| | | | | | | | | | |
| $(0.04) | $ — | $(0.04) | $11.58 | 17.72% | $ 54 | 0.48% | 0.84% | 17% | |
| (0.13) | (0.46) | (0.59) | 9.87 | (20.85) | 46 | 0.50 | 1.11 | 28 | |
| — | (3.56) | (3.56) | 13.56 | 2.27 | 3 | — (d) | — (d) | 33 | |
| (0.16) | (2.28) | (2.44) | 17.48 | (0.56) | — | — (d) | — (d) | 29 | |
| | | | | | | | | | |
| $(0.03) | $ — | $(0.03) | $12.61 | 17.75% | $155,912 | 0.53% | 0.79% | 17% | |
| (0.12) | (0.46) | (0.58) | 10.74 | (21.05) | 140,792 | 0.55 | 0.86 | 28 | |
| (0.13) | (1.78) | (1.91) | 14.19 | 3.51 | 153,576 | 0.53 | 0.84 | 33 | |
| (0.12) | (1.14) | (1.26) | 15.93 | 9.87 | 154,975 | 0.57 | 0.95 | 29 | |
| (0.11) | (0.45) | (0.56) | 15.65 | 20.80 | 130,717 | 0.58 | 0.72 | 36 | |
| (0.13) | (1.55) | (1.68) | 13.43 | (2.15) | 101,597 | 0.57 | 0.87 | 33 | |
See notes to financial statements.
STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — October 31, 2020 (Unaudited)
Steward Funds, Inc. (‘‘SFI’’), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’), as a diversified open-end management investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) Topic 946 Financial Services — Investment Companies. As of October 31, 2020, SFI is composed of six separate operational funds, each a series of SFI (each a ‘‘Fund’’ and collectively the ‘‘Funds’’). The accompanying financial statements are presented for the following six Funds:
Steward Covered Call Income Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Enhanced Index Fund
Steward Select Bond Fund
Steward Small-Mid Cap Enhanced Index Fund
Each Fund currently offers four classes of shares: ‘‘Class A’’, ‘‘Class C’’, ‘‘Class R6’’, and ‘‘Institutional Class’’ (each a ‘‘Class’’ and collectively the ‘‘Classes’’). Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. 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 Classes. 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 and Strategies: |
Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund's portfolio when compared to the broader uncovered large capitalization securities market.
Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in U.S. and non-U.S. 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 depositary receipts (‘‘DRs’’) or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.
Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.
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 securities.
Steward Select Bond Fund seeks to provide high current income with capital appreciation. The Fund invests primarily in fixed income securities, such as corporate bonds, mortgage-backed securities and government and agency bonds and notes.
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 securities.
In pursuing their investment objectives, the Funds apply a comprehensive set of values-based 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 materially 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 valuation approaches. Equity 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 The NASDAQ Stock Market LLC (‘‘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 (other than short-term debt obligations), including listed issues, are valued at the bid price. These prices will be obtained by the Funds’ accounting services agent from approved independent pricing sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Short-term debt obligations (those with remaining maturities of 60 days or less) are valued at amortized cost. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded options are valued (i) at the last reported sale price, or, (ii) if there is no last sale price, at the most recent bid for long options and the most recent ask for short options. Each of these valuation methods has been determined in good faith by the Funds’ Board of Directors (the “Board”) to represent fair value for the affected securities. If securities or other assets held by the Funds cannot be valued as set forth above or if a market price or quotation for a security or other asset is not readily available, or cannot be determined, or if any market price or quotation is deemed to be unreliable or inaccurate by the Funds’ investment adviser, the security will be priced at its fair value in accordance with procedures approved by the Board.
GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 — Quoted prices in active markets for identical securities and net asset values for money market funds.
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 and written options contracts are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy, except that U.S. Treasury debt securities may be categorized as Level 1. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarcy.
