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 Number811-01597
Steward Funds, Inc.
(Exact name of registrant as specified in charter)
15375 Memorial Drive
Suite 200
Houston, Texas 77079
(Address of principal executive offices) (Zip code)
John Marten
Vedder Price P.C.
222 North LaSalle Street
Chicago, Illinois 60601
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 262-6631
Date of fiscal year end:April 30
Date of reporting period:October 31, 2019
Item 1. Reports to Stockholders.
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, 2019 |
CROSSMARK STEWARD FUNDS
SEMI-ANNUAL REPORT
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website atwww.crossmarkglobal.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or you are a direct investor, by calling 1-713-243-6764 or sending an email request to Patricia Mims, pmims@crossmarkglobal.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-713-243-6764 or send an email request to pmims@crossmarkglobal.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Transfer Agent if you invest directly with the Funds.
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TABLE OF CONTENTS
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The last six months have been very exciting for the Steward Funds and for Crossmark Global Investments (the investment advisory firm that manages the funds). Most notably, in early 2019 we were notified by Refinitiv that the Steward Global Equity Income Fund (ticker SGISX) had once again been selected to receive multiple Lipper Fund Awards for its performance. Specifically, the Steward Global Equity Income Fund was named the Best Global Equity Income Fund in the three-year, five-year, and ten-year performance categories for the period ending November 30, 2018. This marks the fifth consecutive year in which this fund has received a Lipper Award.
We are extraordinarily proud of all of the funds. The Steward family of funds employs a proprietary screening methodology that excludes companies materially involved with alcohol, tobacco, or gambling, and companies involved with certain life ethics issues or mature content. Our belief is that investors do not need to sacrifice investment returns in order to align their investments with their values.
As a firm, we are committed to operating according to the highest levels of excellence within our industry. Our commitment to our core values of integrity, courage, commitment, proficiency and professionalism is unwavering. Not only do we help investors align their investments with their values, we work hard to align our own business practices with our values.
On behalf of all of the professionals at the Steward Funds and Crossmark Global Investments, we sincerely thank you for the trust you have placed in us. We invite you to learn more about the Steward Funds and the various investment options available by visiting our website www.crossmarkglobal.com. Additionally, if you are ever in the Houston, Texas area we would love to meet you personally at our office. Feel free to stop by at any time.
Again, thank you for choosing to invest in the Steward Funds.
Sincerely,
Michael L. Kern, III, CFA
Chairman of the Board, President and Treasurer of Steward Funds, Inc.
President, CEO and Treasurer of Crossmark Global Investments, Inc.
15375 Memorial Drive, Suite 200, Houston, TX 77079 800-262-6631 | crossmarkglobal.com/stewardfunds |
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NOTES FROM THE PORTFOLIO MANAGERS (Unaudited)
We are happy to present the October 31, 2019 Semi-Annual Report for Steward Funds, Inc. In implementing their investment strategies, the Steward Fund family of funds applies a set of values-based screens to use its best efforts to avoid investing in companies that are recognized as being involved with the production of mature content or certain life ethics issues, and companies that are recognized as being materially involved with the production and distribution of alcohol, gambling, or the production of tobacco products.
We welcome the opportunity to address any questions you may have related to Steward Funds, Inc.
Market Overview
The U.S. macroeconomic outlook moderated from the strong pace of 2018. While GDP growth was nearly 3% in 2018, the latest GDP reading showed seasonally adjusted annualized growth of 2.1% in the third quarter of 2019. This is in-line with the FOMC prediction for real GDP growth of 2.2% in 2019. The slowing of the U.S. economy fits within the context of the overall economic data and helps explain the actions of the Federal Reserve over the past six months. Employment remains strong with the unemployment rate reaching a 50-year low of 3.6% as of September 30, 2019. When paired with a labor force participation rate of 63.3%, the highest since 2013, it appears the labor market strength suggests that the economic slowdown in 2019 is not necessarily the precursor to further weakening in the economy.
The global macroeconomic growth similarly softened over the past six months. Recent data showed the Canadian economy rebounded to a healthy pace of expansion with residential construction jumping significantly midway through the year. Employment and income growth have also outpaced expectations. The Bank of Canada has left its policy interest rate unchanged as there is little slack left in the labor market and the inflation rate is on target at 2%. Across the pond, the Eurozone is expected to substantially increase its monetary stimulus due to soft growth expectations. The ECB has lowered its already negative deposit rate policy even further. They are also restarting their quantitative easing program with asset purchases beginning in November. The latest chapter of the Brexit saga in the UK has cast more uncertainty to the eventual outcome. Prime Minister Boris Johnson attempted to expedite a hard Brexit but was stymied by the House of Commons. The House of Commons passed a bill in September that effectively prevents just such a possibility from occurring and it appears the process is once again at a stalemate. In Japan, recent data indicated a deflationary trend that is prompting the Bank of Japan to follow the Fed and ECB to also increase its monetary stimulus. It now appears that most developed markets are moving to increasing monetary stimulus to offset concerns of slowing global growth.
The recent actions of the Federal Reserve seem to bolster the notion that moderated economic growth exists, but it may be maintainable. After the Fed raised its Target Rate in 2017 and 2018, the Fed paused its hiking cycle. Over the past six months, the Fed cut the Target rate three times to a range of 1.50% on the lower bound and 1.75% on the upper bound. The recent actions of the Fed were framed in the context as a “mid-cycle adjustment” to sustain economic growth, as opposed to actions to stave off recession.
While there are many explanations for a moderating U.S. and global economy and the Fed’s actions, there are two main storylines over the past six months that deserve exploration: the ongoing trade war between the U.S. and China, and flat corporate earnings growth. The U.S. and China have engaged in an escalating trade war characterized by increasing tariffs, hyperbolic rhetoric and general sense of uncertainty regarding the future of global trade relations. While there has been some recent softening in language and a tentative phase one agreement between the two countries, uncertainty generally tends to depress corporate investment and overall business sentiment. For example, the ISM Manufacturing PMI broke below the 50 mark in August, signaling negative sentiment among manufacturing purchasing managers. Uncertainty around the globe, slowing international growth and depressed sentiment helps explain why economic growth in the U.S. is moderating despite fiscal stimulus and a seemingly healthy labor market.
Corporations have operated within this framework and experienced mixed results. In 2018, S&P 500 companies posted a robust earnings growth rate of 20.71% due in part to rebounding energy company earnings and corporate tax reform. Given the overall macroeconomic framework described above, the impact lag of rate cuts and global uncertainty amid the trade war, corporate earnings have struggled to post gains in 2019. The year began with positive earnings growth estimates but has devolved to slightly negative earnings reports in first and second quarters for 2019. The overall estimate from analysts is that S&P 500 corporations will still eek out positive earnings growth of 0.22% in 2019, but that assumes that Q4 will help buoy the currently negative corporate earnings growth rate.
In spite of the mixed news and uncertainty, the S&P 500 managed to grow 4.16% over the past six months and fits with our overall theme: slower economic and corporate earnings growth does not necessarily suggest a recession is imminent. We do expect increased market volatility going forward given the uncertainty. However, a further easing of global trade tensions and more accommodative monetary policy in the U.S. and across the globe could prove catalysts for future growth. Overall, these results require investor attention, but do not necessarily warrant a change in long-term strategy.
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STEWARD COVERED CALL INCOME FUND
Paul Townsen, Executive Vice President
Fund Performance | |
For the six months ended October 31, 2019, the Steward Covered Call Income Fund returned 2.88% for the Class A shares and 3.13% for the Institutional Class shares. The return for the Cboe S&P 500 BuyWrite Index was 4.36% and the return for the S&P 500 was 4.16% for the same period. |
Factors Affecting Performance
There are three main factors that contribute to the Fund’s relative performance against the benchmarks: stock selection, the performance of the call option overlay, and the Fund’s values-based investment policies.
The impact of stock allocation and weighting for the six-month period was neutral. Over-weights to Biogen, NextEra and Medtronic all outperformed the market with returns of 30.30%, 4.05%, and 23.92%, respectively. This positively impacted performance. Stock allocations that negatively impacted performance were Occidental Petroleum, FedEx, and Dupont which returned -28.87%, -18.78%, and -21.98%, respectively. When the long-only positions are analyzed in isolation, it is estimated that security allocation had a neutral impact.
Fund performance is also impacted by covered calls written against the underlying equity securities. For the period, volatility continued in a moderate trading range with the VIX reading an average of 15.96. By comparison, the VIX had an average reading of 15.98 for the year ending April 30, 2019. Thus, there was not significant increase in premium generation. In the aggregate, the call options were the largest detractor from performance with an impact of -122 basis points. When stocks rise, writing call options caps the upside in exchange for a premium. Thus, short call options are expected to detract from performance when the market experiences periods of sharp price appreciation.
Performance of the Fund can also be affected by the Fund’s values-based investment policies. For the six-month period ended October 31, 2019, the values-based investment policies had a net positive performance impact on the Fund. Companies such as AT&T (mature content), up 27.95%, Bristol-Myers Squibb (life ethics), up 25.68%, and Merck (life ethics), up 11.57%, outperformed the S&P 500 benchmark. Screening out these three securities detracted 34 basis points from performance. Conversely, not owning companies such as Amazon (mature content), down 7.78%, Netflix (mature content), down 22.43%, and Johnson & Johnson (life ethics), down 5.15%, positively impacted performance by 71 basis points. Overall, restricted companies positively contributed 79 basis points to the Fund’s performance over the past six months.
Principal Investment Strategies
The Fund’s principal investment strategy is to invest in a portfolio of large-cap, dividend-paying, equity securities that are listed on U.S. exchanges and to write (sell) 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-cap securities market, subject to the limitations of the Fund’s values-based screening policies.
Under normal market circumstances, the Fund will:
• | write (sell) call options on at least 80% of its equity securities |
• | invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark |
Covered call options may be written on the Fund’s equity securities. A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at a specified exercise price at any time prior and up to the expiration of the contract.
The covered call strategy used by the Fund is designed to earn extra income for the Fund from premiums to moderate the impact of market declines and to reduce the volatility of the Fund’s portfolio. This strategy means that the Fund may be expected to underperform equity markets during periods of sharply rising equity prices; conversely, by using this strategy, the Fund would tend to outperform equity markets during periods of flat or declining equity prices due to the Fund’s receipt of premiums from selling the call options.
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STEWARD GLOBAL EQUITY INCOME FUND
John R. Wolf, Executive Vice President
Fund Performance | |
For the six months ended October 31, 2019, the Steward Global Equity Income Fund returned 4.45% for the Class A shares and 4.58% for the Institutional Class shares. The return for the global market as represented by the S&P Global 1200 Index was 3.83% and the return for the S&P 500 was 4.16% for the same period. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 5.04% for the same period. |
Factors Affecting Performance
The Fund’s allocation at the end of the period was 62% U.S. and 38% international with domestic stocks outperforming their international counterparts during the period. Positive relative performance was led by Taiwan Semiconductor Manufacturing Co., Ltd. +21.51%. The company’s shares climbed as the world’s largest contract chipmaker announced record monthly revenue for August that exceeded expectations. Companies such as AMD, Apple and MediaTek are expected to continue to drive demand for TSMC products over the next several months. The rapid development of 5G technology may also translate to better results going into the fourth quarter. Algonquin Power & Utilities Corp. +23.99% shares climbed on solid second quarter results. The company provides utility services to nearly 800k connections in the United States and Canada. Significant progress has been made on its $7.5 billion capital plan. Final certificates were received to allow the construction of up to 600 MW of wind energy at three generation sites in the U.S. Midwest as part of its commitment to sustainable energy. Medtronic plc +23.92% shares climbed after reporting a solid quarter of financial results with revenue and adjusted earnings coming in above the top end of guidance and ahead of analyst estimates. Guidance for the following quarter has also been increased reflecting projected growth improvement particularly in cardiovascular and Diabetes related products. Pending new product launches should provide an additional catalyst for the company in the near future.
Negative contributors to relative performance included China Petroleum Corp. –20.53%. Shares dropped as the company reported a sharp decrease in profit for the first half of the year. Management stated that domestic demand for refined oil products continued to have steady growth, but the market was challenged with increased competition and abundant supply. The company however declared a healthy dividend in August that represents a current yield of 9.7%. Shares of 3M Company –11.38% dropped on its poor reported first quarter results. The company’s top and bottom lines both declined with guidance for 2019 being revised downward. Organic growth was impacted by slowing growth in China due to the trade war and other factors. The company maintains a very strong balance sheet and it has a stellar dividend history with 61 consecutive years of dividend growth. Management’s restructuring efforts combined with the company’s competitive advantages should enable it to resume its long-term trend of strong growth. Overall, the effectiveness of the Fund’s methodology and quantitative screens for stock selection continue to perform as designed and are meeting or exceeding expectations.
Performance of the Fund can also be affected by the Fund’s values-based investment policies. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall S&P 1200 Index is extremely difficult regardless of its weight within that Index. For the six-month period ended October 31, 2019, the Fund’s values-based investment policies had a slight negative impact on performance.
Principal Investment Strategies
The Fund pursues its investment objective through investment in U.S. and non-U.S. dividend-paying stocks that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth, subject to the limitations of the Fund’s values-based screening policies.
The Fund invests primarily in common stocks of companies that represent a broad spectrum of the global economy and a range of market capitalizations, including large-cap, mid-cap and small-cap. The Fund may also invest in other investment companies and real estate investment trusts. The Fund will invest in dividend-paying securities of issuers throughout the world and the Fund will generally seek to have 30% to 50% of its net assets, and, under normal market conditions, no less than 30% of its net assets, invested in securities of non-U.S. issuers.
Under normal market conditions, the Fund will invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in dividend-paying securities. The Fund will also, under normal market conditions, invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other
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investment companies, in equity securities. (Any such other investment company will also have similar policies to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in (a) dividend-paying securities and (b) equity securities.) The Fund will provide shareholders with at least 60 days’ prior notice of any change in these policies.
The Fund may invest up to 80% of its total assets in securities of non-U.S. issuers and no more than 40% of its total assets in securities of companies in emerging market countries.
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Zachary Wehner, JD, Executive Vice President
Fund Performance | |
For the six months ended October 31, 2019, the Steward International Enhanced Index Fund returned -1.09% for the Class A shares and -0.96% for the Institutional Class shares. The return for the S&P ADR Index was +0.91% for the same period. The BLDRS Emerging Markets 50 ADR Index Fund, used to represent the emerging markets component, returned -1.52% for the same period. |
Factors Affecting Performance
The Fund’s dual market structure maintained the same allocation throughout the period of 85% allocated towards developed markets and 15% towards emerging markets. This represents a neutral outlook between emerging and developed markets. Overall, international markets underperformed domestic markets when the S&P 500 return of +4.16% is compared with the developed and emerging benchmarks listed above. This is the continuation of a long-term trend that has presented itself over the course of the current bull market.
The international developed markets component of the Fund outperformed the emerging markets component by 243 basis points for the noted period. The stocks primarily driving the emerging market index down were Baidu and Alibaba, which were down 38.73% and 4.80%, respectively.
Performance of the Fund can also be affected by the Fund’s values-based investment policies. For the six months ended October 31, 2019, the values-based investment policies had a net negative performance impact on the Fund. Companies such as Astrazeneca (life ethics), up 31.49%, GlaxoSmithKline (life ethics), up 13.95%, and Sony (mature content), up 20.77%, significantly outperformed the S&P ADR benchmark. Screening out these three securities detracted 98 basis points from performance during the period. Conversely, not owning companies such as British American Tobacco (tobacco), down 7.51%, Anheuser-Busch InBev (alcohol), down 8.29%, and Diageo (alcohol), down 1.59%, positively impacted performance by 29 basis points. Overall, restricted companies’ performance detracted 118 basis points from the Fund’s performance during the period.
STEWARD LARGE CAP ENHANCED INDEX FUND
Fund Performance
For the six months ended October 31, 2019, the Steward Large Cap Enhanced Index Fund returned 2.74% for the Class A shares and 2.88% for the Institutional Class shares. For comparison purposes, the return for the S&P 500 for the same period was 4.16%. The S&P 500 Pure Style Index returns were 0.65% for the S&P 500 Pure Growth Index and 0.14% for the S&P 500 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure remained tilted towards value. As of October 31, 2019, the blended style structure of the Fund remained 60% large-cap core, 22% towards value stocks, and 18% towards growth stocks. The precipitating factors for this allocation remain declining U.S. economic growth, a wider spread than past years in the relative valuations between growth and value stocks, and the slowing corporate earnings growth rate.
The Fund’s factor-focused growth and value components may impact performance. During this reporting period, both growth and value underperformed the cap-weighted counterpart, contributing to the Fund’s underperformance. This was the largest single measurable factor impacting performance for the period. Overall, the allocations towards value and growth detracted 151 basis points from performance when compared to the S&P 500. The tilt towards value versus the neutral scenario only detracted one additional basis point.
Performance of the Fund can also be affected by the Fund’s values-based investment policies. For the period ended October 31, 2019, the values-based investment policies had a net positive performance impact on the Fund. Companies such as AT&T (mature content), up 27.95%, Bristol-Myers Squibb (life ethics), up 25.68%, and Merck (life ethics), up 11.57%, outperformed the S&P 500 benchmark. Screening out these three securities detracted 34 basis points from performance. Conversely, not owning companies such
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as Amazon (mature content), down 7.78%, Netflix (mature content), down 22.43%, and Johnson & Johnson (life ethics), down 5.15%, positively impacted performance by 70 basis points. Overall, restricted companies positively impacted the Fund’s performance by 59 basis points during the period.
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Fund Performance
For the six months ended October 31, 2019, the Steward Small-Mid Cap Enhanced Index Fund returned -2.19% for the Class A shares and -2.02% for the Institutional Class shares. For comparison purposes, the return for the S&P 1000 during the same period was -0.01%. The S&P 1000 Pure Style Index returns were -5.25% for the S&P 1000 Pure Growth Index and -3.11% for the S&P 1000 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure remained tilted towards value. As of October 31, 2019, the blended style structure of the Fund remained 60% small and mid-cap core, 22% towards small and mid-cap value stocks, and 18% towards small and mid-cap growth stocks. The precipitating factors for this allocation remain declining U.S. economic growth, a wider spread than past years in the relative valuations between growth and value stocks, and the slowing corporate earnings growth rate.
The Fund’s factor-focused growth and value components may impact performance. During this reporting period, both growth and value underperformed the cap-weighted counterpart, contributing to the Fund’s underperformance. This was the largest single measurable factor impacting performance for the period. Overall, the allocations towards value and growth detracted 162 basis points from performance when compared to the S&P 1000. The tilt towards value versus the neutral scenario added four additional basis points.
Performance of the Fund can also be affected by the Fund’s values-based investment policies. For the period ended October 31, 2019, the values-based investment policies had a net negative performance impact on the Fund. Companies such as Caesars Entertainment (gambling), up 31.20%, Casey’s General Stores (alcohol, gambling, and tobacco), up 29.56%, and Churchill Downs (gambling), up 28.89%, outperformed the S&P 1000 benchmark. Screening out these three securities detracted 17 basis points from performance. Conversely, not owning companies such as AMC Networks (mature content), down 25.44%, Dave & Busters (alcohol), down 29.46%, and MGP Ingredients (alcohol), down 51.02%, positively impacted performance by eight basis points. Overall, restricted companies negatively impacted the Fund’s performance by nine basis points during the period.
Principal Investment Strategies For all Steward Enhanced Index Funds
The Funds are not passively managed index funds. Each Fund pursues its objective by seeking to enhance performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) in the case of Steward Large Cap Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund and of developed market companies and emerging market companies in the case of Steward International Enhanced Index Fund, and 2) utilizing computer-aided quantitative analysis of valuation, growth, dividend yield, industry and other factors to attempt to compensate for the exclusion of certain index securities due to the Fund’s values-based screening policies.
Under normal circumstances, each Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s primary benchmark (measured at the time of investment). The Fund’s investments are allocated in an attempt to match the characteristics of a blend of the respective benchmark and varied weightings from time to time of two indices that are subcomponents of the benchmark in the case of Steward Large Cap Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund and of a secondary broad-based index that included only securities of issuers in emerging market countries in the case of Steward International Enhanced Index Fund.
STEWARD SELECT BOND FUND
Victoria Fernandez, Executive Vice President
Fund Performance | |
For the six months ended October 31, 2019, the Steward Select Bond Fund returned 3.67% for the Class A shares and 3.79% for the Institutional Class shares. As a representative of the larger fixed income markets, the Bloomberg Barclays Capital US Government/Credit Bond Index returned 6.49% for the same six-month period. |
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Factors Affecting Performance
Over the past six months, the Fund has had split results as compared to the index, outperforming for three of those months and underperforming for three of those months. Underperformance was driven by our duration positioning where we utilized a more conservative strategy, reducing the Fund’s sensitivity to interest rate movements with a shorter duration versus the index. In time periods where rates fall as we experienced during the month of August with the US 10yr treasury dropping over 50bps in one month, the Fund generated a positive return, but a return that lagged the index. August was the worst performing month for the Fund due to that shift in rates. The focus on income generation, which is the largest component of return for a fixed income security, served as a positive contributor to performance during the time-period.
In environments of stable or rising rates, our strategy of reducing interest rate sensitivity is a benefit for the Fund. We saw this during the month of September as rates moved from multi-year lows at the beginning of the month to about 20bps higher for the US 10yr treasury note by the end of the month. In this environment, we strive to buffer some of the market value volatility with our duration positioning while using the overweight to the investment-grade corporate sector to generate a large portion of the income effect for the Fund which is the largest positive contributor to performance over the six-month reporting period. As we see U.S. rates move higher in the current quarter, the existing positioning of the Fund should prove to be positive for the Fund.
There is no material performance impact related to the Fund’s values-based investment policies.
Principal Investment Strategies
The Fund invests primarily in fixed-income securities, including, but not limited to, corporate bonds, mortgage-backed securities and government and agency bonds and notes, subject to limitations of the Fund’s values-based screening policies.
The Fund’s investments may include U.S. dollar-denominated instruments issued in the U.S. by foreign banks and branches and foreign corporations. Other security types may include fixed-rate preferred stock and municipal bonds. Normally, the Fund will invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in these types of instruments. (Any such other investment company will also have a policy to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in such instruments.) The Fund will give shareholders at least 60 days’ prior notice of any change in this policy.
