Steward Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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: October 31, 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 October 31, 2023

STEWARD FUNDS

SEMI-ANNUAL REPORT

TABLE OF CONTENTS

Schedules of Portfolio Investments (Unaudited)	2
Financial Statements (Unaudited)	64
Notes to Financial Statements (Unaudited)	93
General Information (Unaudited)	106

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

The table below sets forth the diversification of the Steward Covered Call Income Fund investments by Industry.

Industry Diversification	Percent*
Semiconductors & Semiconductor Equipment		8.4%
Software		8.2
Interactive Media & Services		6.5
Financial Services		5.7
Technology Hardware, Storage & Peripherals		4.6
Electric Utilities		3.9
Broadline Retail		3.8
Oil, Gas & Consumable Fuels		3.8
Beverages		3.5
Banks		3.5
Aerospace & Defense		3.1
Capital Markets		3.1
Hotels, Restaurants & Leisure		3.0
Consumer Staples Distribution & Retail		2.8
Household Products		2.6
Specialty Retail		2.5
Automobiles		2.2
IT Services		2.1
Health Care Equipment & Supplies		2.0
Chemicals		2.0
Pharmaceuticals		2.0
Industrial Conglomerates		1.8

Industry Diversification	Percent*
Biotechnology		1.7%
Insurance		1.5
Machinery		1.4
Entertainment		1.4
Air Freight & Logistics		1.4
Communications Equipment		1.3
Life Sciences Tools & Services		1.3
Media		1.2
Food Products		1.1
Wireless Telecommunication Services		1.0
Diversified Telecommunication Services		1.0
Consumer Finance		1.0
Money Market Fund		1.0
Ground Transportation		0.9
Textiles, Apparel & Luxury Goods		0.8
Retail Real Estate Investment Trusts		0.8
Specialized Real Estate Investment Trusts		0.8
Electrical Equipment		0.6
Health Care Providers & Services		0.6
Commercial Services & Supplies		0.1
Total Investments		102.0%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

2

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

	Shares		Value
COMMON STOCKS - 101.0%
AEROSPACE & DEFENSE - 3.1%
Boeing Co. (The)(a)		1,800	$	336,276
General Dynamics Corp.		2,900		699,799
Lockheed Martin Corp.		1,200		545,568
RTX Corp.		7,399		602,205
				2,183,848
AIR FREIGHT & LOGISTICS - 1.4%
FedEx Corp.		1,400		336,140
United Parcel Service, Inc., Class B		4,400		621,500
				957,640
AUTOMOBILES - 2.2%
Ford Motor Co.		13,700		133,575
General Motors Co.		5,800		163,560
Tesla, Inc.(a)		6,200		1,245,208
				1,542,343
BANKS - 3.5%
Bank of America Corp.		19,300		508,362
Citigroup, Inc.		5,300		209,297
JPMorgan Chase & Co.		7,200		1,001,232
U.S. Bancorp		9,800		312,424
Wells Fargo & Co.		10,600		421,562
				2,452,877
BEVERAGES - 3.5%
Coca-Cola Co. (The)		22,000		1,242,780
PepsiCo, Inc.		7,500		1,224,600
				2,467,380
BIOTECHNOLOGY - 1.7%
Amgen, Inc.		2,400		613,680
Gilead Sciences, Inc.		7,100		557,634
				1,171,314
BROADLINE RETAIL - 3.8%
Amazon.com, Inc.(a)		20,300		2,701,726
CAPITAL MARKETS - 3.1%
Bank of New York Mellon Corp. (The)		8,100		344,250
BlackRock, Inc.		1,000		612,280
Charles Schwab Corp. (The)		5,700		296,628
Goldman Sachs Group, Inc. (The)		1,500		455,415
Morgan Stanley		6,300		446,166
				2,154,739

	Shares		Value
CHEMICALS - 2.0%
Dow, Inc.		9,700	$	468,898
Linde PLC		2,400		917,184
				1,386,082
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Veralto Corp.(a)		1,500		103,500
COMMUNICATIONS EQUIPMENT - 1.3%
Cisco Systems, Inc.		18,100		943,553
CONSUMER FINANCE - 1.0%
American Express Co.		2,700		394,281
Capital One Financial Corp.		3,100		313,999
				708,280
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.8%
Costco Wholesale Corp.		1,600		883,904
Target Corp.		2,400		265,896
Walmart, Inc.		4,800		784,368
				1,934,168
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%
AT&T, Inc.		18,200		280,280
Verizon Communications, Inc.		12,300		432,099
				712,379
ELECTRIC UTILITIES - 3.9%
Duke Energy Corp.		9,200		817,788
Exelon Corp.		12,400		482,856
NextEra Energy, Inc.		9,100		530,530
Southern Co. (The)		13,500		908,550
				2,739,724
ELECTRICAL EQUIPMENT - 0.6%
Emerson Electric Co.		5,100		453,747
ENTERTAINMENT - 1.4%
Netflix, Inc.(a)		1,100		452,859
Walt Disney Co. (The)(a)		6,600		538,494
				991,353
FINANCIAL SERVICES - 5.7%
Berkshire Hathaway, Inc., Class B(a)		5,100		1,740,783
Mastercard, Inc., Class A		2,500		940,875
PayPal Holdings, Inc.(a)		4,900		253,820
Visa, Inc., Class A		4,600		1,081,460
				4,016,938

See notes to financial statements.

3

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

	Shares		Value
FOOD PRODUCTS - 1.1%
Kraft Heinz Co. (The)		4,500	$	141,570
Mondelez International, Inc., Class A		10,100		668,721
				810,291
GROUND TRANSPORTATION - 0.9%
Union Pacific Corp.		3,000		622,830
HEALTH CARE EQUIPMENT & SUPPLIES - 2.0%
Abbott Laboratories		9,100		860,405
Medtronic PLC		8,100		571,536
				1,431,941
HEALTH CARE PROVIDERS & SERVICES - 0.6%
CVS Health Corp.		5,900		407,159
HOTELS, RESTAURANTS & LEISURE - 3.0%
Booking Holdings, Inc.(a)		200		557,912
McDonald’s Corp.		4,000		1,048,680
Starbucks Corp.		5,300		488,872
				2,095,464
HOUSEHOLD PRODUCTS - 2.6%
Colgate-Palmolive Co.		7,700		578,424
Procter & Gamble Co. (The)		8,400		1,260,252
				1,838,676
INDUSTRIAL CONGLOMERATES - 1.8%
3M Co.		5,800		527,510
Honeywell International, Inc.		4,000		733,040
				1,260,550
INSURANCE - 1.5%
American International Group, Inc.		7,400		453,694
MetLife, Inc.		9,800		588,098
				1,041,792
INTERACTIVE MEDIA & SERVICES - 6.5%
Alphabet, Inc., Class A(a)		13,600		1,687,488
Alphabet, Inc., Class C†(a)		11,000		1,378,300
Meta Platforms, Inc., Class A(a)		4,900		1,476,223
				4,542,011
IT SERVICES - 2.1%
Accenture PLC, Class A		3,100		920,979
International Business Machines Corp.		3,800		549,632
				1,470,611
LIFE SCIENCES TOOLS & SERVICES - 1.3%
Danaher Corp.		4,600		883,292
MACHINERY - 1.4%
Caterpillar, Inc.		2,300		519,915
Deere & Co.		1,300		474,968
				994,883

	Shares		Value
MEDIA - 1.2%
Charter Communications, Inc., Class A(a)		700	$	281,960
Comcast Corp., Class A		12,900		532,641
				814,601
OIL, GAS & CONSUMABLE FUELS - 3.8%
Chevron Corp.		5,500		801,515
ConocoPhillips		6,100		724,680
Exxon Mobil Corp.		11,000		1,164,350
				2,690,545
PHARMACEUTICALS - 2.0%
Eli Lilly & Co.		2,500		1,384,825
RETAIL REAL ESTATE INVESTMENT TRUSTS - 0.8%
Simon Property Group, Inc.		4,900		538,461
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%
Advanced Micro Devices, Inc.(a)		6,100		600,850
Broadcom, Inc.		1,600		1,346,192
Intel Corp.		12,500		456,250
NVIDIA Corp.		5,600		2,283,680
QUALCOMM, Inc.		4,600		501,354
Texas Instruments, Inc.		5,200		738,452
				5,926,778
SOFTWARE - 8.2%
Adobe, Inc.(a)		1,900		1,010,914
Microsoft Corp.		10,100		3,414,911
Oracle Corp.		6,200		641,080
Salesforce, Inc.(a)		3,600		722,988
				5,789,893
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 0.8%
American Tower Corp.		3,000		534,570
SPECIALTY RETAIL - 2.5%
Home Depot, Inc. (The)		3,700		1,053,353
Lowe’s Cos., Inc.		3,700		705,109
				1,758,462
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.6%
Apple, Inc.		18,900		3,227,553
TEXTILES, APPAREL & LUXURY GOODS - 0.8%
NIKE, Inc., Class B		5,300		544,681
WIRELESS TELECOMMUNICATION SERVICES - 1.0%
T-Mobile U.S., Inc.(a)		5,000		719,300
TOTAL COMMON STOCKS (COST $73,830,156)				70,950,760

See notes to financial statements.

4

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

	Shares		Value
MONEY MARKET FUND - 1.0%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)		696,214	$	696,214
TOTAL MONEY MARKET FUND (COST $696,214)				696,214
TOTAL INVESTMENTS (COST $74,526,370) - 102.0%				71,646,974

	Value
WRITTEN CALL OPTIONS - (2.3)%
(PREMIUMS RECEIVED
($1,336,982))	$	(1,591,369	)
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		168,178
NET ASSETS - 100.0%	$	70,223,783

Securities in this Fund are pledged as collateral for call options written.

† Security is not pledged as collateral for call options written.

^(a)  Represents non-income producing security.

^(b)  7-day current yield as of October 31, 2023 is disclosed.

PLC — Public Limited Company

See notes to financial statements.

5

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

Exchange-traded options written as of October 31, 2023 were as follows:

Description	Type	Number of Contracts	Notional Amount*			Exercise Price		Expiration Date		Value
3M Co.	Call	50	$	(475,000	)	$	95.00		1/19/24	$	(13,050	)
Abbott Laboratories	Call	80		(800,000	)		100.00		1/19/24		(15,600	)
Accenture PLC, Class A	Call	25		(800,000	)		320.00		1/19/24		(13,950	)
Adobe, Inc.	Call	10		(540,000	)		540.00		11/17/23		(11,725	)
Advanced Micro Devices, Inc.	Call	55		(632,500	)		115.00		2/16/24		(28,600	)
Alphabet, Inc., Class A	Call	90		(1,260,000	)		140.00		1/19/24		(15,030	)
Amazon.com, Inc.	Call	190		(2,565,000	)		135.00		12/15/23		(102,600	)
American Express Co.	Call	20		(310,000	)		155.00		1/19/24		(6,260	)
American International Group, Inc.	Call	65		(422,500	)		65.00		2/16/24		(14,137	)
American Tower Corp.	Call	25		(450,000	)		180.00		1/19/24		(20,875	)
Amgen, Inc.	Call	15		(442,500	)		295.00		2/16/24		(2,633	)
Apple, Inc.	Call	175		(3,150,000	)		180.00		12/15/23		(46,025	)
AT&T, Inc.	Call	170		(255,000	)		15.00		11/17/23		(10,030	)
Bank of America Corp.	Call	180		(504,000	)		28.00		2/16/24		(18,090	)
Bank of New York Mellon Corp. (The)	Call	60		(270,000	)		45.00		3/15/24		(10,050	)
Berkshire Hathaway, Inc., Class B	Call	45		(1,620,000	)		360.00		12/15/23		(8,460	)
BlackRock, Inc.	Call	7		(441,000	)		630.00		12/15/23		(7,805	)
Boeing Co. (The)	Call	15		(292,500	)		195.00		12/15/23		(7,275	)
Booking Holdings, Inc.	Call	1		(300,000	)		3,000.00		11/17/23		(2,290	)
Broadcom, Inc.	Call	12		(1,056,000	)		880.00		12/15/23		(36,240	)
Capital One Financial Corp.	Call	25		(250,000	)		100.00		12/15/23		(13,400	)
Caterpillar, Inc.	Call	15		(420,000	)		280.00		2/16/24		(2,490	)
Charles Schwab Corp. (The)	Call	45		(258,750	)		57.50		1/19/24		(7,043	)
Charter Communications, Inc., Class A	Call	4		(164,000	)		410.00		12/15/23		(5,560	)
Chevron Corp.	Call	45		(697,500	)		155.00		1/19/24		(12,397	)
Cisco Systems, Inc.	Call	165		(907,500	)		55.00		1/19/24		(17,407	)
Citigroup, Inc.	Call	45		(191,250	)		42.50		1/19/24		(3,915	)
Coca-Cola Co. (The)	Call	200		(1,100,000	)		55.00		12/15/23		(46,400	)
Colgate-Palmolive Co.	Call	70		(525,000	)		75.00		2/16/24		(25,900	)
Comcast Corp., Class A	Call	115		(488,750	)		42.50		1/19/24		(13,915	)
ConocoPhillips	Call	45		(562,500	)		125.00		1/19/24		(17,325	)
Costco Wholesale Corp.	Call	12		(708,000	)		590.00		2/16/24		(14,160	)
CVS Health Corp.	Call	50		(350,000	)		70.00		1/19/24		(16,900	)
Danaher Corp.	Call	35		(910,000	)		260.00		12/15/23		(1,575	)
Deere & Co.	Call	8		(312,000	)		390.00		12/15/23		(5,980	)
Dow, Inc.	Call	90		(450,000	)		50.00		1/19/24		(12,690	)
Duke Energy Corp.	Call	80		(760,000	)		95.00		1/19/24		(8,160	)
Eli Lilly & Co.	Call	15		(825,000	)		550.00		11/17/23		(33,000	)
Emerson Electric Co.	Call	45		(427,500	)		95.00		12/15/23		(3,330	)
Exelon Corp.	Call	115		(460,000	)		40.00		1/19/24		(13,800	)
Exxon Mobil Corp.	Call	100		(1,150,000	)		115.00		12/15/23		(7,700	)
FedEx Corp.	Call	10		(260,000	)		260.00		1/19/24		(6,100	)
Ford Motor Co.	Call	110		(121,000	)		11.00		3/15/24		(4,400	)
General Dynamics Corp.	Call	25		(575,000	)		230.00		1/19/24		(42,750	)
General Motors Co.	Call	50		(160,000	)		32.00		12/15/23		(1,550	)

See notes to financial statements.

6

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

Description	Type	Number of Contracts	Notional Amount*			Exercise Price		Expiration Date		Value
Gilead Sciences, Inc.	Call	65	$	(536,250	)	$	82.50		1/19/24	$	(12,220	)
Goldman Sachs Group, Inc. (The)	Call	10		(315,000	)		315.00		12/15/23		(4,850	)
Home Depot, Inc. (The)	Call	30		(930,000	)		310.00		2/16/24		(17,700	)
Honeywell International, Inc.	Call	35		(665,000	)		190.00		12/15/23		(8,225	)
Intel Corp.	Call	105		(393,750	)		37.50		1/19/24		(20,580	)
International Business Machines Corp.	Call	30		(435,000	)		145.00		2/16/24		(17,775	)
JPMorgan Chase & Co.	Call	65		(942,500	)		145.00		12/15/23		(13,000	)
Kraft Heinz Co. (The)	Call	40		(130,000	)		32.50		1/19/24		(3,540	)
Linde PLC	Call	15		(592,500	)		395.00		1/19/24		(15,075	)
Lockheed Martin Corp.	Call	7		(290,500	)		415.00		12/15/23		(30,030	)
Lowe’s Cos, Inc.	Call	30		(630,000	)		210.00		1/19/24		(10,050	)
Mastercard, Inc., Class A	Call	20		(790,000	)		395.00		1/19/24		(15,200	)
McDonald’s Corp.	Call	35		(945,000	)		270.00		12/15/23		(9,660	)
Medtronic PLC	Call	70		(542,500	)		77.50		2/16/24		(9,415	)
Meta Platforms, Inc., Class A	Call	40		(1,280,000	)		320.00		12/15/23		(31,400	)
MetLife, Inc.	Call	85		(552,500	)		65.00		1/19/24		(9,435	)
Microsoft Corp.	Call	90		(3,015,000	)		335.00		12/15/23		(128,250	)
Mondelez International, Inc., Class A	Call	95		(617,500	)		65.00		12/15/23		(29,450	)
Morgan Stanley	Call	55		(440,000	)		80.00		1/19/24		(3,905	)
Netflix, Inc.	Call	8		(320,000	)		400.00		12/15/23		(22,296	)
NextEra Energy, Inc.	Call	80		(440,000	)		55.00		12/15/23		(35,200	)
NIKE, Inc., Class B	Call	45		(450,000	)		100.00		1/19/24		(34,425	)
NVIDIA Corp.	Call	45		(2,025,000	)		450.00		12/15/23		(66,015	)
Oracle Corp.	Call	55		(605,000	)		110.00		12/15/23		(11,990	)
PayPal Holdings, Inc.	Call	45		(258,750	)		57.50		1/19/24		(9,720	)
PepsiCo, Inc.	Call	65		(1,105,000	)		170.00		1/19/24		(17,680	)
Procter & Gamble Co. (The)	Call	75		(1,162,500	)		155.00		1/19/24		(20,625	)
QUALCOMM, Inc.	Call	40		(460,000	)		115.00		12/15/23		(11,960	)
Raytheon Technologies Corp.	Call	65		(520,000	)		80.00		1/19/24		(27,625	)
Salesforce, Inc.	Call	30		(660,000	)		220.00		12/15/23		(9,600	)
Simon Property Group, Inc.	Call	40		(460,000	)		115.00		1/19/24		(9,600	)
Southern Co. (The)	Call	110		(742,500	)		67.50		1/19/24		(27,500	)
Starbucks Corp.	Call	45		(438,750	)		97.50		1/19/24		(10,733	)
Target Corp.	Call	20		(250,000	)		125.00		1/19/24		(5,020	)
Tesla, Inc.	Call	45		(1,012,500	)		225.00		12/15/23		(25,650	)
Texas Instruments, Inc.	Call	45		(697,500	)		155.00		12/15/23		(4,140	)
T-Mobile U.S., Inc.	Call	40		(600,000	)		150.00		2/16/24		(19,600	)
U.S. Bancorp	Call	85		(276,250	)		32.50		12/15/23		(11,688	)
Union Pacific Corp.	Call	25		(537,500	)		215.00		12/15/23		(8,250	)
United Parcel Service, Inc., Class B	Call	35		(560,000	)		160.00		2/16/24		(6,090	)
Verizon Communications, Inc.	Call	100		(330,000	)		33.00		1/19/24		(29,400	)
Visa, Inc., Class A	Call	40		(980,000	)		245.00		12/15/23		(9,760	)
Walmart, Inc.	Call	45		(742,500	)		165.00		12/15/23		(18,450	)
Walt Disney Co. (The)	Call	55		(495,000	)		90.00		1/19/24		(11,110	)

See notes to financial statements.

7

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD COVERED CALL INCOME FUND

Description	Type	Number of Contracts		Notional Amount*			Exercise Price		Expiration Date		Value
Wells Fargo & Co.	Call		90	$	(382,500	)	$	42.50		1/19/24	$	(8,910	)
(Premiums received $ 1,336,982)											$	(1,591,369	)

* Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100.

See notes to financial statements.

8

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

The table below sets forth the diversification of the Steward Equity Market Neutral Fund investments by Industry.

Industry Diversification	Percent^*
Health Care Providers & Services		5.1	%
Specialty Retail		4.4
Software		3.9
Consumer Finance		3.7
Financial Services		3.2
Trading Companies & Distributors		2.9
Specialized Real Estate Investment Trusts		2.8
Money Market Fund		2.2
Capital Markets		2.0
Air Freight & Logistics		2.0
Electronic Equipment, Instruments & Components		2.0
Broadline Retail		1.9
Automobile Components		1.9
Real Estate Management & Development		1.9
Semiconductors & Semiconductor Equipment		1.9
Machinery		1.7
Household Durables		1.0
Building Products		1.0
Textiles, Apparel & Luxury Goods		1.0
Containers & Packaging		1.0
Diversified Consumer Services		0.9
Technology Hardware, Storage & Peripherals		0.9
Leisure Products		0.9
Consumer Staples Distribution & Retail		0.7
Electrical Equipment		0.6
Metals & Mining		0.2
Professional Services		0.2
Ground Transportation		0.0	**

Industry Diversification	Percent^*
Media		0.0	**%
Banks		(0.1	)
Communications Equipment		(0.1	)
Water Utilities		(0.2	)
Construction & Engineering		(0.5	)
Automobiles		(0.8	)
Insurance		(0.8	)
Beverages		(0.8	)
Interactive Media & Services		(0.9	)
Household Products		(1.0	)
Health Care Technology		(1.0	)
Commercial Services & Supplies		(1.0	)
Energy Equipment & Services		(1.0	)
Passenger Airlines		(1.3	)
Chemicals		(1.4	)
Multi-Utilities		(1.6	)
Food Products		(1.7	)
IT Services		(1.8	)
Life Sciences Tools & Services		(2.2	)
Entertainment		(2.2	)
Pharmaceuticals		(2.3	)
Oil, Gas & Consumable Fuels		(3.0	)
Biotechnology		(3.8	)
Health Care Equipment & Supplies		(4.8	)
Electric Utilities		(4.9	)
Aerospace & Defense		(5.0	)
Hotels, Restaurants & Leisure		(5.0	)
Total Investments		2.7	%

^ Percentages indicated are net of Common Stocks and Common Stocks Sold Short.

* Percentages indicated are based on net assets as of October 31, 2023.

** Amount rounds to less than 0.1%.

See notes to financial statements.

9

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

	Shares		Value
COMMON STOCKS - 91.7%
AIR FREIGHT & LOGISTICS - 2.0%
C.H. Robinson Worldwide, Inc.(a)		8,500	$	695,555
Expeditors International of Washington, Inc.(a)		6,400		699,200
				1,394,755
AUTOMOBILE COMPONENTS - 1.9%
BorgWarner, Inc.(a)		18,800		693,720
Lear Corp.(a)		4,800		622,848
				1,316,568
BANKS - 1.8%
Fifth Third Bancorp(a)		29,000		687,590
Regions Financial Corp.(a)		42,000		610,260
				1,297,850
BEVERAGES - 1.0%
Coca-Cola Co. (The)(a)		11,800		666,582
BIOTECHNOLOGY - 1.6%
Gilead Sciences, Inc.(a)		8,300		651,882
Incyte Corp.(a)(b)		8,600		463,798
				1,115,680
BROADLINE RETAIL - 1.9%
Kohl’s Corp.(a)		29,700		669,735
Nordstrom, Inc.(a)		49,600		693,408
				1,363,143
BUILDING PRODUCTS - 1.9%
Fortune Brands Innovations, Inc.(a)		11,200		624,960
Owens Corning(a)		6,200		702,894
				1,327,854
CAPITAL MARKETS - 6.8%
Ameriprise Financial, Inc.(a)		2,000		629,140
Bank of New York Mellon Corp. (The)(a)		15,100		641,750
Cboe Global Markets, Inc.(a)		3,900		639,171
Janus Henderson Group PLC(a)		25,900		597,513
LPL Financial Holdings, Inc.(a)		2,800		628,656
Moody’s Corp.(a)		1,400		431,200
S&P Global, Inc.(a)		1,800		628,758
XP, Inc., Class A(a)		29,300		586,000
				4,782,188
CHEMICALS - 0.6%
Dow, Inc.(a)		9,000		435,060
COMMUNICATIONS EQUIPMENT - 0.9%
Cisco Systems, Inc.(a)		8,800		458,744
F5, Inc.(a)(b)		1,000		151,590
				610,334

	Shares		Value
CONSUMER FINANCE - 4.6%
American Express Co.(a)		4,400	$	642,532
Capital One Financial Corp.(a)		6,600		668,514
Discover Financial Services(a)		7,000		574,560
OneMain Holdings, Inc.(a)		18,300		657,519
Synchrony Financial(a)		24,600		690,030
				3,233,155
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%
Kroger Co. (The)(a)		15,000		680,550
US Foods Holding Corp.(a)(b)		18,300		712,602
				1,393,152
CONTAINERS & PACKAGING - 1.0%
Berry Global Group, Inc.(a)		12,700		698,500
DIVERSIFIED CONSUMER SERVICES - 1.9%
Grand Canyon Education, Inc.(a)(b)		5,500		650,815
H&R Block, Inc.(a)		16,900		693,745
				1,344,560
ELECTRICAL EQUIPMENT - 0.9%
Acuity Brands, Inc.(a)		4,000		647,880
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.0%
Arrow Electronics, Inc.(a)(b)		1,300		147,433
Jabil, Inc.(a)		4,300		528,040
Vontier Corp.(a)		23,700		700,572
				1,376,045
ENTERTAINMENT - 0.7%
Electronic Arts, Inc.(a)		3,700		458,023
FINANCIAL SERVICES - 3.9%
Mastercard, Inc., Class A(a)		1,900		715,065
Visa, Inc., Class A(a)		2,800		658,280
Western Union Co. (The)(a)		60,700		685,303
WEX, Inc.(a)(b)		4,200		699,216
				2,757,864
FOOD PRODUCTS - 0.8%
General Mills, Inc.(a)		9,000		587,160
GROUND TRANSPORTATION - 1.8%
Landstar System, Inc.(a)		3,900		642,642
Ryder System, Inc.(a)		6,600		643,764
				1,286,406
HEALTH CARE PROVIDERS & SERVICES - 7.5%
Cardinal Health, Inc.(a)		7,400		673,400
Cencora, Inc.(a)		3,500		648,025

See notes to financial statements.

10

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

	Shares		Value
Cigna Group (The)(a)		2,200	$	680,240
DaVita, Inc.(a)(b)		8,700		671,901
Elevance Health, Inc.(a)		1,500		675,135
Humana, Inc.(a)		1,300		680,797
McKesson Corp.(a)		1,500		683,040
Premier, Inc., Class A(a)		28,600		549,692
				5,262,230
HOTELS, RESTAURANTS & LEISURE - 1.2%
Booking Holdings, Inc.(a)(b)		300		836,868
HOUSEHOLD DURABLES - 1.0%
TopBuild Corp.(a)(b)		3,200		732,032
INSURANCE - 2.3%
Hartford Financial Services Group, Inc. (The)(a)		3,700		271,765
Prudential Financial, Inc.(a)		7,700		704,088
Unum Group(a)		13,300		650,370
				1,626,223
LEISURE PRODUCTS - 0.9%
Polaris, Inc.(a)		7,300		630,866
LIFE SCIENCES TOOLS & SERVICES - 0.4%
Medpace Holdings, Inc.(a)(b)		1,200		291,204
MACHINERY - 2.6%
AGCO Corp.(a)		3,500		401,310
Ingersoll Rand, Inc.(a)		11,600		703,888
Otis Worldwide Corp.(a)		600		46,326
Pentair PLC(a)		12,000		697,440
				1,848,964
MEDIA - 0.9%
Fox Corp., Class A(a)		21,400		650,346
METALS & MINING - 1.3%
Nucor Corp.(a)		2,100		310,359
Reliance Steel & Aluminum Co.(a)		2,400		610,512
				920,871
PROFESSIONAL SERVICES - 2.8%
Genpact Ltd.(a)		17,300		580,242
ManpowerGroup, Inc.(a)		9,600		671,712
Robert Half, Inc.(a)		9,500		710,315
				1,962,269

	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.9%
CBRE Group, Inc., Class A(a)(b)		9,000	$	624,060
Jones Lang LaSalle, Inc.(a)(b)		5,300		677,976
				1,302,036
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
Applied Materials, Inc.(a)		4,700		622,045
Cirrus Logic, Inc.(a)(b)		10,400		696,072
Lam Research Corp.(a)		1,200		705,864
QUALCOMM, Inc.(a)		5,700		621,243
				2,645,224
SOFTWARE - 10.5%
Adobe, Inc.(a)(b)		1,300		691,678
Atlassian Corp., Class A(a)(b)		700		126,448
Autodesk, Inc.(a)(b)		3,300		652,179
Cadence Design Systems, Inc.(a)(b)		3,000		719,550
Dropbox, Inc., Class A(a)(b)		25,300		665,390
Intuit, Inc.(a)		1,400		692,930
Microsoft Corp.(a)		2,000		676,220
Palo Alto Networks, Inc.(a)(b)		2,500		607,550
Salesforce, Inc.(a)(b)		3,500		702,905
Synopsys, Inc.(a)(b)		1,400		657,216
Teradata Corp.(a)(b)		15,500		662,160
VMware, Inc., Class A(a)(b)		3,900		568,035
				7,422,261
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 2.8%
Equinix, Inc.(a)		900		656,676
Iron Mountain, Inc.(a)		11,800		697,026
Weyerhaeuser Co.(a)		22,600		648,394
				2,002,096
SPECIALTY RETAIL - 6.1%
AutoNation, Inc.(a)(b)		1,100		143,088
Best Buy Co., Inc.(a)		10,700		714,974
Dick’s Sporting Goods, Inc.(a)		5,900		631,005
Gap, Inc. (The)(a)		55,400		709,120
Lowe’s Cos., Inc.(a)		3,800		724,166
TJX Cos., Inc. (The)(a)		7,900		695,753
Williams-Sonoma, Inc.(a)		4,700		706,128
				4,324,234
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%
HP, Inc.(a)		24,500		645,085

See notes to financial statements.

11

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

	Shares			Value
TEXTILES, APPAREL & LUXURY GOODS - 1.9%
Deckers Outdoor Corp.(a)(b)		1,200		$	716,472
PVH Corp.(a)		8,800			654,280
					1,370,752
TRADING COMPANIES & DISTRIBUTORS - 2.9%
Ferguson PLC(a)		4,500			675,900
W.W. Grainger, Inc.(a)		900			656,847
WESCO International, Inc.(a)		5,500			705,100
					2,037,847
TOTAL COMMON STOCKS (COST $64,981,521)					64,604,167
MONEY MARKET FUND - 2.2%
Fidelity Government Cash Reserves, 5.02%(a)(c)		1,548,200			1,548,200
TOTAL MONEY MARKET FUND (COST $1,548,200)					1,548,200
TOTAL INVESTMENTS (COST $66,529,721) - 93.9%					66,152,367
COMMON STOCKS SOLD SHORT - (91.2)%
AEROSPACE & DEFENSE - (5.0)%
Axon Enterprise, Inc.		(3,300	)		(674,817	)
Boeing Co. (The)		(3,700	)		(691,234	)
HEICO Corp., Class A		(5,600	)		(711,928	)
Hexcel Corp.		(100	)		(6,192	)
Mercury Systems, Inc.		(18,200	)		(654,836	)
Spirit AeroSystems Holdings, Inc., Class A		(33,000	)		(745,800	)
					(3,484,807	)
AUTOMOBILES - (0.8)%
Tesla, Inc.		(2,700	)		(542,268	)
BANKS - (1.9)%
Columbia Banking System, Inc.		(34,700	)		(682,549	)
Cullen/Frost Bankers, Inc.		(7,300	)		(664,227	)
					(1,346,776	)
BEVERAGES - (1.8)%
Boston Beer Co., Inc. (The), Class A		(1,900	)		(634,505	)
Celsius Holdings, Inc.		(4,200	)		(638,778	)
					(1,273,283	)
BIOTECHNOLOGY - (5.4)%
Alnylam Pharmaceuticals, Inc.		(4,300	)		(652,740	)
Apellis Pharmaceuticals, Inc.		(15,100	)		(734,766	)
Ionis Pharmaceuticals, Inc.		(15,400	)		(681,758	)
Natera, Inc.		(15,600	)		(615,732	)
Sarepta Therapeutics, Inc.		(6,100	)		(410,591	)
Seagen, Inc.		(3,200	)		(680,992	)
					(3,776,579	)

	Shares			Value
BUILDING PRODUCTS - (0.9)%
Trex Co., Inc.		(10,600	)	$	(595,826	)
CAPITAL MARKETS - (4.8)%
Blackstone, Inc.		(6,400	)		(591,040	)
Blue Owl Capital, Inc.		(54,000	)		(665,820	)
Charles Schwab Corp. (The)		(13,300	)		(692,132	)
Interactive Brokers Group, Inc., Class A		(4,200	)		(336,294	)
Morningstar, Inc.		(1,600	)		(405,184	)
TPG, Inc.		(23,700	)		(655,068	)
					(3,345,538	)
CHEMICALS - (2.0)%
Ashland, Inc.		(9,200	)		(704,996	)
Corteva, Inc.		(14,100	)		(678,774	)
					(1,383,770	)
COMMERCIAL SERVICES & SUPPLIES - (1.0)%
Stericycle, Inc.		(17,100	)		(705,204	)
COMMUNICATIONS EQUIPMENT - (1.0)%
Ubiquiti, Inc.		(6,000	)		(728,700	)
CONSTRUCTION & ENGINEERING - (0.5)%
MasTec, Inc.		(6,300	)		(374,472	)
CONSUMER FINANCE - (0.9)%
SoFi Technologies, Inc.		(81,500	)		(615,325	)
Upstart Holdings, Inc.		(1,700	)		(40,851	)
					(656,176	)
CONSUMER STAPLES DISTRIBUTION & RETAIL - (1.3)%
BJ’s Wholesale Club Holdings, Inc.		(9,900	)		(674,388	)
Dollar Tree, Inc.		(1,900	)		(211,071	)
					(885,459	)
DIVERSIFIED CONSUMER SERVICES - (1.0)%
Mister Car Wash, Inc.		(130,800	)		(680,160	)
ELECTRIC UTILITIES - (4.9)%
Constellation Energy Corp.		(6,200	)		(700,104	)
FirstEnergy Corp.		(19,200	)		(683,520	)
IDACORP, Inc.		(7,200	)		(681,912	)
NRG Energy, Inc.		(16,400	)		(695,032	)
PPL Corp.		(29,100	)		(714,987	)
					(3,475,555	)
ELECTRICAL EQUIPMENT - (0.3)%
Plug Power, Inc.		(7,900	)		(46,531	)
Shoals Technologies Group, Inc., Class A		(12,400	)		(190,464	)
					(236,995	)
ENERGY EQUIPMENT & SERVICES - (1.0)%
NOV, Inc.		(36,000	)		(718,560	)
ENTERTAINMENT - (2.9)%
Madison Square Garden Sports Corp.		(4,100	)		(689,374	)

See notes to financial statements.