The following table presents a summary of inputs used to value the Funds’ investments as of October 31, 2020:
| | | Investments in Securities |
| Fund | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | Total |
| Steward Covered Call Income Fund | | | | | | | | |
| Security Type | | | | | | | | |
Common Stocks*
| | $ 29,984,612 | | $ — | | $ — | | $ 29,984,612 |
Warrants
| | 1,235 | | — | | — | | 1,235 |
Money Market Fund
| | 418,563 | | — | | — | | 418,563 |
Total Investment Securities
| | $ 30,404,410 | | $ — | | $ — | | $ 30,404,410 |
| Other Financial Instruments:^ | | | | | | | | |
Written Call Options
| | $ (552,492) | | $ — | | $ — | | $ (552,492) |
Total Investments
| | $ 29,851,918 | | $ — | | $ — | | $ 29,851,918 |
| Steward Global Equity Income Fund | | | | | | | | |
| Security Type | | | | | | | | |
Common Stocks*
| | $ 277,775,182 | | $ — | | $ — | | $ 277,775,182 |
Money Market Fund
| | 3,639,081 | | — | | — | | 3,639,081 |
Total Investments
| | $ 281,414,263 | | $ — | | $ — | | $ 281,414,263 |
| Steward International Enhanced Index Fund | | | | | | | | |
| Security Type | | | | | | | | |
Common Stocks*
| | $ 138,482,218 | | $ — | | $ — | | $ 138,482,218 |
Master Limited Partnerships*
| | 433,290 | | — | | — | | 433,290 |
Preferred Stocks*
| | 2,101,760 | | — | | — | | 2,101,760 |
Money Market Fund
| | 1,327,835 | | — | | — | | 1,327,835 |
Total Investments
| | $ 142,345,103 | | $ — | | $ — | | $ 142,345,103 |
| Steward Large Cap Enhanced Index Fund | | | | | | | | |
| Security Type | | | | | | | | |
Common Stocks*
| | $ 398,157,318 | | $ — | | $ — | | $ 398,157,318 |
Warrants
| | 7,506 | | — | | — | | 7,506 |
Money Market Fund
| | 3,452,259 | | — | | — | | 3,452,259 |
Total Investments
| | $ 401,617,083 | | $ — | | $ — | | $ 401,617,083 |
| Steward Select Bond Fund | | | | | | | | |
| Security Type | | | | | | | | |
Corporate Bonds*
| | $ — | | $ 114,629,252 | | $ — | | $ 114,629,252 |
Municipal Bonds
| | — | | 403,527 | | — | | 403,527 |
U.S. Government Agencies
| | — | | 12,292,834 | | — | | 12,292,834 |
U.S. Government Agency Mortgage-Backed Obligations
| | — | | 7,601,239 | | — | | 7,601,239 |
U.S. Treasury Obligations
| | — | | 19,498,483 | | — | | 19,498,483 |
Preferred Stocks*
| | 767,400 | | 383,250 | | — | | 1,150,650 |
Money Market Fund
| | 6,636,273 | | — | | — | | 6,636,273 |
Total Investments
| | $ 7,403,673 | | $ 154,808,585 | | $ — | | $ 162,212,258 |
| Steward Small-Mid Cap Enhanced Index Fund | | | | | | | | |
| Security Type | | | | | | | | |
Common Stocks*
| | $ 200,999,155 | | $ — | | $ — | | $ 200,999,155 |
Right*
| | — | | — | | —** | | — |
Money Market Fund
| | 1,652,669 | | — | | — | | 1,652,669 |
Total Investments
| | $ 202,651,824 | | $ — | | $ — | | $ 202,651,824 |
| * | Please refer to the Schedule of Portfolio Investments to view common stocks, master limited partnerships, corporate bonds, preferred stocks, and rights segregated by industry type. |
| ** | Level 3 security has zero value. |
| ^ | Other Financial Instruments would include any derivative instruments, such as written options contracts. These investments are generally recorded in the financial statements at fair value.
|
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 Funds’ investment adviser. The treatment of such interest income may be different for federal income tax purposes. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. 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, from the Funds are declared and paid quarterly. All net realized long-term or short-term capital gains, if any, are 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. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Written Options Contracts: Steward Covered Call Income Fund may write (sell) covered call options. Premiums received from written options contracts are recorded as liabilities and are marked-to-market to reflect the current value of the options written. When writing an option, the Fund bears the market risk of unfavorable changes in the price of the underlying instrument.