The Fund will not purchase a security if, as a result, more than 15% of the Fund’s net assets would be invested in securities that would be deemed illiquid. Illiquid securities are likely to consist primarily of debt securities and mortgages of colleges, schools and other nonprofit organizations. The Fund may invest up to 5% of its total assets in U.S. dollar-denominated debt securities of companies in emerging market countries. Fund investments ay include real estate investment trusts.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (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* | |||
IT Services | 8.3 | % | ||
Banks | 7.1 | |||
Software | 6.8 | |||
Interactive Media & Services | 5.8 | |||
Aerospace & Defense | 4.8 | |||
Technology Hardware, Storage & Peripherals | 4.6 | |||
Electric Utilities | 4.5 | |||
Oil, Gas & Consumable Fuels | 4.4 | |||
Health Care Equipment & Supplies | 4.4 | |||
Biotechnology | 3.6 | |||
Semiconductors & Semiconductor Equipment | 3.6 | |||
Capital Markets | 3.1 | |||
Beverages | 2.9 | |||
Food & Staples Retailing | 2.7 | |||
Specialty Retail | 2.6 | |||
Household Products | 2.6 | |||
Diversified Financial Services | 2.4 | |||
Hotels, Restaurants & Leisure | 2.1 | |||
Insurance | 2.0 | |||
Industrial Conglomerates | 1.9 | |||
Pharmaceuticals | 1.8 | |||
Air Freight & Logistics | 1.7 | |||
Consumer Finance | 1.5 | |||
Diversified Telecommunication Services | 1.5 | |||
Communications Equipment | 1.5 | |||
Entertainment | 1.5 | |||
Food Products | 1.4 | |||
Internet & Direct Marketing Retail | 1.3 | |||
Road & Rail | 1.1 | |||
Media | 1.1 | |||
Chemicals | 1.1 | |||
Electrical Equipment | 1.0 | |||
Automobiles | 1.0 | |||
Textiles, Apparel & Luxury Goods | 1.0 | |||
Equity Real Estate Investment Trusts | 1.0 | |||
Machinery | 0.8 | |||
Health Care Providers & Services | 0.7 | |||
Energy Equipment & Services | 0.5 | |||
Multiline Retail | 0.5 | |||
Money Market Fund | 0.4 | |||
Total Investments | 102.6 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
COMMON STOCKS (102.2%) | ||||||||
AEROSPACE & DEFENSE (4.8%) | ||||||||
Boeing Co. (The) | 900 | $ | 305,919 | |||||
General Dynamics Corp. | 1,200 | 212,160 | ||||||
Lockheed Martin Corp. | 900 | 339,012 | ||||||
Raytheon Co. | 1,400 | 297,094 | ||||||
United Technologies Corp. | 2,200 | 315,876 | ||||||
1,470,061 | ||||||||
AIR FREIGHT & LOGISTICS (1.7%) | ||||||||
FedEx Corp. | 1,500 | 228,990 | ||||||
United Parcel Service, Inc., Class B | 2,400 | 276,408 | ||||||
505,398 | ||||||||
AUTOMOBILES (1.0%) | ||||||||
Ford Motor Co. | 18,200 | 156,338 | ||||||
General Motors Co. | 4,300 | 159,788 | ||||||
316,126 | ||||||||
BANKS (7.1%) | ||||||||
Bank of America Corp. | 14,800 | 462,796 | ||||||
Citigroup, Inc. | 4,800 | 344,928 | ||||||
JPMorgan Chase & Co. | 5,700 | 712,044 | ||||||
U.S. Bancorp | 5,700 | 325,014 | ||||||
Wells Fargo & Co. | 6,400 | 330,432 | ||||||
2,175,214 | ||||||||
BEVERAGES (2.9%) | ||||||||
Coca-Cola Co. (The) | 7,800 | 424,554 | ||||||
PepsiCo, Inc. | 3,400 | 466,378 | ||||||
890,932 | ||||||||
BIOTECHNOLOGY (3.6%) | ||||||||
AbbVie, Inc. | 2,700 | 214,785 | ||||||
Amgen, Inc. | 1,400 | 298,550 | ||||||
Biogen, Inc.(a) | 1,200 | 358,452 | ||||||
Gilead Sciences, Inc. | 3,700 | 235,727 | ||||||
1,107,514 | ||||||||
CAPITAL MARKETS (3.1%) | ||||||||
Bank of New York Mellon Corp. (The) | 3,600 | 168,300 | ||||||
BlackRock, Inc. | 600 | 277,020 | ||||||
Goldman Sachs Group, Inc. (The) | 1,100 | 234,718 | ||||||
Morgan Stanley | 5,600 | 257,880 | ||||||
937,918 | ||||||||
CHEMICALS (1.1%) | ||||||||
Dow, Inc. | 3,333 | 168,283 | ||||||
DuPont de Nemours, Inc. | 2,400 | 158,184 | ||||||
326,467 | ||||||||
COMMUNICATIONS EQUIPMENT (1.5%) | ||||||||
Cisco Systems, Inc. | 9,500 | 451,345 | ||||||
CONSUMER FINANCE (1.5%) | ||||||||
American Express Co. | 2,000 | 234,560 | ||||||
Capital One Financial Corp. | 2,400 | 223,800 | ||||||
458,360 | ||||||||
DIVERSIFIED FINANCIAL SERVICES (2.4%) | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 3,400 | 722,772 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.5%) | ||||||||
Verizon Communications, Inc. | 7,500 | 453,525 | ||||||
ELECTRIC UTILITIES (4.5%) | ||||||||
Duke Energy Corp. | 4,000 | 377,040 | ||||||
Exelon Corp. | 5,100 | 231,999 | ||||||
NextEra Energy, Inc. | 2,000 | 476,680 | ||||||
Southern Co. (The) | 4,500 | 281,970 | ||||||
1,367,689 | ||||||||
ELECTRICAL EQUIPMENT (1.0%) | ||||||||
Emerson Electric Co. | 4,200 | 294,630 | ||||||
ENERGY EQUIPMENT & SERVICES (0.5%) | ||||||||
Schlumberger Ltd. | 4,600 | 150,374 | ||||||
ENTERTAINMENT (1.5%) | ||||||||
Walt Disney Co. (The) | 3,500 | 454,720 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (1.0%) | ||||||||
Simon Property Group, Inc. | 2,100 | 316,428 | ||||||
FOOD & STAPLES RETAILING (2.7%) | ||||||||
Costco Wholesale Corp. | 1,100 | 326,821 |
See notes to financial statements.
11
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
Walgreens Boots Alliance, Inc. | 3,000 | $ | 164,340 | |||||
Walmart, Inc. | 2,800 | 328,328 | ||||||
819,489 | ||||||||
FOOD PRODUCTS (1.4%) | ||||||||
Kraft Heinz Co. (The) | 5,800 | 187,514 | ||||||
Mondelez International, Inc., Class A | 4,800 | 251,760 | ||||||
439,274 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.4%) | ||||||||
Abbott Laboratories | 5,700 | 476,577 | ||||||
Danaher Corp. | 2,700 | 372,114 | ||||||
Medtronic PLC | 4,400 | 479,160 | ||||||
1,327,851 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (0.7%) | ||||||||
CVS Health Corp. | 3,400 | 225,726 | ||||||
HOTELS, RESTAURANTS & LEISURE (2.1%) | ||||||||
McDonald’s Corp. | 1,900 | 373,730 | ||||||
Starbucks Corp. | 3,000 | 253,680 | ||||||
627,410 | ||||||||
HOUSEHOLD PRODUCTS (2.6%) | ||||||||
Colgate-Palmolive Co. | 3,200 | 219,520 | ||||||
Procter & Gamble Co. (The) | 4,600 | 572,746 | ||||||
792,266 | ||||||||
INDUSTRIAL CONGLOMERATES (1.9%) | ||||||||
3M Co. | 1,400 | 230,986 | ||||||
Honeywell International, Inc. | 2,100 | 362,733 | ||||||
593,719 | ||||||||
INSURANCE (2.0%) | ||||||||
Allstate Corp. (The) | 2,300 | 244,766 | ||||||
American International Group, Inc. | 3,300 | 174,768 | ||||||
MetLife, Inc. | 4,400 | 205,876 | ||||||
625,410 | ||||||||
INTERACTIVE MEDIA & SERVICES (5.8%) | ||||||||
Alphabet, Inc., Class A†(a) | 400 | 503,520 | ||||||
Alphabet, Inc., Class C(a) | 500 | 630,055 | ||||||
Facebook, Inc., Class A(a) | 3,300 | 632,445 | ||||||
1,766,020 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (1.3%) | ||||||||
Booking Holdings, Inc.(a) | 200 | 409,754 | ||||||
IT SERVICES (8.3%) | ||||||||
Accenture PLC, Class A | 2,000 | 370,840 | ||||||
International Business Machines Corp. | 2,000 | 267,460 | ||||||
Mastercard, Inc., Class A | 2,600 | 719,706 | ||||||
PayPal Holdings, Inc.(a) | 3,100 | 322,710 | ||||||
Visa, Inc., Class A | 4,800 | 858,528 | ||||||
2,539,244 | ||||||||
MACHINERY (0.8%) | ||||||||
Caterpillar, Inc. | 1,700 | 234,260 | ||||||
MEDIA (1.1%) | ||||||||
Charter Communications, Inc., Class A(a) | 700 | 327,502 | ||||||
MULTILINE RETAIL (0.5%) | ||||||||
Target Corp. | 1,500 | 160,365 | ||||||
OIL, GAS & CONSUMABLE FUELS (4.4%) | ||||||||
Chevron Corp. | 3,400 | 394,876 | ||||||
ConocoPhillips | 3,000 | 165,600 | ||||||
Exxon Mobil Corp. | 6,700 | 452,719 | ||||||
Kinder Morgan, Inc. | 8,700 | 173,826 | ||||||
Occidental Petroleum Corp. | 3,800 | 153,900 | ||||||
1,340,921 | ||||||||
PHARMACEUTICALS (1.8%) | ||||||||
Allergan PLC | 1,100 | 193,721 | ||||||
Eli Lilly & Co. | 3,100 | 353,245 | ||||||
546,966 | ||||||||
ROAD & RAIL (1.1%) | ||||||||
Union Pacific Corp. | 2,000 | 330,920 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.6%) | ||||||||
Intel Corp. | 6,700 | 378,751 | ||||||
NVIDIA Corp. | 1,400 | 281,428 | ||||||
QUALCOMM, Inc. | 2,000 | 160,880 | ||||||
Texas Instruments, Inc. | 2,300 | 271,377 | ||||||
1,092,436 | ||||||||
SOFTWARE (6.8%) | ||||||||
Adobe, Inc.(a) | 1,800 | 500,274 | ||||||
Microsoft Corp. | 8,800 | 1,261,656 | ||||||
Oracle Corp. | 6,000 | 326,940 | ||||||
2,088,870 | ||||||||
SPECIALTY RETAIL (2.6%) | ||||||||
Home Depot, Inc. (The) | 2,400 | 562,992 | ||||||
Lowe’s Cos., Inc. | 2,100 | 234,381 | ||||||
797,373 |
See notes to financial statements.
12
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.6%) | ||||||||
Apple, Inc. | 5,600 | $ | 1,393,056 | |||||
TEXTILES, APPAREL & LUXURY GOODS (1.0%) | ||||||||
NIKE, Inc., Class B | 3,500 | 313,425 | ||||||
TOTAL COMMON STOCKS (COST $30,645,938) | 31,191,730 | |||||||
MONEY MARKET FUND (0.4%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 1.72%(b) | 128,657 | 128,657 | ||||||
TOTAL MONEY MARKET FUND (COST $128,657) | 128,657 | |||||||
TOTAL INVESTMENTS (COST $30,774,595) 102.6% | 31,320,387 | |||||||
WRITTEN CALL OPTIONS -2.6% (PREMIUMS RECEIVED $(465,250)) | (779,861 | ) |
LIABILITIES IN EXCESS OF OTHER ASSETS 0.0% | (5,350 | ) | ||
NET ASSETS 100.0% | $ | 30,535,176 |
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, 2019 is disclosed. |
PLC — Public Limited Company
See notes to financial statements.
13
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of October 31, 2019 were as follows:
Number of | Notional | Exercise | Expiration | |||||||||||||||||
Description | Type | Contracts | Amount* | Price | Date | Value | ||||||||||||||
3M Co. | Call | 14 | $ | (224,000 | ) | $ | 160.00 | 11/15/19 | $ | (8,680 | ) | |||||||||
Abbott Laboratories | Call | 55 | (453,750 | ) | 82.50 | 11/15/19 | (10,340 | ) | ||||||||||||
AbbVie, Inc. | Call | 22 | (154,000 | ) | 70.00 | 11/15/19 | (21,450 | ) | ||||||||||||
Accenture PLC, Class A | Call | 20 | (400,000 | ) | 200.00 | 1/17/20 | (3,340 | ) | ||||||||||||
Adobe, Inc. | Call | 12 | (348,000 | ) | 290.00 | 1/17/20 | (10,740 | ) | ||||||||||||
Allergan PLC | Call | 10 | (170,000 | ) | 170.00 | 11/15/19 | (6,400 | ) | ||||||||||||
Allstate Corp. (The) | Call | 20 | (220,000 | ) | 110.00 | 1/17/20 | (3,000 | ) | ||||||||||||
Alphabet, Inc., Class C | Call | 4 | (508,000 | ) | 1,270.00 | 11/15/19 | (4,580 | ) | ||||||||||||
American Express Co. | Call | 20 | (250,000 | ) | 125.00 | 1/17/20 | (2,140 | ) | ||||||||||||
American International Group, Inc. | Call | 30 | (165,000 | ) | 55.00 | 1/17/20 | (4,200 | ) | ||||||||||||
Amgen, Inc. | Call | 12 | (252,000 | ) | 210.00 | 1/17/20 | (10,410 | ) | ||||||||||||
Apple, Inc. | Call | 50 | (1,175,000 | ) | 235.00 | 11/15/19 | (71,650 | ) | ||||||||||||
Bank of America Corp. | Call | 136 | (394,400 | ) | 29.00 | 11/15/19 | (32,164 | ) | ||||||||||||
Bank of New York Mellon Corp. (The) | Call | 33 | (148,500 | ) | 45.00 | 12/20/19 | (8,497 | ) | ||||||||||||
Berkshire Hathaway, Inc., Class B | Call | 32 | (704,000 | ) | 220.00 | 12/20/19 | (6,144 | ) | ||||||||||||
Biogen, Inc. | Call | 10 | (250,000 | ) | 250.00 | 12/20/19 | (51,700 | ) | ||||||||||||
BlackRock, Inc. | Call | 5 | (220,000 | ) | 440.00 | 11/15/19 | (11,650 | ) | ||||||||||||
Boeing Co. (The) | Call | 9 | (319,500 | ) | 355.00 | 12/20/19 | (6,210 | ) | ||||||||||||
Booking Holdings, Inc. | Call | 2 | (425,000 | ) | 2,125.00 | 12/20/19 | (8,280 | ) | ||||||||||||
Capital One Financial Corp. | Call | 20 | (185,000 | ) | 92.50 | 12/20/19 | (6,500 | ) | ||||||||||||
Caterpillar, Inc. | Call | 15 | (225,000 | ) | 150.00 | 1/17/20 | (2,625 | ) | ||||||||||||
Charter Communications, Inc., Class A | Call | 7 | (297,500 | ) | 425.00 | 12/20/19 | (32,200 | ) | ||||||||||||
Chevron Corp. | Call | 30 | (360,000 | ) | 120.00 | 12/20/19 | (3,840 | ) | ||||||||||||
Cisco Systems, Inc. | Call | 90 | (450,000 | ) | 50.00 | 1/17/20 | (9,090 | ) | ||||||||||||
Citigroup, Inc. | Call | 40 | (290,000 | ) | 72.50 | 12/20/19 | (7,420 | ) | ||||||||||||
Coca-Cola Co. (The) | Call | 75 | (412,500 | ) | 55.00 | 12/20/19 | (5,213 | ) | ||||||||||||
Colgate-Palmolive Co. | Call | 30 | (210,000 | ) | 70.00 | 11/15/19 | (2,625 | ) | ||||||||||||
ConocoPhillips | Call | 25 | (137,500 | ) | 55.00 | 11/15/19 | (3,363 | ) | ||||||||||||
Costco Wholesale Corp. | Call | 10 | (315,000 | ) | 315.00 | 12/20/19 | (2,635 | ) | ||||||||||||
CVS Health Corp. | Call | 31 | (193,750 | ) | 62.50 | 11/15/19 | (14,027 | ) | ||||||||||||
Danaher Corp. | Call | 25 | (362,500 | ) | 145.00 | 1/17/20 | (5,175 | ) | ||||||||||||
Dow, Inc. | Call | 30 | (150,000 | ) | 50.00 | 12/20/19 | (6,300 | ) | ||||||||||||
Duke Energy Corp. | Call | 35 | (341,250 | ) | 97.50 | 1/17/20 | (3,115 | ) | ||||||||||||
DuPont de Nemours, Inc. | Call | 20 | (140,000 | ) | 70.00 | 12/20/19 | (1,710 | ) | ||||||||||||
Eli Lilly & Co. | Call | 24 | (276,000 | ) | 115.00 | 11/15/19 | (2,784 | ) | ||||||||||||
Emerson Electric Co. | Call | 35 | (218,750 | ) | 62.50 | 12/20/19 | (27,650 | ) | ||||||||||||
Exelon Corp. | Call | 50 | (240,000 | ) | 48.00 | 1/17/20 | (2,150 | ) | ||||||||||||
Exxon Mobil Corp. | Call | 62 | (434,000 | ) | 70.00 | 12/20/19 | (3,968 | ) | ||||||||||||
Facebook, Inc., Class A | Call | 30 | (555,000 | ) | 185.00 | 11/15/19 | (24,750 | ) | ||||||||||||
FedEx Corp. | Call | 12 | (180,000 | ) | 150.00 | 11/15/19 | (5,352 | ) | ||||||||||||
Ford Motor Co. | Call | 150 | (135,000 | ) | 9.00 | 1/17/20 | (3,225 | ) | ||||||||||||
General Dynamics Corp. | Call | 12 | (222,000 | ) | 185.00 | 1/17/20 | (3,480 | ) | ||||||||||||
General Motors Co. | Call | 39 | (144,300 | ) | 37.00 | 1/17/20 | (6,318 | ) | ||||||||||||
Gilead Sciences, Inc. | Call | 31 | (209,250 | ) | 67.50 | 12/20/19 | (1,767 | ) | ||||||||||||
Goldman Sachs Group, Inc. (The) | Call | 10 | (215,000 | ) | 215.00 | 11/15/19 | (2,670 | ) |
See notes to financial statements.
14
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Number of | Notional | Exercise | Expiration | |||||||||||||||||
Description | Type | Contracts | Amount* | Price | Date | Value | ||||||||||||||
Home Depot, Inc. (The) | Call | 20 | $ | (490,000 | ) | $ | 245.00 | 1/17/20 | $ | (7,200 | ) | |||||||||
Honeywell International, Inc. | Call | 20 | (350,000 | ) | 175.00 | 12/20/19 | (5,500 | ) | ||||||||||||
Intel Corp. | Call | 65 | (390,000 | ) | 60.00 | 1/17/20 | (5,330 | ) | ||||||||||||
International Business Machines Corp. | Call | 20 | (280,000 | ) | 140.00 | 1/17/20 | (3,020 | ) | ||||||||||||
JPMorgan Chase & Co. | Call | 55 | (687,500 | ) | 125.00 | 12/20/19 | (18,287 | ) | ||||||||||||
Kinder Morgan, Inc. | Call | 80 | (168,000 | ) | 21.00 | 1/17/20 | (2,240 | ) | ||||||||||||
Kraft Heinz Co. (The) | Call | 55 | (151,250 | ) | 27.50 | 12/20/19 | (26,950 | ) | ||||||||||||
Lockheed Martin Corp. | Call | 8 | (320,000 | ) | 400.00 | 12/20/19 | (1,000 | ) | ||||||||||||
Lowe’s Cos., Inc. | Call | 20 | (220,000 | ) | 110.00 | 11/15/19 | (5,770 | ) | ||||||||||||
Mastercard, Inc., Class A | Call | 25 | (700,000 | ) | 280.00 | 11/15/19 | (8,125 | ) | ||||||||||||
McDonald’s Corp. | Call | 15 | (300,000 | ) | 200.00 | 12/20/19 | (3,720 | ) | ||||||||||||
Medtronic PLC | Call | 40 | (440,000 | ) | 110.00 | 11/15/19 | (3,500 | ) | ||||||||||||
MetLife, Inc. | Call | 36 | (171,000 | ) | 47.50 | 12/20/19 | (3,114 | ) | ||||||||||||
Microsoft Corp. | Call | 80 | (1,160,000 | ) | 145.00 | 11/15/19 | (9,720 | ) | ||||||||||||
Mondelez International, Inc., Class A | Call | 40 | (220,000 | ) | 55.00 | 1/17/20 | (1,880 | ) | ||||||||||||
Morgan Stanley | Call | 56 | (235,200 | ) | 42.00 | 12/20/19 | (25,480 | ) | ||||||||||||
NextEra Energy, Inc. | Call | 20 | (480,000 | ) | 240.00 | 12/20/19 | (8,600 | ) | ||||||||||||
NIKE, Inc., Class B | Call | 30 | (292,500 | ) | 97.50 | 12/20/19 | (1,530 | ) | ||||||||||||
NVIDIA Corp. | Call | 14 | (259,000 | ) | 185.00 | 11/15/19 | (25,900 | ) | ||||||||||||
Occidental Petroleum Corp. | Call | 34 | (153,000 | ) | 45.00 | 11/15/19 | (714 | ) | ||||||||||||
Oracle Corp. | Call | 55 | (302,500 | ) | 55.00 | 11/15/19 | (3,108 | ) | ||||||||||||
PayPal Holdings, Inc. | Call | 30 | (330,000 | ) | 110.00 | 11/15/19 | (900 | ) | ||||||||||||
PepsiCo, Inc. | Call | 30 | (420,000 | ) | 140.00 | 1/17/20 | (5,850 | ) | ||||||||||||
Procter & Gamble Co. (The) | Call | 45 | (562,500 | ) | 125.00 | 12/20/19 | (12,397 | ) | ||||||||||||
QUALCOMM, Inc. | Call | 20 | (165,000 | ) | 82.50 | 12/20/19 | (5,140 | ) | ||||||||||||
Raytheon Co. | Call | 10 | (220,000 | ) | 220.00 | 1/17/20 | (5,200 | ) | ||||||||||||
Schlumberger Ltd. | Call | 43 | (150,500 | ) | 35.00 | 1/17/20 | (4,042 | ) | ||||||||||||
Simon Property Group, Inc. | Call | 20 | (320,000 | ) | 160.00 | 1/17/20 | (2,220 | ) | ||||||||||||
Southern Co. (The) | Call | 40 | (240,000 | ) | 60.00 | 11/15/19 | (11,200 | ) | ||||||||||||
Starbucks Corp. | Call | 25 | (218,750 | ) | 87.50 | 1/17/20 | (4,025 | ) | ||||||||||||
Target Corp. | Call | 15 | (180,000 | ) | 120.00 | 1/17/20 | (1,800 | ) | ||||||||||||
Texas Instruments, Inc. | Call | 20 | (260,000 | ) | 130.00 | 1/17/20 | (1,600 | ) | ||||||||||||
U.S. Bancorp | Call | 50 | (275,000 | ) | 55.00 | 12/20/19 | (14,100 | ) | ||||||||||||
Union Pacific Corp. | Call | 18 | (288,000 | ) | 160.00 | 11/15/19 | (11,970 | ) | ||||||||||||
United Parcel Service, Inc., Class B | Call | 21 | (252,000 | ) | 120.00 | 12/20/19 | (2,300 | ) | ||||||||||||
United Technologies Corp. | Call | 20 | (270,000 | ) | 135.00 | 11/15/19 | (16,700 | ) | ||||||||||||
Verizon Communications, Inc. | Call | 73 | (456,250 | ) | 62.50 | 1/17/20 | (5,037 | ) | ||||||||||||
Visa, Inc., Class A | Call | 45 | (855,000 | ) | 190.00 | 1/17/20 | (8,123 | ) | ||||||||||||
Walgreens Boots Alliance, Inc. | Call | 30 | (165,000 | ) | 55.00 | 12/20/19 | (4,950 | ) | ||||||||||||
Walmart, Inc. | Call | 25 | (312,500 | ) | 125.00 | 12/20/19 | (1,675 | ) | ||||||||||||
Walt Disney Co. (The) | Call | 30 | (420,000 | ) | 140.00 | 12/20/19 | (3,255 | ) | ||||||||||||
Wells Fargo & Co. | Call | 57 | (285,000 | ) | 50.00 | 1/17/20 | (15,162 | ) | ||||||||||||
Total (Premiums received $465,250) | $ | (779,861 | ) |
* Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100.
See notes to financial statements.