12

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

	Shares			Value
ROBLOX Corp., Class A		(21,200	)	$	(674,372	)
Roku, Inc.		(11,700	)		(696,969	)
					(2,060,715	)
FINANCIAL SERVICES - (0.7)%
Toast, Inc., Class A		(31,800	)		(508,482	)
FOOD PRODUCTS - (2.5)%
Flowers Foods, Inc.		(14,900	)		(326,757	)
Freshpet, Inc.		(600	)		(34,440	)
Pilgrim’s Pride Corp.		(29,600	)		(754,800	)
Post Holdings, Inc.		(8,100	)		(650,268	)
					(1,766,265	)
GROUND TRANSPORTATION - (1.8)%
Lyft, Inc., Class A		(68,600	)		(629,062	)
U-Haul Holding Co.		(13,200	)		(648,384	)
					(1,277,446	)
HEALTH CARE EQUIPMENT & SUPPLIES - (4.8)%
Enovis Corp.		(13,000	)		(596,700	)
Globus Medical, Inc., Class A		(13,300	)		(607,943	)
ICU Medical, Inc.		(3,800	)		(372,628	)
Inspire Medical Systems, Inc.		(2,800	)		(412,048	)
Masimo Corp.		(7,900	)		(640,927	)
Novocure Ltd.		(8,200	)		(109,060	)
Shockwave Medical, Inc.		(3,200	)		(660,032	)
					(3,399,338	)
HEALTH CARE PROVIDERS & SERVICES - (2.4)%
Acadia Healthcare Co., Inc.		(9,600	)		(705,696	)
agilon health, Inc.		(27,700	)		(498,600	)
Guardant Health, Inc.		(19,500	)		(504,660	)
					(1,708,956	)
HEALTH CARE TECHNOLOGY - (1.0)%
Certara, Inc.		(23,400	)		(285,246	)
Definitive Healthcare Corp.		(68,500	)		(394,560	)
					(679,806	)
HOTELS, RESTAURANTS & LEISURE - (6.2)%
Choice Hotels International, Inc.		(1,200	)		(132,600	)
Churchill Downs, Inc.		(6,300	)		(691,992	)
DraftKings, Inc., Class A		(23,800	)		(657,356	)
Las Vegas Sands Corp.		(4,600	)		(218,316	)
Marriott Vacations Worldwide Corp.		(7,600	)		(682,936	)
Norwegian Cruise Line Holdings Ltd.		(36,200	)		(492,320	)
Planet Fitness, Inc., Class A		(12,600	)		(696,402	)
Sabre Corp.		(30,400	)		(106,400	)
Wingstop, Inc.		(3,700	)		(676,249	)
					(4,354,571	)
HOUSEHOLD PRODUCTS - (1.0)%
Reynolds Consumer Products, Inc.		(26,700	)		(678,981	)

	Shares			Value
INSURANCE - (3.1)%
American Financial Group, Inc.		(6,300	)	$	(688,968	)
Brighthouse Financial, Inc.		(2,700	)		(122,310	)
Kemper Corp.		(16,500	)		(658,020	)
RenaissanceRe Holdings Ltd.		(3,300	)		(724,647	)
					(2,193,945	)
INTERACTIVE MEDIA & SERVICES - (0.9)%
IAC, Inc.		(14,800	)		(629,740	)
IT SERVICES - (1.8)%
Cloudflare, Inc., Class A		(10,400	)		(589,576	)
EPAM Systems, Inc.		(3,000	)		(652,710	)
					(1,242,286	)
LIFE SCIENCES TOOLS & SERVICES - (2.6)%
10X Genomics, Inc., Class A		(18,100	)		(638,568	)
Bruker Corp.		(9,600	)		(547,200	)
Sotera Health Co.		(51,300	)		(649,458	)
					(1,835,226	)
MACHINERY - (0.9)%
RBC Bearings, Inc.		(3,000	)		(659,520	)
MEDIA - (0.9)%
Liberty Broadband Corp., Class A		(7,800	)		(649,896	)
METALS & MINING - (1.1)%
Freeport-McMoRan, Inc.		(4,600	)		(155,388	)
MP Materials Corp.		(36,600	)		(600,240	)
					(755,628	)
MULTI-UTILITIES - (1.6)%
CenterPoint Energy, Inc.		(26,000	)		(698,880	)
Dominion Energy, Inc.		(10,700	)		(431,424	)
					(1,130,304	)
OIL, GAS & CONSUMABLE FUELS - (3.0)%
DT Midstream, Inc.		(12,500	)		(674,625	)
Enviva, Inc.		(17,100	)		(61,902	)
New Fortress Energy, Inc.		(21,500	)		(651,450	)
Targa Resources Corp.		(8,200	)		(685,602	)
					(2,073,579	)
PASSENGER AIRLINES - (1.3)%
JetBlue Airways Corp.		(93,500	)		(351,560	)
Southwest Airlines Co.		(25,500	)		(566,865	)
					(918,425	)
PHARMACEUTICALS - (2.3)%
Catalent, Inc.		(15,600	)		(536,484	)
Elanco Animal Health, Inc.		(47,400	)		(417,594	)
Royalty Pharma PLC, Class A		(25,200	)		(677,124	)
					(1,631,202	)
PROFESSIONAL SERVICES - (2.6)%
Dun & Bradstreet Holdings, Inc.		(68,800	)		(602,688	)

See notes to financial statements.

13

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD EQUITY MARKET NEUTRAL FUND

	Shares			Value
Equifax, Inc.		(3,900	)	$	(661,323	)
Paycor HCM, Inc.		(27,500	)		(593,450	)
					(1,857,461	)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (1.9)%
Allegro MicroSystems, Inc.		(23,600	)		(612,656	)
Entegris, Inc.		(2,000	)		(176,080	)
Monolithic Power Systems, Inc.		(300	)		(132,522	)
Wolfspeed, Inc.		(12,800	)		(433,152	)
					(1,354,410	)
SOFTWARE - (6.6)%
Alteryx, Inc., Class A		(19,800	)		(633,798	)
Aspen Technology, Inc.		(3,300	)		(586,575	)
BILL Holdings, Inc.		(3,400	)		(310,386	)
C3.ai, Inc., Class A		(10,700	)		(261,080	)
HashiCorp, Inc., Class A		(33,100	)		(651,739	)
nCino, Inc.		(17,900	)		(502,990	)
SentinelOne, Inc., Class A		(39,300	)		(614,259	)
Tyler Technologies, Inc.		(1,800	)		(671,220	)
Unity Software, Inc.		(16,900	)		(428,753	)
					(4,660,800	)
SPECIALTY RETAIL - (1.7)%
Five Below, Inc.		(3,600	)		(626,328	)
Floor & Decor Holdings, Inc.		(1,000	)		(82,400	)
Wayfair, Inc., Class A		(11,900	)		(507,059	)
					(1,215,787	)

	Shares			Value
TEXTILES, APPAREL & LUXURY GOODS - (0.9)%
Under Armour, Inc., Class A		(93,500	)	$	(640,475	)
WATER UTILITIES - (0.2)%
American Water Works Co., Inc.		(1,200	)		(141,180	)
TOTAL COMMON STOCKS SOLD SHORT (PROCEEDS ($74,701,160))					(64,234,552	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS ($74,701,160)) - (91.2)%					(64,234,552	)
OTHER ASSETS IN EXCESS OF LIABILITIES - 97.3%					68,532,567
NET ASSETS - 100.0%				$	70,450,382

^(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 October 31, 2023 is disclosed.

PLC — Public Limited Company

S&P — Standard & Poor’s

See notes to financial statements.

14

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD GLOBAL EQUITY INCOME FUND

The table below sets forth the diversification of the Steward Global Equity Income Fund investments by Country.

Country Diversification	Percent*
United States		64.1%
Canada		14.1
Taiwan		5.0
United Kingdom		5.0
Switzerland		3.5
Republic of Korea (South)		3.4
Ireland (Republic of)		1.8
Colombia		1.7
Mexico		1.4
Netherlands		1.0
Sweden		0.9
Total Investments		101.9%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

15

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD GLOBAL EQUITY INCOME FUND

	Shares		Value
COMMON STOCKS - 100.5%
AEROSPACE & DEFENSE - 1.2%
General Dynamics Corp.		17,000	$	4,102,270
AIR FREIGHT & LOGISTICS - 1.5%
C.H. Robinson Worldwide, Inc.		62,950		5,151,199
BANKS - 11.2%
Bank of Nova Scotia (The)		72,260		2,924,362
Barclays PLC, Sponsored ADR		650,000		4,179,500
Canadian Imperial Bank of Commerce		92,500		3,262,475
HSBC Holdings PLC, Sponsored ADR		126,440		4,593,565
KB Financial Group, Inc., ADR		154,580		5,898,773
Lloyds Banking Group PLC, ADR		2,200,000		4,202,000
NatWest Group PLC, Sponsored ADR		873,260		3,833,611
Royal Bank of Canada		47,610		3,803,087
Toronto-Dominion Bank (The)		91,690		5,119,970
				37,817,343
BEVERAGES - 3.2%
Coca-Cola Co. (The)		109,500		6,185,655
Coca-Cola Femsa SAB de CV, Class F, Sponsored ADR		61,580		4,681,312
				10,866,967
BIOTECHNOLOGY - 3.8%
Amgen, Inc.		25,500		6,520,350
Gilead Sciences, Inc.		79,500		6,243,930
				12,764,280
CHEMICALS - 2.5%
Air Products and Chemicals, Inc.		14,400		4,067,136
Nutrien Ltd.		80,000		4,296,000
				8,363,136
COMMUNICATIONS EQUIPMENT - 4.4%
Cisco Systems, Inc.		117,220		6,110,679
Juniper Networks, Inc.		217,250		5,848,370
Telefonaktiebolaget LM Ericsson,
Sponsored ADR		648,520		2,892,399
				14,851,448
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%
Target Corp.		35,260		3,906,455
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.2%
KT Corp., Sponsored ADR		450,000		5,436,000
Verizon Communications, Inc.		151,720		5,329,924
				10,765,924

	Shares		Value
ELECTRIC UTILITIES - 2.7%
Entergy Corp.		34,850	$	3,331,312
Fortis, Inc.		142,670		5,668,279
				8,999,591
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.3%
Avnet, Inc.		113,210		5,245,019
Corning, Inc.		174,440		4,668,015
TE Connectivity Ltd.		40,000		4,714,000
				14,627,034
FOOD PRODUCTS - 3.2%
Archer-Daniels-Midland Co.		64,000		4,580,480
Bunge Ltd.		60,000		6,358,800
				10,939,280
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Abbott Laboratories		55,040		5,204,032
HEALTH CARE PROVIDERS & SERVICES - 7.3%
Cardinal Health, Inc.		72,480		6,595,680
Cigna Group (The)		36,570		11,307,444
Quest Diagnostics, Inc.		51,940		6,757,394
				24,660,518
HOTELS, RESTAURANTS & LEISURE - 2.9%
McDonald’s Corp.		37,430		9,813,023
INSURANCE - 1.4%
Sun Life Financial, Inc.		104,720		4,782,562
IT SERVICES - 4.4%
Accenture PLC, Class A		20,350		6,045,782
Amdocs Ltd.		61,390		4,921,022
Cognizant Technology Solutions Corp., Class A		62,860		4,052,584
				15,019,388
LEISURE PRODUCTS - 1.2%
Brunswick Corp.		57,590		4,000,777
MACHINERY - 2.8%
Hillenbrand, Inc.		100,000		3,803,000
Snap-on, Inc.		21,400		5,519,916
				9,322,916
MEDIA - 3.9%
Nexstar Media Group, Inc.		31,450		4,405,516

See notes to financial statements.

16

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD GLOBAL EQUITY INCOME FUND

	Shares		Value
Omnicom Group, Inc.		55,740	$	4,175,483
TEGNA, Inc.		320,000		4,643,200
				13,224,199
METALS & MINING - 1.1%
Ternium SA, Sponsored ADR		94,870		3,556,676
OIL, GAS & CONSUMABLE FUELS - 7.0%
Canadian Natural Resources, Ltd.		111,280		7,069,619
Crescent Point Energy Corp.		626,210		5,015,942
Ecopetrol SA, Sponsored ADR		497,930		5,880,553
Suncor Energy, Inc.		174,240		5,645,376
				23,611,490
PROFESSIONAL SERVICES - 3.6%
Broadridge Financial Solutions, Inc.		31,000		5,289,840
Paychex, Inc.		61,700		6,851,785
				12,141,625
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.2%
ASE Industrial Holding Co. Ltd., ADR		886,950		6,607,778
QUALCOMM, Inc.		35,440		3,862,606
Taiwan Semiconductor Manufacturing
Co. Ltd., Sponsored ADR		71,040		6,131,462
Texas Instruments, Inc.		48,220		6,847,722
United Microelectronics Corp.,
Sponsored ADR		585,870		4,171,394
				27,620,962
SOFTWARE - 1.1%
Gen Digital, Inc.		224,180		3,734,839
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 2.5%
Crown Castle, Inc.		31,000		2,882,380
Iron Mountain, Inc.		97,000		5,729,790
				8,612,170

	Shares		Value
SPECIALTY RETAIL - 5.3%
Best Buy Co., Inc.		26,190	$	1,750,016
Gap, Inc. (The)		457,870		5,860,736
Home Depot, Inc. (The)		16,600		4,725,854
Williams-Sonoma, Inc.		38,260		5,748,182
				18,084,788
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.9%
HP, Inc.		228,960		6,028,517
Logitech International SA		91,490		7,193,858
				13,222,375
TOTAL COMMON STOCKS (COST $342,439,914)				339,767,267
MONEY MARKET FUND - 1.4%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(a) 4,577,532				4,577,532
TOTAL MONEY MARKET FUND (COST $4,577,532)				4,577,532
TOTAL INVESTMENTS (COST $347,017,446) - 101.9%				344,344,799
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%				(6,349,780	)
NET ASSETS - 100.0%			$	337,995,019

^(a)  7-day current yield as of October 31, 2023 is disclosed.

ADR — American Depositary Receipt

PLC — Public Limited Company

SA — Societe Anonyme

SAB de CV — Sociedad Anónima Bursátil de Capital Variable

See notes to financial statements.

17

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND

The table below sets forth the diversification of the Steward International Enhanced Index Fund investments by Country.

Country Diversification	Percent*
Canada		24.4	%
United Kingdom		15.6
Taiwan		9.9
China		8.9
Netherlands		7.6
Japan		5.9
Brazil		4.2
India		3.4
France		2.8
Germany		2.6
Mexico		2.4
Switzerland		2.1
Australia		2.0
Spain		1.7
Republic of Korea (South)		1.3
United States		1.1
Italy		0.6
Norway		0.6
Denmark		0.5
Ireland (Republic of)		0.4
Chile		0.4
Indonesia		0.4
South Africa		0.3
Finland		0.3
Sweden		0.2
Jersey		0.1
Luxembourg		0.1
Colombia		0.0	**
Total Investments		99.8	%

* Percentages indicated are based on net assets as of October 31, 2023.

** Amount rounds to less than 0.1%.

See notes to financial statements.

18

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND

	Shares		Value
COMMON STOCKS - 97.1%
AEROSPACE & DEFENSE - 0.1%
CAE, Inc.(a)		8,446	$	176,184
AIR FREIGHT & LOGISTICS - 0.2%
ZTO Express Cayman, Inc., ADR		14,387		339,102
AUTOMOBILE COMPONENTS - 0.2%
Magna International, Inc.		8,454		406,553
AUTOMOBILES - 2.7%
Ferrari N.V.		5,935		1,790,234
Honda Motor Co. Ltd., Sponsored ADR		59,236		1,821,507
Li Auto, Inc., ADR(a)		17,757		600,364
NIO, Inc., ADR(a)		25,361		185,135
Stellantis N.V.		68,765		1,284,530
				5,681,770
BANKS - 16.5%
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR		165,860		1,298,684
Banco de Chile, ADR		18,282		374,415
Banco Santander Chile, ADR		7,143		124,288
Banco Santander SA, Sponsored ADR		411,595		1,494,090
Bank of Montreal		22,111		1,670,486
Bank of Nova Scotia (The)		35,240		1,426,163
Barclays PLC, Sponsored ADR		84,523		543,483
Canadian Imperial Bank of Commerce		27,589		973,064
HDFC Bank Ltd., ADR		51,225		2,896,774
HSBC Holdings PLC, Sponsored ADR		118,062		4,289,192
ICICI Bank Ltd., Sponsored ADR		91,241		2,024,638
ING Groep N.V., Sponsored ADR		101,670		1,305,443
KB Financial Group, Inc., ADR		20,232		772,053
Lloyds Banking Group PLC, ADR		425,905		813,478
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR		350,309		2,942,596
Mizuho Financial Group, Inc., ADR		315,100		1,083,944
NatWest Group PLC, Sponsored ADR		64,658		283,849
NU Holdings Ltd., Class A(a)		67,841		556,296
Royal Bank of Canada		47,137		3,765,303
Shinhan Financial Group Co. Ltd., ADR		26,581		677,550
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR		194,216		1,878,069
Toronto-Dominion Bank (The)		55,475		3,097,724
Woori Financial Group, Inc., Sponsored ADR		4,965		131,572
				34,423,154

	Shares		Value
BEVERAGES - 1.3%
Coca-Cola Femsa SAB de CV, Class F, Sponsored ADR		12,207	$	927,976
Fomento Economico Mexicano SAB de CV, Sponsored ADR		16,184		1,835,428
				2,763,404
BIOTECHNOLOGY - 1.4%
Argenx SE, ADR(a)		2,746		1,289,439
BeiGene Ltd., ADR(a)		3,052		568,526
Genmab A/S, Sponsored ADR(a)		40,039		1,137,108
				2,995,073
BROADLINE RETAIL - 5.7%
Alibaba Group Holding Ltd., Sponsored ADR(a)		101,059		8,341,410
JD.com, Inc., ADR		62,764		1,595,461
PDD Holdings, Inc., ADR(a)		16,499		1,673,328
Vipshop Holdings Ltd., ADR(a)		12,334		175,883
				11,786,082
CAPITAL MARKETS - 1.8%
Brookfield Asset Management Ltd., Class A		20,177		578,475
Deutsche Bank AG		52,343		576,296
Nomura Holdings, Inc., Sponsored ADR		85,620		331,349
UBS Group AG		92,397		2,167,634
				3,653,754
CHEMICALS - 0.4%
Nutrien Ltd.		14,358		771,025
Sasol Ltd., Sponsored ADR		9,749		121,960
				892,985
COMMERCIAL SERVICES & SUPPLIES - 1.2%
Waste Connections, Inc.		19,034		2,464,903
COMMUNICATIONS EQUIPMENT - 0.5%
Nokia Oyj, Sponsored ADR		167,640		554,889
Telefonaktiebolaget LM Ericsson, Sponsored ADR		110,090		491,001
				1,045,890
CONSTRUCTION MATERIALS - 0.4%
CEMEX SAB de CV, Sponsored ADR(a)		75,555		451,063
James Hardie Industries PLC, Sponsored ADR(a)		16,204		402,994
				854,057
DIVERSIFIED CONSUMER SERVICES - 0.3%
New Oriental Education & Technology Group, Inc., Sponsored ADR(a)		4,683		306,690
Pearson PLC, Sponsored ADR		34,477		397,864
				704,554

See notes to financial statements.

19

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND

	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.9%
BCE, Inc.		55,588	$	2,063,983
Chunghwa Telecom Co. Ltd., Sponsored ADR		50,871		1,812,534
Orange SA, Sponsored ADR		104,874		1,230,172
Telefonica Brasil SA, ADR		44,513		396,611
Telefonica SA, Sponsored ADR		169,980		651,023
Telkom Indonesia Persero Tbk PT, ADR		34,505		759,110
TELUS Corp.		80,487		1,297,450
				8,210,883
ELECTRIC UTILITIES - 1.3%
Centrais Eletricas Brasileiras SA, Sponsored ADR		90,787		621,891
Fortis, Inc.		53,469		2,124,323
				2,746,214
ENERGY EQUIPMENT & SERVICES - 0.1%
Tenaris SA, ADR		2,808		87,947
ENTERTAINMENT - 1.1%
NetEase, Inc., ADR		21,407		2,288,837
FINANCIAL SERVICES - 0.4%
ORIX Corp., Sponsored ADR		9,773		895,207
GROUND TRANSPORTATION - 2.3%
Canadian National Railway Co.		23,088		2,442,249
Canadian Pacific Kansas City Ltd.		33,984		2,411,844
				4,854,093
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Alcon, Inc.		23,173		1,652,698
Koninklijke Philips N.V., Sponsored NYS(a)		33,341		632,145
Smith & Nephew PLC, Sponsored ADR		40,769		906,703
				3,191,546
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Fresenius Medical Care AG & Co. KGaA, ADR		24,456		406,703
HOTELS, RESTAURANTS & LEISURE - 1.3%
H World Group Ltd., ADR(a)		3,348		126,086
InterContinental Hotels Group PLC, ADR		12,551		905,303
Restaurant Brands International, Inc.		17,505		1,176,336
Trip.com Group Ltd., ADR(a)		15,222		517,548
				2,725,273
HOUSEHOLD DURABLES - 1.6%
Sony Group Corp., Sponsored ADR		39,098		3,247,089
INSURANCE - 1.8%
Aegon Ltd., Sponsored NYS		40,717		196,663

	Shares		Value
Manulife Financial Corp.		78,061	$	1,359,823
Prudential PLC, ADR		35,941		753,323
Sun Life Financial, Inc.		31,110		1,420,794
				3,730,603
INTERACTIVE MEDIA & SERVICES - 0.8%
Baidu, Inc., Sponsored ADR(a)		14,873		1,561,665
IT SERVICES - 2.6%
CGI, Inc.(a)		16,595		1,599,924
Infosys Ltd., Sponsored ADR		114,530		1,880,582
Shopify, Inc., Class A(a)		31,348		1,479,312
Wipro Ltd., ADR		84,074		382,537
				5,342,355
LIFE SCIENCES TOOLS & SERVICES - 0.7%
QIAGEN N.V.(a)		41,065		1,537,063
MEDIA - 0.1%
WPP PLC, Sponsored ADR		6,146		264,462
METALS & MINING - 7.3%
Agnico Eagle Mines Ltd.		17,772		833,684
ArcelorMittal SA, Sponsored NYS		6,658		146,609
Barrick Gold Corp., ADR		60,453		966,039
BHP Group Ltd., Sponsored ADR		71,520		4,080,931
Franco Nevada Corp.		8,841		1,074,624
Gold Fields Ltd., Sponsored ADR		29,199		380,171
Kinross Gold Corp.		44,170		230,126
POSCO Holdings, Inc., Sponsored ADR		15,991		1,223,471
Rio Tinto PLC, Sponsored ADR		31,511		2,027,418
Sibanye Stillwater Ltd., ADR		12,487		63,434
Southern Copper Corp.		3,213		227,802
Teck Resources Ltd., Class B		10,101		356,969
Vale SA, Sponsored ADR		193,397		2,651,473
Wheaton Precious Metals Corp.		21,959		927,768
				15,190,519
MULTI-UTILITIES - 1.0%
Algonquin Power & Utilities Corp.		44,800		225,344
National Grid PLC, Sponsored ADR		32,335		1,944,950
				2,170,294
OIL, GAS & CONSUMABLE FUELS - 13.3%
BP PLC, Sponsored ADR		85,326		3,121,225
Cameco Corp.		14,821		606,327
Canadian Natural Resources, Ltd.		32,058		2,036,645
Cenovus Energy, Inc.		41,610		793,919
Ecopetrol SA, Sponsored ADR		1,305		15,412
Enbridge, Inc.		77,649		2,487,874
Eni S.p.A., Sponsored ADR		39,825		1,296,702

See notes to financial statements.

20

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND

	Shares		Value
Equinor ASA, Sponsored ADR		34,513	$	1,151,699
Imperial Oil Ltd.		10,077		574,288
Pembina Pipeline Corp.		18,980		584,204
Petroleo Brasileiro SA, Sponsored ADR		94,716		1,420,740
Shell PLC, ADR		100,498		6,546,440
Suncor Energy, Inc.		42,391		1,373,468
TC Energy Corp.		34,958		1,204,303
TotalEnergies SE, Sponsored ADR		68,558		4,565,963
				27,779,209
PAPER & FOREST PRODUCTS - 0.1%
Suzano SA, Sponsored ADR		23,870		243,951
PASSENGER AIRLINES - 0.2%
Ryanair Holdings PLC, Sponsored ADR(a)		5,285		463,495
PERSONAL CARE PRODUCTS - 3.1%
Haleon PLC, ADR		140,469		1,136,394
Natura & Co. Holding SA, ADR(a)		19,090		95,450
Unilever PLC, Sponsored ADR		109,029		5,162,523
				6,394,367
PHARMACEUTICALS - 0.1%
Belite Bio, Inc., ADR(a)		2,438		91,449
PROFESSIONAL SERVICES - 2.1%
RELX PLC, Sponsored ADR		83,466		2,908,790
Thomson Reuters Corp.		12,095		1,449,949
				4,358,739
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
FirstService Corp.		5,343		755,874
KE Holdings, Inc., ADR		16,566		243,686
				999,560
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.7%
ASE Industrial Holding Co. Ltd., ADR		49,515		368,887
ASML Holding N.V., Sponsored NYS		11,437		6,848,590
STMicroelectronics N.V., Sponsored NYS		20,933		795,035
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		202,678		17,493,138
United Microelectronics Corp., Sponsored ADR		145,630		1,036,886
				26,542,536
SOFTWARE - 2.3%
Open Text Corp.		10,023		334,768
SAP SE, Sponsored ADR		33,044		4,427,896
				4,762,664
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.3%
Logitech International SA		7,522		591,455

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Gildan Activewear, Inc.		6,870	$	195,177
TRANSPORTATION INFRASTRUCTURE - 0.3%
Grupo Aeroportuario del Pacifico SAB de CV, ADR		1,715		199,677
Grupo Aeroportuario del Sureste SAB de CV, ADR		1,479		319,775
				519,452
WIRELESS TELECOMMUNICATION SERVICES - 1.3%
America Movil SAB de CV, ADR		77,420		1,285,172
Rogers Communications, Inc., Class B		20,256		750,687
Vodafone Group PLC, Sponsored ADR		76,436		706,269
				2,742,128
TOTAL COMMON STOCKS (COST $212,632,472)				202,322,400
MASTER LIMITED PARTNERSHIPS - 0.2%
MULTI-UTILITIES - 0.2%
Brookfield Infrastructure Partners LP		17,889		405,007
TOTAL MASTER LIMITED PARTNERSHIPS (COST $654,439)				405,007
MONEY MARKET FUND - 1.0%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)		2,042,959		2,042,959
TOTAL MONEY MARKET FUND (COST $2,042,959)				2,042,959

See notes to financial statements.

21

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD INTERNATIONAL ENHANCED INDEX FUND

	Shares		Value
PREFERRED STOCKS - 1.5%
BANKS - 0.6%
Bancolombia SA, Sponsored ADR, 11.95%(c)		1,338	$	33,958
Itau Unibanco Holding SA, Sponsored ADR (a)		251,070		1,333,182
				1,367,140
ELECTRIC UTILITIES - 0.1%
Centrais Eletricas Brasileiras SA, ADR, 3.89%(c)		21,750		166,387
ELECTRICAL EQUIPMENT - 0.2%
Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 1.26%(c)		7,435		359,854
METALS & MINING - 0.1%
Gerdau SA, Sponsored ADR, 8.12%(c)		37,863		164,325
OIL, GAS & CONSUMABLE FUELS - 0.5%
Petroleo Brasileiro SA, Sponsored ADR, 2.48%(c)		79,320		1,096,996
TOTAL PREFERRED STOCKS (COST $3,294,548)				3,154,702
TOTAL INVESTMENTS (COST $218,624,418) - 99.8%				207,925,068
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				407,918
NET ASSETS - 100.0%			$	208,332,986

^(a)  Represents non-income producing security.

^{(b) 7-day current yield as of October 31, 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

KGaA — Kommanditgesellschaft auf Aktien

LP — Limited Partnership

N.V. — Naamloze Vennootschap

NYS — New York Shares

PLC — Public Limited Company

S.p.A. — Stock Purchase Agreements

SA — Societe Anonyme

SAB de CV — Sociedad Anónima Bursátil de Capital Variable

SE — Societas Europaea

Tbk PT — Perseroan Terbatas

See notes to financial statements.

22

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP CORE FUND

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

Industry Diversification	Percent*
Software		15.9%
Health Care Providers & Services		7.2
Financial Services		7.1
Technology Hardware, Storage & Peripherals		6.8
Specialty Retail		6.5
Semiconductors & Semiconductor Equipment		6.2
Broadline Retail		3.5
Interactive Media & Services		3.4
Capital Markets		3.4
Consumer Finance		3.3
Professional Services		2.8
Air Freight & Logistics		2.7
Trading Companies & Distributors		2.6
Biotechnology		2.6
Specialized Real Estate Investment Trusts		2.5
Textiles, Apparel & Luxury Goods		2.0
Diversified Consumer Services		2.0
Ground Transportation		2.0
Consumer Staples Distribution & Retail		2.0
Communications Equipment		1.6

Industry Diversification	Percent*
Beverages		1.6%
Hotels, Restaurants & Leisure		1.4
Electronic Equipment, Instruments & Components		1.3
Machinery		1.2
Real Estate Management & Development		1.1
Oil, Gas & Consumable Fuels		1.1
Building Products		1.0
Containers & Packaging		1.0
Food Products		0.9
Electrical Equipment		0.9
Automobile Components		0.9
Insurance		0.5
Automobiles		0.5
Pharmaceuticals		0.3
Money Market Fund		0.1
Banks		0.1
Total Investments		100.0	%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

23

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP CORE FUND

	Shares		Value
COMMON STOCKS - 99.9%
AIR FREIGHT & LOGISTICS - 2.7%
C.H. Robinson Worldwide, Inc.		10,200	$	834,666
Expeditors International of Washington, Inc.		7,700		841,225
FedEx Corp.		2,000		480,200
				2,156,091
AUTOMOBILE COMPONENTS - 0.9%
BorgWarner, Inc.		18,700		690,030
AUTOMOBILES - 0.5%
Tesla, Inc.(a)		2,000		401,680
BANKS - 0.1%
JPMorgan Chase & Co.		700		97,342
BEVERAGES - 1.6%
Coca-Cola Co. (The)		22,200		1,254,078
BIOTECHNOLOGY - 2.6%
Amgen, Inc.		4,000		1,022,800
Gilead Sciences, Inc.		13,600		1,068,144
				2,090,944
BROADLINE RETAIL - 3.5%
Amazon.com, Inc.(a)		12,800		1,703,552
Kohl’s Corp.		16,600		374,330
Nordstrom, Inc.		52,800		738,144
				2,816,026
BUILDING PRODUCTS - 1.0%
Owens Corning		7,500		850,275
CAPITAL MARKETS - 3.4%
Ameriprise Financial, Inc.		100		31,457
Bank of New York Mellon Corp. (The)		18,400		782,000
Janus Henderson Group PLC		32,700		754,389
S&P Global, Inc.		2,900		1,012,999
XP, Inc., Class A		7,100		142,000
				2,722,845
COMMUNICATIONS EQUIPMENT - 1.6%
Cisco Systems, Inc.		24,200		1,261,546
CONSUMER FINANCE - 3.3%
American Express Co.		6,800		993,004
OneMain Holdings, Inc.		22,700		815,611
Synchrony Financial		30,700		861,135
				2,669,750

	Shares		Value
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%
Kroger Co. (The)		18,600	$	843,882
US Foods Holding Corp.(a)		19,000		739,860
				1,583,742
CONTAINERS & PACKAGING - 1.0%
Berry Global Group, Inc.		15,300		841,500
DIVERSIFIED CONSUMER SERVICES - 2.0%
Grand Canyon Education, Inc.(a)		6,500		769,145
H&R Block, Inc.		19,900		816,895
				1,586,040
ELECTRICAL EQUIPMENT - 0.9%
Acuity Brands, Inc.		4,500		728,865
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%
Jabil, Inc.		2,900		356,120
Vontier Corp.		24,700		730,132
				1,086,252
FINANCIAL SERVICES - 7.1%
Berkshire Hathaway, Inc., Class B(a)		1,500		511,995
Mastercard, Inc., Class A		3,900		1,467,765
MGIC Investment Corp.		9,400		158,296
PayPal Holdings, Inc.(a)		6,600		341,880
Visa, Inc., Class A		6,900		1,622,190
Western Union Co. (The)		73,500		829,815
WEX, Inc.(a)		4,500		749,160
				5,681,101
FOOD PRODUCTS - 0.9%
General Mills, Inc.		11,400		743,736
GROUND TRANSPORTATION - 2.0%
Landstar System, Inc.		4,700		774,466
Ryder System, Inc.		8,300		809,582
				1,584,048
HEALTH CARE PROVIDERS & SERVICES - 7.2%
Cardinal Health, Inc.		9,100		828,100
Cencora, Inc.		4,900		907,235
Cigna Group (The)		3,200		989,440
Elevance Health, Inc.		2,400		1,080,216
Humana, Inc.		1,900		995,011
McKesson Corp.		2,100		956,256
				5,756,258
HOTELS, RESTAURANTS & LEISURE - 1.4%
Booking Holdings, Inc.(a)		400		1,115,824

See notes to financial statements.

24

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP CORE FUND

	Shares		Value
INSURANCE - 0.5%
Prudential Financial, Inc.		4,600	$	420,624
INTERACTIVE MEDIA & SERVICES - 3.4%
Alphabet, Inc., Class A(a)		17,300		2,146,584
Meta Platforms, Inc., Class A(a)		2,000		602,540
				2,749,124
MACHINERY - 1.2%
Deere & Co.		2,300		840,328
Otis Worldwide Corp.		1,700		131,257
				971,585
OIL, GAS & CONSUMABLE FUELS - 1.1%
Exxon Mobil Corp.		1,100		116,435
Valero Energy Corp.		5,800		736,600
				853,035
PHARMACEUTICALS - 0.3%
Eli Lilly & Co.		400		221,572
PROFESSIONAL SERVICES - 2.8%
Genpact Ltd.		20,700		694,278
ManpowerGroup, Inc.		9,600		671,712
Robert Half, Inc.		11,500		859,855
				2,225,845
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
CBRE Group, Inc., Class A(a)		12,900		894,486
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2%
Applied Materials, Inc.		7,800		1,032,330
Cirrus Logic, Inc.(a)		10,600		709,458
Lam Research Corp.		1,600		941,152
NVIDIA Corp.		3,200		1,304,960
QUALCOMM, Inc.		8,800		959,112
				4,947,012
SOFTWARE - 15.9%
Adobe, Inc.(a)		2,500		1,330,150
Autodesk, Inc.(a)		4,500		889,335
Cadence Design Systems, Inc.(a)		500		119,925
Dropbox, Inc., Class A(a)		30,300		796,890
Microsoft Corp.		17,300		5,849,303
Salesforce, Inc.(a)		6,100		1,225,063
Synopsys, Inc.(a)		2,100		985,824
Teradata Corp.(a)		19,200		820,224
VMware, Inc., Class A(a)		5,200		757,380
				12,774,094

		Shares		Value
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 2.5%
Equinix, Inc.			1,300	$	948,532
Iron Mountain, Inc.			8,700		513,909
Weyerhaeuser Co.			19,600		562,324
					2,024,765
SPECIALTY RETAIL - 6.5%	��
Best Buy Co., Inc.			12,800		855,296
Home Depot, Inc. (The)			5,000		1,423,450
Lowe’s Cos., Inc.			5,600		1,067,192
TJX Cos., Inc. (The)			11,900		1,048,033
Williams-Sonoma, Inc.			5,500		826,320
					5,220,291
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.8%
Apple, Inc.			26,700		4,559,559
HP, Inc.			34,000		895,220
					5,454,779
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Deckers Outdoor Corp.(a)			1,400		835,884
PVH Corp.			10,700		795,545
					1,631,429
TRADING COMPANIES & DISTRIBUTORS - 2.6%
Ferguson PLC			5,800		871,160
W.W. Grainger, Inc.			1,200		875,796
WESCO International, Inc.			2,800		358,960
					2,105,916
TOTAL COMMON STOCKS (COST $79,532,945)					80,212,530
MONEY MARKET FUND - 0.1%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)			111,815		111,815
TOTAL MONEY MARKET FUND (COST $111,815)					111,815
TOTAL INVESTMENTS (COST $79,644,760) - 100.0%					80,324,345
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%					(29,674	)
NET ASSETS - 100.0%				$	80,294,671

^(a)  Represents non-income producing security.

^(b)  7-day current yield as of October 31, 2023 is disclosed.

PLC — Public Limited Company

S&P — Standard & Poor’s

See notes to financial statements.