The notional amount of written options outstanding at October 31, 2020 was $24,687,000. The monthly average notional amount for written options contracts for the period May 1, 2020 through October 31, 2020 was $24,086,929.
Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of October 31, 2020, are:
| | | | | Liability Derivatives | | |
| Fund | | Primary Risk Exposure | | Statements of Asset and
Liabilities Location | | Total Fair
Value |
Steward Covered Call Income Fund
| | Equity Risk Options Contracts
| | Written options at fair value | | $(552,492) |
| | | | | Realized Gain/(Loss) on
Derivatives Recognized
as a Result from
Operations | | Change in Unrealized
Appreciation/(Depreciation) on
Derivatives Recognized as
a Result from Operations |
| Fund | | Primary Risk Exposure | | Net realized gains on
options transactions | | Change in unrealized
appreciation on options
transactions |
Steward Covered Call Income Fund
| | Equity Risk
| | $1,588,521 | | $626,303 |
Federal Income Taxes: The Funds intend to continue 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, 2020, 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 Statements of Operations. During the period, the Funds did not incur any interest or penalties. 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 involve 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.
Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments, Inc. (‘‘Crossmark Global Investments’’ or the ‘‘Adviser’’). Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended October 31, 2020, the Funds did not engage in any Rule 17a-7 transactions.
Recent Accounting Pronouncements: In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” (“ASU 2018-13”), which amends the fair value measurement disclosure requirements of the Accounting Standards Codification 820 (“ASC 820”). The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of the ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. Management adopted ASU 2018-13 and there is no material impact to the Funds' financial statements.
| Note 4 | — | Investment Advisory and Other Agreements: |
Crossmark Global Investments, a wholly-owned subsidiary of Crossmark Global Holdings, Inc. (‘‘Crossmark Global Holdings’’), serves as investment adviser to the Funds. Crossmark Global Investments provides investment advisory services to investment companies, pension and profit sharing accounts, corporations and individuals. Subject to the authority of the Board, the Adviser provides the Funds with continuous investment advisory services in accordance with an investment advisory agreement between the Adviser and SFI, on behalf of the Funds. Crossmark Global Investments 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, Crossmark Global Investments has full discretion to manage the assets of the Funds in accordance with their investment objectives.
As compensation for its services as investment adviser, each Fund pays Crossmark Global Investments, on a monthly basis, an investment advisory fee calculated daily, based on the average daily net assets of the Fund, at the following annual rates:
| Steward Covered Call Income Fund | Steward Large Cap Enhanced Index Fund |
| — 0.625% of the first $1 billion | — 0.215% of the first $1 billion |
| — 0.5625% of assets over $1 billion | — 0.1935% of assets over $1 billion |
| Steward Global Equity Income Fund | Steward Select Bond Fund |
| — 0.625% of the first $1 billion | — 0.315% of the first $1 billion |
| — 0.5625% of assets over $1 billion | — 0.2835% of assets over $1 billion |
| Steward International Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund |
| — 0.365% of the first $1 billion | — 0.215% of the first $1 billion |
| — 0.3285% of assets over $1 billion | — 0.1935% of assets over $1 billion |
Crossmark Global Investments has entered into an expense limitation agreement with Steward Covered Call Income Fund. Under the terms of the agreement, to the extent that ordinary operating expenses incurred by each Class of Steward Covered Call Income Fund in any fiscal year exceed the expense limit for such Class of the Fund, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of October 31, 2020, the expense limitations were as follows:
| | | In effect through August 30, 2021 |
| Fund | | Class A | | Class C | | Class R6 | | Institutional Class |
Steward Covered Call Income Fund
| | 1.25% | | 2.00% | | 0.90% | | 1.00% |
Steward Covered Call Income Fund has agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three fiscal years after the fiscal year in which such waiver or reimbursement was made to the extent such repayments would not cause the ordinary operating expenses of a Class to exceed the expense limitation in place at time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the year are reflected on the Statements of Operations as ‘‘Recoupment of prior expenses reimbursed by the Adviser.’’
