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: (713) 260-9000
Date of fiscal year end: April 30
Date of reporting period: April 30, 2023
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
April 30, 2023
STEWARD FUNDS
SEMI-ANNUAL STEWARD FUNDS REPORT
15375 Memorial Drive, Suite 200, Houston, TX 77079 800-262-6631 | crossmarkglobal.com/stewardfund s |
One Year | Five Year | Since Inception**** | Expense Ratio‡ | ||||
Steward Covered Call Income Fund — Institutional Class | 5.41% | 7.67% | 7.00% | 1.00% | |||
Cboe S&P 500 BuyWrite Index | -1.12% | 4.21% | 3.95% | N/A | |||
S&P 500 Index | 2.66% | 11.45% | 10.71% | N/A |
One Year | Since Inception*** | Expense Ratio‡ | |||
Steward Equity Market Neutral Fund — Institutional Class | 5.28% | 7.89% | 3.11% | ||
ICE BofA 3 Month U.S. Treasury Bill Index | 2.84% | 1.99% | N/A |
One Year | Five Year | Ten Year | Expense Ratio‡ | ||||
Steward Global Equity Income Fund — Institutional Class | -2.38%^ | 6.37% | 8.44% | 0.99% | |||
MSCI World High Dividend Yield Index | 1.84% | 5.91% | 6.01% | N/A | |||
S&P Global 1200 Index | 3.83% | 8.52% | 9.23% | N/A |
One Year | Five Year | Ten Year | Expense Ratio‡ | ||||
Steward International Enhanced Index Fund — Institutional Class | 3.82% | 2.54% | 3.18% | 0.76% | |||
S&P Global 1200 ADR Index | 6.22% | 4.65% | 4.54% | N/A |
One Year | Since Inception*** | Expense Ratio‡ | |||
Steward Large Cap Core Fund — Institutional Class | 0.67% | -9.19% | 0.75% | ||
Russell 1000 Index | 1.82% | -7.83% | N/A |
One Year | Since Inception*** | Expense Ratio‡ | |||
Steward Large Cap Growth Fund — Institutional Class | 0.41% | -11.95% | 0.75% | ||
Russell 1000 Growth Index | 2.34% | -12.32% | N/A |
One Year | Since Inception*** | Expense Ratio‡ | |||
Steward Large Cap Value Fund — Institutional Class | 0.71% | -5.20% | 0.75% | ||
Russell 1000 Value Index | 1.21% | -2.96% | N/A |
One Year | Five Year | Ten Year | Expense Ratio‡ | ||||
Steward Select Bond Fund — Institutional Class | 0.04% | 0.33% | 0.58% | 0.72% | |||
Bloomberg U.S. Government/Credit Bond Index | -0.26% | 1.46% | 1.44% | N/A |
One Year | Since Inception*** | Expense Ratio‡ | |||
Steward Small Cap Growth Fund — Institutional Class | -8.88% | -22.86% | 1.00% | ||
Russell 2000 Growth Index | 0.72% | -21.04% | N/A |
One Year | Five Year | Ten Year | Expense Ratio‡ | ||||
Steward Values-Focused Large Cap Enhanced Index Fund — Institutional Class | 1.73% | 9.36% | 10.92% | 0.58% | |||
S&P 500 Index | 2.66% | 11.45% | 12.20% | N/A |
One Year | Five Year | Ten Year | Expense Ratio‡ | ||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund — Institutional Class | -1.28% | 5.55% | 8.66% | 0.61% | |||
S&P 1000 Index | -0.23% | 6.93% | 9.64% | N/A |
Industry Diversification | Percent* | |
Software | 8.1% | |
Semiconductors & Semiconductor Equipment | 7.2 | |
Financial Services | 5.9 | |
Interactive Media & Services | 5.9 | |
Technology Hardware, Storage & Peripherals | 4.8 | |
Oil, Gas & Consumable Fuels | 4.5 | |
Electric Utilities | 4.3 | |
Banks | 4.0 | |
Beverages | 3.9 | |
Capital Markets | 3.5 | |
Hotels, Restaurants & Leisure | 3.4 | |
Aerospace & Defense | 3.3 | |
Consumer Staples Distribution & Retail | 3.3 | |
Broadline Retail | 3.1 | |
Household Products | 2.9 | |
Health Care Equipment & Supplies | 2.6 | |
Specialty Retail | 2.6 | |
Automobiles | 2.1 | |
Biotechnology | 2.0 | |
Chemicals | 1.9 | |
Industrial Conglomerates | 1.9 | |
Pharmaceuticals | 1.9 |
Industry Diversification | Percent* | |
Insurance | 1.8% | |
IT Services | 1.8 | |
Entertainment | 1.5 | |
Life Sciences Tools & Services | 1.5 | |
Food Products | 1.4 | |
Air Freight & Logistics | 1.3 | |
Communications Equipment | 1.3 | |
Diversified Telecommunication Services | 1.3 | |
Media | 1.2 | |
Consumer Finance | 1.1 | |
Wireless Telecommunication Services | 1.1 | |
Textiles, Apparel & Luxury Goods | 1.0 | |
Ground Transportation | 0.9 | |
Electrical Equipment | 0.7 | |
Machinery | 0.7 | |
Retail Real Estate Investment Trusts | 0.7 | |
Specialized Real Estate Investment Trusts | 0.7 | |
Health Care Providers & Services | 0.6 | |
Money Market Fund | 0.6 | |
Total Investments | 104.3% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 103.7% | |||
AEROSPACE & DEFENSE - 3.3% | |||
Boeing Co. (The)(a) | 1,400 | $ 289,492 | |
General Dynamics Corp. | 2,300 | 502,182 | |
Lockheed Martin Corp. | 900 | 418,005 | |
Raytheon Technologies Corp. | 6,199 | 619,280 | |
1,828,959 | |||
AIR FREIGHT & LOGISTICS - 1.3% | |||
FedEx Corp. | 1,000 | 227,780 | |
United Parcel Service, Inc., Class B | 2,800 | 503,468 | |
731,248 | |||
AUTOMOBILES - 2.1% | |||
Ford Motor Co. | 11,700 | 138,996 | |
General Motors Co. | 5,200 | 171,808 | |
Tesla, Inc.(a) | 5,100 | 837,981 | |
1,148,785 | |||
BANKS - 4.0% | |||
Bank of America Corp. | 16,500 | 483,120 | |
Citigroup, Inc. | 4,900 | 230,643 | |
JPMorgan Chase & Co. | 6,200 | 857,088 | |
U.S. Bancorp | 7,300 | 250,244 | |
Wells Fargo & Co. | 9,700 | 385,575 | |
2,206,670 | |||
BEVERAGES - 3.9% | |||
Coca-Cola Co. (The) | 17,700 | 1,135,455 | |
PepsiCo, Inc. | 5,300 | 1,011,717 | |
2,147,172 | |||
BIOTECHNOLOGY - 2.0% | |||
Amgen, Inc. | 2,500 | 599,350 | |
Gilead Sciences, Inc. | 6,200 | 509,702 | |
1,109,052 | |||
BROADLINE RETAIL - 3.1% | |||
Amazon.com, Inc.(a) | 16,400 | 1,729,380 | |
CAPITAL MARKETS - 3.5% | |||
Bank of New York Mellon Corp. (The) | 6,900 | 293,871 | |
BlackRock, Inc. | 800 | 536,960 | |
Charles Schwab Corp. (The) | 4,800 | 250,752 | |
Goldman Sachs Group, Inc. (The) | 1,100 | 377,784 | |
Morgan Stanley | 5,100 | 458,847 | |
1,918,214 |
Shares | Value | ||
CHEMICALS - 1.9% | |||
Dow, Inc. | 7,400 | $ 402,560 | |
Linde PLC | 1,700 | 628,065 | |
1,030,625 | |||
COMMUNICATIONS EQUIPMENT - 1.3% | |||
Cisco Systems, Inc. | 15,100 | 713,475 | |
CONSUMER FINANCE - 1.1% | |||
American Express Co. | 2,200 | 354,948 | |
Capital One Financial Corp. | 2,700 | 262,710 | |
617,658 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.3% | |||
Costco Wholesale Corp. | 1,600 | 805,152 | |
Target Corp. | 2,100 | 331,275 | |
Walgreens Boots Alliance, Inc. | 3,700 | 130,425 | |
Walmart, Inc. | 3,900 | 588,783 | |
1,855,635 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.3% | |||
AT&T, Inc. | 18,200 | 321,594 | |
Verizon Communications, Inc. | 10,000 | 388,300 | |
709,894 | |||
ELECTRIC UTILITIES - 4.3% | |||
Duke Energy Corp. | 6,800 | 672,384 | |
Exelon Corp. | 10,300 | 437,132 | |
NextEra Energy, Inc. | 7,100 | 544,073 | |
Southern Co. (The) | 9,900 | 728,145 | |
2,381,734 | |||
ELECTRICAL EQUIPMENT - 0.7% | |||
Emerson Electric Co. | 4,600 | 382,996 | |
ENTERTAINMENT - 1.5% | |||
Netflix, Inc.(a) | 1,000 | 329,930 | |
Walt Disney Co. (The)(a) | 4,900 | 502,250 | |
832,180 | |||
FINANCIAL SERVICES - 5.9% | |||
Berkshire Hathaway, Inc., Class B(a) | 4,200 | 1,379,910 | |
Mastercard, Inc., Class A | 1,900 | 722,057 | |
PayPal Holdings, Inc.(a) | 3,700 | 281,200 | |
Visa, Inc., Class A | 3,800 | 884,374 | |
3,267,541 |
Shares | Value | ||
FOOD PRODUCTS - 1.4% | |||
Kraft Heinz Co. (The) | 4,300 | $ 168,861 | |
Mondelez International, Inc., Class A | 8,000 | 613,760 | |
782,621 | |||
GROUND TRANSPORTATION - 0.9% | |||
Union Pacific Corp. | 2,600 | 508,820 | |
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6% | |||
Abbott Laboratories | 7,400 | 817,478 | |
Medtronic PLC | 6,800 | 618,460 | |
1,435,938 | |||
HEALTH CARE PROVIDERS & SERVICES - 0.6% | |||
CVS Health Corp. | 4,700 | 344,557 | |
HOTELS, RESTAURANTS & LEISURE - 3.4% | |||
Booking Holdings, Inc.(a) | 200 | 537,262 | |
McDonald's Corp. | 2,900 | 857,675 | |
Starbucks Corp. | 4,400 | 502,876 | |
1,897,813 | |||
HOUSEHOLD PRODUCTS - 2.9% | |||
Colgate-Palmolive Co. | 6,800 | 542,640 | |
Procter & Gamble Co. (The) | 6,800 | 1,063,384 | |
1,606,024 | |||
INDUSTRIAL CONGLOMERATES - 1.9% | |||
3M Co. | 3,900 | 414,258 | |
Honeywell International, Inc. | 3,200 | 639,488 | |
1,053,746 | |||
INSURANCE - 1.8% | |||
American International Group, Inc. | 6,300 | 334,152 | |
MetLife, Inc. | 11,100 | 680,763 | |
1,014,915 | |||
INTERACTIVE MEDIA & SERVICES - 5.9% | |||
Alphabet, Inc., Class A(a) | 11,400 | 1,223,676 | |
Alphabet, Inc., Class C†(a) | 9,600 | 1,038,912 | |
Meta Platforms, Inc., Class A(a) | 4,200 | 1,009,344 | |
3,271,932 | |||
IT SERVICES - 1.8% | |||
Accenture PLC, Class A | 2,400 | 672,696 | |
International Business Machines Corp. | 2,800 | 353,948 | |
1,026,644 | |||
LIFE SCIENCES TOOLS & SERVICES - 1.5% | |||
Danaher Corp. | 3,600 | 852,876 |
Shares | Value | ||
MACHINERY - 0.7% | |||
Caterpillar, Inc. | 1,900 | $ 415,720 | |
MEDIA - 1.2% | |||
Charter Communications, Inc., Class A(a) | 600 | 221,220 | |
Comcast Corp., Class A | 11,000 | 455,070 | |
676,290 | |||
OIL, GAS & CONSUMABLE FUELS - 4.5% | |||
Chevron Corp. | 4,700 | 792,326 | |
ConocoPhillips | 5,100 | 524,739 | |
Exxon Mobil Corp. | 10,100 | 1,195,234 | |
2,512,299 | |||
PHARMACEUTICALS - 1.9% | |||
Eli Lilly & Co. | 2,700 | 1,068,822 | |
RETAIL REAL ESTATE INVESTMENT TRUSTS - 0.7% | |||
Simon Property Group, Inc. | 3,600 | 407,952 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2% | |||
Advanced Micro Devices, Inc.(a) | 5,200 | 464,724 | |
Broadcom, Inc. | 1,300 | 814,450 | |
Intel Corp. | 10,100 | 313,706 | |
NVIDIA Corp. | 5,100 | 1,415,199 | |
QUALCOMM, Inc. | 3,600 | 420,480 | |
Texas Instruments, Inc. | 3,500 | 585,200 | |
4,013,759 | |||
SOFTWARE - 8.1% | |||
Adobe, Inc.(a) | 1,700 | 641,852 | |
Microsoft Corp. | 9,200 | 2,826,792 | |
Oracle Corp. | 4,800 | 454,656 | |
Salesforce, Inc.(a) | 2,800 | 555,436 | |
4,478,736 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 0.7% | |||
American Tower Corp. | 2,000 | 408,780 | |
SPECIALTY RETAIL - 2.6% | |||
Home Depot, Inc. (The) | 2,800 | 841,512 | |
Lowe’s Cos., Inc. | 2,900 | 602,707 | |
1,444,219 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.8% | |||
Apple, Inc. | 15,800 | 2,680,944 | |
TEXTILES, APPAREL & LUXURY GOODS - 1.0% | |||
NIKE, Inc., Class B | 4,300 | 544,896 |
Shares | Value | ||
WIRELESS TELECOMMUNICATION SERVICES - 1.1% | |||
T-Mobile U.S., Inc.(a) | 4,200 | $ 604,380 | |
TOTAL COMMON STOCKS (COST $56,862,073) | 57,663,901 | ||
MONEY MARKET FUND - 0.6% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 336,163 | 336,163 | |
TOTAL MONEY MARKET FUND (COST $336,163) | 336,163 | ||
TOTAL INVESTMENTS (COST $57,198,236) - 104.3% | 58,000,064 | ||
Value | ||
WRITTEN CALL OPTIONS - (4.3)% (PREMIUMS RECEIVED ($1,324,091)) | $ (2,386,941) | |
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0% | (27,047) | |
NET ASSETS - 100.0% | $ 55,586,076 | |
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 April 30, 2023 is disclosed. |
PLC — Public Limited Company |
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||
3M Co. | Call | 35 | $ (402,500) | $ 115.00 | 7/21/23 | $ (4,725) | ||||||
Abbott Laboratories | Call | 70 | (700,000) | 100.00 | 5/19/23 | (76,650) | ||||||
Accenture PLC, Class A | Call | 20 | (540,000) | 270.00 | 5/19/23 | (26,200) | ||||||
Adobe, Inc. | Call | 10 | (360,000) | 360.00 | 6/16/23 | (29,475) | ||||||
Advanced Micro Devices, Inc. | Call | 45 | (427,500) | 95.00 | 7/21/23 | (24,750) | ||||||
Alphabet, Inc., Class A | Call | 80 | (840,000) | 105.00 | 6/16/23 | (53,200) | ||||||
Amazon.com, Inc. | Call | 155 | (1,627,500) | 105.00 | 5/19/23 | (55,490) | ||||||
American Express Co. | Call | 15 | (247,500) | 165.00 | 6/16/23 | (6,300) | ||||||
American International Group, Inc. | Call | 60 | (300,000) | 50.00 | 5/19/23 | (22,800) | ||||||
American Tower Corp. | Call | 15 | (315,000) | 210.00 | 6/16/23 | (7,650) | ||||||
Amgen, Inc. | Call | 20 | (500,000) | 250.00 | 7/21/23 | (9,100) | ||||||
Apple, Inc. | Call | 135 | (2,092,500) | 155.00 | 5/19/23 | (210,465) | ||||||
AT&T, Inc. | Call | 170 | (306,000) | 18.00 | 7/21/23 | (9,010) | ||||||
Bank of America Corp. | Call | 150 | (450,000) | 30.00 | 6/16/23 | (11,250) | ||||||
Bank of New York Mellon Corp. (The) | Call | 55 | (247,500) | 45.00 | 6/16/23 | (3,850) | ||||||
Berkshire Hathaway, Inc., Class B | Call | 35 | (1,137,500) | 325.00 | 6/16/23 | (40,880) | ||||||
BlackRock, Inc. | Call | 6 | (408,000) | 680.00 | 6/16/23 | (10,800) | ||||||
Boeing Co. (The) | Call | 10 | (215,000) | 215.00 | 6/16/23 | (5,425) | ||||||
Booking Holdings, Inc. | Call | 2 | (560,000) | 2,800.00 | 5/19/23 | (7,898) | ||||||
Broadcom, Inc. | Call | 10 | (660,000) | 660.00 | 6/16/23 | (12,400) | ||||||
Capital One Financial Corp. | Call | 25 | (250,000) | 100.00 | 6/16/23 | (8,500) | ||||||
Caterpillar, Inc. | Call | 15 | (345,000) | 230.00 | 5/19/23 | (2,085) | ||||||
Charles Schwab Corp. (The) | Call | 35 | (201,250) | 57.50 | 6/16/23 | (3,150) | ||||||
Charter Communications, Inc., Class A | Call | 5 | (175,000) | 350.00 | 6/16/23 | (14,850) | ||||||
Chevron Corp. | Call | 35 | (577,500) | 165.00 | 6/16/23 | (26,075) | ||||||
Cisco Systems, Inc. | Call | 140 | (700,000) | 50.00 | 7/21/23 | (12,810) | ||||||
Citigroup, Inc. | Call | 45 | (213,750) | 47.50 | 6/16/23 | (7,875) | ||||||
Coca-Cola Co. (The) | Call | 170 | (1,062,500) | 62.50 | 6/16/23 | (42,840) | ||||||
Colgate-Palmolive Co. | Call | 55 | (412,500) | 75.00 | 5/19/23 | (28,600) | ||||||
Comcast Corp., Class A | Call | 85 | (318,750) | 37.50 | 7/21/23 | (39,950) | ||||||
ConocoPhillips | Call | 45 | (495,000) | 110.00 | 6/16/23 | (8,933) | ||||||
Costco Wholesale Corp. | Call | 14 | (728,000) | 520.00 | 6/16/23 | (11,830) | ||||||
CVS Health Corp. | Call | 40 | (320,000) | 80.00 | 8/18/23 | (7,000) | ||||||
Danaher Corp. | Call | 30 | (720,000) | 240.00 | 6/16/23 | (19,950) | ||||||
Dow, Inc. | Call | 70 | (402,500) | 57.50 | 7/21/23 | (7,910) | ||||||
Duke Energy Corp. | Call | 55 | (550,000) | 100.00 | 7/21/23 | (16,500) | ||||||
Eli Lilly & Co. | Call | 20 | (680,000) | 340.00 | 5/19/23 | (113,400) | ||||||
Emerson Electric Co. | Call | 40 | (340,000) | 85.00 | 6/16/23 | (8,000) | ||||||
Exelon Corp. | Call | 95 | (408,500) | 43.00 | 6/16/23 | (10,450) | ||||||
Exxon Mobil Corp. | Call | 85 | (935,000) | 110.00 | 5/19/23 | (74,290) | ||||||
FedEx Corp. | Call | 8 | (192,000) | 240.00 | 7/21/23 | (5,840) | ||||||
Ford Motor Co. | Call | 100 | (130,000) | 13.00 | 6/16/23 | (2,600) | ||||||
General Dynamics Corp. | Call | 20 | (460,000) | 230.00 | 8/18/23 | (9,500) | ||||||
General Motors Co. | Call | 45 | (166,500) | 37.00 | 6/16/23 | (1,575) | ||||||
Gilead Sciences, Inc. | Call | 55 | (467,500) | 85.00 | 5/19/23 | (2,750) |
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||
Goldman Sachs Group, Inc. (The) | Call | 10 | $ (355,000) | $ 355.00 | 7/21/23 | $ (10,275) | ||||||
Home Depot, Inc. (The) | Call | 25 | (750,000) | 300.00 | 5/19/23 | (22,375) | ||||||
Honeywell International, Inc. | Call | 25 | (500,000) | 200.00 | 6/16/23 | (13,725) | ||||||
Intel Corp. | Call | 90 | (261,000) | 29.00 | 7/21/23 | (28,800) | ||||||
International Business Machines Corp. | Call | 25 | (337,500) | 135.00 | 7/21/23 | (3,275) | ||||||
JPMorgan Chase & Co. | Call | 55 | (770,000) | 140.00 | 7/21/23 | (29,425) | ||||||
Kraft Heinz Co. (The) | Call | 40 | (160,000) | 40.00 | 7/21/23 | (4,080) | ||||||
Linde PLC | Call | 15 | (577,500) | 385.00 | 7/21/23 | (12,000) | ||||||
Lockheed Martin Corp. | Call | 7 | (332,500) | 475.00 | 6/16/23 | (4,970) | ||||||
Lowe’s Cos., Inc. | Call | 25 | (525,000) | 210.00 | 6/16/23 | (20,375) | ||||||
Mastercard, Inc., Class A | Call | 15 | (570,000) | 380.00 | 6/16/23 | (18,412) | ||||||
McDonald's Corp. | Call | 25 | (750,000) | 300.00 | 7/21/23 | (16,438) | ||||||
Medtronic PLC | Call | 60 | (495,000) | 82.50 | 6/16/23 | (57,000) | ||||||
Meta Platforms, Inc., Class A | Call | 35 | (787,500) | 225.00 | 5/19/23 | (63,000) | ||||||
MetLife, Inc. | Call | 100 | (600,000) | 60.00 | 6/16/23 | (32,000) | ||||||
Microsoft Corp. | Call | 80 | (2,160,000) | 270.00 | 5/19/23 | (304,000) | ||||||
Mondelez International, Inc., Class A | Call | 70 | (490,000) | 70.00 | 6/16/23 | (51,450) | ||||||
Morgan Stanley | Call | 45 | (416,250) | 92.50 | 7/21/23 | (16,538) | ||||||
Netflix, Inc. | Call | 8 | (264,000) | 330.00 | 5/19/23 | (8,120) | ||||||
NextEra Energy, Inc. | Call | 50 | (375,000) | 75.00 | 6/16/23 | (17,000) | ||||||
NIKE, Inc., Class B | Call | 40 | (520,000) | 130.00 | 6/16/23 | (11,840) | ||||||
NVIDIA Corp. | Call | 45 | (1,305,000) | 290.00 | 6/16/23 | (58,275) | ||||||
Oracle Corp. | Call | 30 | (277,500) | 92.50 | 6/16/23 | (16,200) | ||||||
PayPal Holdings, Inc. | Call | 35 | (288,750) | 82.50 | 6/16/23 | (6,545) | ||||||
PepsiCo, Inc. | Call | 50 | (925,000) | 185.00 | 7/21/23 | (48,500) | ||||||
Procter & Gamble Co. (The) | Call | 60 | (870,000) | 145.00 | 7/21/23 | (84,000) | ||||||
QUALCOMM, Inc. | Call | 30 | (390,000) | 130.00 | 7/21/23 | (7,830) | ||||||
Raytheon Technologies Corp. | Call | 50 | (500,000) | 100.00 | 5/19/23 | (7,850) | ||||||
Salesforce, Inc. | Call | 20 | (370,000) | 185.00 | 6/16/23 | (38,360) | ||||||
Simon Property Group, Inc. | Call | 30 | (330,000) | 110.00 | 5/19/23 | (16,200) | ||||||
Southern Co. (The) | Call | 85 | (573,750) | 67.50 | 6/16/23 | (53,550) | ||||||
Starbucks Corp. | Call | 35 | (367,500) | 105.00 | 6/16/23 | (38,150) | ||||||
Target Corp. | Call | 15 | (262,500) | 175.00 | 7/21/23 | (4,215) | ||||||
Tesla, Inc. | Call | 45 | (810,000) | 180.00 | 6/16/23 | (24,390) | ||||||
Texas Instruments, Inc. | Call | 30 | (525,000) | 175.00 | 7/21/23 | (12,480) | ||||||
T-Mobile U.S., Inc. | Call | 35 | (525,000) | 150.00 | 5/19/23 | (1,435) | ||||||
U.S. Bancorp | Call | 65 | (227,500) | 35.00 | 7/21/23 | (15,275) | ||||||
Union Pacific Corp. | Call | 20 | (400,000) | 200.00 | 5/19/23 | (4,600) | ||||||
United Parcel Service, Inc., Class B | Call | 25 | (462,500) | 185.00 | 7/21/23 | (11,125) | ||||||
Verizon Communications, Inc. | Call | 85 | (340,000) | 40.00 | 7/21/23 | (6,885) | ||||||
Visa, Inc., Class A | Call | 30 | (690,000) | 230.00 | 5/19/23 | (15,840) | ||||||
Walgreens Boots Alliance, Inc. | Call | 30 | (105,000) | 35.00 | 7/21/23 | (5,430) | ||||||
Walmart, Inc. | Call | 35 | (525,000) | 150.00 | 6/16/23 | (16,887) | ||||||
Walt Disney Co. (The) | Call | 40 | (400,000) | 100.00 | 6/16/23 | (25,400) |
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||
Wells Fargo & Co. | Call | 90 | $ (360,000) | $ 40.00 | 5/19/23 | $ (6,840) | ||||||
(Premiums received $1,324,091) | $(2,386,941) |
* | Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100. |
The table below sets forth the diversification of the Steward Equity Market Neutral Fund investments by Industry.
Industry Diversification | Percent ^* | |
Money Market Funds | 12.5% | |
Financial Services | 3.4 | |
Health Care Providers & Services | 3.4 | |
Specialty Retail | 3.0 | |
Real Estate Management & Development | 2.7 | |
Air Freight & Logistics | 2.4 | |
Software | 2.4 | |
Consumer Finance | 2.2 | |
Trading Companies & Distributors | 2.2 | |
Technology Hardware, Storage & Peripherals | 2.0 | |
Electrical Equipment | 1.8 | |
Building Products | 1.7 | |
Specialized Real Estate Investment Trusts | 1.5 | |
Semiconductors & Semiconductor Equipment | 1.4 | |
Consumer Staples Distribution & Retail | 1.2 | |
Household Durables | 1.2 | |
Automobile Components | 1.1 | |
Banks | 1.1 | |
Food Products | 1.1 | |
Machinery | 1.1 | |
Textiles, Apparel & Luxury Goods | 1.0 | |
Automobiles | 0.8 | |
Electronic Equipment, Instruments & Components | 0.8 | |
Broadline Retail | 0.7 | |
Capital Markets | 0.7 | |
Life Sciences Tools & Services | 0.7 | |
Distributors | 0.6 | |
Construction & Engineering | 0.5 | |
Containers & Packaging | 0.4 | |
Professional Services | 0.4 |
Industry Diversification | Percent ^* | |
Diversified Consumer Services | 0.3% | |
Ground Transportation | 0.1 | |
Water Utilities | (0.2) | |
IT Services | (0.3) | |
Media | (0.4) | |
Metals & Mining | (0.5) | |
Insurance | (0.6) | |
Communications Equipment | (0.7) | |
Multi-Utilities | (0.7) | |
Pharmaceuticals | (0.7) | |
Commercial Services & Supplies | (0.9) | |
Electric Utilities | (1.0) | |
Entertainment | (1.0) | |
Gas Utilities | (1.0) | |
Health Care Technology | (1.0) | |
Independent Power and Renewable Electricity Producers | (1.0) | |
Interactive Media & Services | (1.0) | |
Oil, Gas & Consumable Fuels | (1.3) | |
Chemicals | (1.4) | |
Biotechnology | (1.9) | |
Household Products | (2.1) | |
Beverages | (2.2) | |
Passenger Airlines | (3.1) | |
Hotels, Restaurants & Leisure | (3.5) | |
Aerospace & Defense | (4.0) | |
Health Care Equipment & Supplies | (5.1) | |
Total Investments | 20.8% |
^ | Percentages indicated are net of Common Stocks and Common Stocks Sold Short. |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 79.6% | |||
AIR FREIGHT & LOGISTICS - 2.4% | |||
C.H. Robinson Worldwide, Inc.(a) | 9,000 | $ 907,830 | |
Expeditors International of Washington, Inc.(a) | 8,000 | 910,720 | |
1,818,550 | |||
AUTOMOBILE COMPONENTS - 1.1% | |||
BorgWarner, Inc.(a) | 17,600 | 847,088 | |
AUTOMOBILES - 0.8% | |||
Harley-Davidson, Inc.(a) | 16,300 | 604,730 | |
BANKS - 1.1% | |||
Regions Financial Corp.(a) | 47,000 | 858,220 | |
BIOTECHNOLOGY - 1.9% | |||
Biogen, Inc.(a)(b) | 2,300 | 699,729 | |
Gilead Sciences, Inc.(a) | 9,500 | 780,995 | |
1,480,724 | |||
BROADLINE RETAIL - 1.7% | |||
Macy's, Inc.(a) | 46,700 | 763,078 | |
Nordstrom, Inc. | 36,900 | 570,474 | |
1,333,552 | |||
BUILDING PRODUCTS - 1.7% | |||
Carrier Global Corp. | 9,700 | 405,654 | |
Owens Corning(a) | 8,200 | 875,842 | |
1,281,496 | |||
CAPITAL MARKETS - 4.2% | |||
Ameriprise Financial, Inc.(a) | 2,800 | 854,336 | |
Bank of New York Mellon Corp. (The)(a) | 19,600 | 834,764 | |
Janus Henderson Group PLC | 28,700 | 744,765 | |
Lazard Ltd., Class A | 5,300 | 165,890 | |
LPL Financial Holdings, Inc. | 1,400 | 292,376 | |
MSCI, Inc. | 700 | 337,715 | |
3,229,846 | |||
CONSTRUCTION & ENGINEERING - 0.5% | |||
AECOM (a) | 5,000 | 415,250 | |
CONSUMER FINANCE - 3.3% | |||
American Express Co.(a) | 5,100 | 822,834 | |
Discover Financial Services(a) | 7,900 | 817,413 | |
Synchrony Financial(a) | 30,200 | 891,202 | |
2,531,449 |
Shares | Value | ||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3% | |||
Kroger Co. (The)(a) | 18,500 | $ 899,655 | |
US Foods Holding Corp.(b) | 22,200 | 852,480 | |
1,752,135 | |||
CONTAINERS & PACKAGING - 0.4% | |||
Berry Global Group, Inc. | 5,200 | 300,612 | |
DISTRIBUTORS - 0.6% | |||
Genuine Parts Co.(a) | 2,700 | 454,437 | |
DIVERSIFIED CONSUMER SERVICES - 1.1% | |||
Grand Canyon Education, Inc.(a)(b) | 7,300 | 866,510 | |
ELECTRICAL EQUIPMENT - 2.2% | |||
Acuity Brands, Inc. | 1,000 | 157,380 | |
nVent Electric PLC | 16,600 | 696,038 | |
Regal Rexnord Corp. | 6,500 | 846,040 | |
1,699,458 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8% | |||
Jabil, Inc.(a) | 7,600 | 593,940 | |
FINANCIAL SERVICES - 4.3% | |||
Mastercard, Inc., Class A(a) | 2,400 | 912,072 | |
Visa, Inc., Class A(a) | 3,800 | 884,374 | |
Western Union Co. (The)(a) | 58,400 | 638,312 | |
WEX, Inc.(b) | 4,600 | 815,810 | |
3,250,568 | |||
FOOD PRODUCTS - 1.2% | |||
General Mills, Inc.(a) | 9,900 | 877,437 | |
GROUND TRANSPORTATION - 2.2% | |||
CSX Corp.(a) | 12,500 | 383,000 | |
Landstar System, Inc.(a) | 3,300 | 580,899 | |
Ryder System, Inc. | 8,900 | 704,524 | |
1,668,423 | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.7% | |||
Hologic, Inc.(a)(b) | 6,300 | 541,863 | |
HEALTH CARE PROVIDERS & SERVICES - 6.9% | |||
AmerisourceBergen Corp.(a) | 5,100 | 850,935 | |
Cardinal Health, Inc.(a) | 10,900 | 894,890 | |
Cigna Group (The)(a) | 3,000 | 759,870 | |
DaVita, Inc.(b) | 5,600 | 506,016 |
Shares | Value | ||
Elevance Health, Inc.(a) | 1,700 | $ 796,705 | |
Humana, Inc.(a) | 1,100 | 583,539 | |
McKesson Corp.(a) | 2,400 | 874,176 | |
5,266,131 | |||
HOTELS, RESTAURANTS & LEISURE - 1.4% | |||
Booking Holdings, Inc.(b) | 400 | 1,074,524 | |
HOUSEHOLD DURABLES - 1.2% | |||
TopBuild Corp.(b) | 4,000 | 901,920 | |
INSURANCE - 1.1% | |||
Aflac, Inc.(a) | 7,400 | 516,890 | |
Hartford Financial Services Group, Inc. (The)(a) | 4,000 | 283,960 | |
800,850 | |||
IT SERVICES - 1.5% | |||
Gartner, Inc.(a)(b) | 1,400 | 423,444 | |
VeriSign, Inc.(b) | 3,200 | 709,760 | |
1,133,204 | |||
LIFE SCIENCES TOOLS & SERVICES - 1.7% | |||
Danaher Corp. | 2,200 | 521,202 | |
QIAGEN N.V.(b) | 17,800 | 794,058 | |
1,315,260 | |||
MACHINERY - 1.2% | |||
Ingersoll Rand, Inc. | 15,700 | 895,214 | |
MEDIA - 0.7% | |||
Interpublic Group of Cos., Inc. (The)(a) | 15,700 | 560,961 | |
METALS & MINING - 0.1% | |||
Reliance Steel & Aluminum Co. | 400 | 99,120 | |
OIL, GAS & CONSUMABLE FUELS - 0.2% | |||
ConocoPhillips | 1,300 | 133,757 | |
PROFESSIONAL SERVICES - 1.8% | |||
Booz Allen Hamilton Holding Corp. | 6,100 | 583,892 | |
ManpowerGroup, Inc.(a) | 7,900 | 598,109 | |
Robert Half International, Inc. | 2,300 | 167,900 | |
1,349,901 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7% | |||
CBRE Group, Inc., Class A(a)(b) | 11,800 | 904,588 |
Shares | Value | ||
Howard Hughes Corp. (The)(b) | 6,400 | $ 495,168 | |
Jones Lang LaSalle, Inc.(a)(b) | 4,700 | 653,488 | |
2,053,244 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3% | |||
Applied Materials, Inc. | 1,100 | 124,333 | |
Cirrus Logic, Inc.(a)(b) | 8,000 | 686,320 | |
Lam Research Corp.(a) | 1,700 | 890,936 | |
QUALCOMM, Inc.(a) | 7,100 | 829,280 | |
2,530,869 | |||
SOFTWARE - 8.8% | |||
Adobe, Inc.(a)(b) | 2,300 | 868,388 | |
ANSYS, Inc.(b) | 2,700 | 847,584 | |
Autodesk, Inc.(b) | 4,400 | 857,076 | |
Cadence Design Systems, Inc.(a)(b) | 3,900 | 816,855 | |
Dolby Laboratories, Inc., Class A | 3,900 | 326,391 | |
Dropbox, Inc., Class A(a)(b) | 34,200 | 695,628 | |
Salesforce, Inc.(b) | 1,100 | 218,207 | |
Synopsys, Inc.(a)(b) | 2,200 | 816,904 | |
Teradata Corp.(a)(b) | 21,500 | 832,265 | |
VMware, Inc., Class A(a)(b) | 3,800 | 475,114 | |
6,754,412 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.5% | |||
Equinix, Inc. | 300 | 217,224 | |
Iron Mountain, Inc.(a) | 10,600 | 585,544 | |
Weyerhaeuser Co.(a) | 10,100 | 302,091 | |
1,104,859 | |||
SPECIALTY RETAIL - 4.6% | |||
Best Buy Co., Inc.(a) | 9,400 | 700,488 | |
Gap, Inc. (The) | 82,600 | 792,960 | |
Lowe’s Cos., Inc.(a) | 3,800 | 789,754 | |
TJX Cos., Inc. (The) | 7,200 | 567,504 | |
Ulta Beauty, Inc.(a)(b) | 1,200 | 661,716 | |
3,512,422 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.0% | |||
Hewlett Packard Enterprise Co.(a) | 51,300 | 734,616 | |
HP, Inc.(a) | 27,700 | 822,967 | |
1,557,583 |
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS - 2.2% | |||
Deckers Outdoor Corp.(b) | 1,700 | $ 814,878 | |
PVH Corp. | 9,900 | 849,519 | |
1,664,397 | |||
TRADING COMPANIES & DISTRIBUTORS - 2.2% | |||
W.W. Grainger, Inc.(a) | 1,200 | 834,684 | |
WESCO International, Inc. | 5,800 | 835,200 | |
1,669,884 | |||
TOTAL COMMON STOCKS (COST $59,006,676) | 60,784,800 | ||
MONEY MARKET FUNDS - 12.5% | |||
Fidelity Government Cash Reserves, 4.50%(a)(c) | 929,696 | 929,696 | |
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(c) | 8,668,664 | 8,668,664 | |
TOTAL MONEY MARKET FUNDS (COST $9,598,360) | 9,598,360 | ||
TOTAL INVESTMENTS (COST $68,605,036) - 92.1% | 70,383,160 | ||
COMMON STOCKS SOLD SHORT - (71.3)% | |||
AEROSPACE & DEFENSE - (4.0)% | |||
Boeing Co. (The) | (3,800) | (785,764) | |
HEICO Corp., Class A | (5,900) | (791,957) | |
Mercury Systems, Inc. | (15,600) | (743,652) | |
Spirit AeroSystems Holdings, Inc., Class A | (25,400) | (755,904) | |
(3,077,277) | |||
BEVERAGES - (2.2)% | |||
Boston Beer Co., Inc. (The), Class A | (2,400) | (762,024) | |
Constellation Brands, Inc., Class A | (3,300) | (757,251) | |
Monster Beverage Corp. | (2,800) | (156,800) | |
(1,676,075) | |||
BIOTECHNOLOGY - (3.8)% | |||
Alnylam Pharmaceuticals, Inc. | (3,700) | (737,040) | |
Ionis Pharmaceuticals, Inc. | (21,000) | (742,770) | |
Natera, Inc. | (13,000) | (659,360) | |
Seagen, Inc. | (3,900) | (780,000) | |
(2,919,170) | |||
BROADLINE RETAIL - (1.0)% | |||
Amazon.com, Inc. | (7,400) | (780,330) | |
CAPITAL MARKETS - (3.5)% | |||
Blackstone, Inc. | (8,500) | (759,305) |
Shares | Value | ||
Blue Owl Capital, Inc. | (72,000) | $ (810,720) | |
Carlyle Group, Inc. (The) | (9,200) | (279,036) | |
KKR & Co., Inc. | (15,300) | (811,971) | |
(2,661,032) | |||
CHEMICALS - (1.4)% | |||
Albemarle Corp. | (900) | (166,914) | |
Diversey Holdings Ltd. | (26,500) | (215,445) | |
Scotts Miracle-Gro Co. (The) | (10,400) | (694,824) | |
(1,077,183) | |||
COMMERCIAL SERVICES & SUPPLIES - (0.9)% | |||
Stericycle, Inc. | (14,500) | (661,925) | |
COMMUNICATIONS EQUIPMENT - (0.7)% | |||
Ubiquiti, Inc. | (2,400) | (558,120) | |
CONSUMER FINANCE - (1.1)% | |||
Credit Acceptance Corp. | (1,600) | (783,200) | |
Upstart Holdings, Inc. | (1,700) | (23,630) | |
(806,830) | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - (1.1)% | |||
Grocery Outlet Holding Corp. | (27,200) | (810,016) | |
DIVERSIFIED CONSUMER SERVICES - (0.8)% | |||
Mister Car Wash, Inc. | (68,700) | (605,934) | |
ELECTRIC UTILITIES - (1.0)% | |||
Constellation Energy Corp. | (10,200) | (789,480) | |
ELECTRICAL EQUIPMENT - (0.4)% | |||
Plug Power, Inc. | (7,900) | (71,337) | |
Shoals Technologies Group, Inc., Class A | (12,400) | (259,036) | |
(330,373) | |||
ENTERTAINMENT - (1.0)% | |||
Roku, Inc. | (1,400) | (78,694) | |
Warner Bros Discovery, Inc. | (49,800) | (677,778) | |
(756,472) | |||
FINANCIAL SERVICES - (0.9)% | |||
Rocket Cos., Inc., Class A | (25,800) | (229,878) | |
Toast, Inc., Class A | (24,200) | (440,440) | |
(670,318) | |||
FOOD PRODUCTS - (0.1)% | |||
Freshpet, Inc. | (600) | (41,382) |
Shares | Value | ||
GAS UTILITIES - (1.0)% | |||
Atmos Energy Corp. | (7,000) | $ (798,980) | |
GROUND TRANSPORTATION - (2.1)% | |||
Lyft, Inc., Class A | (81,100) | (831,275) | |
U-Haul Holding Co. | (12,900) | (787,674) | |
(1,618,949) | |||
HEALTH CARE EQUIPMENT & SUPPLIES - (5.8)% | |||
Enovis Corp. | (14,000) | (815,500) | |
Envista Holdings Corp. | (19,400) | (746,706) | |
Globus Medical, Inc., Class A | (3,000) | (174,420) | |
ICU Medical, Inc. | (2,900) | (548,506) | |
Masimo Corp. | (4,200) | (794,388) | |
Novocure Ltd. | (8,200) | (540,380) | |
STERIS PLC | (4,300) | (810,765) | |
(4,430,665) | |||
HEALTH CARE PROVIDERS & SERVICES - (3.5)% | |||
Acadia Healthcare Co., Inc. | (10,600) | (766,274) | |
agilon health, Inc. | (25,900) | (628,593) | |
Guardant Health, Inc. | (24,200) | (545,952) | |
Oak Street Health, Inc. | (18,500) | (720,945) | |
(2,661,764) | |||
HEALTH CARE TECHNOLOGY - (1.0)% | |||
Certara, Inc. | (32,000) | (773,440) | |
HOTELS, RESTAURANTS & LEISURE - (4.9)% | |||
Aramark | (21,900) | (759,930) | |
Carnival Corp. | (12,600) | (116,046) | |
Choice Hotels International, Inc. | (6,000) | (765,120) | |
Domino's Pizza, Inc. | (2,500) | (793,675) | |
DraftKings, Inc., Class A | (3,800) | (83,258) | |
Norwegian Cruise Line Holdings Ltd. | (43,100) | (575,385) | |
Royal Caribbean Cruises Ltd. | (3,000) | (196,290) | |
Sabre Corp. | (30,400) | (121,600) | |
Six Flags Entertainment Corp. | (13,600) | (330,072) | |
(3,741,376) | |||
HOUSEHOLD PRODUCTS - (2.1)% | |||
Reynolds Consumer Products, Inc. | (29,900) | (838,097) | |
Spectrum Brands Holdings, Inc. | (11,900) | (791,350) | |
(1,629,447) | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - (1.0)% | |||
Vistra Corp. | (32,800) | (782,608) |
Shares | Value | ||
INSURANCE - (1.7)% | |||
Cincinnati Financial Corp. | (6,300) | $ (670,572) | |
Kemper Corp. | (13,000) | (632,450) | |
(1,303,022) | |||
INTERACTIVE MEDIA & SERVICES - (1.0)% | |||
IAC, Inc. | (15,500) | (802,435) | |
IT SERVICES - (1.8)% | |||
Cloudflare, Inc., Class A | (10,800) | (508,140) | |
Fastly, Inc., Class A | (5,800) | (85,724) | |
MongoDB, Inc. | (3,100) | (743,876) | |
(1,337,740) | |||
LIFE SCIENCES TOOLS & SERVICES - (1.0)% | |||
Sotera Health Co. | (43,500) | (729,495) | |
MACHINERY - (0.1)% | |||
Stanley Black & Decker, Inc. | (1,000) | (86,340) | |
MEDIA - (1.1)% | |||
Liberty Broadband Corp., Class A | (10,200) | (862,206) | |
METALS & MINING - (0.6)% | |||
MP Materials Corp. | (20,600) | (446,402) | |
MULTI-UTILITIES - (0.7)% | |||
CenterPoint Energy, Inc. | (4,700) | (143,209) | |
Dominion Energy, Inc. | (6,700) | (382,838) | |
(526,047) | |||
OIL, GAS & CONSUMABLE FUELS - (1.5)% | |||
Enviva, Inc. | (17,100) | (367,650) | |
New Fortress Energy, Inc. | (25,700) | (778,453) | |
(1,146,103) | |||
PASSENGER AIRLINES - (3.1)% | |||
American Airlines Group, Inc. | (58,400) | (796,576) | |
JetBlue Airways Corp. | (113,700) | (811,818) | |
Southwest Airlines Co. | (24,200) | (733,018) | |
(2,341,412) | |||
PHARMACEUTICALS - (0.7)% | |||
Catalent, Inc. | (11,100) | (556,332) | |
PROFESSIONAL SERVICES - (1.4)% | |||
Dun & Bradstreet Holdings, Inc. | (31,700) | (354,089) | |
Equifax, Inc. | (3,400) | (708,492) | |
(1,062,581) |
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (1.9)% | |||
Entegris, Inc. | (2,000) | $ (149,840) | |
Monolithic Power Systems, Inc. | (1,700) | (785,349) | |
Wolfspeed, Inc. | (11,600) | (539,980) | |
(1,475,169) | |||
SOFTWARE - (6.4)% | |||
Alteryx, Inc., Class A | (15,000) | (616,950) | |
AppLovin Corp., Class A | (40,500) | (688,500) | |
Aspen Technology, Inc. | (3,300) | (584,100) | |
C3.ai, Inc., Class A | (10,700) | (190,674) | |
Datadog, Inc., Class A | (10,600) | (714,228) | |
Five9, Inc. | (1,600) | (103,744) | |
nCino, Inc. | (11,600) | (286,868) | |
Palantir Technologies, Inc., Class A | (84,800) | (657,200) | |
Tyler Technologies, Inc. | (2,000) | (758,060) | |
Unity Software, Inc. | (9,900) | (267,003) | |
(4,867,327) | |||
SPECIALTY RETAIL - (1.6)% | |||
Floor & Decor Holdings, Inc. | (1,700) | (168,878) | |
GameStop Corp., Class A | (5,600) | (108,024) | |
Petco Health & Wellness Co., Inc. | (21,800) | (217,128) | |
Wayfair, Inc., Class A | (20,900) | (727,947) | |
(1,221,977) |
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS - (1.2)% | |||
Skechers USA, Inc., Class A | (16,700) | $ (888,273) | |
WATER UTILITIES - (0.2)% | |||
American Water Works Co., Inc. | (1,200) | (177,900) | |
TOTAL COMMON STOCKS SOLD SHORT (PROCEEDS ($56,697,724)) | (54,489,907) | ||
TOTAL SECURITIES SOLD SHORT (PROCEEDS ($56,697,724)) - (71.3)% | (54,489,907) | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 79.2% | 60,493,463 | ||
NET ASSETS - 100.0% | $ 76,386,716 | ||
(a) | All or portion of the shares have been pledged as collateral for open short positions. |
(b) | Represents non-income producing security. |
(c) | 7-day current yield as of April 30, 2023 is disclosed. |
MSCI — Morgan Stanley Capital International |
N.V. — Naamloze Vennootschap |
PLC — Public Limited Company |
The table below sets forth the diversification of the Steward Global Equity Income Fund investments by Country.