25

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP GROWTH FUND

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

Industry Diversification	Percent*
Software		23.1	%
Technology Hardware, Storage & Peripherals		12.5
Interactive Media & Services		8.0
Semiconductors & Semiconductor Equipment		7.8
Financial Services		7.4
Health Care Providers & Services		7.4
Specialty Retail		6.6
Broadline Retail		5.5
Specialized Real Estate Investment Trusts		3.2
Trading Companies & Distributors		2.2
Air Freight & Logistics		2.1
Professional Services		2.0
Automobiles		1.7
Pharmaceuticals		1.4
Textiles, Apparel & Luxury Goods		1.1

Industry Diversification	Percent*
Diversified Consumer Services		1.0	%
Machinery		1.0
Electronic Equipment, Instruments & Components		1.0
Ground Transportation		0.9
Retail Real Estate Investment Trusts		0.9
Containers & Packaging		0.9
Real Estate Management & Development		0.8
Consumer Finance		0.5
Capital Markets		0.5
Household Durables		0.3
Money Market Fund		0.2
Consumer Staples Distribution & Retail		0.2
Total Investments		100.2	%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

26

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP GROWTH FUND

	Shares		Value
COMMON STOCKS - 100.0%
AIR FREIGHT & LOGISTICS - 2.1%
C.H. Robinson Worldwide, Inc.		10,400	$	851,032
Expeditors International of Washington, Inc.		7,600		830,300
				1,681,332
AUTOMOBILES - 1.7%
Tesla, Inc.(a)		7,100		1,425,964
BROADLINE RETAIL - 5.5%
Amazon.com, Inc.(a)		29,500		3,926,155
Nordstrom, Inc.		40,100		560,598
				4,486,753
CAPITAL MARKETS - 0.5%
Ameriprise Financial, Inc.		900		283,113
XP, Inc., Class A		5,200		104,000
				387,113
CONSUMER FINANCE - 0.5%
Synchrony Financial		15,300		429,165
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%
Costco Wholesale Corp.		300		165,732
CONTAINERS & PACKAGING - 0.9%
Berry Global Group, Inc.		12,900		709,500
DIVERSIFIED CONSUMER SERVICES - 1.0%
H&R Block, Inc.		20,800		853,840
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%
Vontier Corp.		26,600		786,296
FINANCIAL SERVICES - 7.4%
Mastercard, Inc., Class A		5,500		2,069,925
Visa, Inc., Class A		10,000		2,351,000
Western Union Co. (The)		74,300		838,847
WEX, Inc.(a)		4,600		765,808
				6,025,580
GROUND TRANSPORTATION - 0.9%
Landstar System, Inc.		4,700		774,466
HEALTH CARE PROVIDERS & SERVICES - 7.4%
Cardinal Health, Inc.		9,500		864,500
Cencora, Inc.		5,200		962,780

	Shares		Value
Cigna Group (The)		2,700	$	834,840
DaVita, Inc.(a)		7,700		594,671
Elevance Health, Inc.		1,900		855,171
Humana, Inc.		1,800		942,642
McKesson Corp.		2,100		956,256
				6,010,860
HOUSEHOLD DURABLES - 0.3%
TopBuild Corp.(a)		1,200		274,512
INTERACTIVE MEDIA & SERVICES - 8.0%
Alphabet, Inc., Class A(a)		37,600		4,665,408
Meta Platforms, Inc., Class A(a)		6,100		1,837,747
				6,503,155
MACHINERY - 1.0%
Otis Worldwide Corp.		10,300		795,263
PHARMACEUTICALS - 1.4%
Eli Lilly & Co.		2,000		1,107,860
PROFESSIONAL SERVICES - 2.0%
Genpact Ltd.		23,700		794,898
Robert Half, Inc.		10,900		814,993
				1,609,891
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
CBRE Group, Inc., Class A(a)		10,000		693,400
RETAIL REAL ESTATE INVESTMENT TRUSTS - 0.9%
Simon Property Group, Inc.		6,500		714,285
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.8%
Applied Materials, Inc.		9,000		1,191,150
Broadcom, Inc.		700		588,959
Lam Research Corp.		1,900		1,117,618
NVIDIA Corp.		7,400		3,017,720
QUALCOMM, Inc.		4,000		435,960
				6,351,407
SOFTWARE - 23.1%
Adobe, Inc.(a)		3,400		1,809,004
Autodesk, Inc.(a)		4,900		968,387
Dropbox, Inc., Class A(a)		23,200		610,160
Intuit, Inc.		100		49,495
Microsoft Corp.		31,700		10,718,087
Palo Alto Networks, Inc.(a)		2,300		558,946
Salesforce, Inc.(a)		6,900		1,385,727
Synopsys, Inc.(a)		2,400		1,126,656

See notes to financial statements.

27

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP GROWTH FUND

	Shares		Value
Teradata Corp.(a)		19,800	$	845,856
VMware, Inc., Class A(a)		5,600		815,640
				18,887,958
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 3.2%
American Tower Corp.		4,000		712,760
Equinix, Inc.		1,400		1,021,496
Iron Mountain, Inc.		15,000		886,050
				2,620,306
SPECIALTY RETAIL - 6.6%
Best Buy Co., Inc.		12,700		848,614
Dick’s Sporting Goods, Inc.		100		10,695
Home Depot, Inc. (The)		4,400		1,252,636
Lowe’s Cos., Inc.		6,100		1,162,477
TJX Cos., Inc. (The)		14,100		1,241,787
Williams-Sonoma, Inc.		5,600		841,344
				5,357,553
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 12.5%
Apple, Inc.		54,700		9,341,119
HP, Inc.		33,100		871,523
				10,212,642
TEXTILES, APPAREL & LUXURY GOODS - 1.1%
Deckers Outdoor Corp.(a)		1,500		895,590

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Ferguson PLC		5,400	$	811,080
W.W. Grainger, Inc.		1,400		1,021,762
				1,832,842
TOTAL COMMON STOCKS (COST $76,967,992)				81,593,265
MONEY MARKET FUND - 0.2%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)		167,413		167,413
TOTAL MONEY MARKET FUND (COST $167,413)				167,413
TOTAL INVESTMENTS (COST $77,135,405) - 100.2%				81,760,678
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%				(147,488	)
NET ASSETS - 100.0%			$	81,613,190

^(a)  Represents non-income producing security.

^(b)  7-day current yield as of October 31, 2023 is disclosed.

PLC — Public Limited Company

See notes to financial statements.

28

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP VALUE FUND

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

Industry Diversification	Percent*
Health Care Providers & Services		8.4	%
Capital Markets		6.8
Banks		6.6
Financial Services		6.3
Oil, Gas & Consumable Fuels		6.1
Software		4.4
Semiconductors & Semiconductor Equipment		4.2
Building Products		4.2
Air Freight & Logistics		3.4
Specialty Retail		3.2
Specialized Real Estate Investment Trusts		3.2
Consumer Finance		3.1
Ground Transportation		2.9
Biotechnology		2.7
Consumer Staples Distribution & Retail		2.6
Insurance		2.4
Communications Equipment		2.2
Technology Hardware, Storage & Peripherals		2.2
Containers & Packaging		2.1
Textiles, Apparel & Luxury Goods		2.0
Professional Services		2.0
Diversified Telecommunication Services		1.9

Industry Diversification	Percent*
Beverages		1.6	%
Media		1.4
Electronic Equipment, Instruments & Components		1.3
Metals & Mining		1.3
Broadline Retail		1.2
Diversified Consumer Services		1.2
Food Products		1.1
Trading Companies & Distributors		1.1
Chemicals		1.1
Retail Real Estate Investment Trusts		1.1
Machinery		1.1
Real Estate Management & Development		0.9
Automobiles		0.8
Automobile Components		0.8
Household Products		0.6
IT Services		0.4
Money Market Fund		0.1
Pharmaceuticals		0.0	**
Total Investments		100.0	%

* Percentages indicated are based on net assets as of October 31, 2023.

** Amount rounds to less than 0.1%.

See notes to financial statements.

29

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP VALUE FUND

	Shares		Value
COMMON STOCKS - 99.9%
AIR FREIGHT & LOGISTICS - 3.4%
C.H. Robinson Worldwide, Inc.		8,300	$	679,189
Expeditors International of Washington, Inc.		6,600		721,050
FedEx Corp.		3,700		888,370
				2,288,609
AUTOMOBILE COMPONENTS - 0.8%
BorgWarner, Inc.		14,200		523,980
AUTOMOBILES - 0.8%
Ford Motor Co.		56,500		550,875
BANKS - 6.6%
Bank of America Corp.		51,900		1,367,046
JPMorgan Chase & Co.		15,500		2,155,430
PNC Financial Services Group, Inc. (The)		7,500		858,525
				4,381,001
BEVERAGES - 1.6%
Coca-Cola Co. (The)		19,000		1,073,310
BIOTECHNOLOGY - 2.7%
Amgen, Inc.		3,100		792,670
Gilead Sciences, Inc.		13,100		1,028,874
				1,821,544
BROADLINE RETAIL - 1.2%
Kohl’s Corp.		3,900		87,945
Nordstrom, Inc.		49,600		693,408
				781,353
BUILDING PRODUCTS - 4.2%
Carrier Global Corp.		13,900		662,474
Johnson Controls International PLC		14,400		705,888
Owens Corning		5,900		668,883
Trane Technologies PLC		3,900		742,209
				2,779,454
CAPITAL MARKETS - 6.8%
Ameriprise Financial, Inc.		2,000		629,140
Bank of New York Mellon Corp. (The)		16,200		688,500
Goldman Sachs Group, Inc. (The)		3,000		910,830
Janus Henderson Group PLC		26,400		609,048
S&P Global, Inc.		3,000		1,047,930
XP, Inc., Class A		31,300		626,000
				4,511,448
CHEMICALS - 1.1%
Ecolab, Inc.		4,200		704,508

	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.2%
Cisco Systems, Inc.		28,100	$	1,464,853
CONSUMER FINANCE - 3.1%
American Express Co.		6,100		890,783
Discover Financial Services		5,800		476,064
Synchrony Financial		25,100		704,055
				2,070,902
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.6%
Kroger Co. (The)		17,700		803,049
US Foods Holding Corp.(a)		18,100		704,814
Walmart, Inc.		1,300		212,433
				1,720,296
CONTAINERS & PACKAGING - 2.1%
Amcor PLC		79,800		709,422
Berry Global Group, Inc.		12,500		687,500
				1,396,922
DIVERSIFIED CONSUMER SERVICES - 1.2%
Grand Canyon Education, Inc.(a)		5,300		627,149
H&R Block, Inc.		3,400		139,570
				766,719
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.9%
Verizon Communications, Inc.		35,000		1,229,550
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%
Jabil, Inc.		4,600		564,880
Vontier Corp.		10,800		319,248
				884,128
FINANCIAL SERVICES - 6.3%
Berkshire Hathaway, Inc., Class B(a)		4,800		1,638,384
Fiserv, Inc.(a)		4,600		523,250
MGIC Investment Corp.		40,200		676,968
PayPal Holdings, Inc.(a)		13,300		688,940
Western Union Co. (The)		61,200		690,948
				4,218,490
FOOD PRODUCTS - 1.1%
General Mills, Inc.		11,600		756,784
GROUND TRANSPORTATION - 2.9%
CSX Corp.		26,300		785,055
Landstar System, Inc.		300		49,434

See notes to financial statements.

30

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP VALUE FUND

	Shares		Value
Old Dominion Freight Line, Inc.		1,100	$	414,326
Ryder System, Inc.		7,100		692,534
				1,941,349
HEALTH CARE PROVIDERS & SERVICES - 8.4%
Cardinal Health, Inc.		7,700		700,700
Cencora, Inc.		3,500		648,025
Cigna Group (The)		3,200		989,440
CVS Health Corp.		8,500		586,585
Elevance Health, Inc.		2,300		1,035,207
Humana, Inc.		1,600		837,904
McKesson Corp.		1,800		819,648
				5,617,509
HOUSEHOLD PRODUCTS - 0.6%
Procter & Gamble Co. (The)		2,700		405,081
INSURANCE - 2.4%
Hartford Financial Services Group, Inc. (The)		9,000		661,050
MetLife, Inc.		13,600		816,136
Unum Group		2,200		107,580
				1,584,766
IT SERVICES - 0.4%
International Business Machines Corp.		2,000		289,280
MACHINERY - 1.1%
Deere & Co.		1,900		694,184
MEDIA - 1.4%
Comcast Corp., Class A		22,400		924,896
METALS & MINING - 1.3%
Nucor Corp.		1,400		206,906
Reliance Steel & Aluminum Co.		2,600		661,388
				868,294
OIL, GAS & CONSUMABLE FUELS - 6.1%
Chevron Corp.		2,600		378,898
Exxon Mobil Corp.		9,000		952,650
Marathon Petroleum Corp.		6,000		907,500
Phillips 66		8,000		912,560
Pioneer Natural Resources Co.		500		119,500
Valero Energy Corp.		6,200		787,400
				4,058,508
PHARMACEUTICALS - 0.0%
Jazz Pharmaceuticals PLC(a)		200		25,404
PROFESSIONAL SERVICES - 2.0%
Genpact Ltd.		19,700		660,738

	Shares		Value
ManpowerGroup, Inc.		8,100	$	566,757
Robert Half, Inc.		1,000		74,770
				1,302,265
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.9%
CBRE Group, Inc., Class A(a)		8,800		610,192
RETAIL REAL ESTATE INVESTMENT TRUSTS - 1.1%
Simon Property Group, Inc.		6,400		703,296
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
Applied Materials, Inc.		5,600		741,160
Cirrus Logic, Inc.(a)		9,300		622,449
Lam Research Corp.		1,200		705,864
QUALCOMM, Inc.		6,800		741,132
				2,810,605
SOFTWARE - 4.4%
Dropbox, Inc., Class A(a)		13,500		355,050
Salesforce, Inc.(a)		4,300		863,569
Synopsys, Inc.(a)		1,300		610,272
Teradata Corp.(a)		12,800		546,816
VMware, Inc., Class A(a)		3,800		553,470
				2,929,177
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 3.2%
American Tower Corp.		700		124,733
Equinix, Inc.		1,100		802,604
Iron Mountain, Inc.		11,700		691,119
Weyerhaeuser Co.		18,300		525,027
				2,143,483
SPECIALTY RETAIL - 3.2%
Best Buy Co., Inc.		10,800		721,656
Lowe’s Cos., Inc.		3,900		743,223
Williams-Sonoma, Inc.		4,600		691,104
				2,155,983
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.2%
Hewlett Packard Enterprise Co.		43,500		669,030
HP, Inc.		29,300		771,469
				1,440,499
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Deckers Outdoor Corp.(a)		1,100		656,766
PVH Corp.		9,000		669,150
				1,325,916
TRADING COMPANIES & DISTRIBUTORS - 1.1%
Ferguson PLC		4,900		735,980
TOTAL COMMON STOCKS (COST $67,521,030)				66,491,393

See notes to financial statements.

31

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD LARGE CAP VALUE FUND

	Shares		Value
MONEY MARKET FUND - 0.1%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)		46,972	$	46,972
TOTAL MONEY MARKET FUND (COST $46,972)				46,972
TOTAL INVESTMENTS (COST $67,568,002) - 100.0%				66,538,365
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%				30,570
NET ASSETS - 100.0%			$	66,568,935

^(a)  Represents non-income producing security.

^(b)  7-day current yield as of October 31, 2023 is disclosed.

PLC — Public Limited Company

S&P — Standard & Poor’s

See notes to financial statements.

32

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SELECT BOND FUND

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

Industry Diversification	Percent*
U.S. Government Agencies		31.7	%
Software		4.5
U.S. Treasury Obligations		4.5
Consumer Staples Distribution & Retail		4.4
Semiconductors & Semiconductor Equipment		4.4
IT Services		3.8
U.S. Government Agency Mortgage-Backed Obligations		3.7
Specialty Retail		3.6
Capital Markets		3.0
Municipal Bonds		2.8
Aerospace & Defense		2.6
Textiles, Apparel & Luxury Goods		2.5
Hotels, Restaurants & Leisure		2.4
Air Freight & Logistics		2.2
Media		1.8
Health Care Providers & Services		1.8
Money Market Fund		1.8

Industry Diversification	Percent*
Food Products		1.7	%
Oil, Gas & Consumable Fuels		1.7
Household Products		1.7
Financial Services		1.5
Technology Hardware, Storage & Peripherals		1.4
Broadline Retail		1.2
Machinery		1.2
Consumer Finance		1.2
Communications Equipment		1.2
Industrial Conglomerates		1.1
Entertainment		1.1
Electric Utilities		1.1
Chemicals		0.9
Diversified Telecommunication Services		0.5
Insurance		0.3
Total Investments		99.3	%

*   Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

33

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SELECT BOND FUND

	Principal     Amount		Value
CORPORATE BONDS - 54.8%
AEROSPACE & DEFENSE - 2.6%
General Dynamics Corp., 3.75%, 5/15/28	$	2,000,000	$	1,863,295
Lockheed Martin Corp., 3.55%, 1/15/26, (Callable 10/15/25 @ 100)		1,000,000		961,403
Raytheon Technologies Corp., 3.75%, 11/1/46, (Callable 5/1/46 @ 100)		2,000,000		1,324,350
				4,149,048
AIR FREIGHT & LOGISTICS - 2.2%
United Parcel Service, Inc., 3.05%, 11/15/27		1,000,000		912,970
United Parcel Service, Inc., 3.75%, 11/15/47		1,000,000		709,694
United Parcel Service, Inc., 3.90%, 4/1/25		2,000,000		1,952,738
				3,575,402
BROADLINE RETAIL - 1.2%
Amazon.com, Inc., 3.80%, 12/5/24, (Callable 9/5/24 @ 100)		2,000,000		1,965,126
CAPITAL MARKETS - 3.0%
Charles Schwab Corp. (The), 2.00%, 3/20/28		2,000,000		1,670,014
Charles Schwab Corp. (The), 5.00% (H15T5Y + 326 bps), 6/1/27(a)		1,000,000		789,789
Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27		1,500,000		1,479,807
Morgan Stanley, 4.00%, 7/23/25		1,000,000		967,806
				4,907,416
CHEMICALS - 0.9%
Sherwin-Williams Co. (The), 2.95%, 8/15/29		1,000,000		852,211
Sherwin-Williams Co. (The), 3.80%, 8/15/49		1,000,000		660,920
				1,513,131
COMMUNICATIONS EQUIPMENT - 1.2%
Cisco Systems, Inc., 2.50%, 9/20/26, (Callable 6/20/26 @ 100)		2,000,000		1,857,131
CONSUMER FINANCE - 1.2%
American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100)		1,000,000		992,034
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100)		1,000,000		917,785
				1,909,819
CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.4%
Sysco Corp., 3.25%, 7/15/27		2,000,000		1,822,032
Target Corp., 3.50%, 7/1/24		2,000,000		1,970,344
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, (Callable 5/18/34 @ 100)		2,000,000		1,613,922
Walmart, Inc., 3.25%, 7/8/29		2,000,000		1,801,356
				7,207,654

	Principal     Amount		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
Verizon Communications, Inc., 4.50%, 8/10/33	$	1,000,000	$	866,612
ELECTRIC UTILITIES - 1.1%
Duke Energy Corp., 4.50%, 8/15/32		2,000,000		1,746,934
ENTERTAINMENT - 1.1%
Walt Disney Co. (The), 3.80%, 3/22/30		2,000,000		1,783,269
FINANCIAL SERVICES - 1.5%
Citigroup, Inc., 4.40%, 6/10/25		1,000,000		967,808
Citigroup, Inc., 6.63%, 6/15/32		1,000,000		990,516
JPMorgan Chase & Co., 4.25%, 10/1/27		500,000		471,484
				2,429,808
FOOD PRODUCTS - 1.7%
General Mills, Inc., 4.20%, 4/17/28		2,000,000		1,874,335
General Mills, Inc., 4.95%, 3/29/33		1,000,000		908,185
				2,782,520
HEALTH CARE PROVIDERS & SERVICES - 1.8%
CVS Health Corp., 4.00%, 12/5/23, (Callable 12/4/23 @ 100)		2,000,000		1,995,870
Evernorth Health, Inc., 4.50%, 2/25/26, (Callable 11/27/25 @ 100)		1,000,000		968,189
				2,964,059
HOTELS, RESTAURANTS & LEISURE - 2.4%
McDonald’s Corp., 3.60%, 7/1/30, (Callable 4/1/30 @ 100)		1,000,000		875,826
McDonald’s Corp., 3.63%, 9/1/49, (Callable 3/1/49 @ 100)		2,500,000		1,656,952
Starbucks Corp., 3.75%, 12/1/47		2,000,000		1,345,038
				3,877,816
HOUSEHOLD PRODUCTS - 1.7%
Procter & Gamble Co. (The), 3.00%, 3/25/30		1,000,000		870,282
Procter & Gamble Co. (The), 4.05%, 1/26/33		2,000,000		1,820,939
				2,691,221
INDUSTRIAL CONGLOMERATES - 1.1%
3M Co., 2.88%, 10/15/27		2,000,000		1,802,251
INSURANCE - 0.3%
Prudential Financial, Inc., 5.13% (H15T5Y + 316 bps), 3/1/52(a)		500,000		425,121
IT SERVICES - 3.8%
Fiserv, Inc., 4.20%, 10/1/28		1,000,000		923,001
Mastercard, Inc., 3.38%, 4/1/24		2,000,000		1,980,950

See notes to financial statements.

34

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SELECT BOND FUND

	Principal     Amount		Value
PayPal Holdings, Inc., 2.85%, 10/1/29	$	2,000,000	$	1,701,010
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100)		2,000,000		1,596,736
				6,201,697
MACHINERY - 1.2%
John Deere Capital Corp., 3.45%, 3/13/25		2,000,000		1,946,926
MEDIA - 1.8%
Comcast Corp., 3.70%, 4/15/24		3,000,000		2,975,166
OIL, GAS & CONSUMABLE FUELS - 1.7%
Valero Energy Corp., 4.00%, 4/1/29		3,000,000		2,739,217
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
Intel Corp., 4.00%, 12/15/32		2,000,000		1,744,075
NVIDIA Corp., 2.85%, 4/1/30		2,000,000		1,709,396
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100)		4,000,000		3,639,059
				7,092,530
SOFTWARE - 4.5%
Adobe, Inc., 3.25%, 2/1/25, (Callable 11/1/24 @ 100)		3,000,000		2,921,624
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100)		2,000,000		1,630,894
Oracle Corp., 3.25%, 11/15/27		2,000,000		1,810,718
Salesforce, Inc., 3.70%, 4/11/28		1,000,000		936,699
				7,299,935
SPECIALTY RETAIL - 3.6%
Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 12/4/23 @ 100)		2,000,000		1,989,636
Home Depot, Inc. (The), 5.88%, 12/16/36		2,000,000		1,980,631
Lowe’s Cos., Inc., 3.65%, 4/5/29		2,000,000		1,794,109
				5,764,376
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%
Apple, Inc., 1.65%, 5/11/30		2,000,000		1,595,828
Apple, Inc., 3.45%, 2/9/45		1,000,000		715,157
				2,310,985
TEXTILES, APPAREL & LUXURY GOODS - 2.5%
NIKE, Inc., 2.85%, 3/27/30		3,000,000		2,566,109
Ralph Lauren Corp., 2.95%, 6/15/30, (Callable 3/15/30 @ 100)		1,000,000		837,582
Tapestry, Inc., 4.13%, 7/15/27		689,000		624,065
				4,027,756
TOTAL CORPORATE BONDS (COST $103,364,243)				88,812,926
MUNICIPAL BONDS - 2.8%
California State University Taxable Revenue Refunding Bonds, Series B, 1.79%, 11/1/30		500,000		392,042

	Principal     Amount		Value
Connecticut State Taxable G.O. Unlimited Bonds, Series A, 1.50%, 6/1/27	$	200,000	$	175,480
Frisco Taxable Certificates G.O. Limited Bonds, Series B, 1.75%, 2/15/30		995,000		810,833
Houston Utility System First Lien Taxable Revenue Refunding Bonds, Series B, 1.93%, 11/15/31		1,240,000		947,179
Leander Independent School District Taxable G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.), 1.99%, 8/15/33		895,000		654,197
Louisiana State Highway Improvement Taxable Revenue Refunding Bonds, Series A, 1.59%, 6/15/30		100,000		77,702
Metropolitan Government Nashville & Davidson County Water & Sewer Taxable Revenue Refunding Bonds, Series B, Green Bond, 2.13%, 7/1/32		1,215,000		908,302
North Texas Tollway Authority Taxable Revenue Refunding Bonds, Series 2021A, 2.08%, 1/1/31		100,000		79,478
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		433,071
Uptown Development Authority Contract Tax Allocation Increment Revenue Bonds, Series B (AGM Insured), 2.58%, 9/1/31		100,000		78,749
TOTAL MUNICIPAL BONDS (COST $5,999,158)				4,557,033
U.S. GOVERNMENT AGENCIES - 31.7%
Federal Farm Credit Bank 3.00%, 11/25/30		1,000,000		862,596
5.38%, 6/20/28		1,000,000		978,630
				1,841,226
Federal Home Loan Bank 0.75%, 8/25/28(b)		1,350,000		1,145,451
0.75%, 9/30/27(b)		800,000		703,959
0.80%, 3/8/27		1,000,000		867,867
0.85%, 2/26/26, (Callable 11/26/23 @ 100)		1,000,000		906,311
0.85%, 9/30/26(b)		2,000,000		1,798,984
0.88%, 3/23/26		1,000,000		904,428
0.90%, 12/1/27		2,000,000		1,692,868
1.00%, 4/13/26, (Callable 1/13/24 @ 100) (b)		1,000,000		919,878
1.00%, 7/29/26, (Callable 1/29/24 @ 100) (b)		1,000,000		912,277
1.00%, 7/29/26		1,000,000		895,147
1.00%, 3/16/27		2,000,000		1,746,422
1.07%, 1/25/30		1,000,000		774,872
1.10%, 3/30/26(b)		1,000,000		919,112
1.50%, 4/29/31, (Callable 1/29/24 @ 100) (b)		730,769		607,588

See notes to financial statements.

35

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SELECT BOND FUND

	Principal     Amount		Value
2.50%, 3/10/27, (Callable 12/10/23 @ 100) (b)	$	1,000,000	$	942,065
2.75%, 2/22/34		1,000,000		781,740
3.00%, 2/24/37, (Callable 11/9/23 @ 100)		1,000,000		725,295
3.10%, 5/10/27		1,000,000		934,551
3.50%, 5/24/27(b)		1,000,000		964,745
3.65%, 5/26/27		1,000,000		946,934
5.00%, 11/24/27, (Callable 11/24/23 @ 100) (b)		1,000,000		996,208
5.00%, 1/5/24		2,000,000		1,997,360
5.17%, 7/27/27		2,000,000		1,963,002
5.40%, 1/28/28, (Callable 1/28/24 @ 100)		500,000		490,644
5.55%, 3/8/28		1,000,000		983,240
5.75%, 9/26/25, (Callable 12/26/23 @ 100)		1,000,000		995,234
				27,516,182
Federal Home Loan Mortgage Corp.
0.80%, 10/27/26		1,000,000		882,282
1.05%, 7/21/28		1,000,000		829,872
2.00%, 12/24/24		1,000,000		960,810
5.00%, 8/15/25(b)		1,000,000		995,210
5.00%, 9/27/24		1,000,000		994,506
5.15%, 10/17/24		1,000,000		993,964
5.20%, 2/24/26		1,000,000		988,463
5.50%, 5/1/26		1,500,000		1,487,365
5.50%, 12/15/27		2,000,000		1,967,724
6.00%, 7/27/28		2,000,000		1,976,862
6.00%, 8/28/28		1,500,000		1,482,492
6.00%, 9/28/28		1,000,000		987,656
6.10%, 9/28/28		1,000,000		988,906
6.25%, 8/28/28		2,000,000		1,983,740
				17,519,852
Federal National Mortgage Association
0.40%, 10/29/24		1,000,000		950,490
0.55%, 8/19/25		1,000,000		919,929
0.56%, 10/28/25		1,000,000		913,141
0.58%, 8/25/25		1,000,000		919,095
0.60%, 8/28/25		1,000,000		919,139
				4,621,794
TOTAL U.S. GOVERNMENT AGENCIES (COST $55,357,025)				51,499,054
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS - 3.7%
Federal Home Loan Mortgage Corp.
3.00%, 7/15/41		653,515		620,667

	Principal     Amount		Value
3.50%, 2/1/34	$	147,954	$	140,059
3.50%, 10/1/49		218,421		185,400
3.50%, 12/15/48		367,734		332,444
4.00%, 12/15/25		2,500,000		2,436,657
4.04% (RFUCCT1Y + 179 bps), 10/1/37(a)		7,541		7,437
5.00%, 11/1/37		2,111		2,034
5.25% (H15T1Y + 225 bps), 5/1/36(a)		8,227		8,117
6.00%, 3/1/38		13,598		13,648
				3,746,463
Federal National Mortgage Association
1.50%, 11/25/44		1,466,997		1,213,227
3.50%, 2/1/43		129,172		112,639
3.50%, 4/1/48		372,184		318,694
4.00%, 9/1/33		102,150		95,634
4.00%, 10/1/46		263,327		232,835
4.29% (RFUCCT1Y + 204 bps), 10/1/36(a)		14,439		14,399
5.57% (RFUCCT1Y + 182 bps), 5/1/36(a)		30,976		30,529
5.86% (SOFR30A + 53 bps), 11/25/36(a)		24,394		23,708
6.00%, 6/1/36		76,605		75,864
6.00%, 9/1/36		8,353		8,254
6.00%, 5/1/37		20,168		20,095
				2,145,878
Government National Mortgage Association
3.63% (H15T1Y + 150 bps), 1/20/39(a)		8,436		8,063
4.50%, 6/15/40		57,220		53,938
4.50%, 8/20/38		26,214		25,020
5.00%, 5/20/40		31,084		29,131
5.50%, 12/20/38		1,431		1,371
6.00%, 10/15/37		16,240		16,389
6.00%, 6/15/37		16,754		16,678
6.50%, 10/20/38		1,611		1,569
				152,159
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $6,712,724)				6,044,500
U.S. TREASURY OBLIGATIONS - 4.5%
U.S. Treasury Bills, 5.02%, 12/7/23		1,000,000		994,720
U.S. Treasury Bond, 1.13%, 5/15/40		2,000,000		1,089,765
U.S. Treasury Inflationary Index Note, 0.38%, 1/15/27		1,271,020		1,180,969
U.S. Treasury Notes
1.63%, 11/30/26		1,000,000		907,500

See notes to financial statements.

36

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SELECT BOND FUND

	Principal     Amount		Value
1.75%, 11/15/29	$	1,000,000	$	839,453
4.25%, 9/30/24		250,000		247,305
5.00%, 8/31/25		2,000,000		1,995,781
				3,990,039
TOTAL U.S. TREASURY OBLIGATIONS (COST $8,491,365)				7,255,493
	Shares		Value
MONEY MARKET FUND - 1.8%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(c)		2,866,170	$	2,866,170
TOTAL MONEY MARKET FUND (COST $2,866,170)				2,866,170
TOTAL INVESTMENTS (COST $182,790,685) - 99.3%				161,035,176
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%				1,108,120
NET ASSETS - 100.0%			$	162,143,296

(a) Variable rate security. The interest rate shown represents the rate in effect at October 31, 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 October 31, 2023.

(c) 7-day current yield as of October 31, 2023 is disclosed.

AGM — Assured Guarantee Municipal Corporation

bps — 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

RFUCCT1Y — 1 Year Refinitiv US Dollar IBOR Consumer Cash Fallback

SOFR30A — 30 Day Secured Overnight Financing Rate

See notes to financial statements.

37

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SMALL CAP GROWTH FUND

The table below sets forth the diversification of the Steward Small Cap Growth Fund investments by Industry.

Industry Diversification	Percent*
Software		14.3%
Health Care Providers & Services		6.6
Health Care Equipment & Supplies		6.0
Oil, Gas & Consumable Fuels		4.8
Machinery		4.3
Pharmaceuticals		4.1
Professional Services		4.0
Food Products		3.9
Money Market Fund		3.5
Building Products		3.0
Electrical Equipment		2.4
Health Care Technology		2.1
Semiconductors & Semiconductor Equipment		2.1
Hotels, Restaurants & Leisure		2.0
Independent Power and Renewable Electricity Producers		1.9
Automobile Components		1.9
Specialty Retail		1.8
Electronic Equipment, Instruments & Components		1.8
Diversified Consumer Services		1.8
Aerospace & Defense		1.6
Ground Transportation		1.6
Financial Services		1.6
Commercial Services & Supplies		1.5

Industry Diversification	Percent*
Insurance		1.5%
Capital Markets		1.4
Entertainment		1.4
Specialized Real Estate Investment Trusts		1.4
Chemicals		1.4
Consumer Staples Distribution & Retail		1.3
Biotechnology		1.2
Diversified Telecommunication Services		1.1
Containers & Packaging		1.1
Beverages		1.1
Leisure Products		0.9
IT Services		0.9
Water Utilities		0.9
Life Sciences Tools & Services		0.8
Technology Hardware, Storage & Peripherals		0.8
Real Estate Management & Development		0.7
Energy Equipment & Services		0.7
Interactive Media & Services		0.7
Air Freight & Logistics		0.7
Personal Care Products		0.7
Metals & Mining		0.5
Household Durables		0.3
Total Investments		100.1%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

38

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SMALL CAP GROWTH FUND

	Shares		Value
COMMON STOCKS - 96.6%
AEROSPACE & DEFENSE - 1.6%
AeroVironment, Inc.(a)		3,280	$	376,085
AIR FREIGHT & LOGISTICS - 0.7%
Forward Air Corp.		2,561		164,954
AUTOMOBILE COMPONENTS - 1.9%
Atmus Filtration Technologies, Inc.(a)		11,685		219,211
Visteon Corp.(a)		1,976		227,497
				446,708
BEVERAGES - 1.1%
Vita Coco Co., Inc. (The)(a)		9,390		254,469
BIOTECHNOLOGY - 1.2%
Bioxcel Therapeutics, Inc.(a)		12,000		48,180
Natera, Inc.(a)		5,892		232,557
				280,737
BUILDING PRODUCTS - 3.0%
Simpson Manufacturing Co., Inc.		2,400		319,632
Tecnoglass, Inc.		6,385		208,662
UFP Industries, Inc.		1,757		167,214
				695,508
CAPITAL MARKETS - 1.4%
Cboe Global Markets, Inc.		2,062		337,941
CHEMICALS - 1.4%
Aspen Aerogels, Inc.(a)		7,290		56,279
Sensient Technologies Corp.		4,727		266,697
				322,976
COMMERCIAL SERVICES & SUPPLIES - 1.5%
Casella Waste Systems, Inc., Class A(a)		4,806		362,613
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3%
Sprouts Farmers Market, Inc.(a)		7,549		317,209
CONTAINERS & PACKAGING - 1.1%
AptarGroup, Inc.		2,082		254,566
DIVERSIFIED CONSUMER SERVICES - 1.8%
Grand Canyon Education, Inc.(a)		3,510		415,338
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.1%
Iridium Communications, Inc.		6,924		256,534

	Shares		Value
ELECTRICAL EQUIPMENT - 2.4%
Bloom Energy Corp., Class A(a)		9,790	$	101,816
NEXTracker, Inc., Class A(a)		6,500		225,940
nVent Electric PLC		4,814		231,698
				559,454
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.8%
Fabrinet(a)		1,746		270,630
Novanta, Inc.(a)		1,102		145,530
				416,160
ENERGY EQUIPMENT & SERVICES - 0.7%
Noble Corp. PLC		3,592		167,710
ENTERTAINMENT - 1.4%
TKO Group Holdings, Inc.		4,099		336,036
FINANCIAL SERVICES - 1.6%
International Money Express, Inc.(a)		7,668		122,381
Shift4 Payments, Inc., Class A(a)		5,532		246,285
				368,666
FOOD PRODUCTS - 3.9%
Calavo Growers, Inc.		10,287		260,672
Flowers Foods, Inc.		8,045		176,427
Lamb Weston Holdings, Inc.		2,500		224,500
Lancaster Colony Corp.		1,451		245,466
				907,065
GROUND TRANSPORTATION - 1.6%
Landstar System, Inc.		2,260		372,403
HEALTH CARE EQUIPMENT & SUPPLIES - 6.0%
Inmode Ltd.(a)		8,168		156,009
Inspire Medical Systems, Inc.(a)		1,297		190,867
Outset Medical, Inc.(a)		10,234		36,228
PROCEPT BioRobotics Corp.(a)		11,144		298,548
RxSight, Inc.(a)		11,805		261,363
Shockwave Medical, Inc.(a)		2,286		471,510
				1,414,525
HEALTH CARE PROVIDERS & SERVICES - 6.6%
Ensign Group, Inc. (The)		1,800		173,880
HealthEquity, Inc.(a)		8,000		573,440
Joint Corp. (The)(a)		7,000		54,670
NeoGenomics, Inc.(a)		12,188		170,876
Option Care Health, Inc.(a)		10,301		285,647
R1 RCM, Inc.(a)		25,197		297,072
				1,555,585

See notes to financial statements.