As of October 31, 2020, the amounts subject to repayment by the Fund in subsequent years under the expense limitation agreement were as follows:
| Fund | | Expires April 30, 2021 | | Expires April 30, 2022 | | Expires April 30, 2023 | | Expires April 30, 2024 |
Steward Covered Call Income Fund
| | $15,048 | | $37,844 | | $96,611 | | $105,502 |
Crossmark Global Investments serves as the administrator of the Funds. For its administration and compliance services, Crossmark Global Investments receives a monthly fee from each Fund calculated at the annual rate of 0.075% on the first $1 billion of the average daily net assets of that Fund and 0.0675% of assets over $1 billion.
Crossmark Distributors, Inc. (‘‘Crossmark Distributors’’) serves as the distributor of the Funds’ shares. Crossmark Distributors is an affiliate of Crossmark Global Investments, and both are wholly-owned subsidiaries of Crossmark Global Holdings.
Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) amended effective as of September 15, 2017, pursuant to Rule 12b-1 under the 1940 Act. The Plan allows each Fund, out of assets attributable to Class A shares, to compensate Crossmark Distributors at an annual rate of 0.25% for its services in connection with the sale and distribution of Class A shares and for services to Class A shareholders. The Plan allows each Fund, out of assets attributable to Class C shares, to compensate Crossmark Distributors at an annual rate of 1.00% for its services in connection with the sale and distribution of Class C shares and for services to Class C shareholders. Because these fees are paid out of Class A and Class C assets on an ongoing basis over time these fees will increase the cost of your investment in Class A and Class C shares and may cost you more than paying other types of sales charges. Institutional Class and Class R6 shares are not subject to the Plan.
Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to its Class A, Class C, and Institutional Class shares for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group accounts in which Fund shareholders of each Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of each Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per account. These fees are in addition to fees payable under the Service and Distribution Plan. Class R6 shares are not subject to the Sub-Accounting Services Plan.
Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments and/or Crossmark Distributors.
The Northern Trust Company (‘‘Northern Trust’’) acts as fund accounting and sub-administration services provider for each Fund. Under the terms of the Fund Administration and Accounting Services Agreement, Northern Trust is paid annual class fees which shall apply to each additional class of shares of each Fund that has more than a single share class, and is entitled to receive a monthly fee from each Fund calculated at the annual rate of 0.05% on the first $500 million of the Funds’ aggregate average daily net assets. The rate then declines to 0.04% on the next $500 million of aggregate average daily net assets, and to 0.03% on the next $1 billion of aggregate average daily net assets, and to 0.02% on aggregate average daily net assets over $2 billion thereafter subject to certain minimums and additional fees. Northern Trust receives additional fees for sub-administration services and reimbursement of certain expenses. Northern Trust also serves as the Funds’ transfer agent and is paid annual class and per account fees.
| Note 5 | — | 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, 2020, were as follows:
| Fund | | Purchases | | Sales |
Steward Covered Call Income Fund
| | $ 29,306,553 | | $ 27,857,630 |
Steward Global Equity Income Fund
| | 107,807,733 | | 121,289,623 |
Steward International Enhanced Index Fund
| | 13,465,362 | | 10,138,932 |
Steward Large Cap Enhanced Index Fund
| | 57,308,327 | | 98,397,244 |
Steward Select Bond Fund
| | 23,384,440 | | 55,023 |
Steward Small-Mid Cap Enhanced Index Fund
| | 33,773,179 | | 53,589,512 |
Purchases and sales of U.S. government securities for the period ended October 31, 2020, were as follows:
| Fund | | Purchases | | Sales |
Steward Select Bond Fund
| | $ 9,991,430 | | $ 19,837,459 |
| Note 6 | — | Federal Income Tax Information: |
As of October 31, 2020, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options, for federal income tax purposes, were as follows:
| Fund | | Tax Cost of
Securities | | Unrealized
Appreciation | | Unrealized
Depreciation | | Net
Unrealized
Appreciation/(Depreciation) |
Steward Covered Call Income Fund
| | $ 35,542,089 | | $ 1,068,369 | | $ (6,758,540) | | $ (5,690,171) |
Steward Global Equity Income Fund
| | 261,691,505 | | 37,264,774 | | (17,542,016) | | 19,722,758 |
Steward International Enhanced Index Fund
| | 156,471,475 | | 22,578,148 | | (36,704,520) | | (14,126,372) |
Steward Large Cap Enhanced Index Fund
| | 337,907,299 | | 92,576,189 | | (28,866,405) | | 63,709,784 |
Steward Select Bond Fund
| | 154,782,385 | | 7,829,567 | | (399,694) | | 7,429,873 |
Steward Small-Mid Cap Enhanced Index Fund
| | 195,519,931 | | 36,418,410 | | (30,286,517) | | 6,131,893 |
The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales, adjustments to income on certain securities and other temporary differences.