Country Diversification | Percent* | |
United States | 61.7% | |
Canada | 13.9 | |
Taiwan | 4.7 | |
Switzerland | 4.6 | |
Republic of Korea (South) | 3.2 | |
Ireland (Republic of) | 2.8 | |
Japan | 1.8 | |
United Kingdom | 1.6 | |
Brazil | 1.6 | |
Colombia | 1.4 | |
Netherlands | 1.2 | |
Sweden | 1.0 | |
Total Investments | 99.5% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 98.5% | |||
AEROSPACE & DEFENSE - 1.1% | |||
General Dynamics Corp. | 17,770 | $ 3,879,902 | |
AIR FREIGHT & LOGISTICS - 1.8% | |||
C.H. Robinson Worldwide, Inc. | 62,950 | 6,349,766 | |
BANKS - 10.1% | |||
Bank of Nova Scotia (The) | 72,260 | 3,606,496 | |
Canadian Imperial Bank of Commerce | 92,500 | 3,880,375 | |
KB Financial Group, Inc., ADR | 154,580 | 5,764,288 | |
Mizuho Financial Group, Inc., ADR | 2,171,420 | 6,318,832 | |
NatWest Group PLC, Sponsored ADR | 873,260 | 5,789,714 | |
Royal Bank of Canada | 47,610 | 4,728,149 | |
Toronto-Dominion Bank (The) | 91,690 | 5,559,165 | |
35,647,019 | |||
BEVERAGES - 2.1% | |||
Coca-Cola Co. (The) | 113,710 | 7,294,496 | |
BIOTECHNOLOGY - 1.8% | |||
Gilead Sciences, Inc. | 79,500 | 6,535,695 | |
CHEMICALS - 1.2% | |||
Air Products and Chemicals, Inc. | 14,840 | 4,368,302 | |
COMMUNICATIONS EQUIPMENT - 2.6% | |||
Cisco Systems, Inc. | 117,220 | 5,538,645 | |
Telefonaktiebolaget LM Ericsson, Sponsored ADR | 648,520 | 3,560,375 | |
9,099,020 | |||
CONSTRUCTION MATERIALS - 1.2% | |||
James Hardie Industries PLC, Sponsored ADR | 189,680 | 4,222,277 | |
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.7% | |||
Verizon Communications, Inc. | 151,720 | 5,891,288 | |
ELECTRIC UTILITIES - 2.0% | |||
Entergy Corp. | 34,850 | 3,749,163 | |
Portland General Electric Co. | 66,960 | 3,389,515 | |
7,138,678 | |||
ELECTRICAL EQUIPMENT - 2.0% | |||
ABB Ltd., Sponsored ADR | 195,960 | 7,072,196 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3% | |||
Avnet, Inc. | 113,210 | 4,671,045 |
Shares | Value | ||
FOOD PRODUCTS - 6.1% | |||
Bunge Ltd. | 62,530 | $ 5,852,808 | |
General Mills, Inc. | 51,290 | 4,545,833 | |
Kellogg Co. | 88,160 | 6,150,923 | |
Tyson Foods, Inc., Class A | 78,990 | 4,936,085 | |
21,485,649 | |||
GROUND TRANSPORTATION - 1.3% | |||
Canadian National Railway Co. | 40,230 | 4,798,232 | |
HEALTH CARE EQUIPMENT & SUPPLIES - 3.7% | |||
Abbott Laboratories | 55,040 | 6,080,269 | |
Becton, Dickinson and Co. | 26,610 | 7,033,289 | |
13,113,558 | |||
HEALTH CARE PROVIDERS & SERVICES - 7.5% | |||
Cigna Group (The) | 36,570 | 9,262,815 | |
Elevance Health, Inc. | 12,870 | 6,031,526 | |
Quest Diagnostics, Inc. | 51,940 | 7,209,792 | |
U.S. Physical Therapy, Inc. | 38,440 | 4,092,322 | |
26,596,455 | |||
HOTELS, RESTAURANTS & LEISURE - 3.1% | |||
McDonald's Corp. | 37,430 | 11,069,922 | |
HOUSEHOLD DURABLES - 1.0% | |||
Garmin Ltd. | 37,480 | 3,679,412 | |
INSURANCE - 1.4% | |||
Sun Life Financial, Inc. | 104,720 | 5,139,658 | |
IT SERVICES - 4.3% | |||
Accenture PLC, Class A | 20,350 | 5,703,901 | |
Amdocs Ltd. | 61,390 | 5,601,838 | |
Cognizant Technology Solutions Corp., Class A | 62,860 | 3,753,371 | |
15,059,110 | |||
MACHINERY - 1.6% | |||
Snap-on, Inc. | 22,100 | 5,732,961 | |
MEDIA - 3.0% | |||
Nexstar Media Group, Inc. | 31,450 | 5,455,002 | |
Omnicom Group, Inc. | 55,740 | 5,048,372 | |
10,503,374 | |||
METALS & MINING - 2.4% | |||
Agnico Eagle Mines Ltd. | 32,830 | 1,862,446 |
Shares | Value | ||
Pan American Silver Corp. | 133,300 | $ 2,374,073 | |
Ternium SA, Sponsored ADR | 94,870 | 4,112,614 | |
8,349,133 | |||
OIL, GAS & CONSUMABLE FUELS - 6.4% | |||
Canadian Natural Resources, Ltd. | 111,280 | 6,784,741 | |
Ecopetrol SA, Sponsored ADR | 497,930 | 4,839,880 | |
Petroleo Brasileiro SA, Sponsored ADR | 526,990 | 5,596,634 | |
Suncor Energy, Inc. | 174,240 | 5,457,197 | |
22,678,452 | |||
PROFESSIONAL SERVICES - 3.3% | |||
Broadridge Financial Solutions, Inc. | 32,080 | 4,664,753 | |
Paychex, Inc. | 63,270 | 6,950,842 | |
11,615,595 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.2% | |||
ASE Industrial Holding Co. Ltd., ADR | 886,950 | 6,084,477 | |
QUALCOMM, Inc. | 35,440 | 4,139,392 | |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 71,040 | 5,988,672 | |
Texas Instruments, Inc. | 48,220 | 8,062,384 | |
United Microelectronics Corp., Sponsored ADR(a) | 585,870 | 4,704,536 | |
28,979,461 | |||
SOFTWARE - 2.5% | |||
Gen Digital, Inc. | 224,180 | 3,961,261 | |
Open Text Corp. | 134,060 | 5,079,533 | |
9,040,794 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 2.7% | |||
Crown Castle, Inc. | 33,300 | 4,098,897 | |
Iron Mountain, Inc. | 99,520 | 5,497,485 | |
9,596,382 | |||
SPECIALTY RETAIL - 6.0% | |||
Advance Auto Parts, Inc. | 25,630 | 3,217,334 |
Shares | Value | ||
Best Buy Co., Inc. | 26,190 | $ 1,951,679 | |
Home Depot, Inc. (The) | 16,600 | 4,988,964 | |
Lowe’s Cos., Inc. | 30,330 | 6,303,484 | |
Williams-Sonoma, Inc. | 38,260 | 4,630,990 | |
21,092,451 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.5% | |||
HP, Inc. | 228,960 | 6,802,402 | |
Logitech International SA | 91,490 | 5,439,995 | |
12,242,397 | |||
WIRELESS TELECOMMUNICATION SERVICES - 1.6% | |||
SK Telecom Co. Ltd., Sponsored ADR | 282,650 | 5,585,164 | |
TOTAL COMMON STOCKS (COST $335,520,789) | 348,527,844 | ||
MONEY MARKET FUND - 1.0% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 3,417,784 | 3,417,784 | |
TOTAL MONEY MARKET FUND (COST $3,417,784) | 3,417,784 | ||
TOTAL INVESTMENTS (COST $338,938,573) - 99.5% | 351,945,628 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | 1,689,528 | ||
NET ASSETS - 100.0% | $ 353,635,156 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
ADR — American Depositary Receipt |
PLC — Public Limited Company |
SA — Societe Anonyme |
The table below sets forth the diversification of the Steward International Enhanced Index Fund investments by Country.
Country Diversification | Percent* | |
Canada | 27.0% | |
United Kingdom | 16.3 | |
Taiwan | 8.4 | |
China | 8.4 | |
Netherlands | 7.4 | |
Japan | 5.0 | |
Brazil | 3.4 | |
India | 3.3 | |
Switzerland | 2.9 | |
Germany | 2.7 | |
France | 2.6 | |
Mexico | 2.0 | |
Australia | 2.0 | |
Spain | 1.6 | |
Republic of Korea (South) | 1.4 | |
Ireland (Republic of) | 0.8 | |
Denmark | 0.7 | |
Italy | 0.5 | |
Chile | 0.5 | |
Norway | 0.5 | |
South Africa | 0.5 | |
Indonesia | 0.4 | |
Finland | 0.3 | |
Sweden | 0.3 | |
United States | 0.3 | |
Jersey | 0.2 | |
Luxembourg | 0.1 | |
Colombia | 0.0** | |
Total Investments | 99.5% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
** | Amount rounds to less than 0.1%. |
Shares | Value | ||
COMMON STOCKS - 97.7% | |||
AEROSPACE & DEFENSE - 0.1% | |||
CAE, Inc.(a) | 6,360 | $ 143,227 | |
AIR FREIGHT & LOGISTICS - 0.2% | |||
ZTO Express Cayman, Inc., ADR | 14,044 | 388,738 | |
AUTOMOBILE COMPONENTS - 0.2% | |||
Magna International, Inc., ADR | 6,535 | 340,866 | |
AUTOMOBILES - 2.2% | |||
Ferrari N.V. | 5,737 | 1,598,557 | |
Honda Motor Co. Ltd., Sponsored ADR | 59,031 | 1,569,044 | |
NIO, Inc., ADR(a) | 20,730 | 163,145 | |
Stellantis N.V. | 60,290 | 1,002,623 | |
Tata Motors Ltd., Sponsored ADR(a) | 12,760 | 378,070 | |
4,711,439 | |||
BANKS - 16.7% | |||
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 165,860 | 1,217,412 | |
Banco de Chile, ADR | 19,889 | 421,647 | |
Banco Santander Chile, ADR | 6,164 | 118,041 | |
Banco Santander SA, Sponsored ADR | 411,595 | 1,428,235 | |
Bank of Montreal | 23,490 | 2,118,563 | |
Bank of Nova Scotia (The) | 40,165 | 2,004,635 | |
Barclays PLC, Sponsored ADR | 97,189 | 784,315 | |
Canadian Imperial Bank of Commerce | 31,471 | 1,320,208 | |
HDFC Bank Ltd., ADR | 39,365 | 2,747,677 | |
HSBC Holdings PLC, Sponsored ADR | 116,789 | 4,210,244 | |
ICICI Bank Ltd., Sponsored ADR | 86,345 | 1,964,349 | |
ING Groep N.V., Sponsored ADR | 103,570 | 1,282,197 | |
KB Financial Group, Inc., ADR | 21,000 | 783,090 | |
Lloyds Banking Group PLC, ADR | 425,905 | 1,030,690 | |
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 341,190 | 2,142,673 | |
Mizuho Financial Group, Inc., ADR | 315,100 | 916,941 | |
NatWest Group PLC, Sponsored ADR | 82,660 | 548,036 | |
NU Holdings Ltd., Class A(a) | 22,352 | 115,336 | |
Royal Bank of Canada | 48,710 | 4,837,390 | |
Shinhan Financial Group Co. Ltd., ADR | 28,230 | 741,320 | |
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 193,720 | 1,590,441 | |
Toronto-Dominion Bank (The) | 58,829 | 3,566,802 | |
Woori Financial Group, Inc., Sponsored ADR | 5,290 | 140,661 | |
36,030,903 | |||
BEVERAGES - 0.7% | |||
Fomento Economico Mexicano SAB de CV, Sponsored ADR | 15,979 | 1,550,283 |
Shares | Value | ||
BIOTECHNOLOGY - 1.6% | |||
Argenx SE, ADR(a) | 3,199 | $ 1,240,828 | |
BeiGene Ltd., ADR(a) | 2,494 | 635,870 | |
Genmab A/S, Sponsored ADR(a) | 36,664 | 1,503,591 | |
3,380,289 | |||
BROADLINE RETAIL - 5.6% | |||
Alibaba Group Holding Ltd., Sponsored ADR(a) | 101,942 | 8,633,468 | |
JD.com, Inc., ADR | 61,147 | 2,184,171 | |
PDD Holdings, Inc., ADR(a) | 14,099 | 960,847 | |
Vipshop Holdings Ltd., ADR(a) | 12,148 | 190,723 | |
11,969,209 | |||
CAPITAL MARKETS - 1.6% | |||
Brookfield Asset Management Ltd., Class A | 18,182 | 610,006 | |
Credit Suisse Group, Sponsored ADR | 60,759 | 54,373 | |
Deutsche Bank AG | 52,930 | 582,760 | |
Nomura Holdings, Inc., Sponsored ADR | 85,620 | 304,807 | |
UBS Group AG | 99,087 | 2,006,512 | |
3,558,458 | |||
CHEMICALS - 0.6% | |||
Nutrien Ltd. | 15,022 | 1,042,527 | |
Sasol Ltd., Sponsored ADR | 13,580 | 176,811 | |
1,219,338 | |||
COMMERCIAL SERVICES & SUPPLIES - 1.2% | |||
Waste Connections, Inc. | 19,342 | 2,691,439 | |
COMMUNICATIONS EQUIPMENT - 0.6% | |||
Nokia Oyj, Sponsored ADR | 167,640 | 702,412 | |
Telefonaktiebolaget LM Ericsson, Sponsored ADR | 110,090 | 604,394 | |
1,306,806 | |||
CONSTRUCTION MATERIALS - 0.8% | |||
CEMEX SAB de CV, Sponsored ADR(a) | 55,045 | 330,270 | |
CRH PLC, Sponsored ADR | 23,260 | 1,128,110 | |
James Hardie Industries PLC, Sponsored ADR | 12,054 | 268,322 | |
1,726,702 | |||
DIVERSIFIED CONSUMER SERVICES - 0.3% | |||
New Oriental Education & Technology Group, Inc., Sponsored ADR(a) | 3,846 | 175,339 | |
Pearson PLC, Sponsored ADR | 34,477 | 380,626 | |
555,965 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.4% | |||
BCE, Inc. | 58,738 | 2,823,536 |
Shares | Value | ||
Chunghwa Telecom Co. Ltd., Sponsored ADR | 51,370 | $ 2,117,471 | |
Orange SA, Sponsored ADR | 99,715 | 1,298,289 | |
Telefonica SA, Sponsored ADR | 169,980 | 766,610 | |
Telkom Indonesia Persero Tbk PT, ADR | 29,117 | 838,570 | |
TELUS Corp. | 76,570 | 1,624,050 | |
9,468,526 | |||
ELECTRIC UTILITIES - 1.3% | |||
Centrais Eletricas Brasileiras SA, Sponsored ADR | 73,898 | 496,594 | |
Fortis, Inc. | 51,758 | 2,272,694 | |
2,769,288 | |||
ELECTRICAL EQUIPMENT - 0.9% | |||
ABB Ltd., Sponsored ADR | 55,143 | 1,990,111 | |
ENTERTAINMENT - 1.0% | |||
Bilibili, Inc., Sponsored ADR(a) | 4,186 | 85,227 | |
NetEase, Inc., ADR | 21,094 | 1,880,108 | |
Tencent Music Entertainment Group, ADR(a) | 12,070 | 89,439 | |
2,054,774 | |||
FINANCIAL SERVICES - 0.4% | |||
ORIX Corp., Sponsored ADR | 10,011 | 854,038 | |
GROUND TRANSPORTATION - 2.3% | |||
Canadian National Railway Co. | 21,360 | 2,547,607 | |
Canadian Pacific Kansas City Ltd. | 30,781 | 2,426,774 | |
4,974,381 | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.6% | |||
Alcon, Inc. | 23,573 | 1,708,571 | |
Koninklijke Philips N.V., Sponsored NYS | 27,175 | 573,936 | |
Smith & Nephew PLC, Sponsored ADR | 36,393 | 1,190,051 | |
3,472,558 | |||
HEALTH CARE PROVIDERS & SERVICES - 0.2% | |||
Fresenius Medical Care AG & Co. KGaA, ADR | 22,364 | 541,656 | |
HOTELS, RESTAURANTS & LEISURE - 1.1% | |||
H World Group Ltd., ADR(a) | 3,824 | 179,345 | |
InterContinental Hotels Group PLC, ADR | 7,561 | 523,826 | |
Restaurant Brands International, Inc. | 16,990 | 1,191,509 | |
Trip.com Group Ltd., ADR(a) | 14,264 | 506,515 | |
2,401,195 |
Shares | Value | ||
HOUSEHOLD DURABLES - 1.6% | |||
Sony Group Corp., Sponsored ADR | 38,348 | $ 3,438,665 | |
INSURANCE - 2.1% | |||
Aegon N.V., Sponsored NYS | 40,717 | 184,448 | |
Manulife Financial Corp. | 80,270 | 1,585,332 | |
Prudential PLC, ADR | 38,270 | 1,172,976 | |
Sun Life Financial, Inc. | 31,110 | 1,526,879 | |
4,469,635 | |||
INTERACTIVE MEDIA & SERVICES - 0.8% | |||
Baidu, Inc., Sponsored ADR(a) | 14,679 | 1,770,434 | |
IT SERVICES - 2.4% | |||
CGI, Inc.(a) | 18,014 | 1,826,800 | |
Infosys Ltd., Sponsored ADR | 110,930 | 1,723,852 | |
Shopify, Inc., Class A(a) | 27,325 | 1,323,896 | |
Wipro Ltd., ADR | 71,143 | 334,372 | |
5,208,920 | |||
LIFE SCIENCES TOOLS & SERVICES - 0.9% | |||
QIAGEN N.V.(a) | 41,309 | 1,842,795 | |
MACHINERY - 0.2% | |||
CNH Industrial N.V. | 28,220 | 397,902 | |
MEDIA - 0.2% | |||
Grupo Televisa SAB, Sponsored ADR | 13,190 | 66,741 | |
WPP PLC, Sponsored ADR | 6,850 | 396,684 | |
463,425 | |||
METALS & MINING - 7.8% | |||
Agnico Eagle Mines Ltd. | 15,937 | 904,106 | |
AngloGold Ashanti Ltd., Sponsored ADR | 11,490 | 305,404 | |
ArcelorMittal SA, Sponsored NYS | 10,583 | 301,298 | |
Barrick Gold Corp., ADR | 59,053 | 1,124,369 | |
BHP Group Ltd., Sponsored ADR | 72,084 | 4,255,839 | |
Franco Nevada Corp. | 8,568 | 1,300,451 | |
Gold Fields Ltd., Sponsored ADR | 24,090 | 374,840 | |
Kinross Gold Corp. | 44,170 | 223,059 | |
POSCO Holdings, Inc., Sponsored ADR | 15,563 | 1,106,841 | |
Rio Tinto PLC, Sponsored ADR | 31,770 | 2,032,962 | |
Sibanye Stillwater Ltd., ADR | 17,340 | 155,193 | |
Southern Copper Corp. | 4,665 | 358,412 | |
Teck Resources Ltd., Class B | 10,513 | 489,906 |
Shares | Value | ||
Vale SA, Sponsored ADR | 197,362 | $ 2,843,987 | |
Wheaton Precious Metals Corp. | 21,437 | 1,058,559 | |
16,835,226 | |||
MULTI-UTILITIES - 1.2% | |||
Algonquin Power & Utilities Corp. | 44,800 | 381,696 | |
National Grid PLC, Sponsored ADR | 31,913 | 2,286,566 | |
2,668,262 | |||
OIL, GAS & CONSUMABLE FUELS - 12.4% | |||
BP PLC, Sponsored ADR | 89,598 | 3,609,008 | |
Cameco Corp. | 8,615 | 236,826 | |
Canadian Natural Resources, Ltd. | 29,032 | 1,770,081 | |
Cenovus Energy, Inc. | 32,890 | 552,552 | |
Ecopetrol SA, Sponsored ADR | 2,010 | 19,537 | |
Enbridge, Inc. | 77,946 | 3,099,133 | |
Eni S.p.A., Sponsored ADR | 34,569 | 1,046,749 | |
Equinor ASA, Sponsored ADR | 35,317 | 1,015,011 | |
Imperial Oil Ltd. | 6,600 | 336,138 | |
Pembina Pipeline Corp. | 18,980 | 625,011 | |
Petroleo Brasileiro SA, Sponsored ADR | 97,880 | 1,039,486 | |
Shell PLC, ADR | 101,755 | 6,306,775 | |
Suncor Energy, Inc. | 36,245 | 1,135,193 | |
TC Energy Corp. | 36,670 | 1,523,272 | |
TotalEnergies SE, Sponsored ADR | 67,780 | 4,333,175 | |
26,647,947 | |||
PAPER & FOREST PRODUCTS - 0.1% | |||
Suzano SA, Sponsored ADR | 23,870 | 190,244 | |
PASSENGER AIRLINES - 0.2% | |||
Ryanair Holdings PLC, Sponsored ADR(a) | 3,588 | 342,977 | |
PERSONAL CARE PRODUCTS - 3.3% | |||
Haleon PLC, ADR | 133,290 | 1,182,282 | |
Natura & Co. Holding SA, ADR | 19,090 | 83,805 | |
Unilever PLC, Sponsored ADR | 106,865 | 5,934,214 | |
7,200,301 | |||
PROFESSIONAL SERVICES - 2.4% | |||
RELX PLC, Sponsored ADR | 85,188 | 2,820,575 | |
Thomson Reuters Corp. | 18,204 | 2,394,008 | |
5,214,583 |
Shares | Value | ||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4% | |||
FirstService Corp. | 3,603 | $ 543,116 | |
KE Holdings, Inc., ADR(a) | 15,943 | 250,146 | |
793,262 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1% | |||
ASE Industrial Holding Co. Ltd., ADR | 49,515 | 339,673 | |
ASML Holding N.V., Sponsored NYS | 10,990 | 6,999,091 | |
STMicroelectronics N.V., Sponsored NYS | 19,633 | 841,863 | |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 172,517 | 14,543,183 | |
United Microelectronics Corp., Sponsored ADR(a) | 145,630 | 1,169,409 | |
23,893,219 | |||
SOFTWARE - 2.5% | |||
Open Text Corp. | 15,810 | 599,041 | |
SAP SE, Sponsored ADR | 35,314 | 4,776,925 | |
5,375,966 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2% | |||
Logitech International SA | 6,686 | 397,550 | |
TEXTILES, APPAREL & LUXURY GOODS - 0.1% | |||
Gildan Activewear, Inc. | 4,100 | 133,578 | |
TRANSPORTATION INFRASTRUCTURE - 0.3% | |||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 1,669 | 296,364 | |
Grupo Aeroportuario del Sureste SAB de CV, ADR | 1,492 | 427,190 | |
723,554 | |||
WIRELESS TELECOMMUNICATION SERVICES - 1.9% | |||
America Movil SAB de CV, ADR(a) | 76,043 | 1,634,164 | |
Rogers Communications, Inc., Class B | 25,227 | 1,245,961 | |
SK Telecom Co. Ltd., Sponsored ADR | 13,622 | 269,171 | |
Vodafone Group PLC, Sponsored ADR | 81,639 | 975,586 | |
4,124,882 | |||
TOTAL COMMON STOCKS (COST $207,154,225) | 210,233,516 |
Shares | Value | ||
MASTER LIMITED PARTNERSHIPS - 0.3% | |||
MULTI-UTILITIES - 0.3% | |||
Brookfield Infrastructure Partners LP | 19,050 | $ 663,511 | |
TOTAL MASTER LIMITED PARTNERSHIPS (COST $691,005) | 663,511 | ||
MONEY MARKET FUND - 0.1% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 223,379 | 223,379 | |
TOTAL MONEY MARKET FUND (COST $223,379) | 223,379 | ||
PREFERRED STOCKS - 1.4% | |||
BANKS - 0.6% | |||
Bancolombia SA, Sponsored ADR, 11.36%(c) | 2,520 | 61,740 | |
Itau Unibanco Holding SA, Sponsored ADR (a) | 232,207 | 1,195,866 | |
1,257,606 | |||
CHEMICALS - 0.2% | |||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 19.11%(c) | 7,159 | 483,089 | |
ELECTRIC UTILITIES - 0.0% | |||
Centrais Eletricas Brasileiras SA, ADR, 4.19%(c) | 6,770 | 48,135 | |
METALS & MINING - 0.1% | |||
Gerdau SA, Sponsored ADR, 2.87%(c) | 37,863 | 188,936 | |
OIL, GAS & CONSUMABLE FUELS - 0.5% | |||
Petroleo Brasileiro SA, Sponsored ADR, 8.79%(c) | 117,048 | 1,110,786 | |
TOTAL PREFERRED STOCKS (COST $3,172,829) | 3,088,552 | ||
TOTAL INVESTMENTS (COST $211,241,438) - 99.5% | 214,208,958 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | 1,055,848 | ||
NET ASSETS - 100.0% | $ 215,264,806 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
ADR — American Depositary Receipt |
AG — Aktiengesellschaft |
ASA — Aksjeselskap |
LP — Limited Partnership |
N.V. — Naamloze Vennootschap |
NYS — New York Shares |
PLC — Public Limited Company |
SA — Societe Anonyme |
Tbk PT — Perseroan Terbatas |
The table below sets forth the diversification of the Steward Large Cap Core Fund investments by Industry.
Industry Diversification | Percent* | |
Software | 13.5% | |
Health Care Providers & Services | 7.8 | |
Technology Hardware, Storage & Peripherals | 7.5 | |
Financial Services | 7.1 | |
Specialty Retail | 5.7 | |
Semiconductors & Semiconductor Equipment | 5.5 | |
Biotechnology | 3.7 | |
Broadline Retail | 3.4 | |
Consumer Finance | 3.3 | |
Ground Transportation | 3.0 | |
Interactive Media & Services | 2.6 | |
Hotels, Restaurants & Leisure | 2.5 | |
Capital Markets | 2.4 | |
Professional Services | 2.3 | |
Building Products | 2.2 | |
Air Freight & Logistics | 2.1 | |
Insurance | 2.1 | |
Diversified Consumer Services | 1.9 | |
Food Products | 1.9 | |
Specialized Real Estate Investment Trusts | 1.9 | |
Real Estate Management & Development | 1.7 |
Industry Diversification | Percent* | |
Communications Equipment | 1.5% | |
Consumer Staples Distribution & Retail | 1.5 | |
Oil, Gas & Consumable Fuels | 1.3 | |
Banks | 1.2 | |
Machinery | 1.2 | |
Chemicals | 1.1 | |
Trading Companies & Distributors | 1.1 | |
Health Care Equipment & Supplies | 1.0 | |
Textiles, Apparel & Luxury Goods | 1.0 | |
Automobile Components | 0.9 | |
Automobiles | 0.9 | |
Electronic Equipment, Instruments & Components | 0.9 | |
Media | 0.9 | |
Containers & Packaging | 0.7 | |
Electrical Equipment | 0.6 | |
Money Market Fund | 0.2 | |
Total Investments | 100.1% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 99.9% | |||
AIR FREIGHT & LOGISTICS - 2.1% | |||
C.H. Robinson Worldwide, Inc. | 8,100 | $ 817,047 | |
Expeditors International of Washington, Inc. | 7,700 | 876,568 | |
1,693,615 | |||
AUTOMOBILE COMPONENTS - 0.9% | |||
BorgWarner, Inc. | 14,600 | 702,698 | |
AUTOMOBILES - 0.9% | |||
Harley-Davidson, Inc. | 15,800 | 586,180 | |
Tesla, Inc.(a) | 600 | 98,586 | |
684,766 | |||
BANKS - 1.2% | |||
JPMorgan Chase & Co. | 700 | 96,768 | |
Regions Financial Corp. | 44,700 | 816,222 | |
912,990 | |||
BIOTECHNOLOGY - 3.7% | |||
Amgen, Inc. | 4,200 | 1,006,908 | |
Biogen, Inc.(a) | 3,000 | 912,690 | |
Gilead Sciences, Inc. | 12,300 | 1,011,183 | |
2,930,781 | |||
BROADLINE RETAIL - 3.4% | |||
Amazon.com, Inc.(a) | 11,200 | 1,181,040 | |
Macy's, Inc. | 44,800 | 732,032 | |
Nordstrom, Inc. | 48,100 | 743,626 | |
2,656,698 | |||
BUILDING PRODUCTS - 2.2% | |||
Owens Corning | 7,700 | 822,437 | |
Trane Technologies PLC | 5,000 | 929,050 | |
1,751,487 | |||
CAPITAL MARKETS - 2.4% | |||
Ameriprise Financial, Inc. | 2,600 | 793,312 | |
Bank of New York Mellon Corp. (The) | 18,400 | 783,656 | |
Janus Henderson Group PLC | 4,200 | 108,990 | |
MSCI, Inc. | 500 | 241,225 | |
1,927,183 | |||
CHEMICALS - 1.1% | |||
Dow, Inc. | 16,100 | 875,840 | |
COMMUNICATIONS EQUIPMENT - 1.5% | |||
Cisco Systems, Inc. | 25,300 | 1,195,425 |
Shares | Value | ||
CONSUMER FINANCE - 3.3% | |||
American Express Co. | 6,200 | $ 1,000,308 | |
Discover Financial Services | 7,200 | 744,984 | |
Synchrony Financial | 27,900 | 823,329 | |
2,568,621 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.5% | |||
Kroger Co. (The) | 17,200 | 836,436 | |
US Foods Holding Corp.(a) | 10,000 | 384,000 | |
1,220,436 | |||
CONTAINERS & PACKAGING - 0.7% | |||
Amcor PLC | 48,200 | 528,754 | |
DIVERSIFIED CONSUMER SERVICES - 1.9% | |||
Grand Canyon Education, Inc.(a) | 6,600 | 783,420 | |
H&R Block, Inc. | 20,600 | 698,546 | |
1,481,966 | |||
ELECTRICAL EQUIPMENT - 0.6% | |||
Acuity Brands, Inc. | 3,200 | 503,616 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9% | |||
Jabil, Inc. | 9,100 | 711,165 | |
FINANCIAL SERVICES - 7.1% | |||
Berkshire Hathaway, Inc., Class B(a) | 1,400 | 459,970 | |
Mastercard, Inc., Class A | 4,000 | 1,520,120 | |
MGIC Investment Corp. | 38,600 | 573,982 | |
Visa, Inc., Class A | 7,000 | 1,629,110 | |
Western Union Co. (The) | 55,100 | 602,243 | |
WEX, Inc.(a) | 4,500 | 798,075 | |
5,583,500 | |||
FOOD PRODUCTS - 1.9% | |||
General Mills, Inc. | 10,300 | 912,889 | |
Mondelez International, Inc., Class A | 8,000 | 613,760 | |
1,526,649 | |||
GROUND TRANSPORTATION - 3.0% | |||
CSX Corp. | 26,500 | 811,960 | |
Landstar System, Inc. | 4,500 | 792,135 | |
Ryder System, Inc. | 9,300 | 736,188 | |
2,340,283 | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0% | |||
Hologic, Inc.(a) | 9,600 | 825,696 |
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES - 7.8% | |||
AmerisourceBergen Corp. | 4,900 | $ 817,565 | |
Cardinal Health, Inc. | 10,300 | 845,630 | |
Cigna Group (The) | 3,700 | 937,173 | |
Elevance Health, Inc. | 2,200 | 1,031,030 | |
Humana, Inc. | 1,700 | 901,833 | |
McKesson Corp. | 2,600 | 947,024 | |
Quest Diagnostics, Inc. | 4,700 | 652,407 | |
6,132,662 | |||
HOTELS, RESTAURANTS & LEISURE - 2.5% | |||
Booking Holdings, Inc.(a) | 400 | 1,074,524 | |
Hilton Worldwide Holdings, Inc. | 6,300 | 907,326 | |
1,981,850 | |||
INSURANCE - 2.1% | |||
Aflac, Inc. | 13,500 | 942,975 | |
Hartford Financial Services Group, Inc. (The) | 10,500 | 745,395 | |
1,688,370 | |||
INTERACTIVE MEDIA & SERVICES - 2.6% | |||
Alphabet, Inc., Class A(a) | 16,200 | 1,738,908 | |
Meta Platforms, Inc., Class A(a) | 1,300 | 312,416 | |
2,051,324 | |||
MACHINERY - 1.2% | |||
Deere & Co. | 2,500 | 945,050 | |
MEDIA - 0.9% | |||
Interpublic Group of Cos., Inc. (The) | 20,400 | 728,892 | |
OIL, GAS & CONSUMABLE FUELS - 1.3% | |||
ConocoPhillips | 7,500 | 771,675 | |
Exxon Mobil Corp. | 2,000 | 236,680 | |
1,008,355 | |||
PROFESSIONAL SERVICES - 2.3% | |||
Booz Allen Hamilton Holding Corp. | 2,800 | 268,016 | |
Genpact Ltd. | 17,600 | 784,080 | |
ManpowerGroup, Inc. | 9,800 | 741,958 | |
1,794,054 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.7% | |||
CBRE Group, Inc., Class A(a) | 11,700 | 896,922 | |
Jones Lang LaSalle, Inc.(a) | 2,900 | 403,216 | |
1,300,138 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5% | |||
Applied Materials, Inc. | 8,700 | 983,361 |
Shares | Value | ||
Cirrus Logic, Inc.(a) | 7,900 | $ 677,741 | |
Lam Research Corp. | 1,900 | 995,752 | |
NVIDIA Corp. | 2,100 | 582,729 | |
QUALCOMM, Inc. | 9,200 | 1,074,560 | |
4,314,143 | |||
SOFTWARE - 13.5% | |||
Adobe, Inc.(a) | 3,200 | 1,208,192 | |
Autodesk, Inc.(a) | 4,600 | 896,034 | |
Cadence Design Systems, Inc.(a) | 4,400 | 921,580 | |
Dropbox, Inc., Class A(a) | 33,300 | 677,322 | |
Microsoft Corp. | 12,800 | 3,932,928 | |
Salesforce, Inc.(a) | 2,700 | 535,599 | |
Synopsys, Inc.(a) | 2,400 | 891,168 | |
Teradata Corp.(a) | 18,800 | 727,748 | |
VMware, Inc., Class A(a) | 6,700 | 837,701 | |
10,628,272 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.9% | |||
Equinix, Inc. | 1,300 | 941,304 | |
Weyerhaeuser Co. | 19,600 | 586,236 | |
1,527,540 | |||
SPECIALTY RETAIL - 5.7% | |||
AutoZone, Inc.(a) | 300 | 798,993 | |
Best Buy Co., Inc. | 9,700 | 722,844 | |
Lowe’s Cos., Inc. | 5,300 | 1,101,499 | |
TJX Cos., Inc. (The) | 12,400 | 977,368 | |
Ulta Beauty, Inc.(a) | 1,600 | 882,288 | |
4,482,992 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.5% | |||
Apple, Inc. | 26,500 | 4,496,520 | |
Hewlett Packard Enterprise Co. | 51,000 | 730,320 | |
HP, Inc. | 24,300 | 721,953 | |
5,948,793 | |||
TEXTILES, APPAREL & LUXURY GOODS - 1.0% | |||
Deckers Outdoor Corp.(a) | 1,700 | 814,878 | |
TRADING COMPANIES & DISTRIBUTORS - 1.1% | |||
W.W. Grainger, Inc. | 1,200 | 834,684 | |
TOTAL COMMON STOCKS (COST $78,198,715) | 78,804,166 | ||
MONEY MARKET FUND - 0.2% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 160,052 | 160,052 | |
TOTAL MONEY MARKET FUND (COST $160,052) | 160,052 |
Shares | Value | ||
TOTAL INVESTMENTS (COST $78,358,767) - 100.1% | $ 78,964,218 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | (115,933) | ||
NET ASSETS - 100.0% | $ 78,848,285 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
MSCI — Morgan Stanley Capital International |
PLC — Public Limited Company |
The table below sets forth the diversification of the Steward Large Cap Growth Fund investments by Industry.
Industry Diversification | Percent* | |
Software | 18.5% | |
Technology Hardware, Storage & Peripherals | 13.0 | |
Financial Services | 7.5 | |
Health Care Providers & Services | 6.5 | |
Specialty Retail | 6.0 | |
Semiconductors & Semiconductor Equipment | 5.8 | |
Broadline Retail | 4.8 | |
Interactive Media & Services | 4.4 | |
Specialized Real Estate Investment Trusts | 3.7 | |
Biotechnology | 2.5 | |
Consumer Finance | 2.4 | |
Air Freight & Logistics | 2.2 | |
Textiles, Apparel & Luxury Goods | 2.1 | |
Ground Transportation | 2.0 | |
Professional Services | 2.0 | |
Capital Markets | 1.6 | |
Machinery | 1.4 | |
Containers & Packaging | 1.3 | |
Trading Companies & Distributors | 1.3 | |
Automobiles | 1.1 |
Industry Diversification | Percent* | |
Hotels, Restaurants & Leisure | 1.1% | |
Real Estate Management & Development | 1.1 | |
Retail Real Estate Investment Trusts | 1.1 | |
Commercial Services & Supplies | 1.0 | |
Distributors | 1.0 | |
IT Services | 1.0 | |
Electronic Equipment, Instruments & Components | 0.9 | |
Diversified Consumer Services | 0.8 | |
Chemicals | 0.7 | |
Pharmaceuticals | 0.4 | |
Money Market Fund | 0.3 | |
Consumer Staples Distribution & Retail | 0.2 | |
Household Durables | 0.2 | |
Life Sciences Tools & Services | 0.2 | |
Beverages | 0.1 | |
Building Products | 0.1 | |
Total Investments | 100.3% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 100.0% | |||
AIR FREIGHT & LOGISTICS - 2.2% | |||
C.H. Robinson Worldwide, Inc. | 8,000 | $ 806,960 | |
Expeditors International of Washington, Inc. | 7,100 | 808,264 | |
1,615,224 | |||
AUTOMOBILES - 1.1% | |||
Tesla, Inc.(a) | 5,200 | 854,412 | |
BEVERAGES - 0.1% | |||
PepsiCo, Inc. | 600 | 114,534 | |
BIOTECHNOLOGY - 2.5% | |||
Amgen, Inc. | 4,600 | 1,102,804 | |
Incyte Corp.(a) | 10,300 | 766,423 | |
1,869,227 | |||
BROADLINE RETAIL - 4.8% | |||
Amazon.com, Inc.(a) | 27,100 | 2,857,695 | |
Nordstrom, Inc. | 47,000 | 726,620 | |
3,584,315 | |||
BUILDING PRODUCTS - 0.1% | |||
Trane Technologies PLC | 400 | 74,324 | |
CAPITAL MARKETS - 1.6% | |||
Ameriprise Financial, Inc. | 2,800 | 854,336 | |
MSCI, Inc. | 700 | 337,715 | |
1,192,051 | |||
CHEMICALS - 0.7% | |||
Dow, Inc. | 9,400 | 511,360 | |
COMMERCIAL SERVICES & SUPPLIES - 1.0% | |||
Ritchie Bros Auctioneers, Inc. | 13,400 | 766,346 | |
CONSUMER FINANCE - 2.4% | |||
American Express Co. | 4,700 | 758,298 | |
Discover Financial Services | 5,400 | 558,738 | |
Synchrony Financial | 15,300 | 451,503 | |
1,768,539 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2% | |||
Costco Wholesale Corp. | 300 | 150,966 | |
CONTAINERS & PACKAGING - 1.3% | |||
Berry Global Group, Inc. | 13,200 | 763,092 | |
Graphic Packaging Holding Co. | 10,100 | 249,066 | |
1,012,158 |
Shares | Value | ||
DISTRIBUTORS - 1.0% | |||
Genuine Parts Co. | 4,400 | $ 740,564 | |
DIVERSIFIED CONSUMER SERVICES - 0.8% | |||
H&R Block, Inc. | 17,600 | 596,816 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9% | |||
Jabil, Inc. | 8,900 | 695,535 | |
FINANCIAL SERVICES - 7.5% | |||
Mastercard, Inc., Class A | 5,300 | 2,014,159 | |
Visa, Inc., Class A | 9,600 | 2,234,208 | |
Western Union Co. (The) | 53,100 | 580,383 | |
WEX, Inc.(a) | 4,400 | 780,340 | |
5,609,090 | |||
GROUND TRANSPORTATION - 2.0% | |||
Landstar System, Inc. | 4,300 | 756,929 | |
RXO, Inc.(a) | 40,200 | 727,218 | |
1,484,147 | |||
HEALTH CARE PROVIDERS & SERVICES - 6.5% | |||
AmerisourceBergen Corp. | 5,300 | 884,305 | |
Cardinal Health, Inc. | 6,700 | 550,070 | |
Cigna Group (The) | 3,200 | 810,528 | |
Elevance Health, Inc. | 1,900 | 890,435 | |
Humana, Inc. | 1,800 | 954,882 | |
McKesson Corp. | 2,200 | 801,328 | |
4,891,548 | |||
HOTELS, RESTAURANTS & LEISURE - 1.1% | |||
Hilton Worldwide Holdings, Inc. | 5,500 | 792,110 | |
HOUSEHOLD DURABLES - 0.2% | |||
TopBuild Corp.(a) | 700 | 157,836 | |
INTERACTIVE MEDIA & SERVICES - 4.4% | |||
Alphabet, Inc., Class A(a) | 30,500 | 3,273,870 | |
IT SERVICES - 1.0% | |||
Gartner, Inc.(a) | 2,400 | 725,904 | |
LIFE SCIENCES TOOLS & SERVICES - 0.2% | |||
Danaher Corp. | 700 | 165,837 | |
MACHINERY - 1.4% | |||
AGCO Corp. | 2,500 | 309,850 | |
Otis Worldwide Corp. | 8,900 | 759,170 | |
1,069,020 |
Shares | Value | ||
PHARMACEUTICALS - 0.4% | |||
Eli Lilly & Co. | 700 | $ 277,102 | |
PROFESSIONAL SERVICES - 2.0% | |||
Genpact Ltd. | 16,900 | 752,895 | |
Robert Half International, Inc. | 10,500 | 766,500 | |
1,519,395 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1% | |||
CBRE Group, Inc., Class A(a) | 11,100 | 850,926 | |
RETAIL REAL ESTATE INVESTMENT TRUSTS - 1.1% | |||
Simon Property Group, Inc. | 7,400 | 838,568 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8% | |||
Broadcom, Inc. | 400 | 250,600 | |
Lam Research Corp. | 2,000 | 1,048,160 | |
NVIDIA Corp. | 6,400 | 1,775,936 | |
QUALCOMM, Inc. | 10,600 | 1,238,080 | |
4,312,776 | |||
SOFTWARE - 18.5% | |||
Adobe, Inc.(a) | 3,200 | 1,208,192 | |
Autodesk, Inc.(a) | 4,500 | 876,555 | |
Cadence Design Systems, Inc.(a) | 4,600 | 963,470 | |
Dropbox, Inc., Class A(a) | 27,300 | 555,282 | |
Microsoft Corp. | 26,100 | 8,019,486 | |
Synopsys, Inc.(a) | 2,500 | 928,300 | |
Teradata Corp.(a) | 18,900 | 731,619 | |
VMware, Inc., Class A(a) | 4,900 | 612,647 | |
13,895,551 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 3.7% | |||
American Tower Corp. | 4,800 | 981,072 | |
Equinix, Inc. | 1,300 | 941,304 | |
Iron Mountain, Inc. | 15,000 | 828,600 | |
2,750,976 | |||
SPECIALTY RETAIL - 6.0% | |||
AutoZone, Inc.(a) | 200 | 532,662 | |
Best Buy Co., Inc. | 10,400 | 775,008 |
Shares | Value | ||
Lowe’s Cos., Inc. | 5,800 | $ 1,205,414 | |
TJX Cos., Inc. (The) | 13,800 | 1,087,716 | |
Ulta Beauty, Inc.(a) | 1,600 | 882,288 | |
4,483,088 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 13.0% | |||
Apple, Inc. | 52,900 | 8,976,072 | |
HP, Inc. | 24,500 | 727,895 | |
9,703,967 | |||
TEXTILES, APPAREL & LUXURY GOODS - 2.1% | |||
Deckers Outdoor Corp.(a) | 1,700 | 814,878 | |
Tapestry, Inc. | 17,800 | 726,418 | |
1,541,296 | |||
TRADING COMPANIES & DISTRIBUTORS - 1.3% | |||
W.W. Grainger, Inc. | 1,300 | 904,241 | |
WESCO International, Inc. | 700 | 100,800 | |
1,005,041 | |||
TOTAL COMMON STOCKS (COST $73,623,713) | 74,894,419 | ||
MONEY MARKET FUND - 0.3% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 191,612 | 191,612 | |
TOTAL MONEY MARKET FUND (COST $191,612) | 191,612 | ||
TOTAL INVESTMENTS (COST $73,815,325) - 100.3% | 75,086,031 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (204,021) | ||
NET ASSETS - 100.0% | $ 74,882,010 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
MSCI — Morgan Stanley Capital International |
PLC — Public Limited Company |
The table below sets forth the diversification of the Steward Large Cap Value Fund investments by Industry.