39

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SMALL CAP GROWTH FUND

		Shares		Value
HEALTH CARE TECHNOLOGY - 2.1%
Doximity, Inc., Class A(a)			3,640	$	74,365
Health Catalyst, Inc.(a)			15,511		116,177
NextGen Healthcare, Inc.(a)			12,952		309,812
					500,354
HOTELS, RESTAURANTS & LEISURE - 2.0%
First Watch Restaurant Group, Inc.(a)			13,656		228,192
Papa John’s International, Inc.			3,649		237,258
					465,450
HOUSEHOLD DURABLES - 0.3%
Lovesac (The), Co.(a)			4,730		77,856
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.9%
Clearway Energy, Inc., Class C			7,340		159,351
Vistra Corp.			9,000		294,480
					453,831
INSURANCE - 1.5%
Kinsale Capital Group, Inc.			771		257,445
Trupanion, Inc.(a)			4,050		83,430
					340,875
INTERACTIVE MEDIA & SERVICES - 0.7%
Cars.com, Inc.(a)			10,959		166,906
IT SERVICES - 0.9%
DigitalOcean Holdings, Inc.(a)			9,994		204,477
LEISURE PRODUCTS - 0.9%
YETI Holdings, Inc.(a)			5,000		212,600
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Medpace Holdings, Inc.(a)			810		196,563
MACHINERY - 4.3%
Chart Industries, Inc.(a)			2,143		249,081
Donaldson Co., Inc.			5,910		340,770
ESCO Technologies, Inc.			4,240		412,213
					1,002,064
METALS & MINING - 0.5%
MP Materials Corp.(a)			7,517		123,279
OIL, GAS & CONSUMABLE FUELS - 4.8%
Gulfport Energy Corp.(a)			2,646		327,072
Magnolia Oil & Gas Corp., Class A			16,034		359,963
Matador Resources Co.			5,141		317,148
SilverBow Resources, Inc.(a)	��		3,814		130,058
					1,134,241

	Shares		Value
PERSONAL CARE PRODUCTS - 0.7%
elf Beauty, Inc.(a)		1,743	$	161,454
PHARMACEUTICALS - 4.1%
Amphastar Pharmaceuticals, Inc.(a)		8,353		378,140
Intra-Cellular Therapies, Inc.(a)		7,610		378,674
Pacira BioSciences, Inc.(a)		7,429		209,943
				966,757
PROFESSIONAL SERVICES - 4.0%
CACI International, Inc., Class A(a)		756		245,518
Paycor HCM, Inc.(a)		10,510		226,806
Upwork, Inc.(a)		13,260		138,567
Verra Mobility Corp.(a)		16,323		322,706
				933,597
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%
Tricon Residential, Inc.		26,490		175,629
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
Navitas Semiconductor Corp.(a)		41,029		214,992
Silicon Laboratories, Inc.(a)		2,900		267,322
				482,314
SOFTWARE - 14.3%
Appian Corp., Class A(a)		8,525		336,396
BlackLine, Inc.(a)		5,642		277,022
Box, Inc., Class A(a)		18,320		455,435
Clearwater Analytics Holdings, Inc., Class A(a)		9,591		173,405
Gitlab, Inc., Class A(a)		2,592		112,182
PowerSchool Holdings, Inc., Class A(a)		15,894		316,608
Procore Technologies, Inc.(a)		5,516		336,972
Qualys, Inc.(a)		2,404		367,692
Rapid7, Inc.(a)		6,214		288,889
Sprout Social, Inc., Class A(a)		4,631		200,430
SPS Commerce, Inc.(a)		1,087		174,290
Workiva, Inc.(a)		3,695		321,798
				3,361,119
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.4%
National Storage Affiliates Trust		11,362		324,044
SPECIALTY RETAIL - 1.8%
Academy Sports & Outdoors, Inc.		4,092		183,485
Winmark Corp.		620		250,059
				433,544
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%
Super Micro Computer, Inc.(a)		749		179,363

See notes to financial statements.

40

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD SMALL CAP GROWTH FUND

	Shares		Value
WATER UTILITIES - 0.9%
Consolidated Water Co. Ltd.		6,879	$	203,068
TOTAL COMMON STOCKS (COST $29,894,999)				22,682,627
MONEY MARKET FUND - 3.5%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(b)		820,427		820,427
TOTAL MONEY MARKET FUND (COST $820,427)				820,427
TOTAL INVESTMENTS (COST $30,715,426) - 100.1%				23,503,054

	Shares	Value
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		$	(34,593	)
NET ASSETS - 100.0%		$	23,468,461

^{(a) Represents non-income producing security.}

^(b)  7-day current yield as of October 31, 2023 is disclosed.

PLC — Public Limited Company

See notes to financial statements.

41

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

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

Industry Diversification	Percent*
Software		11.0%
Technology Hardware, Storage & Peripherals		7.2
Semiconductors & Semiconductor Equipment		6.9
Interactive Media & Services		5.4
Financial Services		4.1
Oil, Gas & Consumable Fuels		3.9
Broadline Retail		3.2
Health Care Equipment & Supplies		3.2
Health Care Providers & Services		2.9
Capital Markets		2.8
Banks		2.7
Insurance		2.6
Specialty Retail		2.5
Consumer Staples Distribution & Retail		2.0
Hotels, Restaurants & Leisure		1.9
Beverages		1.8
Electric Utilities		1.8
Machinery		1.7
Pharmaceuticals		1.7
Life Sciences Tools & Services		1.7
Household Products		1.7
Automobiles		1.6
Aerospace & Defense		1.6
Specialized Real Estate Investment Trusts		1.6
Chemicals		1.6
IT Services		1.4
Food Products		1.3
Biotechnology		1.2
Entertainment		1.1
Communications Equipment		1.1
Money Market Fund		1.0
Professional Services		1.0
Multi-Utilities		0.9
Ground Transportation		0.9
Media		0.9
Diversified Telecommunication Services		0.8

Industry Diversification	Percent*
Electronic Equipment, Instruments & Components		0.7	%
Commercial Services & Supplies		0.7
Air Freight & Logistics		0.7
Building Products		0.6
Containers & Packaging		0.5
Electrical Equipment		0.5
Industrial Conglomerates		0.5
Consumer Finance		0.4
Textiles, Apparel & Luxury Goods		0.4
Energy Equipment & Services		0.4
Retail Real Estate Investment Trusts		0.4
Trading Companies & Distributors		0.4
Residential Real Estate Investment Trusts		0.3
Metals & Mining		0.3
Wireless Telecommunication Services		0.3
Distributors		0.3
Industrial Real Estate Investment Trusts		0.3
Real Estate Management & Development		0.2
Household Durables		0.2
Personal Care Products		0.2
Passenger Airlines		0.2
Automobile Components		0.2
Construction Materials		0.1
Health Care Real Estate Investment Trusts		0.1
Office Real Estate Investment Trusts		0.1
Leisure Products		0.1
Water Utilities		0.1
Gas Utilities		0.1
Construction & Engineering		0.1
Hotel & Resort Real Estate Investment Trusts		0.0**
Independent Power and Renewable Electricity Producers		0.0**
Total Investments		100.1%

* Percentages indicated are based on net assets as of October 31, 2023.

** Amount rounds to less than 0.1%.

See notes to financial statements.

42

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
COMMON STOCKS - 99.1%
AEROSPACE & DEFENSE - 1.6%
Axon Enterprise, Inc.(a)		418	$	85,477
Boeing Co. (The)(a)		3,078		575,032
General Dynamics Corp.		1,529		368,963
Howmet Aerospace, Inc.		2,863		126,258
Huntington Ingalls Industries, Inc.		169		37,150
L3Harris Technologies, Inc.		1,080		193,763
Lockheed Martin Corp.		1,420		645,589
Northrop Grumman Corp.		868		409,201
RTX Corp.		8,614		701,093
Textron, Inc.		790		60,040
TransDigm Group, Inc.(a)		274		226,897
				3,429,463
AIR FREIGHT & LOGISTICS - 0.7%
C.H. Robinson Worldwide, Inc.		2,808		229,779
Expeditors International of Washington, Inc.		2,793		305,135
FedEx Corp.		1,311		314,771
United Parcel Service, Inc., Class B		4,081		576,441
				1,426,126
AUTOMOBILE COMPONENTS - 0.2%
Aptiv PLC(a)		3,084		268,925
BorgWarner, Inc.		1,280		47,232
				316,157
AUTOMOBILES - 1.6%
Ford Motor Co.		24,591		239,762
General Motors Co.		6,180		174,276
Tesla, Inc.(a)		15,093		3,031,278
				3,445,316
BANKS - 2.7%
Bank of America Corp.		40,676		1,071,406
Citigroup, Inc.		10,192		402,482
Citizens Financial Group, Inc.		2,290		53,655
Comerica, Inc.		231		9,101
Fifth Third Bancorp		5,090		120,684
Huntington Bancshares, Inc.		12,350		119,177
JPMorgan Chase & Co.		16,229		2,256,805
KeyCorp		7,900		80,738
M&T Bank Corp.		545		61,449
PNC Financial Services Group, Inc. (The)		1,499		171,590
Regions Financial Corp.		7,892		114,671
Truist Financial Corp.		7,110		201,640
U.S. Bancorp		7,905		252,011

	Shares		Value
Wells Fargo & Co.		20,922	$	832,068
Zions Bancorp		325		10,026
				5,757,503
BEVERAGES - 1.8%
Coca-Cola Co. (The)		28,460		1,607,705
Keurig Dr Pepper, Inc.		5,015		152,105
Monster Beverage Corp.(a)		6,480		331,128
PepsiCo, Inc.		10,232		1,670,681
				3,761,619
BIOTECHNOLOGY - 1.2%
Amgen, Inc.		3,912		1,000,299
Biogen, Inc.(a)		1,618		384,340
Gilead Sciences, Inc.		10,467		822,078
Incyte Corp.(a)		3,630		195,766
Moderna, Inc.(a)		2,191		166,428
				2,568,911
BROADLINE RETAIL - 3.2%
Amazon.com, Inc.(a)		50,004		6,655,033
eBay, Inc.		3,701		145,190
Etsy, Inc.(a)		424		26,415
				6,826,638
BUILDING PRODUCTS - 0.6%
A.O. Smith Corp.		1,000		69,760
Allegion PLC		263		25,869
Carrier Global Corp.		5,330		254,028
Johnson Controls International PLC		7,621		373,581
Masco Corp.		1,841		95,898
Trane Technologies PLC		2,449		466,069
				1,285,205
CAPITAL MARKETS - 2.8%
Ameriprise Financial, Inc.		549		172,699
Bank of New York Mellon Corp. (The)		5,081		215,943
BlackRock, Inc.		783		479,415
Blackstone, Inc.		3,708		342,434
Cboe Global Markets, Inc.		1,028		168,479
Charles Schwab Corp. (The)		8,462		440,362
CME Group, Inc.		2,366		505,046
FactSet Research Systems, Inc.		256		110,564
Franklin Resources, Inc.		2,300		52,417
Goldman Sachs Group, Inc. (The)		1,735		526,763
Intercontinental Exchange, Inc.		3,417		367,122
Invesco Ltd.		2,500		32,425
MarketAxess Holdings, Inc.		211		45,101
Moody’s Corp.		905		278,740

See notes to financial statements.

43

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Morgan Stanley		7,464	$	528,601
MSCI, Inc.		402		189,563
Nasdaq, Inc.		5,869		291,102
Northern Trust Corp.		1,290		85,024
Raymond James Financial, Inc.		1,290		123,118
S&P Global, Inc.		1,809		631,902
State Street Corp.		1,901		122,862
T. Rowe Price Group, Inc.		1,119		101,270
				5,810,952
CHEMICALS - 1.6%
Air Products and Chemicals, Inc.		1,260		355,874
Albemarle Corp.		548		69,475
CF Industries Holdings, Inc.		1,148		91,588
Corteva, Inc.		4,686		225,584
Dow, Inc.		4,715		227,923
DuPont de Nemours, Inc.		2,831		206,323
Ecolab, Inc.		1,635		274,255
FMC Corp.		650		34,580
International Flavors & Fragrances, Inc.		1,480		101,158
Linde PLC		2,835		1,083,424
LyondellBasell Industries N.V., Class A		1,530		138,067
Mosaic Co. (The)		2,160		70,157
PPG Industries, Inc.		1,288		158,128
Sherwin-Williams Co. (The)		1,351		321,822
				3,358,358
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Cintas Corp.		610		309,343
Copart, Inc.(a)		5,166		224,825
Republic Services, Inc.		1,806		268,173
Rollins, Inc.		2,895		108,881
Veralto Corp.(a)		1,654		114,126
Waste Management, Inc.		2,837		466,204
				1,491,552
COMMUNICATIONS EQUIPMENT - 1.1%
Arista Networks, Inc.(a)		1,404		281,320
Cisco Systems, Inc.		28,878		1,505,410
F5, Inc.(a)		270		40,929
Juniper Networks, Inc.		6,334		170,511
Motorola Solutions, Inc.		1,129		314,381
				2,312,551
CONSTRUCTION & ENGINEERING - 0.1%
Quanta Services, Inc.		749		125,173
CONSTRUCTION MATERIALS - 0.1%
Martin Marietta Materials, Inc.		291		119,001
Vulcan Materials Co.		824		161,908
				280,909

	Shares		Value
CONSUMER FINANCE - 0.4%
American Express Co.		3,362	$	490,953
Capital One Financial Corp.		1,528		154,771
Discover Financial Services		1,167		95,787
Synchrony Financial		7,009		196,603
				938,114
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%
Costco Wholesale Corp.		2,622		1,448,498
Dollar General Corp.		1,264		150,466
Dollar Tree, Inc.(a)		1,221		135,641
Kroger Co. (The)		4,672		211,969
Sysco Corp.		3,228		214,630
Target Corp.		4,355		482,490
Walgreens Boots Alliance, Inc.		4,509		95,050
Walmart, Inc.		9,121		1,490,462
				4,229,206
CONTAINERS & PACKAGING - 0.5%
Amcor PLC		31,380		278,968
Avery Dennison Corp.		1,620		281,994
Ball Corp.		5,548		267,136
International Paper Co.		3,089		104,192
Packaging Corp. of America		533		81,576
Sealed Air Corp.		1,390		42,798
Westrock Co.		2,099		75,417
				1,132,081
DISTRIBUTORS - 0.3%
Genuine Parts Co.		824		106,181
LKQ Corp.		5,803		254,868
Pool Corp.		767		242,195
				603,244
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8%
AT&T, Inc.		46,937		722,830
Verizon Communications, Inc.		26,340		925,324
				1,648,154
ELECTRIC UTILITIES - 1.8%
Alliant Energy Corp.		2,090		101,971
American Electric Power Co., Inc.		3,215		242,861
Constellation Energy Corp.		1,903		214,887
Duke Energy Corp.		5,124		455,472
Edison International		2,390		150,713
Entergy Corp.		960		91,766
Evergy, Inc.		1,840		90,418
Eversource Energy		2,356		126,729
Exelon Corp.		7,262		282,782
FirstEnergy Corp.		4,259		151,621
NextEra Energy, Inc.		11,605		676,572
NRG Energy, Inc.		1,595		67,596

See notes to financial statements.

44

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
PG&E Corp.(a)		8,106	$	132,128
Pinnacle West Capital Corp.		510		37,832
PPL Corp.		7,780		191,155
Southern Co. (The)		7,424		499,635
Xcel Energy, Inc.		3,882		230,086
				3,744,224
ELECTRICAL EQUIPMENT - 0.5%
AMETEK, Inc.		1,335		187,928
Eaton Corp. PLC		2,236		464,887
Emerson Electric Co.		3,385		301,163
Generac Holdings, Inc.(a)		128		10,761
Rockwell Automation, Inc.		591		155,321
				1,120,060
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%
Amphenol Corp., Class A		4,001		322,281
CDW Corp.		866		173,546
Corning, Inc.		5,970		159,757
Keysight Technologies, Inc.(a)		2,547		310,861
TE Connectivity Ltd.		1,710		201,524
Teledyne Technologies, Inc.(a)		262		98,143
Trimble, Inc.(a)		4,690		221,040
Zebra Technologies Corp., Class A(a)		145		30,367
				1,517,519
ENERGY EQUIPMENT & SERVICES - 0.4%
Baker Hughes Co.		5,217		179,569
Halliburton Co.		4,080		160,507
Schlumberger N.V.		7,989		444,668
				784,744
ENTERTAINMENT - 1.1%
Electronic Arts, Inc.		3,302		408,755
Live Nation, Inc.(a)		740		59,215
Netflix, Inc.(a)		2,415		994,231
Walt Disney Co. (The)(a)		9,936		810,678
Warner Bros Discovery, Inc.(a)		13,884		138,007
				2,410,886
FINANCIAL SERVICES - 4.1%
Berkshire Hathaway, Inc., Class B(a)		10,367		3,538,568
Fidelity National Information Services, Inc.		3,628		178,171
Fiserv, Inc.(a)		3,650		415,187
FleetCor Technologies, Inc.(a)		378		85,114
Global Payments, Inc.		1,307		138,829
Jack Henry & Associates, Inc.		446		62,882
Mastercard, Inc., Class A		4,799		1,806,104
PayPal Holdings, Inc.(a)		6,085		315,203
Visa, Inc., Class A		9,276		2,180,788
				8,720,846

	Shares		Value
FOOD PRODUCTS - 1.3%
Archer-Daniels-Midland Co.		3,251	$	232,674
Bunge Ltd.		836		88,599
Campbell Soup Co.		2,700		109,107
Conagra Brands, Inc.		4,970		135,979
General Mills, Inc.		5,378		350,861
Hershey Co. (The)		1,472		275,779
Hormel Foods Corp.		4,450		144,848
J M Smucker Co. (The)		1,136		129,322
Kellanova		3,850		194,310
Kraft Heinz Co. (The)		6,176		194,297
Lamb Weston Holdings, Inc.		965		86,657
McCormick & Co., Inc.		1,739		111,122
Mondelez International, Inc., Class A		10,238		677,858
Tyson Foods, Inc., Class A		1,875		86,906
				2,818,319
GAS UTILITIES - 0.1%
Atmos Energy Corp.		1,280		137,805
GROUND TRANSPORTATION - 0.9%
CSX Corp.		14,090		420,587
J.B. Hunt Transport Services, Inc.		1,630		280,148
Norfolk Southern Corp.		1,196		228,185
Old Dominion Freight Line, Inc.		487		183,433
Union Pacific Corp.		3,410		707,950
				1,820,303
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2%
Abbott Laboratories		11,615		1,098,198
Align Technology, Inc.(a)		411		75,867
Baxter International, Inc.		3,771		122,294
Becton, Dickinson and Co.		2,146		542,466
Boston Scientific Corp.(a)		12,299		629,586
Cooper Cos., Inc. (The)		1,172		365,371
DENTSPLY SIRONA, Inc.		1,853		56,350
Dexcom, Inc.(a)		2,330		206,974
Edwards Lifesciences Corp.(a)		6,745		429,791
GE HealthCare Technologies, Inc.		2,599		173,015
Hologic, Inc.(a)		2,143		141,802
IDEXX Laboratories, Inc.(a)		986		393,877
Insulet Corp.(a)		448		59,391
Intuitive Surgical, Inc.(a)		2,113		554,071
Medtronic PLC		8,697		613,660
ResMed, Inc.		1,025		144,751
STERIS PLC		776		162,944
Stryker Corp.		2,263		611,508

See notes to financial statements.

45

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Teleflex, Inc.		397	$	73,346
Zimmer Holdings, Inc.		1,772		185,015
				6,640,277
HEALTH CARE PROVIDERS & SERVICES - 2.9%
Cardinal Health, Inc.		2,563		233,233
Cencora, Inc.		3,412		631,732
Cigna Group (The)		3,227		997,788
CVS Health Corp.		8,258		569,884
DaVita, Inc.(a)		635		49,041
Elevance Health, Inc.		3,376		1,519,504
Henry Schein, Inc.(a)		1,470		95,521
Humana, Inc.		1,520		796,009
Laboratory Corporation of America Holdings		971		193,938
McKesson Corp.		1,193		543,244
Molina Healthcare, Inc.(a)		993		330,619
Quest Diagnostics, Inc.		1,318		171,472
				6,131,985
HEALTH CARE REAL ESTATE INVESTMENT TRUSTS - 0.1%
Welltower, Inc.		3,226		269,726
HOTEL & RESORT REAL ESTATE INVESTMENT TRUSTS - 0.0%
Host Hotels & Resorts, Inc.		6,193		95,868
HOTELS, RESTAURANTS & LEISURE - 1.9%
Airbnb, Inc., Class A(a)		2,203		260,593
Booking Holdings, Inc.(a)		199		555,122
Carnival Corp.(a)		6,190		70,937
Chipotle Mexican Grill, Inc.(a)		156		302,983
Domino’s Pizza, Inc.		203		68,815
Expedia Group, Inc.(a)		495		47,169
Hilton Worldwide Holdings, Inc.		1,330		201,535
Marriott International, Inc., Class A		1,518		286,234
McDonald’s Corp.		4,536		1,189,203
Norwegian Cruise Line Holdings Ltd.(a)		2,830		38,488
Royal Caribbean Cruises Ltd.(a)		1,041		88,204
Starbucks Corp.		6,462		596,055
Yum! Brands, Inc.		1,950		235,677
				3,941,015
HOUSEHOLD DURABLES - 0.2%
D.R. Horton, Inc.		1,638		171,007
Garmin Ltd.		1,008		103,350
Lennar Corp., Class A		636		67,848
Mohawk Industries, Inc.(a)		34		2,733
NVR, Inc.(a)		15		81,189
PulteGroup, Inc.		325		23,917
Whirlpool Corp.		42		4,392
				454,436

	Shares		Value
HOUSEHOLD PRODUCTS - 1.7%
Church & Dwight Co., Inc.		2,365	$	215,073
Clorox Co. (The)		930		109,461
Colgate-Palmolive Co.		7,643		574,142
Kimberly-Clark Corp.		3,000		358,920
Procter & Gamble Co. (The)		14,898		2,235,147
				3,492,743
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%
AES Corp. (The)		5,250		78,225
INDUSTRIAL CONGLOMERATES - 0.5%
3M Co.		3,234		294,132
Honeywell International, Inc.		3,932		720,579
				1,014,711
INDUSTRIAL REAL ESTATE INVESTMENT TRUSTS - 0.3%
Prologis, Inc.		5,493		553,420
INSURANCE - 2.6%
Aflac, Inc.		4,288		334,936
Allstate Corp. (The)		1,669		213,849
American International Group, Inc.		4,254		260,813
Aon PLC, Class A		1,365		422,331
Arch Capital Group Ltd.(a)		2,274		197,110
Arthur J. Gallagher & Co.		1,719		404,807
Assurant, Inc.		324		48,244
Brown & Brown, Inc.		2,240		155,501
Chubb Ltd.		2,876		617,247
Cincinnati Financial Corp.		902		89,902
Everest Group Ltd.		355		140,445
Globe Life, Inc.		487		56,667
Hartford Financial Services Group, Inc. (The)		2,460		180,687
Loews Corp.		880		56,329
Marsh & McLennan Cos., Inc.		3,250		616,363
MetLife, Inc.		4,515		270,945
Principal Financial Group, Inc.		1,563		105,784
Progressive Corp. (The)		3,781		597,738
Prudential Financial, Inc.		2,200		201,168
Travelers Cos., Inc. (The)		1,757		294,192
W.R. Berkley Corp.		1,439		97,017
Willis Towers Watson PLC		673		158,754
				5,520,829
INTERACTIVE MEDIA & SERVICES - 5.4%
Alphabet, Inc., Class A(a)		32,790		4,068,583
Alphabet, Inc., Class C(a)		27,937		3,500,506

See notes to financial statements.

46

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Match Group, Inc.(a)		1,300	$	44,980
Meta Platforms, Inc., Class A(a)		12,209		3,678,206
				11,292,275
IT SERVICES - 1.4%
Accenture PLC, Class A		4,361		1,295,610
Akamai Technologies, Inc.(a)		978		101,057
Cognizant Technology Solutions Corp., Class A		3,231		208,303
EPAM Systems, Inc.(a)		292		63,530
Gartner, Inc.(a)		448		148,754
International Business Machines Corp.		6,808		984,709
VeriSign, Inc.(a)		578		115,403
				2,917,366
LEISURE PRODUCTS - 0.1%
Hasbro, Inc.		4,000		180,600
LIFE SCIENCES TOOLS & SERVICES - 1.7%
Agilent Technologies, Inc.		5,259		543,623
Bio-Rad Laboratories, Inc., Class A(a)		355		97,724
Bio-Techne Corp.		2,570		140,399
Danaher Corp.		5,576		1,070,704
Illumina, Inc.(a)		1,209		132,289
IQVIA Holdings, Inc.(a)		1,775		320,973
Mettler-Toledo International, Inc.(a)		498		490,630
Revvity, Inc.		1,738		143,993
Waters Corp.(a)		1,659		395,721
West Pharmaceutical Services, Inc.		659		209,753
				3,545,809
MACHINERY - 1.7%
Caterpillar, Inc.		2,808		634,748
Cummins, Inc.		731		158,115
Deere & Co.		1,494		545,848
Dover Corp.		730		94,864
Fortive Corp.		2,364		154,322
IDEX Corp.		390		74,650
Illinois Tool Works, Inc.		1,636		366,660
Ingersoll Rand, Inc.		4,697		285,014
Nordson Corp.		279		59,313
Otis Worldwide Corp.		2,776		214,335
PACCAR, Inc.		3,197		263,848
Parker-Hannifin Corp.		610		225,035
Pentair PLC		540		31,385
Snap-on, Inc.		292		75,319
Stanley Black & Decker, Inc.		182		15,479
Westinghouse Air Brake Technologies Corp.		820		86,936
Xylem, Inc.		3,259		304,847
				3,590,718

	Shares		Value
MEDIA - 0.9%
Charter Communications, Inc., Class A(a)		511	$	205,831
Comcast Corp., Class A		24,353		1,005,535
Fox Corp., Class A		1,519		46,163
Fox Corp., Class B		3,263		91,070
Interpublic Group of Cos., Inc. (The)		7,870		223,508
News Corp., Class A		2,690		55,629
News Corp., Class B		1,680		36,019
Omnicom Group, Inc.		1,228		91,990
Paramount Global, Class B		3,380		36,774
				1,792,519
METALS & MINING - 0.3%
Freeport-McMoRan, Inc.		8,276		279,563
Newmont Corp.		4,980		186,601
Nucor Corp.		1,124		166,116
Steel Dynamics, Inc.		646		68,805
				701,085
MULTI-UTILITIES - 0.9%
Ameren Corp.		2,350		177,918
CenterPoint Energy, Inc.		5,180		139,238
CMS Energy Corp.		2,768		150,413
Consolidated Edison, Inc.		2,853		250,465
Dominion Energy, Inc.		5,070		204,422
DTE Energy Co.		1,020		98,308
NiSource, Inc.		4,370		109,949
Public Service Enterprise Group, Inc.		3,381		208,439
Sempra		3,920		274,518
WEC Energy Group, Inc.		2,545		207,138
				1,820,808
OFFICE REAL ESTATE INVESTMENT TRUSTS - 0.1%
Alexandria Real Estate Equities, Inc.		686		63,887
Boston Properties, Inc.		3,037		162,692
				226,579
OIL, GAS & CONSUMABLE FUELS - 3.9%
APA Corp.		1,420		56,402
Chevron Corp.		10,204		1,487,029
ConocoPhillips		6,815		809,622
Coterra Energy, Inc.		4,790		131,725
Devon Energy Corp.		3,180		148,093
Diamondback Energy, Inc.		624		100,040
EOG Resources, Inc.		3,065		386,956
EQT Corp.		1,460		61,875
Exxon Mobil Corp.		22,737		2,406,711
Hess Corp.		1,407		203,171
Kinder Morgan, Inc.		18,540		300,348
Marathon Oil Corp.		5,060		138,189

See notes to financial statements.

47

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
Marathon Petroleum Corp.		2,368	$	358,160
Occidental Petroleum Corp.		3,985		246,313
ONEOK, Inc.		2,570		167,564
Phillips 66		2,469		281,639
Pioneer Natural Resources Co.		1,206		288,234
Targa Resources Corp.		730		61,035
Valero Energy Corp.		2,047		259,969
Williams Cos., Inc. (The)		8,984		309,049
				8,202,124
PASSENGER AIRLINES - 0.2%
Alaska Air Group, Inc.(a)		250		7,908
American Airlines Group, Inc.(a)		5,650		62,998
Delta Air Lines, Inc.		3,850		120,312
Southwest Airlines Co.		4,040		89,809
United Airlines Holdings, Inc.(a)		1,020		35,710
				316,737
PERSONAL CARE PRODUCTS - 0.2%
Estee Lauder Cos., Inc., (The) Class A		1,174		151,294
Kenvue, Inc.		10,007		186,130
				337,424
PHARMACEUTICALS - 1.7%
Catalent, Inc.(a)		1,385		47,630
Eli Lilly & Co.		4,893		2,710,380
Organon & Co.		3,400		50,286
Zoetis, Inc.		4,936		774,952
				3,583,248
PROFESSIONAL SERVICES - 1.0%
Automatic Data Processing, Inc.		3,450		752,859
Broadridge Financial Solutions, Inc.		1,972		336,502
Ceridian HCM Holding, Inc.(a)		660		42,247
Equifax, Inc.		599		101,572
Jacobs Solutions, Inc.		560		74,648
Paychex, Inc.		2,190		243,199
Paycom Software, Inc.		200		48,994
Robert Half, Inc.		3,354		250,779
Verisk Analytics, Inc.		928		210,990
				2,061,790
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
CBRE Group, Inc., Class A(a)		4,460		309,256
CoStar Group, Inc.(a)		2,200		161,502
				470,758
RESIDENTIAL REAL ESTATE INVESTMENT TRUSTS - 0.3%
AvalonBay Communities, Inc.		1,889		313,083
Camden Property Trust		380		32,254
Equity Residential		3,177		175,784
Essex Property Trust, Inc.		254		54,336

	Shares		Value
Mid-America Apartment Communities, Inc.		574	$	67,818
UDR, Inc.		2,330		74,117
				717,392
RETAIL REAL ESTATE INVESTMENT TRUSTS - 0.4%
Federal Realty Investment Trust		2,198		200,436
Kimco Realty Corp.		5,150		92,391
Realty Income Corp.		3,880		183,834
Regency Centers Corp.		1,869		112,626
Simon Property Group, Inc.		1,690		185,714
				775,001
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.9%
Advanced Micro Devices, Inc.(a)		8,687		855,669
Analog Devices, Inc.		2,847		447,918
Applied Materials, Inc.		6,400		847,040
Broadcom, Inc.		2,274		1,913,275
Enphase Energy, Inc.(a)		686		54,592
First Solar, Inc.(a)		553		78,775
Intel Corp.		29,539		1,078,173
KLA Corp.		701		329,260
Lam Research Corp.		1,047		615,866
Microchip Technology, Inc.		2,895		206,385
Micron Technology, Inc.		6,072		406,035
Monolithic Power Systems, Inc.		190		83,931
NVIDIA Corp.		14,040		5,725,512
NXP Semiconductors N.V.		1,211		208,813
ON Semiconductor Corp.(a)		2,054		128,663
Qorvo, Inc.(a)		230		20,107
QUALCOMM, Inc.		6,255		681,732
Skyworks Solutions, Inc.		560		48,574
SolarEdge Technologies, Inc.(a)		160		12,152
Teradyne, Inc.		810		67,449
Texas Instruments, Inc.		5,137		729,505
				14,539,426
SOFTWARE - 11.0%
Adobe, Inc.(a)		2,911		1,548,827
ANSYS, Inc.(a)		1,180		328,347
Autodesk, Inc.(a)		2,171		429,055
Cadence Design Systems, Inc.(a)		2,447		586,913
Fair Isaac Corp.(a)		144		121,805
Fortinet, Inc.(a)		4,000		228,680
Gen Digital, Inc.		6,866		114,387
Intuit, Inc.		1,940		960,203
Microsoft Corp.		41,745		14,114,402
Oracle Corp.		8,994		929,980
Palo Alto Networks, Inc.(a)		2,549		619,458

See notes to financial statements.

48

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	Shares		Value
PTC, Inc.(a)		781	$	109,668
Roper Technologies, Inc.		711		347,373
Salesforce, Inc.(a)		6,562		1,317,846
ServiceNow, Inc.(a)		1,106		643,526
Synopsys, Inc.(a)		1,315		617,314
Tyler Technologies, Inc.(a)		218		81,292
				23,099,076
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.6%
American Tower Corp.		3,893		693,694
Crown Castle, Inc.		4,366		405,951
Digital Realty Trust, Inc.		3,477		432,400
Equinix, Inc.		829		604,871
Extra Space Storage, Inc.		1,120		116,021
Iron Mountain, Inc.		5,082		300,194
Public Storage		1,013		241,813
SBA Communications Corp.		1,573		328,175
VICI Properties, Inc.		3,562		99,380
Weyerhaeuser Co.		6,614		189,755
				3,412,254
SPECIALTY RETAIL - 2.5%
AutoZone, Inc.(a)		111		274,961
Bath & Body Works, Inc.		1,330		39,435
Best Buy Co., Inc.		3,907		261,066
CarMax, Inc.(a)		3,327		203,246
Home Depot, Inc. (The)		6,432		1,831,126
Lowe’s Cos., Inc.		4,353		829,551
O’Reilly Automotive, Inc.(a)		408		379,620
Ross Stores, Inc.		1,790		207,586
TJX Cos., Inc. (The)		7,055		621,334
Tractor Supply Co.		1,693		326,004
Ulta Beauty, Inc.(a)		872		332,502
				5,306,431
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.2%
Apple, Inc.		81,268		13,878,136
Hewlett Packard Enterprise Co.		25,070		385,577
HP, Inc.		13,136		345,871
NetApp, Inc.		1,425		103,712
Seagate Technology Holdings PLC		4,145		282,896
Western Digital Corp.(a)		6,336		254,390
				15,250,582
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
NIKE, Inc., Class B		6,677		686,195
Ralph Lauren Corp.		80		9,002
Tapestry, Inc.		1,070		29,489
VF Corp.		10,854		159,880
				884,566

	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.4%
Fastenal Co.		4,234	$	247,011
United Rentals, Inc.		188		76,379
W.W. Grainger, Inc.		567		413,814
				737,204
WATER UTILITIES - 0.1%
American Water Works Co., Inc.		1,459		171,651
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
T-Mobile U.S., Inc.(a)		4,414		634,998
TOTAL COMMON STOCKS (COST $194,608,804)				208,583,594
RIGHTS - 0.0%
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%
Contra Abiomed, Inc. (Contingent Value Rights)(b)(c)		373		—
TOTAL RIGHTS (COST $—)				—
MONEY MARKET FUND - 1.0%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(d)		2,145,082		2,145,082
TOTAL MONEY MARKET FUND (COST $2,145,082)				2,145,082
TOTAL INVESTMENTS (COST $196,753,886) - 100.1%				210,728,676
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(112,368	)
NET ASSETS - 100.0%			$	210,616,308

^(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 October 31, 2023 is disclosed.

MSCI — Morgan Stanley Capital International

N.V. — Naamloze Vennootschap

PLC — Public Limited Company

S&P — Standard & Poor’s

See notes to financial statements.

49

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

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		6.1	%
Machinery		4.6
Oil, Gas & Consumable Fuels		4.3
Insurance		4.3
Electronic Equipment, Instruments & Components		4.0
Specialty Retail		3.8
Building Products		3.3
Professional Services		3.0
Software		2.9
Health Care Equipment & Supplies		2.7
Semiconductors & Semiconductor Equipment		2.6
Health Care Providers & Services		2.4
Metals & Mining		2.3
Chemicals		2.2
Household Durables		2.2
Hotels, Restaurants & Leisure		2.2
Capital Markets		2.1
Textiles, Apparel & Luxury Goods		2.0
Ground Transportation		1.8
Commercial Services & Supplies		1.7
Construction & Engineering		1.7
Retail Real Estate Investment Trusts		1.7
Financial Services		1.7
Food Products		1.5
Automobile Components		1.5
Energy Equipment & Services		1.5
Biotechnology		1.5
Specialized Real Estate Investment Trusts		1.4
Trading Companies & Distributors		1.4
Containers & Packaging		1.3
Aerospace & Defense		1.2
Diversified Consumer Services		1.2
Consumer Staples Distribution & Retail		1.1
Electrical Equipment		1.1
Industrial Real Estate Investment Trusts		1.0
Leisure Products		0.9
Electric Utilities		0.9

Industry Diversification	Percent*
Pharmaceuticals		0.8	%
Life Sciences Tools & Services		0.8
Gas Utilities		0.8
Media		0.8
Mortgage Real Estate Investment Trusts		0.8
Residential Real Estate Investment Trusts		0.8
Office Real Estate Investment Trusts		0.8
Money Market Fund		0.7
Consumer Finance		0.7
Communications Equipment		0.7
Personal Care Products		0.7
IT Services		0.6
Water Utilities		0.6
Real Estate Management & Development		0.6
Health Care Real Estate Investment Trusts		0.5
Interactive Media & Services		0.5
Diversified Telecommunication Services		0.5
Independent Power and Renewable Electricity Producers		0.4
Technology Hardware, Storage & Peripherals		0.4
Hotel & Resort Real Estate Investment Trusts		0.4
Broadline Retail		0.4
Automobiles		0.4
Beverages		0.4
Entertainment		0.3
Air Freight & Logistics		0.3
Health Care Technology		0.3
Multi-Utilities		0.3
Construction Materials		0.3
Diversified Real Estate Investment Trusts		0.3
Household Products		0.3
Marine Transportation		0.2
Paper & Forest Products		0.2
Passenger Airlines		0.2
Wireless Telecommunication Services		0.1
Total Investments		100.0	%

* Percentages indicated are based on net assets as of October 31, 2023.

See notes to financial statements.