15
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (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 | 55.1 | % | ||
Canada | 9.8 | |||
Ireland (Republic of) | 8.1 | |||
Japan | 6.3 | |||
United Kingdom | 4.5 | |||
Netherlands | 3.7 | |||
Switzerland | 2.8 | |||
Taiwan, Province of China | 2.6 | |||
India | 1.6 | |||
France | 1.5 | |||
Spain | 1.5 | |||
Jersey | 1.4 | |||
China | 0.9 | |||
Total Investments | 99.8 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
16
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | |||||||
COMMON STOCKS (97.0%) | ||||||||
AEROSPACE & DEFENSE (4.0%) | ||||||||
Raytheon Co. | 35,516 | $ | 7,536,850 | |||||
United Technologies Corp. | 38,260 | 5,493,371 | ||||||
13,030,221 | ||||||||
AIR FREIGHT & LOGISTICS (1.4%) | ||||||||
United Parcel Service, Inc., Class B | 41,000 | 4,721,970 | ||||||
AUTO COMPONENTS (1.3%) | ||||||||
Magna International, Inc., ADR | 76,450 | 4,110,717 | ||||||
AUTOMOBILES (2.7%) | ||||||||
Honda Motor Co. Ltd., Sponsored ADR | 134,010 | 3,614,250 | ||||||
Toyota Motor Corp., Sponsored ADR | 37,190 | 5,152,674 | ||||||
8,766,924 | ||||||||
BANKS (10.6%) | ||||||||
Bank of Nova Scotia (The) | 68,200 | 3,909,906 | ||||||
Canadian Imperial Bank of Commerce | 53,920 | 4,597,219 | ||||||
Huntington Bancshares, Inc. | 276,590 | 3,908,217 | ||||||
Lloyds Banking Group PLC, ADR | 1,741,100 | 5,049,190 | ||||||
People’s United Financial, Inc. | 179,310 | 2,899,443 | ||||||
Royal Bank of Canada | 58,010 | 4,679,086 | ||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 746,880 | 5,302,848 | ||||||
Wells Fargo & Co. | 76,520 | 3,950,728 | ||||||
34,296,637 | ||||||||
BEVERAGES (2.3%) | ||||||||
PepsiCo, Inc. | 53,870 | 7,389,348 | ||||||
BIOTECHNOLOGY (1.1%) | ||||||||
AbbVie, Inc. | 43,250 | 3,440,538 | ||||||
CONSTRUCTION MATERIALS (1.7%) | ||||||||
CRH PLC, Sponsored ADR | 147,840 | 5,396,160 | ||||||
DISTRIBUTORS (1.2%) | ||||||||
Genuine Parts Co. | 38,130 | 3,911,375 | ||||||
DIVERSIFIED FINANCIAL SERVICES (1.9%) | ||||||||
ORIX Corp., Sponsored ADR | 80,000 | 6,276,000 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (3.1%) | ||||||||
TELUS Corp. | 113,410 | 4,033,993 | ||||||
Verizon Communications, Inc. | 97,640 | 5,904,291 | ||||||
9,938,284 | ||||||||
ELECTRIC UTILITIES (1.6%) | ||||||||
Duke Energy Corp. | 54,000 | 5,090,040 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (1.2%) | ||||||||
TE Connectivity Ltd. | 44,540 | 3,986,330 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.5%) | ||||||||
Digital Realty Trust, Inc. | 38,750 | 4,922,800 | ||||||
EPR Properties | 42,710 | 3,322,411 | ||||||
LTC Properties, Inc. | 60,950 | 3,160,257 | ||||||
11,405,468 | ||||||||
FOOD PRODUCTS (2.3%) | ||||||||
General Mills, Inc. | 62,130 | 3,159,932 | ||||||
Kellogg Co. | 66,940 | 4,252,698 | ||||||
7,412,630 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (6.0%) | ||||||||
Koninklijke Philips N.V., Sponsored NYS | 104,310 | 4,579,209 | ||||||
Medtronic PLC | 64,210 | 6,992,469 | ||||||
Smith & Nephew PLC, Sponsored ADR | 179,910 | 7,775,710 | ||||||
19,347,388 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (3.8%) | ||||||||
Encompass Health Corp. | 90,610 | 5,800,852 | ||||||
Quest Diagnostics, Inc. | 64,110 | 6,491,138 | ||||||
12,291,990 | ||||||||
HOTELS, RESTAURANTS & LEISURE (4.5%) | ||||||||
Carnival PLC, ADR | 41,450 | 1,685,357 | ||||||
Dunkin’ Brands Group, Inc. | 56,750 | 4,461,685 | ||||||
McDonald’s Corp. | 43,477 | 8,551,926 | ||||||
14,698,968 | ||||||||
HOUSEHOLD DURABLES (1.1%) | ||||||||
Leggett & Platt, Inc. | 71,630 | 3,674,619 | ||||||
HOUSEHOLD PRODUCTS (0.6%) | ||||||||
Clorox Co. (The) | 13,220 | 1,952,462 | ||||||
INDUSTRIAL CONGLOMERATES (1.4%) | ||||||||
3M Co. | 26,977 | 4,450,935 | ||||||
INSURANCE (1.3%) | ||||||||
Principal Financial Group, Inc. | 76,670 | 4,092,645 | ||||||
IT SERVICES (5.7%) | ||||||||
Accenture PLC, Class A | 38,380 | 7,116,420 | ||||||
Infosys Technologies Ltd., Sponsored ADR | 539,950 | 5,178,120 | ||||||
Paychex, Inc. | 74,130 | 6,200,233 | ||||||
18,494,773 |
See notes to financial statements.
17 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | |||||||
MACHINERY (3.1%) | ||||||||
Cummins, Inc. | 33,480 | $ | 5,774,630 | |||||
Snap-on, Inc. | 25,640 | 4,170,859 | ||||||
9,945,489 | ||||||||
MEDIA (2.6%) | ||||||||
Interpublic Group of Cos., Inc. (The) | 185,850 | 4,042,237 | ||||||
WPP PLC, Sponsored ADR | 70,520 | 4,403,269 | ||||||
8,445,506 | ||||||||
METALS & MINING (0.8%) | ||||||||
Ternium SA, Sponsored ADR | 133,400 | 2,666,666 | ||||||
MULTI-UTILITIES (2.0%) | ||||||||
Algonquin Power & Utilities Corp. | 462,360 | 6,343,579 | ||||||
OIL, GAS & CONSUMABLE FUELS (5.6%) | ||||||||
China Petroleum & Chemical Corp., ADR | 52,370 | 2,958,381 | ||||||
Exxon Mobil Corp. | 75,370 | 5,092,751 | ||||||
TOTAL SA, Sponsored ADR | 94,860 | 4,992,482 | ||||||
Valero Energy Corp. | 51,450 | 4,989,621 | ||||||
18,033,235 | ||||||||
PERSONAL PRODUCTS (2.3%) | ||||||||
Unilever N.V., Sponsored NYS | 123,540 | 7,318,510 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (8.7%) | ||||||||
Analog Devices, Inc. | 52,270 | 5,573,550 | ||||||
Intel Corp. | 130,350 | 7,368,685 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 161,890 | 8,358,381 | ||||||
Texas Instruments, Inc. | 57,720 | 6,810,383 | ||||||
28,110,999 | ||||||||
SOFTWARE (4.0%) | ||||||||
J2 Global, Inc. | 51,300 | 4,871,448 | ||||||
Open Text Corp. | 100,220 | 4,034,857 | ||||||
Oracle Corp. | 74,730 | 4,072,038 | ||||||
12,978,343 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.6%) | ||||||||
Logitech International SA | 128,190 | 5,223,743 | ||||||
Seagate Technology PLC | 113,580 | 6,591,047 | ||||||
11,814,790 | ||||||||
TOTAL COMMON STOCKS (COST $278,754,314) | 313,833,539 | |||||||
MONEY MARKET FUND (1.3%) | ||||||||
Northern Institutional Treasury Portfolio(Premier Class), 1.72%(a) | 4,070,819 | 4,070,819 | ||||||
TOTAL MONEY MARKET FUND (COST $4,070,819) | 4,070,819 | |||||||
PREFERRED STOCKS (1.5%) | ||||||||
BIOTECHNOLOGY (1.5%) | ||||||||
Grifols SA, ADR, 1.59%(b) | 219,990 | 4,819,981 | ||||||
TOTAL PREFERRED STOCKS (COST $4,724,860) | 4,819,981 | |||||||
TOTAL INVESTMENTS (COST $287,549,993) 99.8% | 322,724,339 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.2% | 707,744 | |||||||
NET ASSETS 100.0% | $ | 323,432,083 |
(a) | 7-day current yield as of October 31, 2019 is disclosed. |
(b) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
ADR — American Depositary Receipt
NYS — New York Shares
PLC — Public Limited Company
See notes to financial statements.
18 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (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 | 23.6 | % | ||
United Kingdom | 18.6 | |||
United States | 7.0 | |||
Japan | 6.9 | |||
Netherlands | 6.9 | |||
Taiwan, Province of China | 6.0 | |||
Brazil | 5.0 | |||
Germany | 3.0 | |||
France | 2.8 | |||
Switzerland | 2.6 | |||
Australia | 2.2 | |||
India | 2.2 | |||
Hong Kong | 2.0 | |||
Spain | 1.8 | |||
Republic of Korea (South) | 1.6 | |||
Mexico | 1.5 | |||
China | 1.3 | |||
Ireland (Republic of) | 0.9 | |||
Chile | 0.8 | |||
Italy | 0.7 | |||
Sweden | 0.4 | |||
Norway | 0.3 | |||
Jersey | 0.3 | |||
Colombia | 0.3 | |||
Finland | 0.3 | |||
South Africa | 0.3 | |||
Indonesia | 0.3 | |||
Belgium | 0.3 | |||
Total Investments | 99.9 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
19 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (95.1%) | ||||||||
AEROSPACE & DEFENSE (0.1%) | ||||||||
Embraer SA, Sponsored ADR | 6,060 | $ | 105,262 | |||||
AIR FREIGHT & LOGISTICS (0.1%) | ||||||||
ZTO Express Cayman, Inc., ADR | 9,560 | 210,320 | ||||||
AIRLINES (0.3%) | ||||||||
Latam Airlines Group SA, Sponsored ADR | 14,110 | 159,020 | ||||||
Ryanair Holdings PLC, Sponsored ADR(a) | 4,058 | 302,889 | ||||||
461,909 | ||||||||
AUTO COMPONENTS (0.3%) | ||||||||
Magna International, Inc., ADR | 7,010 | 376,928 | ||||||
AUTOMOBILES (4.2%) | ||||||||
Ferrari N.V. | 3,260 | 521,991 | ||||||
Fiat Chrysler Automobiles N.V. | 22,820 | 349,602 | ||||||
Honda Motor Co. Ltd., Sponsored ADR | 43,040 | 1,160,789 | ||||||
Toyota Motor Corp., Sponsored ADR | 30,760 | 4,261,798 | ||||||
6,294,180 | ||||||||
BANKS (18.9%) | ||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||
Sponsored ADR | 130,110 | 680,475 | ||||||
Banco de Chile, ADR | 12,369 | 317,636 | ||||||
Banco Santander Central Hispano SA, Sponsored ADR | 310,085 | 1,227,937 | ||||||
Banco Santander Chile SA, ADR | 9,104 | 220,590 | ||||||
Bank of Montreal | 18,470 | 1,366,595 | ||||||
Bank of Nova Scotia (The) | 32,360 | 1,855,199 | ||||||
Barclays PLC, Sponsored ADR | 75,009 | 647,328 | ||||||
Canadian Imperial Bank of Commerce | 13,360 | 1,139,074 | ||||||
Credicorp Ltd. | 2,387 | 510,913 | ||||||
HDFC Bank Ltd., ADR | 28,000 | 1,710,520 | ||||||
HSBC Holdings PLC, Sponsored ADR | 103,011 | 3,892,786 | ||||||
ICICI Bank Ltd., Sponsored ADR | 39,470 | 514,294 | ||||||
ING Groep N.V., Sponsored ADR | 81,790 | 926,681 | ||||||
KB Financial Group, Inc., ADR | 17,100 | 610,812 | ||||||
Lloyds Banking Group PLC, ADR | 305,785 | 886,776 | ||||||
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 258,040 | 1,336,647 | ||||||
Mizuho Financial Group, Inc., ADR | 225,180 | 704,813 | ||||||
Royal Bank of Canada | 39,610 | 3,194,943 | ||||||
Royal Bank of Scotland Group PLC, Sponsored ADR | 33,078 | 183,583 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 20,730 | 748,146 | ||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 139,440 | 990,024 | ||||||
Toronto-Dominion Bank (The) | 46,790 | 2,670,305 | ||||||
Westpac Banking Corp., Sponsored ADR | 82,215 | 1,591,682 | ||||||
Woori Financial Group, Inc., Sponsored ADR | 3,440 | 102,925 | ||||||
28,030,684 | ||||||||
BEVERAGES (0.7%) | ||||||||
Fomento Economico, Sponsored ADR | 11,170 | 994,353 | ||||||
BIOTECHNOLOGY (0.4%) | ||||||||
BeiGene Ltd., ADR(a) | 1,290 | 178,459 | ||||||
Galapagos N.V., Sponsored ADR(a) | 2,030 | 373,459 | ||||||
551,918 | ||||||||
CAPITAL MARKETS (2.6%) | ||||||||
Brookfield Asset Management, Inc., | ||||||||
Class A | 28,668 | 1,583,907 | ||||||
Credit Suisse Group, Sponsored ADR(a) | 52,549 | 650,557 | ||||||
Deutsche Bank AG | 39,530 | 286,593 | ||||||
Nomura Holdings, Inc., Sponsored ADR | 71,390 | 324,824 | ||||||
UBS Group AG(a) | 87,890 | 1,034,465 | ||||||
3,880,346 | ||||||||
CHEMICALS (0.6%) | ||||||||
Nutrien Ltd. | 14,713 | 703,134 | ||||||
Sasol Ltd., Sponsored ADR | 10,520 | 190,412 | ||||||
893,546 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (0.9%) | ||||||||
Waste Connections, Inc. | 14,280 | 1,319,472 | ||||||
COMMUNICATIONS EQUIPMENT (0.7%) | ||||||||
Nokia Oyj, Sponsored ADR | 113,670 | 414,895 | ||||||
Telefonaktiebolaget LM Ericsson, Sponsored ADR | 67,640 | 589,821 | ||||||
1,004,716 | ||||||||
CONSTRUCTION MATERIALS (0.8%) | ||||||||
CEMEX SA de CV, Sponsored ADR | 64,255 | 242,241 | ||||||
CRH PLC, Sponsored ADR | 21,120 | 770,880 | ||||||
James Hardie Industries PLC, Sponsored ADR | 12,330 | 211,830 | ||||||
1,224,951 | ||||||||
DIVERSIFIED CONSUMER SERVICES (0.4%) | ||||||||
New Oriental Education & Technology | ||||||||
Group, Sponsored ADR(a) | 2,660 | 324,680 | ||||||
TAL Education Group, ADR(a) | 7,550 | 323,215 | ||||||
647,895 | ||||||||
DIVERSIFIED FINANCIAL SERVICES (0.4%) | ||||||||
ORIX Corp., Sponsored ADR | 7,780 | 610,341 |
See notes to financial statements.
20 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (4.0%) | ||||||||
BCE, Inc. | 28,025 | $ | 1,329,786 | |||||
BT Group PLC, Sponsored ADR | 42,570 | 461,033 | ||||||
China Telecom Corp. Ltd., ADR | 5,350 | 226,787 | ||||||
China Unicom Ltd., ADR | 18,935 | 184,616 | ||||||
Chunghwa Telecom Co. Ltd., Sponsored ADR | 23,255 | 850,668 | ||||||
Orange SA, Sponsored ADR | 57,190 | 919,615 | ||||||
PT Telekomunikasi Indonesia, Sponsored ADR | 13,090 | 378,039 | ||||||
Telefonica SA, Sponsored ADR | 97,653 | 748,999 | ||||||
TELUS Corp. | 22,640 | 805,305 | ||||||
5,904,848 | ||||||||
ELECTRIC UTILITIES (0.4%) | ||||||||
Enel Chile SA, ADR | 10,540 | 43,741 | ||||||
Enersis SA, ADR | 36,730 | 351,139 | ||||||
Korea Electric Power Corp., Sponsored ADR(a) | 18,400 | 200,192 | ||||||
595,072 | ||||||||
ELECTRICAL EQUIPMENT (0.7%) | ||||||||
ABB Ltd., Sponsored ADR | 51,800 | 1,087,282 | ||||||
ENERGY EQUIPMENT & SERVICES (0.1%) | ||||||||
Tenaris SA, ADR | 4,710 | 95,613 | ||||||
ENTERTAINMENT (0.3%) | ||||||||
NetEase, Inc., ADR | 1,353 | 386,769 | ||||||
FOOD PRODUCTS (0.2%) | ||||||||
BRF SA, ADR(a) | 30,790 | 269,720 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES (2.4%) | ||||||||
Alcon, Inc.(a) | 19,690 | 1,167,026 | ||||||
Koninklijke Philips N.V., Sponsored NYS | 32,074 | 1,408,049 | ||||||
Smith & Nephew PLC, Sponsored ADR | 22,110 | 955,594 | ||||||
3,530,669 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (0.4%) | ||||||||
Fresenius Medical Care AG & Co., ADR | 17,600 | 634,832 | ||||||
HOTELS, RESTAURANTS & LEISURE (1.2%) | ||||||||
Carnival PLC, ADR | 7,040 | 286,247 | ||||||
InterContinental Hotels Group PLC, ADR | 11,963 | 724,838 | ||||||
Restaurant Brands International, Inc. | 10,705 | 700,535 | ||||||
1,711,620 | ||||||||
INSURANCE (2.9%) | ||||||||
Aegon N.V., Sponsored NYS | 32,878 | 142,033 | ||||||
China Life Insurance Co. Ltd., ADR | 68,940 | 884,500 | ||||||
Manulife Financial Corp. | 53,680 | 999,522 | ||||||
Prudential PLC, ADR | 33,240 | 1,334,253 | ||||||
Sun Life Financial, Inc. | 21,300 | 955,944 | ||||||
4,316,252 | ||||||||
INTERACTIVE MEDIA & SERVICES (0.5%) | ||||||||
58.com, Inc., ADR(a) | 2,050 | 108,261 | ||||||
Autohome, Inc., ADR(a) | 1,290 | 109,082 | ||||||
Baidu, Inc., Sponsored ADR(a) | 4,813 | 490,204 | ||||||
Momo, Inc., Sponsored ADR | 2,280 | 76,426 | ||||||
783,973 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (3.5%) | ||||||||
Alibaba Group Holding Ltd., Sponsored ADR(a) | 25,230 | 4,457,384 | ||||||
Ctrip.com International Ltd., ADR(a) | 7,660 | 252,704 | ||||||
JD.com, Inc., ADR(a) | 16,440 | 512,106 | ||||||
5,222,194 | ||||||||
IT SERVICES (1.5%) | ||||||||
CGI, Inc.(a) | 15,310 | 1,189,894 | ||||||
Infosys Technologies Ltd., Sponsored ADR | 103,580 | 993,332 | ||||||
Wipro Ltd., ADR | 23,293 | 92,706 | ||||||
2,275,932 | ||||||||
LIFE SCIENCES TOOLS & SERVICES (0.4%) | ||||||||
QIAGEN N.V.(a) | 21,904 | 652,958 | ||||||
MACHINERY (0.1%) | ||||||||
CNH Industrial N.V. | 18,220 | 198,780 | ||||||
MEDIA (0.9%) | ||||||||
Grupo Televisa SA, Sponsored ADR | 19,240 | 212,602 | ||||||
Pearson PLC, Sponsored ADR | 21,370 | 188,056 | ||||||
Shaw Communications, Inc., Class B | 21,480 | 439,051 | ||||||
WPP PLC, Sponsored ADR | 7,330 | 457,685 | ||||||
1,297,394 | ||||||||
METALS & MINING (6.3%) | ||||||||
Agnico-Eagle Mines Ltd. | 8,810 | 541,551 | ||||||
AngloGold Ashanti Ltd., Sponsored ADR | 9,670 | 213,514 | ||||||
Arcelor Mittal, Sponsored NYS | 10,383 | 153,876 | ||||||
Barrick Gold Corp., ADR | 43,573 | 756,427 | ||||||
BHP Group Ltd., Sponsored ADR | 35,560 | 1,739,240 | ||||||
BHP Group PLC, ADR | 25,600 | 1,085,952 | ||||||
Franco Nevada Corp. | 6,610 | 640,972 | ||||||
Kinross Gold Corp.(a) | 19,510 | 94,623 | ||||||
Kirkland Lake Gold Ltd. | 5,730 | 269,023 | ||||||
POSCO, Sponsored ADR | 10,710 | 480,986 | ||||||
Rio Tinto PLC, Sponsored ADR | 23,922 | 1,244,183 | ||||||
Southern Copper Corp. | 1,733 | 61,660 |
See notes to financial statements.
21 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
Teck Resources Ltd., Class B | 9,743 | $ | 154,232 | |||||
Vale SA, Sponsored ADR(a) | 125,130 | 1,469,026 | ||||||
Wheaton Precious Metals Corp. | 14,060 | 394,664 | ||||||
9,299,929 | ||||||||
MULTI-UTILITIES (1.0%) | ||||||||
National Grid PLC, Sponsored ADR | 25,339 | 1,479,037 | ||||||
OIL, GAS & CONSUMABLE FUELS (15.3%) | ||||||||
BP PLC, Sponsored ADR | 81,722 | 3,098,081 | ||||||
Cameco Corp. | 7,730 | 69,029 | ||||||
Canadian Natural Resources, Ltd. | 24,980 | 629,996 | ||||||
Cenovus Energy, Inc. | 15,050 | 127,775 | ||||||
China Petroleum & Chemical Corp., ADR | 11,256 | 635,852 | ||||||
CNOOC Ltd., Sponsored ADR | 6,080 | 903,123 | ||||||
Ecopetrol SA, Sponsored ADR | 8,070 | 147,278 | ||||||
Enbridge, Inc. | 52,280 | 1,903,515 | ||||||
Encana Corp. | 13,890 | 54,588 | ||||||
Eni S.p.A., Sponsored ADR | 32,460 | 983,213 | ||||||
Equinor ASA, Sponsored ADR | 26,367 | 488,053 | ||||||
Imperial Oil Ltd. | 7,320 | 182,048 | ||||||
Pembina Pipeline Corp. | 17,600 | 618,816 | ||||||
PetroChina Co. Ltd., ADR | 5,275 | 254,413 | ||||||
Petroleo Brasileiro SA, SponsoredADR(a) | 54,610 | 886,866 | ||||||
Royal Dutch Shell PLC, Class A, Sponsored ADR | 53,425 | 3,097,047 | ||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 47,860 | 2,789,759 | ||||||
Suncor Energy, Inc. | 37,788 | 1,121,926 | ||||||
TC Energy Corp. | 29,000 | 1,459,570 | ||||||
TOTAL SA, Sponsored ADR | 60,240 | 3,170,431 | ||||||
Ultrapar Participacoes SA, Sponsored ADR | 31,020 | 144,863 | ||||||
22,766,242 | ||||||||
PERSONAL PRODUCTS (3.8%) | ||||||||
Unilever N.V., Sponsored NYS | 51,670 | 3,060,931 | ||||||
Unilever PLC, Sponsored ADR | 41,954 | 2,521,855 | ||||||
5,582,786 | ||||||||
PHARMACEUTICALS (0.2%) | �� | |||||||
Bausch Health Cos., Inc.(a) | 10,468 | 260,025 | ||||||
PROFESSIONAL SERVICES (1.5%) | ||||||||
RELX PLC, Sponsored ADR | 59,693 | 1,443,974 | ||||||
Thomson Reuters Corp. | 12,544 | 843,709 | ||||||
2,287,683 | ||||||||
ROAD & RAIL (1.8%) | ||||||||
Canadian National Railway Co. | 19,480 | 1,740,928 | ||||||
Canadian Pacific Railway, Ltd. | 4,090 | 929,698 | ||||||
2,670,626 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (7.4%) | ||||||||
ASE Industrial Holding Co. Ltd., ADR | 55,075 | 280,882 | ||||||
ASML Holding N.V., Sponsored NYS | 10,047 | 2,632,013 | ||||||
STMicroelectronics N.V., Sponsored NYS | 14,260 | 323,417 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 151,678 | 7,831,135 | ||||||
11,067,447 | ||||||||
SOFTWARE (2.8%) | ||||||||
BlackBerry Ltd.(a) | 12,850 | 67,591 | ||||||
Open Text Corp. | 15,110 | 608,329 | ||||||
SAP AG, Sponsored ADR | 26,850 | 3,559,773 | ||||||
4,235,693 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.6%) | ||||||||
Canon, Inc., Sponsored ADR | 31,880 | 863,948 | ||||||
TEXTILES, APPAREL & LUXURY GOODS (0.2%) | ||||||||
Gildan Activewear, Inc. | 10,540 | 269,086 | ||||||
WIRELESS TELECOMMUNICATION SERVICES (3.3%) | ||||||||
America Movil SA, Class L, Sponsored ADR | 50,320 | 795,559 | ||||||
China Mobile Ltd., Sponsored ADR | 47,870 | 1,932,991 | ||||||
Rogers Communications, Inc., Class B | 14,850 | 699,286 | ||||||
SK Telecom Co. Ltd., Sponsored ADR | 11,130 | 256,546 | ||||||
Vodafone Group PLC, Sponsored ADR | 61,699 | 1,259,894 | ||||||
4,944,276 | ||||||||
TOTAL COMMON STOCKS (COST $138,043,827) | 141,297,507 | |||||||
MONEY MARKET FUND (1.5%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 1.72%(b) | 2,156,564 | 2,156,564 | ||||||
TOTAL MONEY MARKET FUND (COST $2,156,564) | 2,156,564 | |||||||
PREFERRED STOCKS (3.3%) | ||||||||
BANKS (2.4%) | ||||||||
Banco Bradesco SA, ADR, 6.01%(c) | 164,605 | 1,441,940 |
See notes to financial statements.