The tax character of distributions paid during the fiscal year ended April 30, 2020, was as follows:
| | | Distributions Paid From | | |
| Fund | | Ordinary
Income | | Net
Long-Term
Capital
Gains | | Total
Distribution
Paid |
Steward Covered Call Income Fund
| | $ 1,965,928 | | $ 78,151 | | $ 2,044,079 |
Steward Global Equity Income Fund
| | 6,711,644 | | 18,849,394 | | 25,561,038 |
Steward International Enhanced Index Fund
| | 3,676,956 | | — | | 3,676,956 |
Steward Large Cap Enhanced Index Fund
| | 5,813,851 | | 9,842,758 | | 15,656,609 |
Steward Select Bond Fund
| | 3,550,046 | | — | | 3,550,046 |
Steward Small-Mid Cap Enhanced Index Fund
| | 1,843,538 | | 7,241,158 | | 9,084,696 |
As of the end of the fiscal year ended April 30, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| Fund | | Undistributed
Ordinary
Income | | Undistributed
Long-Term
Capital Gains | | Accumulated
Earnings | | Accumulated
Capital and
Other Losses | | Unrealized
Appreciation/(Depreciation) | | Total
Distributable
Earnings/(Accumulated
Deficit) |
Steward Covered Call Income Fund
| | $ 2,180,217 | | $ — | | $ 2,180,217 | | $ (89,035) | | $ (6,082,537) | | $ (3,991,355) |
Steward Global Equity Income Fund
| | 1,365,838 | | 3,672,125 | | 5,037,963 | | — | | (16,086,877) | | (11,048,914) |
Steward International Enhanced Index Fund
| | 273,526 | | 1,139,785 | | 1,413,311 | | — | | (24,059,093) | | (22,645,782) |
Steward Large Cap Enhanced Index Fund
| | 6,653,230 | | 26,672,503 | | 33,325,733 | | — | | 13,109,776 | | 46,435,509 |
Steward Select Bond Fund
| | 507,600 | | — | | 507,600 | | (2,468,189) | | 6,572,726 | | 4,612,137 |
Steward Small-Mid Cap Enhanced Index Fund
| | 1,333,259 | | 6,557,617 | | 7,890,876 | | — | | (31,715,880) | | (23,825,004) |
As of the end of the fiscal year ended April 30, 2020, the following Funds had capital loss carry forwards (‘‘CLCFs’’) as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset.
CLCFs not subject to expiration:
| Fund | | Short-Term
Amount | | Long-Term
Amount | | Total |
Steward Covered Call Income Fund
| | $ — | | $ — | | $ — |
Steward Global Equity Income Fund
| | — | | — | | — |
Steward International Enhanced Index Fund
| | — | | — | | — |
Steward Large Cap Enhanced Index Fund
| | — | | — | | — |
Steward Select Bond Fund
| | 71,534 | | 2,396,655 | | 2,468,189 |
Steward Small-Mid Cap Enhanced Index Fund
| | — | | — | | — |
Under the current tax law, capital losses realized after October 31 and December 31, respectively, of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund's deferred losses are as follows:
| Fund | | Post-October
Loss Deferred |
Steward Covered Call Income Fund
| | $ (78,151) |
| | | |
| | | |
| Note 7 | — | Control Ownership: |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2020, Assemblies of God Financial Services Group DBA AG Financial, the parent company of Crossmark Global Holdings, through its subsidiary, Steward Financial Holdings, Inc., had effective voting control over each of the Funds and SFI. In addition, as of October 31, 2020, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership.