50

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
COMMON STOCKS - 99.3%
AEROSPACE & DEFENSE - 1.2%
AAR Corp.(a)		1,870	$	111,003
AeroVironment, Inc.(a)		1,309		150,090
BWX Technologies, Inc.		4,408		327,426
Curtiss-Wright Corp.		1,963		390,264
Hexcel Corp.		4,173		258,392
Kaman Corp.		1,770		32,940
Mercury Systems, Inc.(a)		2,839		102,147
Moog, Inc., Class A		1,512		175,468
National Presto Industries, Inc.		219		16,371
Triumph Group, Inc.(a)		3,570		26,632
Woodward, Inc.		2,980		371,606
				1,962,339
AIR FREIGHT & LOGISTICS - 0.3%
Forward Air Corp.		1,333		85,859
GXO Logistics, Inc.(a)		5,806		293,261
Hub Group, Inc., Class A(a)		1,728		118,800
				497,920
AUTOMOBILE COMPONENTS - 1.5%
Adient PLC(a)		4,709		158,646
American Axle & Manufacturing Holdings, Inc.(a)		6,850		46,237
Autoliv, Inc.		3,875		355,144
Dana, Inc.		7,151		82,093
Dorman Products, Inc.(a)		1,537		95,571
Fox Factory Holding Corp.(a)		2,162		176,138
Gentex Corp.		12,176		349,208
Gentherm, Inc.(a)		1,734		69,741
Goodyear Tire & Rubber Co. (The)(a)		15,512		184,593
LCI Industries		1,283		139,193
Lear Corp.		2,926		379,678
Patrick Industries, Inc.		1,101		82,740
Phinia, Inc.		1,197		30,978
Standard Motor Products, Inc.		1,160		40,519
Visteon Corp.(a)		1,398		160,952
XPEL, Inc.(a)		1,144		52,967
				2,404,398
AUTOMOBILES - 0.4%
Harley-Davidson, Inc.		11,302		303,459
Thor Industries, Inc.		2,621		230,464
Winnebago Industries, Inc.		1,666		96,545
				630,468
BANKS - 6.1%
Ameris Bancorp		3,208		119,658
Associated Banc-Corp		7,939		128,691
Atlantic Union Bankshares Corp.		1,684		48,516

	Shares		Value
Axos Financial, Inc.(a)		2,562	$	92,309
Banc of California, Inc.		2,870		32,173
BancFirst Corp.		820		66,510
Bancorp, Inc. (The)(a)		2,976		106,094
Bank of Hawaii Corp.		1,868		92,260
Bank OZK		4,948		177,188
BankUnited, Inc.		3,829		83,510
Banner Corp.		1,719		72,559
Berkshire Hills Bancorp, Inc.		2,660		52,163
Brookline Bancorp, Inc.		6,100		49,654
Cadence Bank		9,945		210,635
Capitol Federal Financial, Inc.		6,050		31,460
Cathay General Bancorp		2,917		98,915
Central Pacific Financial Corp.		1,180		18,620
City Holding Co.		534		48,477
Columbia Banking System, Inc.		11,557		227,326
Commerce Bancshares, Inc.		5,144		225,616
Community Bank System, Inc.		2,540		101,473
Cullen/Frost Bankers, Inc.		2,873		261,414
Customers Bancorp, Inc.(a)		1,690		67,955
CVB Financial Corp.		7,440		116,213
Dime Community Bancshares, Inc., Class B		2,282		41,966
Eagle Bancorp, Inc.		1,440		28,051
East West Bancorp, Inc.		6,467		346,761
F.N.B. Corp.		20,435		218,450
FB Financial Corp.		2,273		66,758
First Bancorp		1,870		54,267
First BanCorp (New York Exchange)		11,462		153,018
First Commonwealth Financial Corp.		4,960		60,413
First Financial Bancorp		4,760		88,060
First Financial Bankshares, Inc.		6,616		159,115
First Hawaiian, Inc.		6,464		115,899
First Horizon Corp.		29,159		313,459
Fulton Financial Corp.		11,140		144,709
Glacier Bancorp, Inc.		5,472		165,200
Hancock Whitney Corp.		3,851		132,590
Hanmi Financial Corp.		1,901		27,907
Heritage Financial Corp.		1,430		23,266
Hilltop Holdings, Inc.		3,183		87,914
Home Bancshares, Inc.		9,688		198,120
Hope Bancorp, Inc.		8,372		73,339
Independent Bank Corp.		2,058		100,430
Independent Bank Group, Inc.		1,750		61,862
International Bancshares Corp.		2,777		121,716
Lakeland Financial Corp.		1,232		60,676
National Bank Holdings Corp., Class A		1,800		56,124
NBT Bancorp, Inc.		2,040		68,279

See notes to financial statements.

51

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
New York Community Bancorp, Inc.		37,350	$	354,078
Northfield Bancorp, Inc.		4,010		34,486
Northwest Bancshares, Inc.		4,090		42,618
OFG Bancorp		2,890		85,602
Old National Bancorp		16,416		224,899
Pacific Premier Bancorp, Inc.		4,668		88,692
PacWest Bancorp		6,950		49,206
Park National Corp.		540		54,751
Pathward Financial, Inc.		1,472		66,667
Pinnacle Financial Partners, Inc.		3,388		211,276
Preferred Bank		394		23,471
Prosperity Bancshares, Inc.		4,151		226,396
Provident Financial Services, Inc.		3,730		52,406
Renasant Corp.		3,230		78,780
S&T Bancorp, Inc.		1,690		43,534
Seacoast Banking Corp. of Florida		3,510		70,937
ServisFirst Bancshares, Inc.		2,518		118,749
Simmons First National Corp., Class A		6,574		93,417
Southside Bancshares, Inc.		1,884		50,303
SouthState Corp.		3,271		216,213
Stellar Bancorp, Inc.		3,439		74,764
Synovus Financial Corp.		7,300		190,311
Texas Capital Bancshares, Inc.(a)		2,119		116,672
Tompkins Financial Corp.		479		23,988
Triumph Financial, Inc.(a)		1,149		71,525
TrustCo Bank Corp. NY		800		20,424
Trustmark Corp.		3,420		68,776
UMB Financial Corp.		2,045		128,262
United Bankshares, Inc.		6,921		196,833
United Community Banks, Inc.		5,632		124,411
Valley National Bancorp		22,624		176,015
Veritex Holdings, Inc.		2,803		48,268
WaFd, Inc.		3,255		80,333
Webster Financial Corp.		8,214		311,886
Westamerica BanCorp		1,384		65,380
Wintrust Financial Corp.		2,616		195,389
WSFS Financial Corp.		2,639		93,421
				9,670,877
BEVERAGES - 0.4%
Celsius Holdings, Inc.(a)		2,534		385,396
Coca-Cola Consolidated, Inc.		261		166,103
National Beverage Corp.(a)		1,540		71,425
				622,924
BIOTECHNOLOGY - 1.5%
Arcus Biosciences, Inc.(a)		3,030		47,601
Arrowhead Pharmaceuticals, Inc.(a)		5,623		138,270
Avid Bioservices, Inc.(a)		3,521		21,654

	Shares		Value
Catalyst Pharmaceuticals, Inc.(a)		5,390	$	66,890
Cytokinetics, Inc.(a)		5,110		178,135
Dynavax Technologies Corp.(a)		6,528		92,763
Exelixis, Inc.(a)		17,599		362,364
Ironwood Pharmaceuticals, Inc.(a)		7,030		63,059
Myriad Genetics, Inc.(a)		4,317		67,259
Neurocrine Biosciences, Inc.(a)		4,980		552,481
REGENXBIO, Inc.(a)		2,560		32,998
United Therapeutics Corp.(a)		2,402		535,310
Vericel Corp.(a)		2,591		91,151
Vir Biotechnology, Inc.(a)		4,180		33,147
Xencor, Inc.(a)		3,272		56,769
				2,339,851
BROADLINE RETAIL - 0.4%
Kohl’s Corp.		5,934		133,812
Macy’s, Inc.		15,100		183,918
Nordstrom, Inc.		5,879		82,189
Ollie’s Bargain Outlet Holdings, Inc.(a)		3,060		236,354
				636,273
BUILDING PRODUCTS - 3.3%
AAON, Inc.		3,479		189,536
Advanced Drainage Systems, Inc.		3,650		389,930
American Woodmark Corp.(a)		786		52,843
Apogee Enterprises, Inc.		1,260		54,079
AZZ, Inc.		1,434		67,785
Builders FirstSource, Inc.(a)		6,322		686,064
Carlisle Cos., Inc.		2,589		657,839
Fortune Brands Innovations, Inc.		6,181		344,900
Gibraltar Industries, Inc.(a)		1,569		95,489
Griffon Corp.		3,010		120,219
Hayward Holdings, Inc.(a)		3,724		39,102
Insteel Industries, Inc.		960		26,794
Lennox International, Inc.		1,716		635,847
Masterbrand, Inc.(a)		4,058		45,084
Owens Corning		4,470		506,764
PGT Innovations, Inc.(a)		3,463		103,682
Quanex Building Products Corp.		2,025		54,371
Resideo Technologies, Inc.(a)		17,325		250,866
Simpson Manufacturing Co., Inc.		2,102		279,944
Trex Co., Inc.(a)		5,294		297,576
UFP Industries, Inc.		2,907		276,659
				5,175,373
CAPITAL MARKETS - 2.1%
Affiliated Managers Group, Inc.		1,768		217,040
Artisan Partners Asset Management, Inc., Class A		2,359		77,847
Avantax, Inc.(a)		2,749		70,952

See notes to financial statements.

52

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
B. Riley Financial, Inc.		1,071	$	38,781
Brightsphere Investment Group, Inc.		2,520		39,463
Donnelley Financial Solutions, Inc.(a)		1,606		87,415
Evercore, Inc., Class A		1,835		238,880
Federated Hermes, Inc.		4,553		144,330
Interactive Brokers Group, Inc., Class A		5,337		427,334
Janus Henderson Group PLC		11,710		270,150
Jefferies Financial Group, Inc.		9,654		310,666
Moelis & Co., Class A		2,588		107,764
Morningstar, Inc.		1,389		351,750
Piper Sandler Cos.		818		114,397
SEI Investments Co.		5,255		281,983
Stifel Financial Corp.		5,234		298,338
StoneX Group, Inc.(a)		991		94,462
Virtus Investment Partners, Inc.		373		68,718
WisdomTree, Inc.		6,910		42,842
				3,283,112
CHEMICALS - 2.2%
AdvanSix, Inc.		1,540		42,427
Ashland, Inc.		2,591		198,548
Avient Corp.		4,516		142,796
Axalta Coating Systems Ltd.(a)		8,594		225,421
Balchem Corp.		1,641		190,750
Cabot Corp.		2,717		180,626
Chemours Co. (The)		7,443		179,451
H.B. Fuller Co.		2,830		187,204
Hawkins, Inc.		978		56,167
Ingevity Corp.(a)		1,844		74,276
Innospec, Inc.		1,165		114,170
Koppers Holdings, Inc.		1,350		49,370
Livent Corp.(a)		9,375		136,781
Minerals Technologies, Inc.		1,683		90,983
NewMarket Corp.		378		182,253
Olin Corp.		6,353		271,400
Quaker Chemical Corp.		754		108,365
RPM International, Inc.		6,324		577,191
Scotts Miracle-Gro Co. (The)		2,248		99,901
Sensient Technologies Corp.		2,249		126,889
Stepan Co.		1,049		78,465
Westlake Corp.		1,728		199,342
				3,512,776
COMMERCIAL SERVICES & SUPPLIES - 1.7%
ABM Industries, Inc.		3,503		137,808
Brady Corp., Class A		2,604		134,002
Brink’s Co. (The)		2,478		165,679

	Shares		Value
Clean Harbors, Inc.(a)		2,583	$	396,930
Corecivic, Inc.(a)		6,577		83,528
Deluxe Corp.		2,730		46,547
Enviri Corp.(a)		5,250		30,135
Geo Group, Inc. (The)(a)		7,434		64,973
Healthcare Services Group, Inc.		4,472		42,484
HNI Corp.		2,470		85,684
Interface, Inc.		3,860		34,315
Liquidity Services, Inc.(a)		1,830		35,264
Matthews International Corp., Class A		1,816		64,359
MillerKnoll, Inc.		4,278		100,533
MSA Safety, Inc.		1,838		290,183
OPENLANE, Inc.(a)		5,891		79,116
Pitney Bowes, Inc.		11,310		36,531
Stericycle, Inc.(a)		4,577		188,755
Tetra Tech, Inc.		2,738		413,192
UniFirst Corp.		728		119,705
Vestis Corp.(a)		6,657		101,786
Viad Corp.(a)		1,338		32,420
				2,683,929
COMMUNICATIONS EQUIPMENT - 0.7%
ADTRAN Holdings, Inc.		4,010		26,346
Calix, Inc.(a)		2,883		95,485
Ciena Corp.(a)		7,515		317,133
Clearfield, Inc.(a)		752		18,063
Digi International, Inc.(a)		2,020		50,864
Extreme Networks, Inc.(a)		6,896		142,195
Harmonic, Inc.(a)		5,853		63,154
Lumentum Holdings, Inc.(a)		3,391		132,961
NetScout Systems, Inc.(a)		3,590		78,370
Viasat, Inc.(a)		3,933		72,524
Viavi Solutions, Inc.(a)		14,010		108,998
				1,106,093
CONSTRUCTION & ENGINEERING - 1.7%
AECOM		6,697		512,655
Arcosa, Inc.		2,492		172,123
Comfort Systems USA, Inc.		1,846		335,695
Dycom Industries, Inc.(a)		1,465		124,789
EMCOR Group, Inc.		2,380		491,827
Fluor Corp.(a)		7,100		236,359
Granite Construction, Inc.		2,452		99,257
MasTec, Inc.(a)		3,003		178,498
MDU Resources Group, Inc.		10,521		195,796

See notes to financial statements.

53

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
MYR Group, Inc.(a)		806	$	93,359
Valmont Industries, Inc.		1,057		208,134
				2,648,492
CONSTRUCTION MATERIALS - 0.3%
Eagle Materials, Inc.		1,812		278,885
Knife River Corp.(a)		2,630		132,342
				411,227
CONSUMER FINANCE - 0.7%
Ally Financial, Inc.		11,561		279,661
Bread Financial Holdings, Inc.		2,530		68,386
Encore Capital Group, Inc.(a)		1,373		51,735
Enova International, Inc.(a)		1,722		68,673
EZCORP, Inc., Class A(a)		3,780		30,996
FirstCash Holdings, Inc.		2,016		219,583
Green Dot Corp., Class A(a)		3,060		34,211
Navient Corp.		5,911		94,044
PRA Group, Inc.(a)		2,305		28,374
PROG Holdings, Inc.(a)		2,479		67,900
SLM Corp.		13,630		177,190
World Acceptance Corp.(a)		183		18,047
				1,138,800
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.1%
Andersons, Inc. (The)		1,771		88,780
BJ’s Wholesale Club Holdings, Inc.(a)		6,981		475,546
Chefs’ Warehouse, Inc. (The)(a)		2,222		42,285
Grocery Outlet Holding Corp.(a)		5,084		140,674
PriceSmart, Inc.		1,557		97,297
SpartanNash Co.		2,424		54,516
Sprouts Farmers Market, Inc.(a)		5,571		234,093
United Natural Foods, Inc.(a)		3,380		49,280
US Foods Holding Corp.(a)		15,252		593,913
				1,776,384
CONTAINERS & PACKAGING - 1.3%
AptarGroup, Inc.		3,100		379,037
Berry Global Group, Inc.		5,678		312,290
Crown Holdings, Inc.		5,949		479,489
Graphic Packaging Holding Co.		12,278		264,100
Greif, Inc., Class A		1,462		92,837
Myers Industries, Inc.		1,870		31,360
O-I Glass, Inc.(a)		8,295		128,158
Silgan Holdings, Inc.		4,371		175,102
Sonoco Products Co.		4,865		252,056
				2,114,429
DIVERSIFIED CONSUMER SERVICES - 1.2%
Adtalem Global Education, Inc.(a)		2,596		134,473
Frontdoor, Inc.(a)		9,609		277,988

	Shares		Value
Graham Holdings Co., Class B		243	$	140,629
Grand Canyon Education, Inc.(a)		1,709		202,226
H&R Block, Inc.		7,992		328,071
Mister Car Wash, Inc.(a)		6,790		35,308
Perdoceo Education Corp.		4,920		89,003
Service Corp. International		7,845		426,925
Strategic Education, Inc.		1,346		110,789
Stride, Inc.(a)		2,459		135,196
				1,880,608
DIVERSIFIED REAL ESTATE INVESTMENT TRUSTS - 0.3%
Alexander & Baldwin, Inc.		4,923		77,784
American Assets Trust, Inc.		3,540		62,835
Armada Hoffler Properties, Inc.		4,940		49,202
Essential Properties Realty Trust, Inc.		7,880		172,966
Global Net Lease, Inc.		5,720		45,417
				408,204
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%
ATN International, Inc.		686		21,232
Cogent Communications Holdings, Inc.		2,470		160,500
Consolidated Communications Holdings, Inc.(a)		6,340		26,438
Frontier Communications Parent, Inc.(a)		12,136		217,477
Iridium Communications, Inc.		6,328		234,452
Shenandoah Telecommunications Co.		2,630		62,226
				722,325
ELECTRIC UTILITIES - 0.9%
ALLETE, Inc.		2,929		156,819
IDACORP, Inc.		2,583		244,636
OGE Energy Corp.		11,565		395,523
Otter Tail Corp.		2,260		173,884
PNM Resources, Inc.		4,875		206,018
Portland General Electric Co.		5,100		204,102
				1,380,982
ELECTRICAL EQUIPMENT - 1.1%
Acuity Brands, Inc.		1,525		247,004
Encore Wire Corp.		856		153,078
EnerSys		1,971		168,678
nVent Electric PLC		8,150		392,260
Powell Industries, Inc.		490		37,559
Regal Rexnord Corp.		3,303		391,108
Sensata Technologies Holding PLC		5,905		188,251
SunPower Corp.(a)		4,613		19,698
Sunrun, Inc.(a)		11,138		107,482
Vicor Corp.(a)		1,199		46,449
				1,751,567

See notes to financial statements.

54

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%
Advanced Energy Industries, Inc.		1,889	$	164,834
Arlo Technologies, Inc.(a)		5,581		47,383
Arrow Electronics, Inc.(a)		2,653		300,877
Avnet, Inc.		8,051		373,003
Badger Meter, Inc.		2,638		365,495
Belden, Inc.		2,257		160,021
Benchmark Electronics, Inc.		7,042		170,487
Cognex Corp.		8,454		304,259
Coherent Corp.(a)		6,526		193,170
Crane NXT Co.		2,873		149,396
CTS Corp.		1,743		65,206
ePlus, Inc.(a)		1,411		88,188
Fabrinet(a)		1,852		287,060
Insight Enterprises, Inc.(a)		1,809		259,230
IPG Photonics Corp.(a)		1,504		129,194
Itron, Inc.(a)		4,761		272,710
Jabil, Inc.		6,589		809,129
Knowles Corp.(a)		5,710		74,173
Littelfuse, Inc.		1,249		270,621
Methode Electronics, Inc.		2,090		47,798
Novanta, Inc.(a)		2,965		391,558
OSI Systems, Inc.(a)		835		87,065
PC Connection, Inc.		730		39,113
Plexus Corp.(a)		3,222		316,787
Rogers Corp.(a)		901		110,724
Sanmina Corp.(a)		2,867		145,844
ScanSource, Inc.(a)		1,530		46,512
TD SYNNEX Corp.		2,758		252,853
TTM Technologies, Inc.(a)		6,480		74,455
Vishay Intertechnology, Inc.		6,180		137,443
Vontier Corp.		8,415		248,747
				6,383,335
ENERGY EQUIPMENT & SERVICES - 1.5%
Archrock, Inc.		7,289		92,352
Bristow Group, Inc.(a)		1,290		33,721
ChampionX Corp.		10,029		308,893
Core Laboratories, Inc.		2,630		56,335
Dril-Quip, Inc.(a)		1,791		38,793
Helix Energy Solutions Group, Inc.(a)		7,737		75,822
Helmerich & Payne, Inc.		4,752		188,037
Liberty Energy, Inc.		4,644		91,487
Nabors Industries Ltd.(a)		408		39,837
NOV, Inc.		21,160		422,353
Oceaneering International, Inc.(a)		5,418		119,142

	Shares		Value
Oil States International, Inc.(a)		4,840	$	35,138
Patterson-UTI Energy, Inc.		15,877		201,638
ProPetro Holding Corp.(a)		6,670		69,902
RPC, Inc.		5,720		47,590
U.S. Silica Holdings, Inc.(a)		4,270		51,539
Valaris Ltd.(a)		3,091		204,130
Weatherford International PLC(a)		3,422		318,554
				2,395,263
ENTERTAINMENT - 0.3%
Cinemark Holdings, Inc.(a)		6,029		99,418
Madison Square Garden Sports Corp.(a)		858		144,264
Marcus Corp. (The)		1,710		26,574
TKO Group Holdings, Inc.		2,797		229,298
				499,554
FINANCIAL SERVICES - 1.7%
Essent Group Ltd.		5,525		261,001
Euronet Worldwide, Inc.(a)		2,428		186,567
EVERTEC, Inc.		3,561		113,169
Jackson Financial, Inc., Class A		3,507		128,742
MGIC Investment Corp.		15,990		269,272
Mr. Cooper Group, Inc.(a)		3,479		196,668
NCR Atleos Corp.(a)		3,660		80,728
NMI Holdings, Inc., Class A(a)		4,529		123,868
Payoneer Global, Inc.(a)		11,244		65,103
Radian Group, Inc.		5,324		134,910
Voya Financial, Inc.		5,256		350,943
Walker & Dunlop, Inc.		1,653		107,114
Western Union Co. (The)		21,251		239,924
WEX, Inc.(a)		2,189		364,425
				2,622,434
FOOD PRODUCTS - 1.5%
B&G Foods, Inc.		4,180		33,733
Calavo Growers, Inc.		1,030		26,100
Cal-Maine Foods, Inc.		2,241		101,540
Darling Ingredients, Inc.(a)		7,963		352,681
Flowers Foods, Inc.		11,375		249,454
Fresh Del Monte Produce, Inc.		2,440		61,000
Hain Celestial Group, Inc. (The)(a)		4,952		54,720
Hostess Brands, Inc.(a)		7,242		241,883
Ingredion, Inc.		3,249		304,041
J & J Snack Foods Corp.		830		129,986
John B. Sanfilippo & Son, Inc.		548		56,039
Lancaster Colony Corp.		1,096		185,410
Pilgrim’s Pride Corp.(a)		3,410		86,955
Post Holdings, Inc.(a)		2,772		222,536

See notes to financial statements.

55

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Simply Good Foods Co. (The)(a)		4,622	$	172,354
Tootsie Roll Industries, Inc.		1,539		47,878
TreeHouse Foods, Inc.(a)		2,900		120,901
				2,447,211
GAS UTILITIES - 0.8%
Chesapeake Utilities Corp.		924		81,876
National Fuel Gas Co.		4,650		236,917
New Jersey Resources Corp.		5,204		211,178
Northwest Natural Holding Co.		1,790		65,711
ONE Gas, Inc.		2,767		167,127
Southwest Gas Holdings, Inc.		2,962		173,603
Spire, Inc.		2,710		150,757
UGI Corp.		11,324		235,539
				1,322,708
GROUND TRANSPORTATION - 1.8%
ArcBest Corp.		1,221		132,942
Avis Budget Group, Inc.(a)		1,965		319,902
Heartland Express, Inc.		2,983		34,782
Hertz Global Holdings, Inc.(a)		7,458		62,871
Knight-Swift Transportation Holdings, Inc.		8,032		392,684
Landstar System, Inc.		1,834		302,207
Marten Transport Ltd.		4,069		71,533
RXO, Inc.(a)		6,353		111,241
Ryder System, Inc.		3,815		372,115
Saia, Inc.(a)		1,378		493,999
Werner Enterprises, Inc.		3,400		123,488
XPO, Inc.(a)		5,706		432,572
				2,850,336
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%
Artivion, Inc.(a)		2,660		33,888
Avanos Medical, Inc.(a)		2,830		51,959
CONMED Corp.		1,644		160,224
Embecta Corp.		3,072		46,449
Enovis Corp.(a)		2,703		124,068
Envista Holdings Corp.(a)		8,891		206,894
Glaukos Corp.(a)		2,551		173,978
Globus Medical, Inc., Class A(a)		6,053		276,683
Haemonetics Corp.(a)		2,725		232,252
ICU Medical, Inc.(a)		1,122		110,023
Inari Medical, Inc.(a)		2,686		163,067
Integer Holdings Corp.(a)		1,853		150,408
Integra LifeSciences Holdings Corp.(a)		3,797		136,540
Lantheus Holdings, Inc.(a)		3,451		222,935
LeMaitre Vascular, Inc.		1,170		56,839
LivaNova PLC(a)		2,743		134,544
Masimo Corp.(a)		2,401		194,793

	Shares		Value
Merit Medical Systems, Inc.(a)		3,474	$	238,803
Neogen Corp.(a)		10,598		157,804
Omnicell, Inc.(a)		2,402		85,367
OraSure Technologies, Inc.(a)		3,830		19,763
Orthofix Medical, Inc.(a)		1,110		12,254
Penumbra, Inc.(a)		1,988		380,006
QuidelOrtho Corp.(a)		2,639		161,190
Shockwave Medical, Inc.(a)		1,928		397,669
STAAR Surgical Co.(a)		2,803		117,221
Tandem Diabetes Care, Inc.(a)		3,437		59,460
UFP Technologies, Inc.(a)		365		56,911
Varex Imaging Corp.(a)		2,360		42,598
				4,204,590
HEALTH CARE PROVIDERS & SERVICES - 2.4%
Acadia Healthcare Co., Inc.(a)		4,778		351,231
AdaptHealth Corp.(a)		4,790		35,111
Addus HomeCare Corp.(a)		935		73,771
Agiliti, Inc.(a)		1,960		11,035
Amedisys, Inc.(a)		1,733		158,552
AMN Healthcare Services, Inc.(a)		2,025		153,616
Apollo Medical Holdings, Inc.(a)		2,320		72,407
Chemed Corp.		834		469,250
CorVel Corp.(a)		552		107,055
Cross Country Healthcare, Inc.(a)		2,009		46,528
Encompass Health Corp.		5,261		329,128
Enhabit, Inc.(a)		2,905		21,410
Ensign Group, Inc. (The)		3,026		292,312
Fulgent Genetics, Inc.(a)		1,320		31,601
HealthEquity, Inc.(a)		4,276		306,504
ModivCare, Inc.(a)		715		30,202
NeoGenomics, Inc.(a)		6,745		94,565
Option Care Health, Inc.(a)		9,030		250,402
Owens & Minor, Inc.(a)		12,530		179,555
Patterson Cos., Inc.		4,983		151,782
Premier, Inc., Class A		809		15,549
Privia Health Group, Inc.(a)		4,927		103,565
Progyny, Inc.(a)		4,166		128,563
R1 RCM, Inc.(a)		8,671		102,231
RadNet, Inc.(a)		3,160		85,194
Select Medical Holdings Corp.		5,951		135,266
U.S. Physical Therapy, Inc.		808		67,961
				3,804,346
HEALTH CARE REAL ESTATE INVESTMENT TRUSTS - 0.5%
CareTrust REIT, Inc.		5,808		124,988
Healthcare Realty Trust, Inc.		3,183		45,676
LTC Properties, Inc.		2,666		84,272

See notes to financial statements.

56

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Omega Healthcare Investors, Inc.		12,853	$	425,434
Sabra Health Care REIT, Inc.		12,749		173,897
				854,267
HEALTH CARE TECHNOLOGY - 0.3%
Certara, Inc.(a)		5,476		66,753
Doximity, Inc., Class A(a)		5,763		117,738
HealthStream, Inc.		1,710		43,434
NextGen Healthcare, Inc.(a)		3,735		89,341
Schrodinger, Inc.(a)		2,787		60,478
Simulations Plus, Inc.		1,100		38,797
Veradigm, Inc.(a)		5,968		78,718
				495,259
HOTEL & RESORT REAL ESTATE INVESTMENT TRUSTS - 0.4%
Chatham Lodging Trust		2,050		18,962
DiamondRock Hospitality Co.		13,625		105,321
Park Hotels & Resorts, Inc.		13,367		154,122
Pebblebrook Hotel Trust		8,031		95,810
Service Properties Trust		8,860		64,235
Summit Hotel Properties, Inc.		8,030		45,289
Sunstone Hotel Investors, Inc.		10,730		99,789
Xenia Hotels & Resorts, Inc.		6,695		77,863
				661,391
HOTELS, RESTAURANTS & LEISURE - 2.2%
Aramark		13,315		358,573
Choice Hotels International, Inc.		1,734		191,607
Dine Brands Global, Inc.		1,419		69,943
Hilton Grand Vacations, Inc.(a)		4,523		162,602
Hyatt Hotels Corp., Class A		2,594		265,729
Jack in the Box, Inc.		1,329		83,966
Marriott Vacations Worldwide Corp.		2,150		193,199
Papa John’s International, Inc.		1,990		129,390
Planet Fitness, Inc., Class A(a)		4,456		246,283
Sabre Corp.(a)		18,980		66,430
Shake Shack, Inc., Class A(a)		2,170		121,607
Six Flags Entertainment Corp.(a)		4,197		83,520
Travel + Leisure Co.		4,756		161,847
Vail Resorts, Inc.		2,071		439,570
Wendy’s Co. (The)		11,410		217,018
Wingstop, Inc.		1,599		292,249
Wyndham Hotels & Resorts, Inc.		4,701		340,352
				3,423,885
HOUSEHOLD DURABLES - 2.2%
Cavco Industries, Inc.(a)		477		119,016
Century Communities, Inc.		1,673		102,890
Ethan Allen Interiors, Inc.		1,520		39,915
Green Brick Partners, Inc.(a)		1,830		70,821
Helen of Troy Ltd.(a)		2,763		271,658

	Shares		Value
Installed Building Products, Inc.		1,375	$	153,546
iRobot Corp.(a)		1,440		47,419
KB Home		5,780		255,476
La-Z-Boy, Inc.		2,770		80,995
Leggett & Platt, Inc.		7,766		181,957
LGI Homes, Inc.(a)		1,079		101,976
M.D.C Holdings, Inc.		3,328		126,298
M/I Homes, Inc.(a)		1,600		131,312
Meritage Homes Corp.		1,973		224,962
Newell Brands, Inc.		1,761		11,834
Sonos, Inc.(a)		6,940		74,813
Taylor Morrison Home Corp.(a)		5,848		224,095
Tempur Sealy International, Inc.		9,067		362,045
Toll Brothers, Inc.		5,476		387,208
TopBuild Corp.(a)		1,676		383,402
Tri Pointe Homes, Inc.(a)		5,596		140,236
				3,491,874
HOUSEHOLD PRODUCTS - 0.3%
Central Garden & Pet Co.(a)		490		21,378
Central Garden & Pet Co., Class A(a)		2,596		103,035
Energizer Holdings, Inc.		3,903		123,257
WD-40 Co.		717		151,574
				399,244
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%
Ormat Technologies, Inc.		2,847		175,204
Vistra Corp.		16,202		530,130
				705,334
INDUSTRIAL REAL ESTATE INVESTMENT TRUSTS - 1.0%
EastGroup Properties, Inc.		2,520		411,390
First Industrial Realty Trust, Inc.		7,684		325,033
Innovative Industrial Properties, Inc.		1,453		104,369
LXP Industrial Trust		15,915		125,888
Rexford Industrial Realty, Inc.		10,410		450,128
STAG Industrial, Inc.		6,503		216,030
				1,632,838
INSURANCE - 4.3%
Ambac Financial Group, Inc.(a)		2,690		32,630
American Equity Investment Life Holding Co.		3,268		173,073
American Financial Group, Inc.		3,565		389,868
AMERISAFE, Inc.		1,122		57,188
Assured Guaranty Ltd.		2,775		173,160
Brighthouse Financial, Inc.(a)		3,319		150,351
CNO Financial Group, Inc.		7,111		164,833
Employers Holdings, Inc.		1,580		60,040
Erie Indemnity Co., Class A		1,275		352,142

See notes to financial statements.

57

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Fidelity National Financial, Inc.		11,172	$	436,713
First American Financial Corp.		5,182		266,562
Genworth Financial, Inc., Class A(a)		28,500		170,715
Goosehead Insurance, Inc., Class A(a)		1,141		74,017
Hanover Insurance Group, Inc. (The)		1,874		219,652
HCI Group, Inc.		420		24,767
Horace Mann Educators Corp.		2,500		79,325
James River Group Holdings Ltd.		2,340		32,175
Kemper Corp.		2,940		117,247
Kinsale Capital Group, Inc.		1,149		383,663
Lincoln National Corp.		5,801		126,288
Mercury General Corp.		1,810		55,893
Old Republic International Corp.		15,176		415,519
Palomar Holdings, Inc.(a)		1,319		66,056
Primerica, Inc.		1,869		357,278
ProAssurance Corp.		3,130		53,210
Reinsurance Group of America, Inc.		3,288		491,457
RenaissanceRe Holdings Ltd.		2,603		571,593
RLI Corp.		2,138		284,867
Safety Insurance Group, Inc.		723		54,348
Selective Insurance Group, Inc.		3,039		316,390
SiriusPoint Ltd.(a)		6,324		62,291
Stewart Information Services Corp.		1,476		64,457
Trupanion, Inc.(a)		2,094		43,136
United Fire Group, Inc.		1,440		29,002
Unum Group		9,463		462,741
				6,812,647
INTERACTIVE MEDIA & SERVICES - 0.5%
Cargurus, Inc.(a)		4,013		69,144
Cars.com, Inc.(a)		3,584		54,584
QuinStreet, Inc.(a)		3,500		39,585
Shutterstock, Inc.		1,557		63,339
TripAdvisor, Inc.(a)		5,943		87,719
Yelp, Inc.(a)		3,644		153,740
Ziff Davis, Inc.(a)		2,520		152,359
ZoomInfo Technologies, Inc.(a)		15,048		195,022
				815,492
IT SERVICES - 0.6%
DXC Technology Co.(a)		7,340		148,048
GoDaddy, Inc., Class A(a)		7,241		530,258
Kyndryl Holdings, Inc.(a)		11,138		162,949
Perficient, Inc.(a)		1,889		109,921
				951,176
LEISURE PRODUCTS - 0.9%
Brunswick Corp.		3,367		233,906
Mattel, Inc.(a)		18,888		360,383
Polaris, Inc.		2,605		225,124

	Shares		Value
Sturm Ruger & Co., Inc.		1,003	$	55,516
Topgolf Callaway Brands Corp.(a)		14,890		181,956
Vista Outdoor, Inc.(a)		3,304		82,996
YETI Holdings, Inc.(a)		7,824		332,676
				1,472,557
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Azenta, Inc.(a)		3,093		140,577
BioLife Solutions, Inc.(a)		1,960		19,796
Bruker Corp.		5,167		294,519
Cytek Biosciences, Inc.(a)		3,965		16,693
Fortrea Holdings, Inc.(a)		3,309		93,976
Medpace Holdings, Inc.(a)		1,260		305,764
Mesa Laboratories, Inc.		228		21,393
Repligen Corp.(a)		2,706		364,119
Sotera Health Co.(a)		5,467		69,212
				1,326,049
MACHINERY - 4.6%
3D Systems Corp.(a)		7,050		26,297
AGCO Corp.		3,142		360,262
Alamo Group, Inc.		488		78,226
Albany International Corp., Class A		1,589		129,678
Astec Industries, Inc.		1,234		49,409
Barnes Group, Inc.		2,840		59,044
Chart Industries, Inc.(a)		2,155		250,476
Crane Co.		2,640		256,951
Donaldson Co., Inc.		5,712		329,354
Enerpac Tool Group Corp.		3,220		91,126
EnPro Industries, Inc.		1,007		111,837
Esab Corp.		2,784		176,227
ESCO Technologies, Inc.		1,205		117,150
Federal Signal Corp.		3,225		187,179
Flowserve Corp.		6,589		241,948
Franklin Electric Co., Inc.		2,293		198,849
Graco, Inc.		8,134		604,763
Greenbrier Cos., Inc. (The)		1,656		57,281
Hillenbrand, Inc.		3,375		128,351
ITT, Inc.		3,787		353,516
John Bean Technologies Corp.		1,545		160,711
Kennametal, Inc.		3,900		90,129
Lincoln Electric Holdings, Inc.		2,916		509,717
Lindsay Corp.		441		55,090
Middleby Corp. (The)(a)		2,653		299,444
Mueller Industries, Inc.		5,650		213,061
Oshkosh Corp.		3,061		268,542
Proto Labs, Inc.(a)		1,427		33,691
RBC Bearings, Inc.(a)		1,500		329,760
SPX Technologies, Inc.(a)		2,285		183,074

See notes to financial statements.