22 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
Bancolombia SA, Sponsored ADR, 2.17%(c) | 5,330 | $ | 276,520 | |||||
Itau Unibanco Banco Multiplo SA, Sponsored ADR, 0.48%(c) | 197,327 | 1,781,863 | ||||||
3,500,323 | ||||||||
CHEMICALS (0.1%) | ||||||||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 3.70%(c) | 2,740 | 74,473 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.1%) | ||||||||
Telefonica Brasil SA, ADR, 2.96%(c) | 10,600 | 139,602 | ||||||
ELECTRIC UTILITIES (0.0%) | ||||||||
Cia Energetica de Minas Gerais, Sponsored ADR, 3.45%(c) | 21,315 | 71,618 | ||||||
METALS & MINING (0.0%) | ||||||||
Gerdau SA, Sponsored ADR, 1.16%(c) | 7,250 | 23,853 | ||||||
OIL, GAS & CONSUMABLE FUELS (0.7%) | ||||||||
Petroleo Brasileiro SA, Sponsored ADR, 0.06%(c) | 73,620 | 1,110,926 | ||||||
TOTAL PREFERRED STOCKS (COST $3,448,875) | 4,920,795 | |||||||
TOTAL INVESTMENTS (COST $143,649,266) 99.9% | 148,374,866 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | 218,741 | |||||||
NET ASSETS 100.0% | $ | 148,593,607 |
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of October 31, 2019 is disclosed. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
ADR — American Depositary Receipt
NYS — New York Shares
PLC — Public Limited Company
See notes to financial statements.
23 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Large Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Banks | 5.9 | % | ||
Software | 5.7 | |||
Insurance | 5.5 | |||
IT Services | 5.5 | |||
Oil, Gas & Consumable Fuels | 5.4 | |||
Health Care Equipment & Supplies | 4.0 | |||
Technology Hardware, Storage & Peripherals | 3.7 | |||
Capital Markets | 3.6 | |||
Interactive Media & Services | 3.5 | |||
Health Care Providers & Services | 3.4 | |||
Semiconductors & Semiconductor Equipment | 3.3 | |||
Equity Real Estate Investment Trusts | 2.9 | |||
Specialty Retail | 2.8 | |||
Food Products | 2.6 | |||
Aerospace & Defense | 2.3 | |||
Electric Utilities | 2.1 | |||
Biotechnology | 2.0 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Chemicals | 1.8 | |||
Machinery | 1.6 | |||
Household Products | 1.6 | |||
Food & Staples Retailing | 1.5 | |||
Household Durables | 1.5 | |||
Beverages | 1.5 | |||
Pharmaceuticals | 1.4 | |||
Multi-Utilities | 1.3 | |||
Multiline Retail | 1.1 | |||
Diversified Telecommunication Services | 1.1 | |||
Communications Equipment | 1.1 | |||
Energy Equipment & Services | 1.0 | |||
Diversified Financial Services | 1.0 | |||
Road & Rail | 1.0 | |||
Automobiles | 1.0 | |||
Consumer Finance | 0.9 | |||
Media | 0.9 | |||
Commercial Services & Supplies | 0.9 | |||
Electronic Equipment, Instruments & Components | 0.9 | |||
Entertainment | 0.8 | |||
Industrial Conglomerates | 0.8 | |||
Textiles, Apparel & Luxury Goods | 0.8 | |||
Airlines | 0.7 | |||
Life Sciences Tools & Services | 0.7 | |||
Money Market Fund | 0.7 | |||
Containers & Packaging | 0.6 | |||
Construction & Engineering | 0.6 | |||
Trading Companies & Distributors | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Internet & Direct Marketing Retail | 0.5 | |||
Electrical Equipment | 0.5 | |||
Professional Services | 0.5 | |||
Personal Products | 0.5 | |||
Building Products | 0.4 | |||
Independent Power and Renewable Electricity Producers | 0.3 | |||
Distributors | 0.3 | |||
Metals & Mining | 0.3 | |||
Auto Components | 0.2 | |||
Health Care Technology | 0.2 | |||
Real Estate Management & Development | 0.1 | |||
Gas Utilities | 0.1 | |||
Water Utilities | 0.1 | |||
Construction Materials | 0.1 | |||
Wireless Telecommunication Services | 0.1 | |||
Diversified Consumer Services | 0.0 | |||
Leisure Products | 0.0 | |||
Total Investments | 100.0 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
24
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (99.3%) | ||||||||
AEROSPACE & DEFENSE (2.3%) | ||||||||
Arconic, Inc. | 21,193 | $ | 582,172 | |||||
Boeing Co. (The) | 6,711 | 2,281,136 | ||||||
General Dynamics Corp. | 3,355 | 593,164 | ||||||
Huntington Ingalls Industries, Inc. | 743 | 167,665 | ||||||
L3Harris Technologies, Inc. | 2,637 | 544,040 | ||||||
Lockheed Martin Corp. | 2,899 | 1,091,995 | ||||||
Northrop Grumman Corp. | 1,667 | 587,584 | ||||||
Raytheon Co. | 3,661 | 776,901 | ||||||
Textron, Inc. | 8,770 | 404,209 | ||||||
TransDigm Group, Inc. | 2,676 | 1,408,325 | ||||||
United Technologies Corp. | 9,786 | 1,405,074 | ||||||
9,842,265 | ||||||||
AIR FREIGHT & LOGISTICS (0.5%) | ||||||||
C.H. Robinson Worldwide, Inc. | 1,190 | 90,012 | ||||||
Expeditors International of Washington, Inc. | 7,910 | 576,955 | ||||||
FedEx Corp. | 3,616 | 552,019 | ||||||
United Parcel Service, Inc., Class B | 8,120 | 935,180 | ||||||
2,154,166 | ||||||||
AIRLINES (0.7%) | ||||||||
Alaska Air Group, Inc. | 6,920 | 480,456 | ||||||
American Airlines Group, Inc. | 20,250 | 608,715 | ||||||
Delta Air Lines, Inc. | 13,850 | 762,858 | ||||||
Southwest Airlines Co. | 6,090 | 341,832 | ||||||
United Airlines Holdings, Inc.(a) | 8,680 | 788,491 | ||||||
2,982,352 | ||||||||
AUTO COMPONENTS (0.2%) | ||||||||
Aptiv PLC | 3,510 | 314,321 | ||||||
BorgWarner, Inc. | 16,900 | 704,392 | ||||||
1,018,713 | ||||||||
AUTOMOBILES (1.0%) | ||||||||
Ford Motor Co. | 254,800 | 2,188,732 | ||||||
General Motors Co. | 50,760 | 1,886,241 | ||||||
Harley-Davidson, Inc. | 2,290 | 89,104 | ||||||
4,164,077 | ||||||||
BANKS (5.9%) | ||||||||
Bank of America Corp. | 119,849 | 3,747,678 | ||||||
BB&T Corp. | 15,860 | 841,373 | ||||||
Citigroup, Inc. | 37,810 | 2,717,027 | ||||||
Citizens Financial Group, Inc. | 33,580 | 1,180,673 | ||||||
Comerica, Inc. | 1,660 | 108,597 | ||||||
Fifth Third Bancorp | 26,840 | 780,507 | ||||||
First Republic Bank | 7,250 | 771,110 | ||||||
Huntington Bancshares, Inc. | 24,180 | 341,663 | ||||||
JPMorgan Chase & Co. | 36,924 | 4,612,546 | ||||||
KeyCorp | 34,230 | 615,113 | ||||||
M&T Bank Corp. | 2,050 | 320,887 | ||||||
People’s United Financial, Inc. | 27,500 | 444,675 | ||||||
PNC Financial Services Group, Inc. (The) | 8,954 | 1,313,552 | ||||||
Regions Financial Corp. | 45,392 | 730,811 | ||||||
SunTrust Banks, Inc. | 13,450 | 919,173 | ||||||
SVB Financial Group(a) | 5,150 | 1,140,622 | ||||||
U.S. Bancorp | 32,360 | 1,845,167 | ||||||
Wells Fargo & Co. | 52,208 | 2,695,499 | ||||||
Zions Bancorp | 9,240 | 447,863 | ||||||
25,574,536 | ||||||||
BEVERAGES (1.5%) | ||||||||
Coca-Cola Co. (The) | 50,810 | 2,765,588 | ||||||
Monster Beverage Corp.(a) | 18,390 | 1,032,231 | ||||||
PepsiCo, Inc. | 18,641 | 2,556,986 | ||||||
6,354,805 | ||||||||
BIOTECHNOLOGY (2.0%) | ||||||||
AbbVie, Inc. | 17,700 | 1,408,035 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 3,921 | 413,273 | ||||||
Amgen, Inc. | 7,842 | 1,672,307 | ||||||
Biogen, Inc.(a) | 3,077 | 919,131 | ||||||
Celgene Corp.(a) | 8,940 | 965,788 | ||||||
Gilead Sciences, Inc. | 17,110 | 1,090,078 | ||||||
Incyte Corp.(a) | 3,210 | 269,383 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 11,173 | 2,184,098 | ||||||
8,922,093 | ||||||||
BUILDING PRODUCTS (0.4%) | ||||||||
A.O. Smith Corp. | 1,680 | 83,462 | ||||||
Allegion PLC | 913 | 105,945 | ||||||
Fortune Brands Home & Security, Inc. | 2,730 | 163,936 | ||||||
Johnson Controls International PLC | 27,991 | 1,212,850 | ||||||
Masco Corp. | 4,220 | 195,175 | ||||||
1,761,368 | ||||||||
CAPITAL MARKETS (3.6%) | ||||||||
Affiliated Managers Group, Inc. | 5,154 | 411,702 | ||||||
Ameriprise Financial, Inc. | 2,116 | 319,283 | ||||||
Bank of New York Mellon Corp. (The) | 19,451 | 909,334 | ||||||
BlackRock, Inc. | 1,561 | 720,714 | ||||||
Cboe Global Markets, Inc. | 7,140 | 822,171 | ||||||
Charles Schwab Corp. (The) | 15,900 | 647,289 | ||||||
CME Group, Inc. | 4,025 | 828,144 |
See notes to financial statements.
25
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
E*TRADE Financial Corp. | 4,498 | $ | 187,971 | |||||
Franklin Resources, Inc. | 2,760 | 76,038 | ||||||
Goldman Sachs Group, Inc. (The) | 8,946 | 1,908,898 | ||||||
IntercontinentalExchange Group, Inc. | 17,675 | 1,667,106 | ||||||
Invesco Ltd. | 59,650 | 1,003,313 | ||||||
MarketAxess Holdings, Inc. | 360 | 132,692 | ||||||
Moody’s Corp. | 1,960 | 432,552 | ||||||
Morgan Stanley | 37,200 | 1,713,060 | ||||||
MSCI, Inc. | 1,080 | 253,325 | ||||||
Nasdaq, Inc. | 1,540 | 153,646 | ||||||
Northern Trust Corp. | 3,000 | 299,040 | ||||||
Raymond James Financial, Inc. | 6,510 | 543,520 | ||||||
S&P Global, Inc. | 4,685 | 1,208,683 | ||||||
State Street Corp. | 12,987 | 858,051 | ||||||
T. Rowe Price Group, Inc. | 3,490 | 404,142 | ||||||
15,500,674 | ||||||||
CHEMICALS (1.8%) | ||||||||
Air Products & Chemicals, Inc. | 6,388 | 1,362,305 | ||||||
Albemarle Corp. | 1,500 | 91,110 | ||||||
Celanese Corp. | 1,580 | 191,417 | ||||||
CF Industries Holdings, Inc. | 2,890 | 131,062 | ||||||
Corteva, Inc. | 11,115 | 293,214 | ||||||
Dow, Inc. | 10,952 | 552,966 | ||||||
DuPont de Nemours, Inc. | 11,215 | 739,181 | ||||||
Eastman Chemical Co. | 1,640 | 124,706 | ||||||
Ecolab, Inc. | 6,678 | 1,282,643 | ||||||
FMC Corp. | 1,570 | 143,655 | ||||||
International Flavors & Fragrances, Inc. | 1,640 | 200,096 | ||||||
Linde PLC | 5,970 | 1,184,149 | ||||||
LyondellBasell Industries N.V., Class A | 7,850 | 704,145 | ||||||
Mosaic Co. (The) | 4,650 | 92,442 | ||||||
PPG Industries, Inc. | 3,048 | 381,366 | ||||||
Sherwin-Williams Co. (The) | 921 | 527,107 | ||||||
8,001,564 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (0.9%) | ||||||||
Cintas Corp. | 4,914 | 1,320,244 | ||||||
Copart, Inc.(a) | 3,950 | 326,428 | ||||||
Republic Services, Inc. | 3,216 | 281,432 | ||||||
Rollins, Inc. | 2,350 | 89,559 | ||||||
Waste Management, Inc. | 15,350 | 1,722,424 | ||||||
3,740,087 | ||||||||
COMMUNICATIONS EQUIPMENT (1.1%) | ||||||||
Arista Networks, Inc.(a) | 866 | 211,798 | ||||||
Cisco Systems, Inc. | 63,980 | 3,039,690 | ||||||
F5 Networks, Inc.(a) | 1,130 | 162,810 | ||||||
Juniper Networks, Inc. | 6,190 | 153,636 | ||||||
Motorola Solutions, Inc. | 8,191 | 1,362,327 | ||||||
4,930,261 | ||||||||
CONSTRUCTION & ENGINEERING (0.6%) | ||||||||
Jacobs Engineering Group, Inc. | 13,530 | 1,266,137 | ||||||
Quanta Services, Inc. | 34,580 | 1,454,089 | ||||||
2,720,226 | ||||||||
CONSTRUCTION MATERIALS (0.1%) | ||||||||
Martin Marietta Materials, Inc. | 591 | 154,789 | ||||||
Vulcan Materials Co. | 1,973 | 281,882 | ||||||
436,671 | ||||||||
CONSUMER FINANCE (0.9%) | ||||||||
American Express Co. | 8,540 | 1,001,571 | ||||||
Capital One Financial Corp. | 17,488 | 1,630,756 | ||||||
Discover Financial Services | 4,490 | 360,367 | ||||||
Synchrony Financial | 29,250 | 1,034,573 | ||||||
4,027,267 | ||||||||
CONTAINERS & PACKAGING (0.6%) | ||||||||
Avery Dennison Corp. | 1,370 | 175,168 | ||||||
Ball Corp. | 3,960 | 277,081 | ||||||
International Paper Co. | 15,520 | 677,914 | ||||||
Packaging Corp. of America | 1,470 | 160,906 | ||||||
Sealed Air Corp. | 1,390 | 58,060 | ||||||
Westrock Co. | 30,309 | 1,132,648 | ||||||
2,481,777 | ||||||||
DISTRIBUTORS (0.3%) | ||||||||
Genuine Parts Co. | 1,890 | 193,876 | ||||||
LKQ Corp.(a) | 27,310 | 928,267 | ||||||
1,122,143 | ||||||||
DIVERSIFIED CONSUMER SERVICES (0.0%) | ||||||||
H&R Block, Inc. | 3,060 | 76,469 | ||||||
DIVERSIFIED FINANCIAL SERVICES (1.0%) | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 21,009 | 4,466,093 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%) | ||||||||
CenturyLink, Inc. | 94,289 | 1,220,100 | ||||||
Verizon Communications, Inc. | 61,930 | 3,744,907 | ||||||
4,965,007 | ||||||||
ELECTRIC UTILITIES (2.1%) | ||||||||
Alliant Energy Corp. | 2,090 | 111,481 | ||||||
American Electric Power Co., Inc. | 5,680 | 536,135 | ||||||
Duke Energy Corp. | 12,954 | 1,221,044 |
See notes to financial statements.
26
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Edison International | 10,870 | $ | 683,723 | |||||
Entergy Corp. | 2,270 | 275,760 | ||||||
Evergy, Inc. | 6,250 | 399,437 | ||||||
Eversource Energy | 3,510 | 293,927 | ||||||
Exelon Corp. | 23,789 | 1,082,162 | ||||||
FirstEnergy Corp. | 5,119 | 247,350 | ||||||
NextEra Energy, Inc. | 9,127 | 2,175,329 | ||||||
Pinnacle West Capital Corp. | 8,330 | 784,020 | ||||||
PPL Corp. | 7,780 | 260,552 | ||||||
Southern Co. (The) | 11,120 | 696,779 | ||||||
Xcel Energy, Inc. | 7,020 | 445,840 | ||||||
9,213,539 | ||||||||
ELECTRICAL EQUIPMENT (0.5%) | ||||||||
AMETEK, Inc. | 7,960 | 729,534 | ||||||
Eaton Corp. PLC | 5,380 | 468,652 | ||||||
Emerson Electric Co. | 7,540 | 528,931 | ||||||
Rockwell Automation, Inc. | 1,869 | 321,449 | ||||||
2,048,566 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.9%) | ||||||||
Amphenol Corp., Class A | 4,040 | 405,333 | ||||||
CDW Corp. | 1,420 | 181,632 | ||||||
Corning, Inc. | 11,660 | 345,486 | ||||||
FLIR Systems, Inc. | 1,270 | 65,481 | ||||||
IPG Photonics Corp.(a) | 760 | 102,053 | ||||||
Keysight Technologies, Inc.(a) | 22,630 | 2,283,593 | ||||||
TE Connectivity Ltd. | 4,150 | 371,425 | ||||||
3,755,003 | ||||||||
ENERGY EQUIPMENT & SERVICES (1.0%) | ||||||||
Baker Hughes Co. | 79,989 | 1,711,765 | ||||||
Halliburton Co. | 10,530 | 202,703 | ||||||
Helmerich & Payne, Inc. | 6,650 | 249,375 | ||||||
National-Oilwell Varco, Inc. | 30,736 | 695,248 | ||||||
Schlumberger Ltd. | 15,334 | 501,268 | ||||||
TechnipFMC PLC | 57,410 | 1,132,699 | ||||||
4,493,058 | ||||||||
ENTERTAINMENT (0.8%) | ||||||||
Activision Blizzard, Inc. | 9,550 | 535,087 | ||||||
Walt Disney Co. (The) | 22,110 | 2,872,531 | ||||||
3,407,618 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (2.9%) | ||||||||
Alexandria Real Estate Equities, Inc. | 2,350 | 373,063 | ||||||
American Tower Corp. | 5,129 | 1,118,532 | ||||||
Apartment Investment & Management Co., Class A | 13,385 | 734,569 | ||||||
AvalonBay Communities, Inc. | 2,324 | 505,842 | ||||||
Boston Properties, Inc. | 2,140 | 293,608 | ||||||
Crown Castle International Corp. | 5,060 | 702,277 | ||||||
Digital Realty Trust, Inc. | 2,860 | 363,334 | ||||||
Duke Realty Corp. | 5,660 | 198,892 | ||||||
Equinix, Inc. | 892 | 505,568 | ||||||
Equity Residential | 4,250 | 376,805 | ||||||
Essex Property Trust, Inc. | 865 | 282,968 | ||||||
Extra Space Storage, Inc. | 1,650 | 185,246 | ||||||
Federal Realty Investment Trust | 1,220 | 165,932 | ||||||
Healthpeak Properties, Inc. | 18,530 | 697,099 | ||||||
Host Hotels & Resorts, Inc. | 10,533 | 172,636 | ||||||
Iron Mountain, Inc. | 3,019 | 99,023 | ||||||
Kimco Realty Corp. | 23,850 | 514,206 | ||||||
Macerich Co. (The) | 1,450 | 39,875 | ||||||
Mid-America Apartment Communities, Inc. | 1,290 | 179,297 | ||||||
Prologis, Inc. | 8,412 | 738,237 | ||||||
Public Storage, Inc. | 2,014 | 448,840 | ||||||
Realty Income Corp. | 3,960 | 323,888 | ||||||
Regency Centers Corp. | 1,610 | 108,256 | ||||||
SBA Communications Corp. | 1,442 | 347,017 | ||||||
Simon Property Group, Inc. | 4,660 | 702,169 | ||||||
SL Green Realty Corp. | 1,070 | 89,452 | ||||||
UDR, Inc. | 2,330 | 117,083 | ||||||
Ventas, Inc. | 4,380 | 285,138 | ||||||
Vornado Realty Trust | 2,105 | 138,151 | ||||||
Welltower, Inc. | 15,920 | 1,443,785 | ||||||
Weyerhaeuser Co. | 8,439 | 246,503 | ||||||
12,497,291 | ||||||||
FOOD & STAPLES RETAILING (1.5%) | ||||||||
Costco Wholesale Corp. | 4,930 | 1,464,752 | ||||||
Kroger Co. (The) | 46,780 | 1,152,659 | ||||||
Sysco Corp. | 6,210 | 495,993 | ||||||
Walgreens Boots Alliance, Inc. | 15,250 | 835,395 | ||||||
Walmart, Inc. | 20,250 | 2,374,515 | ||||||
�� | 6,323,314 | |||||||
FOOD PRODUCTS (2.6%) | ||||||||
Archer-Daniels-Midland Co. | 36,630 | 1,539,925 | ||||||
Campbell Soup Co. | 3,600 | 166,716 | ||||||
Conagra Brands, Inc. | 6,930 | 187,457 | ||||||
General Mills, Inc. | 7,690 | 391,113 | ||||||
Hershey Co. (The) | 2,290 | 336,332 | ||||||
Hormel Foods Corp. | 22,650 | 926,158 | ||||||
J.M. Smucker Co. (The) | 7,870 | 831,702 | ||||||
Kellogg Co. | 18,360 | 1,166,411 |
See notes to financial statements.
27
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Kraft Heinz Co. (The) | 30,206 | $ | 976,560 | |||||
Lamb Weston Holdings, Inc. | 10,730 | 837,369 | ||||||
McCormick & Co., Inc. | 6,730 | 1,081,444 | ||||||
Mondelez International, Inc., Class A | 18,840 | 988,158 | ||||||
Tyson Foods, Inc., Class A | 22,770 | 1,885,128 | ||||||
11,314,473 | ||||||||
GAS UTILITIES (0.1%) | ||||||||
Atmos Energy Corp. | 2,410 | 271,077 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.0%) | ||||||||
Abbott Laboratories | 34,032 | 2,845,416 | ||||||
ABIOMED, Inc.(a) | 957 | 198,654 | ||||||
Align Technology, Inc.(a) | 1,253 | 316,119 | ||||||
Baxter International, Inc. | 8,780 | 673,426 | ||||||
Becton Dickinson and Co. | 3,640 | 931,840 | ||||||
Boston Scientific Corp.(a) | 39,467 | 1,645,774 | ||||||
Danaher Corp. | 9,030 | 1,244,515 | ||||||
DENTSPLY SIRONA, Inc. | 3,920 | 214,738 | ||||||
Edwards Lifesciences Corp.(a) | 6,747 | 1,608,350 | ||||||
Hologic, Inc.(a) | 5,710 | 275,850 | ||||||
IDEXX Laboratories, Inc.(a) | 1,424 | 405,854 | ||||||
Intuitive Surgical, Inc.(a) | 2,675 | 1,479,141 | ||||||
Medtronic PLC | 22,453 | 2,445,132 | ||||||
ResMed, Inc. | 2,710 | 400,863 | ||||||
Stryker Corp. | 4,810 | 1,040,259 | ||||||
Teleflex, Inc. | 776 | 269,590 | ||||||
Varian Medical Systems, Inc.(a) | 1,630 | 196,920 | ||||||
Zimmer Holdings, Inc. | 8,270 | 1,143,162 | ||||||
17,335,603 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (3.4%) | ||||||||
AmerisourceBergen Corp. | 14,900 | 1,272,162 | ||||||
Anthem, Inc. | 6,080 | 1,636,006 | ||||||
Cardinal Health, Inc. | 24,250 | 1,199,163 | ||||||
Centene Corp.(a) | 18,600 | 987,288 | ||||||
Cigna Corp. | 5,722 | 1,021,148 | ||||||
CVS Health Corp. | 28,187 | 1,871,335 | ||||||
DaVita, Inc.(a) | 18,290 | 1,071,794 | ||||||
Henry Schein, Inc.(a) | 3,200 | 200,272 | ||||||
Humana, Inc. | 4,836 | 1,422,751 | ||||||
Laboratory Corporation of America Holdings(a) | 5,310 | 874,929 | ||||||
McKesson Corp. | 11,275 | 1,499,575 | ||||||
Quest Diagnostics, Inc. | 3,180 | 321,975 | ||||||
WellCare Group, Inc.(a) | 4,103 | 1,216,950 | ||||||
14,595,348 | ||||||||
HEALTH CARE TECHNOLOGY (0.2%) | ||||||||
Cerner Corp. | 14,250 | 956,460 | ||||||
HOTELS, RESTAURANTS & LEISURE (1.8%) | ||||||||
Carnival Corp. | 11,090 | 475,650 | ||||||
Chipotle Mexican Grill, Inc.(a) | 1,141 | 887,881 | ||||||
Hilton Worldwide Holdings, Inc. | 10,670 | 1,034,563 | ||||||
Marriott International, Inc., Class A | 4,366 | 552,517 | ||||||
McDonald’s Corp. | 9,103 | 1,790,560 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 9,500 | 482,220 | ||||||
Royal Caribbean Cruises Ltd. | 2,980 | 324,314 | ||||||
Starbucks Corp. | 14,420 | 1,219,355 | ||||||
Yum! Brands, Inc. | 10,090 | 1,026,254 | ||||||
7,793,314 | ||||||||
HOUSEHOLD DURABLES (1.5%) | ||||||||
D.R. Horton, Inc. | 23,416 | 1,226,296 | ||||||
Garmin Ltd. | 1,860 | 174,375 | ||||||
Leggett & Platt, Inc. | 1,580 | 81,054 | ||||||
Lennar Corp., Class A | 33,070 | 1,970,972 | ||||||
Mohawk Industries, Inc.(a) | 8,634 | 1,237,943 | ||||||
Newell Brands, Inc. | 7,220 | 136,963 | ||||||
PulteGroup, Inc. | 28,595 | 1,122,068 | ||||||
Whirlpool Corp. | 5,282 | 803,498 | ||||||
6,753,169 | ||||||||
HOUSEHOLD PRODUCTS (1.6%) | ||||||||
Church & Dwight Co., Inc. | 16,940 | 1,184,783 | ||||||
Clorox Co. (The) | 4,830 | 713,343 | ||||||
Colgate-Palmolive Co. | 11,320 | 776,552 | ||||||
Kimberly-Clark Corp. | 4,620 | 613,906 | ||||||
Procter & Gamble Co. (The) | 29,111 | 3,624,611 | ||||||
Spectrum Brands Holdings, Inc. | 1,792 | 89,976 | ||||||
7,003,171 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.3%) | ||||||||
AES Corp. | 13,030 | 222,162 | ||||||
NRG Energy, Inc. | 23,620 | 947,634 | ||||||
1,169,796 | ||||||||
INDUSTRIAL CONGLOMERATES (0.8%) | ||||||||
3M Co. | 7,188 | 1,185,948 | ||||||
Honeywell International, Inc. | 8,670 | 1,497,569 | ||||||
Roper Technologies, Inc. | 2,276 | 766,921 | ||||||
3,450,438 |
See notes to financial statements.