| | | | | Percent
Owned |
| Steward Covered Call Income Fund | | MSCS Financial Services, LLC | | 86% |
| | | | | |
| Steward Global Equity Income Fund | | MSCS Financial Services, LLC | | 39% |
| Steward Global Equity Income Fund | | National Financial Services LLC | | 32% |
| | | | | |
| Steward International Enhanced Index Fund | | MSCS Financial Services, LLC | | 43% |
| Steward International Enhanced Index Fund | | National Financial Services LLC | | 52% |
| | | | | |
| | | | | Percent
Owned |
| Steward Large Cap Enhanced Index Fund | | MSCS Financial Services, LLC | | 42% |
| Steward Large Cap Enhanced Index Fund | | National Financial Services LLC | | 44% |
| | | | | |
| Steward Select Bond Fund | | MSCS Financial Services, LLC | | 55% |
| Steward Select Bond Fund | | National Financial Services LLC | | 42% |
| | | | | |
| Steward Small-Mid Cap Enhanced Index Fund | | MSCS Financial Services, LLC | | 40% |
| Steward Small-Mid Cap Enhanced Index Fund | | National Financial Services LLC | | 25% |
| | | | | |
Certain of Steward Select Bond Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate (“LIBOR”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of LIBOR on the current basis may not be guaranteed after 2021. The transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR and reduced values of LIBOR-related instruments. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR may have an adverse impact on the Fund’s investments, performance or financial condition.
Note 9 — Coronavirus Disease 2019 (COVID-19):
Recently, the outbreak of COVID-19 has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 pandemic and government responses are creating near-term disruption in global supply chains and adversely affecting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of COVID-19. Nevertheless, COVID-19 presents material uncertainty and risk with respect to each Fund, its performance, and its financial results.
Note 10 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
There were no events that require adjustment or disclosure for the period subsequent to October 31, 2020 through the date of issuance of these financial statements.
General Information (Unaudited)
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the 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 SEC’s website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Portfolio holdings information included with Form N-PORT for the third month of each relevant fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Steward Funds, Inc. ("SFI") and its series (each a "Fund" and collectively, the "Funds") have adopted and implemented a written liquidity risk management program (the “Program”) reasonably designed to assess and manage the Funds’ liquidity risk (i.e., the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund). The Program takes into consideration, as applicable, each Fund’s investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, short- and long-term cash flow projections under both normal and reasonably foreseeable stressed conditions, cash and cash equivalent holdings, and available borrowing arrangements and other funding sources. The Board of Directors of SFI (the "Board") has appointed Patrick N. Garboden, an officer of SFI, as the person designated to administer the Program (the “Administrator”). In addition, SFI and the Funds reserve the right to engage in redemptions in kind and, as required by Rule 22e-4 and the Program, have adopted policies and procedures regarding how and when the Funds will engage in redemptions in kind.
Pursuant to the Program, the Administrator classifies the liquidity of each Fund’s portfolio investments into one of the four liquidity categories specified by Rule 22e-4: highly liquid investments, moderately liquid investments, less liquid investments and illiquid investments. On a monthly basis, the Administrator receives and reviews a liquidity assessment for each portfolio investment from a third-party provider and determines the investment’s liquidity classification, considering relevant market, trading and investment-specific factors, including reasonably anticipated trade sizes. The Administrator is also responsible for determining whether to establish a highly liquid investment minimum (“HLIM”) for a Fund and periodically reviewing any such HLIM, as well as monitoring each Fund’s portfolio investments classified as illiquid investments to seek to ensure they do not exceed 15% of the Fund’s net assets.
At the May 14, 2020, Board meeting, as required by Rule 22e-4 and the Program, the Administrator provided the Board with a written report prepared by the Administrator that addressed the operation of the Program since its implementation on June 1, 2019 (the initial compliance date for certain requirements of Rule 22e-4) and assessed the Program’s adequacy and effectiveness of its implementation during this period, including the operation of any HLIM, and any material changes to the Program.