58

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Standex International Corp.		546	$	78,389
Tennant Co.		868		64,423
Terex Corp.		3,167		145,049
Timken Co. (The)		3,064		211,784
Titan International, Inc.(a)		3,580		40,669
Toro Co. (The)		5,026		406,302
Trinity Industries, Inc.		4,331		90,215
Wabash National Corp.		2,755		57,001
Watts Water Technologies, Inc., Class A		1,338		231,487
				7,276,462
MARINE TRANSPORTATION - 0.2%
Kirby Corp.(a)		2,783		207,890
Matson, Inc.		1,875		163,219
				371,109
MEDIA - 0.8%
AMC Networks, Inc., Class A(a)		1,770		20,886
Cable One, Inc.		245		134,718
DISH Network Corp., Class A(a)		5,047		24,730
EW Scripps Co. (The), Class A(a)		4,230		23,138
John Wiley & Sons, Inc., Class A		2,570		77,794
New York Times Co. (The), Class A		8,297		334,452
Nexstar Media Group, Inc.		1,744		244,300
Scholastic Corp.		1,655		61,069
TechTarget, Inc.(a)		1,596		40,187
TEGNA, Inc.		18,600		269,886
Thryv Holdings, Inc.(a)		2,106		36,708
				1,267,868
METALS & MINING - 2.3%
Alcoa Corp.		8,844		226,760
ATI, Inc.(a)		6,338		239,386
Carpenter Technology Corp.		2,378		149,148
Century Aluminum Co.(a)		3,330		22,011
Cleveland-Cliffs, Inc.(a)		27,192		456,282
Commercial Metals Co.		5,624		237,839
Compass Minerals International, Inc.		2,013		49,600
Haynes International, Inc.		630		27,106
Kaiser Aluminum Corp.		689		39,135
Materion Corp.		1,010		97,950
MP Materials Corp.(a)		6,818		111,815
Olympic Steel, Inc.		568		28,837
Reliance Steel & Aluminum Co.		2,872		730,580
Royal Gold, Inc.		4,680		488,265
SunCoke Energy, Inc.		6,340		60,294
TimkenSteel Corp.(a)		2,495		50,723
United States Steel Corp.		11,065		374,993

	Shares		Value
Warrior Met Coal, Inc.		2,649	$	129,086
Worthington Industries, Inc.		1,610		99,208
				3,619,018
MORTGAGE REAL ESTATE INVESTMENT TRUSTS - 0.8%
Annaly Capital Management, Inc.		25,714		401,396
Apollo Commercial Real Estate Finance, Inc.		9,200		91,632
Arbor Realty Trust, Inc.		764		9,634
ARMOUR Residential REIT, Inc.		716		10,432
Blackstone Mortgage Trust, Inc., Class A		595		11,870
Ellington Financial, Inc.		2,800		33,684
Franklin BSP Realty Trust, Inc.		3,716		46,859
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,434		230,259
Invesco Mortgage Capital, Inc.		1,447		9,883
KKR Real Estate Finance Trust, Inc.		3,250		33,930
New York Mortgage Trust, Inc.		5,642		43,951
Pennymac Mortgage Investment Trust		5,780		73,117
Ready Capital Corp.		4,730		44,604
Redwood Trust, Inc.		7,420		46,598
Starwood Property Trust, Inc.		6,902		122,510
Two Harbors Investment Corp.		4,867		56,506
				1,266,865
MULTI-UTILITIES - 0.3%
Avista Corp.		3,990		126,443
Black Hills Corp.		3,460		167,291
Northwestern Energy Group, Inc.		3,080		147,871
Unitil Corp.		857		39,139
				480,744
OFFICE REAL ESTATE INVESTMENT TRUSTS - 0.8%
Brandywine Realty Trust		27,490		102,813
COPT Defense Properties		12,059		274,945
Douglas Emmett, Inc.		11,259		126,213
Easterly Government Properties, Inc.		5,040		54,230
Highwoods Properties, Inc.		6,990		125,051
Hudson Pacific Properties, Inc.		9,340		41,656
JBG Smith Properties		7,110		91,506
Kilroy Realty Corp.		5,680		162,335
SL Green Realty Corp.		3,203		93,816
Vornado Realty Trust		6,510		124,992
				1,197,557
OIL, GAS & CONSUMABLE FUELS - 4.3%
Antero Midstream Corp.		19,287		238,002
Antero Resources Corp.(a)		14,525		427,616
California Resources Corp.		3,023		158,980
Callon Petroleum Co.(a)		2,855		106,634

See notes to financial statements.

59

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Chesapeake Energy Corp.		5,507	$	474,043
Chord Energy Corp.		2,081		344,031
Civitas Resources, Inc.		4,225		318,692
CNX Resources Corp.(a)		9,353		203,147
Comstock Resources, Inc.		5,170		65,142
CONSOL Energy, Inc.		1,473		135,354
CVR Energy, Inc.		1,679		54,987
Dorian LPG Ltd.		1,830		58,505
DT Midstream, Inc.		5,010		270,390
Equitrans Midstream Corp.		24,262		215,204
Green Plains, Inc.(a)		3,209		94,280
HF Sinclair Corp.		7,183		397,795
Matador Resources Co.		5,591		344,909
Murphy Oil Corp.		7,700		345,499
Northern Oil and Gas, Inc.		3,706		142,088
Ovintiv, Inc.		12,408		595,584
Par Pacific Holdings, Inc.(a)		3,136		102,924
PBF Energy, Inc., Class A		5,453		259,181
Permian Resources Corp.		11,641		169,609
Range Resources Corp.		12,265		439,578
REX American Resources Corp.(a)		830		31,548
SM Energy Co.		6,245		251,798
Southwestern Energy Co.(a)		61,200		436,356
Talos Energy, Inc.(a)		3,810		59,055
Vital Energy, Inc.(a)		857		42,884
World Kinect Corp.		3,267		60,439
				6,844,254
PAPER & FOREST PRODUCTS - 0.2%
Clearwater Paper Corp.(a)		980		33,134
Louisiana-Pacific Corp.		3,148		161,429
Mercer International, Inc.		3,670		29,140
Sylvamo Corp.		1,920		85,056
				308,759
PASSENGER AIRLINES - 0.2%
Allegiant Travel Co.		869		57,893
JetBlue Airways Corp.(a)		20,350		76,516
SkyWest, Inc.(a)		2,400		101,208
Sun Country Airlines Holdings, Inc.(a)		2,350		30,597
				266,214
PERSONAL CARE PRODUCTS - 0.7%
BellRing Brands, Inc.(a)		6,832		298,763
Coty, Inc., Class A(a)		19,814		185,657
Edgewell Personal Care Co.		2,955		103,129
elf Beauty, Inc.(a)		2,757		255,381
Inter Parfums, Inc.		987		125,458
Medifast, Inc.		536		37,070

	Shares		Value
Nu Skin Enterprises, Inc., Class A		2,850	$	54,122
USANA Health Sciences, Inc.(a)		707		32,204
				1,091,784
PHARMACEUTICALS - 0.8%
Amphastar Pharmaceuticals, Inc.(a)		2,299		104,076
Collegium Pharmaceutical, Inc.(a)		2,110		45,914
Harmony Biosciences Holdings, Inc.(a)		1,869		43,996
Innoviva, Inc.(a)		4,480		55,597
Jazz Pharmaceuticals PLC(a)		3,248		412,561
Ligand Pharmaceuticals, Inc.(a)		866		45,283
Organon & Co.		6,358		94,035
Pacira BioSciences, Inc.(a)		2,555		72,204
Perrigo Co. PLC		7,355		203,292
Phibro Animal Health Corp., Class A		1,400		15,288
Prestige Consumer Healthcare, Inc.(a)		2,840		168,582
Supernus Pharmaceuticals, Inc.(a)		3,141		74,913
				1,335,741
PROFESSIONAL SERVICES - 3.0%
ASGN, Inc.(a)		4,680		390,593
CACI International, Inc., Class A(a)		1,201		390,037
Concentrix Corp.		2,394		182,447
CSG Systems International, Inc.		1,762		82,567
ExlService Holdings, Inc.(a)		8,635		225,460
Exponent, Inc.		2,669		195,611
Forrester Research, Inc.(a)		780		18,096
FTI Consulting, Inc.(a)		1,767		375,063
Genpact Ltd.		8,728		292,737
Heidrick & Struggles International, Inc.		1,020		24,827
Insperity, Inc.		1,882		199,191
KBR, Inc.		7,000		407,050
Kelly Services, Inc., Class A		12,010		214,379
Korn Ferry		2,852		129,823
ManpowerGroup, Inc.		4,743		331,868
Maximus, Inc.		3,007		224,683
NV5 Global, Inc.(a)		689		65,007
Paylocity Holding Corp.(a)		2,266		406,520
Resources Connection, Inc.		2,150		28,961
Science Applications International Corp.		2,727		297,897
TrueBlue, Inc.(a)		10,932		121,017
TTEC Holdings, Inc.		1,281		26,363
Verra Mobility Corp.(a)		4,966		98,178
				4,728,375
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
Anywhere Real Estate, Inc.(a)		28,780		134,403
Cushman & Wakefield PLC(a)		6,470		47,684
eXp World Holdings, Inc.		3,804		50,479

See notes to financial statements.

60

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Jones Lang LaSalle, Inc.(a)		3,624	$	463,582
Kennedy-Wilson Holdings, Inc.		1,256		16,165
Marcus & Millichap, Inc.		1,880		53,956
St Joe Co. (The)		2,435		113,568
				879,837
RESIDENTIAL REAL ESTATE INVESTMENT TRUSTS - 0.8%
Apartment Income REIT Corp.		9,240		269,900
Centerspace		918		44,597
Elme Communities		5,140		65,586
Equity LifeStyle Properties, Inc.		8,842		581,804
Independence Realty Trust, Inc.		12,600		156,114
NexPoint Residential Trust, Inc.		1,578		42,590
Veris Residential, Inc.		4,646		62,210
				1,222,801
RETAIL REAL ESTATE INVESTMENT TRUSTS - 1.7%
Acadia Realty Trust		5,897		84,445
Agree Realty Corp.		5,186		290,105
Brixmor Property Group, Inc.		18,832		391,517
Getty Realty Corp.		2,470		65,751
Kite Realty Group Trust		12,926		275,582
Macerich Co. (The)		12,789		124,309
NNN REIT, Inc.		11,045		401,265
Phillips Edison & Co., Inc.		4,066		143,571
Retail Opportunity Investments Corp.		8,910		104,604
RPT Realty		4,060		43,807
Saul Centers, Inc.		1,102		38,317
SITE Centers Corp.		11,131		129,788
Spirit Realty Capital, Inc.		8,290		298,357
Tanger Factory Outlet Centers, Inc.		6,055		136,540
Urban Edge Properties		6,590		104,517
Whitestone REIT		1,040		10,348
				2,642,823
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
Allegro MicroSystems, Inc.(a)		3,309		85,902
Alpha & Omega Semiconductor Ltd.(a)		1,300		30,836
Amkor Technology, Inc.		5,147		107,366
Axcelis Technologies, Inc.(a)		1,719		219,173
CEVA, Inc.(a)		1,400		24,038
Cirrus Logic, Inc.(a)		3,010		201,459
Cohu, Inc.(a)		2,700		81,378
Diodes, Inc.(a)		2,306		150,074
FormFactor, Inc.(a)		3,702		125,424
Ichor Holdings Ltd.(a)		1,667		40,441
Kulicke & Soffa Industries, Inc.		5,542		230,603
Lattice Semiconductor Corp.(a)		6,753		375,534
MACOM Technology Solutions Holdings, Inc.(a)		2,785		196,454
MaxLinear, Inc.(a)		3,734		56,757

	Shares		Value
MKS Instruments, Inc.		3,159	$	207,420
Onto Innovation, Inc.(a)		2,471		277,666
PDF Solutions, Inc.(a)		1,850		49,081
Photronics, Inc.(a)		3,500		64,260
Power Integrations, Inc.		2,782		192,876
Rambus, Inc.(a)		5,359		291,154
Semtech Corp.(a)		3,481		48,595
Silicon Laboratories, Inc.(a)		1,517		139,837
SiTime Corp.(a)		924		92,215
SMART Global Holdings, Inc.(a)		2,820		38,634
Synaptics, Inc.(a)		1,924		160,962
Ultra Clean Holdings, Inc.(a)		2,491		59,435
Universal Display Corp.		2,242		312,042
Veeco Instruments, Inc.(a)		3,049		72,993
Wolfspeed, Inc.(a)		6,094		206,221
				4,138,830
SOFTWARE - 2.9%
A10 Networks, Inc.		3,800		41,306
ACI Worldwide, Inc.(a)		6,207		126,437
Adeia, Inc.		7,917		66,740
Alarm.com Holdings, Inc.(a)		2,726		139,380
Aspen Technology, Inc.(a)		1,509		268,225
Blackbaud, Inc.(a)		2,389		156,241
Cerence, Inc.(a)		2,125		32,534
CommVault Systems, Inc.(a)		2,431		158,866
Consensus Cloud Solution, Inc.(a)		1,053		22,734
Digital Trubine, Inc.(a)		5,209		24,691
Dolby Laboratories, Inc., Class A		4,704		380,742
DoubleVerify Holdings, Inc.(a)		6,433		179,030
Dropbox, Inc., Class A(a)		11,416		300,241
Dynatrace, Inc.(a)		12,159		543,629
Envestnet, Inc.(a)		2,800		103,600
InterDigital, Inc.		1,425		107,231
LiveRamp Holdings, Inc.(a)		3,529		97,612
Manhattan Associates, Inc.(a)		3,238		631,345
N-able, Inc.(a)		3,555		46,073
NCR Voyix Corp.(a)		7,319		111,907
OneSpan, Inc.(a)		2,560		20,224
Progress Software Corp.		2,638		135,540
Qualys, Inc.(a)		1,928		294,888
SPS Commerce, Inc.(a)		1,913		306,730
Teradata Corp.(a)		5,085		217,231
Xperi, Inc.(a)		2,495		21,183
				4,534,360
SPECIALIZED REAL ESTATE INVESTMENT TRUSTS - 1.4%
CubeSmart		11,708		399,126
EPR Properties		4,153		177,333

See notes to financial statements.

61

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
Four Corners Property Trust, Inc.		5,596	$	119,195
Gaming and Leisure Properties, Inc.		10,991		498,882
Lamar Advertising Co., Class A		4,356		358,368
National Storage Affiliates Trust		4,999		142,572
Outfront Media, Inc.		8,400		81,984
PotlatchDeltic Corp.		4,297		184,126
Rayonier, Inc.		7,960		200,910
Safehold, Inc.		2,623		42,676
Uniti Group, Inc.		15,294		70,352
				2,275,524
SPECIALTY RETAIL - 3.8%
Abercrombie & Fitch Co., Class A(a)		2,678		162,876
Academy Sports & Outdoors, Inc.		7,011		314,373
Advance Auto Parts, Inc.		2,914		151,615
American Eagle Outfitters, Inc.		9,910		173,128
America’s Car-Mart, Inc.(a)		314		21,032
Asbury Automotive Group, Inc.(a)		1,128		215,865
AutoNation, Inc.(a)		1,602		208,388
Boot Barn Holdings, Inc.(a)		1,650		114,675
Buckle, Inc. (The)		2,055		69,397
Caleres, Inc.		2,164		55,355
Chico’s FAS, Inc.(a)		13,295		99,447
Designer Brands, Inc., Class A		3,640		36,800
Dick’s Sporting Goods, Inc.		3,235		345,983
Five Below, Inc.(a)		2,899		504,368
Foot Locker, Inc.		10,853		227,804
GameStop Corp., Class A(a)		13,656		188,043
Gap, Inc. (The)		12,475		159,680
Group 1 Automotive, Inc.		1,518		383,037
Guess?, Inc.		2,710		58,265
Haverty Furniture Cos., Inc.		998		25,998
Hibbett, Inc.		864		39,805
Leslie’s, Inc.(a)		8,617		42,568
Lithia Motors, Inc.		1,483		359,197
MarineMax, Inc.(a)		1,332		36,470
Monro, Inc.		1,896		47,059
National Vision Holdings, Inc.(a)		4,212		65,455
ODP Corp. (The)(a)		2,069		92,940
Penske Automotive Group, Inc.		1,267		181,282
RH(a)		901		196,382
Sally Beauty Holdings, Inc.(a)		6,182		52,547
Shoe Carnival, Inc.		1,370		31,346
Signet Jewelers Ltd.		2,439		170,315
Sleep Number Corp.(a)		1,371		22,306
Sonic Automotive, Inc., Class A		1,185		56,702
Upbound Group, Inc.		2,930		76,356
Urban Outfitters, Inc.(a)		3,254		112,654

	Shares		Value
Valvoline, Inc.		7,791	$	231,159
Victoria’s Secret & Co.(a)		4,309		77,045
Williams-Sonoma, Inc.		4,348		653,244
				6,060,961
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.4%
Avid Technology, Inc.(a)		2,020		54,580
Corsair Gaming, Inc.(a)		2,360		30,184
Super Micro Computer, Inc.(a)		2,298		550,302
Xerox Holdings Corp.		4,997		64,162
				699,228
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Capri Holdings Ltd.(a)		5,810		297,356
Carter’s, Inc.		2,047		137,477
Columbia Sportswear Co.		2,324		171,511
Crocs, Inc.(a)		5,013		447,761
Deckers Outdoor Corp.(a)		1,373		819,763
G-III Apparel Group Ltd.(a)		2,890		73,840
Hanesbrands, Inc.		25,947		108,718
Kontoor Brands, Inc.		2,850		132,382
Movado Group, Inc.		1,604		44,687
Oxford Industries, Inc.		788		66,507
PVH Corp.		2,996		222,753
Skechers USA, Inc., Class A(a)		6,984		336,768
Steven Madden Ltd.		3,892		127,619
Under Armour, Inc., Class A(a)		13,750		94,187
Under Armour, Inc., Class C(a)		6,490		41,731
Wolverine World Wide, Inc.		4,373		35,203
				3,158,263
TRADING COMPANIES & DISTRIBUTORS - 1.4%
Applied Industrial Technologies, Inc.		1,941		297,963
Boise Cascade Co.		2,041		191,344
DXP Enterprises, Inc.(a)		954		31,100
GATX Corp.		1,863		194,833
GMS, Inc.(a)		2,140		125,147
MSC Industrial Direct Co., Inc., Class A		2,488		235,738
NOW, Inc.(a)		5,970		65,789
Veritiv Corp.		666		112,827
Watsco, Inc.		1,745		608,813
WESCO International, Inc.		2,353		301,655
				2,165,209
WATER UTILITIES - 0.6%
American States Water Co.		1,968		153,602
California Water Service Group		3,111		151,443
Essential Utilities, Inc.		12,921		432,337
Middlesex Water Co.		897		56,986
SJW Group		1,649		103,030
				897,398

See notes to financial statements.

62

STEWARD FUNDS

SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2023 (Unaudited)

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.1%
Gogo, Inc.(a)		3,880	$	40,740
Telephone and Data Systems, Inc.		5,397		98,171
				138,911
TOTAL COMMON STOCKS (COST $165,874,725)				157,200,036
RIGHTS - 0.0%
BIOTECHNOLOGY - 0.0%
Omniab, Inc.(a)(b)(c)		734		—
TOTAL RIGHTS (COST $—)				—
MONEY MARKET FUND - 0.7%
Northern Institutional Treasury Portfolio (Premier Class), 5.21%(d)		1,151,185		1,151,185
TOTAL MONEY MARKET FUND (COST $1,151,185)				1,151,185

	Shares	Value
TOTAL INVESTMENTS (COST $167,025,910) - 100.0%		$	158,351,221
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%			(58,264	)
NET ASSETS - 100.0%		$	158,292,957

^(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 October 31, 2023 is disclosed.

N.V. — Naamloze Vennootschap

PLC — Public Limited Company

REIT — Real Estate Investment Trust

See notes to financial statements.

63

STEWARD FUNDS

STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2023 (Unaudited)

	Steward Covered Call Income Fund			Steward Equity Market Neutral Fund		Steward Global Equity Income Fund
Assets:
Investments, at value (cost $74,526,370, $66,529,721 and $347,017,446, respectively)	$	71,646,974		$	66,152,367	$	344,344,799
Cash		115,526			—		—
Cash held at broker		—			70,257,828		—
Interest and dividend receivable		70,943			327,106		648,730
Receivable for investments sold		103,951			698,301		—
Receivable for capital shares issued		73,762			57,744		214,025
Reclaims receivable		—			—		148,882
Prepaid expenses and other assets		9,921			11,299		28,139
Total assets		72,021,077			137,504,645		345,384,575
Liabilities:
Cash overdraft		—			688,355		—
Payable for investments purchased		39,514			1,889,812		—
Payable for capital shares redeemed		88,133			113,182		7,070,506
Short positions at fair value (proceeds $0, $74,701,160 and $0, respectively)		—			64,234,552		—
Written options at fair value (premiums received $1,336,982, $0 and $0, respectively)		1,591,369			—		—
Accrued expenses and other payables:
Investment advisory fees		21,909			59,938		186,537
Administration fees		4,389			4,495		22,384
Distribution fees - Class A		628			1,937		7,163
Distribution fees - Class C		3,910			—		1,928
Dividends on short sales		—			22,277		—
Sub-accounting service fees - Class A		93			—		1,380
Sub-accounting service fees - Class C		28			—		60
Sub-accounting service fees - Institutional Class		—			10,195		13,162
Fund accounting and sub-administration fees		10,841			9,795		26,412
Transfer agent fees		5,083			2,121		5,083
Custodian fees		10,423			2,327		11,488
Directors fees		22			—		142
Printing fees		1,471			666		9,062
Professional fees		4,014			6,440		26,524
Other accrued liabilities		15,467			8,171		7,725
Total liabilities		1,797,294			67,054,263		7,389,556
Commitments and contingent liabilities (Note 4)
Net Assets	$	70,223,783		$	70,450,382	$	337,995,019
Composition of Net Assets:
Capital (par value and paid-in surplus)		72,571,587			60,972,770		341,959,754
Total distributable earnings/(accumulated deficit)		(2,347,804	)		9,477,612		(3,964,735	)
Net Assets	$	70,223,783		$	70,450,382	$	337,995,019
Class A
Net Assets	$	1,161,459		$	7,848,785	$	16,248,241
Shares authorized		16,000,000			16,000,000		16,000,000
Shares issued and outstanding ($0.001 par value)		153,332			261,802		586,980
Net asset value, offering and redemption price per share(a)	$	7.57		$	29.98	$	27.68
Class C
Net Assets	$	1,324,258			—	$	889,634
Shares authorized		15,000,000			—		15,000,000
Shares issued and outstanding ($0.001 par value)		176,365			—		30,497
Net asset value, offering and redemption price per share(a)	$	7.51			—	$	29.17
Class R6
Net Assets	$	13,129			—	$	398,839
Shares authorized		16,000,000			—		16,000,000
Shares issued and outstanding ($0.001 par value)		1,716			—		15,487
Net asset value, offering and redemption price per share(a)	$	7.65			—	$	25.75
Institutional Class
Net Assets	$	67,724,937		$	62,601,597	$	320,458,305
Shares authorized		20,000,000			20,000,000		20,000,000
Shares issued and outstanding ($0.001 par value)		8,829,165			2,078,787		11,547,893
Net asset value, offering and redemption price per share(a)	$	7.67		$	30.11	$	27.75

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements.

64

STEWARD FUNDS

STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2023 (Unaudited)

	Steward International Enhanced Index Fund			Steward Large Cap Core Fund			Steward Large Cap Growth Fund
Assets:
Investments, at value (cost $218,624,418, $79,644,760 and $77,135,405, respectively)	$	207,925,068		$	80,324,345		$	81,760,678
Cash		1,124			—			—
Interest and dividend receivable		451,759			53,004			22,644
Receivable for investments sold		—			117,176			141,600
Receivable for capital shares issued		32,822			76,756			25,441
Reclaims receivable		212,481			—			—
Prepaid expenses and other assets		16,134			16,770			14,535
Total assets		208,639,388			80,588,051			81,964,898
Liabilities:
Payable for investments purchased		—			158,919			230,973
Payable for capital shares redeemed		162,488			80,013			69,112
Accrued expenses and other payables:
Investment advisory fees		65,385			19,570			18,790
Administration fees		13,435			5,206			5,277
Distribution fees - Class A		541			313			228
Dividends on short sales		—			—			—
Sub-accounting service fees - Class A		876			61			28
Sub-accounting service fees - Institutional Class		6,451			805			—
Fund accounting and sub-administration fees		18,063			9,795			9,796
Transfer agent fees		5,083			2,121			2,121
Custodian fees		5,946			2,480			2,384
Directors fees		98			—			30
Printing fees		7,067			2,643			1,841
Professional fees		15,913			6,012			6,059
Other accrued liabilities		5,056			5,442			5,069
Total liabilities		306,402			293,380			351,708
Commitments and contingent liabilities (Note 4)
Net Assets	$	208,332,986		$	80,294,671		$	81,613,190
Composition of Net Assets:
Capital (par value and paid-in surplus)		212,500,048			87,793,737			82,333,229
Total accumulated deficit		(4,167,062	)		(7,499,066	)		(720,039	)
Net Assets	$	208,332,986		$	80,294,671		$	81,613,190
Class A
Net Assets	$	2,143,389		$	463,535		$	338,434
Shares authorized		16,000,000			16,000,000			16,000,000
Shares issued and outstanding ($0.001 par value)		101,060			21,126			15,432
Net asset value, offering and redemption price per share(a)	$	21.21		$	21.94		$	21.93
Class C
Net Assets	$	4,428			—			—
Shares authorized		15,000,000			—			—
Shares issued and outstanding ($0.001 par value)		258			—			—
Net asset value, offering and redemption price per share(a)	$	17.16			—			—
Class R6
Net Assets	$	796,552			—			—
Shares authorized		16,000,000			—			—
Shares issued and outstanding ($0.001 par value)		45,190			—			—
Net asset value, offering and redemption price per share(a)	$	17.63			—			—
Institutional Class
Net Assets	$	205,388,617		$	79,831,136		$	81,274,756
Shares authorized		20,000,000			20,000,000			20,000,000
Shares issued and outstanding ($0.001 par value)		9,657,262			3,625,479			3,692,051
Net asset value, offering and redemption price per share(a)	$	21.27		$	22.02		$	22.01

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements.

65

STEWARD FUNDS

STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2023 (Unaudited)

	Steward Large Cap Value Fund			Steward Select Bond Fund			Steward Small Cap Growth Fund
Assets:
Investments, at value (cost $67,568,002, $182,790,685 and $30,715,426, respectively)	$	66,538,365		$	161,035,176		$	23,503,054
Interest and dividend receivable		86,242			1,485,958			4,432
Receivable for investments sold		997,892			—			—
Receivable for capital shares issued		7,535			60,012			3,268
Prepaid expenses and other assets		12,633			31,130			6,701
Total assets		67,642,667			162,612,276			23,517,455
Liabilities:
Payable for investments purchased		974,028			—			—
Payable for capital shares redeemed		54,295			367,117			24,701
Accrued expenses and other payables:
Investment advisory fees		14,312			43,727			2,747
Administration fees		4,300			10,411			1,556
Distribution fees - Class A		468			1,371			108
Distribution fees - Class C		—			455			—
Dividends on short sales		—			—			—
Sub-accounting service fees - Class A		51			160			32
Fund accounting and sub-administration fees		9,795			12,432			9,796
Transfer agent fees		2,121			5,082			2,121
Custodian fees		2,231			3,851			849
Directors fees		59			—			10
Printing fees		2,243			5,601			942
Professional fees		4,961			11,647			1,925
Other accrued liabilities		4,868			7,126			4,207
Total liabilities		1,073,732			468,980			48,994
Commitments and contingent liabilities (Note 4)
Net Assets	$	66,568,935		$	162,143,296		$	23,468,461
Composition of Net Assets:
Capital (par value and paid-in surplus)		73,039,990			186,772,645			36,860,190
Total accumulated deficit		(6,471,055	)		(24,629,349	)		(13,391,729	)
Net Assets	$	66,568,935		$	162,143,296		$	23,468,461
Class A
Net Assets	$	616,573		$	2,469,908		$	152,911
Shares authorized		16,000,000			16,000,000			16,000,000
Shares issued and outstanding ($0.001 par value)		27,659			116,306			9,827
Net asset value, offering and redemption price per share(a)	$	22.29		$	21.24		$	15.56
Class C
Net Assets		—		$	135,602			—
Shares authorized		—			13,000,000			—
Shares issued and outstanding ($0.001 par value)		—			5,647			—
Net asset value, offering and redemption price per share(a)		—		$	24.01			—
Class R6
Net Assets		—		$	893			—
Shares authorized		—			16,000,000			—
Shares issued and outstanding ($0.001 par value)		—			38			—
Net asset value, offering and redemption price per share(a)		—		$	23.64			—
Institutional Class
Net Assets	$	65,952,362		$	159,536,893		$	23,315,550
Shares authorized		20,000,000			20,000,000			20,000,000
Shares issued and outstanding ($0.001 par value)		2,946,402			7,551,290			1,491,477
Net asset value, offering and redemption price per share(a)	$	22.38		$	21.13		$	15.63

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements.

66

STEWARD FUNDS

STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2023 (Unaudited)

	Steward Values-Focused Large Cap Enhanced Index Fund			Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Assets:
Investments, at value (cost $196,753,886 and $167,025,910, respectively)	$	210,728,676		$	158,351,221
Interest and dividend receivable		147,671			77,241
Receivable for capital shares issued		48,630			73,598
Prepaid expenses and other assets		31,376			23,348
Total assets		210,956,353			158,525,408
Liabilities:
Payable for capital shares redeemed		220,326			113,768
Accrued expenses and other payables:
Investment advisory fees		39,070			29,545
Administration fees		13,629			10,307
Distribution fees - Class A		2,622			10,999
Distribution fees - Class C		68			—
Dividends on short sales		—			—
Sub-accounting service fees - Class A		205			1,492
Sub-accounting service fees - Institutional Class		3,860			7,183
Fund accounting and sub-administration fees		16,527			15,412
Transfer agent fees		5,083			5,083
Custodian fees		6,093			11,693
Directors fees		43			136
Printing fees		8,016			5,901
Professional fees		16,285			13,398
Other accrued liabilities		8,218			7,534
Total liabilities		340,045			232,451
			��
Commitments and contingent liabilities (Note 4)
Net Assets	$	210,616,308		$	158,292,957
Composition of Net Assets:
Capital (par value and paid-in surplus)		189,738,313			160,514,666
Total distributable earnings/(accumulated deficit)		20,877,995			(2,221,709	)
Net Assets	$	210,616,308		$	158,292,957
Class A
Net Assets	$	8,907,958		$	37,166,223
Shares authorized		16,000,000			16,000,000
Shares issued and outstanding ($0.001 par value)		325,604			3,540,546
Net asset value, offering and redemption price per share(a)	$	27.36		$	10.50
Class C
Net Assets	$	41,936		$	31,745
Shares authorized		15,000,000			15,000,000
Shares issued and outstanding ($0.001 par value)		1,985			3,492
Net asset value, offering and redemption price per share(a)	$	21.13		$	9.09
Class R6
Net Assets	$	745,947		$	288,994
Shares authorized		16,000,000			16,000,000
Shares issued and outstanding ($0.001 par value)		33,670			30,434
Net asset value, offering and redemption price per share(a)	$	22.15		$	9.50
Institutional Class
Net Assets	$	200,920,467		$	120,805,995
Shares authorized		20,000,000			20,000,000
Shares issued and outstanding ($0.001 par value)		7,358,103			11,162,087
Net asset value, offering and redemption price per share(a)	$	27.31		$	10.82

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements.