Industry Diversification | Percent* | |
Banks | 8.0% | |
Health Care Providers & Services | 8.0 | |
Oil, Gas & Consumable Fuels | 7.5 | |
Software | 5.2 | |
Financial Services | 4.8 | |
Specialty Retail | 4.5 | |
Food Products | 4.1 | |
Biotechnology | 4.0 | |
Specialized Real Estate Investment Trusts | 4.0 | |
Building Products | 3.5 | |
Consumer Finance | 3.5 | |
Insurance | 3.3 | |
Capital Markets | 3.2 | |
Professional Services | 2.8 | |
Air Freight & Logistics | 2.6 | |
Containers & Packaging | 2.6 | |
Ground Transportation | 2.2 | |
Communications Equipment | 2.1 | |
Real Estate Management & Development | 2.1 | |
Technology Hardware, Storage & Peripherals | 2.1 | |
Broadline Retail | 1.9 |
Industry Diversification | Percent* | |
Diversified Consumer Services | 1.7% | |
Textiles, Apparel & Luxury Goods | 1.6 | |
Consumer Staples Distribution & Retail | 1.3 | |
Interactive Media & Services | 1.3 | |
Metals & Mining | 1.3 | |
Chemicals | 1.2 | |
IT Services | 1.2 | |
Automobile Components | 1.1 | |
Hotels, Restaurants & Leisure | 1.1 | |
Retail Real Estate Investment Trusts | 1.1 | |
Electronic Equipment, Instruments & Components | 1.0 | |
Media | 1.0 | |
Pharmaceuticals | 0.9 | |
Automobiles | 0.8 | |
Semiconductors & Semiconductor Equipment | 0.8 | |
Household Products | 0.5 | |
Money Market Fund | 0.2 | |
Total Investments | 100.1% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 99.9% | |||
AIR FREIGHT & LOGISTICS - 2.6% | |||
C.H. Robinson Worldwide, Inc. | 7,000 | $ 706,090 | |
Expeditors International of Washington, Inc. | 6,300 | 717,192 | |
FedEx Corp. | 1,100 | 250,558 | |
1,673,840 | |||
AUTOMOBILE COMPONENTS - 1.1% | |||
BorgWarner, Inc. | 14,200 | 683,446 | |
AUTOMOBILES - 0.8% | |||
Harley-Davidson, Inc. | 12,900 | 478,590 | |
BANKS - 8.0% | |||
Bank of America Corp. | 44,900 | 1,314,672 | |
Citigroup, Inc. | 9,100 | 428,337 | |
JPMorgan Chase & Co. | 13,100 | 1,810,944 | |
PNC Financial Services Group, Inc. (The) | 6,200 | 807,550 | |
Regions Financial Corp. | 37,200 | 679,272 | |
5,040,775 | |||
BIOTECHNOLOGY - 4.0% | |||
Amgen, Inc. | 2,900 | 695,246 | |
Biogen, Inc.(a) | 2,700 | 821,421 | |
Gilead Sciences, Inc. | 12,200 | 1,002,962 | |
2,519,629 | |||
BROADLINE RETAIL - 1.9% | |||
Macy's, Inc. | 36,400 | 594,776 | |
Nordstrom, Inc. | 39,100 | 604,486 | |
1,199,262 | |||
BUILDING PRODUCTS - 3.5% | |||
Johnson Controls International PLC | 12,900 | 771,936 | |
Owens Corning | 6,300 | 672,903 | |
Trane Technologies PLC | 4,000 | 743,240 | |
2,188,079 | |||
CAPITAL MARKETS - 3.2% | |||
Ameriprise Financial, Inc. | 2,100 | 640,752 | |
Bank of New York Mellon Corp. (The) | 16,200 | 689,958 | |
MSCI, Inc. | 1,400 | 675,430 | |
2,006,140 | |||
CHEMICALS - 1.2% | |||
Dow, Inc. | 14,200 | 772,480 | |
COMMUNICATIONS EQUIPMENT - 2.1% | |||
Cisco Systems, Inc. | 27,600 | 1,304,100 |
Shares | Value | ||
CONSUMER FINANCE - 3.5% | |||
American Express Co. | 5,800 | $ 935,772 | |
Discover Financial Services | 5,800 | 600,126 | |
Synchrony Financial | 23,300 | 687,583 | |
2,223,481 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3% | |||
Kroger Co. (The) | 15,200 | 739,176 | |
Walmart, Inc. | 700 | 105,679 | |
844,855 | |||
CONTAINERS & PACKAGING - 2.6% | |||
Amcor PLC | 42,000 | 460,740 | |
Berry Global Group, Inc. | 11,000 | 635,910 | |
Graphic Packaging Holding Co. | 21,000 | 517,860 | |
1,614,510 | |||
DIVERSIFIED CONSUMER SERVICES - 1.7% | |||
Grand Canyon Education, Inc.(a) | 5,300 | 629,110 | |
H&R Block, Inc. | 13,500 | 457,785 | |
1,086,895 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0% | |||
Jabil, Inc. | 7,800 | 609,570 | |
FINANCIAL SERVICES - 4.8% | |||
Berkshire Hathaway, Inc., Class B(a) | 4,200 | 1,379,910 | |
MGIC Investment Corp. | 43,900 | 652,793 | |
PayPal Holdings, Inc.(a) | 6,700 | 509,200 | |
Western Union Co. (The) | 46,100 | 503,873 | |
3,045,776 | |||
FOOD PRODUCTS - 4.1% | |||
Archer-Daniels-Midland Co. | 10,000 | 780,800 | |
General Mills, Inc. | 9,300 | 824,259 | |
Mondelez International, Inc., Class A | 13,300 | 1,020,376 | |
2,625,435 | |||
GROUND TRANSPORTATION - 2.2% | |||
CSX Corp. | 24,500 | 750,680 | |
Landstar System, Inc. | 300 | 52,809 | |
Ryder System, Inc. | 7,500 | 593,700 | |
1,397,189 | |||
HEALTH CARE PROVIDERS & SERVICES - 8.0% | |||
AmerisourceBergen Corp. | 3,500 | 583,975 | |
Cardinal Health, Inc. | 8,700 | 714,270 | |
Cigna Group (The) | 3,300 | 835,857 | |
Elevance Health, Inc. | 2,000 | 937,300 |
Shares | Value | ||
Humana, Inc. | 1,400 | $ 742,686 | |
McKesson Corp. | 2,200 | 801,328 | |
Quest Diagnostics, Inc. | 3,100 | 430,311 | |
5,045,727 | |||
HOTELS, RESTAURANTS & LEISURE - 1.1% | |||
Hilton Worldwide Holdings, Inc. | 4,800 | 691,296 | |
HOUSEHOLD PRODUCTS - 0.5% | |||
Kimberly-Clark Corp. | 1,600 | 231,824 | |
Procter & Gamble Co. (The) | 600 | 93,828 | |
325,652 | |||
INSURANCE - 3.3% | |||
Aflac, Inc. | 11,800 | 824,230 | |
Hartford Financial Services Group, Inc. (The) | 9,000 | 638,910 | |
Travelers Cos., Inc. (The) | 3,000 | 543,420 | |
Unum Group | 2,200 | 92,840 | |
2,099,400 | |||
INTERACTIVE MEDIA & SERVICES - 1.3% | |||
Meta Platforms, Inc., Class A(a) | 3,300 | 793,056 | |
IT SERVICES - 1.2% | |||
International Business Machines Corp. | 5,900 | 745,819 | |
MEDIA - 1.0% | |||
Interpublic Group of Cos., Inc. (The) | 18,400 | 657,432 | |
METALS & MINING - 1.3% | |||
Nucor Corp. | 1,400 | 207,452 | |
Reliance Steel & Aluminum Co. | 2,600 | 644,280 | |
851,732 | |||
OIL, GAS & CONSUMABLE FUELS - 7.5% | |||
Chevron Corp. | 2,900 | 488,882 | |
ConocoPhillips | 8,700 | 895,143 | |
Exxon Mobil Corp. | 8,700 | 1,029,558 | |
Marathon Petroleum Corp. | 6,400 | 780,800 | |
Phillips 66 | 8,000 | 792,000 | |
Valero Energy Corp. | 6,800 | 779,756 | |
4,766,139 | |||
PHARMACEUTICALS - 0.9% | |||
Jazz Pharmaceuticals PLC(a) | 4,200 | 589,974 |
Shares | Value | ||
PROFESSIONAL SERVICES - 2.8% | |||
Automatic Data Processing, Inc. | 2,300 | $ 506,000 | |
Genpact Ltd. | 14,500 | 645,975 | |
ManpowerGroup, Inc. | 8,100 | 613,251 | |
1,765,226 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1% | |||
CBRE Group, Inc., Class A(a) | 8,800 | 674,608 | |
Jones Lang LaSalle, Inc.(a) | 4,700 | 653,488 | |
1,328,096 | |||
RETAIL REAL ESTATE INVESTMENT TRUSTS - 1.1% | |||
Simon Property Group, Inc. | 6,400 | 725,248 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8% | |||
Cirrus Logic, Inc.(a) | 5,800 | 497,582 | |
SOFTWARE - 5.2% | |||
Dropbox, Inc., Class A(a) | 13,500 | 274,590 | |
Salesforce, Inc.(a) | 5,800 | 1,150,546 | |
Synopsys, Inc.(a) | 1,600 | 594,112 | |
Teradata Corp.(a) | 15,800 | 611,618 | |
VMware, Inc., Class A | 5,500 | 687,665 | |
3,318,531 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 4.0% | |||
American Tower Corp. | 3,300 | 674,487 | |
Equinix, Inc. | 1,000 | 724,080 | |
Iron Mountain, Inc. | 11,000 | 607,640 | |
Weyerhaeuser Co. | 18,300 | 547,353 | |
2,553,560 | |||
SPECIALTY RETAIL - 4.5% | |||
AutoZone, Inc.(a) | 300 | 798,993 | |
Best Buy Co., Inc. | 8,600 | 640,872 | |
Lowe’s Cos., Inc. | 3,500 | 727,405 | |
Ross Stores, Inc. | 6,400 | 683,072 | |
2,850,342 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.1% | |||
Hewlett Packard Enterprise Co. | 43,500 | 622,920 | |
HP, Inc. | 22,700 | 674,417 | |
1,297,337 |
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS - 1.6% | |||
Deckers Outdoor Corp.(a) | 1,300 | $ 623,142 | |
PVH Corp. | 1,100 | 94,391 | |
Tapestry, Inc. | 6,800 | 277,508 | |
995,041 | |||
TOTAL COMMON STOCKS (COST $62,615,620) | 63,211,242 | ||
MONEY MARKET FUND - 0.2% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 119,549 | 119,549 | |
TOTAL MONEY MARKET FUND (COST $119,549) | 119,549 | ||
TOTAL INVESTMENTS (COST $62,735,169) - 100.1% | 63,330,791 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | (65,924) | ||
NET ASSETS - 100.0% | $ 63,264,867 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
MSCI — Morgan Stanley Capital International |
PLC — Public Limited Company |
The table below sets forth the diversification of the Steward Select Bond Fund investments by Industry.
Industry Diversification | Percent* | |
U.S. Government Agencies | 27.5% | |
Semiconductors & Semiconductor Equipment | 5.0 | |
Software | 5.0 | |
Consumer Staples Distribution & Retail | 4.9 | |
IT Services | 4.3 | |
U.S. Government Agency Mortgage-Backed Obligations | 4.2 | |
Capital Markets | 3.3 | |
Municipal Bonds | 3.2 | |
Aerospace & Defense | 3.0 | |
Hotels, Restaurants & Leisure | 2.9 | |
Money Market Fund | 2.8 | |
Textiles, Apparel & Luxury Goods | 2.8 | |
U.S. Treasury Obligations | 2.8 | |
Air Freight & Logistics | 2.5 | |
Specialty Retail | 2.5 | |
Health Care Providers & Services | 1.9 | |
Media | 1.9 | |
Oil, Gas & Consumable Fuels | 1.9 | |
Technology Hardware, Storage & Peripherals | 1.7 |
Industry Diversification | Percent* | |
Banks | 1.3% | |
Broadline Retail | 1.3 | |
Consumer Finance | 1.3 | |
Electric Utilities | 1.3 | |
Food Products | 1.3 | |
Machinery | 1.3 | |
Communications Equipment | 1.2 | |
Entertainment | 1.2 | |
Industrial Conglomerates | 1.2 | |
Pharmaceuticals | 1.2 | |
Chemicals | 1.1 | |
Biotechnology | 0.9 | |
Diversified Telecommunication Services | 0.6 | |
Household Products | 0.6 | |
Insurance | 0.3 | |
Financial Services | 0.0** | |
Total Investments | 100.2% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
** | Amount rounds to less than 0.1%. |
Principal Amount | Value | ||
ASSET-BACKED SECURITIES - 0.0% | |||
FINANCIAL SERVICES - 0.0% | |||
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85% 12/25/35, (a) | $ 29,269 | $ 28,944 | |
TOTAL ASSET-BACKED SECURITIES (COST $29,408) | 28,944 | ||
CORPORATE BONDS - 59.7% | |||
AEROSPACE & DEFENSE - 3.0% | |||
General Dynamics Corp., 3.75%, 5/15/28 | 2,000,000 | 1,961,943 | |
Lockheed Martin Corp., 3.55%, 1/15/26, (Callable 10/15/25 @ 100) | 1,000,000 | 985,858 | |
Raytheon Technologies Corp., 3.75%, 11/1/46, (Callable 5/1/46 @ 100) | 2,000,000 | 1,651,040 | |
4,598,841 | |||
AIR FREIGHT & LOGISTICS - 2.5% | |||
United Parcel Service, Inc., 3.05%, 11/15/27 | 1,000,000 | 961,189 | |
United Parcel Service, Inc., 3.75%, 11/15/47 | 1,000,000 | 864,451 | |
United Parcel Service, Inc., 3.90%, 4/1/25 | 2,000,000 | 1,985,055 | |
3,810,695 | |||
BANKS - 1.3% | |||
Citigroup, Inc., 4.40%, 6/10/25 | 1,000,000 | 982,985 | |
Citigroup, Inc., 6.63%, 6/15/32 | 1,000,000 | 1,080,217 | |
2,063,202 | |||
BIOTECHNOLOGY - 0.9% | |||
AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | 1,459,854 | |
BROADLINE RETAIL - 1.3% | |||
Amazon.com, Inc., 3.80%, 12/5/24, (Callable 9/5/24 @ 100) | 2,000,000 | 1,982,105 | |
CAPITAL MARKETS - 3.3% | |||
Charles Schwab Corp. (The), 2.00%, 3/20/28 | 2,000,000 | 1,745,737 | |
Charles Schwab Corp. (The), 5.00% (H15T5Y + 326 bps), 6/1/27(a) | 1,000,000 | 862,500 | |
Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27 | 1,500,000 | 1,547,423 | |
Morgan Stanley, 4.00%, 7/23/25 | 1,000,000 | 985,605 | |
5,141,265 | |||
CHEMICALS - 1.1% | |||
Sherwin-Williams Co. (The), 2.95%, 8/15/29 | 1,000,000 | 904,480 | |
Sherwin-Williams Co. (The), 3.80%, 8/15/49 | 1,000,000 | 777,748 | |
1,682,228 |
Principal Amount | Value | ||
COMMUNICATIONS EQUIPMENT - 1.2% | |||
Cisco Systems, Inc., 2.50%, 9/20/26, (Callable 6/20/26 @ 100) | $ 2,000,000 | $ 1,903,786 | |
CONSUMER FINANCE - 1.3% | |||
American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100) | 1,000,000 | 986,296 | |
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) | 1,000,000 | 956,995 | |
1,943,291 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.9% | |||
Sysco Corp., 3.25%, 7/15/27 | 2,000,000 | 1,906,445 | |
Target Corp., 3.50%, 7/1/24 | 2,000,000 | 1,974,260 | |
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, (Callable 5/18/34 @ 100) | 2,000,000 | 1,845,182 | |
Walmart, Inc., 3.25%, 7/8/29 | 2,000,000 | 1,919,332 | |
7,645,219 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6% | |||
Verizon Communications, Inc., 4.50%, 8/10/33 | 1,000,000 | 966,115 | |
ELECTRIC UTILITIES - 1.3% | |||
Duke Energy Corp., 4.50%, 8/15/32 | 2,000,000 | 1,941,469 | |
ENTERTAINMENT - 1.2% | |||
Walt Disney Co. (The), 3.80%, 3/22/30 | 2,000,000 | 1,934,841 | |
FOOD PRODUCTS - 1.3% | |||
General Mills, Inc., 4.20%, 4/17/28 | 2,000,000 | 1,989,231 | |
HEALTH CARE PROVIDERS & SERVICES - 1.9% | |||
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 2,000,000 | 1,983,797 | |
Evernorth Health, Inc., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | 994,321 | |
2,978,118 | |||
HOTELS, RESTAURANTS & LEISURE - 2.9% | |||
McDonald's Corp., 3.60%, 7/1/30, (Callable 4/1/30 @ 100) | 1,000,000 | 952,495 | |
McDonald's Corp., 3.63%, 9/1/49, (Callable 3/1/49 @ 100) | 2,500,000 | 1,983,500 | |
Starbucks Corp., 3.75%, 12/1/47 | 2,000,000 | 1,622,025 | |
4,558,020 | |||
HOUSEHOLD PRODUCTS - 0.6% | |||
Procter & Gamble Co. (The), 3.00%, 3/25/30 | 1,000,000 | 940,857 | |
INDUSTRIAL CONGLOMERATES - 1.2% | |||
3M Co., 2.88%, 10/15/27 | 2,000,000 | 1,879,468 |
Principal Amount | Value | ||
INSURANCE - 0.3% | |||
Prudential Financial, Inc., 5.13% (H15T5Y + 316 bps), 3/1/52(a) | $ 500,000 | $ 452,365 | |
IT SERVICES - 4.3% | |||
Fiserv, Inc., 4.20%, 10/1/28 | 1,000,000 | 975,415 | |
Mastercard, Inc., 3.38%, 4/1/24 | 2,000,000 | 1,969,406 | |
PayPal Holdings, Inc., 2.85%, 10/1/29 | 2,000,000 | 1,816,164 | |
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) | 2,000,000 | 1,941,154 | |
6,702,139 | |||
MACHINERY - 1.3% | |||
John Deere Capital Corp., 3.45%, 3/13/25 | 2,000,000 | 1,963,598 | |
MEDIA - 1.9% | |||
Comcast Corp., 3.70%, 4/15/24 | 3,000,000 | 2,963,121 | |
OIL, GAS & CONSUMABLE FUELS - 1.9% | |||
Valero Energy Corp., 4.00%, 4/1/29 | 3,000,000 | 2,904,508 | |
PHARMACEUTICALS - 1.2% | |||
Pfizer, Inc., 4.00%, 12/15/36 | 2,000,000 | 1,925,819 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0% | |||
Intel Corp., 4.00%, 12/15/32 | 2,000,000 | 1,904,454 | |
NVIDIA Corp., 2.85%, 4/1/30 | 2,000,000 | 1,834,196 | |
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | 4,034,057 | |
7,772,707 | |||
SOFTWARE - 5.0% | |||
Adobe, Inc., 3.25%, 2/1/25, (Callable 11/1/24 @ 100) | 3,000,000 | 2,943,228 | |
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | 2,000,000 | 1,857,847 | |
Oracle Corp., 3.25%, 11/15/27 | 2,000,000 | 1,885,500 | |
Salesforce, Inc., 3.70%, 4/11/28 | 1,000,000 | 992,243 | |
7,678,818 | |||
SPECIALTY RETAIL - 2.5% | |||
Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | 1,981,444 | |
Lowe's Cos., Inc., 3.65%, 4/5/29 | 2,000,000 | 1,907,495 | |
3,888,939 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.7% | |||
Apple, Inc., 1.65%, 5/11/30 | 2,000,000 | 1,707,909 | |
Apple, Inc., 3.45%, 2/9/45 | 1,000,000 | 854,443 | |
2,562,352 | |||
TEXTILES, APPAREL & LUXURY GOODS - 2.8% | |||
NIKE, Inc., 2.85%, 3/27/30 | 3,000,000 | 2,773,573 |
Principal Amount | Value | ||
Ralph Lauren Corp., 2.95%, 6/15/30, (Callable 3/15/30 @ 100) | $ 1,000,000 | $ 902,016 | |
Tapestry, Inc., 4.13%, 7/15/27 | 689,000 | 664,984 | |
4,340,573 | |||
TOTAL CORPORATE BONDS (COST $101,787,178) | 92,573,544 | ||
MUNICIPAL BONDS - 3.2% | |||
California State University Taxable Revenue Refunding Bonds, Series B, 1.79%, 11/1/30 | 500,000 | 417,060 | |
Connecticut State Taxable G.O. Unlimited Bonds, Series A, 1.50%, 6/1/27 | 200,000 | 180,405 | |
Frisco Taxable Certificates G.O. Limited Bonds, Series B, 1.75%, 2/15/30 | 995,000 | 849,767 | |
Houston Utility System First Lien Taxable Revenue Refunding Bonds, Series B, 1.93%, 11/15/31 | 1,240,000 | 1,011,388 | |
Leander Independent School District Taxable G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.), 1.99%, 8/15/33 | 895,000 | 716,241 | |
Louisiana State Highway Improvement Taxable Revenue Refunding Bonds, Series A, 1.59%, 6/15/30 | 100,000 | 83,019 | |
Metropolitan Government Nashville & Davidson County Water & Sewer Taxable Revenue Refunding Bonds, Series B, Green Bond, 2.13%, 7/1/32 | 1,215,000 | 998,619 | |
North Texas Tollway Authority Taxable Revenue Refunding Bonds, Series 2021A, 2.08%, 1/1/31 | 100,000 | 85,087 | |
Northwest Independent School District Taxable G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), 1.97%, 2/15/34, (Callable 2/15/30 @ 100) | 600,000 | 472,606 | |
Uptown Development Authority Contract Tax Allocation Increment Revenue Bonds, Series B (AGM Insured), 2.58%, 9/1/31 | 100,000 | 84,390 | |
TOTAL MUNICIPAL BONDS (COST $6,002,134) | 4,898,582 | ||
U.S. GOVERNMENT AGENCIES - 27.5% | |||
Federal Farm Credit Bank, 3.00%, 11/25/30 | 1,000,000 | 935,249 | |
Federal Home Loan Bank | |||
0.75%, 8/25/28(b) | 1,350,000 | 1,189,518 | |
0.75%, 9/30/26(b) | 2,000,000 | 1,817,871 | |
0.75%, 9/30/27(b) | 800,000 | 719,404 | |
0.80%, 3/8/27 | 1,000,000 | 886,444 | |
0.85%, 2/26/26, (Callable 5/26/23 @ 100) | 1,000,000 | 911,524 | |
0.88%, 3/23/26 | 1,000,000 | 910,280 | |
0.88%, 7/29/26, (Callable 7/29/23 @ 100) (b) | 1,000,000 | 922,524 | |
0.90%, 12/1/27 | 2,000,000 | 1,749,051 | |
0.90%, 3/30/26(b) | 1,000,000 | 924,767 |
Principal Amount | Value | ||
0.90%, 4/13/26, (Callable 4/13/23 @ 100) (b) | $ 1,000,000 | $ 921,835 | |
1.00%, 7/29/26 | 1,000,000 | 905,672 | |
1.00%, 3/16/27 | 2,000,000 | 1,785,749 | |
1.07%, 1/25/30 | 1,000,000 | 811,662 | |
1.50%, 4/29/31, (Callable 7/29/23 @ 100) (b) | 730,769 | 637,730 | |
2.25%, 3/10/27, (Callable 6/10/23 @ 100) (b) | 1,000,000 | 955,244 | |
2.75%, 2/22/34 | 1,000,000 | 852,682 | |
3.00%, 2/24/37, (Callable 5/9/23 @ 100) | 1,000,000 | 830,576 | |
3.00%, 10/27/23 | 1,000,000 | 990,494 | |
3.10%, 5/10/27 | 1,000,000 | 959,986 | |
3.50%, 5/24/27(b) | 1,000,000 | 974,753 | |
3.65%, 5/26/27 | 1,000,000 | 967,764 | |
5.00%, 11/24/27, (Callable 5/24/23 @ 100) (b) | 1,000,000 | 995,676 | |
5.00%, 1/5/24 | 2,000,000 | 1,998,518 | |
5.40%, 1/28/28, (Callable 7/28/23 @ 100) | 500,000 | 496,397 | |
5.50%, 3/7/25 | 1,000,000 | 996,875 | |
5.55%, 3/8/28 | 1,000,000 | 997,390 | |
5.80%, 9/27/24 | 875,000 | 874,236 | |
6.01%, 3/28/25 | 1,000,000 | 998,741 | |
28,983,363 | |||
Federal Home Loan Mortgage Corp. | |||
0.80%, 10/27/26 | 1,000,000 | 892,824 | |
1.05%, 7/21/28 | 1,000,000 | 862,976 | |
2.00%, 12/24/24 | 1,000,000 | 958,491 | |
4.00%, 8/15/25(b) | 1,000,000 | 992,867 | |
5.00%, 9/27/24 | 1,000,000 | 995,370 | |
5.15%, 10/17/24 | 1,000,000 | 998,410 | |
5.20%, 2/24/26 | 1,000,000 | 993,907 | |
5.50%, 5/1/26, (Callable 8/1/23 @ 100) (c) | 1,500,000 | 1,499,882 | |
8,194,727 | |||
Federal National Mortgage Association | |||
0.40%, 10/29/24 | 1,000,000 | 937,671 | |
0.55%, 8/19/25 | 1,000,000 | 919,709 | |
0.56%, 10/28/25 | 1,000,000 | 915,211 | |
0.58%, 8/25/25 | 1,000,000 | 919,948 | |
0.60%, 8/28/25 | 1,000,000 | 920,172 | |
4,612,711 | |||
TOTAL U.S. GOVERNMENT AGENCIES (COST $45,738,278) | 42,726,050 | ||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS - 4.2% | |||
Federal Home Loan Mortgage Corp. |
Principal Amount | Value | ||
3.00%, 7/15/41 | $ 777,062 | $ 751,300 | |
3.25% (H15T1Y + 225 bps), 5/1/36(a) | 12,064 | 11,946 | |
3.50%, 2/1/34 | 164,585 | 160,705 | |
3.50%, 10/1/49 | 241,301 | 226,425 | |
3.50%, 12/15/48 | 389,760 | 370,643 | |
4.00%, 12/15/25 | 2,500,000 | 2,446,910 | |
4.04% (US0012M + 179 bps), 10/1/37(a) | 7,729 | 7,586 | |
5.00%, 11/1/37 | 2,172 | 2,174 | |
6.00%, 3/1/38 | 14,805 | 15,429 | |
3,993,118 | |||
Federal National Mortgage Association | |||
1.50%, 11/25/44 | 1,540,009 | 1,343,455 | |
3.50%, 2/1/43 | 132,480 | 126,365 | |
3.50%, 4/1/48 | 391,289 | 371,885 | |
3.57% (US0012M + 182 bps), 5/1/36(a) | 31,822 | 31,326 | |
4.00%, 9/1/33 | 113,262 | 111,280 | |
4.00%, 10/1/46 | 272,550 | 265,576 | |
4.29% (US0012M + 204 bps), 10/1/36(a) | 14,829 | 14,665 | |
5.44% (US0001M + 42 bps), 11/25/36(a) | 25,224 | 24,949 | |
6.00%, 6/1/36 | 78,525 | 78,826 | |
6.00%, 9/1/36 | 8,586 | 8,526 | |
6.00%, 5/1/37 | 20,694 | 21,223 | |
2,398,076 | |||
Government National Mortgage Association | |||
2.63% (H15T1Y + 150 bps), 1/20/39(a) | 8,628 | 8,400 | |
4.50%, 6/15/40 | 63,556 | 64,332 | |
4.50%, 8/20/38 | 27,095 | 26,591 | |
5.00%, 5/20/40 | 31,655 | 31,711 | |
5.50%, 12/20/38 | 1,464 | 1,477 | |
6.00%, 10/15/37 | 17,224 | 18,151 | |
6.00%, 6/15/37 | 17,200 | 17,989 | |
6.50%, 10/20/38 | 1,653 | 1,650 | |
170,301 | |||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $7,043,555) | 6,561,495 | ||
U.S. TREASURY OBLIGATIONS - 2.8% | |||
U.S. Treasury Bond, 1.13%, 5/15/40 | 2,000,000 | 1,340,156 | |
U.S. Treasury Inflationary Index Note, 0.38%, 1/15/27 | 1,232,460 | 1,198,367 | |
U.S. Treasury Notes |
Principal Amount | Value | ||
1.63%, 11/30/26 | $ 1,000,000 | $ 932,930 | |
1.75%, 11/15/29 | 1,000,000 | 903,320 | |
1,836,250 | |||
TOTAL U.S. TREASURY OBLIGATIONS (COST $5,224,348) | 4,374,773 |
Shares | Value | ||
MONEY MARKET FUND - 2.8% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(d) | 4,342,580 | $ 4,342,580 | |
TOTAL MONEY MARKET FUND (COST $4,342,580) | 4,342,580 | ||
TOTAL INVESTMENTS (COST $170,167,481) - 100.2% | 155,505,968 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (369,481) | ||
NET ASSETS - 100.0% | $ 155,136,487 | ||
(a) | Variable rate security. The interest rate shown represents the rate in effect at April 30, 2023. 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 April 30, 2023. |
(c) | When-Issued Security. Coupon rate is not in effect at April 30, 2023. |
(d) | 7-day current yield as of April 30, 2023 is disclosed. |
AGM — Assured Guarantee Municipal Corporation |
bp — Basis Points |
G.O. — General Obligation |
Gtd. — Guaranteed |
H15T1Y — 1 Year Treasury Constant Maturity Rate |
H15T5Y — 5 Year Treasury Constant Maturity Rate |
PSF — Permanent School Fund |
US0001M — 1 Month US Dollar LIBOR |
US0012M — 12 Month US Dollar LIBOR |
The table below sets forth the diversification of the Steward Small Cap Growth Fund investments by Industry.
Industry Diversification | Percent* | |
Software | 15.4% | |
Health Care Equipment & Supplies | 9.3 | |
Machinery | 6.3 | |
Health Care Providers & Services | 4.5 | |
Food Products | 4.4 | |
Pharmaceuticals | 4.2 | |
Oil, Gas & Consumable Fuels | 3.5 | |
Semiconductors & Semiconductor Equipment | 3.5 | |
Hotels, Restaurants & Leisure | 3.2 | |
Biotechnology | 2.9 | |
Diversified Consumer Services | 2.7 | |
Diversified Telecommunication Services | 2.7 | |
Commercial Services & Supplies | 2.6 | |
Entertainment | 2.5 | |
Building Products | 2.4 | |
Capital Markets | 2.2 | |
Health Care Technology | 2.1 | |
Specialty Retail | 2.1 | |
Trading Companies & Distributors | 1.9 | |
Independent Power and Renewable Electricity Producers | 1.7 | |
Specialized Real Estate Investment Trusts | 1.7 |
Industry Diversification | Percent* | |
Chemicals | 1.6% | |
Insurance | 1.6 | |
Ground Transportation | 1.5 | |
Professional Services | 1.4 | |
IT Services | 1.2 | |
Life Sciences Tools & Services | 1.2 | |
Automobile Components | 1.1 | |
Air Freight & Logistics | 1.0 | |
Electrical Equipment | 1.0 | |
Money Market Fund | 0.9 | |
Real Estate Management & Development | 0.9 | |
Electronic Equipment, Instruments & Components | 0.8 | |
Financial Services | 0.8 | |
Interactive Media & Services | 0.8 | |
Leisure Products | 0.8 | |
Media | 0.6 | |
Metals & Mining | 0.6 | |
Household Durables | 0.5 | |
Total Investments | 100.1% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 99.2% | |||
AIR FREIGHT & LOGISTICS - 1.0% | |||
Forward Air Corp. | 2,380 | $ 251,114 | |
AUTOMOBILE COMPONENTS - 1.1% | |||
Visteon Corp.(a) | 1,920 | 269,549 | |
BIOTECHNOLOGY - 2.9% | |||
Arrowhead Pharmaceuticals, Inc.(a) | 1,880 | 66,571 | |
Bioxcel Therapeutics, Inc.(a) | 12,000 | 247,440 | |
Intellia Therapeutics, Inc.(a) | 2,490 | 93,998 | |
Natera, Inc.(a) | 5,520 | 279,974 | |
Twist Bioscience Corp.(a) | 2,040 | 25,459 | |
713,442 | |||
BUILDING PRODUCTS - 2.4% | |||
Simpson Manufacturing Co., Inc. | 2,700 | 339,606 | |
Tecnoglass, Inc. | 6,000 | 263,100 | |
602,706 | |||
CAPITAL MARKETS - 2.2% | |||
Cboe Global Markets, Inc. | 3,940 | 550,418 | |
CHEMICALS - 1.6% | |||
Aspen Aerogels, Inc.(a) | 7,290 | 45,635 | |
Sensient Technologies Corp. | 4,600 | 342,516 | |
388,151 | |||
COMMERCIAL SERVICES & SUPPLIES - 2.6% | |||
Casella Waste Systems, Inc., Class A(a) | 4,470 | 397,830 | |
Heritage-Crystal Clean, Inc.(a) | 7,100 | 248,216 | |
646,046 | |||
DIVERSIFIED CONSUMER SERVICES - 2.7% | |||
Chegg, Inc.(a) | 15,690 | 282,106 | |
Grand Canyon Education, Inc.(a) | 3,360 | 398,832 | |
680,938 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.7% | |||
Iridium Communications, Inc. | 10,670 | 677,225 | |
ELECTRICAL EQUIPMENT - 1.0% | |||
Bloom Energy Corp., Class A(a) | 9,430 | 157,009 | |
Plug Power, Inc.(a) | 11,350 | 102,491 | |
259,500 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8% | |||
908 Devices, Inc.(a) | 7,910 | 53,472 | |
Fabrinet (a) | 1,600 | 151,920 | |
205,392 |
Shares | Value | ||
ENTERTAINMENT - 2.5% | |||
World Wrestling Entertainment, Inc., Class A | 5,900 | $ 632,303 | |
FINANCIAL SERVICES - 0.8% | |||
International Money Express, Inc.(a) | 7,600 | 195,928 | |
FOOD PRODUCTS - 4.4% | |||
Calavo Growers, Inc. | 10,090 | 322,476 | |
Flowers Foods, Inc. | 8,045 | 221,318 | |
Lamb Weston Holdings, Inc. | 2,500 | 279,525 | |
Lancaster Colony Corp. | 1,350 | 282,312 | |
1,105,631 | |||
GROUND TRANSPORTATION - 1.5% | |||
Landstar System, Inc. | 2,074 | 365,086 | |
HEALTH CARE EQUIPMENT & SUPPLIES - 9.3% | |||
Figs, Inc., Class A(a) | 19,000 | 136,800 | |
Inmode Ltd.(a) | 11,200 | 417,312 | |
Inspire Medical Systems, Inc.(a) | 1,910 | 511,173 | |
Omnicell, Inc.(a) | 3,230 | 196,287 | |
Outset Medical, Inc.(a) | 9,860 | 177,381 | |
PROCEPT BioRobotics Corp.(a) | 8,900 | 270,471 | |
Shockwave Medical, Inc.(a) | 2,140 | 620,943 | |
2,330,367 | |||
HEALTH CARE PROVIDERS & SERVICES - 4.5% | |||
HealthEquity, Inc.(a) | 8,900 | 475,705 | |
Joint Corp. (The)(a) | 7,000 | 110,530 | |
NeoGenomics, Inc.(a) | 11,600 | 169,592 | |
R1 RCM, Inc.(a) | 23,910 | 372,757 | |
1,128,584 | |||
HEALTH CARE TECHNOLOGY - 2.1% | |||
Doximity, Inc., Class A(a) | 3,640 | 133,770 | |
Health Catalyst, Inc.(a) | 15,000 | 189,000 | |
NextGen Healthcare, Inc.(a) | 12,440 | 208,246 | |
531,016 | |||
HOTELS, RESTAURANTS & LEISURE - 3.2% | |||
Choice Hotels International, Inc. | 2,020 | 257,590 | |
First Watch Restaurant Group, Inc.(a) | 16,630 | 267,410 | |
Papa John's International, Inc. | 3,550 | 265,505 | |
790,505 | |||
HOUSEHOLD DURABLES - 0.5% | |||
Lovesac (The), Co.(a) | 4,550 | 119,620 |
Shares | Value | ||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.7% | |||
Clearway Energy, Inc., Class C | 7,170 | $ 217,753 | |
Vistra Corp. | 9,000 | 214,740 | |
432,493 | |||
INSURANCE - 1.6% | |||
Kinsale Capital Group, Inc. | 750 | 245,032 | |
Trupanion, Inc.(a) | 4,050 | 142,196 | |
387,228 | |||
INTERACTIVE MEDIA & SERVICES - 0.8% | |||
Cars.com, Inc.(a) | 10,500 | 205,485 | |
IT SERVICES - 1.2% | |||
DigitalOcean Holdings, Inc.(a) | 9,390 | 296,161 | |
LEISURE PRODUCTS - 0.8% | |||
YETI Holdings, Inc.(a) | 5,000 | 197,250 | |
LIFE SCIENCES TOOLS & SERVICES - 1.2% | |||
Medpace Holdings, Inc.(a) | 1,510 | 302,211 | |
MACHINERY - 6.3% | |||
Chart Industries, Inc.(a) | 2,000 | 266,200 | |
Donaldson Co., Inc. | 5,650 | 359,057 | |
ESCO Technologies, Inc. | 4,240 | 396,737 | |
John Bean Technologies Corp. | 2,750 | 298,953 | |
Symbotic, Inc.(a) | 9,370 | 248,867 | |
1,569,814 | |||
MEDIA - 0.6% | |||
WideOpenWest, Inc.(a) | 13,680 | 156,362 | |
METALS & MINING - 0.6% | |||
MP Materials Corp.(a) | 7,160 | 155,157 | |
OIL, GAS & CONSUMABLE FUELS - 3.5% | |||
Gulfport Energy Corp.(a) | 2,580 | 233,387 | |
Magnolia Oil & Gas Corp., Class A | 15,940 | 336,653 | |
Matador Resources Co. | 4,300 | 210,829 | |
SilverBow Resources, Inc.(a) | 3,730 | 88,960 | |
869,829 | |||
PHARMACEUTICALS - 4.2% | |||
Amphastar Pharmaceuticals, Inc.(a) | 8,170 | 292,241 | |
Intra-Cellular Therapies, Inc.(a) | 7,140 | 443,751 | |
Pacira BioSciences, Inc.(a) | 7,000 | 317,170 | |
1,053,162 |
Shares | Value | ||
PROFESSIONAL SERVICES - 1.4% | |||
Paycor HCM, Inc.(a) | 10,000 | $ 235,000 | |
Upwork, Inc.(a) | 12,680 | 121,348 | |
356,348 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9% | |||
Tricon Residential, Inc. | 26,490 | 212,715 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5% | |||
Lattice Semiconductor Corp.(a) | 3,500 | 278,950 | |
Navitas Semiconductor Corp.(a) | 39,140 | 208,616 | |
Silicon Laboratories, Inc.(a) | 2,820 | 392,826 | |
880,392 | |||
SOFTWARE - 15.4% | |||
Appian Corp., Class A(a) | 7,990 | 300,024 | |
Blackline, Inc.(a) | 5,260 | 293,035 | |
Box, Inc., Class A(a) | 19,340 | 511,736 | |
Five9, Inc.(a) | 4,410 | 285,944 | |
Gitlab, Inc., Class A(a) | 2,420 | 73,471 | |
PowerSchool Holdings, Inc., Class A(a) | 15,000 | 313,200 | |
Procore Technologies, Inc.(a) | 5,150 | 275,062 | |
Q2 Holdings, Inc.(a) | 7,030 | 173,079 | |
Qualys, Inc.(a) | 3,890 | 439,337 | |
Rapid7, Inc.(a) | 5,820 | 282,910 | |
Sprout Social, Inc., Class A(a) | 4,320 | 212,803 | |
Varonis Systems, Inc.(a) | 12,620 | 292,279 | |
Workiva, Inc.(a) | 4,150 | 387,693 | |
3,840,573 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.7% | |||
National Storage Affiliates Trust | 10,680 | 411,714 | |
SPECIALTY RETAIL - 2.1% | |||
Academy Sports & Outdoors, Inc. | 8,390 | 532,933 | |
TRADING COMPANIES & DISTRIBUTORS - 1.9% | |||
Karat Packaging, Inc. | 15,756 | 213,651 | |
SiteOne Landscape Supply, Inc.(a) | 1,750 | 258,545 | |
472,196 | |||
TOTAL COMMON STOCKS (COST $31,580,084) | 24,775,544 | ||
MONEY MARKET FUND - 0.9% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(b) | 219,677 | 219,677 | |
TOTAL MONEY MARKET FUND (COST $219,677) | 219,677 |
Shares | Value | ||
TOTAL INVESTMENTS (COST $31,799,761) - 100.1% | $ 24,995,221 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | (15,385) | ||
NET ASSETS - 100.0% | $ 24,979,836 | ||
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2023 is disclosed. |
Industry Diversification | Percent* | |
Software | 10.0% | |
Technology Hardware, Storage & Peripherals | 7.3 | |
Semiconductors & Semiconductor Equipment | 5.9 | |
Interactive Media & Services | 4.6 | |
Financial Services | 4.3 | |
Oil, Gas & Consumable Fuels | 4.0 | |
Health Care Equipment & Supplies | 3.6 | |
Banks | 3.0 | |
Capital Markets | 2.9 | |
Health Care Providers & Services | 2.9 | |
Broadline Retail | 2.6 | |
Specialty Retail | 2.6 | |
Insurance | 2.5 | |
Life Sciences Tools & Services | 2.2 | |
Beverages | 2.1 | |
Consumer Staples Distribution & Retail | 2.1 | |
Electric Utilities | 2.0 | |
Hotels, Restaurants & Leisure | 1.9 | |
Chemicals | 1.8 | |
Household Products | 1.8 | |
Aerospace & Defense | 1.7 | |
Food Products | 1.7 | |
Machinery | 1.7 | |
Specialized Real Estate Investment Trusts | 1.7 | |
IT Services | 1.5 | |
Pharmaceuticals | 1.5 | |
Automobiles | 1.4 | |
Entertainment | 1.4 | |
Biotechnology | 1.3 | |
Communications Equipment | 1.0 | |
Media | 1.0 | |
Multi-Utilities | 1.0 | |
Professional Services | 1.0 | |
Diversified Telecommunication Services | 0.9 | |
Air Freight & Logistics | 0.8 | |
Electronic Equipment, Instruments & Components | 0.8 |
Industry Diversification | Percent* | |
Ground Transportation | 0.8% | |
Building Products | 0.6 | |
Commercial Services & Supplies | 0.6 | |
Containers & Packaging | 0.6 | |
Consumer Finance | 0.5 | |
Electrical Equipment | 0.5 | |
Industrial Conglomerates | 0.5 | |
Textiles, Apparel & Luxury Goods | 0.5 | |
Distributors | 0.4 | |
Industrial Real Estate Investment Trusts | 0.4 | |
Metals & Mining | 0.4 | |
Residential Real Estate Investment Trusts | 0.4 | |
Retail Real Estate Investment Trusts | 0.4 | |
Energy Equipment & Services | 0.3 | |
Money Market Fund | 0.3 | |
Trading Companies & Distributors | 0.3 | |
Wireless Telecommunication Services | 0.3 | |
Automobile Components | 0.2 | |
Health Care Real Estate Investment Trusts | 0.2 | |
Household Durables | 0.2 | |
Passenger Airlines | 0.2 | |
Real Estate Management & Development | 0.2 | |
Construction Materials | 0.1 | |
Gas Utilities | 0.1 | |
Independent Power and Renewable Electricity Producers | 0.1 | |
Leisure Products | 0.1 | |
Office Real Estate Investment Trusts | 0.1 | |
Personal Care Products | 0.1 | |
Water Utilities | 0.1 | |
Construction & Engineering | 0.0** | |
Hotel & Resort Real Estate Investment Trusts | 0.0** | |
Total Investments | 100.0% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
** | Amount rounds to less than 0.1%. |
Shares | Value | ||
COMMON STOCKS - 99.7% | |||
AEROSPACE & DEFENSE - 1.7% | |||
Boeing Co. (The)(a) | 3,045 | $ 629,645 | |
General Dynamics Corp. | 1,554 | 339,300 | |
Howmet Aerospace, Inc. | 2,863 | 126,802 | |
Huntington Ingalls Industries, Inc. | 202 | 40,735 | |
L3Harris Technologies, Inc. | 1,161 | 226,569 | |
Lockheed Martin Corp. | 1,490 | 692,031 | |
Northrop Grumman Corp. | 904 | 416,988 | |
Raytheon Technologies Corp. | 8,931 | 892,207 | |
Textron, Inc. | 790 | 52,883 | |
TransDigm Group, Inc. | 196 | 149,940 | |
3,567,100 | |||
AIR FREIGHT & LOGISTICS - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 2,770 | 279,410 | |
Expeditors International of Washington, Inc. | 2,960 | 336,966 | |
FedEx Corp. | 1,170 | 266,503 | |
United Parcel Service, Inc., Class B | 4,360 | 783,971 | |
1,666,850 | |||
AUTOMOBILE COMPONENTS - 0.2% | |||
Aptiv PLC(a) | 2,940 | 302,409 | |
BorgWarner, Inc. | 1,280 | 61,606 | |
364,015 | |||
AUTOMOBILES - 1.4% | |||
Ford Motor Co. | 24,591 | 292,141 | |
General Motors Co. | 6,180 | 204,187 | |
Tesla, Inc.(a) | 14,726 | 2,419,629 | |
2,915,957 | |||
BANKS - 3.0% | |||
Bank of America Corp. | 40,676 | 1,190,993 | |
Citigroup, Inc. | 10,192 | 479,738 | |
Citizens Financial Group, Inc. | 2,290 | 70,853 | |
Comerica, Inc. | 420 | 18,215 | |
Fifth Third Bancorp | 5,090 | 133,358 | |
First Republic Bank | 540 | 1,895 | |
Huntington Bancshares, Inc. | 12,350 | 138,320 | |
JPMorgan Chase & Co. | 16,476 | 2,277,642 | |
KeyCorp | 7,900 | 88,954 | |
M&T Bank Corp. | 764 | 96,111 | |
PNC Financial Services Group, Inc. (The) | 1,542 | 200,846 | |
Regions Financial Corp. | 7,892 | 144,108 | |
Truist Financial Corp. | 7,110 | 231,644 | |
U.S. Bancorp | 7,905 | 270,983 |
Shares | Value | ||
Wells Fargo & Co. | 21,497 | $ 854,506 | |
Zions Bancorp | 730 | 20,338 | |
6,218,504 | |||
BEVERAGES - 2.1% | |||
Coca-Cola Co. (The) | 28,460 | 1,825,709 | |
Keurig Dr Pepper, Inc. | 4,632 | 151,467 | |
Monster Beverage Corp.(a) | 6,480 | 362,880 | |
PepsiCo, Inc. | 11,042 | 2,107,807 | |
4,447,863 | |||
BIOTECHNOLOGY - 1.3% | |||
Amgen, Inc. | 4,253 | 1,019,614 | |
Biogen, Inc.(a) | 1,266 | 385,155 | |
Gilead Sciences, Inc. | 10,734 | 882,442 | |
Incyte Corp.(a) | 3,630 | 270,109 | |
Moderna, Inc.(a) | 2,120 | 281,727 | |
2,839,047 | |||
BROADLINE RETAIL - 2.6% | |||
Amazon.com, Inc.(a) | 49,033 | 5,170,530 | |
eBay, Inc. | 3,770 | 175,041 | |
Etsy, Inc.(a) | 509 | 51,424 | |
5,396,995 | |||
BUILDING PRODUCTS - 0.6% | |||
A.O. Smith Corp. | 1,000 | 68,290 | |
Allegion PLC | 263 | 29,056 | |
Carrier Global Corp. | 5,556 | 232,352 | |
Johnson Controls International PLC | 7,621 | 456,041 | |
Masco Corp. | 1,841 | 98,512 | |
Trane Technologies PLC | 2,476 | 460,065 | |
1,344,316 | |||
CAPITAL MARKETS - 2.9% | |||
Ameriprise Financial, Inc. | 569 | 173,613 | |
Bank of New York Mellon Corp. (The) | 5,081 | 216,400 | |
BlackRock, Inc. | 840 | 563,808 | |
Cboe Global Markets, Inc. | 940 | 131,318 | |