28
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
INSURANCE (5.5%) | ||||||||
Aflac, Inc. | 20,620 | $ | 1,096,159 | |||||
Allstate Corp. (The) | 15,080 | 1,604,814 | ||||||
American International Group, Inc. | 29,264 | 1,549,821 | ||||||
Aon PLC | 3,070 | 593,001 | ||||||
Arthur J. Gallagher & Co. | 2,340 | 213,455 | ||||||
Assurant, Inc. | 13,030 | 1,642,692 | ||||||
Chubb Ltd. | 11,251 | 1,714,877 | ||||||
Cincinnati Financial Corp. | 1,792 | 202,872 | ||||||
Everest Re Group Ltd. | 5,041 | 1,295,991 | ||||||
Globe Life, Inc. | 1,267 | 123,317 | ||||||
Hartford Financial Services Group, Inc. (The) | 21,770 | 1,242,632 | ||||||
Lincoln National Corp. | 26,396 | 1,490,846 | ||||||
Loews Corp. | 27,650 | 1,354,850 | ||||||
Marsh & McLennan Cos., Inc. | 6,440 | 667,313 | ||||||
MetLife, Inc. | 48,580 | 2,273,058 | ||||||
Principal Financial Group, Inc. | 23,790 | 1,269,910 | ||||||
Progressive Corp. (The) | 8,020 | 558,994 | ||||||
Prudential Financial, Inc. | 26,255 | 2,392,881 | ||||||
Travelers Cos., Inc. (The) | 8,510 | 1,115,321 | ||||||
Unum Group | 44,710 | 1,231,313 | ||||||
Willis Towers Watson PLC | 1,983 | 370,623 | ||||||
24,004,740 | ||||||||
INTERACTIVE MEDIA & SERVICES (3.5%) | ||||||||
Alphabet, Inc., Class A(a) | 3,431 | 4,318,943 | ||||||
Alphabet, Inc., Class C(a) | 3,530 | 4,448,188 | ||||||
Facebook, Inc., Class A(a) | 28,560 | 5,473,524 | ||||||
TripAdvisor, Inc.(a) | 2,105 | 85,042 | ||||||
Twitter, Inc.(a) | 26,490 | 793,905 | ||||||
15,119,602 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (0.5%) | ||||||||
Booking Holdings, Inc.(a) | 631 | 1,292,774 | ||||||
eBay, Inc. | 15,430 | 543,907 | ||||||
Expedia Group, Inc. | 3,365 | 459,861 | ||||||
2,296,542 | ||||||||
IT SERVICES (5.5%) | ||||||||
Accenture PLC, Class A | 8,131 | 1,507,650 | ||||||
Akamai Technologies, Inc.(a) | 9,910 | 857,215 | ||||||
Alliance Data Systems Corp. | 4,123 | 412,300 | ||||||
Automatic Data Processing, Inc. | 8,410 | 1,364,354 | ||||||
Broadridge Financial Solutions, Inc. | 5,890 | 737,546 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,210 | 500,318 | ||||||
DXC Technology Co. | 19,067 | 527,584 | ||||||
Fidelity National Information Services, Inc. | 13,126 | 1,729,482 | ||||||
Fiserv, Inc.(a) | 6,870 | 729,182 | ||||||
FleetCor Technologies, Inc.(a) | 1,150 | 338,353 | ||||||
Gartner, Inc.(a) | 6,540 | 1,007,683 | ||||||
Global Payments, Inc. | 8,677 | 1,467,975 | ||||||
International Business Machines Corp. | 10,726 | 1,434,388 | ||||||
Jack Henry & Associates, Inc. | 1,490 | 210,924 | ||||||
Mastercard, Inc., Class A | 12,672 | 3,507,736 | ||||||
Paychex, Inc. | 4,990 | 417,364 | ||||||
PayPal Holdings, Inc.(a) | 20,390 | 2,122,599 | ||||||
VeriSign, Inc.(a) | 4,461 | 847,679 | ||||||
Visa, Inc., Class A | 21,464 | 3,839,051 | ||||||
Western Union Co. (The) | 6,920 | 173,415 | ||||||
23,732,798 | ||||||||
LEISURE PRODUCTS (0.0%) | ||||||||
Hasbro, Inc. | 1,550 | 150,831 | ||||||
LIFE SCIENCES TOOLS & SERVICES (0.7%) | ||||||||
Agilent Technologies, Inc. | 6,470 | 490,103 | ||||||
Illumina, Inc.(a) | 3,173 | 937,685 | ||||||
IQVIA Holdings, Inc.(a) | 3,810 | 550,240 | ||||||
Mettler-Toledo International, Inc.(a) | 567 | 399,701 | ||||||
PerkinElmer, Inc. | 3,800 | 326,648 | ||||||
Waters Corp.(a) | 1,610 | 340,708 | ||||||
3,045,085 | ||||||||
MACHINERY (1.6%) | ||||||||
Caterpillar, Inc. | 7,330 | 1,010,074 | ||||||
Cummins, Inc. | 2,050 | 353,584 | ||||||
Deere & Co. | 3,672 | 639,442 | ||||||
Dover Corp. | 1,220 | 126,746 | ||||||
Flowserve Corp. | 780 | 38,095 | ||||||
Fortive Corp. | 3,150 | 217,350 | ||||||
IDEX Corp. | 2,950 | 458,813 | ||||||
Illinois Tool Works, Inc. | 3,860 | 650,719 | ||||||
Ingersoll-Rand PLC | 8,180 | 1,037,960 | ||||||
PACCAR, Inc. | 11,295 | 859,098 | ||||||
Parker-Hannifin Corp. | 1,685 | 309,181 | ||||||
Snap-on, Inc. | 750 | 122,003 | ||||||
Stanley Black & Decker, Inc. | 2,102 | 318,096 | ||||||
Wabtec Corp. | 1,960 | 135,965 | ||||||
Xylem, Inc. | 8,370 | 641,895 | ||||||
6,919,021 | ||||||||
MEDIA (0.9%) | ||||||||
Charter Communications, Inc., Class A(a) | 2,256 | 1,055,492 | ||||||
Discovery Communications, Inc., Class A(a) | 5,600 | 150,948 |
See notes to financial statements.
29
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Discovery Communications, Inc., Class C(a) | 4,541 | $ | 114,615 | |||||
DISH Network Corp., Class A(a) | 21,170 | 727,825 | ||||||
Fox Corp., Class A | 6,020 | 192,881 | ||||||
Fox Corp., Class B | 1,230 | 38,425 | ||||||
Interpublic Group of Cos., Inc. (The) | 11,970 | 260,347 | ||||||
News Corp., Class A | 50,320 | 689,887 | ||||||
News Corp., Class B | 8,780 | 123,974 | ||||||
Omnicom Group, Inc. | 5,750 | 443,842 | ||||||
3,798,236 | ||||||||
METALS & MINING (0.3%) | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 17,098 | 167,902 | ||||||
Newmont Goldcorp Corp. | 5,900 | 234,407 | ||||||
Nucor Corp. | 13,600 | 732,360 | ||||||
1,134,669 | ||||||||
MULTILINE RETAIL (1.1%) | ||||||||
Dollar General Corp. | 8,620 | 1,382,131 | ||||||
Dollar Tree, Inc.(a) | 8,072 | 891,149 | ||||||
Kohl’s Corp. | 15,310 | 784,790 | ||||||
Macy’s, Inc. | 4,482 | 67,947 | ||||||
Nordstrom, Inc. | 1,560 | 56,004 | ||||||
Target Corp. | 16,370 | 1,750,117 | ||||||
4,932,138 | ||||||||
MULTI-UTILITIES (1.3%) | ||||||||
Ameren Corp. | 13,770 | 1,069,929 | ||||||
CenterPoint Energy, Inc. | 15,910 | 462,504 | ||||||
CMS Energy Corp. | 4,630 | 295,950 | ||||||
Consolidated Edison, Inc. | 8,960 | 826,291 | ||||||
Dominion Resources, Inc. | 9,592 | 791,820 | ||||||
DTE Energy Co. | 3,610 | 459,625 | ||||||
NiSource, Inc. | 7,770 | 217,871 | ||||||
Public Service Enterprise Group, Inc. | 6,566 | 415,693 | ||||||
Sempra Energy | 3,950 | 570,814 | ||||||
WEC Energy Group | 4,205 | 396,952 | ||||||
5,507,449 | ||||||||
OIL, GAS & CONSUMABLE FUELS (5.4%) | ||||||||
Apache Corp. | 27,560 | 596,950 | ||||||
Cabot Oil & Gas Corp. | 4,320 | 80,525 | ||||||
Chevron Corp. | 24,919 | 2,894,093 | ||||||
Cimarex Energy Co. | 1,150 | 48,553 | ||||||
Concho Resources, Inc. | 2,620 | 176,902 | ||||||
ConocoPhillips | 29,169 | 1,610,129 | ||||||
Devon Energy Corp. | 56,820 | 1,152,310 | ||||||
Diamondback Energy, Inc. | 12,930 | 1,108,877 | ||||||
EOG Resources, Inc. | 7,044 | 488,220 | ||||||
Exxon Mobil Corp. | 45,440 | 3,070,381 | ||||||
Hess Corp. | 3,070 | 201,852 | ||||||
HollyFrontier Corp. | 19,390 | 1,065,287 | ||||||
Kinder Morgan, Inc. | 50,990 | 1,018,780 | ||||||
Marathon Oil Corp. | 57,930 | 667,933 | ||||||
Marathon Petroleum Corp. | 28,658 | 1,832,679 | ||||||
Noble Energy, Inc. | 36,390 | 700,871 | ||||||
Occidental Petroleum Corp. | 25,493 | 1,032,466 | ||||||
ONEOK, Inc. | 5,450 | 380,573 | ||||||
Phillips 66 | 19,319 | 2,256,845 | ||||||
Pioneer Natural Resources Co. | 2,076 | 255,389 | ||||||
Valero Energy Corp. | 27,060 | 2,624,279 | ||||||
Williams Cos., Inc. (The) | 13,780 | 307,432 | ||||||
23,571,326 | ||||||||
PERSONAL PRODUCTS (0.5%) | ||||||||
Coty, Inc., Class A | 151,080 | 1,766,125 | ||||||
Estee Lauder Cos., Inc., (The) Class A | 2,720 | 506,655 | ||||||
2,272,780 | ||||||||
PHARMACEUTICALS (1.4%) | ||||||||
Allergan PLC | 10,010 | 1,762,861 | ||||||
Eli Lilly & Co. | 19,850 | 2,261,907 | ||||||
Mylan N.V.(a) | 23,620 | 452,323 | ||||||
Perrigo Co. PLC | 5,681 | 301,207 | ||||||
Zoetis, Inc. | 8,990 | 1,150,001 | ||||||
5,928,299 | ||||||||
PROFESSIONAL SERVICES (0.5%) | ||||||||
Equifax, Inc. | 1,630 | 222,837 | ||||||
IHS Markit Ltd.(a) | 18,430 | 1,290,469 | ||||||
Nielsen Holdings PLC | 5,520 | 111,283 | ||||||
Robert Half International, Inc. | 1,460 | 83,614 | ||||||
Verisk Analytics, Inc. | 2,630 | 380,561 | ||||||
2,088,764 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.1%) | ||||||||
CBRE Group, Inc., Class A(a) | 4,430 | 237,227 | ||||||
ROAD & RAIL (1.0%) | ||||||||
CSX Corp. | 27,920 | 1,961,938 | ||||||
J.B. Hunt Transport Services, Inc. | 820 | 96,399 | ||||||
Kansas City Southern Industries, Inc. | 860 | 121,071 | ||||||
Norfolk Southern Corp. | 3,069 | 558,558 | ||||||
Union Pacific Corp. | 10,962 | 1,813,773 | ||||||
4,551,739 |
See notes to financial statements.
30
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.3%) | ||||||||
Advanced Micro Devices, Inc.(a) | 46,750 | $ | 1,586,228 | |||||
Analog Devices, Inc. | 4,444 | 473,864 | ||||||
Applied Materials, Inc. | 13,690 | 742,819 | ||||||
Broadcom, Inc. | 5,874 | 1,720,201 | ||||||
Intel Corp. | 48,000 | 2,713,440 | ||||||
KLA Corp. | 1,400 | 236,656 | ||||||
Lam Research Corp. | 1,206 | 326,874 | ||||||
Maxim Integrated Products, Inc. | 2,300 | 134,918 | ||||||
Microchip Technology, Inc. | 3,140 | 296,071 | ||||||
Micron Technology, Inc.(a) | 30,290 | 1,440,290 | ||||||
NVIDIA Corp. | 6,473 | 1,301,202 | ||||||
Qorvo, Inc.(a) | 1,520 | 122,907 | ||||||
QUALCOMM, Inc. | 12,790 | 1,028,828 | ||||||
Skyworks Solutions, Inc. | 2,040 | 185,762 | ||||||
Texas Instruments, Inc. | 9,900 | 1,168,101 | ||||||
Xilinx, Inc. | 8,610 | 781,271 | ||||||
14,259,432 | ||||||||
SOFTWARE (5.7%) | ||||||||
Adobe, Inc.(a) | 8,361 | 2,323,773 | ||||||
ANSYS, Inc.(a) | 4,693 | 1,033,164 | ||||||
Autodesk, Inc.(a) | 11,650 | 1,716,744 | ||||||
Cadence Design Systems, Inc.(a) | 4,410 | 288,194 | ||||||
Citrix Systems, Inc. | 1,900 | 206,834 | ||||||
Fortinet, Inc.(a) | 11,730 | 956,699 | ||||||
Intuit, Inc. | 6,462 | 1,663,965 | ||||||
Microsoft Corp. | 80,760 | 11,578,561 | ||||||
Oracle Corp. | 29,511 | 1,608,054 | ||||||
salesforce.com, Inc.(a) | 19,440 | 3,042,166 | ||||||
Symantec Corp. | 8,472 | 193,839 | ||||||
Synopsys, Inc.(a) | 2,390 | 324,442 | ||||||
24,936,435 | ||||||||
SPECIALTY RETAIL (2.8%) | ||||||||
Advance Auto Parts, Inc. | 1,036 | 168,329 | ||||||
AutoZone, Inc.(a) | 658 | 753,002 | ||||||
Best Buy Co., Inc. | 14,380 | 1,032,916 | ||||||
CarMax, Inc.(a) | 2,120 | 197,520 | ||||||
Gap, Inc. (The) | 21,280 | 346,013 | ||||||
Home Depot, Inc. (The) | 12,310 | 2,887,680 | ||||||
L Brands, Inc. | 2,900 | 49,416 | ||||||
Lowe’s Cos., Inc. | 8,930 | 996,677 | ||||||
O’Reilly Automotive, Inc.(a) | 3,471 | 1,511,655 | ||||||
Ross Stores, Inc. | 4,470 | 490,225 | ||||||
Tiffany & Co. | 1,690 | 210,422 | ||||||
TJX Cos., Inc. (The) | 24,940 | 1,437,791 | ||||||
Tractor Supply Co. | 9,240 | 877,985 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 5,828 | 1,358,798 | ||||||
12,318,429 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.7%) | ||||||||
Apple, Inc. | 43,898 | 10,920,066 | ||||||
Hewlett Packard Enterprise Co. | 95,370 | 1,565,022 | ||||||
HP, Inc. | 29,660 | 515,194 | ||||||
NetApp, Inc. | 8,640 | 482,803 | ||||||
Seagate Technology PLC | 3,390 | 196,722 | ||||||
Western Digital Corp. | 28,761 | 1,485,506 | ||||||
Xerox Holdings Corp. | 32,701 | 1,109,545 | ||||||
16,274,858 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS (0.8%) | ||||||||
Capri Holdings Ltd.(a) | 1,920 | 59,654 | ||||||
Hanesbrands, Inc. | 6,620 | 100,690 | ||||||
NIKE, Inc., Class B | 14,940 | 1,337,877 | ||||||
PVH Corp. | 9,360 | 815,818 | ||||||
Ralph Lauren Corp. | 1,115 | 107,107 | ||||||
Tapestry, Inc. | 3,890 | 100,595 | ||||||
Under Armour, Inc., Class A(a) | 4,900 | 101,185 | ||||||
Under Armour, Inc., Class C(a) | 1,024 | 18,944 | ||||||
VF Corp. | 11,405 | 938,518 | ||||||
3,580,388 | ||||||||
TRADING COMPANIES & DISTRIBUTORS (0.5%) | ||||||||
Fastenal Co. | 24,660 | 886,281 | ||||||
United Rentals, Inc.(a) | 1,300 | 173,641 | ||||||
W.W. Grainger, Inc. | 3,667 | 1,132,516 | ||||||
2,192,438 | ||||||||
WATER UTILITIES (0.1%) | ||||||||
American Water Works Co., Inc. | 2,540 | 313,106 | ||||||
WIRELESS TELECOMMUNICATION SERVICES (0.1%) | ||||||||
T-Mobile U.S., Inc.(a) | 6,370 | 526,544 | ||||||
TOTAL COMMON STOCKS (COST $344,919,474) | 431,316,728 | |||||||
MONEY MARKET FUND (0.7%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 1.72%(b) | 3,204,679 | 3,204,679 | ||||||
TOTAL MONEY MARKET FUND (COST $3,204,679) | 3,204,679 |
See notes to financial statements.
31
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
TOTAL INVESTMENTS (COST $348,124,153) 100.0% | $ | 434,521,407 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS 0.0% | (63,813 | ) | ||||||
NET ASSETS 100.0% | $ | 434,457,594 |
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of October 31, 2019 is disclosed. |
MSCI — Morgan Stanley Capital International
PLC — Public Limited Company
S&P — Standard & Poor’s
See notes to financial statements.
32
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Small-Mid Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Equity Real Estate Investment Trusts | 7.6 | % | ||
Banks | 5.8 | |||
Specialty Retail | 5.6 | |||
Electronic Equipment, Instruments & Components | 4.7 | |||
Machinery | 4.5 | |||
Insurance | 4.4 | |||
Health Care Equipment & Supplies | 4.0 | |||
Household Durables | 3.6 | |||
Semiconductors & Semiconductor Equipment | 3.5 | |||
Software | 2.6 | |||
Health Care Providers & Services | 2.5 | |||
Oil, Gas & Consumable Fuels | 2.4 | |||
Chemicals | 2.4 | |||
IT Services | 2.4 | |||
Hotels, Restaurants & Leisure | 2.2 | |||
Metals & Mining | 2.1 | |||
Capital Markets | 1.9 | |||
Building Products | 1.8 | |||
Commercial Services & Supplies | 1.7 | |||
Life Sciences Tools & Services | 1.5 | |||
Auto Components | 1.5 | |||
Biotechnology | 1.5 | |||
Food Products | 1.5 | |||
Road & Rail | 1.4 | |||
Construction & Engineering | 1.4 | |||
Energy Equipment & Services | 1.3 | |||
Professional Services | 1.3 | |||
Aerospace & Defense | 1.2 | |||
Communications Equipment | 1.1 | |||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Diversified Consumer Services | 1.0 | |||
Paper & Forest Products | 1.0 | |||
Media | 0.9 | |||
Consumer Finance | 0.9 | |||
Pharmaceuticals | 0.9 | |||
Trading Companies & Distributors | 0.9 | |||
Gas Utilities | 0.9 | |||
Electric Utilities | 0.8 | |||
Personal Products | 0.8 | |||
Thrifts & Mortgage Finance | 0.8 | |||
Electrical Equipment | 0.8 | |||
Money Market Fund | 0.8 | |||
Entertainment | 0.7 | |||
Mortgage Real Estate Investment Trusts | 0.6 | |||
Leisure Products | 0.5 | |||
Airlines | 0.5 | |||
Multi-Utilities | 0.5 | |||
Health Care Technology | 0.5 | |||
Containers & Packaging | 0.5 | |||
Real Estate Management & Development | 0.4 | |||
Water Utilities | 0.4 | |||
Air Freight & Logistics | 0.4 | |||
Multiline Retail | 0.4 | |||
Diversified Telecommunication Services | 0.4 | |||
Internet & Direct Marketing Retail | 0.4 | |||
Food & Staples Retailing | 0.4 | |||
Automobiles | 0.4 | |||
Industrial Conglomerates | 0.3 | |||
Household Products | 0.3 | |||
Marine | 0.3 | |||
Distributors | 0.3 | |||
Interactive Media & Services | 0.3 | |||
Technology Hardware, Storage & Peripherals | 0.2 | |||
Wireless Telecommunication Services | 0.2 | |||
Construction Materials | 0.2 | |||
Beverages | 0.0 | |||
Total Investments | 100.1 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
33
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (99.3%) | ||||||||
AEROSPACE & DEFENSE (1.2%) | ||||||||
AAR Corp. | 2,210 | $ | 92,268 | |||||
Aerojet Rocketdyne Holdings, Inc.(a) | 6,500 | 280,995 | ||||||
AeroVironment, Inc.(a) | 3,760 | 218,005 | ||||||
Axon Enterprise, Inc.(a) | 7,360 | 376,317 | ||||||
Cubic Corp. | 1,630 | 120,196 | ||||||
Curtiss-Wright Corp. | 3,230 | 436,857 | ||||||
Mercury Computer Systems, Inc.(a) | 2,930 | 215,824 | ||||||
Moog, Inc., Class A | 1,650 | 138,122 | ||||||
National Presto Industries, Inc. | 1,130 | 97,282 | ||||||
Park Aerospace Corp. | 760 | 12,912 | ||||||
Teledyne Technologies, Inc.(a) | 2,034 | 670,406 | ||||||
Triumph Group, Inc. | 3,190 | 66,256 | ||||||
2,725,440 | ||||||||
AIR FREIGHT & LOGISTICS (0.4%) | ||||||||
Atlas Air Worldwide Holdings(a) | 6,720 | 147,370 | ||||||
Echo Global Logistics, Inc.(a) | 10,830 | 215,625 | ||||||
Forward Air Corp. | 1,670 | 115,514 | ||||||
Hub Group, Inc., Class A(a) | 2,120 | 97,096 | ||||||
XPO Logistics, Inc.(a) | 5,360 | 409,504 | ||||||
985,109 | ||||||||
AIRLINES (0.5%) | ||||||||
Allegiant Travel Co. | 1,926 | 322,278 | ||||||
Hawaiian Holdings, Inc. | 3,210 | 91,838 | ||||||
JetBlue Airways Corp.(a) | 25,580 | 493,694 | ||||||
SkyWest, Inc. | 4,740 | 282,267 | ||||||
1,190,077 | ||||||||
AUTO COMPONENTS (1.5%) | ||||||||
Adient PLC(a) | 10,360 | 219,528 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) | 39,300 | 328,548 | ||||||
Cooper Tire & Rubber Co. | 6,020 | 170,005 | ||||||
Cooper-Standard Holdings, Inc.(a) | 4,480 | 142,733 | ||||||
Dana, Inc. | 27,650 | 448,759 | ||||||
Delphi Technologies PLC | 15,130 | 184,737 | ||||||
Dorman Products, Inc.(a) | 3,190 | 229,521 | ||||||
Fox Factory Holding Corp.(a) | 2,060 | 125,536 | ||||||
Garrett Motion, Inc.(a) | 4,130 | 39,235 | ||||||
Gentex Corp. | 15,930 | 446,837 | ||||||
Gentherm, Inc.(a) | 2,160 | 90,223 | ||||||
Goodyear Tire & Rubber Co. (The) | 35,040 | 556,085 | ||||||
LCI Industries | 1,370 | 133,054 | ||||||
Motorcar Parts of America, Inc.(a) | 5,790 | 110,357 | ||||||
Standard Motor Products, Inc. | 1,160 | 60,738 | ||||||
Visteon Corp.(a) | 1,430 | 133,019 | ||||||
3,418,915 | ||||||||
AUTOMOBILES (0.4%) | ||||||||
Thor Industries, Inc. | 6,020 | 380,825 | ||||||
Winnebago Industries, Inc. | 11,960 | 574,917 | ||||||
955,742 | ||||||||
BANKS (5.8%) | ||||||||
Ameris Bancorp | 3,102 | 132,921 | ||||||
Associated Bancorp | 15,458 | 310,860 | ||||||
Banc of California, Inc. | 2,860 | 39,382 | ||||||
BancorpSouth Bank | 4,230 | 129,734 | ||||||
Bank of Hawaii Corp. | 1,690 | 147,554 | ||||||
Bank OZK | 12,650 | 354,959 | ||||||
Banner Corp. | 1,610 | 86,908 | ||||||
Berkshire Hills Bancorp, Inc. | 2,050 | 63,611 | ||||||
Boston Private Financial Holdings, Inc. | 6,690 | 75,262 | ||||||
Brookline Bancorp, Inc. | 6,090 | 95,613 | ||||||
Cathay General Bancorp | 3,620 | 128,763 | ||||||
Central Pacific Financial Corp. | 2,140 | 61,889 | ||||||
City Holding Co. | 1,920 | 152,333 | ||||||
Columbia Banking System, Inc. | 3,710 | 145,803 | ||||||
Commerce Bancshares, Inc. | 5,719 | 368,075 | ||||||
Community Bank System, Inc. | 4,850 | 328,733 | ||||||
Cullen/Frost Bankers, Inc. | 2,850 | 256,728 | ||||||
Customers Bancorp, Inc.(a) | 9,460 | 223,067 | ||||||
CVB Financial Corp. | 3,720 | 77,302 | ||||||
Eagle Bancorp, Inc. | 1,690 | 76,287 | ||||||
East West Bancorp, Inc. | 8,260 | 354,519 | ||||||
F.N.B. Corp. | 22,460 | 270,868 | ||||||
First BanCorp | 14,582 | 153,403 | ||||||
First Commonwealth Financial Corp. | 4,950 | 69,745 | ||||||
First Financial Bancorp | 4,760 | 111,574 | ||||||
First Financial Bankshares, Inc. | 11,420 | 380,058 | ||||||
First Horizon National Corp. | 18,340 | 292,890 | ||||||
First Midwest Bancorp, Inc. | 6,240 | 128,170 | ||||||
Franklin Financial Network, Inc. | 770 | 25,618 | ||||||
Fulton Financial Corp. | 11,130 | 189,878 | ||||||
Glacier Bancorp, Inc. | 6,430 | 272,118 | ||||||
Great Western Bancorp, Inc. | 3,280 | 114,374 | ||||||
Hancock Holding Corp. | 6,699 | 261,261 | ||||||
Hanmi Financial Corp. | 2,241 | 43,139 | ||||||
Heritage Financial Corp. | 1,430 | 39,368 | ||||||
Home Bancshares, Inc. | 9,702 | 179,293 |
See notes to financial statements.