67

STEWARD FUNDS

STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2023 (Unaudited)

	Steward Covered Call Income Fund			Steward Equity Market Neutral Fund			Steward Global Equity Income Fund
Investment Income:
Dividends (net of foreign witholding tax of $211, $0 and $420,422,respectively)	$	627,143		$	674,001		$	6,792,040
Rebates on short sales, net of fees		—			1,654,513			—
Total investment income		627,143			2,328,514			6,792,040
Expenses:
Dividends on securities sold short		—			296,852			—
Investment advisory fees		203,962			392,230			1,134,276
Administration fees		24,476			29,417			136,113
Distribution fees - Class A		1,352			8,497			22,146
Distribution fees - Class C		6,418			—			5,154
Sub-accounting services fees - Class A		335			361			10,036
Sub-accounting services fees - Class C		636			—			641
Sub-accounting services fees - Institutional Class		28,938			51,659			176,406
Fund accounting and sub-administration fees		32,175			31,129			91,358
Transfer agent fees		15,082			7,746			15,083
Custodian fees		26,986			8,046			31,446
Registration fees		32,068			25,237			38,119
Directors fees		6,773			8,990			40,973
Professional fees		11,172			13,983			65,139
Printing fees		2,448			2,703			15,665
Chief compliance officer fees		2,715			3,449			15,593
Miscellaneous fees		19,564			20,707			44,584
Total expenses		415,100			901,006			1,842,732
Fees waived/reimbursed by the Adviser		(80,995	)		—			—
Net expenses		334,105			901,006			1,842,732
Net investment income/(loss)		293,038			1,427,508			4,949,308
Realized and Unrealized Gain/(Loss):
Net realized gains/(losses) from investment transactions and foreign currency translations		899,740			(5,411,095	)		1,657,881
Net realized gains on investment securities sold short		—			3,529,967			—
Net realized gains on options transactions		2,655,867			—			—
Change in unrealized depreciation on investment transactions and foreign currency translations		(3,681,224	)		(2,155,478	)		(15,679,702	)
Change in unrealized appreciation on investment securities sold short		—			8,258,791			—
Change in unrealized appreciation on options transactions		808,463			—			—
Net realized and unrealized gains/(losses) from investment transactions,foreign currency translations and options transactions		682,846			4,222,185			(14,021,821	)
Change in net assets resulting from operations	$	975,884		$	5,649,693		$	(9,072,513	)

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

68

STEWARD FUNDS

STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2023 (Unaudited)

	Steward International Enhanced Index Fund			Steward Large Cap Core Fund			Steward Large Cap Growth Fund
Investment Income:
Dividends (net of foreign witholding tax of $523,384, $0 and $0,respectively)	$	3,126,919		$	583,591		$	457,534
Total investment income		3,126,919			583,591			457,534
Expenses:
Investment advisory fees		397,461			202,015			207,606
Administration fees		81,670			30,302			31,141
Distribution fees - Class A		3,788			650			426
Distribution fees - Class C		5			—			—
Sub-accounting services fees - Class A		2,623			388			243
Sub-accounting services fees - Class C		5			—			—
Sub-accounting services fees - Institutional Class		122,121			43,670			47,200
Fund accounting and sub-administration fees		57,895			31,129			31,129
Transfer agent fees		15,083			7,746			7,746
Custodian fees		16,578			7,598			7,217
Registration fees		34,383			18,278			20,123
Directors fees		24,874			9,113			9,030
Professional fees		39,418			14,426			14,492
Printing fees		9,448			3,297			2,986
Chief compliance officer fees		9,285			3,474			3,577
Miscellaneous fees		33,318			18,088			17,799
Total expenses		847,955			390,174			400,715
Fees waived/reimbursed by the Adviser		—			(86,501	)		(88,879	)
Net expenses		847,955			303,673			311,836
Net investment income/(loss)		2,278,964			279,918			145,698
Realized and Unrealized Gain/(Loss):
Net realized gains from investment transactions and foreign currency translations		3,267,953			1,525,244			1,065,038
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations		(13,666,870	)		74,134			3,354,567
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions		(10,398,917	)		1,599,378			4,419,605
Change in net assets resulting from operations	$	(8,119,953	)	$	1,879,296		$	4,565,303

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

69

STEWARD FUNDS

STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2023 (Unaudited)

	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 $979, respectively)	$	827,859		$	145,807		$	99,391
Interest		—			2,273,831			—
Total investment income		827,859			2,419,638			99,391
Expenses:
Investment advisory fees		170,277			254,712			95,296
Administration fees		25,542			60,646			9,530
Distribution fees - Class A		812			3,375			214
Distribution fees - Class C		—			690			—
Sub-accounting services fees - Class A		422			1,517			127
Sub-accounting services fees - Class C		—			93			—
Sub-accounting services fees - Institutional Class		35,433			77,816			13,258
Fund accounting and sub-administration fees		31,129			42,741			31,129
Transfer agent fees		7,746			15,082			7,746
Custodian fees		6,932			11,993			2,666
Registration fees		16,612			32,987			16,715
Directors fees		7,551			17,628			2,909
Professional fees		12,062			27,742			4,585
Printing fees		2,785			6,711			1,170
Chief compliance officer fees		2,925			6,665			1,093
Miscellaneous fees		16,955			26,526			13,431
Total expenses		337,183			586,924			199,869
Fees waived/reimbursed by the Adviser		(80,955	)		—			(72,592	)
Net expenses		256,228			586,924			127,277
Net investment income/(loss)		571,631			1,832,714			(27,886	)
Realized and Unrealized Gain/(Loss):
Net realized gains/(losses) from investment transactions and foreign currency translations		45,323			(148,638	)		(1,798,033	)
Change in unrealized depreciation on investment transactions and foreign currency translations		(1,625,259	)		(7,093,996	)		(407,832	)
Net realized and unrealized losses from investment transactions, foreign currency translations and options transactions		(1,579,936	)		(7,242,634	)		(2,205,865	)
Change in net assets resulting from operations	$	(1,008,305	)	$	(5,409,920	)	$	(2,233,751	)

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

70

STEWARD FUNDS

STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2023 (Unaudited)

	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 $825 and $0, respectively)	$	1,740,724		$	1,504,979
Total investment income		1,740,724			1,504,979
Expenses:
Investment advisory fees		236,982			184,562
Administration fees		82,669			64,382
Distribution fees - Class A		12,263			51,912
Distribution fees - Class C		111			5
Sub-accounting services fees - Class A		4,428			8,535
Sub-accounting services fees - Class C		15			18
Sub-accounting services fees - Institutional Class		102,820			71,891
Fund accounting and sub-administration fees		57,151			47,207
Transfer agent fees		15,082			15,082
Custodian fees		17,987			27,469
Registration fees		33,441			32,754
Directors fees		24,659			19,970
Professional fees		39,036			31,485
Printing fees		10,150			8,611
Chief compliance officer fees		9,421			7,488
Miscellaneous fees		30,195			26,343
Total expenses		676,410			597,714
Net investment income/(loss)		1,064,314			907,265
Realized and Unrealized Gain/(Loss):
Net realized gains from investment transactions and foreign currency translations		1,430,406			1,240,626
Change in unrealized depreciation on investment transactions and foreign currency translations		(1,035,936	)		(9,073,604	)
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions		394,470			(7,832,978	)
Change in net assets resulting from operations	$	1,458,784		$	(6,925,713	)

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

71

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD COVERED CALL INCOME FUND

	For the Six Months     Ended (Unaudited)     October 31, 2023			For the Year Ended     April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	293,038		$	362,153
Net realized gain from investment transactions, foreign currency translations and option transactions		3,555,607			678,954
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translations and options		(2,872,761	)		1,763,947
Change in net assets resulting from operations		975,884			2,805,054
Distributions to shareholders from:
Class A		(4,265	)		(56,618	)
Class C		(1,097	)		(89,182	)
Class R6		(42	)		(270	)
Institutional Class		(282,982	)		(3,816,896	)
Total distributions to shareholders		(288,386	)		(3,962,966	)
Capital Transactions:
Class A
Proceeds from shares issued		569,069			686,384
Dividends reinvested		4,396			49,870
Cost of shares redeemed		(159,045	)		(93,512	)
Change in Class A from capital transactions		414,420			642,742
Class C
Proceeds from shares issued		275,253			1,035,762
Dividends reinvested		975			79,732
Cost of shares redeemed		(61,434	)		(168,756	)
Change in Class C from capital transactions		214,794			946,738
Class R6
Proceeds from shares issued		9,976			9,538
Dividends reinvested		42			270
Cost of shares redeemed		—			(7,644	)
Change in Class R6 from capital transactions		10,018			2,164
Institutional Class
Proceeds from shares issued		17,242,185			34,812,569
Dividends reinvested		282,853			3,814,339
Cost of shares redeemed		(4,214,061	)		(6,722,340	)
Change in Institutional Class from capital transactions		13,310,977			31,904,568
Change in net assets from capital transactions		13,950,209			33,496,212
Change in net assets		14,637,707			32,338,300
Net Assets:
Beginning of year		55,586,076			23,247,776
End of year	$	70,223,783		$	55,586,076
Shares Transactions:
Class A
Issued		73,375			91,587
Reinvested		563			7,166
Redeemed		(19,050	)		(12,287	)
Change in Class A		54,888			86,466
Class C
Issued		35,705			134,303
Reinvested		128			11,535
Redeemed		(7,678	)		(23,607	)
Change in Class C		28,155			122,231
Class R6
Issued		1,278			1,307
Reinvested		5			39
Redeemed		—			(1,031	)
Change in Class R6		1,283			315
Institutional Class
Issued		2,219,973			4,561,986
Reinvested		35,745			541,088
Redeemed		(539,589	)		(906,744	)
Change in Institutional Class		1,716,129			4,196,330

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

72

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD EQUITY MARKET NEUTRAL FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	1,427,508		$	912,096
Net realized loss from investment transactions and investment securities sold short		(1,881,128	)		(496,504	)
Net change in unrealized appreciation on investments and foreign currency translations		6,103,313			2,008,098
Change in net assets resulting from operations		5,649,693			2,423,690
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		1,812,691			6,460,557
Dividends reinvested		—			233
Cost of shares redeemed		(1,106,643	)		(343,041	)
Change in Class A from capital transactions		706,048			6,117,749
Institutional Class
Proceeds from shares issued		20,206,351			92,799,986
Dividends reinvested		—			34,384
Cost of shares redeemed		(32,498,426	)		(51,377,738	)
Change in Institutional Class from capital transactions		(12,292,075	)		41,456,632
Change in net assets from capital transactions		(11,586,027	)		47,574,381
Change in net assets		(5,936,334	)		49,963,245
Net Assets:
Beginning of year		76,386,716			26,423,471
End of year	$	70,450,382		$	76,386,716
Shares Transactions:
Class A
Issued		63,993			237,256
Reinvested		—			8
Redeemed		(39,767	)		(12,606	)
Change in Class A		24,226			224,658
Institutional Class
Issued		719,774			3,399,392
Reinvested		—			1,211
Redeemed		(1,141,125	)		(1,884,059	)
Change in Institutional Class		(421,351	)		1,516,544

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

73

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD GLOBAL EQUITY INCOME FUND

		For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	��	$	4,949,308		$	9,160,398
Net realized gain from investment transactions and foreign currency translations			1,657,881			994,975
Net change in unrealized depreciation on investments and foreign currency translations			(15,679,702	)		(15,847,203	)
Change in net assets resulting from operations			(9,072,513	)		5,691,830
Distributions to shareholders from:
Class A			(220,969	)		(1,475,672	)
Class C			(9,162	)		(57,537	)
Class R6			(5,081	)		(28,044	)
Institutional Class			(4,672,502	)		(24,729,430	)
Total distributions to shareholders			(4,907,714	)		(26,290,683	)
Capital Transactions:
Class A
Proceeds from shares issued			1,002,753			3,684,843
Dividends reinvested			206,793			1,410,324
Cost of shares redeemed			(2,577,382	)		(4,170,337	)
Change in Class A from capital transactions			(1,367,836	)		924,830
Class C
Proceeds from shares issued			58,904			552,451
Dividends reinvested			8,966			57,421
Cost of shares redeemed			(200,298	)		(276,670	)
Change in Class C from capital transactions			(132,428	)		333,202
Class R6
Proceeds from shares issued			115,286			115,141
Dividends reinvested			5,082			28,044
Cost of shares redeemed			(21,534	)		(102,931	)
Change in Class R6 from capital transactions			98,834			40,254
Institutional Class
Proceeds from shares issued			41,689,126			122,855,572
Dividends reinvested			4,487,381			24,429,485
Cost of shares redeemed			(46,434,987	)		(58,574,889	)
Change in Institutional Class from capital transactions			(258,480	)		88,710,168
Change in net assets from capital transactions			(1,659,910	)		90,008,454
Change in net assets			(15,640,137	)		58,025,941
Net Assets:
Beginning of year			353,635,156			295,609,215
End of year		$	337,995,019		$	353,635,156
Shares Transactions:
Class A
Issued			34,889			123,140
Reinvested			7,054			49,918
Redeemed			(87,106	)		(141,159	)
Change in Class A			(45,163	)		31,899
Class C
Issued			1,893			17,708
Reinvested			290			1,928
Redeemed			(6,521	)		(8,723	)
Change in Class C			(4,338	)		10,913
Class R6
Issued			4,299			4,129
Reinvested			187			1,069
Redeemed			(780	)		(3,704	)
Change in Class R6			3,706			1,494
Institutional Class
Issued			1,432,975			4,142,378
Reinvested			152,799			865,480
Redeemed			(1,611,504	)		(1,971,848	)
Change in Institutional Class			(25,730	)		3,036,010

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

74

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD INTERNATIONAL ENHANCED INDEX FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	2,278,964		$	6,356,558
Net realized gain/(loss) from investment transactions and foreign currency translations		3,267,953			(2,177,640	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(13,666,870	)		3,162,701
Change in net assets resulting from operations		(8,119,953	)		7,341,619
Distributions to shareholders from:
Class A		—			(129,669	)
Class C		—			(34	)
Class R6		—			(20,531	)
Institutional Class		—			(5,594,084	)
Total distributions to shareholders		—			(5,744,318	)
Capital Transactions:
Class A
Proceeds from shares issued		412,800			874,364
Dividends reinvested		—			123,347
Cost of shares redeemed		(2,299,351	)		(2,082,557	)
Change in Class A from capital transactions		(1,886,551	)		(1,084,846	)
Class C
Proceeds from shares issued		4			3,503
Dividends reinvested		—			34
Change in Class C from capital transactions		4			3,537
Class R6
Proceeds from shares issued		296,639			80,779
Dividends reinvested		—			20,531
Cost of shares redeemed		(17,249	)		(159,803	)
Change in Class R6 from capital transactions		279,390			(58,493	)
Institutional Class
Proceeds from shares issued		19,860,545			47,527,411
Dividends reinvested		—			5,486,189
Cost of shares redeemed		(17,065,255	)		(45,740,969	)
Change in Institutional Class from capital transactions		2,795,290			7,272,631
Change in net assets from capital transactions		1,188,133			6,132,829
Change in net assets		(6,931,820	)		7,730,130
Net Assets:
Beginning of year		215,264,806			207,534,676
End of year	$	208,332,986		$	215,264,806
Shares Transactions:
Class A
Issued		18,387			40,648
Reinvested		—			6,073
Redeemed		(101,065	)		(97,812	)
Change in Class A		(82,678	)		(51,091	)
Class C
Issued		—			206
Reinvested		—			2
Change in Class C		—			208
Class R6
Issued		16,180			4,665
Reinvested		—			1,222
Redeemed		(920	)		(9,006	)
Change in Class R6		15,260			(3,119	)
Institutional Class
Issued		891,418			2,267,039
Reinvested		—			270,123
Redeemed		(761,128	)		(2,190,590	)
Change in Institutional Class		130,290			346,572

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

75

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD LARGE CAP CORE FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	279,918		$	719,697
Net realized gain/(loss) from investment transactions and foreign currency translations		1,525,244			(8,237,346	)
Net change in unrealized appreciation on investments and foreign currency translations		74,134			8,539,843
Change in net assets resulting from operations		1,879,296			1,022,194
Distributions to shareholders from:
Class A		—			(3,836	)
Institutional Class		—			(662,370	)
Total distributions to shareholders		—			(666,206	)
Capital Transactions:
Class A
Proceeds from shares issued		77,415			231,370
Dividends reinvested		—			3,707
Cost of shares redeemed		(119,659	)		(63,848	)
Change in Class A from capital transactions		(42,244	)		171,229
Institutional Class
Proceeds from shares issued		14,124,058			16,852,345
Dividends reinvested		—			649,762
Cost of shares redeemed		(14,514,724	)		(8,981,324	)
Change in Institutional Class from capital transactions		(390,666	)		8,520,783
Change in net assets from capital transactions		(432,910	)		8,692,012
Change in net assets		1,446,386			9,048,000
Net Assets:
Beginning of year		78,848,285			69,800,285
End of year	$	80,294,671		$	78,848,285
Shares Transactions:
Class A
Issued		3,420			11,165
Reinvested		—			180
Redeemed		(5,154	)		(3,009	)
Change in Class A		(1,734	)		8,336
Institutional Class
Issued		624,551			815,971
Reinvested		—			31,511
Redeemed		(643,170	)		(426,708	)
Change in Institutional Class		(18,619	)		420,774

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

76

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD LARGE CAP GROWTH FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	145,698		$	321,232
Net realized gain/(loss) from investment transactions and foreign currency translations		1,065,038			(4,705,393	)
Net change in unrealized appreciation on investments and foreign currency translations		3,354,567			7,265,881
Change in net assets resulting from operations		4,565,303			2,881,720
Distributions to shareholders from:
Class A		—			(819	)
Institutional Class		—			(229,264	)
Total distributions to shareholders		—			(230,083	)
Capital Transactions:
Class A
Proceeds from shares issued		56,938			155,802
Dividends reinvested		—			789
Cost of shares redeemed		(64,864	)		(25,441	)
Change in Class A from capital transactions		(7,926	)		131,150
Institutional Class
Proceeds from shares issued		13,793,966			37,681,958
Dividends reinvested		—			228,380
Cost of shares redeemed		(11,620,163	)		(8,789,417	)
Change in Institutional Class from capital transactions		2,173,803			29,120,921
Change in net assets from capital transactions		2,165,877			29,252,071
Change in net assets		6,731,180			31,903,708
Net Assets:
Beginning of year		74,882,010			42,978,302
End of year	$	81,613,190		$	74,882,010
Shares Transactions:
Class A
Issued		2,343			7,887
Reinvested		—			42
Redeemed		(2,712	)		(1,294	)
Change in Class A		(369	)		6,635
Institutional Class
Issued		606,325			1,958,780
Reinvested		—			12,007
Redeemed		(518,861	)		(435,781	)
Change in Institutional Class		87,464			1,535,006

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

77

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD LARGE CAP VALUE FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	571,631		$	985,335
Net realized gain/(loss) from investment transactions and foreign currency translations		45,323			(5,211,896	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(1,625,259	)		4,793,248
Change in net assets resulting from operations		(1,008,305	)		566,687
Distributions to shareholders from:
Class A		—			(9,758	)
Institutional Class		—			(998,632	)
Total distributions to shareholders		—			(1,008,390	)
Capital Transactions:
Class A
Proceeds from shares issued		11,043			358,214
Dividends reinvested		—			9,075
Cost of shares redeemed		(25,569	)		(54,945	)
Change in Class A from capital transactions		(14,526	)		312,344
Institutional Class
Proceeds from shares issued		8,331,007			13,965,428
Dividends reinvested		—			998,631
Cost of shares redeemed		(4,004,108	)		(12,212,285	)
Change in Institutional Class from capital transactions		4,326,899			2,751,774
Change in net assets from capital transactions		4,312,373			3,064,118
Change in net assets		3,304,068			2,622,415
Net Assets:
Beginning of year		63,264,867			60,642,452
End of year	$	66,568,935		$	63,264,867
Shares Transactions:
Class A
Issued		476			15,962
Reinvested		—			403
Redeemed		(1,096	)		(2,424	)
Change in Class A		(620	)		13,941
Institutional Class
Issued		358,590			622,052
Reinvested		—			44,206
Redeemed		(172,480	)		(537,972	)
Change in Institutional Class		186,110			128,286

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

78

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD SELECT BOND FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	1,832,714		$	2,535,796
Net realized loss from investment transactions and foreign currency translations		(148,638	)		(899,152	)
Net change in unrealized depreciation on investments and foreign currency translations		(7,093,996	)		(1,572,441	)
Change in net assets resulting from operations		(5,409,920	)		64,203
Distributions to shareholders from:
Class A		(25,535	)		(43,801	)
Class C		(760	)		(407	)
Class R6		(9	)		(15	)
Institutional Class		(1,673,838	)		(2,432,742	)
Total distributions to shareholders		(1,700,142	)		(2,476,965	)
Capital Transactions:
Class A
Proceeds from shares issued		199,314			455,551
Dividends reinvested		24,967			42,888
Cost of shares redeemed		(375,300	)		(1,527,917	)
Change in Class A from capital transactions		(151,019	)		(1,029,478	)
Class C
Proceeds from shares issued		11,300			122,310
Dividends reinvested		760			407
Cost of shares redeemed		—			(5	)
Change in Class C from capital transactions		12,060			122,712
Class R6
Dividends reinvested		9			15
Change in Class R6 from capital transactions		9			15
Institutional Class
Proceeds from shares issued		23,854,585			29,268,757
Dividends reinvested		1,645,293			2,416,248
Cost of shares redeemed		(11,244,057	)		(23,947,517	)
Change in Institutional Class from capital transactions		14,255,821			7,737,488
Change in net assets from capital transactions		14,116,871			6,830,737
Change in net assets		7,006,809			4,417,975
Net Assets:
Beginning of year		155,136,487			150,718,512
End of year	$	162,143,296		$	155,136,487
Shares Transactions:
Class A
Issued		9,116			20,684
Reinvested		1,151			1,949
Redeemed		(17,371	)		(68,848	)
Change in Class A		(7,104	)		(46,215	)
Class C
Issued		458			4,986
Reinvested		31			16
Change in Class C		489			5,002
Class R6
Reinvested		—			1
Change in Class R6		—			1
Institutional Class
Issued		1,101,406			1,337,431
Reinvested		76,300			110,501
Redeemed		(522,049	)		(1,093,531	)
Change in Institutional Class		655,657			354,401

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

79

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD SMALL CAP GROWTH FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment loss	$	(27,886	)	$	(124,571	)
Net realized loss from investment transactions and foreign currency translations		(1,798,033	)		(3,995,248	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(407,832	)		1,749,574
Change in net assets resulting from operations		(2,233,751	)		(2,370,245	)
Distributions to shareholders from:
Class A		—			—
Institutional Class		—			—
Total distributions to shareholders		—			—
Capital Transactions:
Class A
Proceeds from shares issued		5,223			88,066
Dividends reinvested		—			—
Cost of shares redeemed		(8,325	)		(67,640	)
Change in Class A from capital transactions		(3,102	)		20,426
Institutional Class
Proceeds from shares issued		3,222,242			6,024,811
Dividends reinvested		—			—
Cost of shares redeemed		(2,496,764	)		(10,016,130	)
Change in Institutional Class from capital transactions		725,478			(3,991,319	)
Change in net assets from capital transactions		722,376			(3,970,893	)
Change in net assets		(1,511,375	)		(6,341,138	)
Net Assets:
Beginning of year		24,979,836			31,320,974
End of year	$	23,468,461		$	24,979,836
Shares Transactions:
Class A
Issued		313			5,054
Reinvested		—			—
Redeemed		(465	)		(3,942	)
Change in Class A		(152	)		1,112
Institutional Class
Issued		185,176			355,070
Reinvested		—			—
Redeemed		(142,186	)		(563,607	)
Change in Institutional Class		42,990			(208,537	)

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

80

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	1,064,314		$	2,214,075
Net realized gain from investment transactions and foreign currency translations		1,430,406			4,083,513
Net change in unrealized depreciation on investments and foreign currency translations		(1,035,936	)		(3,004,991	)
Change in net assets resulting from operations		1,458,784			3,292,597
Distributions to shareholders from:
Class A		—			(3,285,370	)
Class C		—			(11,137	)
Class R6		—			(186,322	)
Institutional Class		—			(65,101,250	)
Total distributions to shareholders		—			(68,584,079	)
Capital Transactions:
Class A
Proceeds from shares issued		951,478			3,006,588
Dividends reinvested		—			3,133,110
Cost of shares redeemed		(1,873,498	)		(4,763,746	)
Change in Class A from capital transactions		(922,020	)		1,375,952
Class C
Proceeds from shares issued		55,111			30,507
Dividends reinvested		—			11,137
Cost of shares redeemed		(47,605	)		—
Change in Class C from capital transactions		7,506			41,644
Class R6
Proceeds from shares issued		300,776			103,081
Dividends reinvested		—			186,322
Cost of shares redeemed		(94,298	)		(104,014	)
Change in Class R6 from capital transactions		206,478			185,389
Institutional Class
Proceeds from shares issued		18,809,595			38,219,649
Dividends reinvested		—			64,385,367
Cost of shares redeemed		(19,184,937	)		(47,593,678	)
Change in Institutional Class from capital transactions		(375,342	)		55,011,338
Change in net assets from capital transactions		(1,083,378	)		56,614,323
Change in net assets		375,406			(8,677,159	)
Net Assets:
Beginning of year		210,240,902			218,918,061
End of year	$	210,616,308		$	210,240,902
Shares Transactions:
Class A
Issued		33,468			90,824
Reinvested		—			124,825
Redeemed		(64,864	)		(147,135	)
Change in Class A		(31,396	)		68,514
Class C
Issued		2,436			1,065
Reinvested		—570
Redeemed		(2,173	)		—
Change in Class C		263			1,635
Class R6
Issued		13,231			3,740
Reinvested		—			9,192
Redeemed		(4,046	)		(3,488	)
Change in Class R6		9,185			9,444
Institutional Class
Issued		660,029			1,158,440
Reinvested		—			2,575,415
Redeemed		(678,781	)		(1,502,453	)
Change in Institutional Class		(18,752	)		2,231,402

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

81

STEWARD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

	For the Six Months Ended (Unaudited) October 31, 2023			For the Year Ended April 30, 2023
Change in net assets resulting from operations:
Net investment income	$	907,265		$	1,591,860
Net realized gain from investment transactions and foreign currency translations		1,240,626			7,414,786
Net change in unrealized depreciation on investments and foreign currency translations		(9,073,604	)		(10,868,601	)
Change in net assets resulting from operations		(6,925,713	)		1,861,955
Distributions to shareholders from:
Class A		—			(9,717,491	)
Class C		—			(1,957	)
Class R6		—			(74,342	)
Institutional Class		—			(27,461,304	)
Total distributions to shareholders		—			(37,255,094	)
Capital Transactions:
Class A
Proceeds from shares issued		668,631			2,841,387
Dividends reinvested		(39,630	)		8,927,779
Cost of shares redeemed		(3,522,406	)		(7,181,987	)
Change in Class A from capital transactions		(2,893,405	)		4,587,179
Class C
Proceeds from shares issued		22,500			10,347
Dividends reinvested		—			1,957
Change in Class C from capital transactions		22,500			12,304
Class R6
Proceeds from shares issued		39,332			64,574
Dividends reinvested		—			74,342
Cost of shares redeemed		(49,700	)		(146,955	)
Change in Class R6 from capital transactions		(10,368	)		(8,039	)
Institutional Class
Proceeds from shares issued		14,940,426			40,797,850
Dividends reinvested		—			23,418,326
Cost of shares redeemed		(14,116,567	)		(49,187,010	)
Change in Institutional Class from capital transactions		823,859			15,029,166
Change in net assets from capital transactions		(2,057,414	)		19,620,610
Change in net assets		(8,983,127	)		19,496,439
Net Assets:
Beginning of year		167,276,084			186,772,523
End of year	$	158,292,957		$	167,276,084
Shares Transactions:
Class A
Issued		58,393			231,653
Reinvested		(3,686	)		830,491
Redeemed		(315,639	)		(581,962	)
Change in Class A		(260,932	)		480,182
Class C
Issued		2,285			929
Reinvested		—			210
Change in Class C		2,285			1,139
Class R6
Issued		3,883			5,098
Reinvested		—			7,664
Redeemed		(4,851	)		(11,647	)
Change in Class R6		(968	)		1,115
Institutional Class
Issued		1,294,340			3,197,219
Reinvested		—			2,117,390
Redeemed		(1,212,384	)		(3,696,127	)
Change in Institutional Class		81,956			1,618,482

Amounts designated as “—” are $0 or have been rounded to $0.

See notes to financial statements.

82

STEWARD FUNDS

FINANCIAL HIGHLIGHTS

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

			Investment Operations:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized and Unrealized Gain/ (Loss) from Investments			Total from Investment Operations
Steward Covered Call Income Fund
Class A
Six months ended October 31, 2023 (Unaudited)	$	7.47	$	0.02	(d)	$	0.11		$	0.13
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
Six months ended October 31, 2023 (Unaudited)	$	7.42	$	(—	)(d)(f)	$	0.10		$	0.10
Year ended April 30, 2023		7.77		(0.01	)(d)(g)		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)(g)		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
Six months ended October 31, 2023 (Unaudited)	$	7.53	$	0.04	(d)	$	0.12		$	0.16
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)(h)		(0.49	)		(0.49	)
Year ended April 30, 2019		9.92		—	(h)		0.69			0.69
Institutional Class
Six months ended October 31, 2023 (Unaudited)	$	7.56	$	0.04	(d)	$	0.10		$	0.14
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
Six months ended October 31, 2023 (Unaudited)	$	27.80	$	0.50	(d)	$	1.68		$	2.18
Year ended April 30, 2023		26.47		0.56	(d)		0.78	(j)		1.34
Period ended April 30, 2022(k)		25.00		(0.14	)		1.61			1.47
Institutional Class
Six months ended October 31, 2023 (Unaudited)	$	27.91	$	0.52	(d)	$	1.68		$	2.20
Year ended April 30, 2023		26.52		0.42	(d)		0.98	(j)		1.40
Period ended April 30, 2022(k)		25.00		(0.18	)		1.70			1.52

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) 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) Amount represents less than $0.005 per share.

(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) 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 0.76% for Class A and Institutional Class for the period ended October 31, 2023, 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) 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.

(k) For the period November 15, 2021 (commencement of operations) through April 30, 2022.

See notes to financial statements.

83

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)
		$(0.03)		$	—			$	(0.03	)		$	7.57		1.71	%		$	1,162		1.47	%		1.25	%		0.64	%		37	%
		(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)		$	—			$	(0.01	)		$	7.51		1.31	%		$	1,324		2.26	%		2.00	%		(0.07	)%		37	%
		(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
		$(0.04)		$	—			$	(0.04	)		$	7.65		2.07	%		$	13		1.15	%		0.95	%		0.95	%		37	%
		(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				—		—	(h)		—	(h)		—	(h)		156
		(0.10)			(0.57	)			(0.67	)			8.64		(5.81	)			—		—	(h)		—	(h)		—	(h)		135
		—			(0.81	)			(0.81	)			9.80		8.27				—		—	(h)		—	(h)		—	(h)		117
		$(0.03)		$	—			$	(0.03	)		$	7.67		1.90	%		$	67,725		1.25	%		1.00	%		0.92	%		37	%
		(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
	$	—		$	—			$	—			$	29.98		7.84	%		$	7,849		2.41	(i)%		2.41	(i)%		3.53	%		87	%
		—			(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
	$	—		$	—			$	—			$	30.11		7.88	%		$	62,601		2.29	(i)%		2.29	(i)%		3.65	%		87	%
		—			(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

See notes to financial statements.

84

STEWARD FUNDS

FINANCIAL HIGHLIGHTS

				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
Six months ended October 31, 2023 (Unaudited)		$	28.82		$	0.36	(d)		$	(1.13	)		$	(0.77	)
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
Six months ended October 31, 2023 (Unaudited)		$	30.45		$	0.26	(d)		$	(1.26	)		$	(1.00	)
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
Six months ended October 31, 2023 (Unaudited)		$	26.79		$	0.39	(d)		$	(1.02	)		$	(0.63	)
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
Six months ended October 31, 2023 (Unaudited)		$	28.86		$	0.40	(d)		$	(1.11	)		$	(0.71	)
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
Six months ended October 31, 2023 (Unaudited)		$	22.09		$	0.20	(d)		$	(1.08	)		$	(0.88	)
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
Six months ended October 31, 2023 (Unaudited)		$	17.86		$	0.16	(d)		$	(0.86	)		$	(0.70	)
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
Six months ended October 31, 2023 (Unaudited)		$	18.31		$	0.20	(d)		$	(0.88	)		$	(0.68	)
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
Six months ended October 31, 2023 (Unaudited)		$	22.11		$	0.24	(d)		$	(1.08	)		$	(0.84	)
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	)

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) 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.

See notes to financial statements.

85

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)
	$	(0.37)		$	—			$	(0.37	)		$	27.68		(2.74	)%		$	16,248		1.26	%		2.48	%		30	%
		(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
	$	(0.28)		$	—			$	(0.28	)		$	29.17		(3.34	)%		$	890		2.02	%		1.71	%		30	%
		(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
	$	(0.41)		$	—			$	(0.41	)		$	25.75		(2.43	)%		$	399		0.90	%		2.86	%		30	%
		(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
	$	(0.40)		$	—			$	(0.40	)		$	27.75		(2.54	)%		$	320,458		1.00	%		2.74	%		30	%
		(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
	$	—		$	—			$	—			$	21.21		(3.98	)%		$	2,143		1.08	%		1.79	%		8	%
		(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
	$	—		$	—			$	—			$	17.16		(3.92	)%		$	4		1.12	%		1.74	%		8	%
		(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
	$	—		$	—			$	—			$	17.63		(3.71	)%		$	797		0.66	%		2.12	%		8	%
		(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
	$	—		$	—			$	—			$	21.27		(3.80	)%		$	205,389		0.77	%		2.09	%		8	%
		(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

See notes to financial statements.

86

STEWARD FUNDS

FINANCIAL HIGHLIGHTS

				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
Six months ended October 31, 2023 (Unaudited)		$	21.45		$	0.05	(d)		$	0.44			$	0.49
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
Six months ended October 31, 2023 (Unaudited)		$	21.50		$	0.08	(d)		$	0.44			$	0.52
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
Six months ended October 31, 2023 (Unaudited)		$	20.63		$	0.01	(d)		$	1.29			$	1.30
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
Six months ended October 31, 2023 (Unaudited)		$	20.68		$	0.04	(d)		$	1.29			$	1.33
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
Six months ended October 31, 2023 (Unaudited)		$	22.62		$	0.17	(d)		$	(0.50	)		$	(0.33	)
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
Six months ended October 31, 2023 (Unaudited)		$	22.69		$	0.20	(d)		$	(0.51	)		$	(0.31	)
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
Six months ended October 31, 2023 (Unaudited)		$	22.20		$	0.22	(d)		$	(0.97	)		$	(0.75	)
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
Six months ended October 31, 2023 (Unaudited)		$	25.10		$	0.15	(d)		$	(1.10	)		$	(0.95	)
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
Six months ended October 31, 2023 (Unaudited)		$	24.69		$	0.28	(d)		$	(1.10	)		$	(0.82	)
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
Six months ended October 31, 2023 (Unaudited)		$	22.08		$	0.25	(d)		$	(0.97	)		$	(0.72	)
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

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) 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.

See notes to financial statements.

87

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)
	$	—			$	—			$	21.94		2.28	%		$	464		1.25	%		1.00	%		0.44	%		48	%
		(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
	$	—			$	—			$	22.02		2.42	%		$	79,831		0.96	%		0.75	%		0.69	%		48	%
		(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
	$	—			$	—			$	21.93		6.30	%		$	338		1.24	%		1.00	%		0.12	%		31	%
		(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
	$	—			$	—			$	22.01		6.43	%		$	81,275		0.96	%		0.75	%		0.35	%		31	%
		(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
	$	—			$	—			$	22.29		(1.46	)%		$	617		1.26	%		1.00	%		1.44	%		52	%
		(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
	$	—			$	—			$	22.38		(1.37	)%		$	65,952		0.99	%		0.75	%		1.68	%		52	%
		(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
	$	(0.21	)		$	(0.21	)		$	21.24		(3.42	)%		$	2,470		0.98	%		0.98	%		2.00	%		5	%
		(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
	$	(0.14	)		$	(0.14	)		$	24.01		(3.82	)%		$	135		1.76	%		1.76	%		1.23	%		5	%
		(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
	$	(0.23	)		$	(0.23	)		$	23.64		(3.32	)%		$	1		0.80	%		0.80	%		2.31	%		5	%
		(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
	$	(0.23	)		$	(0.23	)		$	21.13		(3.29	)%		$	159,537		0.72	%		0.72	%		2.27	%		5	%
		(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

See notes to financial statements.

88

STEWARD FUNDS

FINANCIAL HIGHLIGHTS

				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
Six months ended October 31, 2023 (Unaudited)		$	17.07		$	(0.04	)(d)		$	(1.47	)		$	(1.51	)
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
Six months ended October 31, 2023 (Unaudited)		$	17.13		$	(0.02	)(d)		$	(1.48	)		$	(1.50	)
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
Six months ended October 31, 2023 (Unaudited)		$	27.19		$	0.10	(d)		$	0.07			$	0.17
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
Six months ended October 31, 2023 (Unaudited)		$	21.08		$	(0.02	)(d)(g)		$	0.07			$	0.05
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
Six months ended October 31, 2023 (Unaudited)		$	21.98		$	0.12	(d)		$	0.05			$	0.17
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
Six months ended October 31, 2023 (Unaudited)		$	27.11		$	0.14	(d)		$	0.06			$	0.20
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

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) For the period 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.

See notes to financial statements.

89

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)
	$	—			$	—			$	—			$	15.56		(8.85	)%		$	153		1.86	%		1.25	%		(0.47	)%		25	%
		—				—				—				17.07		(9.15	)			170		1.81			1.25			(0.76	)		27
		—				—				—				18.78		(24.83	)			167		2.88			1.25			(0.90	)		25
	$	—			$	—			$	—			$	15.63		(8.76	)%		$	23,315		1.57	%		1.00	%		(0.22	)%		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
	$	—			$	—			$	—			$	27.36		0.62	%		$	8,908		0.85	%		0.85	%		0.73	%		4	%
		(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
	$	—			$	—			$	—			$	21.13		0.24	%		$	42		1.64	%		1.64	%		(0.14	)%		4	%
		(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
	$	—			$	—			$	—			$	22.15		0.77	%		$	746		0.51	%		0.51	%		1.05	%		4	%
		(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
	$	—			$	—			$	—			$	27.31		0.74	%		$	200,920		0.60	%		0.60	%		0.98	%		4	%
		(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

See notes to financial statements.

90

STEWARD FUNDS

FINANCIAL HIGHLIGHTS

				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
Six months ended October 31, 2023 (Unaudited)		$	10.97		$	0.05	(d)		$	(0.52	)		$	(0.47	)
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
Six months ended October 31, 2023 (Unaudited)		$	9.50		$	0.04	(d)		$	(0.45	)		$	(0.41	)
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
Six months ended October 31, 2023 (Unaudited)		$	9.91		$	0.06	(d)		$	(0.47	)		$	(0.41	)
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
Six months ended October 31, 2023 (Unaudited)		$	11.30		$	0.06	(d)		$	(0.54	)		$	(0.48	)
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

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) 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.

See notes to financial statements.

91

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)
	$—		$	—			$	—			$	10.50		(4.28	)%		$	37,166		0.83	%		0.91	%		10	%
	(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
	$—		$	—			$	—			$	9.09		(4.32	)%		$	32		0.81	%		0.89	%		10	%
	(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
	$—		$	—			$	—			$	9.50		(4.14	)%		$	289		0.54	%		1.19	%		10	%
	(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
	$—		$	—			$	—			$	10.82		(4.25	)%		$	120,806		0.65	%		1.09	%		10	%
	(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

See notes to financial statements.

92

STEWARD FUNDS

NOTES TO FINANCIAL STATEMENTS — October 31, 2023 (Unaudited)

Note 1 — Organization:

Steward Funds, Inc. (“SFI”), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company. As of October 31, 2023, SFI is composed of eleven separate operational funds, each a series of SFI (each a “Fund” and collectively the “Funds”). The accompanying financial statements are presented for the following eleven Funds:

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

Each Fund currently offers four classes of shares: “Class A”, “Class C”, “Class R6”, and “Institutional Class” (each a “Class” and collectively the “Classes”).* Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Classes. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.

*Class C shares and Class R6 shares of the Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund are not currently available for purchase.

Note 2 — Investment Objectives and Strategies:

Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund’s portfolio when compared to the broader uncovered large capitalization securities market.

Steward Equity Market Neutral Fund seeks to provide long-term capital appreciation independent of the U.S. equity market. The Fund invests primarily in long and short positions in equity securities of large capitalization companies.

Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in U.S. and non-U.S. dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of depositary receipts (“DRs”) or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.

Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.

Steward Large Cap Core Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization companies.

Steward Large Cap Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization growth companies.

93

Steward Large Cap Value Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization value companies.

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

Steward Small Cap Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of small capitalization growth companies.

Steward Values-Focused Large Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of large capitalization companies that represent a broad spectrum of the United States economy. The Fund’s investments are allocated in an attempt to match the weightings of the Fund’s benchmark index, subject to the application of the Fund’s values-based screens and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values.

Steward Values-Focused Small-Mid Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of small and medium capitalization companies that represent a broad spectrum of the United States economy. The Fund’s investments are allocated in an attempt to match the weightings of the Fund’s benchmark index, subject to the application of the Fund’s values-based screens and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values.

In pursuing their investment objectives, the Funds apply a comprehensive set of values-based screens to all of their portfolio investments.

Note 3 — Significant Accounting Policies:

SFI follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates. The following summarizes the significant accounting policies of the Funds.