Charles Schwab Corp. (The) | 8,753 | 457,257 | |
CME Group, Inc. | 2,366 | 439,532 | |
FactSet Research Systems, Inc. | 259 | 106,628 | |
Franklin Resources, Inc. | 2,300 | 61,824 | |
Goldman Sachs Group, Inc. (The) | 1,818 | 624,374 | |
Intercontinental Exchange, Inc. | 3,417 | 372,214 | |
Invesco Ltd. | 2,500 | 42,825 | |
MarketAxess Holdings, Inc. | 240 | 76,409 | |
Moody's Corp. | 1,518 | 475,316 |
Shares | Value | ||
Morgan Stanley | 7,464 | $ 671,536 | |
MSCI, Inc. | 396 | 191,050 | |
Nasdaq, Inc. | 5,458 | 302,209 | |
Northern Trust Corp. | 1,290 | 100,826 | |
Raymond James Financial, Inc. | 1,290 | 116,784 | |
S&P Global, Inc. | 1,888 | 684,551 | |
State Street Corp. | 2,104 | 152,035 | |
T. Rowe Price Group, Inc. | 1,119 | 125,697 | |
6,086,206 | |||
CHEMICALS - 1.8% | |||
Air Products and Chemicals, Inc. | 1,298 | 382,079 | |
Albemarle Corp. | 621 | 115,171 | |
CF Industries Holdings, Inc. | 1,219 | 87,256 | |
Corteva, Inc. | 4,787 | 292,581 | |
Dow, Inc. | 4,715 | 256,496 | |
DuPont de Nemours, Inc. | 2,897 | 201,979 | |
Ecolab, Inc. | 2,551 | 428,160 | |
FMC Corp. | 650 | 80,327 | |
International Flavors & Fragrances, Inc. | 1,480 | 143,501 | |
Linde PLC | 2,839 | 1,048,869 | |
LyondellBasell Industries N.V., Class A | 1,530 | 144,753 | |
Mosaic Co. (The) | 2,160 | 92,556 | |
PPG Industries, Inc. | 1,288 | 180,655 | |
Sherwin-Williams Co. (The) | 1,376 | 326,855 | |
3,781,238 | |||
COMMERCIAL SERVICES & SUPPLIES - 0.6% | |||
Cintas Corp. | 604 | 275,285 | |
Copart, Inc.(a) | 2,226 | 175,965 | |
Republic Services, Inc. | 1,716 | 248,168 | |
Rollins, Inc. | 2,895 | 122,314 | |
Waste Management, Inc. | 2,860 | 474,903 | |
1,296,635 | |||
COMMUNICATIONS EQUIPMENT - 1.0% | |||
Arista Networks, Inc.(a) | 1,454 | 232,873 | |
Cisco Systems, Inc. | 29,629 | 1,399,970 | |
F5, Inc.(a) | 270 | 36,277 | |
Juniper Networks, Inc. | 2,860 | 86,229 | |
Motorola Solutions, Inc. | 1,062 | 309,467 | |
2,064,816 |
Shares | Value | ||
CONSTRUCTION & ENGINEERING - 0.0% | |||
Quanta Services, Inc. | 680 | $ 115,355 | |
CONSTRUCTION MATERIALS - 0.1% | |||
Martin Marietta Materials, Inc. | 163 | 59,202 | |
Vulcan Materials Co. | 783 | 137,119 | |
196,321 | |||
CONSUMER FINANCE - 0.5% | |||
American Express Co. | 3,419 | 551,621 | |
Capital One Financial Corp. | 1,528 | 148,674 | |
Discover Financial Services | 1,436 | 148,583 | |
Synchrony Financial | 7,009 | 206,836 | |
1,055,714 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.1% | |||
Costco Wholesale Corp. | 2,582 | 1,299,314 | |
Dollar General Corp. | 1,440 | 318,902 | |
Dollar Tree, Inc.(a) | 1,282 | 197,056 | |
Kroger Co. (The) | 4,672 | 227,199 | |
Sysco Corp. | 3,228 | 247,717 | |
Target Corp. | 3,750 | 591,563 | |
Walgreens Boots Alliance, Inc. | 4,509 | 158,942 | |
Walmart, Inc. | 8,949 | 1,351,031 | |
4,391,724 | |||
CONTAINERS & PACKAGING - 0.6% | |||
Amcor PLC | 31,380 | 344,239 | |
Avery Dennison Corp. | 1,620 | 282,658 | |
Ball Corp. | 5,080 | 270,154 | |
International Paper Co. | 3,089 | 102,277 | |
Packaging Corp. of America | 590 | 79,803 | |
Sealed Air Corp. | 1,390 | 66,706 | |
Westrock Co. | 2,099 | 62,823 | |
1,208,660 | |||
DISTRIBUTORS - 0.4% | |||
Genuine Parts Co. | 910 | 153,162 | |
LKQ Corp. | 5,803 | 335,007 | |
Pool Corp. | 742 | 260,680 | |
748,849 |
Shares | Value | ||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9% | |||
AT&T, Inc. | 46,937 | $ 829,377 | |
Verizon Communications, Inc. | 27,262 | 1,058,583 | |
1,887,960 | |||
ELECTRIC UTILITIES - 2.0% | |||
Alliant Energy Corp. | 2,090 | 115,243 | |
American Electric Power Co., Inc. | 3,215 | 297,130 | |
Constellation Energy Corp. | 1,989 | 153,949 | |
Duke Energy Corp. | 5,124 | 506,661 | |
Edison International | 2,390 | 175,904 | |
Entergy Corp. | 960 | 103,277 | |
Evergy, Inc. | 1,840 | 114,282 | |
Eversource Energy | 2,356 | 182,849 | |
Exelon Corp. | 7,262 | 308,199 | |
FirstEnergy Corp. | 4,259 | 169,508 | |
NextEra Energy, Inc. | 11,605 | 889,291 | |
NRG Energy, Inc. | 1,595 | 54,501 | |
PG&E Corp.(a) | 8,106 | 138,694 | |
Pinnacle West Capital Corp. | 510 | 40,015 | |
PPL Corp. | 7,780 | 223,441 | |
Southern Co. (The) | 7,424 | 546,035 | |
Xcel Energy, Inc. | 3,882 | 271,391 | |
4,290,370 | |||
ELECTRICAL EQUIPMENT - 0.5% | |||
AMETEK, Inc. | 1,347 | 185,792 | |
Eaton Corp. PLC | 2,346 | 392,063 | |
Emerson Electric Co. | 3,492 | 290,744 | |
Generac Holdings, Inc.(a) | 11 | 1,124 | |
Rockwell Automation, Inc. | 604 | 171,180 | |
1,040,903 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8% | |||
Amphenol Corp., Class A | 4,219 | 318,408 | |
CDW Corp. | 1,915 | 324,765 | |
Corning, Inc. | 5,970 | 198,323 | |
Keysight Technologies, Inc.(a) | 2,390 | 345,689 | |
TE Connectivity Ltd. | 1,710 | 209,253 | |
Teledyne Technologies, Inc.(a) | 269 | 111,474 | |
Trimble, Inc.(a) | 4,690 | 220,899 | |
Zebra Technologies Corp., Class A(a) | 145 | 41,764 | |
1,770,575 |
Shares | Value | ||
ENERGY EQUIPMENT & SERVICES - 0.3% | |||
Baker Hughes Co. | 5,217 | $ 152,545 | |
Halliburton Co. | 4,080 | 133,620 | |
Schlumberger N.V. | 7,989 | 394,257 | |
680,422 | |||
ENTERTAINMENT - 1.4% | |||
Activision Blizzard, Inc. | 4,811 | 373,863 | |
Electronic Arts, Inc. | 3,450 | 439,116 | |
Live Nation, Inc.(a) | 740 | 50,157 | |
Netflix, Inc.(a) | 2,416 | 797,111 | |
Walt Disney Co. (The)(a) | 9,936 | 1,018,440 | |
Warner Bros Discovery, Inc.(a) | 13,884 | 188,961 | |
2,867,648 | |||
FINANCIAL SERVICES - 4.3% | |||
Berkshire Hathaway, Inc., Class B(a) | 10,222 | 3,358,438 | |
Fidelity National Information Services, Inc. | 6,591 | 387,024 | |
Fiserv, Inc.(a) | 3,670 | 448,180 | |
FleetCor Technologies, Inc.(a) | 240 | 51,341 | |
Global Payments, Inc. | 1,307 | 147,312 | |
Jack Henry & Associates, Inc. | 521 | 85,100 | |
Mastercard, Inc., Class A | 4,848 | 1,842,386 | |
PayPal Holdings, Inc.(a) | 6,140 | 466,640 | |
Visa, Inc., Class A | 9,421 | 2,192,549 | |
8,978,970 | |||
FOOD PRODUCTS - 1.7% | |||
Archer-Daniels-Midland Co. | 3,449 | 269,298 | |
Bunge Ltd. | 651 | 60,934 | |
Campbell Soup Co. | 2,700 | 146,610 | |
Conagra Brands, Inc. | 4,970 | 188,661 | |
General Mills, Inc. | 5,527 | 489,858 | |
Hershey Co. (The) | 1,508 | 411,774 | |
Hormel Foods Corp. | 4,450 | 179,958 | |
J M Smucker Co. (The) | 1,050 | 162,130 | |
Kellogg Co. | 3,850 | 268,614 | |
Kraft Heinz Co. (The) | 6,176 | 242,532 | |
Lamb Weston Holdings, Inc. | 1,000 | 111,810 | |
McCormick & Co., Inc. | 1,975 | 173,504 | |
Mondelez International, Inc., Class A | 10,276 | 788,375 | |
Tyson Foods, Inc., Class A | 1,875 | 117,169 | |
3,611,227 |
Shares | Value | ||
GAS UTILITIES - 0.1% | |||
Atmos Energy Corp. | 1,280 | $ 146,099 | |
GROUND TRANSPORTATION - 0.8% | |||
CSX Corp. | 14,090 | 431,718 | |
J.B. Hunt Transport Services, Inc. | 1,566 | 274,504 | |
Norfolk Southern Corp. | 1,196 | 242,824 | |
Old Dominion Freight Line, Inc. | 460 | 147,379 | |
Union Pacific Corp. | 3,356 | 656,769 | |
1,753,194 | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.6% | |||
Abbott Laboratories | 11,615 | 1,283,109 | |
Align Technology, Inc.(a) | 407 | 132,397 | |
Baxter International, Inc. | 3,771 | 179,801 | |
Becton, Dickinson and Co. | 2,296 | 606,856 | |
Boston Scientific Corp.(a) | 12,567 | 654,992 | |
Cooper Cos., Inc. (The) | 401 | 152,962 | |
DENTSPLY SIRONA, Inc. | 1,853 | 77,696 | |
Dexcom, Inc.(a) | 2,400 | 291,216 | |
Edwards Lifesciences Corp.(a) | 4,631 | 407,435 | |
GE HealthCare Technologies, Inc.(a) | 2,313 | 188,139 | |
Hologic, Inc.(a) | 2,143 | 184,319 | |
IDEXX Laboratories, Inc.(a) | 519 | 255,431 | |
Insulet Corp.(a) | 446 | 141,846 | |
Intuitive Surgical, Inc.(a) | 2,146 | 646,418 | |
Medtronic PLC | 8,898 | 809,273 | |
ResMed, Inc. | 1,182 | 284,815 | |
STERIS PLC | 825 | 155,554 | |
Stryker Corp. | 2,354 | 705,376 | |
Teleflex, Inc. | 397 | 108,191 | |
Zimmer Holdings, Inc. | 1,697 | 234,933 | |
7,500,759 | |||
HEALTH CARE PROVIDERS & SERVICES - 2.9% | |||
AmerisourceBergen Corp. | 2,110 | 352,053 | |
Cardinal Health, Inc. | 2,702 | 221,834 | |
Cigna Group (The) | 3,530 | 894,114 | |
CVS Health Corp. | 8,901 | 652,532 | |
DaVita, Inc.(a) | 770 | 69,577 | |
Elevance Health, Inc. | 3,264 | 1,529,674 | |
Henry Schein, Inc.(a) | 1,470 | 118,791 | |
Humana, Inc. | 1,597 | 847,193 | |
Laboratory Corporation of America Holdings | 1,740 | 394,475 | |
McKesson Corp. | 1,299 | 473,148 | |
Molina Healthcare, Inc.(a) | 1,071 | 319,040 | |
Quest Diagnostics, Inc. | 1,318 | 182,952 | |
6,055,383 |
Shares | Value | ||
HEALTH CARE REAL ESTATE INVESTMENT TRUSTS - 0.2% | |||
Welltower, Inc. | 5,416 | $ 429,056 | |
HOTEL & RESORT REAL ESTATE INVESTMENT TRUSTS - 0.0% | |||
Host Hotels & Resorts, Inc. | 6,193 | 100,141 | |
HOTELS, RESTAURANTS & LEISURE - 1.9% | |||
Booking Holdings, Inc.(a) | 225 | 604,420 | |
Carnival Corp.(a) | 6,190 | 57,010 | |
Chipotle Mexican Grill, Inc.(a) | 138 | 285,332 | |
Domino's Pizza, Inc. | 200 | 63,494 | |
Expedia Group, Inc.(a) | 495 | 46,510 | |
Hilton Worldwide Holdings, Inc. | 1,330 | 191,547 | |
Marriott International, Inc., Class A | 1,416 | 239,785 | |
McDonald's Corp. | 4,571 | 1,351,873 | |
Norwegian Cruise Line Holdings Ltd.(a) | 2,830 | 37,780 | |
Royal Caribbean Cruises Ltd.(a) | 710 | 46,455 | |
Starbucks Corp. | 6,462 | 738,542 | |
Yum! Brands, Inc. | 1,950 | 274,131 | |
3,936,879 | |||
HOUSEHOLD DURABLES - 0.2% | |||
D.R. Horton, Inc. | 1,272 | 139,691 | |
Garmin Ltd. | 960 | 94,243 | |
Lennar Corp., Class A | 441 | 49,749 | |
Mohawk Industries, Inc.(a) | 34 | 3,601 | |
Newell Brands, Inc. | 5,782 | 70,251 | |
NVR, Inc.(a) | 6 | 35,040 | |
PulteGroup, Inc. | 325 | 21,824 | |
Whirlpool Corp. | 42 | 5,863 | |
420,262 | |||
HOUSEHOLD PRODUCTS - 1.8% | |||
Church & Dwight Co., Inc. | 2,740 | 266,109 | |
Clorox Co. (The) | 930 | 154,027 | |
Colgate-Palmolive Co. | 8,480 | 676,704 | |
Kimberly-Clark Corp. | 3,000 | 434,670 | |
Procter & Gamble Co. (The) | 15,098 | 2,361,025 | |
3,892,535 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1% | |||
AES Corp. (The) | 5,250 | 124,215 | |
INDUSTRIAL CONGLOMERATES - 0.5% | |||
3M Co. | 3,366 | 357,537 | |
Honeywell International, Inc. | 4,022 | 803,756 | |
1,161,293 |
Shares | Value | ||
INDUSTRIAL REAL ESTATE INVESTMENT TRUSTS - 0.4% | |||
Prologis, Inc. | 6,837 | $ 856,334 | |
INSURANCE - 2.5% | |||
Aflac, Inc. | 4,384 | 306,222 | |
Allstate Corp. (The) | 1,669 | 193,203 | |
American International Group, Inc. | 4,254 | 225,632 | |
Aon PLC, Class A | 1,290 | 419,482 | |
Arch Capital Group Ltd.(a) | 2,072 | 155,545 | |
Arthur J. Gallagher & Co. | 1,500 | 312,090 | |
Assurant, Inc. | 358 | 44,081 | |
Brown & Brown, Inc. | 2,240 | 144,234 | |
Chubb Ltd. | 2,811 | 566,585 | |
Cincinnati Financial Corp. | 902 | 96,009 | |
Everest Re Group Ltd. | 336 | 127,008 | |
Globe Life, Inc. | 487 | 52,849 | |
Hartford Financial Services Group, Inc. (The) | 2,460 | 174,635 | |
Lincoln National Corp. | 486 | 10,561 | |
Loews Corp. | 880 | 50,662 | |
Marsh & McLennan Cos., Inc. | 3,210 | 578,410 | |
MetLife, Inc. | 4,858 | 297,941 | |
Principal Financial Group, Inc. | 1,640 | 122,492 | |
Progressive Corp. (The) | 4,020 | 548,328 | |
Prudential Financial, Inc. | 2,235 | 194,445 | |
Travelers Cos., Inc. (The) | 1,920 | 347,789 | |
W.R. Berkley Corp. | 1,325 | 78,069 | |
Willis Towers Watson PLC | 677 | 156,793 | |
5,203,065 | |||
INTERACTIVE MEDIA & SERVICES - 4.6% | |||
Alphabet, Inc., Class A(a) | 33,066 | 3,549,305 | |
Alphabet, Inc., Class C(a) | 28,723 | 3,108,403 | |
Match Group, Inc.(a) | 1,300 | 47,970 | |
Meta Platforms, Inc., Class A(a) | 12,267 | 2,948,005 | |
9,653,683 | |||
IT SERVICES - 1.5% | |||
Accenture PLC, Class A | 4,356 | 1,220,943 | |
Akamai Technologies, Inc.(a) | 3,215 | 263,534 | |
Cognizant Technology Solutions Corp., Class A | 3,293 | 196,625 | |
DXC Technology Co.(a) | 8,461 | 201,795 | |
EPAM Systems, Inc.(a) | 292 | 82,472 | |
Gartner, Inc.(a) | 467 | 141,249 | |
International Business Machines Corp. | 6,896 | 871,723 | |
VeriSign, Inc.(a) | 552 | 122,434 | |
3,100,775 |
Shares | Value | ||
LEISURE PRODUCTS - 0.1% | |||
Hasbro, Inc. | 3,719 | $ 220,239 | |
LIFE SCIENCES TOOLS & SERVICES - 2.2% | |||
Agilent Technologies, Inc. | 4,850 | 656,835 | |
Bio-Rad Laboratories, Inc., Class A(a) | 336 | 151,465 | |
Bio-Techne Corp. | 2,570 | 205,292 | |
Danaher Corp. | 5,381 | 1,274,813 | |
Illumina, Inc.(a) | 2,053 | 422,015 | |
IQVIA Holdings, Inc.(a) | 1,810 | 340,696 | |
Mettler-Toledo International, Inc.(a) | 385 | 574,227 | |
PerkinElmer, Inc. | 1,520 | 198,345 | |
Waters Corp.(a) | 1,552 | 466,159 | |
West Pharmaceutical Services, Inc. | 682 | 246,366 | |
4,536,213 | |||
MACHINERY - 1.7% | |||
Caterpillar, Inc. | 2,877 | 629,488 | |
Cummins, Inc. | 1,517 | 356,556 | |
Deere & Co. | 1,547 | 584,797 | |
Dover Corp. | 730 | 106,697 | |
Fortive Corp. | 2,460 | 155,201 | |
IDEX Corp. | 390 | 80,465 | |
Illinois Tool Works, Inc. | 1,691 | 409,120 | |
Ingersoll Rand, Inc. | 2,638 | 150,419 | |
Nordson Corp. | 279 | 60,350 | |
Otis Worldwide Corp. | 2,776 | 236,793 | |
PACCAR, Inc. | 3,322 | 248,120 | |
Parker-Hannifin Corp. | 485 | 157,567 | |
Pentair PLC | 540 | 31,363 | |
Snap-on, Inc. | 280 | 72,635 | |
Stanley Black & Decker, Inc. | 182 | 15,714 | |
Westinghouse Air Brake Technologies Corp. | 820 | 80,089 | |
Xylem, Inc. | 2,850 | 295,944 | |
3,671,318 | |||
MEDIA - 1.0% | |||
Charter Communications, Inc., Class A(a) | 484 | 178,451 | |
Comcast Corp., Class A | 25,553 | 1,057,127 | |
DISH Network Corp., Class A(a) | 1,770 | 13,293 | |
Fox Corp., Class A | 7,878 | 262,022 | |
Fox Corp., Class B | 5,889 | 179,850 | |
Interpublic Group of Cos., Inc. (The) | 6,516 | 232,817 | |
News Corp., Class A | 2,690 | 47,371 | |
News Corp., Class B | 1,680 | 29,820 |
Shares | Value | ||
Omnicom Group, Inc. | 1,228 | $ 111,220 | |
Paramount Global, Class B | 3,380 | 78,855 | |
2,190,826 | |||
METALS & MINING - 0.4% | |||
Freeport-McMoRan, Inc. | 8,276 | 313,743 | |
Newmont Corp. | 4,980 | 236,052 | |
Nucor Corp. | 1,287 | 190,708 | |
Steel Dynamics, Inc. | 820 | 85,239 | |
825,742 | |||
MULTI-UTILITIES - 1.0% | |||
Ameren Corp. | 2,350 | 209,079 | |
CenterPoint Energy, Inc. | 5,180 | 157,835 | |
CMS Energy Corp. | 2,768 | 172,336 | |
Consolidated Edison, Inc. | 2,760 | 271,777 | |
Dominion Energy, Inc. | 5,070 | 289,700 | |
DTE Energy Co. | 1,020 | 114,658 | |
NiSource, Inc. | 4,370 | 124,370 | |
Public Service Enterprise Group, Inc. | 3,381 | 213,679 | |
Sempra Energy | 1,911 | 297,141 | |
WEC Energy Group, Inc. | 2,545 | 244,753 | |
2,095,328 | |||
OFFICE REAL ESTATE INVESTMENT TRUSTS - 0.1% | |||
Alexandria Real Estate Equities, Inc. | 785 | 97,481 | |
Boston Properties, Inc. | 3,037 | 162,055 | |
259,536 | |||
OIL, GAS & CONSUMABLE FUELS - 4.0% | |||
APA Corp. | 1,420 | 52,327 | |
Chevron Corp. | 10,123 | 1,706,535 | |
ConocoPhillips | 6,815 | 701,195 | |
Coterra Energy, Inc. | 4,790 | 122,624 | |
Devon Energy Corp. | 3,180 | 169,907 | |
Diamondback Energy, Inc. | 680 | 96,696 | |
EOG Resources, Inc. | 3,065 | 366,176 | |
EQT Corp. | 1,460 | 50,866 | |
Exxon Mobil Corp. | 23,483 | 2,778,978 | |
Hess Corp. | 1,380 | 200,183 | |
Kinder Morgan, Inc. | 18,540 | 317,961 | |
Marathon Oil Corp. | 5,060 | 122,250 | |
Marathon Petroleum Corp. | 2,716 | 331,352 | |
Occidental Petroleum Corp. | 3,985 | 245,197 | |
ONEOK, Inc. | 2,290 | 149,789 | |
Phillips 66 | 2,469 | 244,431 |
Shares | Value | ||
Pioneer Natural Resources Co. | 1,171 | $ 254,751 | |
Targa Resources Corp. | 504 | 38,067 | |
Valero Energy Corp. | 2,201 | 252,389 | |
Williams Cos., Inc. (The) | 9,244 | 279,724 | |
8,481,398 | |||
PASSENGER AIRLINES - 0.2% | |||
Alaska Air Group, Inc.(a) | 250 | 10,865 | |
American Airlines Group, Inc.(a) | 5,650 | 77,066 | |
Delta Air Lines, Inc.(a) | 3,850 | 132,093 | |
Southwest Airlines Co. | 4,040 | 122,372 | |
United Airlines Holdings, Inc.(a) | 1,020 | 44,676 | |
387,072 | |||
PERSONAL CARE PRODUCTS - 0.1% | |||
Estee Lauder Cos., Inc., (The) Class A | 1,308 | 322,710 | |
PHARMACEUTICALS - 1.5% | |||
Catalent, Inc.(a) | 1,459 | 73,125 | |
Eli Lilly & Co. | 5,378 | 2,128,935 | |
Organon & Co. | 3,400 | 83,742 | |
Zoetis, Inc. | 5,278 | 927,767 | |
3,213,569 | |||
PROFESSIONAL SERVICES - 1.0% | |||
Automatic Data Processing, Inc. | 3,450 | 759,000 | |
Broadridge Financial Solutions, Inc. | 1,941 | 282,241 | |
Ceridian HCM Holding, Inc.(a) | 660 | 41,897 | |
CoStar Group, Inc.(a) | 2,200 | 169,290 | |
Equifax, Inc. | 620 | 129,196 | |
Jacobs Solutions, Inc. | 560 | 64,658 | |
Paychex, Inc. | 2,190 | 240,593 | |
Paycom Software, Inc.(a) | 228 | 66,204 | |
Robert Half International, Inc. | 3,110 | 227,030 | |
Verisk Analytics, Inc. | 928 | 180,134 | |
2,160,243 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2% | |||
CBRE Group, Inc., Class A(a) | 4,460 | 341,904 | |
RESIDENTIAL REAL ESTATE INVESTMENT TRUSTS - 0.4% | |||
AvalonBay Communities, Inc. | 1,834 | 330,798 | |
Camden Property Trust | 380 | 41,819 | |
Equity Residential | 3,177 | 200,945 | |
Essex Property Trust, Inc. | 227 | 49,879 |
Shares | Value | ||
Mid-America Apartment Communities, Inc. | 670 | $ 103,046 | |
UDR, Inc. | 2,330 | 96,299 | |
822,786 | |||
RETAIL REAL ESTATE INVESTMENT TRUSTS - 0.4% | |||
Federal Realty Investment Trust | 1,868 | 184,727 | |
Kimco Realty Corp. | 5,150 | 98,828 | |
Realty Income Corp. | 3,880 | 243,819 | |
Regency Centers Corp. | 1,869 | 114,813 | |
Simon Property Group, Inc. | 1,690 | 191,511 | |
833,698 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.9% | |||
Advanced Micro Devices, Inc.(a) | 8,735 | 780,647 | |
Analog Devices, Inc. | 2,948 | 530,286 | |
Applied Materials, Inc. | 6,600 | 745,998 | |
Broadcom, Inc. | 2,366 | 1,482,299 | |
Enphase Energy, Inc.(a) | 741 | 121,672 | |
First Solar, Inc.(a) | 584 | 106,627 | |
Intel Corp. | 29,539 | 917,481 | |
KLA Corp. | 747 | 288,745 | |
Lam Research Corp. | 1,095 | 573,868 | |
Microchip Technology, Inc. | 2,895 | 211,306 | |
Micron Technology, Inc. | 6,072 | 390,794 | |
Monolithic Power Systems, Inc. | 190 | 87,774 | |
NVIDIA Corp. | 14,286 | 3,964,222 | |
NXP Semiconductors N.V. | 1,110 | 181,752 | |
ON Semiconductor Corp.(a) | 1,900 | 136,724 | |
Qorvo, Inc.(a) | 230 | 21,178 | |
QUALCOMM, Inc. | 6,255 | 730,584 | |
Skyworks Solutions, Inc. | 560 | 59,304 | |
SolarEdge Technologies, Inc.(a) | 295 | 84,261 | |
Teradyne, Inc. | 810 | 74,018 | |
Texas Instruments, Inc. | 5,301 | 886,327 | |
12,375,867 | |||
SOFTWARE - 10.0% | |||
Adobe, Inc.(a) | 3,098 | 1,169,681 | |
ANSYS, Inc.(a) | 1,160 | 364,147 | |
Autodesk, Inc.(a) | 2,123 | 413,539 | |
Cadence Design Systems, Inc.(a) | 2,740 | 573,893 | |
Fair Isaac Corp.(a) | 150 | 109,193 | |
Fortinet, Inc.(a) | 4,000 | 252,200 | |
Gen Digital, Inc. | 13,682 | 241,761 | |
Intuit, Inc. | 2,022 | 897,667 | |
Microsoft Corp. | 42,013 | 12,908,914 | |
Oracle Corp. | 9,096 | 861,573 |
Shares | Value | ||
PTC, Inc.(a) | 2,345 | $ 294,978 | |
Roper Technologies, Inc. | 716 | 325,622 | |
Salesforce, Inc.(a) | 6,616 | 1,312,416 | |
ServiceNow, Inc.(a) | 1,552 | 713,020 | |
Synopsys, Inc.(a) | 1,501 | 557,351 | |
Tyler Technologies, Inc.(a) | 170 | 64,435 | |
21,060,390 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.7% | |||
American Tower Corp. | 3,594 | 734,578 | |
Crown Castle, Inc. | 3,920 | 482,513 | |
Digital Realty Trust, Inc. | 3,477 | 344,745 | |
Equinix, Inc. | 792 | 573,471 | |
Extra Space Storage, Inc. | 730 | 110,989 | |
Iron Mountain, Inc. | 5,082 | 280,730 | |
Public Storage | 983 | 289,818 | |
SBA Communications Corp. | 1,351 | 352,462 | |
VICI Properties, Inc. | 3,562 | 120,894 | |
Weyerhaeuser Co. | 6,614 | 197,825 | |
3,488,025 | |||
SPECIALTY RETAIL - 2.6% | |||
Advance Auto Parts, Inc. | 340 | 42,680 | |
AutoZone, Inc.(a) | 114 | 303,617 | |
Bath & Body Works, Inc. | 1,330 | 46,683 | |
Best Buy Co., Inc. | 3,555 | 264,919 | |
CarMax, Inc.(a) | 3,080 | 215,692 | |
Home Depot, Inc. (The) | 6,470 | 1,944,494 | |
Lowe’s Cos., Inc. | 4,399 | 914,244 | |
O'Reilly Automotive, Inc.(a) | 414 | 379,766 | |
Ross Stores, Inc. | 1,790 | 191,047 | |
TJX Cos., Inc. (The) | 7,140 | 562,775 | |
Tractor Supply Co. | 1,507 | 359,269 | |
Ulta Beauty, Inc.(a) | 369 | 203,478 | |
5,428,664 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.3% | |||
Apple, Inc. | 82,310 | 13,966,361 | |
Hewlett Packard Enterprise Co. | 27,327 | 391,323 | |
HP, Inc. | 13,136 | 390,270 | |
NetApp, Inc. | 3,869 | 243,321 | |
Seagate Technology Holdings PLC | 4,040 | 237,431 | |
Western Digital Corp.(a) | 2,097 | 72,221 | |
15,300,927 | |||
TEXTILES, APPAREL & LUXURY GOODS - 0.5% | |||
NIKE, Inc., Class B | 6,677 | 846,109 |
Shares | Value | ||
Ralph Lauren Corp. | 100 | $ 11,479 | |
Tapestry, Inc. | 1,070 | 43,667 | |
VF Corp. | 7,427 | 174,609 | |
1,075,864 | |||
TRADING COMPANIES & DISTRIBUTORS - 0.3% | |||
Fastenal Co. | 4,234 | 227,958 | |
United Rentals, Inc. | 126 | 45,500 | |
W.W. Grainger, Inc. | 561 | 390,215 | |
663,673 | |||
WATER UTILITIES - 0.1% | |||
American Water Works Co., Inc. | 1,150 | 170,488 | |
WIRELESS TELECOMMUNICATION SERVICES - 0.3% | |||
T-Mobile U.S., Inc.(a) | 4,550 | 654,745 | |
TOTAL COMMON STOCKS (COST $194,738,412) | 209,749,138 | ||
RIGHTS - 0.0% | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0% | |||
Contra Abiomed, Inc. (Contingent Value Rights)(a)(b)(c) | 373 | — | |
TOTAL RIGHTS (COST $—) | — |
Shares | Value | ||
MONEY MARKET FUND - 0.3% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(d) | 563,488 | $ 563,488 | |
TOTAL MONEY MARKET FUND (COST $563,488) | 563,488 | ||
TOTAL INVESTMENTS (COST $195,301,900) - 100.0% | 210,312,626 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0% | (71,724) | ||
NET ASSETS - 100.0% | $ 210,240,902 | ||
(a) | Represents non-income producing security. |
(b) | Security is a Level 3 investment. |
(c) | Amounts designated as ‘‘—’’ are $0 or have been rounded to $0. |
(d) | 7-day current yield as of April 30, 2023 is disclosed. |
MSCI — Morgan Stanley Capital International |
N.V. — Naamloze Vennootschap |
PLC — Public Limited Company |
S&P — Standard & Poor's |
The table below sets forth the diversification of the Steward Values-Focused Small-Mid Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |
Banks | 6.7% | |
Machinery | 4.7 | |
Electronic Equipment, Instruments & Components | 4.2 | |
Health Care Equipment & Supplies | 3.9 | |
Specialty Retail | 3.9 | |
Insurance | 3.7 | |
Professional Services | 3.2 | |
Building Products | 3.0 | |
Semiconductors & Semiconductor Equipment | 3.0 | |
Oil, Gas & Consumable Fuels | 2.9 | |
Chemicals | 2.6 | |
Health Care Providers & Services | 2.4 | |
Household Durables | 2.4 | |
Metals & Mining | 2.4 | |
Software | 2.4 | |
Hotels, Restaurants & Leisure | 2.0 | |
Textiles, Apparel & Luxury Goods | 2.0 | |
Capital Markets | 1.8 | |
Construction & Engineering | 1.8 | |
Food Products | 1.8 | |
Specialized Real Estate Investment Trusts | 1.8 | |
Biotechnology | 1.7 | |
Ground Transportation | 1.7 | |
Aerospace & Defense | 1.6 | |
Automobile Components | 1.6 | |
Retail Real Estate Investment Trusts | 1.6 | |
Commercial Services & Supplies | 1.5 | |
Electrical Equipment | 1.5 | |
Financial Services | 1.5 | |
Trading Companies & Distributors | 1.3 | |
Consumer Staples Distribution & Retail | 1.2 | |
Diversified Consumer Services | 1.2 | |
Electric Utilities | 1.1 | |
Leisure Products | 1.1 | |
Energy Equipment & Services | 1.0 | |
Gas Utilities | 1.0 | |
Industrial Real Estate Investment Trusts | 1.0 |
Industry Diversification | Percent* | |
Life Sciences Tools & Services | 1.0% | |
Media | 1.0 | |
Communications Equipment | 0.9 | |
Pharmaceuticals | 0.9 | |
Office Real Estate Investment Trusts | 0.8 | |
Personal Care Products | 0.8 | |
Containers & Packaging | 0.7 | |
Mortgage Real Estate Investment Trusts | 0.7 | |
Water Utilities | 0.7 | |
Consumer Finance | 0.6 | |
Diversified Telecommunication Services | 0.6 | |
Real Estate Management & Development | 0.6 | |
Automobiles | 0.5 | |
Residential Real Estate Investment Trusts | 0.5 | |
Air Freight & Logistics | 0.4 | |
Broadline Retail | 0.4 | |
Health Care Real Estate Investment Trusts | 0.4 | |
Hotel & Resort Real Estate Investment Trusts | 0.4 | |
Interactive Media & Services | 0.4 | |
Multi-Utilities | 0.4 | |
Beverages | 0.3 | |
Diversified Real Estate Investment Trusts | 0.3 | |
Money Market Fund | 0.3 | |
Passenger Airlines | 0.3 | |
Technology Hardware, Storage & Peripherals | 0.3 | |
Construction Materials | 0.2 | |
Entertainment | 0.2 | |
Health Care Technology | 0.2 | |
Household Products | 0.2 | |
IT Services | 0.2 | |
Marine Transportation | 0.2 | |
Paper & Forest Products | 0.2 | |
Independent Power and Renewable Electricity Producers | 0.1 | |
Wireless Telecommunication Services | 0.1 | |
Total Investments | 100.0% |
* | Percentages indicated are based on net assets as of April 30, 2023. |
Shares | Value | ||
COMMON STOCKS - 99.7% | |||
AEROSPACE & DEFENSE - 1.6% | |||
AAR Corp.(a) | 2,060 | $ 108,727 | |
Aerojet Rocketdyne Holdings, Inc.(a) | 4,248 | 239,630 | |
AeroVironment, Inc.(a) | 1,419 | 142,879 | |
Axon Enterprise, Inc.(a) | 3,631 | 765,088 | |
Curtiss-Wright Corp. | 2,213 | 375,834 | |
Hexcel Corp. | 4,407 | 317,656 | |
Kaman Corp. | 1,770 | 39,064 | |
Mercury Systems, Inc.(a) | 3,160 | 150,637 | |
Moog, Inc., Class A | 1,888 | 170,128 | |
National Presto Industries, Inc. | 379 | 25,779 | |
Triumph Group, Inc.(a) | 3,570 | 38,592 | |
Woodward, Inc. | 3,186 | 305,920 | |
2,679,934 | |||
AIR FREIGHT & LOGISTICS - 0.4% | |||
Forward Air Corp. | 1,591 | 167,866 | |
GXO Logistics, Inc.(a) | 6,359 | 337,854 | |
Hub Group, Inc., Class A(a) | 1,900 | 143,260 | |
648,980 | |||
AUTOMOBILE COMPONENTS - 1.6% | |||
Adient PLC(a) | 5,124 | 189,280 | |
American Axle & Manufacturing Holdings, Inc.(a) | 6,850 | 48,977 | |
Autoliv, Inc. | 4,154 | 356,455 | |
Dana, Inc. | 7,151 | 105,763 | |
Dorman Products, Inc.(a) | 1,636 | 140,958 | |
Fox Factory Holding Corp.(a) | 2,359 | 261,542 | |
Gentex Corp. | 12,445 | 343,357 | |
Gentherm, Inc.(a) | 1,964 | 117,153 | |
Goodyear Tire & Rubber Co. (The)(a) | 15,773 | 168,298 | |
LCI Industries | 1,477 | 166,842 | |
Lear Corp. | 3,183 | 406,342 | |
Patrick Industries, Inc. | 1,379 | 94,641 | |
Standard Motor Products, Inc. | 1,160 | 41,772 | |
Visteon Corp.(a) | 1,552 | 217,885 | |
XPEL, Inc.(a) | 1,144 | 83,581 | |
2,742,846 | |||
AUTOMOBILES - 0.5% | |||
Harley-Davidson, Inc. | 11,302 | 419,304 | |
Thor Industries, Inc. | 2,890 | 228,368 | |
Winnebago Industries, Inc. | 1,898 | 110,350 | |
758,022 | |||
BANKS - 6.7% | |||
Ameris Bancorp | 3,582 | 119,997 |
Shares | Value | ||
Associated Banc-Corp | 7,939 | $ 141,552 | |
Atlantic Union Bankshares Corp. | 1,684 | 48,196 | |
Axos Financial, Inc.(a) | 2,829 | 115,055 | |
Banc of California, Inc. | 2,870 | 32,575 | |
BancFirst Corp. | 1,172 | 93,631 | |
Bancorp, Inc. (The)(a) | 3,176 | 101,346 | |
Bank of Hawaii Corp. | 2,122 | 102,768 | |
Bank OZK | 5,795 | 206,997 | |
BankUnited, Inc. | 4,314 | 97,281 | |
Banner Corp. | 1,745 | 87,110 | |
Berkshire Hills Bancorp, Inc. | 2,660 | 56,578 | |
Brookline Bancorp, Inc. | 6,100 | 58,194 | |
Cadence Bank | 9,945 | 201,088 | |
Capitol Federal Financial, Inc. | 6,050 | 37,510 | |
Cathay General Bancorp | 3,363 | 107,179 | |
Central Pacific Financial Corp. | 1,180 | 18,738 | |
City Holding Co. | 935 | 85,263 | |
Columbia Banking System, Inc. | 11,557 | 246,858 | |
Commerce Bancshares, Inc. | 5,730 | 320,020 | |
Community Bank System, Inc. | 2,540 | 126,898 | |
Cullen/Frost Bankers, Inc. | 3,395 | 374,299 | |
Customers Bancorp, Inc.(a) | 1,740 | 38,002 | |
CVB Financial Corp. | 7,440 | 111,377 | |
Dime Community Bancshares, Inc., Class B | 2,282 | 47,009 | |
Eagle Bancorp, Inc. | 1,440 | 36,144 | |
East West Bancorp, Inc. | 7,341 | 379,456 | |
F.N.B. Corp. | 20,435 | 234,594 | |
FB Financial Corp. | 2,273 | 66,894 | |
First Bancorp | 1,870 | 57,559 | |
First BanCorp | 11,462 | 134,678 | |
First Commonwealth Financial Corp. | 4,960 | 61,901 | |
First Financial Bancorp | 4,760 | 98,532 | |
First Financial Bankshares, Inc. | 6,616 | 193,584 | |
First Hawaiian, Inc. | 6,464 | 123,527 | |
First Horizon Corp. | 29,159 | 511,740 | |
Fulton Financial Corp. | 11,140 | 132,900 | |
Glacier Bancorp, Inc. | 5,777 | 191,970 | |
Hancock Whitney Corp. | 4,366 | 159,446 | |
Hanmi Financial Corp. | 1,901 | 30,720 | |
Heritage Financial Corp. | 1,430 | 25,182 | |
Hilltop Holdings, Inc. | 3,183 | 98,737 | |
Home Bancshares, Inc. | 9,688 | 210,908 | |
HomeStreet, Inc. | 1,010 | 9,858 | |
Hope Bancorp, Inc. | 8,372 | 76,185 | |
Independent Bank Corp. | 2,289 | 128,184 | |
Independent Bank Group, Inc. | 1,750 | 63,665 | |
International Bancshares Corp. | 2,972 | 126,815 |
Shares | Value | ||
Lakeland Financial Corp. | 1,600 | $ 81,072 | |
National Bank Holdings Corp., Class A | 1,800 | 57,240 | |
NBT Bancorp, Inc. | 2,040 | 65,770 | |
New York Community Bancorp, Inc. | 37,350 | 399,271 | |
Northfield Bancorp, Inc. | 4,010 | 41,784 | |
Northwest Bancshares, Inc. | 4,090 | 47,812 | |
OFG Bancorp | 2,890 | 73,897 | |
Old National Bancorp | 16,416 | 220,139 | |
Pacific Premier Bancorp, Inc. | 4,668 | 103,816 | |
PacWest Bancorp | 6,950 | 70,543 | |
Park National Corp. | 782 | 84,706 | |
Pathward Financial, Inc. | 1,690 | 75,256 | |
Pinnacle Financial Partners, Inc. | 3,846 | 208,569 | |
Preferred Bank | 1,075 | 51,686 | |
Prosperity Bancshares, Inc. | 4,300 | 269,266 | |
Provident Financial Services, Inc. | 3,730 | 65,200 | |
Renasant Corp. | 3,230 | 90,828 | |
S&T Bancorp, Inc. | 1,690 | 46,526 | |
Seacoast Banking Corp. of Florida | 3,510 | 77,887 | |
ServisFirst Bancshares, Inc. | 2,709 | 136,804 | |
Simmons First National Corp., Class A | 6,574 | 109,852 | |
Southside Bancshares, Inc. | 1,884 | 59,779 | |
SouthState Corp. | 3,940 | 271,781 | |
Stellar Bancorp, Inc. | 3,905 | 89,581 | |
Synovus Financial Corp. | 7,962 | 245,230 | |
Texas Capital Bancshares, Inc.(a) | 2,350 | 118,088 | |
Tompkins Financial Corp. | 841 | 49,299 | |
Triumph Financial, Inc.(a) | 1,403 | 72,900 | |
TrustCo Bank Corp. NY | 800 | 23,872 | |
Trustmark Corp. | 3,420 | 81,704 | |
UMB Financial Corp. | 2,375 | 151,074 | |
United Bankshares, Inc. | 6,921 | 229,293 | |
United Community Banks, Inc. | 5,632 | 140,237 | |
Valley National Bancorp | 22,624 | 212,213 | |
Veritex Holdings, Inc. | 2,803 | 48,240 | |
Washington Federal, Inc. | 3,575 | 100,243 | |
Webster Financial Corp. | 9,160 | 341,668 | |
Westamerica BanCorp | 1,637 | 66,315 | |
Wintrust Financial Corp. | 3,373 | 230,612 | |
WSFS Financial Corp. | 3,095 | 108,851 | |
11,147,604 | |||
BEVERAGES - 0.3% | |||
Celsius Holdings, Inc.(a) | 2,280 | 217,900 | |
Coca-Cola Consolidated, Inc. | 255 | 150,312 | |
National Beverage Corp.(a) | 1,540 | 76,538 | |
444,750 |
Shares | Value | ||
BIOTECHNOLOGY - 1.7% | |||
Anika Therapeutics, Inc.(a) | 870 | $ 22,324 | |
Arcus Biosciences, Inc.(a) | 3,030 | 54,086 | |
Arrowhead Pharmaceuticals, Inc.(a) | 5,857 | 207,396 | |
Avid Bioservices, Inc.(a) | 3,521 | 63,554 | |
Catalyst Pharmaceuticals, Inc.(a) | 5,390 | 85,809 | |
Coherus Biosciences, Inc.(a) | 4,740 | 34,270 | |
Cytokinetics, Inc.(a) | 5,120 | 191,488 | |
Dynavax Technologies Corp.(a) | 6,528 | 67,956 | |
Emergent BioSolutions, Inc.(a) | 3,000 | 26,490 | |
Enanta Pharmaceuticals, Inc.(a) | 1,266 | 45,006 | |
Exelixis, Inc.(a) | 17,599 | 322,062 | |
Ironwood Pharmaceuticals, Inc.(a) | 7,030 | 73,182 | |
iTeos Therapeutics, Inc.(a) | 1,460 | 20,060 | |
Myriad Genetics, Inc.(a) | 4,317 | 91,909 | |
Neurocrine Biosciences, Inc.(a) | 5,242 | 529,652 | |
REGENXBIO, Inc.(a) | 2,560 | 49,562 | |
uniQure N.V.(a) | 2,420 | 46,972 | |
United Therapeutics Corp.(a) | 2,507 | 576,936 | |
Vanda Pharmaceuticals, Inc.(a) | 3,970 | 24,376 | |
Vericel Corp.(a) | 2,720 | 85,707 | |
Vir Biotechnology, Inc.(a) | 4,180 | 105,127 | |
Xencor, Inc.(a) | 3,272 | 86,512 | |
2,810,436 | |||
BROADLINE RETAIL - 0.4% | |||
Big Lots, Inc. | 2,030 | 18,250 | |
Kohl's Corp. | 6,295 | 138,679 | |
Macy's, Inc. | 15,100 | 246,734 | |
Nordstrom, Inc. | 6,457 | 99,825 | |
Ollie's Bargain Outlet Holdings, Inc.(a) | 3,113 | 203,123 | |
706,611 | |||
BUILDING PRODUCTS - 3.0% | |||
AAON, Inc. | 2,332 | 228,536 | |
Advanced Drainage Systems, Inc. | 3,378 | 289,562 | |
American Woodmark Corp.(a) | 978 | 49,409 | |
Apogee Enterprises, Inc. | 1,260 | 53,626 | |
AZZ, Inc. | 1,435 | 54,143 | |
Builders FirstSource, Inc.(a) | 7,903 | 748,967 | |
Carlisle Cos., Inc. | 2,839 | 612,798 | |
Fortune Brands Innovations, Inc. | 6,492 | 419,967 | |
Gibraltar Industries, Inc.(a) | 1,780 | 89,071 | |
Griffon Corp. | 3,010 | 85,634 | |
Insteel Industries, Inc. | 960 | 26,429 | |
Lennox International, Inc. | 1,755 | 494,752 | |
Masterbrand, Inc.(a) | 3,150 | 25,421 |
Shares | Value | ||
Owens Corning | 4,947 | $ 528,389 | |
PGT Innovations, Inc.(a) | 3,525 | 90,451 | |
Quanex Building Products Corp. | 2,025 | 38,678 | |
Resideo Technologies, Inc.(a) | 17,325 | 308,385 | |
Simpson Manufacturing Co., Inc. | 2,371 | 298,224 | |
Trex Co., Inc.(a) | 5,831 | 318,722 | |
UFP Industries, Inc. | 3,161 | 248,202 | |
5,009,366 | |||
CAPITAL MARKETS - 1.8% | |||
Affiliated Managers Group, Inc. | 2,162 | 312,150 | |
Avantax, Inc.(a) | 2,850 | 72,304 | |
B. Riley Financial, Inc. | 1,259 | 39,658 | |
Brightsphere Investment Group, Inc. | 2,520 | 56,902 | |
Donnelley Financial Solutions, Inc.(a) | 1,621 | 70,108 | |
Evercore, Inc., Class A | 2,095 | 238,977 | |
Federated Hermes, Inc. | 4,553 | 188,449 | |
Interactive Brokers Group, Inc., Class A | 5,620 | 437,517 | |
Janus Henderson Group PLC | 13,432 | 348,560 | |
Jefferies Financial Group, Inc. | 10,256 | 328,500 | |
Piper Sandler Cos. | 818 | 110,790 | |
SEI Investments Co. | 5,357 | 315,581 | |
Stifel Financial Corp. | 5,707 | 342,249 | |
StoneX Group, Inc.(a) | 1,094 | 107,289 | |
Virtus Investment Partners, Inc. | 439 | 79,990 | |
WisdomTree, Inc. | 6,910 | 43,118 | |
3,092,142 | |||
CHEMICALS - 2.6% | |||
AdvanSix, Inc. | 1,540 | 58,027 | |
American Vanguard Corp. | 1,350 | 25,988 | |
Ashland, Inc. | 2,877 | 292,332 | |
Avient Corp. | 4,516 | 173,911 | |
Axalta Coating Systems Ltd.(a) | 7,970 | 251,613 | |
Balchem Corp. | 1,856 | 243,878 | |
Cabot Corp. | 2,891 | 207,458 | |
Chemours Co. (The) | 7,953 | 231,194 | |
FutureFuel Corp. | 1,390 | 10,425 | |
H.B. Fuller Co. | 2,830 | 187,261 | |
Hawkins, Inc. | 978 | 39,453 | |
Ingevity Corp.(a) | 2,122 | 152,232 | |
Innospec, Inc. | 1,468 | 149,193 | |
Koppers Holdings, Inc. | 1,350 | 44,294 | |
Livent Corp.(a) | 9,666 | 211,202 | |
Minerals Technologies, Inc. | 2,068 | 122,550 | |
NewMarket Corp. | 358 | 143,057 | |
Olin Corp. | 6,605 | 365,917 | |
Quaker Chemical Corp. | 726 | 135,493 |
Shares | Value | ||
Rayonier Advanced Materials, Inc.(a) | 3,773 | $ 20,525 | |
RPM International, Inc. | 6,883 | 564,612 | |
Scotts Miracle-Gro Co. (The) | 2,324 | 155,266 | |
Sensient Technologies Corp. | 2,565 | 190,990 | |
Stepan Co. | 1,390 | 128,158 | |
Trinseo PLC | 2,010 | 36,421 | |
Westlake Corp. | 2,018 | 229,608 | |
4,371,058 | |||
COMMERCIAL SERVICES & SUPPLIES - 1.5% | |||
ABM Industries, Inc. | 3,503 | 149,158 | |
Brady Corp., Class A | 2,690 | 137,271 | |
Brink's Co. (The) | 2,779 | 174,660 | |
Clean Harbors, Inc.(a) | 2,847 | 413,271 | |
Corecivic, Inc.(a) | 6,577 | 57,812 | |
Deluxe Corp. | 2,730 | 41,359 | |
Geo Group, Inc. (The)(a) | 7,434 | 55,978 | |
Harsco Corp.(a) | 5,250 | 36,068 | |