34 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Hope Bancorp, Inc. | 8,362 | $ | 119,326 | |||||
Independent Bank Corp. - Massachusetts | 3,580 | 293,846 | ||||||
International Bancshares Corp. | 3,120 | 127,795 | ||||||
LegacyTexas Financial Group, Inc. | 6,290 | 267,577 | ||||||
National Bank Holdings Corp., Class A | 1,950 | 67,080 | ||||||
NBT Bancorp | 1,690 | 67,177 | ||||||
OFG Bancorp | 2,890 | 58,696 | ||||||
Old National Bancorp | 16,520 | 297,277 | ||||||
Opus Bank | 5,680 | 140,807 | ||||||
Pacific Premier Bancorp, Inc. | 5,870 | 198,142 | ||||||
PacWest Bancorp | 9,430 | 348,816 | ||||||
Pinnacle Financial Partners, Inc. | 5,220 | 307,040 | ||||||
Preferred Bank/Los Angeles, CA | 720 | 38,383 | ||||||
Prosperity Bancshares, Inc. | 3,120 | 215,342 | ||||||
S&T Bancorp, Inc. | 1,570 | 59,118 | ||||||
Seacoast Banking Corporation of Florida(a) | 6,730 | 188,440 | ||||||
ServisFirst Bancshares, Inc. | 3,070 | 107,450 | ||||||
Signature Bank | 2,960 | 350,227 | ||||||
Simmons First National Corp., Class A | 5,040 | 120,557 | ||||||
Southside Bancshares, Inc. | 1,894 | 65,248 | ||||||
Sterling Bancorp | 14,199 | 279,010 | ||||||
Synovus Financial Corp. | 8,772 | 297,108 | ||||||
TCF Financial Corp. | 8,851 | 350,411 | ||||||
Texas Capital Bancshares, Inc.(a) | 2,310 | 124,879 | ||||||
Tompkins Financial Corp. | 79 | 6,913 | ||||||
Triumph Bancorp, Inc.(a) | 7,420 | 240,779 | ||||||
Trustmark Corp. | 4,340 | 148,949 | ||||||
UMB Financial Corp. | 4,550 | 296,933 | ||||||
Umpqua Holdings Corp. | 15,030 | 237,775 | ||||||
United Bankshares, Inc. | 6,623 | 261,873 | ||||||
United Community Banks, Inc. | 5,222 | 157,757 | ||||||
Valley National Bancorp | 12,762 | 147,784 | ||||||
Veritex Holdings, Inc. | 2,223 | 54,730 | ||||||
Webster Financial Corp. | 5,160 | 227,556 | ||||||
WestAmerica Bancorporation | 2,560 | 169,011 | ||||||
Wintrust Financial Corp. | 2,640 | 168,485 | ||||||
12,750,357 | ||||||||
BEVERAGES (0.0%) | ||||||||
Coca-Cola Consolidated, Inc. | 291 | 79,839 | ||||||
National Beverage Corp. | 110 | 4,835 | ||||||
84,674 | ||||||||
BIOTECHNOLOGY (1.5%) | ||||||||
Acorda Therapeutics, Inc.(a) | 2,800 | 4,620 | ||||||
AMAG Pharmaceuticals, Inc.(a) | 2,470 | 23,971 | ||||||
Anika Therapeutics, Inc.(a) | 1,080 | 76,021 | ||||||
Arrowhead Pharmaceuticals, Inc.(a) | 12,620 | 505,431 | ||||||
Cytokinetics, Inc.(a) | 3,980 | 46,367 | ||||||
Eagle Pharmaceuticals, Inc.(a) | 4,000 | 250,800 | ||||||
Emergent BioSolutions, Inc.(a) | 2,540 | 145,186 | ||||||
Enanta Pharmaceuticals, Inc.(a) | 880 | 53,574 | ||||||
Exelixis, Inc.(a) | 17,280 | 266,976 | ||||||
Genomic Health, Inc.(a) | 990 | 66,013 | ||||||
Ligand Pharmaceuticals, Inc.(a) | 1,750 | 190,417 | ||||||
Medicines Co. (The)(a) | 4,140 | 217,309 | ||||||
Momenta Pharmaceuticals, Inc.(a) | 6,020 | 93,190 | ||||||
Myriad Genetics, Inc.(a) | 4,300 | 144,781 | ||||||
Progenics Pharmaceuticals, Inc.(a) | 7,170 | 38,073 | ||||||
REGENXBIO, Inc.(a) | 3,650 | 130,269 | ||||||
Repligen Corp.(a) | 5,030 | 399,835 | ||||||
Spectrum Pharmaceuticals, Inc.(a) | 12,130 | 94,129 | ||||||
United Therapeutics Corp.(a) | 2,343 | 210,495 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 7,000 | 94,570 | ||||||
Xencor, Inc.(a) | 10,400 | 355,784 | ||||||
3,407,811 | ||||||||
BUILDING PRODUCTS (1.8%) | ||||||||
AAON, Inc. | 2,398 | 116,687 | ||||||
American Woodmark Corp.(a) | 810 | 80,320 | ||||||
Apogee Enterprises, Inc. | 3,630 | 136,270 | ||||||
Gibraltar Industries, Inc.(a) | 1,960 | 104,331 | ||||||
Griffon Corp. | 31,510 | 671,478 | ||||||
Insteel Industries, Inc. | 1,140 | 21,740 | ||||||
Lennox International, Inc. | 2,499 | 618,153 | ||||||
Owens Corning | 7,530 | 461,438 | ||||||
Patrick Industries, Inc.(a) | 5,575 | 275,461 | ||||||
PGT Innovations, Inc.(a) | 4,240 | 74,878 | ||||||
Quanex Building Products Corp. | 10,285 | 198,398 | ||||||
Resideo Technologies, Inc.(a) | 16,930 | 161,343 | ||||||
Simpson Manufacturing Co., Inc. | 2,290 | 189,245 | ||||||
Trex Co., Inc.(a) | 3,180 | 279,490 | ||||||
Universal Forest Products, Inc. | 11,370 | 572,593 | ||||||
3,961,825 | ||||||||
CAPITAL MARKETS (1.9%) | ||||||||
Blucora, Inc.(a) | 10,610 | 229,494 | ||||||
Donnelley Financial Solutions, Inc.(a) | 6,971 | 78,772 | ||||||
Eaton Vance Corp. | 7,470 | 340,632 | ||||||
Evercore Partners, Inc., Class A | 2,180 | 160,535 | ||||||
FactSet Research Systems, Inc. | 2,608 | 661,180 | ||||||
Federated Investors, Inc., Class B | 5,840 | 186,530 | ||||||
Greenhill & Co., Inc. | 1,350 | 21,870 | ||||||
Interactive Brokers Group, Inc., Class A | 4,280 | 203,600 |
See notes to financial statements.
35 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
INTL. FCStone, Inc.(a) | 7,150 | $ | 286,000 | |||||
Janus Henderson Group PLC | 16,920 | 391,360 | ||||||
Legg Mason, Inc. | 14,170 | 527,974 | ||||||
Piper Jaffray Cos., Inc. | 620 | 48,695 | ||||||
SEI Investments Co. | 7,540 | 451,797 | ||||||
Stifel Financial Corp. | 6,675 | 373,666 | ||||||
Virtus Investment Partners, Inc. | 447 | 48,490 | ||||||
Waddell & Reed Financial, Inc., Class A | 5,260 | 87,106 | ||||||
WisdomTree Investments, Inc. | 6,900 | 35,259 | ||||||
4,132,960 | ||||||||
CHEMICALS (2.4%) | ||||||||
AdvanSix, Inc.(a) | 5,490 | 124,953 | ||||||
American Vanguard Corp. | 1,340 | 18,733 | ||||||
Ashland Global Holdings, Inc. | 3,170 | 245,263 | ||||||
Balchem Corp. | 1,695 | 171,551 | ||||||
Cabot Corp. | 3,130 | 136,437 | ||||||
Chemours Co. (The) | 15,510 | 254,519 | ||||||
Ferro Corp.(a) | 4,300 | 47,859 | ||||||
FutureFuel Corp. | 1,380 | 17,015 | ||||||
H.B. Fuller Co. | 2,970 | 144,936 | ||||||
Hawkins, Inc. | 4,380 | 187,245 | ||||||
Ingevity Corp.(a) | 2,330 | 196,209 | ||||||
Innophos Holdings, Inc. | 4,170 | 136,026 | ||||||
Innospec, Inc. | 3,470 | 317,019 | ||||||
Koppers Holdings, Inc.(a) | 6,810 | 218,601 | ||||||
Kraton Performance Polymers, Inc.(a) | 12,110 | 271,506 | ||||||
Livent Corp.(a) | 7,640 | 52,410 | ||||||
LSB Industries, Inc.(a) | 1,840 | 7,783 | ||||||
Minerals Technologies, Inc. | 3,380 | 167,141 | ||||||
NewMarket Corp. | 419 | 203,420 | ||||||
Olin Corp. | 20,320 | 372,669 | ||||||
PolyOne Corp. | 4,240 | 135,892 | ||||||
Quaker Chemical Corp. | 1,190 | 181,927 | ||||||
Rayonier, Inc. | 30,103 | 125,530 | ||||||
RPM International, Inc. | 9,370 | 678,669 | ||||||
Scotts Miracle-Gro Co. (The) | 2,100 | 210,819 | ||||||
Sensient Technologies Corp. | 2,160 | 135,130 | ||||||
Stepan Co. | 930 | 90,880 | ||||||
Tredegar Corp. | 6,440 | 128,027 | ||||||
Trinseo SA | 1,130 | 48,025 | ||||||
Valvoline, Inc. | 10,386 | 221,637 | ||||||
5,247,831 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (1.7%) | ||||||||
ABM Industries, Inc. | 12,210 | 445,177 | ||||||
Brady Corp., Class A | 2,610 | 147,047 | ||||||
Brink’s Co. (The) | 2,700 | 229,392 | ||||||
Clean Harbors, Inc.(a) | 2,760 | 227,590 | ||||||
Deluxe Corp. | 2,540 | 131,648 | ||||||
Healthcare Services Group, Inc. | 4,732 | 115,272 | ||||||
Herman Miller, Inc. | 3,770 | 175,305 | ||||||
HNI Corp. | 2,840 | 107,920 | ||||||
Interface, Inc. | 5,550 | 92,296 | ||||||
KAR Auction Services, Inc. | 1,470 | 36,544 | ||||||
Matthews International Corp., Class A | 4,040 | 149,399 | ||||||
Mobile Mini, Inc. | 6,710 | 252,430 | ||||||
MSA Safety, Inc. | 2,580 | 309,781 | ||||||
Pitney Bowes, Inc. | 26,920 | 118,448 | ||||||
R.R. Donnelley & Sons Co. | 6,153 | 26,827 | ||||||
Stericycle, Inc.(a) | 4,610 | 265,536 | ||||||
Team, Inc.(a) | 10,130 | 183,961 | ||||||
Tetra Tech, Inc. | 3,160 | 276,405 | ||||||
UniFirst Corp. | 1,620 | 325,361 | ||||||
US Ecology, Inc. | 2,570 | 159,931 | ||||||
Viad Corp. | 1,360 | 82,987 | ||||||
3,859,257 | ||||||||
COMMUNICATIONS EQUIPMENT (1.1%) | ||||||||
ADTRAN, Inc. | 2,470 | 21,761 | ||||||
Applied Optoelectronics, Inc.(a) | 1,340 | 12,542 | ||||||
CalAmp Corp.(a) | 4,100 | 46,002 | ||||||
Ciena Corp.(a) | 14,000 | 519,680 | ||||||
Comtech Telecommunications Corp. | 5,100 | 178,245 | ||||||
Digi International, Inc.(a) | 9,710 | 140,018 | ||||||
Extreme Networks, Inc.(a) | 9,040 | 58,218 | ||||||
Harmonic, Inc.(a) | 24,610 | 191,466 | ||||||
InterDigital, Inc. | 1,670 | 89,562 | ||||||
Lumentum Holdings, Inc.(a) | 4,115 | 257,846 | ||||||
NETGEAR, Inc.(a) | 1,940 | 52,710 | ||||||
NetScout Systems, Inc.(a) | 7,100 | 171,962 | ||||||
Plantronics, Inc. | 1,740 | 68,591 | ||||||
ViaSat, Inc.(a) | 3,050 | 209,962 | ||||||
Viavi Solutions, Inc.(a) | 19,390 | 309,464 | ||||||
2,328,029 | ||||||||
CONSTRUCTION & ENGINEERING (1.4%) | ||||||||
AECOM Technology Corp.(a) | 18,102 | 724,261 | ||||||
Aegion Corp.(a) | 9,710 | 210,416 | ||||||
Arcosa, Inc. | 8,903 | 341,964 | ||||||
Comfort Systems USA, Inc. | 2,140 | 107,877 | ||||||
Dycom Industries, Inc.(a) | 1,630 | 74,312 | ||||||
EMCOR Group, Inc. | 4,490 | 393,818 | ||||||
Fluor Corp. | 15,150 | 244,067 | ||||||
Granite Construction, Inc. | 4,660 | 109,696 | ||||||
MasTec, Inc.(a) | 6,410 | 403,445 |
See notes to financial statements.
36 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
MYR Group, Inc.(a) | 8,180 | $ | 281,474 | |||||
Valmont Industries, Inc. | 1,260 | 172,859 | ||||||
3,064,189 | ||||||||
CONSTRUCTION MATERIALS (0.2%) | ||||||||
Eagle Materials, Inc. | 2,450 | 223,783 | ||||||
U.S. Concrete, Inc.(a) | 4,160 | 217,402 | ||||||
441,185 | ||||||||
CONSUMER FINANCE (0.9%) | ||||||||
Encore Capital Group, Inc.(a) | 10,350 | 343,516 | ||||||
Enova International, Inc.(a) | 2,383 | 55,977 | ||||||
EZCORP, Inc., Class A(a) | 28,140 | 148,016 | ||||||
FirstCash, Inc. | 3,958 | 334,016 | ||||||
Green Dot Corp., Class A(a) | 4,510 | 130,068 | ||||||
Navient Corp. | 30,870 | 425,080 | ||||||
PRA Group, Inc.(a) | 5,570 | 188,990 | ||||||
SLM Corp. | 39,070 | 329,751 | ||||||
World Acceptance Corp.(a) | 370 | 38,410 | ||||||
1,993,824 | ||||||||
CONTAINERS & PACKAGING (0.5%) | ||||||||
AptarGroup, Inc. | 3,370 | 398,165 | ||||||
Greif, Inc., Class A | 1,870 | 73,248 | ||||||
Myers Industries, Inc. | 1,860 | 31,490 | ||||||
Owens-Illinois, Inc. | 15,350 | 130,475 | ||||||
Silgan Holdings, Inc. | 6,780 | 208,621 | ||||||
Sonoco Products Co. | 5,410 | 312,157 | ||||||
1,154,156 | ||||||||
DISTRIBUTORS (0.3%) | ||||||||
Pool Corp. | 2,830 | 586,942 | ||||||
DIVERSIFIED CONSUMER SERVICES (1.0%) | ||||||||
Adtalem Global Education, Inc.(a) | 5,740 | 170,937 | ||||||
American Public Education, Inc.(a) | 5,520 | 119,894 | ||||||
Career Education Corp.(a) | 19,320 | 273,571 | ||||||
Graham Holdings Co., Class B | 517 | 325,534 | ||||||
Regis Corp.(a) | 14,530 | 299,318 | ||||||
Service Corp. International | 15,080 | 685,839 | ||||||
Strategic Education, Inc. | 1,989 | 244,707 | ||||||
WW International, Inc.(a) | 4,100 | 142,967 | ||||||
2,262,767 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%) | ||||||||
ATN International, Inc. | 2,070 | 122,606 | ||||||
Cincinnati Bell, Inc.(a) | 3,002 | 15,340 | ||||||
Cogent Communications Holdings, Inc. | 2,520 | 147,773 | ||||||
Consolidated Communications Holdings, Inc. | 3,800 | 15,200 | ||||||
Frontier Communications Corp.(a) | 36,722 | 33,417 | ||||||
Iridium Communications, Inc.(a) | 17,950 | 439,236 | ||||||
Vonage Holdings Corp.(a) | 15,310 | 149,579 | ||||||
923,151 | ||||||||
ELECTRIC UTILITIES (0.8%) | ||||||||
ALLETE, Inc. | 2,930 | 252,156 | ||||||
El Paso Electric Co. | 2,290 | 152,766 | ||||||
Hawaiian Electric Industries, Inc. | 6,130 | 276,769 | ||||||
IDACORP, Inc. | 2,770 | 298,107 | ||||||
OGE Energy Corp. | 10,600 | 456,436 | ||||||
PNM Resources, Inc. | 4,790 | 249,799 | ||||||
1,686,033 | ||||||||
ELECTRICAL EQUIPMENT (0.8%) | ||||||||
Acuity Brands, Inc. | 2,180 | 272,042 | ||||||
AZZ, Inc. | 1,450 | 56,246 | ||||||
Encore Wire Corp. | 2,810 | 157,922 | ||||||
EnerSys | 2,130 | 142,412 | ||||||
Hubbell, Inc. | 3,000 | 425,100 | ||||||
nVent Electric PLC | 8,980 | 207,079 | ||||||
Powell Industries, Inc. | 3,820 | 149,591 | ||||||
Regal Beloit Corp. | 2,010 | 148,840 | ||||||
Vicor Corp.(a) | 8,280 | 300,978 | ||||||
1,860,210 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (4.7%) | ||||||||
Anixter International, Inc.(a) | 5,230 | 432,782 | ||||||
Arlo Technologies, Inc.(a) | 3,841 | 13,098 | ||||||
Arrow Electronics, Inc.(a) | 8,280 | 656,438 | ||||||
Avnet, Inc. | 12,750 | 504,390 | ||||||
Badger Meter, Inc. | 1,630 | 94,214 | ||||||
Bel Fuse, Inc., Class B | 5,500 | 80,905 | ||||||
Belden CDT, Inc. | 3,610 | 185,121 | ||||||
Benchmark Electronics, Inc. | 11,530 | 390,867 | ||||||
Cognex Corp. | 9,450 | 486,580 | ||||||
Coherent, Inc.(a) | 1,324 | 197,170 | ||||||
CTS Corp. | 6,650 | 177,422 | ||||||
Daktronics, Inc. | 5,620 | 38,553 | ||||||
ePlus, Inc.(a) | 550 | 42,972 | ||||||
Fabrinet(a) | 2,030 | 114,147 | ||||||
FARO Technologies, Inc.(a) | 850 | 40,528 | ||||||
II-VI, Inc.(a) | 4,911 | 162,800 | ||||||
Insight Enterprises, Inc.(a) | 7,020 | 430,888 | ||||||
Itron, Inc.(a) | 1,860 | 141,844 | ||||||
Jabil Circuit, Inc. | 16,760 | 617,103 | ||||||
KEMET Corp. | 23,390 | 508,499 |
See notes to financial statements.