Portfolio Valuation: Fund investments are recorded at fair value. The Funds’ Board of Directors (the “Board”) has designated the Funds’ investment adviser, Crossmark Global Investments, Inc. (“Crossmark Global Investments” or the “Adviser”), to serve as the valuation designee to perform fair value determinations for applicable Fund investments and has approved the Adviser’s valuation procedures for the Funds. Fund investments are valued using various valuation methodologies, including the following:

Equity securities listed on a domestic exchange are valued at the official closing price or last trade price, or the last bid price if there was no trade that day. Equity securities traded on The NASDAQ Stock Market LLC (“NASDAQ”) use the official closing price, if available, and otherwise, use the last trade price, or the last bid price if there was no trade on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last trade price. Equity securities listed on a foreign exchange are valued at the official closing price or last trade price, or, if there was no trade that day, the last bid price or the mean of the last bid and asked prices, depending on the exchange. American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) listed on an exchange are priced at the official closing price or the last trade price. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded equity options are valued at the (i) settlement price (official closing price) or last trade price, or, (ii) if there was no trade that day, at the mean of the last bid and asked prices. Prices are generally provided by approved third-party pricing services.

Domestic fixed income securities, including short-term instruments, are priced at an evaluated bid price provided by an approved third-party pricing service. Foreign fixed income securities are priced at the mean of evaluated bid and asked prices provided by an approved third-party pricing service. Third-party pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Short-term debt obligations (those with remaining maturities of 60 days or less) are valued at amortized cost.

If a Fund investment cannot be valued in accordance with the above valuation methodologies or other routine valuation methodologies established by the Adviser, the Adviser’s Valuation Committee will value the investment in accordance with the Adviser’s valuation procedures.

94

GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 — Quoted prices in active markets for identical securities and net asset values for money market funds.

Level 2 — Other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks).

Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Pursuant to the Adviser’s valuation procedures, equity securities and written options contracts are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy.

The following table presents a summary of inputs used to value the Funds’ investments as of October 31, 2023:

	Investments in Securities
Fund	LEVEL 1			LEVEL 2		LEVEL 3		Total
Steward Covered Call Income Fund
Assets:
Security Type
Common Stocks*	$	70,950,760		$	—	$	—	$	70,950,760
Money Market Fund		696,214			—		—		696,214
Total Assets - Investments	$	71,646,974		$	—	$	—	$	71,646,974
Liabilities:
Other Financial Instruments^
Written Call Options	$	(1,591,369	)	$	—	$	—	$	(1,591,369	)
Total Liabilities - Other Financial Instruments	$	(1,591,369	)	$	—	$	—	$	(1,591,369	)
Steward Equity Market Neutral Fund
Assets:
Security Type
Common Stocks*	$	64,604,167		$	—	$	—	$	64,604,167
Money Market Fund		1,548,200			—		—		1,548,200
Total Assets - Investments	$	66,152,367		$	—	$	—	$	66,152,367
Liabilities:
Security Type
Common Stocks Sold Short*	$	(64,234,552	)	$	—	$	—	$	(64,234,552	)
Total Liabilities - Securities Sold Short	$	(64,234,552	)	$	—	$	—	$	(64,234,552	)
Steward Global Equity Income Fund
Assets:
Security Type
Common Stocks*	$	339,767,267		$	—	$	—	$	339,767,267
Money Market Fund		4,577,532			—		—		4,577,532
Total Assets - Investments	$	344,344,799		$	—	$	—	$	344,344,799

95

	Investments in Securities
Fund          ��	LEVEL 1		LEVEL 2		LEVEL 3		Total
Steward International Enhanced Index Fund
Assets:
Security Type
Common Stocks*	$	202,322,400	$	—	$	—	$	202,322,400
Master Limited Partnerships*		405,007		—		—		405,007
Preferred Stocks*		3,154,702		—		—		3,154,702
Money Market Fund		2,042,959		—		—		2,042,959
Total Assets - Investments	$	207,925,068	$	—	$	—	$	207,925,068
Steward Large Cap Core Fund
Assets:
Security Type
Common Stocks*	$	80,212,530	$	—	$	—	$	80,212,530
Money Market Fund		111,815		—		—		111,815
Total Assets - Investments	$	80,324,345	$	—	$	—	$	80,324,345
Steward Large Cap Growth Fund
Assets:
Security Type
Common Stocks*	$	81,593,265	$	—	$	—	$	81,593,265
Money Market Fund		167,413		—		—		167,413
Total Assets - Investments	$	81,760,678	$	—	$	—	$	81,760,678
Steward Large Cap Value Fund
Assets:
Security Type
Common Stocks*	$	66,491,393	$	—	$	—	$	66,491,393
Money Market Fund		46,972		—		—		46,972
Total Assets - Investments	$	66,538,365	$	—	$	—	$	66,538,365
Steward Select Bond Fund
Assets:
Security Type
Corporate Bonds*	$	—	$	88,812,926	$	—	$	88,812,926
Municipal Bonds		—		4,557,033		—		4,557,033
U.S. Government Agencies		—		51,499,054		—		51,499,054
U.S. Government Agency Mortgage-Backed Obligations		—		6,044,500		—		6,044,500
U.S. Treasury Obligations		—		7,255,493		—		7,255,493
Money Market Fund		2,866,170		—		—		2,866,170
Total Assets - Investments	$	2,866,170	$	158,169,006	$	—	$	161,035,176
Steward Small Cap Growth Fund
Assets:
Security Type
Common Stocks*	$	22,682,627	$	—	$	—	$	22,682,627
Money Market Fund		820,427		—		—		820,427
Total Assets - Investments	$	23,503,054	$	—	$	—	$	23,503,054

96

	Investments in Securities
Fund	LEVEL 1		LEVEL 2		LEVEL 3			Total
Steward Values-Focused Large Cap Enhanced Index Fund
Assets:
Security Type
Common Stocks*	$	208,583,594	$	—	$	—		$	208,583,594
Rights*		—		—		—	**		—
Money Market Fund		2,145,082		—		—			2,145,082
Total Assets - Investments	$	210,728,676	$	—	$	—		$	210,728,676
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Assets:
Security Type
Common Stocks*	$	157,200,036	$	—	$	—		$	157,200,036
Rights*		—		—		—	**		—
Money Market Fund		1,151,185		—		—			1,151,185
Total Assets - Investments	$	158,351,221	$	—	$	—		$	158,351,221

* 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.

As of October 31, 2023, there were no significant Level 3 holdings for the Funds.

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

Dividends and Distributions to Shareholders: Dividends from net investment income, if any, from Steward Equity Market Neutral Fund, Steward International Enhanced Index Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund, Steward Small Cap Growth Fund, Steward Values-Focused Large Cap Enhanced Index Fund and Steward Values-Focused Small-Mid Cap Enhanced Index Fund are declared and paid annually and dividends from net investment income, if any, from Steward Covered Call Income Fund, Steward Global Equity Income Fund and Steward Select Bond Fund are declared and paid quarterly. All net realized long-term or short-term capital gains, if any, are declared and distributed at least annually.

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

Written Options Contracts: Steward Covered Call Income Fund may write (sell) covered call options. Premiums received from written options contracts are recorded as liabilities and are marked-to-market to reflect the current value of the options written. When writing an option, the Fund bears the market risk of unfavorable changes in the price of the underlying instrument.

The notional amount of written options outstanding at October 31, 2023 was $60,382,500. The monthly average notional amount for written options contracts for the period May 1, 2023 through October 31, 2023 was $55,395,286. The net rebates are recognized as a component of investment income on the Statements of Operations.

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Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of October 31, 2023, are:

		Liability Derivatives
Fund	Primary Risk Exposure	Statements of Asset and Liabilities Location	Total Fair Value
Steward Covered Call Income Fund	Equity Risk Options Contracts	Written options at fair value		$(1,591,369)

		Realized Gain/(Loss) on Derivatives Recognized as a Result from Operations	Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
Fund	Primary Risk Exposure	Net realized gains on options transactions	Change in unrealized appreciation on options transactions
Steward Covered Call Income Fund	Equity Risk	$2,655,867	$808,463

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

As of and during the period ended October 31, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For all open tax years, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.

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

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

Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, as described in the Portfolio Valuation Note above. During the period ended October 31, 2023, the Funds did not engage in any Rule 17a-7 transactions.

Short Sales: When Steward Equity Market Neutral Fund takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market and returns it to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest, which accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold.

The Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. The Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.

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When-Issued Securities: Steward Select Bond Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., “when issued”) consistent with the Fund’s ability to manage its investment portfolio. No interest will be earned by the Fund on such purchases until the securities are delivered, however, the market value may change prior to delivery. When the Fund makes a commitment to purchase a security on a forward commitment basis, cash or liquid securities equal to the amount of such Fund’s commitments will be reserved for payment of the commitment.

Note 4 — Investment Advisory and Other Agreements:

Crossmark Global Investments, a wholly-owned subsidiary of Crossmark Global Holdings, Inc. (“Crossmark Global Holdings”), serves as investment adviser to the Funds. Crossmark Global Investments provides investment advisory services to investment companies, pension and profit sharing accounts, corporations and individuals. Subject to the authority of the Board, the Adviser provides the Funds with continuous investment advisory services in accordance with an investment advisory agreement between the Adviser and SFI, on behalf of the Funds. Crossmark Global Investments receives compensation for its services as investment adviser. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. Pursuant to the terms of the investment advisory agreement, Crossmark Global Investments has full discretion to manage the assets of the Funds in accordance with their investment objectives.

As compensation for its services as investment adviser, each Fund pays Crossmark Global Investments, on a monthly basis, an investment advisory fee calculated daily, based on the average daily net assets of the Fund, at the following annual rates:

Steward Covered Call Income Fund	Steward Large Cap 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

With respect to each Fund listed below, Crossmark Global Investments has entered into an expense limitation agreement. Under the terms of the agreement, to the extent that ordinary operating expenses incurred by each Class of a Fund in any fiscal year exceed the expense limit for such Class of the Fund, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividends on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying

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investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of October 31, 2023, the contractual expense limitations were as follows:

	In effect through August 31, 2024
Fund	Class A			Class C			Class R6			Institutional   Class
Steward Covered Call Income Fund		1.25	%		2.00	%		1.00	%		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.

Steward Covered Call Income Fund, Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund have agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three years following the date on which such waiver or reimbursement was made to the extent such repayments would not cause the ordinary operating expenses of a Class to exceed the expense limitation in place at the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the year are reflected on the Statements of Operations as “Recoupment of prior expenses reimbursed by the Adviser.”

From time to time, the Adviser may voluntarily waive fees or reimburse expenses of a Fund. These voluntary waivers or reimbursements may be terminated at any time at the option of the Adviser. For the period ended October 31, 2023, the Adviser did not voluntarily waive or reimburse expenses of a Fund.

As of October 31, 2023, the amounts subject to repayment by the Funds in subsequent years under the expense limitation agreement and for voluntary waivers or reimbursements subject to recoupment were as follows:

	Class A								Class C
	April 30,								April 30,
Fund	2024		2025		2026		2027		2024		2025		2026		2027
Steward Covered Call Income Fund	$	109	$	364	$	2,729	$	1,180		$2,370		$1,899		$3,132		$1,639
Steward Large Cap Core Fund		N/A		596		1,044		660		N/A		N/A		N/A		N/A
Steward Large Cap Growth Fund		N/A		523		791		413		N/A		N/A		N/A		N/A
Steward Large Cap Value Fund		N/A		554		1,428		851		N/A		N/A		N/A		N/A
Steward Small Cap Growth Fund		N/A		518		974		526		N/A		N/A		N/A		N/A
	Class R6								Institutional Class
	April 30,								April 30,
Fund	2024		2025		2026		2027		2024		2025		2026		2027
Steward Covered Call Income Fund		N/A	$	6	$	16	$	10	$	312,071	$	171,448	$	195,807	$	78,166
Steward Large Cap Core Fund		N/A		N/A		N/A		N/A		N/A		43,204		171,201		85,841
Steward Large Cap Growth Fund		N/A		N/A		N/A		N/A		N/A		46,460		170,571		88,466
Steward Large Cap Value Fund		N/A		N/A		N/A		N/A		N/A		40,551		167,245		80,104
Steward Small Cap Growth Fund		N/A		N/A		N/A		N/A		N/A		44,376		140,161		72,066

Crossmark Global Investments serves as the administrator of the Funds. For its administration and compliance services, Crossmark Global Investments receives a monthly fee from each Fund calculated at the annual rate of 0.075% of the first $1 billion of the average daily net assets of that Fund and 0.0675% of assets over $1 billion.

Crossmark Distributors, Inc. (“Crossmark Distributors”) serves as the distributor of the Funds’ shares. Crossmark Distributors is an affiliate of Crossmark Global Investments, and both are wholly-owned subsidiaries of Crossmark Global Holdings.

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Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan allows each Fund, out of assets attributable to Class A shares, to compensate Crossmark Distributors at an annual rate of 0.25% for its services in connection with the sale and distribution of Class A shares and for services to Class A shareholders. The Plan allows each Fund, out of assets attributable to Class C shares, to compensate Crossmark Distributors at an annual rate of 1.00% for its services in connection with the sale and distribution of Class C shares and for services to Class C shareholders. Because these fees are paid out of Class A and Class C assets on an ongoing basis over time these fees will increase the cost of your investment in Class A and Class C shares and may cost you more than paying other types of sales charges. Institutional Class and Class R6 shares are not subject to the Plan.

Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to the applicable Class for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group accounts in which Fund shareholders of the applicable Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of the Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per account. These fees are in addition to fees payable under the Service and Distribution Plan. Class R6 shares are not subject to the Sub-Accounting Services Plan.

Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments and/or Crossmark Distributors.

Foreside Fund Officer Services, LLC (“Foreside”) provides principal financial officer services to the Funds by making available a senior financial professional who serves as Treasurer of the Funds. Foreside receives a monthly fee from the Funds for the services provided and is also reimbursed by the Funds for certain out-of-pocket expenses.

The Northern Trust Company (“Northern Trust”) acts as fund accounting and sub-administration services provider for each Fund. Under the terms of the Fund Administration and Accounting Services Agreement, Northern Trust is paid annual class fees which shall apply to each additional class of shares of each Fund that has more than a single share class, and is entitled to receive a monthly fee from each Fund calculated at the annual rate of 0.05% on the first $500 million of the Funds’ aggregate average daily net assets. The rate then declines to 0.04% on the next $500 million of aggregate average daily net assets, and to 0.03% on the next $1 billion of aggregate average daily net assets, and to 0.02% on aggregate average daily net assets over $2 billion thereafter subject to certain minimums and additional fees. Northern Trust receives additional fees for sub-administration services and reimbursement of certain expenses. Northern Trust also serves as the Funds’ transfer agent and is paid annual class and per account fees.

Note 5 — Purchases and Sales of Securities:

Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the period ended October 31, 2023, were as follows:

Fund	Purchases		Sales
Steward Covered Call Income Fund	$	41,726,096	$	24,785,718
Steward Equity Market Neutral Fund		117,484,296		127,631,759
Steward Global Equity Income Fund		111,398,949		106,162,110
Steward International Enhanced Index Fund		19,181,249		16,750,668
Steward Large Cap Core Fund		38,323,692		38,514,707
Steward Large Cap Growth Fund		27,254,698		24,975,458
Steward Large Cap Value Fund		40,043,706		35,183,619
Steward Select Bond Fund		6,481,305		3,289,448
Steward Small Cap Growth Fund		6,202,678		6,089,730
Steward Values-Focused Large Cap Enhanced Index Fund		9,268,542		10,817,613
Steward Values-Focused Small-Mid Cap Enhanced Index Fund		17,153,518		18,826,672

Purchases and sales of U.S. government securities for the period ended October 31, 2023, were as follows:

Fund	Purchases		Sales
Steward Select Bond Fund	$	14,738,141	$	4,195,367

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Note 6 — Federal Income Tax Information:

As of October 31, 2023, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options and short positions, for federal income tax purposes, were as follows:

Fund	Tax Cost of Securities			Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Steward Covered Call Income Fund	$	77,936,732		$	2,199,942	$	(10,081,069	)	$	(7,881,127	)
Steward Equity Market Neutral Fund		(5,717,358	)		13,047,479		(5,412,306	)		7,635,173
Steward Global Equity Income Fund		347,145,330			29,405,618		(32,206,149	)		(2,800,531	)
Steward International Enhanced Index Fund		220,480,364			16,530,710		(29,086,006	)		(12,555,296	)
Steward Large Cap Core Fund		80,558,341			4,023,226		(4,257,222	)		(233,996	)
Steward Large Cap Growth Fund		78,992,329			5,167,764		(2,399,415	)		2,768,349
Steward Large Cap Value Fund		67,949,289			4,137,106		(5,548,030	)		(1,410,924	)
Steward Select Bond Fund		182,790,685			—		(21,755,509	)		(21,755,509	)
Steward Small Cap Growth Fund		30,732,028			1,540,530		(8,769,504	)		(7,228,974	)
Steward Values-Focused Large Cap Enhanced
Index Fund		198,100,209			33,402,080		(20,773,613	)		12,628,467
Steward Values-Focused Small-Mid Cap Enhanced
Index Fund		167,895,056			23,704,024		(33,247,859	)		(9,543,835	)

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales, adjustments to income on certain securities and other temporary differences.

The tax character of distributions paid during the fiscal year ended April 30, 2023, was as follows:

	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

In addition to the Ordinary and Capital Gains distribution, during the fiscal year ended April 30, 2023, the following Funds utilized equalization for tax purposes whereby a portion of redemption payments were treated as distributions as noted below:

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

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As of the end of the fiscal year ended April 30, 2023, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

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

As of the end of the fiscal year ended April 30, 2023, the following Funds had capital loss carry forwards (“CLCFs”) as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset.

CLCFs not subject to expiration:

Fund	Short-Term Amount		Long-Term Amount		Total
Steward Covered Call Income Fund	$	—	$	—	$	—
Steward 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		—		—		—

During the tax year ended April 30, 2023, the following Fund utilized capital loss carryforwards as follows:

Fund	Total
Steward Equity Market Neutral Fund	$	301,309

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Under the current tax law, capital/late year and ordinary losses realized after October 31 and December 31, respectively, of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds’ deferred losses are as follows:

Fund	Late-Year Ordinary Loss Deferred
Steward Global Equity Income Fund	$	4,390,274
Steward Small Cap Growth Fund		53,017

Note 7 — Control Ownership:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2023, Assemblies of God Financial Services Group DBAAGFinancial, the parent company of Crossmark Global Holdings, through its subsidiary, Steward Financial Holdings, Inc., had effective voting control over SFI and each of the Funds, with the exception of Steward Equity Market Neutral Fund, Steward Global Equity Income Fund and Steward Values-Focused Small-Mid Cap Enhanced Index Fund. In addition, as of October 31, 2023, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership. The percentages below include shares over which Assemblies of God Financial Services Group DBA AGFinancial has voting control.

		Percent Owned
Steward Covered Call Income Fund	MSCS Financial Services, LLC		63%
Steward Covered Call Income Fund	National Financial Services LLC		33%
Steward Equity Market Neutral Fund	MSCS Financial Services, LLC		29%
Steward Equity Market Neutral Fund	National Financial Services LLC		15%
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		37%
Steward Large Cap Core Fund	MSCS Financial Services, LLC		54%
Steward Large Cap Core Fund	National Financial Services LLC		31%
Steward Large Cap Growth Fund	MSCS Financial Services, LLC		42%
Steward Large Cap Growth Fund	National Financial Services LLC		34%
Steward Large Cap Value Fund	MSCS Financial Services, LLC		71%
Steward Large Cap Value Fund	National Financial Services LLC		27%
Steward Select Bond Fund	MSCS Financial Services, LLC		65%
Steward Select Bond Fund	National Financial Services LLC		41%
Steward Small Cap Growth Fund	MSCS Financial Services, LLC		87%
Steward Values-Focused Large Cap Enhanced Index Fund	MSCS Financial Services, LLC		34%
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%

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Note 8 — Commitments and Contingencies

Under the Funds’ organizational documents, the Funds’ current and former officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with service providers and other third parties that may provide for certain indemnifications. The Funds’ maximum exposure under these indemnification provisions is unknown and may include future claims that may be made against the Funds. The Funds expect the risk of loss to be remote.

Note 9 — Subsequent Events:

Management has evaluated subsequent events through the date these financial statements were issued.

At the December 7, 2023 meeting of the Board of Directors of Steward Funds, Inc. (the “Board”), the Board approved a change in the distribution policy for Steward Covered Call Income Fund (the “Fund”). Effective January 1, 2024, the Fund will begin paying a monthly dividend which may consist of net investment income and/or short-term capital gains.

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General Information (Unaudited)

Proxy Voting Policy and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-888-845-6910, or (ii) on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Portfolio holdings information included with Form N-PORT for the third month of each relevant fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.

Board Considerations Regarding Approval of Investment Advisory Agreement

The Board of Directors (the “Board”) of Steward Funds, Inc. (“SFI”), including the Independent Directors, approved the renewal of the Investment Advisory Agreement (the “Agreement”) with Crossmark Global Investments, Inc. (the “Adviser” and together with its affiliates, “Crossmark”), on behalf of the following series of SFI (each a “Fund” and collectively, the “Funds”):

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

The Board approved the renewal of the Agreement for each Fund at a meeting held on May 24, 2023 (the “Meeting”). The Board determined for each Fund that the renewal of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided by the Adviser and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. In advance of and during the Meeting, the Board, including the Independent Directors, reviewed materials provided by Crossmark that, among other things, outlined: the investment advisory, administration, compliance and other services provided by Crossmark to each Fund (including the relevant personnel responsible for these services and their experience); performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source; the advisory fee rate schedule payable by each Fund as compared to fees payable by a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge; the expense ratios compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; the nature of expenses incurred in providing services to each Fund and the potential for the Adviser to realize economies of scale, if any; profitability and other financial data for Crossmark; and any other benefits to Crossmark from the Adviser’s relationship with the Funds.

106

In considering the renewal of the Agreement for each Fund, the Independent Directors met with SFI counsel independent of management and of the interested Directors to review and discuss the materials received from Crossmark. The Board asked questions and applied its business judgment to determine whether the arrangement between SFI and the Adviser continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided and all considered with respect to the Agreement, the Board had received sufficient information to renew the Agreement for each Fund. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Adviser manages the Fund and knowing the Fund’s advisory fee rate and other expenses.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the Adviser to each Fund under the Agreement. The Board considered that the Adviser is responsible for investment advice, portfolio management, including the implementation of each Fund’s values-based screening policies, and brokerage allocation, among other services under the Agreement. The Board also noted that the Adviser provides administration and compliance services, including maintaining the Funds’ compliance program, under a separate Administration Agreement. The Board considered the background and experience of the Crossmark employees responsible for providing the investment advisory, values-based screening, administration, legal, compliance and other services to the Funds.

At the Meeting, the Board discussed each Fund’s performance. The Board noted that, at each quarterly Board meeting, it receives performance reporting for each Fund from the Adviser and also meets with senior personnel from the Adviser’s investment management team to discuss each Fund’s performance. The Board considered each Fund’s investment performance over the one-, three-, five- and ten-year periods ended February 28, 2023, as applicable, and considered each Fund’s performance compared to the performance of relevant benchmark index(es) and its Performance Universe. The Board took into account that the Adviser, in implementing the Funds’ investment strategies, applies the Funds’ values-based screens and considered that it receives information from the Adviser throughout the year regarding the impact of the values-based screens on the Funds’ performance. In addition, the Board considered the Adviser’s discussion of instances of relative outperformance and underperformance and its outlook for the applicable Funds in light of any such underperformance.

In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to each Fund by the Adviser under the Agreement have been and are expected to remain satisfactory and that the Adviser has managed each Fund consistent with its investment objective, policies and restrictions.

Fees and Expenses. The Board considered the advisory fee rate schedule payable by each Fund under the Agreement for the services provided. The Board received and reviewed information showing the advisory fee rates and expense ratios of the peer funds in the Expense Groups. The Board noted that, with respect to comparing each Fund’s advisory fee rate under the Agreement to the advisory fee rates of the peer funds in its Expense Group, Broadridge included the fee rate for administration and compliance services provided under the Administration Agreement in the advisory fee rate for each Fund. Based on the information provided, the Board noted that each Fund’s advisory fee rate was within a reasonable range of its Expense Group median. With respect to the Expense Groups, the Board, at the Meeting, discussed with the Adviser limitations in creating peer groups for the Funds and considered alternative peer groups for certain Funds provided by the Adviser for purposes of fee and expense comparisons. The Board also considered information provided by the Adviser regarding advisory fee rates charged to other Adviser clients, managed through different structures and forms but with similar investment objectives and policies as the Funds, noting the Adviser’s discussion of the differences in services and asset flows, as well as legal, compliance and operational resources and risks, associated with sponsoring and managing the Funds as compared to such other clients, among other differences identified by the Adviser that limit the comparability of the fees charged to such other clients. For each of Steward Covered Call Income Fund, Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund, the Board considered that the Adviser had contractually agreed to waive fees and/or reimburse expenses through at least August 31, 2024 to limit total annual operating expenses for the Fund, subject to the ability to recapture previously waived fees and/or reimbursed expenses under certain circumstances for a three-year period. Based on the information provided and all considered, the Board concluded that the advisory fee rate schedule for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Adviser to each Fund under the Agreement.

Profitability. The Board received the financial statements of Crossmark and information regarding the estimated profitability to Crossmark under the Agreement for each Fund. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided and all considered, the Adviser’s profitability level for the Funds was not unreasonable.

Economies of Scale. The Board considered whether there are any potential economies of scale with respect to the management of each Fund under the Agreement and whether each Fund may benefit from any economies of scale under the Agreement. The Board noted the Adviser’s statement that it anticipates its expenses will increase during the next twelve months as it seeks to hire additional personnel. The Board noted that each Fund’s advisory fee rate schedule includes breakpoints that offer reasonable economies of

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scale that may benefit the Fund if and as assets grow. Based upon the information provided and all considered, the Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may exist in the management of the Fund at current asset levels and reasonably foreseeable future asset levels.

Other Benefits to the Adviser and Its Affiliates. The Board considered the character and amount of other benefits, incidental or otherwise, received by Crossmark as a result of the Adviser’s relationship with the Funds. The Board noted that Crossmark Distributors, Inc. (“Crossmark Distributors”), an affiliate of the Adviser, serves as SFI’s principal underwriter and distributor. The Board also noted that, under the Administration Agreement, the Adviser provides administration and compliance services to the Funds. The Board considered payments under the Funds’ Rule 12b-1 plan to Crossmark Distributors for distribution services as well as payments to the Adviser for administration and compliance services under the Administration Agreement. In addition, the Board considered benefits to the Adviser related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker-dealers. The Board considered these other benefits in reaching its conclusion that each Fund’s advisory fee rate schedule under the Agreement is reasonable.

Conclusion. Based upon the information provided and all considered and the conclusions reached, the Board, including the Independent Directors, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that continuation of the Agreement for each Fund is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.

Liquidity Risk Management Program

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Steward Funds, Inc. (“SFI”) and its series (each a “Fund” and collectively, the “Funds”) have adopted and implemented a written liquidity risk management program (the “Program”) reasonably designed to assess and manage the Funds’ liquidity risk (i.e., the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund). The Program takes into consideration, as applicable, each Fund’s investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, short- and long-term cash flow projections under both normal and reasonably foreseeable stressed conditions, cash and cash equivalent holdings, and available borrowing arrangements and other funding sources. The Board of Directors of SFI (the “Board”) has appointed James Jacoby, an officer of SFI, as the person designated to administer the Program (the “Administrator”). In addition, SFI and the Funds reserve the right to engage in redemptions in kind and, as required by Rule 22e-4 and the Program, have adopted policies and procedures regarding how and when the Funds will engage in redemptions in kind.

Pursuant to the Program, the Administrator classifies the liquidity of each Fund’s portfolio investments into one of the four liquidity categories specified by Rule 22e-4: highly liquid investments, moderately liquid investments, less liquid investments and illiquid investments. On a monthly basis, the Administrator receives and reviews a liquidity assessment for each portfolio investment from a third-party provider and determines the investment’s liquidity classification, considering relevant market, trading and investment-specific factors, including reasonably anticipated trade sizes. The Administrator is also responsible for determining whether to establish a highly liquid investment minimum (“HLIM”) for a Fund and periodically reviewing any such HLIM, as well as monitoring each Fund’s portfolio investments classified as illiquid investments to seek to ensure they do not exceed 15% of the Fund’s net assets.

At the May 24, 2023 Board meeting, as required by Rule 22e-4 and the Program, the Administrator provided the Board with a written report prepared by the Administrator that addressed the operation of the Program during the preceding fiscal year and assessed the Program’s adequacy and effectiveness of its implementation during this period, including the operation of any HLIM, and any material changes to the Program.

As stated in the written report, during this period, the Administrator did not establish an HLIM for any Fund as each Fund primarily held assets that are highly liquid investments; no Fund breached the 15% limitation on illiquid investments; the Funds did not experience any issues meeting redemptions; and the Funds did not effect any redemptions in kind. In addition, the Administrator reported that the investment strategies utilized by the Funds do not involve holding concentrated portfolios or large positions in particular issuers or the use of derivatives (other than covered call options written by Steward Covered Call Income Fund and short sale borrowings by Steward Equity Market Neutral Fund); the Funds do not use borrowings for investment purposes (other than short sale borrowings by Steward Equity Market Neutral Fund); and the Funds do not maintain or utilize a credit facility to meet redemptions given the liquidity of their portfolios. The Administrator also advised that no material changes were made to the Program during this period and that no changes were recommended.

The Administrator concluded that each Fund’s liquidity risk is acceptable; each Fund’s investment strategy is appropriate for an open-end fund; and the Program functioned adequately and effectively during this period.

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EXPENSE EXAMPLES (Unaudited)

As a shareholder of the Funds, you may incur transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on the lesser of the purchase price or redemption proceeds of Class C shares. You will also incur ongoing costs, including management fees, 12b-1 fees, and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2023 through October 31, 2023.

Actual Expenses

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

Fund	Beginning Account Value 5/1/23			Ending Account Value 10/31/23			Expenses Paid During Period 5/1/23 – 10/31/23*			Expense Ratio During Period 5/1/23 – 10/31/23**
Steward Covered Call Income Fund
Class A		$	1,000.00		$	1,017.10		$	6.34		1.25	%
Class C			1,000.00			1,013.10			10.12		2.00	%
Class R6			1,000.00			1,020.70			4.81		0.95	%
Institutional Class			1,000.00			1,019.00			5.08		1.00	%
Steward Equity Market Neutral Fund
Class A			1,000.00			1,078.40			8.62		1.65	%
Institutional Class			1,000.00			1,078.80			7.99		1.53	%
Steward Global Equity Income Fund
Class A			1,000.00			972.60			6.25		1.26	%
Class C			1,000.00			966.60			9.99		2.02	%
Class R6			1,000.00			975.70			4.46		0.90	%
Institutional Class			1,000.00			974.60			4.96		1.00	%
Steward International Enhanced Index Fund
Class A			1,000.00			960.20			5.32		1.08	%
Class C			1,000.00			960.80			5.53		1.12	%
Class R6			1,000.00			962.90			3.27		0.66	%
Institutional Class			1,000.00			962.00			3.82		0.77	%
Steward Large Cap Core Fund
Class A			1,000.00			1,022.80			5.08		1.00	%
Institutional Class			1,000.00			1,024.20			3.82		0.75	%
Steward Large Cap Growth Fund
Class A			1,000.00			1,063.00			5.19		1.00	%
Institutional Class			1,000.00			1,064.30			3.89		0.75	%
Steward Large Cap Value Fund
Class A			1,000.00			985.40			4.99		1.00	%
Institutional Class			1,000.00			986.30			3.74		0.75	%
Steward Select Bond Fund
Class A			1,000.00			965.80			4.86		0.98	%
Class C			1,000.00			961.80			8.67		1.76	%
Class R6			1,000.00			966.80			3.97		0.80	%
Institutional Class			1,000.00			967.10			3.56		0.72	%
Steward Small Cap Growth Fund
Class A			1,000.00			911.50			6.01		1.25	%
Institutional Class			1,000.00			912.40			4.81		1.00	%
Steward Values-Focused Large Cap Enhanced Index Fund
Class A			1,000.00			1,006.20			4.26		0.85	%
Class C			1,000.00			1,002.40			8.25		1.64	%
Class R6			1,000.00			1,007.70			2.55		0.51	%
Institutional Class			1,000.00			1,007.40			3.04		0.60	%

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EXPENSE EXAMPLES (Unaudited)

Fund	Beginning Account Value 5/1/23			Ending Account Value 10/31/23			Expenses Paid During Period 5/1/23 – 10/31/23*			Expense Ratio During Period 5/1/23 – 10/31/23**
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Class A		$	1,000.00		$	957.20		$	4.10		0.83	%
Class C			1,000.00			956.80			4.00		0.81	%
Class R6			1,000.00			958.60			2.67		0.54	%
Institutional Class			1,000.00			957.50			3.21		0.65	%

* Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

** The expense ratio for each class of 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.

110

Hypothetical Example for Comparison Purposes (Unaudited)

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Transactional costs, if any, such as sales charges (front or back end loads) or exchange fees, are not shown in the table. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.

Fund	Beginning Account Value 5/1/23			Ending Account Value 10/31/23			Expenses Paid During Period 5/1/23 – 10/31/23*			Expense Ratio During Period 5/1/23 – 10/31/23**
Steward Covered Call Income Fund
Class A		$	1,000.00		$	1,018.85		$	6.34		1.25	%
Class C			1,000.00			1,015.08			10.13		2.00	%
Class R6			1,000.00			1,020.37			4.81		0.95	%
Institutional Class			1,000.00			1,020.11			5.08		1.00	%
Steward Equity Market Neutral Fund
Class A			1,000.00			1,016.84			8.37		1.65	%
Institutional Class			1,000.00			1,017.45			7.76		1.53	%
Steward Global Equity Income Fund
Class A			1,000.00			1,018.80			6.39		1.26	%
Class C			1,000.00			1,014.98			10.24		2.02	%
Class R6			1,000.00			1,020.62			4.57		0.90	%
Institutional Class			1,000.00			1,020.11			5.08		1.00	%
Steward International Enhanced Index Fund
Class A			1,000.00			1,019.70			5.49		1.08	%
Class C			1,000.00			1,019.50			5.69		1.12	%
Class R6			1,000.00			1,021.80			3.37		0.66	%
Institutional Class			1,000.00			1,021.24			3.94		0.77	%
Steward Large Cap Core Fund
Class A			1,000.00			1,020.11			5.08		1.00	%
Institutional Class			1,000.00			1,021.37			3.81		0.75	%
Steward Large Cap Growth Fund
Class A			1,000.00			1,020.11			5.08		1.00	%
Institutional Class			1,000.00			1,021.37			3.81		0.75	%
Steward Large Cap Value Fund
Class A			1,000.00			1,020.11			5.08		1.00	%
Institutional Class			1,000.00			1,021.37			3.81		0.75	%
Steward Select Bond Fund
Class A			1,000.00			1,020.19			5.00		0.98	%
Class C			1,000.00			1,016.30			8.91		1.76	%
Class R6			1,000.00			1,021.10			4.08		0.80	%
Institutional Class			1,000.00			1,021.51			3.66		0.72	%
Steward Small Cap Growth Fund
Class A			1,000.00			1,018.85			6.34		1.25	%
Institutional Class			1,000.00			1,020.11			5.08		1.00	%
Steward Values-Focused Large Cap Enhanced Index Fund
Class A			1,000.00			1,020.89			4.29		0.85	%
Class C			1,000.00			1,016.90			8.31		1.64	%
Class R6			1,000.00			1,022.59			2.57		0.51	%
Institutional Class			1,000.00			1,022.10			3.07		0.60	%
Steward Values-Focused Small-Mid Cap Enhanced
Index Fund
Class A			1,000.00			1,020.95			4.23		0.83	%
Class C			1,000.00			1,021.05			4.13		0.81	%
Class R6			1,000.00			1,022.41			2.76		0.54	%
Institutional Class			1,000.00			1,021.85			3.32		0.65	%

* Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

** The expense ratio for each class of 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.

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Visit us online at: crossmarkglobal.com STEWARD FUNDS SEMI-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.

Not applicable for the reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for the reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for the reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for the reporting period.

Item 6. 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.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

1

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)  (1) Not applicable for the reporting period.

(a)  (2) Certifications for the principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) are attached hereto.

(a)  (3) Not applicable.

(a)  (4) Not applicable.

(b)   Certifications pursuant to Rule 30a-2(b) are attached hereto.

2

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: December 28, 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: December 28, 2023

By:	/s/ Monique D. Labbe
	Monique D. Labbe
	Treasurer
	(Principal Financial Officer)

Date: December 28, 2023

3