Healthcare Services Group, Inc. | 4,472 | 69,808 | |
HNI Corp. | 2,470 | 64,171 | |
Interface, Inc. | 3,860 | 30,262 | |
KAR Auction Services, Inc.(a) | 5,891 | 79,764 | |
Liquidity Services, Inc.(a) | 1,830 | 23,918 | |
Matthews International Corp., Class A | 2,160 | 81,799 | |
MillerKnoll, Inc. | 4,278 | 72,769 | |
MSA Safety, Inc. | 2,094 | 271,696 | |
Pitney Bowes, Inc. | 11,310 | 39,698 | |
Stericycle, Inc.(a) | 4,863 | 221,996 | |
Tetra Tech, Inc. | 2,885 | 399,197 | |
UniFirst Corp. | 878 | 143,711 | |
Viad Corp.(a) | 1,420 | 27,023 | |
2,591,389 | |||
COMMUNICATIONS EQUIPMENT - 0.9% | |||
ADTRAN Holdings, Inc. | 4,010 | 36,571 | |
Calix, Inc.(a) | 3,065 | 140,070 | |
Ciena Corp.(a) | 8,020 | 369,241 | |
Clearfield, Inc.(a) | 752 | 32,847 | |
Comtech Telecommunications Corp. | 1,710 | 17,699 | |
Digi International, Inc.(a) | 2,020 | 60,923 | |
Extreme Networks, Inc.(a) | 6,896 | 122,611 | |
Harmonic, Inc.(a) | 5,853 | 82,469 | |
Lumentum Holdings, Inc.(a) | 3,603 | 173,845 | |
NETGEAR, Inc.(a) | 1,810 | 25,575 | |
NetScout Systems, Inc.(a) | 3,590 | 97,684 | |
Viasat, Inc.(a) | 4,110 | 143,973 | |
Viavi Solutions, Inc.(a) | 14,010 | 125,530 | |
1,429,038 |
Shares | Value | ||
CONSTRUCTION & ENGINEERING - 1.8% | |||
AECOM | 7,250 | $ 602,112 | |
Arcosa, Inc. | 2,708 | 182,898 | |
Comfort Systems USA, Inc. | 1,979 | 295,841 | |
Dycom Industries, Inc.(a) | 1,677 | 155,324 | |
EMCOR Group, Inc. | 2,616 | 447,336 | |
Fluor Corp.(a) | 7,455 | 216,642 | |
Granite Construction, Inc. | 2,480 | 94,562 | |
MasTec, Inc.(a) | 3,127 | 277,709 | |
MDU Resources Group, Inc. | 10,521 | 307,424 | |
MYR Group, Inc.(a) | 912 | 116,727 | |
Valmont Industries, Inc. | 1,136 | 330,076 | |
3,026,651 | |||
CONSTRUCTION MATERIALS - 0.2% | |||
Eagle Materials, Inc. | 2,029 | 300,718 | |
CONSUMER FINANCE - 0.6% | |||
Bread Financial Holdings, Inc. | 2,530 | 69,828 | |
Encore Capital Group, Inc.(a) | 1,715 | 88,117 | |
Enova International, Inc.(a) | 1,908 | 83,799 | |
EZCORP, Inc., Class A(a) | 3,780 | 32,546 | |
FirstCash Holdings, Inc. | 2,198 | 226,460 | |
Green Dot Corp., Class A(a) | 3,060 | 52,601 | |
LendingTree, Inc.(a) | 892 | 21,256 | |
Navient Corp. | 5,911 | 97,768 | |
PRA Group, Inc.(a) | 2,420 | 87,773 | |
PROG Holdings, Inc.(a) | 2,970 | 89,783 | |
SLM Corp. | 13,630 | 204,723 | |
World Acceptance Corp.(a) | 243 | 24,519 | |
1,079,173 | |||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2% | |||
Andersons, Inc. (The) | 2,005 | 89,623 | |
BJ's Wholesale Club Holdings, Inc.(a) | 7,473 | 570,713 | |
Chefs' Warehouse, Inc. (The)(a) | 2,222 | 73,904 | |
Grocery Outlet Holding Corp.(a) | 5,084 | 151,402 | |
PriceSmart, Inc. | 1,755 | 129,308 | |
SpartanNash Co. | 2,424 | 59,436 | |
Sprouts Farmers Market, Inc.(a) | 10,077 | 349,269 | |
United Natural Foods, Inc.(a) | 3,380 | 92,173 | |
US Foods Holding Corp.(a) | 14,924 | 573,082 | |
2,088,910 | |||
CONTAINERS & PACKAGING - 0.7% | |||
AptarGroup, Inc. | 3,362 | 398,431 | |
Greif, Inc., Class A | 1,684 | 105,738 | |
Myers Industries, Inc. | 1,870 | 35,437 | |
O-I Glass, Inc.(a) | 8,295 | 186,389 |
Shares | Value | ||
Silgan Holdings, Inc. | 4,371 | $ 215,315 | |
Sonoco Products Co. | 5,120 | 310,374 | |
1,251,684 | |||
DIVERSIFIED CONSUMER SERVICES - 1.2% | |||
Adtalem Global Education, Inc.(a) | 2,720 | 110,350 | |
Frontdoor, Inc.(a) | 10,420 | 285,091 | |
Graham Holdings Co., Class B | 236 | 135,835 | |
Grand Canyon Education, Inc.(a) | 1,906 | 226,242 | |
H&R Block, Inc. | 8,685 | 294,508 | |
Mister Car Wash, Inc.(a) | 6,790 | 59,888 | |
Perdoceo Education Corp.(a) | 4,920 | 63,862 | |
Service Corp. International | 8,560 | 600,826 | |
Strategic Education, Inc. | 1,461 | 128,568 | |
Stride, Inc.(a) | 2,607 | 111,997 | |
2,017,167 | |||
DIVERSIFIED REAL ESTATE INVESTMENT TRUSTS - 0.3% | |||
Alexander & Baldwin, Inc. | 4,923 | 94,669 | |
American Assets Trust, Inc. | 3,540 | 64,428 | |
Armada Hoffler Properties, Inc. | 4,940 | 57,897 | |
Essential Properties Realty Trust, Inc. | 7,880 | 195,030 | |
Global Net Lease, Inc. | 5,720 | 64,407 | |
476,431 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6% | |||
ATN International, Inc. | 686 | 24,813 | |
Cogent Communications Holdings, Inc. | 2,643 | 182,473 | |
Consolidated Communications Holdings, Inc.(a) | 6,340 | 24,536 | |
Frontier Communications Parent, Inc.(a) | 12,136 | 273,545 | |
Iridium Communications, Inc. | 6,743 | 427,978 | |
933,345 | |||
ELECTRIC UTILITIES - 1.1% | |||
ALLETE, Inc. | 3,080 | 192,130 | |
Hawaiian Electric Industries, Inc. | 5,902 | 231,417 | |
IDACORP, Inc. | 2,773 | 308,136 | |
OGE Energy Corp. | 11,565 | 434,150 | |
Otter Tail Corp. | 2,399 | 172,608 | |
PNM Resources, Inc. | 4,875 | 234,634 | |
Portland General Electric Co. | 5,100 | 258,162 | |
1,831,237 | |||
ELECTRICAL EQUIPMENT - 1.5% | |||
Acuity Brands, Inc. | 1,702 | 267,861 | |
Encore Wire Corp. | 972 | 151,953 | |
EnerSys | 2,311 | 191,743 | |
Hubbell, Inc. | 2,851 | 767,831 |
Shares | Value | ||
nVent Electric PLC | 8,532 | $ 357,747 | |
Powell Industries, Inc. | 490 | 19,629 | |
Regal Rexnord Corp. | 3,498 | 455,300 | |
SunPower Corp.(a) | 4,613 | 60,984 | |
Sunrun, Inc.(a) | 11,480 | 241,539 | |
Vicor Corp.(a) | 1,334 | 57,322 | |
2,571,909 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.2% | |||
Advanced Energy Industries, Inc. | 2,199 | 190,213 | |
Arlo Technologies, Inc.(a) | 5,581 | 35,942 | |
Arrow Electronics, Inc.(a) | 3,125 | 357,594 | |
Avnet, Inc. | 8,980 | 370,515 | |
Badger Meter, Inc. | 2,885 | 381,772 | |
Belden, Inc. | 2,485 | 196,042 | |
Benchmark Electronics, Inc. | 7,042 | 150,347 | |
Cognex Corp. | 9,162 | 436,936 | |
Coherent Corp.(a) | 7,522 | 256,801 | |
CTS Corp. | 1,880 | 73,715 | |
ePlus, Inc.(a) | 1,520 | 66,181 | |
Fabrinet (a) | 2,079 | 197,401 | |
FARO Technologies, Inc.(a) | 1,130 | 26,385 | |
Insight Enterprises, Inc.(a) | 3,081 | 372,647 | |
IPG Photonics Corp.(a) | 1,784 | 205,124 | |
Itron, Inc.(a) | 5,875 | 313,725 | |
Jabil, Inc. | 7,121 | 556,506 | |
Knowles Corp.(a) | 5,710 | 96,385 | |
Littelfuse, Inc. | 1,311 | 317,577 | |
Methode Electronics, Inc. | 2,090 | 85,669 | |
National Instruments Corp. | 6,945 | 404,407 | |
Novanta, Inc.(a) | 3,006 | 459,437 | |
OSI Systems, Inc.(a) | 996 | 112,508 | |
PC Connection, Inc. | 730 | 29,397 | |
Plexus Corp.(a) | 3,629 | 317,429 | |
Rogers Corp.(a) | 1,047 | 168,515 | |
Sanmina Corp.(a) | 3,050 | 159,393 | |
ScanSource, Inc.(a) | 1,530 | 41,845 | |
TD SYNNEX Corp. | 2,581 | 229,812 | |
TTM Technologies, Inc.(a) | 6,480 | 76,529 | |
Vishay Intertechnology, Inc. | 6,180 | 131,572 | |
Vontier Corp. | 8,415 | 228,299 | |
7,046,620 | |||
ENERGY EQUIPMENT & SERVICES - 1.0% | |||
Archrock, Inc. | 7,289 | 75,004 | |
Bristow Group, Inc.(a) | 1,290 | 28,857 | |
ChampionX Corp. | 10,626 | 287,752 |
Shares | Value | ||
Core Laboratories N.V. | 2,630 | $ 59,201 | |
DMC Global, Inc.(a) | 1,040 | 19,698 | |
Dril-Quip, Inc.(a) | 1,791 | 48,858 | |
Helix Energy Solutions Group, Inc.(a) | 7,737 | 56,093 | |
Helmerich & Payne, Inc. | 5,058 | 167,723 | |
Nabors Industries Ltd.(a) | 501 | 49,970 | |
NOV, Inc. | 21,160 | 354,430 | |
Oceaneering International, Inc.(a) | 5,418 | 96,061 | |
Oil States International, Inc.(a) | 4,840 | 34,074 | |
Patterson-UTI Energy, Inc. | 11,846 | 132,557 | |
ProPetro Holding Corp.(a) | 6,670 | 46,290 | |
RPC, Inc. | 5,720 | 42,271 | |
U.S. Silica Holdings, Inc.(a) | 4,270 | 55,723 | |
Valaris Ltd.(a) | 3,151 | 189,060 | |
1,743,622 | |||
ENTERTAINMENT - 0.2% | |||
Cinemark Holdings, Inc.(a) | 6,029 | 101,770 | |
Marcus Corp. (The) | 1,710 | 29,959 | |
World Wrestling Entertainment, Inc., Class A | 2,489 | 266,746 | |
398,475 | |||
FINANCIAL SERVICES - 1.5% | |||
Essent Group Ltd. | 5,723 | 243,056 | |
Euronet Worldwide, Inc.(a) | 2,665 | 295,122 | |
EVERTEC, Inc. | 3,561 | 123,531 | |
MGIC Investment Corp. | 15,990 | 237,771 | |
Mr. Cooper Group, Inc.(a) | 3,800 | 175,940 | |
NMI Holdings, Inc., Class A(a) | 4,529 | 105,979 | |
Payoneer Global, Inc.(a) | 11,244 | 61,392 | |
Radian Group, Inc. | 4,831 | 117,248 | |
Voya Financial, Inc. | 5,256 | 401,979 | |
Walker & Dunlop, Inc. | 2,021 | 136,034 | |
Western Union Co. (The) | 21,251 | 232,274 | |
WEX, Inc.(a) | 2,398 | 425,285 | |
2,555,611 | |||
FOOD PRODUCTS - 1.8% | |||
B&G Foods, Inc. | 4,180 | 67,047 | |
Calavo Growers, Inc. | 1,040 | 33,238 | |
Cal-Maine Foods, Inc. | 2,241 | 106,448 | |
Darling Ingredients, Inc.(a) | 8,692 | 517,783 | |
Flowers Foods, Inc. | 11,375 | 312,926 | |
Fresh Del Monte Produce, Inc. | 2,440 | 70,052 | |
Hain Celestial Group, Inc. (The)(a) | 4,952 | 88,789 | |
Hostess Brands, Inc.(a) | 7,660 | 197,322 | |
Ingredion, Inc. | 3,579 | 379,982 |
Shares | Value | ||
J & J Snack Foods Corp. | 950 | $ 145,540 | |
John B. Sanfilippo & Son, Inc. | 597 | 62,058 | |
Lancaster Colony Corp. | 1,106 | 231,287 | |
Pilgrim's Pride Corp.(a) | 3,410 | 77,782 | |
Post Holdings, Inc.(a) | 3,117 | 282,057 | |
Seneca Foods Corp., Class A(a) | 496 | 23,610 | |
Simply Good Foods Co. (The)(a) | 4,622 | 168,102 | |
Tootsie Roll Industries, Inc. | 1,539 | 62,914 | |
TreeHouse Foods, Inc.(a) | 2,910 | 154,958 | |
2,981,895 | |||
GAS UTILITIES - 1.0% | |||
Chesapeake Utilities Corp. | 1,139 | 140,667 | |
National Fuel Gas Co. | 4,650 | 259,935 | |
New Jersey Resources Corp. | 5,204 | 268,735 | |
Northwest Natural Holding Co. | 1,790 | 84,058 | |
ONE Gas, Inc. | 2,906 | 223,617 | |
Southwest Gas Holdings, Inc. | 3,535 | 197,960 | |
Spire, Inc. | 2,710 | 183,548 | |
UGI Corp. | 11,324 | 383,657 | |
1,742,177 | |||
GROUND TRANSPORTATION - 1.7% | |||
ArcBest Corp. | 1,386 | 130,838 | |
Avis Budget Group, Inc.(a) | 1,355 | 239,388 | |
Heartland Express, Inc. | 2,983 | 43,194 | |
Hertz Global Holdings, Inc.(a) | 7,216 | 120,363 | |
Knight-Swift Transportation Holdings, Inc. | 8,612 | 485,028 | |
Landstar System, Inc. | 2,015 | 354,700 | |
Marten Transport Ltd. | 4,069 | 82,153 | |
RXO, Inc.(a) | 6,353 | 114,926 | |
Ryder System, Inc. | 4,785 | 378,781 | |
Saia, Inc.(a) | 1,432 | 426,407 | |
Werner Enterprises, Inc. | 3,400 | 153,578 | |
XPO, Inc.(a) | 5,473 | 241,797 | |
2,771,153 | |||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.9% | |||
AngioDynamics, Inc.(a) | 2,440 | 20,301 | |
Artivion, Inc.(a) | 2,660 | 36,894 | |
Avanos Medical, Inc.(a) | 2,830 | 83,598 | |
CONMED Corp. | 1,846 | 231,802 | |
Cutera, Inc.(a) | 1,135 | 25,878 | |
Embecta Corp. | 3,186 | 88,412 | |
Enovis Corp.(a) | 2,703 | 157,450 | |
Envista Holdings Corp.(a) | 8,983 | 345,756 | |
Glaukos Corp.(a) | 2,805 | 133,266 | |
Globus Medical, Inc., Class A(a) | 4,252 | 247,211 |
Shares | Value | ||
Haemonetics Corp.(a) | 2,878 | $ 240,917 | |
Heska Corp.(a) | 603 | 70,648 | |
ICU Medical, Inc.(a) | 1,190 | 225,077 | |
Inari Medical, Inc.(a) | 2,811 | 186,707 | |
Inogen, Inc.(a) | 1,300 | 17,303 | |
Integer Holdings Corp.(a) | 2,086 | 171,782 | |
Integra LifeSciences Holdings Corp.(a) | 4,011 | 221,889 | |
Lantheus Holdings, Inc.(a) | 3,725 | 318,301 | |
LeMaitre Vascular, Inc. | 1,310 | 70,740 | |
LivaNova PLC(a) | 2,890 | 138,431 | |
Masimo Corp.(a) | 2,659 | 502,923 | |
Merit Medical Systems, Inc.(a) | 5,256 | 427,260 | |
Mesa Laboratories, Inc. | 308 | 51,285 | |
Neogen Corp.(a) | 11,578 | 199,373 | |
NuVasive, Inc.(a) | 2,940 | 126,538 | |
Omnicell, Inc.(a) | 2,757 | 167,543 | |
OraSure Technologies, Inc.(a) | 3,830 | 26,044 | |
Orthofix Medical, Inc.(a) | 1,110 | 20,901 | |
Penumbra, Inc.(a) | 2,070 | 588,128 | |
QuidelOrtho Corp.(a) | 2,932 | 263,733 | |
Shockwave Medical, Inc.(a) | 1,958 | 568,133 | |
STAAR Surgical Co.(a) | 5,136 | 361,934 | |
Tandem Diabetes Care, Inc.(a) | 3,510 | 138,926 | |
Varex Imaging Corp.(a) | 2,360 | 41,866 | |
Zynex, Inc.(a) | 1,703 | 19,482 | |
6,536,432 | |||
HEALTH CARE PROVIDERS & SERVICES - 2.4% | |||
Acadia Healthcare Co., Inc.(a) | 5,052 | 365,209 | |
AdaptHealth Corp.(a) | 4,790 | 56,905 | |
Addus HomeCare Corp.(a) | 1,054 | 86,154 | |
Agiliti, Inc.(a) | 1,960 | 32,771 | |
Amedisys, Inc.(a) | 1,983 | 159,235 | |
AMN Healthcare Services, Inc.(a) | 2,505 | 216,307 | |
Apollo Medical Holdings, Inc.(a) | 2,320 | 82,337 | |
Chemed Corp. | 811 | 447,064 | |
CorVel Corp.(a) | 554 | 111,925 | |
Cross Country Healthcare, Inc.(a) | 2,190 | 48,136 | |
Encompass Health Corp. | 5,590 | 358,598 | |
Enhabit, Inc.(a) | 2,905 | 35,586 | |
Ensign Group, Inc. (The) | 3,173 | 308,067 | |
Fulgent Genetics, Inc.(a) | 1,320 | 39,032 | |
HealthEquity, Inc.(a) | 4,618 | 246,832 | |
ModivCare, Inc.(a) | 904 | 57,494 | |
NeoGenomics, Inc.(a) | 6,936 | 101,404 | |
Option Care Health, Inc.(a) | 9,030 | 290,314 | |
Owens & Minor, Inc.(a) | 4,565 | 70,940 |
Shares | Value | ||
Patterson Cos., Inc. | 4,983 | $ 135,089 | |
Pediatrix Medical Group, Inc.(a) | 4,520 | 64,772 | |
Progyny, Inc.(a) | 4,166 | 138,478 | |
R1 RCM, Inc.(a) | 7,822 | 121,945 | |
RadNet, Inc.(a) | 3,160 | 87,406 | |
Select Medical Holdings Corp. | 5,951 | 181,506 | |
U.S. Physical Therapy, Inc. | 848 | 90,278 | |
3,933,784 | |||
HEALTH CARE REAL ESTATE INVESTMENT TRUSTS - 0.4% | |||
CareTrust REIT, Inc. | 5,808 | 113,198 | |
LTC Properties, Inc. | 2,760 | 92,322 | |
Omega Healthcare Investors, Inc. | 13,281 | 355,399 | |
Sabra Health Care REIT, Inc. | 12,749 | 145,339 | |
706,258 | |||
HEALTH CARE TECHNOLOGY - 0.2% | |||
Certara, Inc.(a) | 4,944 | 119,497 | |
Computer Programs and Systems, Inc.(a) | 890 | 23,033 | |
HealthStream, Inc. | 1,710 | 42,134 | |
NextGen Healthcare, Inc.(a) | 4,090 | 68,467 | |
Simulations Plus, Inc. | 1,100 | 45,925 | |
Veradigm, Inc.(a) | 5,968 | 74,540 | |
373,596 | |||
HOTEL & RESORT REAL ESTATE INVESTMENT TRUSTS - 0.4% | |||
Chatham Lodging Trust | 2,050 | 20,992 | |
DiamondRock Hospitality Co. | 13,625 | 110,499 | |
Park Hotels & Resorts, Inc. | 13,367 | 161,072 | |
Pebblebrook Hotel Trust | 8,031 | 114,281 | |
Service Properties Trust | 8,860 | 77,702 | |
Summit Hotel Properties, Inc. | 8,030 | 51,713 | |
Sunstone Hotel Investors, Inc. | 10,730 | 102,257 | |
Xenia Hotels & Resorts, Inc. | 6,695 | 84,759 | |
723,275 | |||
HOTELS, RESTAURANTS & LEISURE - 2.0% | |||
Aramark | 13,315 | 462,031 | |
Brinker International, Inc.(a) | 2,790 | 111,377 | |
Choice Hotels International, Inc. | 2,065 | 263,329 | |
Dine Brands Global, Inc. | 1,651 | 107,199 | |
El Pollo Loco Holdings, Inc. | 2,780 | 25,910 | |
Hilton Grand Vacations, Inc.(a) | 4,213 | 180,316 | |
Jack in the Box, Inc. | 1,427 | 132,269 | |
Marriott Vacations Worldwide Corp. | 2,665 | 358,602 | |
Papa John's International, Inc. | 2,397 | 179,272 | |
Sabre Corp.(a) | 18,980 | 75,920 |
Shares | Value | ||
Shake Shack, Inc., Class A(a) | 2,590 | $ 141,958 | |
Six Flags Entertainment Corp.(a) | 4,770 | 115,768 | |
Travel + Leisure Co. | 5,477 | 209,605 | |
Wendy's Co. (The) | 11,410 | 252,161 | |
Wingstop, Inc. | 1,676 | 335,384 | |
Wyndham Hotels & Resorts, Inc. | 5,570 | 379,985 | |
3,331,086 | |||
HOUSEHOLD DURABLES - 2.4% | |||
Cavco Industries, Inc.(a) | 420 | 126,092 | |
Century Communities, Inc. | 1,818 | 122,424 | |
Ethan Allen Interiors, Inc. | 1,520 | 42,454 | |
Green Brick Partners, Inc.(a) | 1,830 | 68,204 | |
Helen of Troy Ltd.(a) | 3,421 | 343,263 | |
Installed Building Products, Inc. | 1,378 | 171,244 | |
iRobot Corp.(a) | 1,685 | 66,271 | |
KB Home | 4,546 | 199,206 | |
La-Z-Boy, Inc. | 2,770 | 79,582 | |
Leggett & Platt, Inc. | 12,620 | 407,752 | |
LGI Homes, Inc.(a) | 1,289 | 153,133 | |
M.D.C Holdings, Inc. | 3,328 | 136,348 | |
M/I Homes, Inc.(a) | 1,710 | 115,664 | |
Meritage Homes Corp. | 2,231 | 285,680 | |
Sonos, Inc.(a) | 6,940 | 146,712 | |
Taylor Morrison Home Corp.(a) | 5,848 | 251,990 | |
Tempur Sealy International, Inc. | 9,491 | 355,628 | |
Toll Brothers, Inc. | 5,692 | 363,776 | |
TopBuild Corp.(a) | 1,735 | 391,208 | |
Tri Pointe Homes, Inc.(a) | 5,596 | 160,493 | |
3,987,124 | |||
HOUSEHOLD PRODUCTS - 0.2% | |||
Central Garden & Pet Co.(a) | 490 | 18,052 | |
Central Garden & Pet Co., Class A(a) | 2,790 | 98,571 | |
Energizer Holdings, Inc. | 3,903 | 130,477 | |
WD-40 Co. | 783 | 149,083 | |
396,183 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1% | |||
Ormat Technologies, Inc. | 2,847 | 244,301 | |
INDUSTRIAL REAL ESTATE INVESTMENT TRUSTS - 1.0% | |||
EastGroup Properties, Inc. | 2,615 | 435,554 | |
First Industrial Realty Trust, Inc. | 8,252 | 432,982 | |
Innovative Industrial Properties, Inc. | 1,747 | 119,757 |
Shares | Value | ||
LXP Industrial Trust | 15,915 | $ 149,601 | |
Rexford Industrial Realty, Inc. | 10,410 | 580,566 | |
1,718,460 | |||
INSURANCE - 3.7% | |||
Ambac Financial Group, Inc.(a) | 2,690 | 42,906 | |
American Equity Investment Life Holding Co. | 3,892 | 149,998 | |
American Financial Group, Inc. | 3,780 | 463,919 | |
AMERISAFE, Inc. | 1,127 | �� | 62,718 |
Assured Guaranty Ltd. | 3,150 | 169,690 | |
Brighthouse Financial, Inc.(a) | 3,510 | 155,142 | |
CNO Financial Group, Inc. | 7,111 | 159,571 | |
Employers Holdings, Inc. | 1,580 | 62,552 | |
First American Financial Corp. | 5,610 | 323,192 | |
Genworth Financial, Inc., Class A(a) | 28,500 | 165,585 | |
Hanover Insurance Group, Inc. (The) | 2,245 | 268,412 | |
HCI Group, Inc. | 457 | 23,152 | |
Horace Mann Educators Corp. | 2,500 | 78,200 | |
James River Group Holdings Ltd. | 2,340 | 45,560 | |
Kemper Corp. | 3,372 | 164,048 | |
Kinsale Capital Group, Inc. | 1,173 | 383,231 | |
Mercury General Corp. | 1,810 | 55,042 | |
Old Republic International Corp. | 15,176 | 383,498 | |
Palomar Holdings, Inc.(a) | 1,501 | 75,440 | |
Primerica, Inc. | 2,101 | 383,454 | |
ProAssurance Corp. | 3,130 | 56,215 | |
Reinsurance Group of America, Inc. | 3,639 | 517,902 | |
RenaissanceRe Holdings Ltd. | 2,418 | 520,861 | |
RLI Corp. | 2,317 | 322,179 | |
Safety Insurance Group, Inc. | 979 | 71,555 | |
Selective Insurance Group, Inc. | 3,271 | 315,095 | |
SiriusPoint Ltd.(a) | 6,324 | 54,956 | |
Stewart Information Services Corp. | 1,812 | 75,470 | |
Trupanion, Inc.(a) | 2,094 | 73,520 | |
United Fire Group, Inc. | 1,440 | 38,736 | |
Universal Insurance Holdings, Inc. | 2,360 | 36,391 | |
Unum Group | 10,377 | 437,909 | |
6,136,099 | |||
INTERACTIVE MEDIA & SERVICES - 0.4% | |||
Cars.com, Inc.(a) | 3,584 | 70,139 | |
QuinStreet, Inc.(a) | 3,500 | 38,885 | |
Shutterstock, Inc. | 1,557 | 104,319 | |
TripAdvisor, Inc.(a) | 5,943 | 105,369 | |
Yelp, Inc.(a) | 3,839 | 114,863 | |
Ziff Davis, Inc.(a) | 2,878 | 210,497 | |
644,072 |
Shares | Value | ||
IT SERVICES - 0.2% | |||
Kyndryl Holdings, Inc.(a) | 11,138 | $ 161,056 | |
Perficient, Inc.(a) | 2,149 | 139,513 | |
300,569 | |||
LEISURE PRODUCTS - 1.1% | |||
Brunswick Corp. | 3,865 | 327,713 | |
Mattel, Inc.(a) | 19,352 | 348,336 | |
Polaris, Inc. | 2,918 | 317,041 | |
Sturm Ruger & Co., Inc. | 1,010 | 58,136 | |
Topgolf Callaway Brands Corp.(a) | 15,498 | 343,591 | |
Vista Outdoor, Inc.(a) | 3,304 | 79,626 | |
YETI Holdings, Inc.(a) | 8,620 | 340,059 | |
1,814,502 | |||
LIFE SCIENCES TOOLS & SERVICES - 1.0% | |||
Azenta, Inc.(a) | 3,767 | 163,827 | |
BioLife Solutions, Inc.(a) | 1,960 | 34,418 | |
Bruker Corp. | 5,420 | 428,885 | |
Medpace Holdings, Inc.(a) | 1,416 | 283,398 | |
Repligen Corp.(a) | 2,806 | 425,474 | |
Sotera Health Co.(a) | 5,467 | 91,681 | |
Syneos Health, Inc.(a) | 5,490 | 215,537 | |
1,643,220 | |||
MACHINERY - 4.7% | |||
3D Systems Corp.(a) | 7,050 | 64,578 | |
AGCO Corp. | 3,260 | 404,044 | |
Alamo Group, Inc. | 533 | 94,197 | |
Albany International Corp., Class A | 1,947 | 177,586 | |
Astec Industries, Inc. | 1,240 | 51,187 | |
Barnes Group, Inc. | 2,840 | 119,365 | |
Chart Industries, Inc.(a) | 2,322 | 309,058 | |
CIRCOR International, Inc.(a) | 1,050 | 29,232 | |
Crane Co.(a) | 2,873 | 207,057 | |
Crane NXT Co. | 2,873 | 136,065 | |
Donaldson Co., Inc. | 6,006 | 381,681 | |
Enerpac Tool Group Corp. | 3,220 | 76,507 | |
EnPro Industries, Inc. | 1,223 | 115,292 | |
Esab Corp. | 2,903 | 169,419 | |
ESCO Technologies, Inc. | 1,449 | 135,583 | |
Federal Signal Corp. | 3,225 | 165,701 | |
Flowserve Corp. | 6,807 | 227,286 | |
Franklin Electric Co., Inc. | 2,293 | 205,155 | |
Graco, Inc. | 8,466 | 671,269 | |
Greenbrier Cos., Inc. (The) | 1,971 | 52,133 | |
Hillenbrand, Inc. | 3,572 | 162,955 |
Shares | Value | ||
ITT, Inc. | 4,182 | $ 353,128 | |
John Bean Technologies Corp. | 1,801 | 195,787 | |
Kennametal, Inc. | 3,900 | 101,244 | |
Lincoln Electric Holdings, Inc. | 3,031 | 508,602 | |
Lindsay Corp. | 629 | 75,945 | |
Middleby Corp. (The)(a) | 2,864 | 403,480 | |
Mueller Industries, Inc. | 2,979 | 214,041 | |
Oshkosh Corp. | 3,350 | 256,342 | |
Proto Labs, Inc.(a) | 1,568 | 45,111 | |
SPX Technologies, Inc.(a) | 2,567 | 163,467 | |
Standex International Corp. | 669 | 82,160 | |
Tennant Co. | 986 | 75,350 | |
Terex Corp. | 3,501 | 156,110 | |
Timken Co. (The) | 3,434 | 263,903 | |
Titan International, Inc.(a) | 3,580 | 34,941 | |
Toro Co. (The) | 5,511 | 574,577 | |
Trinity Industries, Inc. | 4,331 | 103,727 | |
Wabash National Corp. | 2,810 | 72,133 | |
Watts Water Technologies, Inc., Class A | 1,476 | 238,714 | |
7,874,112 | |||
MARINE TRANSPORTATION - 0.2% | |||
Kirby Corp.(a) | 3,090 | 221,986 | |
Matson, Inc. | 2,243 | 152,591 | |
374,577 | |||
MEDIA - 1.0% | |||
AMC Networks, Inc., Class A(a) | 1,770 | 31,311 | |
Cable One, Inc. | 286 | 216,905 | |
EW Scripps Co. (The), Class A(a) | 4,230 | 35,659 | |
Gannett Co., Inc.(a) | 9,232 | 17,541 | |
John Wiley & Sons, Inc., Class A | 2,570 | 99,125 | |
New York Times Co. (The), Class A | 8,946 | 355,603 | |
Nexstar Media Group, Inc. | 2,220 | 385,059 | |
Scholastic Corp. | 1,711 | 65,822 | |
TechTarget, Inc.(a) | 1,873 | 63,851 | |
TEGNA, Inc. | 18,600 | 318,060 | |
Thryv Holdings, Inc.(a) | 2,106 | 47,301 | |
1,636,237 | |||
METALS & MINING - 2.4% | |||
Alcoa Corp. | 9,495 | 352,644 | |
Arconic Corp.(a) | 5,353 | 132,487 | |
ATI, Inc.(a) | 6,784 | 261,998 | |
Carpenter Technology Corp. | 2,544 | 134,171 | |
Century Aluminum Co.(a) | 3,330 | 28,605 | |
Cleveland-Cliffs, Inc.(a) | 27,815 | 427,795 | |
Commercial Metals Co. | 6,035 | 281,774 |
Shares | Value | ||
Compass Minerals International, Inc. | 2,013 | $ 65,886 | |
Haynes International, Inc. | 630 | 29,616 | |
Kaiser Aluminum Corp. | 988 | 64,931 | |
Materion Corp. | 1,143 | 123,798 | |
MP Materials Corp.(a) | 5,064 | 109,737 | |
Olympic Steel, Inc. | 610 | 28,408 | |
Reliance Steel & Aluminum Co. | 3,108 | 770,162 | |
Royal Gold, Inc. | 4,731 | 626,574 | |
SunCoke Energy, Inc. | 6,340 | 49,325 | |
TimkenSteel Corp.(a) | 2,495 | 41,766 | |
Tredegar Corp. | 2,040 | 19,135 | |
United States Steel Corp. | 12,173 | 278,518 | |
Warrior Met Coal, Inc. | 2,800 | 96,796 | |
Worthington Industries, Inc. | 1,732 | 102,864 | |
4,026,990 | |||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS - 0.7% | |||
Annaly Capital Management, Inc. | 25,714 | 513,766 | |
Apollo Commercial Real Estate Finance, Inc. | 9,200 | 93,104 | |
Armour Residential REIT, Inc. | 3,580 | 18,258 | |
Ellington Financial, Inc. | 2,800 | 35,756 | |
Franklin BSP Realty Trust, Inc. | 3,716 | 46,933 | |
Invesco Mortgage Capital, Inc. | 1,447 | 15,353 | |
KKR Real Estate Finance Trust, Inc. | 3,250 | 34,905 | |
New York Mortgage Trust, Inc. | 5,642 | 58,000 | |
Pennymac Mortgage Investment Trust | 5,780 | 71,845 | |
Ready Capital Corp. | 4,730 | 50,753 | |
Redwood Trust, Inc. | 7,420 | 46,598 | |
Starwood Property Trust, Inc. | 4,353 | 77,875 | |
Two Harbors Investment Corp. | 4,867 | 67,797 | |
1,130,943 | |||
MULTI-UTILITIES - 0.4% | |||
Avista Corp. | 3,990 | 175,839 | |
Black Hills Corp. | 3,460 | 225,903 | |
NorthWestern Corp. | 3,080 | 180,550 | |
Unitil Corp. | 925 | 51,421 | |
633,713 | |||
OFFICE REAL ESTATE INVESTMENT TRUSTS - 0.8% | |||
Brandywine Realty Trust | 27,490 | 108,036 | |
Corporate Office Properties Trust | 13,220 | 302,606 | |
Douglas Emmett, Inc. | 11,259 | 145,016 | |
Easterly Government Properties, Inc. | 5,040 | 70,913 | |
Highwoods Properties, Inc. | 6,990 | 160,211 | |
Hudson Pacific Properties, Inc. | 9,340 | 51,930 | |
JBG Smith Properties | 7,110 | 101,460 |
Shares | Value | ||
Kilroy Realty Corp. | 5,990 | $ 175,147 | |
Office Properties Income Trust | 3,047 | 19,866 | |
Orion Office REIT, Inc. | 3,380 | 20,753 | |
SL Green Realty Corp. | 3,610 | 85,449 | |
Vornado Realty Trust | 6,510 | 97,715 | |
1,339,102 | |||
OIL, GAS & CONSUMABLE FUELS - 2.9% | |||
Antero Midstream Corp. | 19,287 | 207,528 | |
Antero Resources Corp.(a) | 14,953 | 343,769 | |
Callon Petroleum Co.(a) | 2,855 | 94,615 | |
Chord Energy Corp. | 2,333 | 332,056 | |
Civitas Resources, Inc. | 2,790 | 192,650 | |
CNX Resources Corp.(a) | 9,353 | 145,252 | |
Comstock Resources, Inc. | 5,170 | 59,455 | |
CONSOL Energy, Inc. | 1,884 | 111,797 | |
CVR Energy, Inc. | 1,679 | 44,225 | |
Dorian LPG Ltd. | 1,830 | 40,663 | |
DT Midstream, Inc. | 5,010 | 246,843 | |
Equitrans Midstream Corp. | 24,280 | 125,042 | |
Green Plains, Inc.(a) | 3,219 | 109,993 | |
HF Sinclair Corp. | 7,258 | 320,150 | |
Matador Resources Co. | 6,045 | 296,386 | |
Murphy Oil Corp. | 7,700 | 282,667 | |
Northern Oil and Gas, Inc. | 3,420 | 113,441 | |
Par Pacific Holdings, Inc.(a) | 3,136 | 73,476 | |
PBF Energy, Inc., Class A | 6,181 | 215,470 | |
PDC Energy, Inc. | 4,940 | 321,347 | |
Range Resources Corp. | 13,021 | 344,405 | |
Ranger Oil Corp., Class A | 1,237 | 50,964 | |
REX American Resources Corp.(a) | 830 | 23,481 | |
SM Energy Co. | 6,590 | 185,047 | |
Southwestern Energy Co.(a) | 61,200 | 317,628 | |
Talos Energy, Inc.(a) | 3,810 | 51,930 | |
Vital Energy, Inc.(a) | 1,052 | 48,950 | |
World Fuel Services Corp. | 3,267 | 77,232 | |
4,776,462 | |||
PAPER & FOREST PRODUCTS - 0.2% | |||
Clearwater Paper Corp.(a) | 980 | 35,378 | |
Louisiana-Pacific Corp. | 3,773 | 225,399 | |
Mercer International, Inc. | 3,670 | 35,709 | |
Sylvamo Corp. | 1,920 | 87,975 | |
384,461 | |||
PASSENGER AIRLINES - 0.3% | |||
Allegiant Travel Co.(a) | 1,139 | 118,353 | |
Hawaiian Holdings, Inc.(a) | 3,750 | 31,238 |
Shares | Value | ||
JetBlue Airways Corp.(a) | 20,350 | $ 145,299 | |
SkyWest, Inc.(a) | 2,884 | 81,617 | |
Sun Country Airlines Holdings, Inc.(a) | 2,350 | 46,366 | |
422,873 | |||
PERSONAL CARE PRODUCTS - 0.8% | |||
BellRing Brands, Inc.(a) | 7,269 | 261,611 | |
Coty, Inc., Class A(a) | 19,814 | 235,192 | |
Edgewell Personal Care Co. | 2,983 | 130,268 | |
elf Beauty, Inc.(a) | 2,841 | 263,531 | |
Inter Parfums, Inc. | 1,025 | 155,585 | |
Medifast, Inc. | 671 | 61,497 | |
Nu Skin Enterprises, Inc., Class A | 2,850 | 112,461 | |
USANA Health Sciences, Inc.(a) | 707 | 46,924 | |
1,267,069 | |||
PHARMACEUTICALS - 0.9% | |||
Amphastar Pharmaceuticals, Inc.(a) | 2,550 | 91,213 | |
Cara Therapeutics, Inc.(a) | 2,880 | 12,096 | |
Collegium Pharmaceutical, Inc.(a) | 2,110 | 49,100 | |
Harmony Biosciences Holdings, Inc.(a) | 1,869 | 60,257 | |
Innoviva, Inc.(a) | 4,480 | 52,550 | |
Jazz Pharmaceuticals PLC(a) | 3,456 | 485,464 | |
Ligand Pharmaceuticals, Inc.(a) | 989 | 75,510 | |
Pacira BioSciences, Inc.(a) | 2,600 | 117,806 | |
Perrigo Co. PLC | 7,426 | 276,173 | |
Phibro Animal Health Corp., Class A | 1,400 | 21,784 | |
Prestige Consumer Healthcare, Inc.(a) | 2,840 | 174,745 | |
Supernus Pharmaceuticals, Inc.(a) | 3,160 | 116,478 | |
1,533,176 | |||
PROFESSIONAL SERVICES - 3.2% | |||
ASGN, Inc.(a) | 5,013 | 358,881 | |
CACI International, Inc., Class A(a) | 1,314 | 411,702 | |
Concentrix Corp. | 2,464 | 237,801 | |
CSG Systems International, Inc. | 1,900 | 100,092 | |
ExlService Holdings, Inc.(a) | 1,845 | 329,111 | |
Exponent, Inc. | 2,920 | 268,786 | |
Forrester Research, Inc.(a) | 780 | 24,133 | |
FTI Consulting, Inc.(a) | 1,904 | 343,672 | |
Genpact Ltd. | 9,011 | 401,440 | |
Heidrick & Struggles International, Inc. | 1,020 | 25,612 | |
Insperity, Inc. | 2,058 | 252,023 | |
KBR, Inc. | 7,456 | 422,979 | |
Kelly Services, Inc., Class A | 12,010 | 197,084 | |
Korn Ferry | 3,080 | 147,902 | |
ManpowerGroup, Inc. | 4,973 | 376,506 | |
Maximus, Inc. | 3,295 | 275,627 |
Shares | Value | ||
NV5 Global, Inc.(a) | 754 | $ 71,426 | |
Paylocity Holding Corp.(a) | 2,271 | 438,961 | |
Resources Connection, Inc. | 2,150 | 31,368 | |
Science Applications International Corp. | 3,025 | 308,641 | |
TrueBlue, Inc.(a) | 10,932 | 165,620 | |
TTEC Holdings, Inc. | 1,281 | 43,644 | |
Verra Mobility Corp.(a) | 3,918 | 66,410 | |
5,299,421 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% | |||
Anywhere Real Estate, Inc.(a) | 28,780 | 183,329 | |
Cushman & Wakefield PLC(a) | 6,470 | 63,729 | |
Douglas Elliman, Inc. | 2,230 | 7,114 | |
Jones Lang LaSalle, Inc.(a) | 4,021 | 559,080 | |
Marcus & Millichap, Inc. | 1,880 | 59,164 | |
RE/MAX Holdings, Inc., Class A | 930 | 17,958 | |
St Joe Co. (The) | 2,435 | 100,078 | |
990,452 | |||
RESIDENTIAL REAL ESTATE INVESTMENT TRUSTS - 0.5% | |||
Apartment Income REIT Corp. | 9,258 | 342,361 | |
Centerspace | 1,516 | 85,472 | |
Elme Communities | 5,140 | 88,562 | |
Independence Realty Trust, Inc. | 12,600 | 209,790 | |
NexPoint Residential Trust, Inc. | 2,060 | 88,436 | |
Veris Residential, Inc.(a) | 4,646 | 75,962 | |
890,583 | |||
RETAIL REAL ESTATE INVESTMENT TRUSTS - 1.6% | |||
Acadia Realty Trust | 5,897 | 79,668 | |
Agree Realty Corp. | 5,186 | 352,596 | |
Brixmor Property Group, Inc. | 18,832 | 401,687 | |
Getty Realty Corp. | 2,470 | 82,325 | |
Kite Realty Group Trust | 12,926 | 267,827 | |
Macerich Co. (The) | 12,789 | 127,762 | |
National Retail Properties, Inc. | 11,045 | 480,458 | |
Retail Opportunity Investments Corp. | 8,910 | 116,097 | |
RPT Realty | 4,060 | 37,758 | |
Saul Centers, Inc. | 1,102 | 39,705 | |
SITE Centers Corp. | 11,131 | 137,357 | |
Spirit Realty Capital, Inc. | 8,290 | 318,833 | |
Tanger Factory Outlet Centers, Inc. | 6,055 | 118,739 | |
Urban Edge Properties | 6,590 | 96,675 | |
Urstadt Biddle Properties, Inc., Class A | 2,370 | 40,811 | |
Whitestone REIT | 1,040 | 9,308 | |
2,707,606 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | |||
Allegro MicroSystems, Inc.(a) | 3,274 | 117,111 |
Shares | Value | ||
Alpha & Omega Semiconductor Ltd.(a) | 1,300 | $ 31,044 | |
Amkor Technology, Inc. | 5,147 | 115,138 | |
Axcelis Technologies, Inc.(a) | 1,787 | 211,402 | |
CEVA, Inc.(a) | 1,400 | 35,182 | |
Cirrus Logic, Inc.(a) | 4,666 | 400,296 | |
Cohu, Inc.(a) | 2,700 | 91,368 | |
Diodes, Inc.(a) | 2,521 | 200,924 | |
FormFactor, Inc.(a) | 3,952 | 107,929 | |
Ichor Holdings Ltd.(a) | 1,700 | 47,345 | |
Kulicke & Soffa Industries, Inc. | 3,018 | 143,838 | |
Lattice Semiconductor Corp.(a) | 7,275 | 579,817 | |
MACOM Technology Solutions Holdings, Inc.(a) | 3,035 | 177,062 | |
MaxLinear, Inc.(a) | 3,734 | 90,101 | |
MKS Instruments, Inc. | 2,982 | 250,100 | |
Onto Innovation, Inc.(a) | 2,745 | 222,290 | |
PDF Solutions, Inc.(a) | 1,850 | 66,693 | |
Photronics, Inc.(a) | 3,500 | 50,610 | |
Power Integrations, Inc. | 3,021 | 219,868 | |
Rambus, Inc.(a) | 5,634 | 249,812 | |
Semtech Corp.(a) | 3,481 | 67,845 | |
Silicon Laboratories, Inc.(a) | 1,715 | 238,900 | |
SiTime Corp.(a) | 871 | 94,477 | |
SMART Global Holdings, Inc.(a) | 2,820 | 43,484 | |
Synaptics, Inc.(a) | 2,226 | 197,135 | |
Ultra Clean Holdings, Inc.(a) | 2,670 | 76,202 | |
Universal Display Corp. | 3,567 | 476,052 | |
Veeco Instruments, Inc.(a) | 3,049 | 56,163 | |
Wolfspeed, Inc.(a) | 6,662 | 310,116 | |
4,968,304 | |||
SOFTWARE - 2.4% | |||
8x8, Inc.(a) | 7,020 | 20,147 | |
A10 Networks, Inc. | 3,800 | 53,732 | |
ACI Worldwide, Inc.(a) | 6,207 | 157,223 | |
Adeia, Inc. | 7,949 | 60,730 | |
Alarm.com Holdings, Inc.(a) | 2,790 | 133,055 | |
Aspen Technology, Inc.(a) | 1,598 | 282,846 | |
Blackbaud, Inc.(a) | 2,610 | 181,016 | |
Cerence, Inc.(a) | 2,290 | 58,509 | |
CommVault Systems, Inc.(a) | 2,646 | 154,182 | |
Consensus Cloud Solution, Inc.(a) | 1,172 | 43,751 | |
Digital Trubine, Inc.(a) | 5,209 | 61,102 | |
DoubleVerify Holdings, Inc.(a) | 4,260 | 125,329 | |
Dynatrace, Inc.(a) | 11,757 | 497,086 | |
Ebix, Inc. | 1,630 | 26,504 | |
Envestnet, Inc.(a) | 3,032 | 192,168 | |
InterDigital, Inc. | 1,609 | 108,994 |
Shares | Value | ||
LivePerson, Inc.(a) | 4,190 | $ 19,400 | |
LiveRamp Holdings, Inc.(a) | 3,529 | 85,014 | |
Manhattan Associates, Inc.(a) | 3,357 | 556,188 | |
NCR Corp.(a) | 7,740 | 172,525 | |
OneSpan, Inc.(a) | 2,560 | 37,734 | |
Progress Software Corp. | 2,750 | 150,920 | |
Qualys, Inc.(a) | 1,978 | 223,395 | |
SPS Commerce, Inc.(a) | 2,009 | 295,926 | |
Teradata Corp.(a) | 5,584 | 216,157 | |
Xperi, Inc.(a) | 2,495 | 23,678 | |
3,937,311 | |||
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.8% | |||
CubeSmart | 11,708 | 532,597 | |
EPR Properties | 4,350 | 182,526 | |
Four Corners Property Trust, Inc. | 5,596 | 142,754 | |
Lamar Advertising Co., Class A | 4,906 | 518,466 | |
Life Storage, Inc. | 4,695 | 630,914 | |
National Storage Affiliates Trust | 5,228 | 201,539 | |
Outfront Media, Inc. | 8,400 | 139,944 | |
PotlatchDeltic Corp. | 4,590 | 212,196 | |
Rayonier, Inc. | 8,244 | 258,532 | |
Safehold, Inc. | 2,623 | 72,710 | |
Uniti Group, Inc. | 15,294 | 52,305 | |
2,944,483 | |||
SPECIALTY RETAIL - 3.9% | |||
Aaron's Co., Inc. (The) | 2,165 | 28,903 | |
Abercrombie & Fitch Co., Class A(a) | 2,980 | 70,149 | |
Academy Sports & Outdoors, Inc. | 4,327 | 274,851 | |
American Eagle Outfitters, Inc. | 9,910 | 132,695 | |
America's Car-Mart, Inc.(a) | 471 | 37,864 | |
Asbury Automotive Group, Inc.(a) | 1,253 | 242,405 | |
AutoNation, Inc.(a) | 2,066 | 272,092 | |
Boot Barn Holdings, Inc.(a) | 1,812 | 131,316 | |
Buckle, Inc. (The) | 2,055 | 68,904 | |
Caleres, Inc. | 2,285 | 52,098 | |
Chico's FAS, Inc.(a) | 8,030 | 40,471 | |
Children's Place, Inc. (The)(a) | 887 | 26,291 | |
Designer Brands, Inc., Class A | 3,640 | 29,812 | |
Dick's Sporting Goods, Inc. | 3,263 | 473,168 | |
Five Below, Inc.(a) | 3,031 | 598,198 | |
Foot Locker, Inc. | 4,385 | 184,126 | |
GameStop Corp., Class A(a) | 13,656 | 263,424 | |
Gap, Inc. (The) | 12,475 | 119,760 | |
Genesco, Inc.(a) | 935 | 32,407 | |
Group 1 Automotive, Inc. | 1,623 | 364,331 | |
Guess?, Inc. | 2,710 | 51,083 |
Shares | Value | ||
Haverty Furniture Cos., Inc. | 1,000 | $ 30,140 | |
Hibbett, Inc. | 3,823 | 207,704 | |
Leslie's, Inc.(a) | 8,617 | 93,494 | |
Lithia Motors, Inc. | 1,559 | 344,368 | |
MarineMax, Inc.(a) | 1,487 | 43,301 | |
Monro, Inc. | 2,082 | 101,768 | |
National Vision Holdings, Inc.(a) | 4,530 | 95,311 | |
ODP Corp. (The)(a) | 2,418 | 104,482 | |
PetMed Express, Inc. | 1,470 | 22,594 | |
RH (a) | 1,093 | 278,857 | |
Sally Beauty Holdings, Inc.(a) | 6,182 | 87,970 | |
Shoe Carnival, Inc. | 1,370 | 31,853 | |
Signet Jewelers Ltd. | 2,684 | 197,489 | |
Sleep Number Corp.(a) | 1,423 | 32,089 | |
Sonic Automotive, Inc., Class A | 1,346 | 59,924 | |
Upbound Group, Inc. | 3,060 | 81,580 | |
Urban Outfitters, Inc.(a) | 3,548 | 96,009 | |
Valvoline, Inc. | 9,366 | 323,595 | |
Victoria's Secret & Co.(a) | 4,450 | 137,994 | |
Williams-Sonoma, Inc. | 5,050 | 611,252 | |
Zumiez, Inc.(a) | 1,170 | 20,457 | |
6,496,579 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.3% | |||
Avid Technology, Inc.(a) | 2,020 | 59,610 | |
Corsair Gaming, Inc.(a) | 2,360 | 41,111 | |
Super Micro Computer, Inc.(a) | 2,568 | 270,745 | |
Xerox Holdings Corp. | 4,997 | 78,303 | |
449,769 | |||
TEXTILES, APPAREL & LUXURY GOODS - 2.0% | |||
Capri Holdings Ltd.(a) | 6,838 | 283,777 | |
Carter's, Inc. | 2,431 | 169,611 | |
Columbia Sportswear Co. | 2,324 | 194,147 | |
Crocs, Inc.(a) | 3,336 | 412,563 | |
Deckers Outdoor Corp.(a) | 1,772 | 849,390 | |