37 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Knowles Corp.(a) | 5,840 | $ | 126,027 | |||||
Littelfuse, Inc. | 1,415 | 248,432 | ||||||
Methode Electronics, Inc. | 2,020 | 69,488 | ||||||
MTS Systems Corp. | 980 | 55,350 | ||||||
National Instruments Corp. | 6,575 | 272,139 | ||||||
OSI Systems, Inc.(a) | 890 | 88,324 | ||||||
Plexus Corp.(a) | 1,730 | 127,916 | ||||||
Rogers Corp.(a) | 1,030 | 139,544 | ||||||
Sanmina Corp.(a) | 12,320 | 378,594 | ||||||
ScanSource, Inc.(a) | 8,810 | 284,563 | ||||||
SYNNEX Corp. | 5,818 | 685,011 | ||||||
Tech Data Corp.(a) | 5,520 | 670,680 | ||||||
Trimble Navigation Ltd.(a) | 16,210 | 645,806 | ||||||
TTM Technologies, Inc.(a) | 31,450 | 368,279 | ||||||
Vishay Intertechnology, Inc. | 8,270 | 166,641 | ||||||
Zebra Technologies Corp., Class A(a) | 3,607 | 857,997 | ||||||
10,501,112 | ||||||||
ENERGY EQUIPMENT & SERVICES (1.3%) | ||||||||
Apergy Corp.(a) | 4,070 | 102,442 | ||||||
Archrock, Inc. | 24,960 | 240,614 | ||||||
Core Laboratories N.V. | 2,020 | 88,961 | ||||||
Diamond Offshore Drilling, Inc.(a) | 15,120 | 79,985 | ||||||
DMC Global, Inc. | 5,120 | 229,069 | ||||||
Dril-Quip, Inc.(a) | 1,510 | 61,940 | ||||||
Era Group, Inc.(a) | 2,320 | 22,434 | ||||||
Exterran Corp.(a) | 6,315 | 80,011 | ||||||
Geospace Technologies Corp.(a) | 570 | 8,316 | ||||||
Gulf Island Fabrication, Inc.(a) | 2,270 | 11,895 | ||||||
Helix Energy Solutions Group, Inc.(a) | 27,610 | 237,170 | ||||||
KLX Energy Services Holdings, Inc.(a) | 11,262 | 89,420 | ||||||
Matrix Service Co.(a) | 6,690 | 125,504 | ||||||
McDermott International, Inc.(a) | 61,243 | 99,826 | ||||||
Nabors Industries Ltd. | 16,025 | 29,646 | ||||||
Newpark Resources, Inc.(a) | 19,220 | 115,320 | ||||||
NexTier Oilfield Solutions, Inc.(a) | 19,928 | 86,088 | ||||||
Noble Corp. PLC(a) | 20,650 | 25,400 | ||||||
Oceaneering International, Inc.(a) | 14,100 | 199,656 | ||||||
Oil States International, Inc.(a) | 7,990 | 114,017 | ||||||
Patterson-UTI Energy, Inc. | 26,350 | 219,232 | ||||||
ProPetro Holding Corp.(a) | 20,240 | 156,860 | ||||||
SEACOR Holdings, Inc.(a) | 4,080 | 175,073 | ||||||
TETRA Technologies, Inc.(a) | 4,190 | 7,123 | ||||||
Transocean Ltd.(a) | 26,210 | 124,498 | ||||||
US Silica Holdings, Inc. | 23,860 | 106,416 | ||||||
Valaris PLC | 24,799 | 101,924 | ||||||
2,938,840 | ||||||||
ENTERTAINMENT (0.7%) | ||||||||
Cinemark Holdings, Inc. | 6,410 | 234,606 | ||||||
Live Nation, Inc.(a) | 10,342 | 729,111 | ||||||
Marcus Corp. (The) | 6,550 | 236,455 | ||||||
World Wrestling Entertainment, Inc., Class A | 5,390 | 302,056 | ||||||
1,502,228 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (7.6%) | ||||||||
Acadia Realty Trust | 5,897 | 164,998 | ||||||
Agree Realty Corp. | 6,380 | 502,553 | ||||||
Alexander & Baldwin, Inc. | 8,953 | 210,485 | ||||||
American Assets Trust, Inc. | 2,680 | 131,213 | ||||||
American Campus Communities, Inc. | 12,030 | 601,259 | ||||||
Armada Hoffler Properties, Inc. | 11,780 | 220,757 | ||||||
Brixmor Property Group, Inc. | 15,730 | 346,375 | ||||||
Camden Property Trust | 5,100 | 583,287 | ||||||
CareTrust REIT, Inc. | 5,798 | 140,544 | ||||||
CBL & Associates Properties, Inc. | 63,180 | 90,979 | ||||||
Cedar Shopping Centers, Inc. | 8,720 | 29,125 | ||||||
Chatham Lodging Trust | 2,040 | 36,822 | ||||||
Community Healthcare Trust, Inc. | 3,230 | 156,397 | ||||||
Corecivic, Inc. | 6,958 | 106,179 | ||||||
Coresite Realty Corp. | 2,020 | 237,350 | ||||||
Corporate Office Properties Trust | 5,850 | 173,394 | ||||||
Cousins Properties, Inc. | 5,029 | 201,814 | ||||||
Cyrusone, Inc. | 8,800 | 627,264 | ||||||
DiamondRock Hospitality Co. | 15,560 | 155,289 | ||||||
Douglas Emmett, Inc. | 9,010 | 390,313 | ||||||
Easterly Government Properties, Inc. | 11,320 | 252,662 | ||||||
EastGroup Properties, Inc. | 1,780 | 238,431 | ||||||
EPR Properties | 4,130 | 321,273 | ||||||
First Industrial Realty Trust, Inc. | 8,810 | 370,989 | ||||||
Four Corners Property Trust, Inc. | 13,337 | 382,105 | ||||||
Franklin Street Properties Corp. | 3,250 | 27,950 | ||||||
Geo Group, Inc. (The) | 6,934 | 105,535 | ||||||
Getty Realty Corp. | 2,470 | 82,844 | ||||||
Global Net Lease, Inc. | 4,260 | 82,985 | ||||||
Healthcare Realty Trust, Inc. | 7,960 | 276,769 | ||||||
Hersha Hospitality Trust | 8,390 | 115,782 | ||||||
Highwoods Properties, Inc. | 5,760 | 269,568 | ||||||
Independence Realty Trust, Inc. | 530 | 8,162 | ||||||
Innovative Industrial Properties, Inc. | 4,830 | 367,080 | ||||||
iStar, Inc. | 17,550 | 228,325 | ||||||
JBG Smith Properties | 6,400 | 257,664 | ||||||
Kilroy Realty Corp. | 5,640 | 473,365 | ||||||
Kite Realty Group Trust | 7,825 | 139,442 |
See notes to financial statements.
38 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Lamar Advertising Co. | 4,540 | $ | 363,245 | |||||
Lexington Corporate Properties Trust | 17,775 | 193,392 | ||||||
Liberty Property Trust | 8,550 | 505,048 | ||||||
Life Storage, Inc. | 3,200 | 348,544 | ||||||
LTC Properties, Inc. | 2,620 | 135,847 | ||||||
Mack-Cali Realty Corp. | 5,010 | 107,314 | ||||||
Medical Properties Trust, Inc. | 32,210 | 667,713 | ||||||
National Retail Properties, Inc. | 11,710 | 689,836 | ||||||
National Storage Affiliates | 6,930 | 236,798 | ||||||
Office Properties Income Trust | 2,917 | 92,994 | ||||||
Omega Healthcare Investors, Inc. | 15,726 | 692,573 | ||||||
Park Hotels & Resorts, Inc. | 4,364 | 101,463 | ||||||
Pebblebrook Hotel Trust | 7,816 | 200,949 | ||||||
Pennsylvania Real Estate Investment Trust | 3,840 | 21,197 | ||||||
Potlatch Corp. | 4,092 | 173,787 | ||||||
PS Business Parks, Inc. | 1,050 | 189,578 | ||||||
Rayonier, Inc. | 7,010 | 189,130 | ||||||
Retail Opportunity Investments Corp. | 8,900 | 166,119 | ||||||
RPT Realty | 2,430 | 35,235 | ||||||
Sabra Health Care REIT, Inc. | 16,989 | 417,929 | ||||||
Saul Centers, Inc. | 610 | 32,659 | ||||||
Senior Housing Properties Trust | 21,910 | 217,457 | ||||||
Service Properties Trust | 8,860 | 224,158 | ||||||
Spirit Realty Capital, Inc. | 2,440 | 121,610 | ||||||
Summit Hotel Properties, Inc. | 13,150 | 161,219 | ||||||
Tanger Factory Outlet Centers | 6,790 | 109,455 | ||||||
Taubman Centers, Inc. | 3,520 | 125,946 | ||||||
Uniti Group, Inc. | 10,184 | 70,473 | ||||||
Universal Health Realty Income Trust | 480 | 57,230 | ||||||
Urban Edge Properties | 5,590 | 118,005 | ||||||
Urstadt Biddle Properties, Inc., Class A | 6,270 | 152,549 | ||||||
Washington Prime Group, Inc. | 34,810 | 146,898 | ||||||
Washington Real Estate | 3,790 | 117,566 | ||||||
Weingarten Realty Investors | 7,820 | 248,129 | ||||||
Whitestone REIT | 1,030 | 14,667 | ||||||
Xenia Hotels & Resorts, Inc. | 9,180 | 193,239 | ||||||
16,747,279 | ||||||||
FOOD & STAPLES RETAILING (0.4%) | ||||||||
Andersons, Inc. (The) | 11,265 | 207,501 | ||||||
Chefs’ Warehouse, Inc. (The)(a) | 1,430 | 47,369 | ||||||
SpartanNash Co. | 22,044 | 288,666 | ||||||
Sprouts Farmers Market, Inc.(a) | 7,920 | 153,727 | ||||||
United Natural Foods, Inc.(a) | 32,890 | 246,675 | ||||||
943,938 | ||||||||
FOOD PRODUCTS (1.5%) | ||||||||
B&G Foods, Inc. | 4,120 | 64,066 | ||||||
Calavo Growers, Inc. | 840 | 72,853 | ||||||
Cal-Maine Foods, Inc. | 1,850 | 73,796 | ||||||
Darling Ingredients, Inc.(a) | 10,220 | 197,246 | ||||||
Dean Foods Co. | 61,450 | 60,221 | ||||||
Flowers Foods, Inc. | 11,083 | 240,723 | ||||||
Hain Celestial Group Inc. (The)(a) | 10,530 | 248,929 | ||||||
Ingredion, Inc. | 3,540 | 279,660 | ||||||
J&J Snack Foods Corp. | 910 | 173,592 | ||||||
John B. Sanfilippo & Son, Inc. | 480 | 50,938 | ||||||
Lancaster Colony Corp. | 1,470 | 204,595 | ||||||
Pilgrim’s Pride Corp.(a) | 6,130 | 186,107 | ||||||
Post Holdings, Inc.(a) | 5,035 | 518,101 | ||||||
Sanderson Farms, Inc. | 2,120 | 328,197 | ||||||
Seneca Foods Corp., Class A(a) | 8,880 | 314,174 | ||||||
Tootsie Roll Industries, Inc. | 1,045 | 35,823 | ||||||
TreeHouse Foods, Inc.(a) | 4,840 | 261,457 | ||||||
3,310,478 | ||||||||
GAS UTILITIES (0.9%) | ||||||||
National Fuel Gas Co. | 6,500 | 294,515 | ||||||
New Jersey Resources Corp. | 4,940 | 215,384 | ||||||
Northwest Natural Holding Co. | 1,670 | 115,831 | ||||||
ONE Gas, Inc. | 3,040 | 282,234 | ||||||
South Jersey Industries, Inc. | 5,050 | 162,408 | ||||||
Southwest Gas Corp. | 2,660 | 232,218 | ||||||
Spire, Inc. | 2,930 | 246,296 | ||||||
UGI Corp. | 11,460 | 546,298 | ||||||
2,095,184 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.0%) | ||||||||
AngioDynamics, Inc.(a) | 13,300 | 203,490 | ||||||
Avanos Medical, Inc.(a) | 7,680 | 338,227 | ||||||
Cantel Medical Corp. | 1,957 | 142,646 | ||||||
Cardiovascular Systems, Inc.(a) | 9,610 | 427,837 | ||||||
CONMED Corp. | 5,450 | 599,609 | ||||||
CryoLife, Inc.(a) | 4,810 | 107,985 | ||||||
Cutera, Inc.(a) | 1,240 | 39,060 | ||||||
Globus Medical, Inc., Class A(a) | 10,290 | 538,887 | ||||||
Haemonetics Corp.(a) | 3,490 | 421,348 | ||||||
Heska Corp.(a) | 2,010 | 162,850 | ||||||
Hill-Rom Holdings, Inc. | 3,630 | 380,025 | ||||||
ICU Medical, Inc.(a) | 1,014 | 163,873 | ||||||
Inogen, Inc.(a) | 990 | 53,891 |
See notes to financial statements.
39 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Integer Holdings Corp.(a) | 3,610 | $ | 279,558 | |||||
Integra LifeSciences Holdings Corp.(a) | 6,540 | 379,712 | ||||||
Invacare Corp. | 26,900 | 207,668 | ||||||
Lantheus Holdings, Inc.(a) | 2,370 | 49,415 | ||||||
LeMaitre Vascular, Inc. | 1,180 | 40,828 | ||||||
LivaNova PLC(a) | 4,150 | 293,529 | ||||||
Masimo Corp.(a) | 3,400 | 495,686 | ||||||
Meridian Bioscience, Inc. | 6,500 | 63,635 | ||||||
Merit Medical Systems, Inc.(a) | 4,855 | 100,280 | ||||||
Mesa Laboratories, Inc. | 800 | 182,200 | ||||||
Natus Medical, Inc.(a) | 2,130 | 71,738 | ||||||
Neogen Corp.(a) | 5,879 | 382,488 | ||||||
NuVasive, Inc.(a) | 2,880 | 203,155 | ||||||
OraSure Technologies, Inc.(a) | 4,780 | 40,821 | ||||||
Orthofix Medical, Inc.(a) | 1,230 | 51,697 | ||||||
Penumbra, Inc.(a) | 3,600 | 561,492 | ||||||
STERIS PLC | 5,790 | 819,690 | ||||||
Surmodics, Inc.(a) | 2,650 | 125,902 | ||||||
Tactile Systems Technology, Inc.(a) | 6,820 | 309,764 | ||||||
Varex Imaging Corp.(a) | 2,520 | 75,625 | ||||||
West Pharmaceutical Services, Inc. | 3,950 | 568,168 | ||||||
8,882,779 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (2.5%) | ||||||||
Acadia Healthcare(a) | 9,910 | 297,201 | ||||||
Addus HomeCare Corp.(a) | 1,790 | 150,736 | ||||||
Amedisys, Inc.(a) | 4,139 | 531,944 | ||||||
AMN Healthcare Services, Inc.(a) | 4,370 | 256,781 | ||||||
BioTelemetry, Inc.(a) | 3,100 | 122,016 | ||||||
Chemed Corp. | 1,221 | 480,964 | ||||||
CorVel Corp.(a) | 2,100 | 166,152 | ||||||
Covetrus, Inc.(a) | 5,610 | 55,623 | ||||||
Cross Country Healthcare, Inc.(a) | 30,730 | 332,191 | ||||||
Diplomat Pharmacy, Inc.(a) | 16,130 | 87,747 | ||||||
Encompass Health Corp. | 7,660 | 490,393 | ||||||
Ensign Group, Inc. (The) | 5,770 | 243,783 | ||||||
HealthEquity, Inc.(a) | 3,550 | 201,605 | ||||||
LHC Group, Inc.(a) | 1,710 | 189,759 | ||||||
Magellan Health Services, Inc.(a) | 6,800 | 441,320 | ||||||
Molina Healthcare, Inc.(a) | 4,905 | 577,024 | ||||||
Owens & Minor, Inc. | 24,315 | 163,640 | ||||||
Patterson Cos., Inc. | 13,610 | 233,139 | ||||||
Pennant Group, Inc. (The)(a) | 2,885 | 51,901 | ||||||
Providence Service Corp. (The)(a) | 560 | 35,767 | ||||||
Select Medical Holdings Corp.(a) | 9,990 | 182,018 | ||||||
Tivity Health, Inc.(a) | 6,923 | 112,222 | ||||||
U.S. Physical Therapy, Inc. | 800 | 113,176 | ||||||
5,517,102 | ||||||||
HEALTH CARE TECHNOLOGY (0.5%) | ||||||||
Allscripts Healthcare Solutions, Inc.(a) | 9,606 | 105,090 | ||||||
Computer Programs & Systems, Inc. | 890 | 20,532 | ||||||
HealthStream, Inc.(a) | 1,710 | 47,982 | ||||||
HMS Holdings Corp.(a) | 9,320 | 304,671 | ||||||
NextGen Healthcare, Inc.(a) | 8,360 | 141,326 | ||||||
Omnicell, Inc.(a) | 4,220 | 297,046 | ||||||
Tabula Rasa HealthCare, Inc.(a) | 5,550 | 282,717 | ||||||
1,199,364 | ||||||||
HOTELS, RESTAURANTS & LEISURE (2.2%) | ||||||||
Biglari Holdings, Inc., Class A(a) | 1 | 289 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,570 | 244,135 | ||||||
DineEquity, Inc. | 2,200 | 160,930 | ||||||
Domino’s Pizza, Inc. | 2,945 | 799,921 | ||||||
Dunkin’ Brands Group, Inc. | 5,390 | 423,762 | ||||||
El Pollo Loco Holdings, Inc.(a) | 11,850 | 137,697 | ||||||
Fiesta Restaurant Group, Inc.(a) | 1,980 | 17,018 | ||||||
Jack in the Box, Inc. | 1,750 | 147,035 | ||||||
Marriott Vacations Worldwide Corp. | 3,816 | 419,493 | ||||||
Papa John’s International, Inc. | 1,490 | 87,240 | ||||||
Shake Shack, Inc., Class A(a) | 8,080 | 664,822 | ||||||
Six Flags Entertainment Corp. | 4,310 | 181,839 | ||||||
Wendy’s Co. (The) | 21,230 | 449,651 | ||||||
Wingstop, Inc. | 5,590 | 466,374 | ||||||
Wyndham Hotels & Resorts, Inc. | 8,260 | 445,792 | ||||||
Wyndham Worldwide Corp. | 6,630 | 307,698 | ||||||
4,953,696 | ||||||||
HOUSEHOLD DURABLES (3.6%) | ||||||||
Cavco Industries, Inc.(a) | 1,490 | 285,559 | ||||||
Century Communities, Inc.(a) | 17,320 | 522,544 | ||||||
Ethan Allen Interiors, Inc. | 6,560 | 129,298 | ||||||
Helen of Troy Ltd.(a) | 2,620 | 392,371 | ||||||
Installed Building Products, Inc.(a) | 1,350 | 88,047 | ||||||
iRobot Corp.(a) | 4,540 | 218,192 | ||||||
KB Home | 21,960 | 783,752 | ||||||
La-Z-Boy, Inc. | 2,770 | 98,363 | ||||||
LGI Homes, Inc.(a) | 3,470 | 272,326 | ||||||
M.D.C Holdings, Inc. | 11,072 | 428,597 | ||||||
M/I Homes, Inc.(a) | 18,080 | 798,774 |
See notes to financial statements.
40 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Meritage Homes Corp.(a) | 10,310 | $ | 743,248 | |||||
NVR, Inc.(a) | 188 | 683,679 | ||||||
Tempur-Pedic International, Inc.(a) | 2,580 | 234,651 | ||||||
Toll Brothers, Inc. | 14,740 | 586,210 | ||||||
TopBuild Corp.(a) | 3,800 | 394,934 | ||||||
TRI Pointe Group, Inc.(a) | 30,960 | 487,310 | ||||||
Tupperware Brands Corp. | 3,250 | 31,298 | ||||||
Universal Electronics, Inc.(a) | 920 | 47,950 | ||||||
William Lyon Homes, Class A(a) | 33,950 | 656,933 | ||||||
7,884,036 | ||||||||
HOUSEHOLD PRODUCTS (0.3%) | ||||||||
Central Garden & Pet Co.(a) | 770 | 23,115 | ||||||
Central Garden & Pet Co., Class A(a) | 4,730 | 133,764 | ||||||
Energizer Holdings, Inc. | 3,630 | 154,239 | ||||||
WD-40 Co. | 1,952 | 365,805 | ||||||
676,923 | ||||||||
INDUSTRIAL CONGLOMERATES (0.3%) | ||||||||
Carlisle Cos., Inc. | 3,090 | 470,514 | ||||||
Raven Industries, Inc. | 4,580 | 159,751 | ||||||
630,265 | ||||||||
INSURANCE (4.4%) | ||||||||
Alleghany Corp.(a) | 1,047 | 814,870 | ||||||
Ambac Financial Group, Inc.(a) | 13,530 | 277,365 | ||||||
American Equity Investment Life Holding Co. | 5,750 | 141,910 | ||||||
American Financial Group, Inc. | 3,470 | 361,019 | ||||||
AMERISAFE, Inc. | 1,150 | 73,059 | ||||||
Brighthouse Financial, Inc.(a) | 12,850 | 485,216 | ||||||
Brown & Brown, Inc. | 16,380 | 617,198 | ||||||
CNO Financial Group, Inc. | 21,380 | 334,597 | ||||||
eHealth, Inc.(a) | 3,840 | 265,114 | ||||||
Employers Holdings, Inc. | 1,950 | 82,563 | ||||||
First American Financial Corp. | 8,840 | 546,135 | ||||||
Genworth Financial, Inc., Class A(a) | 34,100 | 145,948 | ||||||
Hanover Insurance Group, Inc. (The) | 2,070 | 272,640 | ||||||
HCI Group, Inc. | 4,060 | 170,723 | ||||||
Horace Mann Educators Corp. | 4,250 | 185,130 | ||||||
James River Group Holdings Ltd. | 1,860 | 66,607 | ||||||
Kemper Corp. | 3,292 | 236,629 | ||||||
Mercury General Corp. | 1,610 | 77,377 | ||||||
Old Republic International Corp. | 23,700 | 529,458 | ||||||
Primerica, Inc. | 4,680 | 590,522 | ||||||
ProAssurance Corp. | 3,240 | 127,073 | ||||||
Reinsurance Group of America, Inc. | 4,810 | 781,481 | ||||||
RenaissanceRe Holdings Ltd. | 2,410 | 451,104 | ||||||
RLI Corp. | 4,760 | 463,243 | ||||||
Safety Insurance Group, Inc. | 600 | 58,320 | ||||||
Selective Insurance Group, Inc. | 3,370 | 232,934 | ||||||
Stewart Information Services Corp. | 4,900 | 200,508 | ||||||
Third Point Reinsurance Ltd.(a) | 18,420 | 174,806 | ||||||
United Fire Group, Inc. | 5,240 | 238,525 | ||||||
United Insurance Holdings Corp. | 2,090 | 25,623 | ||||||
Universal Insurance Holdings, Inc. | 6,320 | 171,335 | ||||||
W.R. Berkley Corp. | 8,295 | 579,820 | ||||||
9,778,852 | ||||||||
INTERACTIVE MEDIA & SERVICES (0.3%) | ||||||||
Care.com, Inc.(a) | 14,990 | 175,083 | ||||||
QuinStreet, Inc.(a) | 10,720 | 137,538 | ||||||
Yelp, Inc.(a) | 7,950 | 274,354 | ||||||
586,975 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (0.4%) | ||||||||
Etsy, Inc.(a) | 6,190 | 275,393 | ||||||
GrubHub, Inc.(a) | 4,560 | 155,314 | ||||||
Liquidity Services, Inc.(a) | 26,310 | 170,752 | ||||||
PetMed Express, Inc. | 1,410 | 33,015 | ||||||
Shutterstock, Inc.(a) | 1,230 | 49,913 | ||||||
Stamps.com, Inc.(a) | 2,060 | 173,926 | ||||||
858,313 | ||||||||
IT SERVICES (2.4%) | ||||||||
CACI International, Inc., Class A(a) | 1,927 | 431,166 | ||||||
Cardtronics PLC, Class A(a) | 7,450 | 255,237 | ||||||
CoreLogic, Inc.(a) | 5,250 | 212,572 | ||||||
CSG Systems International, Inc. | 1,980 | 114,127 | ||||||
EVERTEC, Inc. | 3,390 | 103,700 | ||||||
ExlService Holdings, Inc.(a) | 2,170 | 151,097 | ||||||
KBR, Inc. | 8,960 | 252,314 | ||||||
LiveRamp Holdings, Inc.(a) | 8,080 | 315,847 | ||||||
ManTech International Corp., Class A | 1,670 | 132,231 | ||||||
MAXIMUS, Inc. | 6,330 | 485,764 | ||||||
NIC, Inc. | 4,870 | 114,542 | ||||||
Perficient, Inc.(a) | 14,160 | 555,072 | ||||||
Perspecta, Inc. | 11,370 | 301,760 | ||||||
Sabre Corp. | 21,640 | 508,107 | ||||||
Science Applications International Corp. | 2,784 | 230,014 | ||||||
Sykes Enterprises, Inc.(a) | 5,800 | 179,191 | ||||||
TTEC Holdings, Inc. | 950 | 45,002 | ||||||
Unisys Corp.(a) | 27,550 | 282,663 |
See notes to financial statements.