As stated in the written report, since the implementation of the Program, the Administrator has not established an HLIM for any Fund as each Fund primarily held assets that are highly liquid investments; no Fund has breached the 15% limitation on illiquid investments; the Funds have not experienced any issues meeting redemptions; and the Funds have not effected any redemptions in kind. In addition, the Administrator reported that the investment strategies utilized by the Funds do not involve holding concentrated portfolios or large positions in particular issuers or the use of derivatives (other than covered call options written by Steward Covered Call Income Fund); the Funds do not use borrowings for investment purposes; and the Funds do not maintain or utilize a credit facility to meet redemptions given the liquidity of their portfolios. The Administrator also advised that no material changes were made to the Program since its implementation and that no changes were recommended.
The Administrator concluded that each Fund’s liquidity risk is acceptable; each Fund’s investment strategy is appropriate for an open-end fund; and the Program has functioned adequately and effectively since its implementation.
EXPENSE EXAMPLES (Unaudited)
As a shareholder of the Funds, you may incur transaction costs, including contingent deferred sales charges on the lesser of the purchase price or redemption proceeds of Class C shares. You will also incur ongoing costs, including management fees, 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 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, 2020 through October 31, 2020.
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.
| Fund | | Beginning
Account Value
5/1/20 | | Ending
Account Value
10/31/20 | | Expenses Paid
During Period
5/1/20 – 10/31/20* | | Expense Ratio
During Period
5/1/20 – 10/31/20** |
| Steward Covered Call Income Fund | | | | | | | | |
Class A
| | $1,000.00 | | $1,095.60 | | $ 6.58 | | 1.25% |
Class C
| | 1,000.00 | | 1,091.10 | | 10.51 | | 2.00% |
Class R6(1)
| | 1,000.00 | | 1,089.80 | | — | | —% |
Institutional Class
| | 1,000.00 | | 1,096.70 | | 5.27 | | 1.00% |
| Steward Global Equity Income Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,118.30 | | 7.14 | | 1.34% |
Class C
| | 1,000.00 | | 1,114.80 | | 10.26 | | 1.93% |
Class R6
| | 1,000.00 | | 1,120.30 | | 4.74 | | 0.89% |
Institutional Class
| | 1,000.00 | | 1,120.20 | | 5.06 | | 0.95% |
| Steward International Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,107.00 | | 6.41 | | 1.21% |
Class C(1)
| | 1,000.00 | | 1,095.70 | | — | | —% |
Class R6
| | 1,000.00 | | 1,110.50 | | 3.40 | | 0.64% |
Institutional Class
| | 1,000.00 | | 1,110.30 | | 3.66 | | 0.69% |
| Steward Large Cap Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,132.00 | | 4.88 | | 0.91% |
Class C(1)
| | 1,000.00 | | 1,128.60 | | — | | —% |
Class R6
| | 1,000.00 | | 1,134.60 | | 2.47 | | 0.46% |
Institutional Class
| | 1,000.00 | | 1,134.30 | | 2.68 | | 0.50% |
| Steward Select Bond Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,012.60 | | 5.36 | | 1.06% |
Class C(1)
| | 1,000.00 | | 1,007.00 | | — | | —% |
Class R6(1)
| | 1,000.00 | | 1,008.60 | | — | | —% |
Institutional Class
| | 1,000.00 | | 1,014.30 | | 3.29 | | 0.65% |
| Steward Small-Mid Cap Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,174.90 | | 4.48 | | 0.82% |
Class C(1)
| | 1,000.00 | | 1,167.70 | | — | | —% |
Class R6
| | 1,000.00 | | 1,177.20 | | 2.63 | | 0.48% |
Institutional Class
| | 1,000.00 | | 1,177.50 | | 2.90 | | 0.53% |
| * | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period). |
| ** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
EXPENSE EXAMPLES (Unaudited)
| (1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2020. |
Hypothetical Example for Comparison Purposes (Unaudited)
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% 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. Transactional costs, if any, such as sales charges (front or back end loads) or exchange fees, are not shown in the table. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.