G-III Apparel Group Ltd.(a) | 2,890 | 45,373 | |
Hanesbrands, Inc. | 25,947 | 135,962 | |
Kontoor Brands, Inc. | 2,850 | 128,734 | |
Movado Group, Inc. | 1,806 | 46,270 | |
Oxford Industries, Inc. | 873 | 90,085 | |
PVH Corp. | 3,426 | 293,985 | |
Skechers USA, Inc., Class A(a) | 7,264 | 386,372 | |
Steven Madden Ltd. | 3,892 | 136,376 | |
Under Armour, Inc., Class A(a) | 13,750 | 121,963 | |
Under Armour, Inc., Class C(a) | 6,490 | 52,180 | |
Wolverine World Wide, Inc. | 4,373 | 73,204 | |
3,419,992 |
Shares | Value | ||
TRADING COMPANIES & DISTRIBUTORS - 1.3% | |||
Applied Industrial Technologies, Inc. | 2,152 | $ 291,940 | |
Boise Cascade Co. | 2,289 | 156,362 | |
DXP Enterprises, Inc.(a) | 1,150 | 28,980 | |
GATX Corp. | 2,088 | 237,844 | |
GMS, Inc.(a) | 2,345 | 136,151 | |
MSC Industrial Direct Co., Inc., Class A | 2,699 | 244,880 | |
NOW, Inc.(a) | 5,970 | 63,700 | |
Univar Solutions, Inc.(a) | 8,551 | 303,560 | |
Veritiv Corp. | 746 | 85,693 | |
Watsco, Inc. | 1,791 | 620,367 | |
2,169,477 | |||
WATER UTILITIES - 0.7% | |||
American States Water Co. | 2,258 | 200,397 | |
California Water Service Group | 3,146 | 176,428 | |
Essential Utilities, Inc. | 12,921 | 551,727 | |
Middlesex Water Co. | 1,122 | 81,883 | |
SJW Group | 1,779 | 135,062 | |
1,145,497 | |||
WIRELESS TELECOMMUNICATION SERVICES - 0.1% | |||
Gogo, Inc.(a) | 3,880 | 52,031 | |
Shenandoah Telecommunications Co. | 2,630 | 54,730 | |
Telephone and Data Systems, Inc. | 6,230 | 62,300 | |
169,061 | |||
TOTAL COMMON STOCKS (COST $166,327,250) | 166,726,165 | ||
RIGHTS - 0.0% | |||
BIOTECHNOLOGY - 0.0% | |||
Omniab, Inc.(a)(b)(c) | 734 | — | |
Progenics Pharmaceuticals, Inc.(a)(b)(c) | 7,180 | — | |
— | |||
TOTAL RIGHTS (COST $—) | — |
Shares | Value | ||
MONEY MARKET FUND - 0.3% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.56%(d) | 543,836 | $ 543,836 | |
TOTAL MONEY MARKET FUND (COST $543,836) | 543,836 | ||
TOTAL INVESTMENTS (COST $166,871,086) - 100.0% | 167,270,001 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% | 6,083 | ||
NET ASSETS - 100.0% | $ 167,276,084 | ||
(a) | Represents non-income producing security. |
(b) | Security is a Level 3 investment. |
(c) | Amounts designated as ‘‘—’’ are $0 or have been rounded to $0. |
(d) | 7-day current yield as of April 30, 2023 is disclosed. |
N.V. — Naamloze Vennootschap |
PLC — Public Limited Company |
REIT — Real Estate Investment Trust |
Steward Covered Call Income Fund | Steward Equity Market Neutral Fund | Steward Global Equity Income Fund | |||
Assets: | |||||
Investments, at value (cost $57,198,236, $68,605,036 and $338,938,573, respectively) | $ 58,000,064 | $ 70,383,160 | $351,945,628 | ||
Cash | — | 121,884 | — | ||
Cash held at broker | — | 60,428,754 | — | ||
Interest and dividend receivable | 61,526 | 238,395 | 1,997,535 | ||
Receivable for investments sold | 15,225 | 874,153 | — | ||
Receivable for capital shares issued | 167,783 | 139,566 | 189,334 | ||
Reclaims receivable | — | — | 94,759 | ||
Prepaid expenses and other assets | 6,413 | 3,668 | 13,988 | ||
Total assets | 58,251,011 | 132,189,580 | 354,241,244 | ||
Liabilities: | |||||
Payable for investments purchased | — | 622,896 | 149,547 | ||
Payable for capital shares redeemed | 221,791 | 565,471 | 104,098 | ||
Short positions at fair value (proceeds $0, $56,697,724 and $0, respectively) | — | 54,489,907 | — | ||
Written options at fair value (premiums received $1,324,091, $0 and $0, respectively) | 2,386,941 | — | — | ||
Accrued expenses and other payables: | |||||
Investment advisory fees | 11,652 | 63,325 | 180,265 | ||
Administration fees | 3,380 | 4,749 | 21,632 | ||
Distribution fees - Class A | 300 | 1,382 | 9,970 | ||
Distribution fees - Class C | 2,227 | — | 1,406 | ||
Dividends on short sales | — | 6,970 | — | ||
Sub-accounting service fees - Class A | 145 | 52 | 686 | ||
Sub-accounting service fees - Class C | 86 | — | 110 | ||
Sub-accounting service fees - Institutional Class | 749 | 10,241 | 20,781 | ||
Fund accounting and sub-administration fees | 10,667 | 10,666 | 29,473 | ||
Transfer agent fees | 5,000 | 1,250 | 5,000 | ||
Custodian fees | 7,182 | 2,930 | 10,277 | ||
Directors fees | 9 | 3 | 13 | ||
Printing fees | 502 | 934 | 3,332 | ||
Professional fees | 7,960 | 13,156 | 55,534 | ||
Other accrued liabilities | 6,344 | 8,932 | 13,964 | ||
Total liabilities | 2,664,935 | 55,802,864 | 606,088 | ||
Net Assets | $ 55,586,076 | $ 76,386,716 | $353,635,156 | ||
Composition of Net Assets: | |||||
Capital (par value and paid-in surplus) | 58,621,378 | 72,558,797 | 343,619,664 | ||
Total distributable earnings/(accumulated deficit) | (3,035,302) | 3,827,919 | 10,015,492 | ||
Net Assets | $ 55,586,076 | $ 76,386,716 | $353,635,156 | ||
Class A | |||||
Net Assets | $ 735,312 | $ 6,605,029 | $ 18,217,273 | ||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 98,444 | 237,576 | 632,143 | ||
Net asset value, offering and redemption price per share(a) | $ 7.47 | $ 27.80 | $ 28.82 | ||
Class C | |||||
Net Assets | $ 1,100,440 | — | $ 1,060,719 | ||
Shares authorized | 15,000,000 | — | 15,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 148,210 | — | 34,835 | ||
Net asset value, offering and redemption price per share(a) | $ 7.42 | — | $ 30.45 | ||
Class R6 | |||||
Net Assets | $ 3,260 | — | $ 315,552 | ||
Shares authorized | 16,000,000 | — | 16,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 433 | — | 11,781 | ||
Net asset value, offering and redemption price per share(a) | $ 7.53 | — | $ 26.79 | ||
Institutional Class | |||||
Net Assets | $ 53,747,064 | $ 69,781,687 | $334,041,612 | ||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 7,113,036 | 2,500,138 | 11,573,623 | ||
Net asset value, offering and redemption price per share(a) | $ 7.56 | $ 27.91 | $ 28.86 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Steward International Enhanced Index Fund | Steward Large Cap Core Fund | Steward Large Cap Growth Fund | |||
Assets: | |||||
Investments, at value (cost $211,241,438, $78,358,767 and $73,815,325, respectively) | $214,208,958 | $ 78,964,218 | $ 75,086,031 | ||
Interest and dividend receivable | 891,013 | 28,542 | 12,608 | ||
Receivable for investments sold | 66,828 | 190,816 | 646,440 | ||
Receivable for capital shares issued | 108,997 | 23,663 | 33,630 | ||
Reclaims receivable | 184,307 | — | — | ||
Prepaid expenses and other assets | 9,922 | 3,410 | 4,901 | ||
Total assets | 215,470,025 | 79,210,649 | 75,783,610 | ||
Liabilities: | |||||
Payable for investments purchased | — | 297,325 | 736,828 | ||
Payable for capital shares redeemed | 44,721 | 14,756 | 120,251 | ||
Accrued expenses and other payables: | |||||
Investment advisory fees | 64,921 | 10,554 | 3,235 | ||
Administration fees | 13,340 | 4,820 | 4,543 | ||
Distribution fees - Class A | 909 | 455 | 291 | ||
Dividends on short sales | — | — | — | ||
Sub-accounting service fees - Class A | 415 | 52 | 32 | ||
Sub-accounting service fees - Institutional Class | 10,289 | 2,306 | 3,168 | ||
Fund accounting and sub-administration fees | 18,941 | 10,667 | 10,666 | ||
Transfer agent fees | 5,000 | 1,250 | 1,250 | ||
Custodian fees | 5,382 | 2,540 | 2,498 | ||
Directors fees | 2 | — | 13 | ||
Printing fees | 1,901 | 721 | 761 | ||
Professional fees | 33,946 | 12,545 | 11,854 | ||
Other accrued liabilities | 5,452 | 4,373 | 6,210 | ||
Total liabilities | 205,219 | 362,364 | 901,600 | ||
Net Assets | $215,264,806 | $ 78,848,285 | $ 74,882,010 | ||
Composition of Net Assets: | |||||
Capital (par value and paid-in surplus) | 211,311,915 | 88,226,647 | 80,167,352 | ||
Total distributable earnings/(accumulated deficit) | 3,952,891 | (9,378,362) | (5,285,342) | ||
Net Assets | $215,264,806 | $ 78,848,285 | $ 74,882,010 | ||
Class A | |||||
Net Assets | $ 4,058,299 | $ 490,405 | $ 326,003 | ||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 183,738 | 22,860 | 15,801 | ||
Net asset value, offering and redemption price per share(a) | $ 22.09 | $ 21.45 | $ 20.63 | ||
Class C | |||||
Net Assets | $ 4,608 | — | — | ||
Shares authorized | 15,000,000 | — | — | ||
Shares issued and outstanding ($0.001 par value) | 258 | — | — | ||
Net asset value, offering and redemption price per share(a) | $ 17.86 | — | — | ||
Class R6 | |||||
Net Assets | $ 548,152 | — | — | ||
Shares authorized | 16,000,000 | — | — | ||
Shares issued and outstanding ($0.001 par value) | 29,930 | — | — | ||
Net asset value, offering and redemption price per share(a) | $ 18.31 | — | — | ||
Institutional Class | |||||
Net Assets | $210,653,747 | $ 78,357,880 | $ 74,556,007 | ||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 9,526,972 | 3,644,098 | 3,604,587 | ||
Net asset value, offering and redemption price per share(a) | $ 22.11 | $ 21.50 | $ 20.68 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Steward Large Cap Value Fund | Steward Select Bond Fund | Steward Small Cap Growth Fund | |||
Assets: | |||||
Investments, at value (cost $62,735,169, $170,167,481 and $31,799,761, respectively) | $ 63,330,791 | $155,505,968 | $ 24,995,221 | ||
Interest and dividend receivable | 39,974 | 1,233,779 | 828 | ||
Receivable for investments sold | 715,490 | — | — | ||
Receivable for capital shares issued | 21,549 | 175,421 | 10,361 | ||
Receivable from Adviser | — | — | 86 | ||
Prepaid expenses and other assets | 3,686 | 8,985 | 1,701 | ||
Total assets | 64,111,490 | 156,924,153 | 25,008,197 | ||
Liabilities: | |||||
Payable for investments purchased | 789,468 | — | — | ||
Payable for when-issued securities | — | 1,500,000 | — | ||
Payable for capital shares redeemed | 14,115 | 177,175 | 6,416 | ||
Accrued expenses and other payables: | |||||
Investment advisory fees | 8,523 | 39,791 | — | ||
Administration fees | 3,875 | 9,474 | 1,552 | ||
Distribution fees - Class A | 465 | 1,595 | 175 | ||
Distribution fees - Class C | — | 267 | — | ||
Dividends on short sales | — | — | — | ||
Sub-accounting service fees - Class A | 54 | 172 | 20 | ||
Sub-accounting service fees - Institutional Class | 1,703 | 4,916 | 24 | ||
Fund accounting and sub-administration fees | 10,666 | 13,632 | 10,667 | ||
Transfer agent fees | 1,250 | 5,000 | 1,250 | ||
Custodian fees | 2,318 | 3,876 | 951 | ||
Directors fees | — | 6 | — | ||
Printing fees | 560 | 1,379 | 220 | ||
Professional fees | 9,993 | 24,845 | 4,043 | ||
Other accrued liabilities | 3,633 | 5,538 | 3,043 | ||
Total liabilities | 846,623 | 1,787,666 | 28,361 | ||
Net Assets | $ 63,264,867 | $155,136,487 | $ 24,979,836 | ||
Composition of Net Assets: | |||||
Capital (par value and paid-in surplus) | 68,727,617 | 172,655,774 | 36,137,814 | ||
Total accumulated deficit | (5,462,750) | (17,519,287) | (11,157,978) | ||
Net Assets | $ 63,264,867 | $155,136,487 | $ 24,979,836 | ||
Class A | |||||
Net Assets | $ 639,762 | $ 2,739,929 | $ 170,341 | ||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 28,279 | 123,410 | 9,979 | ||
Net asset value, offering and redemption price per share(a) | $ 22.62 | $ 22.20 | $ 17.07 | ||
Class C | |||||
Net Assets | — | $ 129,479 | — | ||
Shares authorized | — | 13,000,000 | — | ||
Shares issued and outstanding ($0.001 par value) | — | 5,158 | — | ||
Net asset value, offering and redemption price per share(a) | — | $ 25.10 | — | ||
Class R6 | |||||
Net Assets | — | $ 924 | — | ||
Shares authorized | — | 16,000,000 | — | ||
Shares issued and outstanding ($0.001 par value) | — | 38 | — | ||
Net asset value, offering and redemption price per share(a) | — | $ 24.69 | — | ||
Institutional Class | |||||
Net Assets | $ 62,625,105 | $152,266,155 | $ 24,809,495 | ||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Shares issued and outstanding ($0.001 par value) | 2,760,292 | 6,895,633 | 1,448,487 | ||
Net asset value, offering and redemption price per share(a) | $ 22.69 | $ 22.08 | $ 17.13 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Steward Values-Focused Large Cap Enhanced Index Fund | Steward Values-Focused Small-Mid Cap Enhanced Index Fund | ||
Assets: | |||
Investments, at value (cost $195,301,900 and $166,871,086, respectively) | $210,312,626 | $167,270,001 | |
Interest and dividend receivable | 158,501 | 67,004 | |
Receivable for investments sold | — | 51,000 | |
Receivable for capital shares issued | 67,494 | 115,037 | |
Prepaid expenses and other assets | 13,359 | 10,317 | |
Total assets | 210,551,980 | 167,513,359 | |
Liabilities: | |||
Payable for capital shares redeemed | 174,541 | 108,745 | |
Accrued expenses and other payables: | |||
Investment advisory fees | 37,180 | 30,510 | |
Administration fees | 12,970 | 10,643 | |
Distribution fees - Class A | 1,739 | 12,640 | |
Distribution fees - Class C | 161 | — | |
Dividends on short sales | — | — | |
Sub-accounting service fees - Class A | — | 646 | |
Sub-accounting service fees - Class C | 2 | — | |
Sub-accounting service fees - Institutional Class | 8,441 | 8,546 | |
Fund accounting and sub-administration fees | 18,534 | 15,976 | |
Transfer agent fees | 5,000 | 5,000 | |
Custodian fees | 6,207 | 8,886 | |
Printing fees | 1,907 | 1,547 | |
Professional fees | 33,841 | 27,644 | |
Other accrued liabilities | 10,555 | 6,492 | |
Total liabilities | 311,078 | 237,275 | |
Net Assets | $210,240,902 | $167,276,084 | |
Composition of Net Assets: | |||
Capital (par value and paid-in surplus) | 190,821,691 | 162,572,080 | |
Total distributable earnings | 19,419,211 | 4,704,004 | |
Net Assets | $210,240,902 | $167,276,084 | |
Class A | |||
Net Assets | $ 9,707,356 | $ 41,713,158 | |
Shares authorized | 16,000,000 | 16,000,000 | |
Shares issued and outstanding ($0.001 par value) | 357,000 | 3,801,478 | |
Net asset value, offering and redemption price per share(a) | $ 27.19 | $ 10.97 | |
Class C | |||
Net Assets | $ 36,308 | $ 11,468 | |
Shares authorized | 15,000,000 | 15,000,000 | |
Shares issued and outstanding ($0.001 par value) | 1,722 | 1,207 | |
Net asset value, offering and redemption price per share(a) | $ 21.08 | $ 9.50 | |
Class R6 | |||
Net Assets | $ 538,218 | $ 311,227 | |
Shares authorized | 16,000,000 | 16,000,000 | |
Shares issued and outstanding ($0.001 par value) | 24,485 | 31,402 | |
Net asset value, offering and redemption price per share(a) | $ 21.98 | $ 9.91 | |
Institutional Class | |||
Net Assets | $199,959,020 | $125,240,231 | |
Shares authorized | 20,000,000 | 20,000,000 | |
Shares issued and outstanding ($0.001 par value) | 7,376,855 | 11,080,131 | |
Net asset value, offering and redemption price per share(a) | $ 27.11 | $ 11.30 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Steward Covered Call Income Fund | Steward Equity Market Neutral Fund | Steward Global Equity Income Fund | |||
Investment Income: | |||||
Dividends (net of foreign witholding tax of $363, $581 and $1,031,351, respectively) | $ 765,013 | $ 1,257,648 | $ 12,376,534 | ||
Rebates on short sales, net of fees | — | 918,227 | — | ||
Total investment income | 765,013 | 2,175,875 | 12,376,534 | ||
Expenses: | |||||
Dividends on securities sold short | — | 310,270 | — | ||
Investment advisory fees | 247,172 | 595,498 | 1,930,165 | ||
Administration fees | 29,661 | 44,662 | 231,620 | ||
Distribution fees - Class A | 1,248 | 3,091 | 45,960 | ||
Distribution fees - Class C | 6,139 | — | 8,529 | ||
Sub-accounting services fees - Class A | 709 | 644 | 18,138 | ||
Sub-accounting services fees - Class C | 755 | — | 1,032 | ||
Sub-accounting services fees - Institutional Class | 40,564 | 82,348 | 314,551 | ||
Fund accounting and sub-administration fees | 64,000 | 64,000 | 162,794 | ||
Transfer agent fees | 30,000 | 7,500 | 30,000 | ||
Custodian fees | 54,701 | 15,283 | 56,160 | ||
Registration fees | 62,472 | 52,277 | 71,227 | ||
Directors fees | 8,638 | 13,101 | 78,040 | ||
Professional fees | 16,294 | 24,860 | 121,235 | ||
Printing fees | 4,625 | 2,935 | 35,356 | ||
Chief compliance officer fees | 6,569 | 9,155 | 53,470 | ||
Miscellaneous fees | 30,997 | 38,155 | 57,859 | ||
Total expenses | 604,544 | 1,263,779 | 3,216,136 | ||
Fees waived/reimbursed by the Adviser | (201,684) | — | — | ||
Net expenses | 402,860 | 1,263,779 | 3,216,136 | ||
Net investment income/(loss) | 362,153 | 912,096 | 9,160,398 | ||
Realized and Unrealized Gain/(Loss): | |||||
Net realized gains/(losses) from investment transactions and foreign currency translations | (3,188,114) | (2,530,200) | 994,975 | ||
Net realized gains on investment securities sold short | — | 2,033,696 | — | ||
Net realized gains on options transactions | 3,867,068 | — | — | ||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | 2,831,063 | 3,807,562 | (15,847,203) | ||
Change in unrealized depreciation on investment securities sold short | — | (1,799,464) | — | ||
Change in unrealized depreciation on options transactions | (1,067,116) | — | — | ||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | 2,442,901 | 1,511,594 | (14,852,228) | ||
Change in net assets resulting from operations | $ 2,805,054 | $ 2,423,690 | $ (5,691,830) |
Steward International Enhanced Index Fund | Steward Large Cap Core Fund | Steward Large Cap Growth Fund | |||
Investment Income: | |||||
Dividends (net of foreign witholding tax of $1,011,599, $0 and $0, respectively) | $ 7,313,522 | $ 1,262,036 | $ 760,261 | ||
Non-cash dividend income | 630,430 | — | — | ||
Total investment income | 7,943,952 | 1,262,036 | 760,261 | ||
Expenses: | |||||
Investment advisory fees | 736,199 | 360,811 | 292,233 | ||
Administration fees | 151,273 | 54,122 | 43,835 | ||
Distribution fees - Class A | 11,896 | 1,122 | 677 | ||
Distribution fees - Class C | 4 | — | — | ||
Sub-accounting services fees - Class A | 5,935 | 571 | 335 | ||
Sub-accounting services fees - Institutional Class | 226,200 | 90,248 | 72,278 | ||
Fund accounting and sub-administration fees | 110,332 | 64,000 | 64,000 | ||
Transfer agent fees | 30,000 | 7,500 | 7,500 | ||
Custodian fees | 31,761 | 14,369 | 13,577 | ||
Registration fees | 62,458 | 34,102 | 39,048 | ||
Directors fees | 51,734 | 18,279 | 14,204 | ||
Professional fees | 76,505 | 27,684 | 23,796 | ||
Printing fees | 19,569 | 4,453 | 3,321 | ||
Chief compliance officer fees | 34,451 | 11,386 | 9,006 | ||
Miscellaneous fees | 39,077 | 25,937 | 26,581 | ||
Total expenses | 1,587,394 | 714,584 | 610,391 | ||
Fees waived/reimbursed by the Adviser | — | (172,245) | (171,362) | ||
Net expenses | 1,587,394 | 542,339 | 439,029 | ||
Net investment income/(loss) | 6,356,558 | 719,697 | 321,232 | ||
Realized and Unrealized Gain/(Loss): | |||||
Net realized losses from investment transactions and foreign currency translations | (2,177,640) | (8,237,346) | (4,705,393) | ||
Change in unrealized appreciation on investment transactions and foreign currency translations | 3,162,701 | 8,539,843 | 7,265,881 | ||
Net realized and unrealized gains from investment transactions, foreign currency translations and options transactions | 985,061 | 302,497 | 2,560,488 | ||
Change in net assets resulting from operations | $ 7,341,619 | $ 1,022,194 | $ 2,881,720 |
Steward Large Cap Value Fund | Steward Select Bond Fund | Steward Small Cap Growth Fund | |||
Investment Income: | |||||
Dividends (net of foreign witholding tax of $0, $0 and $1,537, respectively) | $ 1,437,394 | $ — | $ 122,065 | ||
Interest | — | 3,625,325 | — | ||
Total investment income | 1,437,394 | 3,625,325 | 122,065 | ||
Expenses: | |||||
Investment advisory fees | 300,516 | 458,490 | 184,652 | ||
Administration fees | 45,078 | 109,165 | 18,465 | ||
Distribution fees - Class A | 1,284 | 7,326 | 434 | ||
Distribution fees - Class C | — | 337 | — | ||
Sub-accounting services fees - Class A | 616 | 2,073 | 203 | ||
Sub-accounting services fees - Class C | — | 30 | — | ||
Sub-accounting services fees - Institutional Class | 77,989 | 149,920 | 32,375 | ||
Fund accounting and sub-administration fees | 64,000 | 79,251 | 64,000 | ||
Transfer agent fees | 7,500 | 30,000 | 7,500 | ||
Custodian fees | 14,675 | 23,771 | 6,508 | ||
Registration fees | 33,821 | 56,800 | 32,982 | ||
Directors fees | 15,488 | 37,037 | 6,829 | ||
Professional fees | 22,721 | 56,780 | 9,058 | ||
Printing fees | 3,370 | 14,231 | 247 | ||
Chief compliance officer fees | 9,491 | 26,122 | 3,978 | ||
Miscellaneous fees | 24,183 | 38,196 | 20,540 | ||
Total expenses | 620,732 | 1,089,529 | 387,771 | ||
Fees waived/reimbursed by the Adviser | (168,673) | — | (141,135) | ||
Net expenses | 452,059 | 1,089,529 | 246,636 | ||
Net investment income/(loss) | 985,335 | 2,535,796 | (124,571) | ||
Realized and Unrealized Gain/(Loss): | |||||
Net realized losses from investment transactions and foreign currency translations | (5,211,896) | (899,152) | (3,995,248) | ||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | 4,793,248 | (1,572,441) | 1,749,574 | ||
Net realized and unrealized losses from investment transactions, foreign currency translations and options transactions | (418,648) | (2,471,593) | (2,245,674) | ||
Change in net assets resulting from operations | $ 566,687 | $ 64,203 | $ (2,370,245) |
Steward Values-Focused Large Cap Enhanced Index Fund | Steward Values-Focused Small-Mid Cap Enhanced Index Fund | ||
Investment Income: | |||
Dividends (net of foreign witholding tax of $812 and $0, respectively) | $ 3,520,663 | $ 2,786,490 | |
Total investment income | 3,520,663 | 2,786,490 | |
Expenses: | |||
Investment advisory fees | 449,019 | 370,915 | |
Administration fees | 156,635 | 129,389 | |
Distribution fees - Class A | 25,714 | 111,898 | |
Distribution fees - Class C | 191 | 4 | |
Sub-accounting services fees - Class A | 7,876 | 17,568 | |
Sub-accounting services fees - Class C | 28 | 9 | |
Sub-accounting services fees - Institutional Class | 189,308 | 135,839 | |
Fund accounting and sub-administration fees | 111,200 | 93,623 | |
Transfer agent fees | 30,000 | 30,000 | |
Custodian fees | 35,029 | 46,606 | |
Registration fees | 63,291 | 60,903 | |
Directors fees | 54,778 | 45,740 | |
Professional fees | 78,336 | 64,246 | |
Printing fees | 21,360 | 18,322 | |
Chief compliance officer fees | 38,835 | 30,868 | |
Miscellaneous fees | 44,988 | 38,700 | |
Total expenses | 1,306,588 | 1,194,630 | |
Net investment income/(loss) | 2,214,075 | 1,591,860 | |
Realized and Unrealized Gain/(Loss): | |||
Net realized gains from investment transactions and foreign currency translations | 4,083,513 | 7,414,786 | |
Change in unrealized depreciation on investment transactions and foreign currency translations | (3,004,991) | (10,868,601) | |
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | 1,078,522 | (3,453,815) | |
Change in net assets resulting from operations | $ 3,292,597 | $ (1,861,955) |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 362,153 | $ 128,317 | |
Net realized gain from investment transactions, foreign currency translations and option transactions | 678,954 | 7,133,592 | |
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translations and options | 1,763,947 | (5,569,649) | |
Change in net assets resulting from operations | 2,805,054 | 1,692,260 | |
Distributions to shareholders from: | |||
Class A | (56,618) | (3,005) | |
Class C | (89,182) | (46,169) | |
Class R6 | (270) | (210) | |
Institutional Class | (3,816,896) | (3,185,783) | |
Total distributions to shareholders | (3,962,966) | (3,235,167) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 686,384 | 111,974 | |
Dividends reinvested | 49,870 | 3,005 | |
Cost of shares redeemed | (93,512) | (23,578) | |
Change in Class A from capital transactions | 642,742 | 91,401 | |
Class C | |||
Proceeds from shares issued | 1,035,762 | 137,055 | |
Dividends reinvested | 79,732 | 46,169 | |
Cost of shares redeemed | (168,756) | (131,769) | |
Change in Class C from capital transactions | 946,738 | 51,455 | |
Class R6 | |||
Proceeds from shares issued | 9,538 | 1,000 | |
Dividends reinvested | 270 | 210 | |
Cost of shares redeemed | (7,644) | — | |
Change in Class R6 from capital transactions | 2,164 | 1,210 | |
Institutional Class | |||
Proceeds from shares issued | 34,812,569 | 15,293,238 | |
Dividends reinvested | 3,814,339 | 3,179,417 | |
Cost of shares redeemed | (6,722,340) | (30,218,252) | |
Change in Institutional Class from capital transactions | 31,904,568 | (11,745,597) | |
Change in net assets from capital transactions | 33,496,212 | (11,601,531) | |
Change in net assets | 32,338,300 | (13,144,438) | |
Net Assets: | |||
Beginning of period | 23,247,776 | 36,392,214 | |
End of period | $ 55,586,076 | $ 23,247,776 | |
Shares Transactions: | |||
Class A | |||
Issued | 91,587 | 13,227 | |
Reinvested | 7,166 | 357 | |
Redeemed | (12,287) | (2,714) | |
Change in Class A | 86,466 | 10,870 | |
Class C | |||
Issued | 134,303 | 13,659 | |
Reinvested | 11,535 | 5,441 | |
Redeemed | (23,607) | (12,832) | |
Change in Class C | 122,231 | 6,268 | |
Class R6 | |||
Issued | 1,307 | 92 | |
Reinvested | 39 | 25 | |
Redeemed | (1,031) | — | |
Change in Class R6 | 315 | 117 | |
Institutional Class | |||
Issued | 4,561,986 | 1,762,737 | |
Reinvested | 541,088 | 371,223 | |
Redeemed | (906,744) | (2,866,461) | |
Change in Institutional Class | 4,196,330 | (732,501) |
For the Year Ended April 30, 2023 | For the Period November 15, 2021(1) through April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income (loss) | $ 912,096 | $ (179,956) | |
Net realized loss from investment transactions and investment securities sold short | (496,504) | (540,721) | |
Net change in unrealized appreciation on investments and foreign currency translations | 2,008,098 | 1,977,843 | |
Change in net assets resulting from operations | 2,423,690 | 1,257,166 | |
Distributions to shareholders from: | |||
Class A | (247) | — | |
Institutional Class | (34,579) | — | |
Total distributions to shareholders | (34,826) | — | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 6,460,557 | 513,222 | |
Dividends reinvested | 233 | — | |
Cost of shares redeemed | (343,041) | (163,334) | |
Change in Class A from capital transactions | 6,117,749 | 349,888 | |
Institutional Class | |||
Proceeds from shares issued | 92,799,986 | 26,355,294 | |
Dividends reinvested | 34,384 | — | |
Cost of shares redeemed | (51,377,738) | (1,538,877) | |
Change in Institutional Class from capital transactions | 41,456,632 | 24,816,417 | |
Change in net assets from capital transactions | 47,574,381 | 25,166,305 | |
Change in net assets | 49,963,245 | 26,423,471 | |
Net Assets: | |||
Beginning of period | 26,423,471 | — | |
End of period | $ 76,386,716 | $ 26,423,471 | |
Shares Transactions: | |||
Class A | |||
Issued | 237,256 | 19,199 | |
Reinvested | 8 | — | |
Redeemed | (12,606) | (6,281) | |
Change in Class A | 224,658 | 12,918 | |
Institutional Class | |||
Issued | 3,399,392 | 1,042,669 | |
Reinvested | 1,211 | — | |
Redeemed | (1,884,059) | (59,075) | |
Change in Institutional Class | 1,516,544 | 983,594 |
(1) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 9,160,398 | $ 5,413,141 | |
Net realized gain from investment transactions and foreign currency translations | 994,975 | 41,099,633 | |
Net change in unrealized depreciation on investments and foreign currency translations | (15,847,203) | (45,042,441) | |
Change in net assets resulting from operations | (5,691,830) | 1,470,333 | |
Distributions to shareholders from: | |||
Class A | (1,475,672) | (3,150,494) | |
Class C | (57,537) | (131,145) | |
Class R6 | (28,044) | (42,415) | |
Institutional Class | (24,729,430) | (40,510,185) | |
Total distributions to shareholders | (26,290,683) | (43,834,239) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 3,684,843 | 7,749,742 | |
Dividends reinvested | 1,410,324 | 2,913,423 | |
Cost of shares redeemed | (4,170,337) | (36,136,421) | |
Change in Class A from capital transactions | 924,830 | (25,473,256) | |
Class C | |||
Proceeds from shares issued | 552,451 | 158,085 | |
Dividends reinvested | 57,421 | 131,145 | |
Cost of shares redeemed | (276,670) | (3,293,521) | |
Change in Class C from capital transactions | 333,202 | (3,004,291) | |
Class R6 | |||
Proceeds from shares issued | 115,141 | 118,012 | |
Dividends reinvested | 28,044 | 42,415 | |
Cost of shares redeemed | (102,931) | (45,860) | |
Change in Class R6 from capital transactions | 40,254 | 114,567 | |
Institutional Class | |||
Proceeds from shares issued | 122,855,572 | 104,631,017 | |
Dividends reinvested | 24,429,485 | 40,331,603 | |
Cost of shares redeemed | (58,574,889) | (123,465,165) | |
Change in Institutional Class from capital transactions | 88,710,168 | 21,497,455 | |
Change in net assets from capital transactions | 90,008,454 | (6,865,525) | |
Change in net assets | 58,025,941 | (49,229,431) | |
Net Assets: | |||
Beginning of period | 295,609,215 | 344,838,646 | |
End of period | $ 353,635,156 | $ 295,609,215 | |
Shares Transactions: | |||
Class A | |||
Issued | 123,140 | 208,536 | |
Reinvested | 49,918 | 86,344 | |
Redeemed | (141,159) | (961,381) | |
Change in Class A | 31,899 | (666,501) | |
Class C | |||
Issued | 17,708 | 4,147 | |
Reinvested | 1,928 | 3,693 | |
Redeemed | (8,723) | (83,087) | |
Change in Class C | 10,913 | (75,247) | |
Class R6 | |||
Issued | 4,129 | 3,464 | |
Reinvested | 1,069 | 1,349 | |
Redeemed | (3,704) | (1,295) | |
Change in Class R6 | 1,494 | 3,518 | |
Institutional Class | |||
Issued | 4,142,378 | 2,858,776 | |
Reinvested | 865,480 | 1,196,827 | |
Redeemed | (1,971,848) | (3,349,955) | |
Change in Institutional Class | 3,036,010 | 705,648 |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 6,356,558 | $ 4,634,993 | |
Net realized gain/(loss) from investment transactions and foreign currency translations | (2,177,640) | 5,893,363 | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 3,162,701 | (28,658,785) | |
Change in net assets resulting from operations | 7,341,619 | (18,130,429) | |
Distributions to shareholders from: | |||
Class A | (129,669) | (275,412) | |
Class C | (34) | (45) | |
Class R6 | (20,531) | (32,211) | |
Institutional Class | (5,594,084) | (8,297,705) | |
Total distributions to shareholders | (5,744,318) | (8,605,373) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 874,364 | 1,377,181 | |
Dividends reinvested | 123,347 | 265,254 | |
Cost of shares redeemed | (2,082,557) | (4,501,594) | |
Change in Class A from capital transactions | (1,084,846) | (2,859,159) | |
Class C | |||
Proceeds from shares issued | 3,503 | 1,000 | |
Dividends reinvested | 34 | 45 | |
Change in Class C from capital transactions | 3,537 | 1,045 | |
Class R6 | |||
Proceeds from shares issued | 80,779 | 180,045 | |
Dividends reinvested | 20,531 | 32,211 | |
Cost of shares redeemed | (159,803) | (160,512) | |
Change in Class R6 from capital transactions | (58,493) | 51,744 | |
Institutional Class | |||
Proceeds from shares issued | 47,527,411 | 73,833,932 | |
Dividends reinvested | 5,486,189 | 8,202,279 | |
Cost of shares redeemed | (45,740,969) | (25,552,480) | |
Change in Institutional Class from capital transactions | 7,272,631 | 56,483,731 | |
Change in net assets from capital transactions | 6,132,829 | 53,677,361 | |
Change in net assets | 7,730,130 | 26,941,559 | |
Net Assets: | |||
Beginning of period | 207,534,676 | 180,593,117 | |
End of period | $ 215,264,806 | $ 207,534,676 | |
Shares Transactions: | |||
Class A | |||
Issued | 40,648 | 55,918 | |
Reinvested | 6,073 | 11,204 | |
Redeemed | (97,812) | (183,225) | |
Change in Class A | (51,091) | (116,103) | |
Class C | |||
Issued | 206 | 47 | |
Reinvested | 2 | 2 | |
Change in Class C | 208 | 49 | |
Class R6 | |||
Issued | 4,665 | 8,553 | |
Reinvested | 1,222 | 1,635 | |
Redeemed | (9,006) | (7,515) | |
Change in Class R6 | (3,119) | 2,673 | |
Institutional Class | |||
Issued | 2,267,039 | 2,984,321 | |
Reinvested | 270,123 | 348,082 | |
Redeemed | (2,190,590) | (1,037,869) | |
Change in Institutional Class | 346,572 | 2,294,534 |
For the Year Ended April 30, 2023 | For the Period November 15, 2021(1) through April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 719,697 | $ 204,228 | |
Net realized loss from investment transactions and foreign currency translations | (8,237,346) | (1,943,247) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 8,539,843 | (7,934,392) | |
Change in net assets resulting from operations | 1,022,194 | (9,673,411) | |
Distributions to shareholders from: | |||
Class A | (3,836) | (1) | |
Institutional Class | (662,370) | (60,583) | |
Total distributions to shareholders | (666,206) | (60,584) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 231,370 | 2,338,319 | |
Dividends reinvested | 3,707 | 1 | |
Cost of shares redeemed | (63,848) | (1,939,631) | |
Change in Class A from capital transactions | 171,229 | 398,689 | |
Institutional Class | |||
Proceeds from shares issued | 16,852,345 | 83,086,361 | |
Dividends reinvested | 649,762 | 60,583 | |
Cost of shares redeemed | (8,981,324) | (4,011,353) | |
Change in Institutional Class from capital transactions | 8,520,783 | 79,135,591 | |
Change in net assets from capital transactions | 8,692,012 | 79,534,280 | |
Change in net assets | 9,048,000 | 69,800,285 | |
Net Assets: | |||
Beginning of period | 69,800,285 | — | |
End of period | $ 78,848,285 | $ 69,800,285 | |
Shares Transactions: | |||
Class A | |||
Issued | 11,165 | 104,568 | |
Reinvested | 180 | — | |
Redeemed | (3,009) | (90,044) | |
Change in Class A | 8,336 | 14,524 | |
Institutional Class | |||
Issued | 815,971 | 3,388,850 | |
Reinvested | 31,511 | 2,477 | |
Redeemed | (426,708) | (168,003) | |
Change in Institutional Class | 420,774 | 3,223,324 |
(1) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
For the Year Ended April 30, 2023 | For the Period November 15, 2021(1) through April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 321,232 | $ 29,475 | |
Net realized loss from investment transactions and foreign currency translations | (4,705,393) | (1,950,529) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 7,265,881 | (5,995,175) | |
Change in net assets resulting from operations | 2,881,720 | (7,916,229) | |
Distributions to shareholders from: | |||
Class A | (819) | — | |
Institutional Class | (229,264) | (20,782) | |
Total distributions to shareholders | (230,083) | (20,782) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 155,802 | 205,150 | |
Dividends reinvested | 789 | — | |
Cost of shares redeemed | (25,441) | (717) | |
Change in Class A from capital transactions | 131,150 | 204,433 | |
Institutional Class | |||
Proceeds from shares issued | 37,681,958 | 53,399,897 | |
Dividends reinvested | 228,380 | 20,782 | |
Cost of shares redeemed | (8,789,417) | (2,709,799) | |
Change in Institutional Class from capital transactions | 29,120,921 | 50,710,880 | |
Change in net assets from capital transactions | 29,252,071 | 50,915,313 | |
Change in net assets | 31,903,708 | 42,978,302 | |
Net Assets: | |||
Beginning of period | 42,978,302 | — | |
End of period | $ 74,882,010 | $ 42,978,302 | |
Shares Transactions: | |||
Class A | |||
Issued | 7,887 | 9,196 | |
Reinvested | 42 | — | |
Redeemed | (1,294) | (30) | |
Change in Class A | 6,635 | 9,166 | |
Institutional Class | |||
Issued | 1,958,780 | 2,186,054 | |
Reinvested | 12,007 | 856 | |
Redeemed | (435,781) | (117,329) | |
Change in Institutional Class | 1,535,006 | 2,069,581 |
(1) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
For the Year Ended April 30, 2023 | For the Period November 15, 2021(1) through April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 985,335 | $ 397,320 | |
Net realized loss from investment transactions and foreign currency translations | (5,211,896) | (1,110,138) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 4,793,248 | (4,197,626) | |
Change in net assets resulting from operations | 566,687 | (4,910,444) | |
Distributions to shareholders from: | |||
Class A | (9,758) | (2) | |
Institutional Class | (998,632) | (105,357) | |
Total distributions to shareholders | (1,008,390) | (105,359) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 358,214 | 348,652 | |
Dividends reinvested | 9,075 | 2 | |
Cost of shares redeemed | (54,945) | (800) | |
Change in Class A from capital transactions | 312,344 | 347,854 | |
Institutional Class | |||
Proceeds from shares issued | 13,965,428 | 69,037,284 | |
Dividends reinvested | 998,631 | 105,357 | |
Cost of shares redeemed | (12,212,285) | (3,832,240) | |
Change in Institutional Class from capital transactions | 2,751,774 | 65,310,401 | |
Change in net assets from capital transactions | 3,064,118 | 65,658,255 | |
Change in net assets | 2,622,415 | 60,642,452 | |
Net Assets: | |||
Beginning of period | 60,642,452 | — | |
End of period | $ 63,264,867 | $ 60,642,452 | |
Shares Transactions: | |||
Class A | |||
Issued | 15,962 | 14,371 | |
Reinvested | 403 | — | |
Redeemed | (2,424) | (33) | |
Change in Class A | 13,941 | 14,338 | |
Institutional Class | |||
Issued | 622,052 | 2,783,170 | |
Reinvested | 44,206 | 4,274 | |
Redeemed | (537,972) | (155,438) | |
Change in Institutional Class | 128,286 | 2,632,006 |
(1) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 2,535,796 | $ 2,338,350 | |
Net realized gain/(loss) from investment transactions and foreign currency translations | (899,152) | 261,429 | |
Net change in unrealized depreciation on investments and foreign currency translations | (1,572,441) | (17,076,687) | |
Change in net assets resulting from operations | 64,203 | (14,476,908) | |
Distributions to shareholders from: | |||
Class A | (43,801) | (67,530) | |
Class C | (407) | (11) | |
Class R6 | (15) | (7) | |
Institutional Class | (2,432,742) | (2,326,303) | |
Total distributions to shareholders | (2,476,965) | (2,393,851) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 455,551 | 1,470,544 | |
Dividends reinvested | 42,888 | 67,148 | |
Cost of shares redeemed | (1,527,917) | (3,163,624) | |
Change in Class A from capital transactions | (1,029,478) | (1,625,932) | |
Class C | |||
Proceeds from shares issued | 122,310 | 5 | |
Dividends reinvested | 407 | 11 | |
Cost of shares redeemed | (5) | — | |
Change in Class C from capital transactions | 122,712 | 16 | |
Class R6 | |||
Proceeds from shares issued | — | 1,000 | |
Dividends reinvested | 15 | 7 | |
Change in Class R6 from capital transactions | 15 | 1,007 | |
Institutional Class | |||
Proceeds from shares issued | 29,268,757 | 23,815,641 | |
Dividends reinvested | 2,416,248 | 2,324,421 | |
Cost of shares redeemed | (23,947,517) | (44,198,562) | |
Change in Institutional Class from capital transactions | 7,737,488 | (18,058,500) | |
Change in net assets from capital transactions | 6,830,737 | (19,683,409) | |
Change in net assets | 4,417,975 | (36,554,168) | |
Net Assets: | |||
Beginning of period | 150,718,512 | 187,272,680 | |
End of period | $ 155,136,487 | $ 150,718,512 | |
Shares Transactions: | |||
Class A | |||
Issued | 20,684 | 59,650 | |
Reinvested | 1,949 | 2,707 | |
Redeemed | (68,848) | (131,814) | |
Change in Class A | (46,215) | (69,457) | |
Class C | |||
Issued | 4,986 | — | |
Reinvested | 16 | 1 | |
Change in Class C | 5,002 | 1 | |
Class R6 | |||
Issued | — | 36 | |
Reinvested | 1 | — | |
Change in Class R6 | 1 | 36 | |
Institutional Class | |||
Issued | 1,337,431 | 971,016 | |
Reinvested | 110,501 | 94,285 | |
Redeemed | (1,093,531) | (1,804,027) | |
Change in Institutional Class | 354,401 | (738,726) |
For the Year Ended April 30, 2023 | For the Period November 15, 2021(1) through April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment loss | $ (124,571) | $ (49,635) | |
Net realized loss from investment transactions and foreign currency translations | (3,995,248) | (305,173) | |
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | 1,749,574 | (8,554,114) | |
Change in net assets resulting from operations | (2,370,245) | (8,908,922) | |
Distributions to shareholders from: | |||
Class A | — | — | |
Institutional Class | — | (10,843) | |
Total distributions to shareholders | — | (10,843) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 88,066 | 181,467 | |
Dividends reinvested | — | — | |
Cost of shares redeemed | (67,640) | (726) | |
Change in Class A from capital transactions | 20,426 | 180,741 | |
Institutional Class | |||
Proceeds from shares issued | 6,024,811 | 42,030,129 | |
Dividends reinvested | — | 10,843 | |
Cost of shares redeemed | (10,016,130) | (1,980,974) | |
Change in Institutional Class from capital transactions | (3,991,319) | 40,059,998 | |
Change in net assets from capital transactions | (3,970,893) | 40,240,739 | |
Change in net assets | (6,341,138) | 31,320,974 | |
Net Assets: | |||
Beginning of period | 31,320,974 | — | |
End of period | $ 24,979,836 | $ 31,320,974 | |
Shares Transactions: | |||
Class A | |||
Issued | 5,054 | 8,900 | |
Reinvested | — | — | |
Redeemed | (3,942) | (33) | |
Change in Class A | 1,112 | 8,867 | |
Institutional Class | |||
Issued | 355,070 | 1,749,903 | |
Reinvested | — | 476 | |
Redeemed | (563,607) | (93,355) | |
Change in Institutional Class | (208,537) | 1,657,024 |
(1) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 2,214,075 | $ 2,117,879 | |
Net realized gain from investment transactions and foreign currency translations | 4,083,513 | 127,032,512 | |
Net change in unrealized depreciation on investments and foreign currency translations | (3,004,991) | (101,563,727) | |
Change in net assets resulting from operations | 3,292,597 | 27,586,664 | |
Distributions to shareholders from: | |||
Class A | (3,285,370) | (4,284,340) | |
Class C | (11,137) | (943) | |
Class R6 | (186,322) | (154,723) | |
Institutional Class | (65,101,250) | (67,506,360) | |
Total distributions to shareholders | (68,584,079) | (71,946,366) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 3,006,588 | 3,057,252 | |
Dividends reinvested | 3,133,110 | 3,685,445 | |
Cost of shares redeemed | (4,763,746) | (21,111,872) | |
Change in Class A from capital transactions | 1,375,952 | (14,369,175) | |
Class C | |||
Proceeds from shares issued | 30,507 | 3,004 | |
Dividends reinvested | 11,137 | 943 | |
Change in Class C from capital transactions | 41,644 | 3,947 | |
Class R6 | |||
Proceeds from shares issued | 103,081 | 147,650 | |
Dividends reinvested | 186,322 | 154,723 | |
Cost of shares redeemed | (104,014) | (145,495) | |
Change in Class R6 from capital transactions | 185,389 | 156,878 | |
Institutional Class | |||
Proceeds from shares issued | 38,219,649 | 65,264,595 | |
Dividends reinvested | 64,385,367 | 66,592,675 | |
Cost of shares redeemed | (47,593,678) | (252,342,695) | |
Change in Institutional Class from capital transactions | 55,011,338 | (120,485,425) | |
Change in net assets from capital transactions | 56,614,323 | (134,693,775) | |
Change in net assets | (8,677,159) | (179,053,477) | |
Net Assets: | |||
Beginning of period | 218,918,061 | 397,971,538 | |
End of period | $ 210,240,902 | $ 218,918,061 | |
Shares Transactions: | |||
Class A | |||
Issued | 90,824 | 59,464 | |
Reinvested | 124,825 | 81,343 | |
Redeemed | (147,135) | (393,608) | |
Change in Class A | 68,514 | (252,801) | |
Class C | |||
Issued | 1,065 | 62 | |
Reinvested | 570 | 24 | |
Change in Class C | 1,635 | 86 | |
Class R6 | |||
Issued | 3,740 | 3,330 | |
Reinvested | 9,192 | 3,926 | |
Redeemed | (3,488) | (3,050) | |
Change in Class R6 | 9,444 | 4,206 | |
Institutional Class | |||
Issued | 1,158,440 | 1,273,509 | |
Reinvested | 2,575,415 | 1,476,625 | |
Redeemed | (1,502,453) | (4,567,634) | |
Change in Institutional Class | 2,231,402 | (1,817,500) |
For the Year Ended April 30, 2023 | For the Year Ended April 30, 2022 | ||
Change in net assets resulting from operations: | |||
Net investment income | $ 1,591,860 | $ 1,281,069 | |
Net realized gain from investment transactions and foreign currency translations | 7,414,786 | 57,304,128 | |
Net change in unrealized depreciation on investments and foreign currency translations | (10,868,601) | (66,681,904) | |
Change in net assets resulting from operations | (1,861,955) | (8,096,707) | |
Distributions to shareholders from: | |||
Class A | (9,717,491) | (7,138,148) | |
Class C | (1,957) | (133) | |
Class R6 | (74,342) | (14,790) | |
Institutional Class | (27,461,304) | (20,181,854) | |
Total distributions to shareholders | (37,255,094) | (27,334,925) | |
Capital Transactions: | |||
Class A | |||
Proceeds from shares issued | 2,841,387 | 3,207,439 | |
Dividends reinvested | 8,927,779 | 6,477,306 | |
Cost of shares redeemed | (7,181,987) | (16,814,731) | |
Change in Class A from capital transactions | 4,587,179 | (7,129,986) | |
Class C | |||
Proceeds from shares issued | 10,347 | 1,000 | |
Dividends reinvested | 1,957 | 133 | |
Change in Class C from capital transactions | 12,304 | 1,133 | |
Class R6 | |||
Proceeds from shares issued | 64,574 | 348,495 | |
Dividends reinvested | 74,342 | 14,790 | |
Cost of shares redeemed | (146,955) | (42,528) | |
Change in Class R6 from capital transactions | (8,039) | 320,757 | |
Institutional Class | |||
Proceeds from shares issued | 40,797,850 | 44,680,673 | |
Dividends reinvested | 23,418,326 | 17,411,342 | |
Cost of shares redeemed | (49,187,010) | (106,707,033) | |
Change in Institutional Class from capital transactions | 15,029,166 | (44,615,018) | |
Change in net assets from capital transactions | 19,620,610 | (51,423,114) | |
Change in net assets | (19,496,439) | (86,854,746) | |
Net Assets: | |||
Beginning of period | 186,772,523 | 273,627,269 | |
End of period | $ 167,276,084 | $ 186,772,523 | |
Shares Transactions: | |||
Class A | |||
Issued | 231,653 | 180,929 | |
Reinvested | 830,491 | 413,377 | |
Redeemed | (581,962) | (982,455) | |
Change in Class A | 480,182 | (388,149) | |
Class C | |||
Issued | 929 | 58 | |
Reinvested | 210 | 9 | |
Change in Class C | 1,139 | 67 | |
Class R6 | |||
Issued | 5,098 | 24,196 | |
Reinvested | 7,664 | 1,021 | |
Redeemed | (11,647) | (2,593) | |
Change in Class R6 | 1,115 | 22,624 | |
Institutional Class | |||
Issued | 3,197,219 | 2,586,807 | |
Reinvested | 2,117,390 | 1,085,860 | |
Redeemed | (3,696,127) | (5,877,857) | |
Change in Institutional Class | 1,618,482 | (2,205,190) |
Investment Operations: | ||||
Net Asset Value, Beginning of Period | Net Investment Income/(Loss) | Net Realized and Unrealized Gain/(Loss) from Investments | Total from Investment Operations | |
Steward Covered Call Income Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $ 7.79 | $ 0.05(d) | $ 0.29 | $ 0.34 |
Year ended April 30, 2022 | 9.88 | 0.02 (d) | 0.14 | 0.16 |
Year ended April 30, 2021 | 8.64 | 0.05 (d) | 2.59 | 2.64 |
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 |
Class C | ||||
Year ended April 30, 2023 | $ 7.77 | $(0.01) (d)(f) | $ 0.29 | $ 0.28 |
Year ended April 30, 2022 | 9.91 | (0.05) (d) | 0.12 | 0.07 |
Year ended April 30, 2021 | 8.70 | (0.02) (d)(f) | 2.60 | 2.58 |
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 |
Class R6 | ||||
Year ended April 30, 2023 | $ 7.85 | $ 0.07(d) | $ 0.30 | $ 0.37 |
Year ended April 30, 2022 | 9.89 | 0.04 (d) | 0.16 | 0.20 |
Year ended April 30, 2021 | 8.64 | — (d) | 2.65 | 2.65 |
Year ended April 30, 2020 | 9.80 | — (d)(g) | (0.49) | (0.49) |
Year ended April 30, 2019 | 9.92 | — (g) | 0.69 | 0.69 |
Institutional Class | ||||
Year ended April 30, 2023 | $ 7.87 | $ 0.07(d) | $ 0.30 | $ 0.37 |
Year ended April 30, 2022 | 9.92 | 0.05 (d) | 0.12 | 0.17 |
Year ended April 30, 2021 | 8.65 | 0.07 (d) | 2.61 | 2.68 |
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 |
Steward Equity Market Neutral Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $26.47 | $ 0.56(d) | $ 0.78(h) | $ 1.34 |
Period ended April 30, 2022(j) | 25.00 | (0.14) | 1.61 | 1.47 |
Institutional Class | ||||
Year ended April 30, 2023 | $26.52 | $ 0.42(d) | $ 0.98(h) | $ 1.40 |
Period ended April 30, 2022(j) | 25.00 | (0.18) | 1.70 | 1.52 |
(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) | During the year, additional fees were voluntary waived or reimbursed. Had these fees not been waived or reimbursed, the net expense ratio for each class would have been 0.34% higher. |
(f) | The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
(g) | 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. |
(h) | The Adviser has reimbursed the Fund $2,372 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain/loss on investments and the Fund’s total return, representing less than $0.005 per share. |
(i) | The ratio for the Steward Equity Market Neutral Fund includes the effect of dividend expense on securities sold short and brokerage expense on securities sold short, which increased the ratio by 0.36% and 0.52% for Class A and Institutional Class, respectively, for the year ended April 30, 2023, and 1.56% and 1.39% for Class A and Institutional Class, respectively, for the period ended April 30, 2022. |
(j) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
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/(Loss) to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) |
$(0.04) | $(0.62) | $(0.66) | $ 7.47 | 5.08% | $ 735 | 1.80% | 1.25% | 0.69% | 73% |
(0.08) | (2.17) | (2.25) | 7.79 | (0.18) | 93 | 2.37 | 1.25 | 0.21 | 130 |
(0.07) | (1.33) | (1.40) | 9.88 | 32.27 | 11 | 2.42 | 1.25 (e) | 0.51 | 156 |
(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 |
$(0.01) | $(0.62) | $(0.63) | $ 7.42 | 4.10% | $ 1,101 | 2.51% | 2.00% | (0.12)% | 73% |
(0.04) | (2.17) | (2.21) | 7.77 | (0.96) | 202 | 2.82 | 2.00 | (0.55) | 130 |
(0.04) | (1.33) | (1.37) | 9.91 | 31.33 | 195 | 2.96 | 2.00 (e) | (0.18) | 156 |
(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 |
$(0.07) | $(0.62) | $(0.69) | $ 7.53 | 5.42% | $ 3 | 1.42% | 0.90% | 0.96% | 73% |
(0.07) | (2.17) | (2.24) | 7.85 | 0.31 | 1 | 2.11 | 0.90 | 0.44 | 130 |
(0.07) | (1.33) | (1.40) | 9.89 | 32.48 | — | — (g) | — (g) | — (g) | 156 |
(0.10) | (0.57) | (0.67) | 8.64 | (5.81) | — | — (g) | — (g) | — (g) | 135 |
— | (0.81) | (0.81) | 9.80 | 8.27 | — | — (g) | — (g) | — (g) | 117 |
$(0.06) | $(0.62) | $(0.68) | $ 7.56 | 5.41% | $53,747 | 1.51% | 1.00% | 0.93% | 73% |
(0.05) | (2.17) | (2.22) | 7.87 | (0.04) | 22,952 | 1.61 | 1.00 | 0.46 | 130 |
(0.08) | (1.33) | (1.41) | 9.92 | 32.73 | 36,186 | 2.00 | 1.00 (e) | 0.75 | 156 |
(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 |
$ — | $(0.01) | $(0.01) | $27.80 | 5.07% | $ 6,605 | 2.21 (i)% | 2.21 (i)% | 2.04% | 160% |
— | — | — | 26.47 | 5.88 | 342 | 3.81 (i) | 3.81 (i) | (2.26) | 111 |
$ — | $(0.01) | $(0.01) | $27.91 | 5.28% | $69,782 | 2.12 (i)% | 2.12 (i)% | 1.52% | 160% |
— | — | — | 26.52 | 6.08 | 26,082 | 3.11 (i) | 3.11 (i) | (1.65) | 111 |
Investment Operations: | ||||
Net Asset Value, Beginning of Period | Net Investment Income/(Loss) | Net Realized and Unrealized Gain/(Loss) from Investments | Total from Investment Operations | |
Steward Global Equity Income Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $32.19 | $0.82 (d) | $ (1.76) | $ (0.94) |
Year ended April 30, 2022 | 37.39 | 0.50 (d) | (0.39) | 0.11 |
Year ended April 30, 2021 | 26.39 | 0.53 (d) | 11.40 | 11.93 |
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 |
Class C | ||||
Year ended April 30, 2023 | $33.94 | $0.62 (d) | $ (1.89) | $ (1.27) |
Year ended April 30, 2022 | 39.17 | 0.23 (d) | (0.38) | (0.15) |
Year ended April 30, 2021 | 27.65 | 0.32 (d) | 11.92 | 12.24 |
Year ended April 30, 2020(e) | 53.40 | 0.31 (d) | (23.63) | (23.32) |
Year ended April 30, 2019(e) | 80.20 | 0.70 (d) | (0.90) (f) | (0.20) |
Class R6 | ||||
Year ended April 30, 2023 | $30.09 | $0.86 (d) | $ (1.64) | $ (0.78) |
Year ended April 30, 2022 | 35.30 | 0.61 (d) | (0.36) | 0.25 |
Year ended April 30, 2021 | 25.00 | 0.62 (d) | 10.79 | 11.41 |
Year ended April 30, 2020(e) | 50.50 | 0.59 (d) | (23.57) | (22.98) |
Year ended April 30, 2019(e) | 79.90 | 2.10 (d) | (2.10) (f) | — |
Institutional Class | ||||
Year ended April 30, 2023 | $32.23 | $0.89 (d) | $ (1.76) | $ (0.87) |
Year ended April 30, 2022 | 37.46 | 0.60 (d) | (0.40) | 0.20 |
Year ended April 30, 2021 | 26.48 | 0.62 (d) | 11.45 | 12.07 |
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 |
Steward International Enhanced Index Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $21.97 | $0.62 (d) | $ 0.11 | $ 0.73 |
Year ended April 30, 2022 | 24.85 | 0.52 (d) | (2.41) | (1.89) |
Year ended April 30, 2021 | 17.59 | 0.37 (d) | 7.65 | 8.02 |
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) |
Class C | ||||
Year ended April 30, 2023 | $17.92 | $0.52 (d) | $ 0.09 | $ 0.61 |
Year ended April 30, 2022 | 20.65 | 0.46 (d) | (2.14) | (1.68) |
Year ended April 30, 2021 | 14.90 | — (d)(g) | 6.48 | 6.48 |
Year ended April 30, 2020(e) | 19.46 | — (d)(g) | (4.12) | (4.12) |
Year ended April 30, 2019(e) | 20.16 | — (g) | (0.70) | (0.70) |
Class R6 | ||||
Year ended April 30, 2023 | $18.33 | $0.58 (d) | $ 0.08 | $ 0.66 |
Year ended April 30, 2022 | 20.91 | 0.51 (d) | (2.02) | (1.51) |
Year ended April 30, 2021 | 14.95 | 0.36 (d) | 6.50 | 6.86 |
Year ended April 30, 2020(e) | 19.42 | 0.37 (d) | (4.28) | (3.91) |
Year ended April 30, 2019(e) | 20.10 | — (g) | (0.68) | (0.68) |
Institutional Class | ||||
Year ended April 30, 2023 | $21.98 | $0.67 (d) | $ 0.12 | $ 0.79 |
Year ended April 30, 2022 | 24.87 | 0.58 (d) | (2.42) | (1.84) |
Year ended April 30, 2021 | 17.66 | 0.40 (d) | 7.70 | 8.10 |
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) |
(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) | 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. |
(f) | 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. |
(g) | 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. |
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/(Loss) to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) | |
$(0.75) | $ (1.68) | $ (2.43) | $28.82 | (2.67)% | $ 18,217 | 1.26% | 2.77% | 53% | |
(0.56) | (4.75) | (5.31) | 32.19 | (0.20) | 19,325 | 1.23 | 1.36 | 73 | |
(0.48) | (0.45) | (0.93) | 37.39 | 45.81 | 47,363 | 1.26 | 1.71 | 67 | |
(0.58) | (1.82) | (2.40) | 26.39 | (9.41) | 52,326 | 1.21 | 1.91 | 48 | |
(0.67) | (2.16) | (2.83) | 31.36 | 4.61 | 72,351 | 0.97 | 2.18 | 28 | |
$(0.54) | $ (1.68) | $ (2.22) | $30.45 | (3.51)% | $ 1,061 | 2.04% | 1.98% | 53% | |
(0.33) | (4.75) | (5.08) | 33.94 | (0.88) | 812 | 1.96 | 0.59 | 73 | |
(0.27) | (0.45) | (0.72) | 39.17 | 44.75 | 3,885 | 1.98 | 0.95 | 67 | |
(0.61) | (1.82) | (2.43) | 27.65 | (10.12) | 2,389 | 2.08 | 0.95 | 48 | |
(5.00) | (21.60) | (26.60) | 53.40 | 4.52 | 372 | 1.64 | 1.24 | 28 | |
$(0.84) | $ (1.68) | $ (2.52) | $26.79 | (2.25)% | $ 315 | 0.91% | 3.10% | 53% | |
(0.71) | (4.75) | (5.46) | 30.09 | 0.15 | 309 | 0.90 | 1.79 | 73 | |
(0.66) | (0.45) | (1.11) | 35.30 | 46.35 | 239 | 0.87 | 2.03 | 67 | |
(0.70) | (1.82) | (2.52) | 25.00 | (9.09) | 121 | 0.90 | 1.72 | 48 | |
(7.80) | (21.60) | (29.40) | 50.50 | 5.04 | 6 | 0.61 | 2.75 | 28 | |
$(0.82) | $ (1.68) | $ (2.50) | $28.86 | (2.42)% | $334,042 | 1.02% | 2.98% | 53% | |
(0.68) | (4.75) | (5.43) | 32.23 | 0.02 | 275,163 | 0.99 | 1.65 | 73 | |
(0.64) | (0.45) | (1.09) | 37.46 | 46.24 | 293,352 | 0.98 | 1.95 | 67 | |
(0.67) | (1.82) | (2.49) | 26.48 | (9.09) | 214,917 | 0.88 | 2.22 | 48 | |
(0.77) | (2.16) | (2.93) | 31.45 | 4.90 | 243,030 | 0.67 | 2.47 | 28 | |
$(0.36) | $ (0.25) | $ (0.61) | $22.09 | 3.55% | $ 4,058 | 1.04% | 2.94% | 18% | |
(0.38) | (0.61) | (0.99) | 21.97 | (7.86) | 5,159 | 0.99 | 2.08 | 14 | |
(0.25) | (0.51) | (0.76) | 24.85 | 46.20 | 8,721 | 1.00 | 1.81 | 14 | |
(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 | |
$(0.42) | $ (0.25) | $ (0.67) | $17.86 | 3.66% | $ 5 | 1.07% | 3.01% | 18% | |
(0.44) | (0.61) | (1.05) | 17.92 | (8.42) | 1 | 0.55 | 2.37 | 14 | |
(0.22) | (0.51) | (0.73) | 20.65 | 44.09 | — | — (g) | — (g) | 14 | |
(0.44) | — | (0.44) | 14.90 | (19.85) | — | — (g) | — (g) | 15 | |
— | — | — | 19.46 | (3.47) | — | — (g) | — (g) | 10 | |
$(0.43) | $ (0.25) | $ (0.68) | $18.31 | 3.92% | $ 548 | 0.67% | 3.29% | 18% | |
(0.46) | (0.61) | (1.07) | 18.33 | (7.57) | 606 | 0.66 | 2.45 | 14 | |
(0.39) | (0.51) | (0.90) | 20.91 | 46.71 | 635 | 0.64 | 1.98 | 14 | |
(0.56) | — | (0.56) | 14.95 | (18.52) | 475 | 0.68 | 2.14 | 15 | |
— | — | — | 19.42 | (3.38) | — | — (g) | — (g) | 10 | |
$(0.41) | $ (0.25) | $ (0.66) | $22.11 | 3.82% | $210,654 | 0.78% | 3.16% | 18% | |
(0.44) | (0.61) | (1.05) | 21.98 | (7.67) | 201,769 | 0.76 | 2.35 | 14 | |
(0.38) | (0.51) | (0.89) | 24.87 | 46.56 | 171,237 | 0.76 | 1.86 | 14 | |
(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 |
Investment Operations: | ||||
Net Asset Value, Beginning of Period | Net Investment Income/(Loss) | Net Realized and Unrealized Gain/(Loss) from Investments | Total from Investment Operations | |
Steward Large Cap Core Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $21.54 | $0.15 (d) | $(0.07) (e) | $ 0.08 |
Period ended April 30, 2022(f) | 25.00 | 0.05 | (3.49) | (3.44) |
Institutional Class | ||||
Year ended April 30, 2023 | $21.56 | $0.21 (d) | $(0.07) (e) | $ 0.14 |
Period ended April 30, 2022(f) | 25.00 | 0.07 | (3.48) | (3.41) |
Steward Large Cap Growth Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $20.65 | $0.06 (d) | $(0.03) (e) | $ 0.03 |
Period ended April 30, 2022(f) | 25.00 | — (d)(g) | (4.34) | (4.34) |
Institutional Class | ||||
Year ended April 30, 2023 | $20.68 | $0.11 (d) | $(0.03) (e) | $ 0.08 |
Period ended April 30, 2022(f) | 25.00 | 0.02 (d) | (4.33) | (4.31) |
Steward Large Cap Value Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $22.89 | $0.30 (d) | $(0.20) | $ 0.10 |
Period ended April 30, 2022(f) | 25.00 | 0.09 | (2.15) | (2.06) |
Institutional Class | ||||
Year ended April 30, 2023 | $22.92 | $0.37 (d) | $(0.21) | $ 0.16 |
Period ended April 30, 2022(f) | 25.00 | 0.16 | (2.19) | (2.03) |
Steward Select Bond Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $22.59 | $0.34 (d) | $(0.40) | $(0.06) |
Year ended April 30, 2022 | 25.05 | 0.28 | (2.46) | (2.18) |
Year ended April 30, 2021 | 25.38 | 0.34 (d) | (0.33) | 0.01 |
Year ended April 30, 2020 | 24.36 | 0.47 (d) | 1.03 | 1.50 |
Year ended April 30, 2019 | 23.96 | 0.49 | 0.39 | 0.88 |
Class C | ||||
Year ended April 30, 2023 | $25.62 | $0.24 (d) | $(0.53) | $(0.29) |
Year ended April 30, 2022 | 28.38 | 0.06 | (2.75) | (2.69) |
Year ended April 30, 2021 | 28.84 | 0.24 (d) | (0.50) | (0.26) |
Year ended April 30, 2020(h) | 29.13 | — (d)(g) | 0.12 | 0.12 |
Year ended April 30, 2019(h) | 28.71 | — (g) | 0.42 | 0.42 |
Class R6 | ||||
Year ended April 30, 2023 | $25.10 | $0.40 (d) | $(0.42) | $(0.02) |
Year ended April 30, 2022 | 27.97 | 0.34 | (2.86) | (2.52) |
Year ended April 30, 2021 | 28.72 | — (d)(g) | (0.29) | (0.29) |
Year ended April 30, 2020(h) | 28.98 | — (d)(g) | 0.31 | 0.31 |
Year ended April 30, 2019(h) | 28.56 | — (g) | 0.42 | 0.42 |
Institutional Class | ||||
Year ended April 30, 2023 | $22.45 | $0.38 (d) | $(0.38) | $ — |
Year ended April 30, 2022 | 24.90 | 0.32 | (2.44) | (2.12) |
Year ended April 30, 2021 | 25.28 | 0.39 (d) | (0.32) | 0.07 |
Year ended April 30, 2020 | 24.25 | 0.55 (d) | 1.03 | 1.58 |
Year ended April 30, 2019 | 23.85 | 0.55 | 0.40 | 0.95 |
(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) | 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. |
(f) | For the period November 15, 2021 (commencement of operations) through April 30, 2022. |
(g) | 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. |
(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. |
Distributions: | Supplemental data and ratios: | |||||||
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 Prior to Waivers (b) | Ratio of Expenses to Average Net Assets Net of Waivers(b) | Ratio of Net Investment Income/(Loss) to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) |
$(0.17) | $(0.17) | $21.45 | 0.44% | $ 490 | 1.23% | 1.00% | 0.71% | 79% |
(0.02) | (0.02) | 21.54 | (13.81) | 313 | 1.73 | 1.00 | 0.61 | 35 |
$(0.20) | $(0.20) | $21.50 | 0.67% | $ 78,358 | 0.99% | 0.75% | 1.00% | 79% |
(0.03) | (0.03) | 21.56 | (13.67) | 69,487 | 0.89 | 0.75 | 0.68 | 35 |
$(0.05) | $(0.05) | $20.63 | 0.19% | $ 326 | 1.29% | 1.00% | 0.31% | 56% |
(0.01) | (0.01) | 20.65 | (17.38) | 189 | 2.49 | 1.00 | (0.12) | 37 |
$(0.08) | $(0.08) | $20.68 | 0.41% | $ 74,556 | 1.04% | 0.75% | 0.55% | 56% |
(0.01) | (0.01) | 20.68 | (17.24) | 42,789 | 0.99 | 0.75 | 0.15 | 37 |
$(0.37) | $(0.37) | $22.62 | 0.45% | $ 640 | 1.28% | 1.00% | 1.36% | 110% |
(0.05) | (0.05) | 22.89 | (8.27) | 328 | 2.01 | 1.00 | 1.13 | 62 |
$(0.39) | $(0.39) | $22.69 | 0.71% | $ 62,625 | 1.03% | 0.75% | 1.64% | 110% |
(0.05) | (0.05) | 22.92 | (8.13) | 60,314 | 0.91 | 0.75 | 1.55 | 62 |
$(0.33) | $(0.33) | $22.20 | (0.22)% | $ 2,740 | 0.96% | 0.96% | 1.52% | 10% |
(0.28) | (0.28) | 22.59 | (8.79) | 3,832 | 0.92 | 0.92 | 1.12 | 20 |
(0.34) | (0.34) | 25.05 | 0.04 | 5,989 | 0.94 | 0.94 | 1.34 | 24 |
(0.48) | (0.48) | 25.38 | 6.21 | 9,234 | 0.99 | 0.99 | 1.87 | 22 |
(0.48) | (0.48) | 24.36 | 3.72 | 10,115 | 0.95 | 0.95 | 1.97 | 25 |
$(0.23) | $(0.23) | $25.10 | (1.11)% | $ 129 | 1.73% | 1.73% | 0.95% | 10% |
(0.07) | (0.07) | 25.62 | (9.49) | 4 | 1.83 | 1.83 | 0.22 | 20 |
(0.20) | (0.20) | 28.38 | (0.90) | 5 | 1.12 | 1.12 | 0.85 | 24 |
(0.41) | (0.41) | 28.84 | 2.08 | — | — (g) | — (g) | — (g) | 22 |
— | — | 29.13 | 1.46 | — | — (g) | — (g) | — (g) | 25 |
$(0.39) | $(0.39) | $24.69 | (0.04)% | $ 1 | 0.80% | 0.80% | 1.64% | 10% |
(0.35) | (0.35) | 25.10 | (9.11) | 1 | 0.74 | 0.74 | 1.26 | 20 |
(0.46) | (0.46) | 27.97 | (1.04) | — | — (g) | — (g) | — (g) | 24 |
(0.57) | (0.57) | 28.72 | 3.34 | — | — (g) | — (g) | — (g) | 22 |
— | — | 28.98 | 1.47 | — | — (g) | — (g) | — (g) | 25 |
$(0.37) | $(0.37) | $22.08 | 0.04% | $152,266 | 0.74% | 0.74% | 1.75% | 10% |
(0.33) | (0.33) | 22.45 | (8.62) | 146,882 | 0.72 | 0.72 | 1.31 | 20 |
(0.45) | (0.45) | 24.90 | 0.26 | 181,279 | 0.70 | 0.70 | 1.54 | 24 |
(0.55) | (0.55) | 25.28 | 6.60 | 142,421 | 0.65 | 0.65 | 2.24 | 22 |
(0.55) | (0.55) | 24.25 | 4.05 | 152,356 | 0.66 | 0.66 | 2.28 | 25 |
Investment Operations: | ||||
Net Asset Value, Beginning of Period | Net Investment Income/(Loss) | Net Realized and Unrealized Gain/(Loss) from Investments | Total from Investment Operations | |
Steward Small Cap Growth Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $18.78 | $(0.13) (d) | $ (1.58) | $ (1.71) |
Period ended April 30, 2022(e) | 25.00 | (0.03) | (6.19) | (6.22) |
Institutional Class | ||||
Year ended April 30, 2023 | $18.80 | $(0.09) (d) | $ (1.58) | $ (1.67) |
Period ended April 30, 2022(e) | 25.00 | (0.02) | (6.17) | (6.19) |
Steward Values-Focused Large Cap Enhanced Index Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $40.35 | $ 0.28(d) | $ (0.77)(f) | $ (0.49) |
Year ended April 30, 2022 | 53.12 | 0.20 (d) | 2.06 | 2.26 |
Year ended April 30, 2021 | 39.31 | 0.35 (d) | 17.55 | 17.90 |
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 |
Class C | ||||
Year ended April 30, 2023 | $34.56 | $(0.01) (d)(g) | $ (0.77)(f) | $ (0.78) |
Year ended April 30, 2022 | 47.63 | (0.13) (d) | 2.00 | 1.87 |
Year ended April 30, 2021 | 35.97 | — (d)(h) | 15.64 | 15.64 |
Year ended April 30, 2020(i) | 43.70 | — (d)(h) | (6.69) (f) | (6.69) |
Year ended April 30, 2019(i) | 48.95 | — (h) | 2.30 | 2.30 |
Class R6 | ||||
Year ended April 30, 2023 | $35.13 | $ 0.32(d) | $ (0.76)(f) | $ (0.44) |
Year ended April 30, 2022 | 47.97 | 0.36 (d) | 2.02 | 2.38 |
Year ended April 30, 2021 | 35.83 | 0.51 (d) | 15.92 | 16.43 |
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 |
Institutional Class | ||||
Year ended April 30, 2023 | $40.18 | $ 0.35(d) | $ (0.73)(f) | $ (0.38) |
Year ended April 30, 2022 | 52.95 | 0.33 (d) | 2.07 | 2.40 |
Year ended April 30, 2021 | 39.23 | 0.45 (d) | 17.54 | 17.99 |
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 |
(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 November 15, 2021 (commencement of operations) through April 30, 2022. |
(f) | 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. |
(g) | The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
(h) | 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. |
(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. |
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/(Loss) to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) |
$ — | $ — | $ — | $17.07 | (9.15)% | $ 170 | 1.81% | 1.25% | (0.76)% | 27% |
— | — | — | 18.78 | (24.83) | 167 | 2.88 | 1.25 | (0.90) | 25 |
$ — | $ — | $ — | $17.13 | (8.88)% | $ 24,810 | 1.57% | 1.00% | (0.51)% | 27% |
(0.01) | — | (0.01) | 18.80 | (24.77) | 31,154 | 1.31 | 1.00 | (0.34) | 25 |
$(0.03) | $(12.64) | $(12.67) | $27.19 | 1.41% | $ 9,708 | 0.84% | 0.84% | 0.84% | 8% |
(0.19) | (14.84) | (15.03) | 40.35 | 1.19 | 11,640 | 0.84 | 0.84 | 0.38 | 35 |
(0.35) | (3.74) | (4.09) | 53.12 | 47.01 | 28,751 | 0.82 | 0.82 | 0.75 | 32 |
(0.40) | (0.67) | (1.07) | 39.31 | (6.91) | 39,094 | 0.84 | 0.84 | 1.18 | 32 |
(0.42) | (1.51) | (1.93) | 43.28 | 9.78 | 41,401 | 0.80 | 0.80 | 1.09 | 27 |
$(0.06) | $(12.64) | $(12.70) | $21.08 | 0.68% | $ 36 | 1.67% | 1.67% | (0.03)% | 8% |
(0.10) | (14.84) | (14.94) | 34.56 | 0.43 | 3 | 1.54 | 1.54 | (0.29) | 35 |
(0.24) | (3.74) | (3.98) | 47.63 | 44.88 | — | — (h) | — (h) | — (h) | 32 |
(0.37) | (0.67) | (1.04) | 35.97 | (9.02) | — | — (h) | — (h) | — (h) | 32 |
— | (7.55) | (7.55) | 43.70 | 8.13 | — | — (h) | — (h) | — (h) | 27 |
$(0.07) | $(12.64) | $(12.71) | $21.98 | 1.82% | $ 538 | 0.52% | 0.52% | 1.16% | 8% |
(0.38) | (14.84) | (15.22) | 35.13 | 1.55 | 528 | 0.49 | 0.49 | 0.79 | 35 |
(0.55) | (3.74) | (4.29) | 47.97 | 47.55 | 520 | 0.45 | 0.45 | 1.23 | 32 |
(0.51) | (0.67) | (1.18) | 35.83 | (6.63) | 49,643 | 0.46 | 0.46 | 1.60 | 32 |
(1.00) | (7.55) | (8.55) | 42.75 | 8.70 | 55,924 | 0.46 | 0.46 | 1.20 | 27 |
$(0.05) | $(12.64) | $(12.69) | $27.11 | 1.73% | $199,959 | 0.61% | 0.61% | 1.07% | 8% |
(0.33) | (14.84) | (15.17) | 40.18 | 1.45 | 206,747 | 0.58 | 0.58 | 0.64 | 35 |
(0.53) | (3.74) | (4.27) | 52.95 | 47.40 | 368,701 | 0.55 | 0.55 | 0.97 | 32 |
(0.49) | (0.67) | (1.16) | 39.23 | (6.61) | 306,875 | 0.52 | 0.52 | 1.51 | 32 |
(0.50) | (1.51) | (2.01) | 43.16 | 10.13 | 328,404 | 0.50 | 0.50 | 1.39 | 27 |
Investment Operations: | ||||
Net Asset Value, Beginning of Period | Net Investment Income/(Loss) | Net Realized and Unrealized Gain/(Loss) from Investments | Total from Investment Operations | |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | ||||
Class A | ||||
Year ended April 30, 2023 | $14.33 | $0.12 (d) | $(0.39) | $(0.27) |
Year ended April 30, 2022 | 17.52 | 0.07 | (0.99) | (0.92) |
Year ended April 30, 2021 | 10.54 | 0.04 (d) | 7.49 | 7.53 |
Year ended April 30, 2020 | 13.94 | 0.07 (d) | (2.91) | (2.84) |
Year ended April 30, 2019 | 15.70 | 0.09 | 0.03 (e) | 0.12 |
Class C | ||||
Year ended April 30, 2023 | $12.88 | $0.10 (d) | $(0.35) | $(0.25) |
Year ended April 30, 2022 | 16.14 | 0.04 | (1.00) | (0.96) |
Year ended April 30, 2021 | 9.84 | — (d)(f) | 6.81 | 6.81 |
Year ended April 30, 2020(g) | 13.64 | — (d)(f) | (3.27) | (3.27) |
Year ended April 30, 2019(g) | 17.52 | — (f) | (0.32) | (0.32) |
Class R6 | ||||
Year ended April 30, 2023 | $13.26 | $0.15 (d) | $(0.37) | $(0.22) |
Year ended April 30, 2022 | 16.37 | 0.13 | (0.93) | (0.80) |
Year ended April 30, 2021 | 9.87 | 0.08 (d) | 7.01 | 7.09 |
Year ended April 30, 2020(g) | 13.56 | 0.14 (d) | (3.24) | (3.10) |
Year ended April 30, 2019(g) | 17.48 | — (f) | (0.36) | (0.36) |
Institutional Class | ||||
Year ended April 30, 2023 | $14.67 | $0.15 (d) | $(0.41) | $(0.26) |
Year ended April 30, 2022 | 17.87 | 0.12 | (1.02) | (0.90) |
Year ended April 30, 2021 | 10.74 | 0.07 (d) | 7.65 | 7.72 |
Year ended April 30, 2020 | 14.19 | 0.11 (d) | (2.98) | (2.87) |
Year ended April 30, 2019 | 15.93 | 0.13 | 0.04 (e) | 0.17 |
(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) | 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. |
(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. |
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/(Loss) to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) | |
$(0.09) | $(3.00) | $(3.09) | $10.97 | (1.44)% | $ 41,713 | 0.83% | 0.79% | 20% | |
(0.09) | (2.18) | (2.27) | 14.33 | (6.35) | 47,599 | 0.80 | 0.39 | 33 | |
(0.06) | (0.49) | (0.55) | 17.52 | 72.56 | 64,997 | 0.78 | 0.31 | 36 | |
(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 | |
$(0.13) | $(3.00) | $(3.13) | $ 9.50 | (1.44)% | $ 12 | 0.83% | 0.78% | 20% | |
(0.12) | (2.18) | (2.30) | 12.88 | (7.20) | 1 | 0.89 | 0.46 | 33 | |
(0.01) | (0.50) | (0.51) | 16.14 | 70.10 | — | — (f) | — (f) | 36 | |
(0.07) | (0.46) | (0.53) | 9.84 | (22.17) | — | — (f) | — (f) | 28 | |
— | (3.56) | (3.56) | 13.64 | 2.55 | — | — (f) | — (f) | 33 | |
$(0.13) | $(3.00) | $(3.13) | $ 9.91 | (1.13)% | $ 311 | 0.54% | 1.08% | 20% | |
(0.13) | (2.18) | (2.31) | 13.26 | (6.09) | 402 | 0.53 | 0.67 | 33 | |
(0.10) | (0.49) | (0.59) | 16.37 | 73.12 | 125 | 0.47 | 0.52 | 36 | |
(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 | — (f) | — (f) | 33 | |
$(0.11) | $(3.00) | $(3.11) | $11.30 | (1.28)% | $125,240 | 0.65% | 0.97% | 20% | |
(0.12) | (2.18) | (2.30) | 14.67 | (6.15) | 138,771 | 0.61 | 0.57 | 33 | |
(0.09) | (0.50) | (0.59) | 17.87 | 73.00 | 208,505 | 0.57 | 0.51 | 36 | |
(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 |
Note 1 | — | Organization: |
Note 2 | — | Investment Objectives and Strategies: |
Note 3 | — | Significant Accounting Policies: |
Investments in Securities | ||||||||
Fund | LEVEL 1 | LEVEL 2 | LEVEL 3 | Total | ||||
Steward Covered Call Income Fund | ||||||||
Assets: | ||||||||
Security Type | ||||||||
Common Stocks* | $ 57,663,901 | $ — | $ — | $ 57,663,901 | ||||
Money Market Fund | 336,163 | — | — | 336,163 | ||||
Total Assets - Investments | $ 58,000,064 | $ — | $ — | $ 58,000,064 |
Liabilities: | |||||||
Other Financial Instruments^ | |||||||
Written Call Options | $ (2,386,941) | $ — | $ — | $ (2,386,941) | |||
Total Liabilities - Other Financial Instruments | $ (2,386,941) | $ — | $ — | $ (2,386,941) |
Steward Equity Market Neutral Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 60,784,800 | $ — | $ — | $ 60,784,800 | |||
Money Market Funds | 9,598,360 | — | — | 9,598,360 | |||
Total Assets - Investments | $ 70,383,160 | $ — | $ — | $ 70,383,160 |
Liabilities: | |||||||
Security Type | |||||||
Common Stocks Sold Short* | $ (54,489,907) | $ — | $ — | $ (54,489,907) | |||
Total Liabilities - Securities Sold Short | $ (54,489,907) | $ — | $ — | $ (54,489,907) |
Steward Global Equity Income Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 348,527,844 | $ — | $ — | $ 348,527,844 | |||
Money Market Fund | 3,417,784 | — | — | 3,417,784 | |||
Total Assets - Investments | $ 351,945,628 | $ — | $ — | $ 351,945,628 |
Investments in Securities | ||||||||
Fund | LEVEL 1 | LEVEL 2 | LEVEL 3 | Total | ||||