| Fund | | Beginning
Account Value
5/1/20 | | Ending
Account Value
10/31/20 | | Expenses Paid
During Period
5/1/20 – 10/31/20* | | Expense Ratio
During Period
5/1/20 – 10/31/20** |
| Steward Covered Call Income Fund | | | | | | | | |
Class A
| | $1,000.00 | | $1,018.85 | | $ 6.34 | | 1.25% |
Class C
| | 1,000.00 | | 1,015.08 | | 10.13 | | 2.00% |
Class R6(1)
| | 1,000.00 | | 1,025.14 | | — | | —% |
Institutional Class
| | 1,000.00 | | 1,020.11 | | 5.08 | | 1.00% |
| Steward Global Equity Income Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,018.40 | | 6.80 | | 1.34% |
Class C
| | 1,000.00 | | 1,015.43 | | 9.78 | | 1.93% |
Class R6
| | 1,000.00 | | 1,020.66 | | 4.52 | | 0.89% |
Institutional Class
| | 1,000.00 | | 1,020.36 | | 4.82 | | 0.95% |
| Steward International Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,019.05 | | 6.14 | | 1.21% |
Class C(1)
| | 1,000.00 | | 1,019.46 | | — | | —% |
Class R6
| | 1,000.00 | | 1,021.92 | | 3.25 | | 0.64% |
Institutional Class
| | 1,000.00 | | 1,021.67 | | 3.51 | | 0.69% |
| Steward Large Cap Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,020.56 | | 4.62 | | 0.91% |
Class C(1)
| | 1,000.00 | | 1,020.56 | | — | | —% |
Class R6
| | 1,000.00 | | 1,022.82 | | 2.34 | | 0.46% |
Institutional Class
| | 1,000.00 | | 1,022.62 | | 2.54 | | 0.50% |
| Steward Select Bond Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,019.81 | | 5.38 | | 1.06% |
Class C(1)
| | 1,000.00 | | 1,020.31 | | — | | —% |
Class R6(1)
| | 1,000.00 | | 1,025.14 | | — | | —% |
Institutional Class
| | 1,000.00 | | 1,021.87 | | 3.30 | | 0.65% |
| Steward Small-Mid Cap Enhanced Index Fund | | | | | | | | |
Class A
| | 1,000.00 | | 1,021.01 | | 4.17 | | 0.82% |
Class C(1)
| | 1,000.00 | | 1,019.56 | | — | | —% |
Class R6
| | 1,000.00 | | 1,022.72 | | 2.44 | | 0.48% |
Institutional Class
| | 1,000.00 | | 1,022.47 | | 2.69 | | 0.53% |
| * | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period). |
| ** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
| (1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2020. |
crossmarkglobal. Visit us online at: com STEWARD FUNDS SEMI-ANNUAL REPORT Steward Covered Call Income Fund Steward Global Equity Income Fund Steward International Enhanced Index Fund Steward Large Cap Enhanced Index Fund Steward Select Bond Fund Steward Small-Mid Cap Enhanced Index Fund Distributed by: Crossmark Distributors, Inc. 15375 Memorial Dr, Suite 200 Houston, TX 77079 1-800-262-6631 info@crossmarkglobal.com the For Distributor more complete to receive information a prospectus. about the Please Steward read Funds, it carefully including before charges you invest and expenses, or send money. contact
Item 2. Code of Ethics.
Not applicable for the reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for the reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for the reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable for the reporting period.
Item 6. Schedule of Investments.
| (a) | The schedules of investments are included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
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Item 11. Controls and Procedures.
| (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-2(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
| (a) (1) | Not applicable for the reporting period. |
| (a) (2) | Certifications for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) are attached hereto. |
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
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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.
Steward Funds, Inc.
| | |
| By: | | /s/ Michael L. Kern, III |
| | Michael L. Kern, III |
| | President and Treasurer |
| | (Principal Executive Officer and Principal Financial Officer) |
Date: December 23, 2020
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: | | /s/ Michael L. Kern, III |
| | Michael L. Kern, III |
| | President and Treasurer |
| | (Principal Executive Officer and Principal Financial Officer) |
Date: December 23, 2020
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