Steward International Enhanced Index Fund | ||||||||
Assets: | ||||||||
Security Type | ||||||||
Common Stocks* | $ 209,855,446 | $ 378,070 | $ — | $ 210,233,516 | ||||
Master Limited Partnerships* | 663,511 | — | — | 663,511 | ||||
Preferred Stocks* | 3,088,552 | — | — | 3,088,552 | ||||
Money Market Fund | 223,379 | — | — | 223,379 | ||||
Total Assets - Investments | $ 213,830,888 | $ 378,070 | $ — | $ 214,208,958 |
Steward Large Cap Core Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 78,804,166 | $ — | $ — | $ 78,804,166 | |||
Money Market Fund | 160,052 | — | — | 160,052 | |||
Total Assets - Investments | $ 78,964,218 | $ — | $ — | $ 78,964,218 |
Steward Large Cap Growth Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 74,894,419 | $ — | $ — | $ 74,894,419 | |||
Money Market Fund | 191,612 | — | — | 191,612 | |||
Total Assets - Investments | $ 75,086,031 | $ — | $ — | $ 75,086,031 |
Steward Large Cap Value Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 63,211,242 | $ — | $ — | $ 63,211,242 | |||
Money Market Fund | 119,549 | — | — | 119,549 | |||
Total Assets - Investments | $ 63,330,791 | $ — | $ — | $ 63,330,791 |
Steward Select Bond Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Asset-Backed Securities | $ — | $ 28,944 | $ — | $ 28,944 | |||
Corporate Bonds* | — | 92,573,544 | — | 92,573,544 | |||
Municipal Bonds | — | 4,898,582 | — | 4,898,582 | |||
U.S. Government Agencies | — | 42,726,050 | — | 42,726,050 | |||
U.S. Government Agency Mortgage-Backed Obligations | — | 6,561,495 | — | 6,561,495 | |||
U.S. Treasury Obligations | — | 4,374,773 | — | 4,374,773 | |||
Money Market Fund | 4,342,580 | — | — | 4,342,580 | |||
Total Assets - Investments | $ 4,342,580 | $ 151,163,388 | $ — | $ 155,505,968 |
Steward Small Cap Growth Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 24,775,544 | $ — | $ — | $ 24,775,544 | |||
Money Market Fund | 219,677 | — | — | 219,677 | |||
Total Assets - Investments | $ 24,995,221 | $ — | $ — | $ 24,995,221 |
Investments in Securities | ||||||||
Fund | LEVEL 1 | LEVEL 2 | LEVEL 3 | Total | ||||
Steward Values-Focused Large Cap Enhanced Index Fund | ||||||||
Assets: | ||||||||
Security Type | ||||||||
Common Stocks* | $ 209,749,138 | $ — | $ — | $ 209,749,138 | ||||
Rights* | — | — | — | ** | — | |||
Money Market Fund | 563,488 | — | — | 563,488 | ||||
Total Assets - Investments | $ 210,312,626 | $ — | $ — | $ 210,312,626 |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | |||||||
Assets: | |||||||
Security Type | |||||||
Common Stocks* | $ 166,726,165 | $ — | $ — | $ 166,726,165 | |||
Rights* | — | — | — | ** | — | ||
Money Market Fund | 543,836 | — | — | 543,836 | |||
Total Assets - Investments | $ 167,270,001 | $ — | $ — | $ 167,270,001 |
* | Please refer to the Schedule of Portfolio Investments to view investments and securities sold short. |
** | 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. |
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 | $(2,386,941) |
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 depreciation on options transactions | |||
Steward Covered Call Income Fund | Equity Risk | $3,867,068 | $(1,067,116) |
Note 4 | — | Investment Advisory and Other Agreements: |
Steward Covered Call Income Fund | Steward Large Cap Value Fund |
— 0.625% of the first $1 billion | — 0.50% of the first $1 billion |
— 0.5625% of assets over $1 billion | — 0.45% of the next $1 billion |
— 0.40% of assets over $2 billion | |
Steward Equity Market Neutral Fund | Steward Select Bond Fund |
— 1.00% of the first $1 billion | — 0.315% of the first $1 billion |
— 0.90% of the next $1 billion | — 0.2835% of assets over $1 billion |
— 0.80% of assets over $2 billion | |
Steward Global Equity Income Fund | Steward Small Cap Growth Fund |
— 0.625% of the first $1 billion | — 0.75% of the first $1 billion |
— 0.5625% of assets over $1 billion | — 0.70% of the next $1 billion |
— 0.65% of assets over $2 billion | |
Steward International Enhanced Index Fund | Steward Values-Focused Large 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 |
Steward Large Cap Core Fund | Steward Values-Focused Small-Mid Cap Enhanced Index Fund |
— 0.50% of the first $1 billion | — 0.215% of the first $1 billion |
— 0.45% of the next $1 billion | — 0.1935% of assets over $1 billion |
— 0.40% of assets over $2 billion | |
Steward Large Cap Growth Fund | |
— 0.50% of the first $1 billion | |
— 0.45% of the next $1 billion | |
— 0.40% of assets over $2 billion |
In effect through August 27, 2023 | ||||||||
Fund | Class A | Class C | Class R6 | Institutional Class | ||||
Steward Covered Call Income Fund | 1.25% | 2.00% | 0.90% | 1.00% | ||||
Steward Equity Market Neutral Fund* | 2.25% | N/A | N/A | 2.00% | ||||
Steward Large Cap Core Fund* | 1.00% | N/A | N/A | 0.75% | ||||
Steward Large Cap Growth Fund* | 1.00% | N/A | N/A | 0.75% | ||||
Steward Large Cap Value Fund* | 1.00% | N/A | N/A | 0.75% | ||||
Steward Small Cap Growth Fund* | 1.25% | N/A | N/A | 1.00% | ||||
* | Class C and Class R6 shares of the Funds are not currently available for purchase. |
Fund | Expires April 30, 2024 | Expires April 30, 2025 | Expires April 30, 2026 | |||
Steward Covered Call Income Fund | $314,550 | $173,717 | $201,684 | |||
Steward Equity Market Neutral Fund | N/A | N/A | N/A | |||
Steward Large Cap Core Fund | N/A | 43,800 | 172,245 | |||
Steward Large Cap Growth Fund | N/A | 46,893 | 171,362 | |||
Steward Large Cap Value Fund | N/A | 41,105 | 168,673 | |||
Steward Small Cap Growth Fund | N/A | 44,894 | 141,135 |
Note 5 | — | Purchases and Sales of Securities: |
Fund | Purchases | Sales | ||
Steward Covered Call Income Fund | $ 65,736,712 | $ 29,749,672 | ||
Steward Equity Market Neutral Fund | 121,107,995 | 120,006,216 | ||
Steward Global Equity Income Fund | 238,037,090 | 162,860,822 | ||
Steward International Enhanced Index Fund | 44,045,881 | 36,719,805 | ||
Steward Large Cap Core Fund | 66,150,501 | 57,381,827 | ||
Steward Large Cap Growth Fund | 62,610,579 | 33,164,527 | ||
Steward Large Cap Value Fund | 69,216,726 | 66,110,726 | ||
Steward Select Bond Fund | 7,987,700 | 12,316,528 | ||
Steward Small Cap Growth Fund | 6,656,828 | 10,459,083 | ||
Steward Values-Focused Large Cap Enhanced Index Fund | 17,097,825 | 24,888,075 | ||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 34,974,741 | 48,543,999 |
Fund | Purchases | Sales | ||
Steward Select Bond Fund | $ 14,371,500 | $ 1,575,707 |
Note 6 | — | Federal Income Tax Information: |
Fund | Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/(Depreciation) | ||||
Steward Covered Call Income Fund | $ 60,413,130 | $ 2,118,422 | $ (6,918,429) | $ (4,800,007) | ||||
Steward Equity Market Neutral Fund | 13,586,566 | 8,073,025 | (5,766,338) | 2,306,687 | ||||
Steward Global Equity Income Fund | 339,173,565 | 31,747,087 | (18,975,024) | 12,772,063 | ||||
Steward International Enhanced Index Fund | 213,027,065 | 23,613,246 | (22,431,353) | 1,181,893 | ||||
Steward Large Cap Core Fund | 79,003,510 | 4,357,167 | (4,396,459) | (39,292) | ||||
Steward Large Cap Growth Fund | 75,511,556 | 3,037,702 | (3,463,227) | (425,525) | ||||
Steward Large Cap Value Fund | 63,059,911 | 3,979,378 | (3,708,498) | 270,880 | ||||
Steward Select Bond Fund | 170,167,481 | 242,475 | (14,903,988) | (14,661,513) | ||||
Steward Small Cap Growth Fund | 31,801,561 | 2,096,382 | (8,902,722) | (6,806,340) | ||||
Steward Values-Focused Large Cap Enhanced Index Fund | 196,662,076 | 31,153,366 | (17,502,816) | 13,650,550 | ||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 167,840,971 | 24,642,555 | (25,213,525) | (570,970) |
Distributions Paid From | ||||||
Fund | Ordinary Income | Net Long-Term Capital Gains | Total Distribution Paid | |||
Steward Covered Call Income Fund | $ 3,742,758 | $ 220,208 | $ 3,962,966 | |||
Steward Equity Market Neutral Fund | 34,826 | — | 34,826 | |||
Steward Global Equity Income Fund | 11,550,551 | 14,740,132 | 26,290,683 | |||
Steward International Enhanced Index Fund | 3,575,277 | 2,169,041 | 5,744,318 | |||
Steward Large Cap Core Fund | 666,206 | — | 666,206 | |||
Steward Large Cap Growth Fund | 230,083 | — | 230,083 | |||
Steward Large Cap Value Fund | 1,008,390 | — | 1,008,390 | |||
Steward Select Bond Fund | 2,476,965 | — | 2,476,965 | |||
Steward Small Cap Growth Fund | — | — | — | |||
Steward Values-Focused Large Cap Enhanced Index Fund | 8,522,800 | 60,061,279 | 68,584,079 | |||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 5,175,140 | 32,079,954 | 37,255,094 |
Distributions Paid From | ||||||
Fund | Ordinary Income | Net Long-Term Capital Gains | Total Distribution Paid | |||
Steward Covered Call Income Fund | $ 2,177,626 | $ 1,057,541 | $ 3,235,167 | |||
Steward Equity Market Neutral Fund | — | — | — | |||
Steward Global Equity Income Fund | 18,666,571 | 25,167,668 | 43,834,239 | |||
Steward International Enhanced Index Fund | 3,719,850 | 4,885,523 | 8,605,373 | |||
Steward Large Cap Core Fund | 60,584 | — | 60,584 | |||
Steward Large Cap Growth Fund | 20,782 | — | 20,782 | |||
Steward Large Cap Value Fund | 105,359 | — | 105,359 | |||
Steward Select Bond Fund | 2,393,851 | — | 2,393,851 | |||
Steward Small Cap Growth Fund | 10,843 | — | 10,843 | |||
Steward Values-Focused Large Cap Enhanced Index Fund | 7,882,401 | 64,063,965 | 71,946,366 | |||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 7,799,214 | 19,535,711 | 27,334,925 |
Fund | Ordinary Income | Short-term Capital Gain | Long-term Capital Gain | Total Equalization | ||||
Steward Global Equity Income Fund | $ 586,181 | $ — | $ — | $ 586,181 | ||||
Steward International Enhanced Index Fund | 212,527 | — | — | 212,527 | ||||
Steward Values-Focused Large Cap Enhanced Index Fund | 177,613 | — | 326,575 | 504,188 | ||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 36,761 | 24,888 | 631,708 | 693,357 |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributable Earnings | Accumulated Capital and Other Losses | Unrealized Appreciation/(Depreciation) | Total Distributable Earnings/(Accumulated Deficit) | ||||||
Steward Covered Call Income Fund | $ 1,734,495 | $ 31,576 | $ 1,766,071 | $ (1,366) | $ (4,800,007) | $ (3,035,302) | ||||||
Steward Equity Market Neutral Fund | 1,449,533 | 71,699 | 1,521,232 | — | 2,306,687 | 3,827,919 | ||||||
Steward Global Equity Income Fund | 1,633,703 | — | 1,633,703 | (4,390,274) | 12,772,063 | 10,015,492 | ||||||
Steward International Enhanced Index Fund | 4,148,688 | — | 4,148,688 | (1,377,690) | 1,181,893 | 3,952,891 | ||||||
Steward Large Cap Core Fund | 196,780 | — | 196,780 | (9,535,850) | (39,292) | (9,378,362) | ||||||
Steward Large Cap Growth Fund | 93,895 | — | 93,895 | (4,953,712) | (425,525) | (5,285,342) | ||||||
Steward Large Cap Value Fund | 258,182 | — | 258,182 | (5,991,812) | 270,880 | (5,462,750) | ||||||
Steward Select Bond Fund | 430,979 | — | 430,979 | (3,288,753) | (14,661,513) | (17,519,287) | ||||||
Steward Small Cap Growth Fund | — | — | — | (4,351,638) | (6,806,340) | (11,157,978) | ||||||
Steward Values-Focused Large Cap Enhanced Index Fund | 2,032,152 | 3,736,509 | 5,768,661 | — | 13,650,550 | 19,419,211 | ||||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 469,019 | 4,805,955 | 5,274,974 | — | (570,970) | 4,704,004 |
Fund | Short-Term Amount | Long-Term Amount | Total | |||
Steward Covered Call Income Fund | $ — | $ — | $ — | |||
Steward Equity Market Neutral Fund | — | — | — | |||
Steward Global Equity Income Fund | — | — | — | |||
Steward International Enhanced Index Fund | 1,085,765 | 291,925 | 1,377,690 | |||
Steward Large Cap Core Fund | 8,994,749 | 541,101 | 9,535,850 | |||
Steward Large Cap Growth Fund | 4,225,189 | 728,523 | 4,953,712 | |||
Steward Large Cap Value Fund | 5,748,412 | 243,400 | 5,991,812 | |||
Steward Select Bond Fund | 116,206 | 3,172,547 | 3,288,753 | |||
Steward Small Cap Growth Fund | 3,823,886 | 474,735 | 4,298,621 | |||
Steward Values-Focused Large Cap Enhanced Index Fund | — | — | — | |||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | — | — | — |
Fund | Total | |
Steward Equity Market Neutral Fund | $ 301,309 |
Fund | Late-Year Ordinary Loss Deferred | |
Steward Global Equity Income Fund | $ 4,390,274 | |
Steward Small Cap Growth Fund | 53,017 | |
Note 7 | — | Reclassifications: |
Fund | Distributable Earnings | Capital | ||
Steward Covered Call Income Fund | $ — | $ — | ||
Steward Equity Market Neutral Fund | 3,826 | (3,826) | ||
Steward Global Equity Income Fund | (586,181) | 586,181 | ||
Steward International Enhanced Index Fund | (212,528) | 212,528 | ||
Steward Large Cap Core Fund | — | — | ||
Steward Large Cap Growth Fund | 32 | (32) | ||
Steward Large Cap Value Fund | — | — | ||
Steward Select Bond Fund | — | — | ||
Steward Small Cap Growth Fund | 124,685 | (124,685) | ||
Steward Values-Focused Large Cap Enhanced Index Fund | (601,633) | 601,633 | ||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | (693,357) | 693,357 |
Note 8 | — | Control Ownership: |
Percent Owned | ||||
Steward Covered Call Income Fund | MSCS Financial Services, LLC | 50% | ||
Steward Covered Call Income Fund | National Financial Services LLC | 31% | ||
Steward Equity Market Neutral Fund | MSCS Financial Services, LLC | 27% | ||
Steward Equity Market Neutral Fund | National Financial Services LLC | 27% | ||
Steward Global Equity Income Fund | National Financial Services LLC | 34% | ||
Steward International Enhanced Index Fund | MSCS Financial Services, LLC | 36% | ||
Steward International Enhanced Index Fund | National Financial Services LLC | 38% | ||
Percent Owned | ||||
Steward Large Cap Core Fund | MSCS Financial Services, LLC | 61% | ||
Steward Large Cap Core Fund | National Financial Services LLC | 33% | ||
Steward Large Cap Growth Fund | MSCS Financial Services, LLC | 48% | ||
Steward Large Cap Growth Fund | National Financial Services LLC | 33% | ||
Steward Large Cap Value Fund | MSCS Financial Services, LLC | 68% | ||
Steward Large Cap Value Fund | National Financial Services LLC | 26% | ||
Steward Select Bond Fund | MSCS Financial Services, LLC | 64% | ||
Steward Select Bond Fund | National Financial Services LLC | 36% | ||
Steward Small Cap Growth Fund | MSCS Financial Services, LLC | 84% | ||
Steward Values-Focused Large Cap Enhanced Index Fund | MSCS Financial Services, LLC | 35% | ||
Steward Values-Focused Large Cap Enhanced Index Fund | National Financial Services LLC | 26% | ||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | National Financial Services LLC | 26% | ||
Note 9 | — | Commitments and Contingencies |
Note 10 | — LIBOR Transition: |
Note 11 | — Subsequent Events: |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Steward Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Steward Funds, Inc. comprising the funds listed below (the “Funds”) as of April 30, 2023, and the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights | |||
Steward Covered Call Income Fund, | For the year ended April 30, 2023 | For the years ended April 30, 2023 and 2022 | For the years ended April 30, 2023, 2022, 2021, 2020, and 2019 | |||
| ||||||
Steward Equity Market Neutral Fund, | For the year ended April 30, 2023 | For the year ended April 30, 2023 and for the period from November 15, 2021 (commencement of operations) through April 30, 2022 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
C O H E N & C O M P A N Y , L T D .
800.229.1099 | 866.818.4538 FAX | cohencpa.com
Registered with the Public Company Accounting Oversight Board
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2007.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
June 27, 2023
Fund | Dividends Received Deduction | |
Steward Covered Call Income Fund | 18.20% | |
Steward Equity Market Neutral Fund | 100.00% | |
Steward Global Equity Income Fund | 39.68% | |
Steward International Enhanced Index Fund | 0.48% | |
Steward Large Cap Core Fund | 100.00% | |
Steward Large Cap Growth Fund | 100.00% | |
Steward Large Cap Value Fund | 100.00% | |
Steward Select Bond Fund | —% | |
Steward Small Cap Growth Fund | —% | |
Steward Values-Focused Large Cap Enhanced Index Fund | 37.01% | |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 41.69% |
Fund | Qualified Dividend Income | |
Steward Covered Call Income Fund | 18.99% | |
Steward Equity Market Neutral Fund | 100.00% | |
Steward Global Equity Income Fund | 100.00% | |
Steward International Enhanced Index Fund | 100.00% | |
Steward Large Cap Core Fund | 100.00% | |
Steward Large Cap Growth Fund | 100.00% | |
Steward Large Cap Value Fund | 100.00% | |
Steward Select Bond Fund | —% | |
Steward Small Cap Growth Fund | —% | |
Steward Values-Focused Large Cap Enhanced Index Fund | 39.00% | |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 43.30% |
Fund | Long-Term Capital Gains | |
Steward Covered Call Income Fund | $ 220,208 | |
Steward Equity Market Neutral Fund | — | |
Steward Global Equity Income Fund | 14,740,132 | |
Steward International Enhanced Index Fund | 2,169,041 | |
Steward Large Cap Core Fund | — | |
Steward Large Cap Growth Fund | — | |
Steward Large Cap Value Fund | — | |
Steward Select Bond Fund | — | |
Steward Small Cap Growth Fund | — | |
Steward Values-Focused Large Cap Enhanced Index Fund | 60,061,279 | |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 32,079,954 |
Fund | Short-Term Capital Gains | |
Steward Covered Call Income Fund | $3,417,980 | |
Steward Equity Market Neutral Fund | 34,826 | |
Steward Global Equity Income Fund | 3,474,647 | |
Steward International Enhanced Index Fund | — | |
Steward Large Cap Core Fund | — | |
Steward Large Cap Growth Fund | — | |
Steward Large Cap Value Fund | — | |
Steward Select Bond Fund | — | |
Steward Small Cap Growth Fund | — | |
Steward Values-Focused Large Cap Enhanced Index Fund | 8,250,108 | |
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | 3,914,284 |
Fund | Foreign Source Income | Foreign Tax Expense | ||
Steward International Enhanced Index Fund | $0.81 | $0.09 |
Fund | Beginning Account Value 11/1/22 | Ending Account Value 4/30/23 | Expenses Paid During Period 11/1/22 – 4/30/23* | Expense Ratio During Period 11/1/22 – 4/30/23** | ||||
Steward Covered Call Income Fund | ||||||||
Class A | $1,000.00 | $1,081.00 | $ 6.45 | 1.25% | ||||
Class C | 1,000.00 | 1,077.90 | 10.30 | 2.00% | ||||
Class R6 | 1,000.00 | 1,082.50 | 4.65 | 0.90% | ||||
Institutional Class | 1,000.00 | 1,083.00 | 5.16 | 1.00% | ||||
Steward Equity Market Neutral Fund | ||||||||
Class A | 1,000.00 | 1,000.80 | 9.43 | 1.90% | ||||
Institutional Class | 1,000.00 | 1,001.50 | 8.24 | 1.66% | ||||
Steward Global Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,059.50 | 6.54 | 1.28% | ||||
Class C | 1,000.00 | 1,055.80 | 10.40 | 2.04% | ||||
Class R6 | 1,000.00 | 1,061.50 | 4.70 | 0.92% | ||||
Institutional Class | 1,000.00 | 1,061.30 | 5.21 | 1.02% | ||||
Steward International Enhanced Index Fund | ||||||||
Class A | 1,000.00 | 1,186.20 | 6.07 | 1.12% | ||||
Class C | 1,000.00 | 1,187.70 | 6.29 | 1.16% | ||||
Class R6 | 1,000.00 | 1,188.90 | 3.64 | 0.67% | ||||
Institutional Class | 1,000.00 | 1,187.80 | 4.23 | 0.78% | ||||
Steward Large Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,048.70 | 5.08 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,050.10 | 3.81 | 0.75% | ||||
Steward Large Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,078.70 | 5.15 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,080.30 | 3.87 | 0.75% | ||||
Steward Large Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,021.90 | 5.01 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,023.60 | 3.76 | 0.75% | ||||
Steward Select Bond Fund | ||||||||
Class A | 1,000.00 | 1,059.00 | 5.05 | 0.99% | ||||
Class C | 1,000.00 | 1,055.50 | 8.82 | 1.73% | ||||
Class R6 | 1,000.00 | 1,059.70 | 4.14 | 0.81% | ||||
Institutional Class | 1,000.00 | 1,060.50 | 3.78 | 0.74% | ||||
Steward Small Cap Growth Fund | ||||||||
Class A | 1,000.00 | 996.50 | 6.19 | 1.25% | ||||
Institutional Class | 1,000.00 | 998.30 | 4.95 | 1.00% | ||||
Steward Values-Focused Large Cap Enhanced Index Fund | ||||||||
Class A | 1,000.00 | 1,081.10 | 4.13 | 0.80% | ||||
Class C | 1,000.00 | 1,077.20 | 8.70 | 1.69% | ||||
Class R6 | 1,000.00 | 1,083.20 | 2.69 | 0.52% | ||||
Institutional Class | 1,000.00 | 1,083.10 | 3.05 | 0.59% |
Fund | Beginning Account Value 11/1/22 | Ending Account Value 4/30/23 | Expenses Paid During Period 11/1/22 – 4/30/23* | Expense Ratio During Period 11/1/22 – 4/30/23** | ||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | ||||||||
Class A | $1,000.00 | $1,008.10 | $4.13 | 0.83% | ||||
Class C | 1,000.00 | 1,008.30 | 4.18 | 0.84% | ||||
Class R6 | 1,000.00 | 1,009.30 | 2.64 | 0.53% | ||||
Institutional Class | 1,000.00 | 1,009.20 | 3.14 | 0.63% |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). |
** | The expense ratio for each class of the following Funds reflects an expense limitation: Steward Covered Call Income Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund. See Note 4 in the Notes to Financial Statements. |
Fund | Beginning Account Value 11/1/22 | Ending Account Value 4/30/23 | Expenses Paid During Period 11/1/22 – 4/30/23* | Expense Ratio During Period 11/1/22 – 4/30/23** | ||||
Steward Covered Call Income Fund | ||||||||
Class A | $1,000.00 | $1,018.60 | $ 6.26 | 1.25% | ||||
Class C | 1,000.00 | 1,014.88 | 9.99 | 2.00% | ||||
Class R6 | 1,000.00 | 1,020.33 | 4.51 | 0.90% | ||||
Institutional Class | 1,000.00 | 1,019.84 | 5.01 | 1.00% | ||||
Steward Equity Market Neutral Fund | ||||||||
Class A | 1,000.00 | 1,015.37 | 9.49 | 1.90% | ||||
Institutional Class | 1,000.00 | 1,016.56 | 8.30 | 1.66% | ||||
Steward Global Equity Income Fund | ||||||||
Class A | 1,000.00 | 1,018.45 | 6.41 | 1.28% | ||||
Class C | 1,000.00 | 1,014.68 | 10.19 | 2.04% | ||||
Class R6 | 1,000.00 | 1,020.23 | 4.61 | 0.92% | ||||
Institutional Class | 1,000.00 | 1,019.74 | 5.11 | 1.02% | ||||
Steward International Enhanced Index Fund | ||||||||
Class A | 1,000.00 | 1,019.24 | 5.61 | 1.12% | ||||
Class C | 1,000.00 | 1,019.04 | 5.81 | 1.16% | ||||
Class R6 | 1,000.00 | 1,021.47 | 3.36 | 0.67% | ||||
Institutional Class | 1,000.00 | 1,020.93 | 3.91 | 0.78% | ||||
Steward Large Cap Core Fund | ||||||||
Class A | 1,000.00 | 1,019.84 | 5.01 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,021.08 | 3.76 | 0.75% | ||||
Steward Large Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,019.84 | 5.01 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,021.08 | 3.76 | 0.75% | ||||
Steward Large Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.84 | 5.01 | 1.00% | ||||
Institutional Class | 1,000.00 | 1,021.08 | 3.76 | 0.75% | ||||
Steward Select Bond Fund | ||||||||
Class A | 1,000.00 | 1,019.89 | 4.96 | 0.99% | ||||
Class C | 1,000.00 | 1,016.22 | 8.65 | 1.73% | ||||
Class R6 | 1,000.00 | 1,020.78 | 4.06 | 0.81% | ||||
Institutional Class | 1,000.00 | 1,021.12 | 3.71 | 0.74% | ||||
Steward Small Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.60 | 6.26 | 1.25% | ||||
Institutional Class | 1,000.00 | 1,019.84 | 5.01 | 1.00% | ||||
Steward Values-Focused Large Cap Enhanced Index Fund | ||||||||
Class A | 1,000.00 | 1,020.83 | 4.01 | 0.80% | ||||
Class C | 1,000.00 | 1,016.41 | 8.45 | 1.69% | ||||
Class R6 | 1,000.00 | 1,022.22 | 2.61 | 0.52% | ||||
Institutional Class | 1,000.00 | 1,021.87 | 2.96 | 0.59% | ||||
Steward Values-Focused Small-Mid Cap Enhanced Index Fund | ||||||||
Class A | 1,000.00 | 1,020.68 | 4.16 | 0.83% | ||||
Class C | 1,000.00 | 1,020.63 | 4.21 | 0.84% | ||||
Class R6 | 1,000.00 | 1,022.17 | 2.66 | 0.53% | ||||
Institutional Class | 1,000.00 | 1,021.67 | 3.16 | 0.63% |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). |
** | The expense ratio for each class of the following Funds reflects an expense limitation: Steward Covered Call Income Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund. See Note 4 in the Notes to Financial Statements. |
Name, Address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director or Nominee | Other Directorships Held by Director or Nominee During the Past 5 Years | ||||||||||
Interested Directors | |||||||||||||||
Michael L. Kern, III, CFA(2) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Chairman of the Board; Director | Indefinite Term Since 2017 | President, CEO and Treasurer, Crossmark Global Holdings, Inc. (May 2015 − Present); President, CEO and Treasurer, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − Present); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − 2018) Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 - 2018) | 11 | Foundation Capital Resources (2015 -2022); GSV Fund Management Company (2020 - Present) | ||||||||||
Kyle A. Dana CRPC(3) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1978 | Director | Indefinite Term Since 2017 | Senior Vice President, Retirement & Investment Solutions of AGFinancial(4) (2000 − Present) | 11 | N/A | ||||||||||
Independent Directors | |||||||||||||||
Mark H. Barineau c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Director | Indefinite Term Since 2017 | President of Lionsmark Investment Group(5) (since April 2016); Co-Founder and Managing Member, Starboard Star Venture Capital LLC (2021 - Present); President & Owner of Radney Management & Investments, Inc.(6) (1996 – 2016) | 11 | N/A | ||||||||||
Richard L. Peteka c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1961 | Director | Indefinite Term Since 2017 | Retired; Chief Financial Officer and Secretary of SLR Investment Corp., (May 2012 - April 2023), SCP Private Credit Income BDC LLC (2018 - April 2023) and SLR HC BDC LLC (2020 - April 2023)(7) | 11 | N/A | ||||||||||
Adriana R. Posada c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1954 | Director | Indefinite Term Since 2017 | Retired; Sr. Portfolio Manager of American Beacon Advisors, Inc. (September 1998 − March 2016) | 11 | N/A |
Name, Address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director or Nominee | Other Directorships Held by Director or Nominee During the Past 5 Years | ||||||||||
Independent Directors (continued) | |||||||||||||||
Richard J. Rossi c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1956 | Director; Lead Independent Director as of May 14, 2020 | Indefinite Term Since 2019 | Retired; President and Co–Chief Operating Officer, Eagle Asset Management, President, Eagle Mutual Funds and Eagle Fund Distributors (2000 – 2017) | 11 | N/A |
Name, address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships/ Trusteeships Held by Officer During the Past 5 Years | ||||||||
Executive Officers | ||||||||||||
Michael L. Kern, III, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | President | Since 2016 | President, CEO and Treasurer, Crossmark Global Holdings, Inc. (May 2015 − Present); President, CEO and Treasurer, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − Present); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − 2018) | Foundation Capital Resources (2015 − 2022); GSV Fund Management Company (2020 − Present) | ||||||||
Robert C. Doll, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1954 | Executive Vice President | Since 2021 | Chief Investment Officer, Crossmark Global Investments, Inc. (2021 - Present); Chief Equity Strategist and Senior Portfolio Manager, Nuveen (November 2012 - March 2021) | N/A | ||||||||
James Jacoby 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Executive Vice President, Derivatives Risk Manager and Liquidity Risk Management Program Administrator | Since 2022 | Chief Operating Officer, Crossmark Global Investments, Inc. (2022 - Present); Global Head of Performance and Risk, Invesco, Ltd. (2007 - 2022) | N/A | ||||||||
Brent Lium, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1969 | Executive Vice President | Since 2019 | Managing Director - Head of Equity Investments, Crossmark Global Investments, Inc. (February 2021 -Present); Managing Director, Crossmark Global Investments, Inc. (2019 – February 2021); Portfolio Manager, Invesco Ltd. (2001 − 2019) | N/A | ||||||||
Rob Botard, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1970 | Executive Vice President | Since 2022 | Managing Director and Portfolio Manager, Crossmark Global Investments, Inc. (April 2022 - Present); Portfolio Manager, Invesco Ltd. (April 2011- April 2022) | N/A |
Name, address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships/ Trusteeships Held by Officer During the Past 5 Years | ||||||||
Executive Officers (continued) | ||||||||||||
Victoria Fernandez, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Executive Vice President | Since 2014 | Chief Market Strategist, Crossmark Global Investments, Inc. (2018 − Present); Managing Director – Fixed Income Investments, Crossmark Global Investments, Inc. (2012 – 2018) | N/A | ||||||||
Paul Townsen 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1971 | Executive Vice President | Since 2017 | Managing Director – Head of Trading & Investment Operations (2021 - Present); Managing Director, Crossmark Global Investments, Inc, (2017 - 2021) | N/A | ||||||||
Ryan Caylor, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1988 | Executive Vice President | Since 2020 | Portfolio Manager, Crossmark Global Investments, Inc. (2020 − Present); Head of Research, Crossmark Global Investments, Inc. (2019 – Present); Senior Research Analyst, Crossmark Global Investments Inc. (2016 – 2019) | N/A | ||||||||
Heather Lindsey 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Executive Vice President | Since 2022 | Managing Director – Head of Distributions Crossmark Global Investments, Inc. (August 2021– Present); Senior Vice President, Head of Strategic Accounts, Invesco Ltd. (March 2018 –March 2020); Senior Director - Retirement & Insurance Platforms, Invesco Ltd. (April 2008 - February 2018). | N/A |
Name, address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships/ Trusteeships Held by Officer During the Past 5 Years | ||||||||
Executive Officers (continued) | ||||||||||||
Jim A. Coppedge 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Executive Vice President, Chief Compliance Officer, Secretary and Assistant Treasurer | Since 2017 | General Counsel and Chief Compliance Officer, Crossmark Global Investments, Inc. (2017 − Present); General Counsel and Chief Compliance Officer, Crossmark Distributors, Inc. (December 11, 2017 − Present); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2018 − Present) | N/A | ||||||||
Monique Labbe 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Treasurer | Since 2023 | Senior Principal Consultant, ACA Group (2022 - Present); Fund Treasurer and Principal Financial Officer, Foreside Financial Group, LLC (2014 - 2022) | N/A | ||||||||
Brystal Eshenroder 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1989 | Assistant Secretary | Since 2023 | Senior Compliance and Fund Administration Manager (2022 - Present); Regional Compliance Manager for Private Wealth Management, Goldman Sachs & Co. LLC (2021); Global Compliance Employee Services, Goldman Sachs & Co. LLC (2017 - 2021) | N/A |
Name, address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships/ Trusteeships Held by Officer During the Past 5 Years | ||||||||
Executive Officers (continued) | ||||||||||||
Patricia Mims 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1960 | Assistant Treasurer | Since 2021 | Financial Operations Principal, Crossmark Distributors, Inc. (2018 - Present); Senior Compliance Officer, Crossmark Global Investments, Inc. (October 2018 - 2020); Assistant Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2018 - 2020); Senior Compliance Associate, Crossmark Global Investments, Inc. (April 2013 - October 2018) | N/A |
Visit us online at:
crossmarkglobal.com
STEWARD FUNDS
ANNUAL REPORT
Steward Covered Call Income Fund
Steward Equity Market Neutral Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Core Fund
Steward Large Cap Growth Fund
Steward Large Cap Value Fund
Steward Select Bond Fund
Steward Small Cap Growth Fund
Steward Values-Focused Large Cap Enhanced Index Fund
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Distributed by:
Crossmark Distributors, Inc.
15375 Memorial Dr, Suite 200
Houston, TX 77079
888-845-6910
stewardfunds@crossmarkglobal.com
For more complete information about the Steward Funds, including charges and expenses, contact the Distributor to receive a prospectus. Please read it carefully before you invest or send money.
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an exhibit. |
(c) | During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR. |
(d) | During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no waivers granted from a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR. |
Item 3. Audit Committee Financial Expert.
(a) | (1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. |
(a) | (2) The audit committee financial expert is Richard L. Peteka, who is “independent” for purposes of this Item 3 of Form N-CSR. |
Item 4. Principal Accountant Fees and Services.
2023 | 2022 | |||||
(a) Audit Fees | $187,250 | $170,750 | ||||
(b) Audit-Related Fees | $- | $- | ||||
(c) Tax Fees | $36,850 | $35,750 | ||||
(d) All Other Fees | $- | $- |
The audit fees are paid for professional services rendered by the auditor for the audit of the Funds’ annual financial statements or services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. The tax fees are paid for professional services rendered by the auditor for tax compliance, tax advice and tax planning.
(e) | (1) The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the auditor to the Funds and certain non-audit services to be rendered by the auditor to the Funds’ investment adviser which require pre-approval by the Audit Committee. In connection with such pre-approvals, the auditor, or a Fund officer, with the assistance of the auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting. |
(e) | (2) For the fiscal years ended April 30, 2023 and 2022, 0% of the fees disclosed in paragraphs (b)-(d) of Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
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(f) | Not applicable. |
(g) | For the fiscal year ended April 30, 2023, Cohen and Company, Ltd. billed $36,850. |
For the fiscal year ended April 30, 2022, Cohen and Company, Ltd. billed $35,750.
(h) | Not applicable. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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. |
(b) | Not applicable. |
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.
Not applicable.
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. |
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(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) | The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto. |
(a) (2) |
(a) (3) | Not applicable. |
(a) (4) | Not applicable. |
(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 | ||
(Principal Executive Officer) | ||
Date: June 30, 2023 |
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 | ||
(Principal Executive Officer) | ||
Date: June 30, 2023 | ||
By: | /s/ Monique D. Labbe | |
Monique D. Labbe | ||
Treasurer | ||
(Principal Financial Officer) | ||
Date: June 30, 2023 |
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