41 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Virtusa Corp.(a) | 4,790 | $ | 178,571 | |||||
WEX, Inc.(a) | 2,992 | 566,027 | ||||||
5,415,004 | ||||||||
LEISURE PRODUCTS (0.5%) | ||||||||
Brunswick Corp. | 4,860 | 283,046 | ||||||
Callaway Golf Co. | 5,740 | 116,063 | ||||||
Mattel, Inc.(a) | 12,450 | 148,653 | ||||||
Polaris, Inc. | 3,190 | 314,694 | ||||||
Sturm Ruger & Co., Inc. | 980 | 44,845 | ||||||
Vista Outdoor, Inc.(a) | 29,160 | 195,372 | ||||||
1,102,673 | ||||||||
LIFE SCIENCES TOOLS & SERVICES (1.5%) | ||||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,585 | 525,618 | ||||||
Bio-Techne Corp. | 2,124 | 442,153 | ||||||
Cambrex Corp.(a) | 1,960 | 117,071 | ||||||
Luminex Corp. | 13,350 | 273,608 | ||||||
Medpace Holdings, Inc.(a) | 7,230 | 532,345 | ||||||
NeoGenomics, Inc.(a) | 27,590 | 632,639 | ||||||
PRA Health Sciences, Inc.(a) | 5,750 | 561,832 | ||||||
Syneos Health, Inc.(a) | 3,440 | 172,516 | ||||||
3,257,782 | ||||||||
MACHINERY (4.5%) | ||||||||
Actuant Corp., Class A | 3,220 | 79,759 | ||||||
AGCO Corp. | 6,080 | 466,275 | ||||||
Alamo Group, Inc. | 460 | 49,248 | ||||||
Albany International Corp., Class A | 3,050 | 256,139 | ||||||
Astec Industries, Inc. | 3,870 | 135,798 | ||||||
Barnes Group, Inc. | 2,740 | 160,153 | ||||||
Briggs & Stratton Corp. | 16,520 | 121,752 | ||||||
Chart Industries, Inc.(a) | 1,680 | 98,498 | ||||||
CIRCOR International, Inc.(a) | 4,860 | 186,089 | ||||||
Colfax Corp.(a) | 12,410 | 416,976 | ||||||
Crane Co. | 2,460 | 188,239 | ||||||
Donaldson Co., Inc. | 7,140 | 376,564 | ||||||
EnPro Industries, Inc. | 860 | 59,813 | ||||||
ESCO Technologies, Inc. | 3,070 | 259,384 | ||||||
Federal Signal Corp. | 3,170 | 102,835 | ||||||
Franklin Electric Co., Inc. | 6,030 | 324,715 | ||||||
Graco, Inc. | 9,530 | 430,756 | ||||||
Greenbrier Cos., Inc. (The) | 5,730 | 167,832 | ||||||
Harsco Corp.(a) | 12,610 | 255,605 | ||||||
Hillenbrand, Inc. | 3,420 | 105,302 | ||||||
ITT, Inc. | 8,180 | 486,301 | ||||||
John Bean Technologies Corp. | 1,755 | 180,361 | ||||||
Kennametal, Inc. | 7,740 | 239,553 | ||||||
Lincoln Electric Holdings, Inc. | 2,970 | 266,023 | ||||||
Lindsay Corp. | 500 | 47,205 | ||||||
Lydall, Inc.(a) | 12,930 | 253,040 | ||||||
Mueller Industries, Inc. | 6,100 | 187,697 | ||||||
Nordson Corp. | 2,790 | 437,500 | ||||||
Oshkosh Truck Corp. | 5,220 | 445,684 | ||||||
Proto Labs, Inc.(a) | 2,900 | 281,213 | ||||||
SPX Corp.(a) | 9,770 | 444,926 | ||||||
SPX FLOW, Inc.(a) | 4,690 | 212,363 | ||||||
Standex International Corp. | 440 | 33,343 | ||||||
Tennant Co. | 790 | 61,170 | ||||||
Terex Corp. | 6,970 | 192,024 | ||||||
Timken Co. (The) | 5,690 | 278,810 | ||||||
Titan International, Inc. | 38,180 | 101,941 | ||||||
Toro Co. (The) | 5,970 | 460,466 | ||||||
Trinity Industries, Inc. | 18,050 | 357,029 | ||||||
Wabash National Corp. | 16,450 | 234,577 | ||||||
Watts Water Technologies, Inc., Class A | 1,250 | 116,563 | ||||||
Woodward, Inc. | 4,150 | 442,639 | ||||||
10,002,160 | ||||||||
MARINE (0.3%) | ||||||||
Kirby Corp.(a) | 2,890 | 228,773 | ||||||
Matson, Inc. | 8,640 | 329,875 | ||||||
558,648 | ||||||||
MEDIA (0.9%) | ||||||||
Cable One, Inc. | 304 | 402,912 | ||||||
EW Scripps Co. (The), Class A | 12,080 | 162,295 | ||||||
Gannett Co., Inc. | 30,630 | 332,336 | ||||||
John Wiley & Sons, Inc., Class A | 2,750 | 126,693 | ||||||
Meredith Corp. | �� | 2,220 | 83,694 | |||||
New Media Investment Group, Inc. | 18,320 | 161,399 | ||||||
New York Times Co. (The), Class A | 15,250 | 471,225 | ||||||
Scholastic Corp. | 2,070 | 79,695 | ||||||
TechTarget(a) | 1,140 | 27,816 | ||||||
TEGNA, Inc. | 14,110 | 212,073 | ||||||
2,060,138 | ||||||||
METALS & MINING (2.1%) | ||||||||
AK Steel Holding Corp.(a) | 33,160 | 78,258 | ||||||
Allegheny Technologies, Inc.(a) | 19,280 | 405,073 | ||||||
Carpenter Technology Corp. | 5,470 | 268,139 | ||||||
Century Aluminum Co.(a) | 33,720 | 196,588 | ||||||
Commercial Metals Co. | 17,330 | 334,989 | ||||||
Compass Minerals International, Inc. | 1,660 | 93,757 | ||||||
Haynes International, Inc. | 690 | 23,777 | ||||||
Kaiser Aluminum Corp. | 3,420 | 366,214 |
See notes to financial statements.
42 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Materion Corp. | 1,030 | $ | 58,545 | |||||
Olympic Steel, Inc. | 21,180 | 317,276 | ||||||
Reliance Steel & Aluminum Co. | 6,540 | 758,902 | ||||||
Royal Gold, Inc. | 3,370 | 389,033 | ||||||
Steel Dynamics, Inc. | 15,930 | 483,635 | ||||||
SunCoke Energy, Inc.(a) | 33,780 | 178,696 | ||||||
TimkenSteel Corp.(a) | 29,925 | 168,178 | ||||||
United States Steel Corp. | 27,140 | 312,381 | ||||||
Worthington Industries, Inc. | 4,380 | 161,228 | ||||||
4,594,669 | ||||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.6%) | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 13,230 | 242,109 | ||||||
Armour Residential REIT, Inc. | 3,570 | 59,726 | ||||||
Capstead Mortgage Corp. | 12,450 | 96,239 | ||||||
Granite Point Mortgage Trust, Inc. | 2,090 | 38,874 | ||||||
Invesco Mortgage Capital, Inc. | 13,180 | 207,453 | ||||||
New York Mortgage Trust, Inc. | 22,560 | 141,226 | ||||||
Pennymac Mortgage Investment Trust | 9,690 | 221,804 | ||||||
Redwood Trust, Inc. | 16,230 | 265,198 | ||||||
1,272,629 | ||||||||
MULTILINE RETAIL (0.4%) | ||||||||
Big Lots, Inc. | 8,870 | 192,213 | ||||||
Dillard’s, Inc., Class A | 6,130 | 422,848 | ||||||
J.C. Penney Co., Inc.(a) | 157,380 | 157,380 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 2,980 | 190,362 | ||||||
962,803 | ||||||||
MULTI-UTILITIES (0.5%) | ||||||||
Avista Corp. | 3,820 | 183,475 | ||||||
Black Hills Corp. | 5,230 | 412,281 | ||||||
MDU Resources Group, Inc. | 11,290 | 326,168 | ||||||
NorthWestern Corp. | 3,010 | 218,285 | ||||||
1,140,209 | ||||||||
OIL, GAS & CONSUMABLE FUELS (2.4%) | ||||||||
Bonanza Creek Energy, Inc.(a) | 1,110 | 19,780 | ||||||
Callon Petroleum Co.(a) | 41,840 | 158,992 | ||||||
Carrizo Oil & Gas, Inc.(a) | 16,810 | 123,722 | ||||||
Chesapeake Energy Corp.(a) | 70,440 | 94,390 | ||||||
CNX Resources Corp.(a) | 36,560 | 308,201 | ||||||
CONSOL Energy, Inc.(a) | 1,637 | 21,658 | ||||||
Denbury Resources, Inc.(a) | 165,270 | 164,956 | ||||||
EQT Corp. | 20,620 | 221,459 | ||||||
Equitrans Midstream Corp. | 22,400 | 311,808 | ||||||
Green Plains Renewable Energy, Inc. | 23,090 | 284,700 | ||||||
Gulfport Energy Corp.(a) | 27,570 | 76,782 | ||||||
HighPoint Resources Corp.(a) | 106,540 | 112,932 | ||||||
Laredo Petroleum, Inc.(a) | 39,830 | 93,999 | ||||||
Matador Resources Co.(a) | 6,450 | 89,720 | ||||||
Murphy Oil Corp. | 18,190 | 375,260 | ||||||
Oasis Petroleum, Inc.(a) | 32,030 | 83,598 | ||||||
Par Pacific Holdings, Inc.(a) | 14,690 | 332,728 | ||||||
PBF Energy, Inc., Class A | 6,880 | 222,086 | ||||||
PDC Energy, Inc.(a) | 3,160 | 63,042 | ||||||
Penn Virginia Corp.(a) | 5,720 | 136,136 | ||||||
QEP Resources, Inc. | 46,370 | 154,412 | ||||||
Range Resources Corp. | 26,220 | 105,667 | ||||||
Renewable Energy Group, Inc.(a) | 20,710 | 338,401 | ||||||
REX American Resources Corp.(a) | 2,110 | 170,741 | ||||||
Ring Energy, Inc.(a) | 12,630 | 20,966 | ||||||
SM Energy Co. | 15,090 | 118,306 | ||||||
Southwestern Energy Co.(a) | 30,940 | 63,427 | ||||||
SRC Energy, Inc.(a) | 34,460 | 107,515 | ||||||
Unit Corp.(a) | 4,250 | 8,670 | ||||||
Whiting Petroleum Corporation(a) | 4,650 | 29,481 | ||||||
World Fuel Services Corp. | 15,460 | 645,764 | ||||||
WPX Energy, Inc.(a) | 22,140 | 220,957 | ||||||
5,280,256 | ||||||||
PAPER & FOREST PRODUCTS (1.0%) | ||||||||
Boise Cascade Co. | 13,700 | 490,049 | ||||||
Clearwater Paper Corp.(a) | 14,390 | 266,791 | ||||||
Domtar Corp. | 7,870 | 286,389 | ||||||
Louisiana-Pacific Corp. | 8,600 | 251,378 | ||||||
Mercer International, Inc. | 20,370 | 248,514 | ||||||
Neenah Paper, Inc. | 730 | 47,085 | ||||||
P.H. Glatfelter Co. | 29,000 | 522,000 | ||||||
2,112,206 | ||||||||
PERSONAL PRODUCTS (0.8%) | ||||||||
Avon Products, Inc.(a) | 190,960 | 819,219 | ||||||
Edgewell Personal Care Co.(a) | 3,310 | 115,850 | ||||||
Inter Parfums, Inc. | 4,130 | 319,786 | ||||||
Medifast, Inc. | 2,980 | 330,601 | ||||||
Nu Skin Enterprises, Inc., Class A | 3,030 | 135,077 | ||||||
USANA Health Sciences, Inc.(a) | 430 | 31,867 | ||||||
1,752,400 | ||||||||
PHARMACEUTICALS (0.9%) | ||||||||
Akorn, Inc.(a) | 11,600 | 57,884 | ||||||
Amphastar Pharmaceuticals, Inc.(a) | 6,830 | 131,922 | ||||||
ANI Pharmaceuticals, Inc.(a) | 430 | 33,587 | ||||||
Assertio Therapeutics, Inc.(a) | 27,700 | 21,886 | ||||||
Catalent, Inc.(a) | 8,360 | 406,714 |
See notes to financial statements.
43 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Corcept Therapeutics, Inc.(a) | 15,910 | $ | 232,127 | |||||
ENDO International PLC(a) | 28,050 | 128,750 | ||||||
Innoviva, Inc.(a) | 19,410 | 225,544 | ||||||
Lannett Co., Inc.(a) | 21,070 | 250,522 | ||||||
Phibro Animal Health Corp., Class A | 1,400 | 33,544 | ||||||
Prestige Consumer Healthcare, Inc.(a) | 3,480 | 123,401 | ||||||
Supernus Pharmaceuticals, Inc.(a) | 10,460 | 290,683 | ||||||
1,936,564 | ||||||||
PROFESSIONAL SERVICES (1.3%) | �� | |||||||
ASGN, Inc.(a) | 5,490 | 349,109 | ||||||
Exponent, Inc. | 5,240 | 332,897 | ||||||
Forrester Research, Inc. | 2,410 | 83,097 | ||||||
FTI Consulting, Inc.(a) | 2,120 | 230,804 | ||||||
Heidrick & Struggles International, Inc. | 1,230 | 35,006 | ||||||
Insperity, Inc. | 3,450 | 364,424 | ||||||
Kelly Services, Inc., Class A | 18,660 | 448,027 | ||||||
Korn Ferry | 3,660 | 134,285 | ||||||
Manpower, Inc. | 6,720 | 610,982 | ||||||
Resources Connection, Inc. | 3,150 | 46,148 | ||||||
TrueBlue, Inc.(a) | 9,770 | 223,733 | ||||||
2,858,512 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.4%) | ||||||||
Jones Lang LaSalle, Inc. | 3,468 | 508,131 | ||||||
Marcus & Millichap, Inc.(a) | 4,600 | 164,312 | ||||||
RE/MAX Holdings, Inc., Class A | 1,160 | 38,802 | ||||||
Realogy Holdings Corp. | 25,300 | 199,364 | ||||||
910,609 | ||||||||
ROAD & RAIL (1.4%) | ||||||||
ArcBest Corp. | 8,220 | 237,476 | ||||||
Avis Budget Group, Inc.(a) | 10,400 | 308,984 | ||||||
Genesee & Wyoming, Inc., Class A(a) | 3,040 | 337,531 | ||||||
Heartland Express, Inc. | 2,973 | 62,136 | ||||||
Knight-Swift Transportation Holdings, Inc. | 12,460 | 454,291 | ||||||
Landstar System, Inc. | 2,120 | 239,878 | ||||||
Marten Transport Ltd. | 2,936 | 63,594 | ||||||
Old Dominion Freight Line, Inc. | 3,590 | 653,667 | ||||||
Ryder System, Inc. | 9,230 | 448,855 | ||||||
Saia, Inc.(a) | 1,350 | 120,420 | ||||||
Werner Enterprises, Inc. | 4,420 | 161,330 | ||||||
3,088,162 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.5%) | ||||||||
Advanced Energy Industries, Inc.(a) | 1,970 | 116,427 | ||||||
Axcelis Technologies, Inc.(a) | 2,280 | 43,708 | ||||||
Brooks Automation, Inc. | 8,150 | 346,131 | ||||||
Cabot Microelectronics Corp. | 3,140 | 474,517 | ||||||
CEVA, Inc.(a) | 1,520 | 41,374 | ||||||
Cirrus Logic, Inc.(a) | 3,510 | 238,540 | ||||||
Cohu, Inc. | 2,960 | 49,195 | ||||||
Cree, Inc.(a) | 5,670 | 270,629 | ||||||
Cypress Semiconductor Corp. | 27,940 | 650,164 | ||||||
Diodes, Inc.(a) | 2,080 | 97,032 | ||||||
DSP Group, Inc.(a) | 1,120 | 16,699 | ||||||
First Solar, Inc.(a) | 4,110 | 212,857 | ||||||
FormFactor, Inc.(a) | 4,750 | 103,693 | ||||||
Ichor Holdings Ltd.(a) | 8,840 | 257,332 | ||||||
Kulicke & Soffa Industries, Inc. | 4,140 | 98,304 | ||||||
MaxLinear, Inc.(a) | 3,840 | 72,806 | ||||||
MKS Instruments, Inc. | 2,760 | 298,687 | ||||||
Monolithic Power Systems, Inc. | 2,170 | 325,326 | ||||||
Onto Innovation, Inc.(a) | 13,789 | 444,007 | ||||||
PDF Solutions, Inc.(a) | 1,270 | 20,523 | ||||||
Photronics, Inc.(a) | 19,770 | 233,286 | ||||||
Power Integrations, Inc. | 1,440 | 131,198 | ||||||
Rambus, Inc.(a) | 9,760 | 135,127 | ||||||
Semtech Corp.(a) | 7,820 | 394,597 | ||||||
Silicon Laboratories, Inc.(a) | 3,140 | 333,594 | ||||||
SMART Global Holdings, Inc.(a) | 700 | 20,790 | ||||||
SolarEdge Technologies, Inc.(a) | 2,470 | 209,851 | ||||||
Synaptics, Inc.(a) | 1,900 | 80,009 | ||||||
Teradyne, Inc. | 9,770 | 598,120 | ||||||
Ultra Clean Holdings, Inc.(a) | 46,170 | 986,653 | ||||||
Universal Display Corp. | 2,260 | 452,407 | ||||||
Veeco Instruments, Inc.(a) | 3,669 | 50,045 | ||||||
Xperi Corp. | 2,950 | 59,900 | ||||||
7,863,528 | ||||||||
SOFTWARE (2.6%) | ||||||||
8x8, Inc.(a) | 10,860 | 209,815 | ||||||
ACI Worldwide, Inc.(a) | 9,060 | 284,393 | ||||||
Agilysys, Inc.(a) | 6,570 | 165,498 | ||||||
Alarm.com Holdings, Inc.(a) | 2,040 | 100,776 | ||||||
Blackbaud, Inc. | 2,650 | 222,468 | ||||||
Bottomline Technologies DE, Inc.(a) | 7,330 | 300,163 | ||||||
CDK Global, Inc. | 7,110 | 359,339 | ||||||
CommVault Systems, Inc.(a) | 5,450 | 270,702 | ||||||
Ebix, Inc. | 1,380 | 58,829 | ||||||
Fair Isaac Corp.(a) | 2,318 | 704,765 | ||||||
J2 Global, Inc. | 4,580 | 434,917 | ||||||
LivePerson, Inc.(a) | 3,270 | 134,234 | ||||||
LogMeIn, Inc. | 2,660 | 174,709 | ||||||
Manhattan Associates, Inc.(a) | 3,770 | 282,561 |
See notes to financial statements.
44 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
MicroStrategy, Inc., Class A(a) | 509 | $ | 78,004 | |||||
OneSpan, Inc.(a) | 1,650 | 30,872 | ||||||
Progress Software Corp. | 2,800 | 111,664 | ||||||
PTC, Inc.(a) | 7,310 | 489,112 | ||||||
Qualys, Inc.(a) | 1,870 | 159,567 | ||||||
SPS Commerce, Inc.(a) | 7,540 | 397,886 | ||||||
Teradata Corp.(a) | 6,920 | 207,116 | ||||||
TiVo Corp. | 13,973 | 113,740 | ||||||
Tyler Technologies, Inc.(a) | 2,133 | 572,753 | ||||||
5,863,883 | ||||||||
SPECIALTY RETAIL (5.6%) | ||||||||
Aaron’s, Inc. | 3,950 | 295,973 | ||||||
Abercrombie & Fitch Co., Class A | 14,940 | 241,879 | ||||||
American Eagle Outfitters, Inc. | 10,920 | 167,950 | ||||||
Asbury Automotive Group, Inc.(a) | 1,190 | 122,725 | ||||||
AutoNation, Inc.(a) | 12,590 | 640,201 | ||||||
Barnes & Noble Education, Inc.(a) | 27,800 | 114,258 | ||||||
Bed Bath & Beyond, Inc. | 40,350 | 552,795 | ||||||
Boot Barn Holdings, Inc.(a) | 1,330 | 46,617 | ||||||
Buckle, Inc. (The) | 2,025 | 42,363 | ||||||
Caleres, Inc. | 8,635 | 185,825 | ||||||
Cato Corp., Class A (The) | 17,760 | 310,622 | ||||||
Chico’s FAS, Inc. | 59,790 | 205,678 | ||||||
Children’s Place Retail Stores, Inc. (The) | 2,650 | 217,061 | ||||||
Conn’s, Inc.(a) | 10,610 | 256,656 | ||||||
Designer Brands, Inc., Class A | 4,420 | 72,930 | ||||||
Dick’s Sporting Goods, Inc. | 9,780 | 380,735 | ||||||
Express, Inc.(a) | 63,960 | 205,951 | ||||||
Five Below, Inc.(a) | 3,130 | 391,594 | ||||||
Foot Locker, Inc. | 5,230 | 227,557 | ||||||
GameStop Corp., Class A | 13,810 | 75,126 | ||||||
Genesco, Inc.(a) | 8,100 | 314,685 | ||||||
Group 1 Automotive, Inc. | 8,070 | 802,481 | ||||||
Guess?, Inc. | 16,740 | 280,395 | ||||||
Haverty Furniture Cos., Inc. | 8,640 | 156,730 | ||||||
Hibbett Sports, Inc.(a) | 25,960 | 619,406 | ||||||
Lithia Motors, Inc., Class A | 4,780 | 752,754 | ||||||
Lumber Liquidators Holdings, Inc.(a) | 19,890 | 183,585 | ||||||
MarineMax, Inc.(a) | 12,800 | 197,760 | ||||||
Michaels Cos., Inc. (The)(a) | 6,250 | 54,563 | ||||||
Monro Muffler Brake, Inc. | 3,525 | 247,138 | ||||||
Office Depot, Inc. | 156,666 | 322,732 | ||||||
Rent-A-Center, Inc. | 13,640 | 352,867 | ||||||
RH(a) | 910 | 165,347 | ||||||
Sally Beauty Holdings, Inc.(a) | 7,800 | 120,900 | ||||||
Shoe Carnival, Inc. | 7,710 | 255,895 | ||||||
Signet Jewelers Ltd. | 5,450 | 87,418 | ||||||
Sleep Number Corp.(a) | 7,360 | 354,163 | ||||||
Sonic Automotive, Inc., Class A | 28,830 | 929,191 | ||||||
Tailored Brands, Inc. | 22,320 | 103,565 | ||||||
Tile Shop Holdings, Inc. | 3,740 | 6,283 | ||||||
Urban Outfitters, Inc.(a) | 12,120 | 347,844 | ||||||
Vitamin Shoppe, Inc.(a) | 43,940 | 283,852 | ||||||
Williams-Sonoma, Inc. | 4,560 | 304,562 | ||||||
Zumiez, Inc.(a) | 10,480 | 334,417 | ||||||
12,333,029 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.2%) | ||||||||
3D Systems Corp.(a) | 19,660 | 186,574 | ||||||
Diebold, Inc.(a) | 4,830 | 33,810 | ||||||
NCR Corp.(a) | 7,520 | 219,659 | ||||||
440,043 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS (1.1%) | ||||||||
Carter’s, Inc. | 2,520 | 252,605 | ||||||
Crocs, Inc.(a) | 9,170 | 320,858 | ||||||
Deckers Outdoor Corp.(a) | 3,210 | 490,809 | ||||||
Fossil Group, Inc.(a) | 7,970 | 86,714 | ||||||
G-III Apparel Group Ltd.(a) | 5,200 | 130,572 | ||||||
Kontoor Brands, Inc. | 4,940 | 187,720 | ||||||
Movado Group, Inc. | 1,320 | 34,386 | ||||||
Oxford Industries, Inc. | 840 | 57,842 | ||||||
Skechers U.S.A., Inc., Class A(a) | 8,070 | 301,576 | ||||||
Steven Madden Ltd. | 5,225 | 215,166 | ||||||
Unifi, Inc.(a) | 5,370 | 146,601 | ||||||
Vera Bradley, Inc.(a) | 10,800 | 116,208 | ||||||
Wolverine World Wide, Inc. | 5,950 | 176,596 | ||||||
2,517,653 | ||||||||
THRIFTS & MORTGAGE FINANCE (0.8%) | ||||||||
Axos Financial, Inc.(a) | 3,480 | 101,094 | ||||||
Dime Community Bancshares, Inc. | 1,490 | 28,742 | ||||||
Flagstar Bancorp, Inc. | 1,300 | 47,242 | ||||||
HomeStreet, Inc.(a) | 2,140 | 64,221 | ||||||
LendingTree, Inc.(a) | 992 | 356,971 | ||||||
Meta Financial Group, Inc. | 2,350 | 74,401 | ||||||
New York Community Bancorp, Inc. | 38,440 | 447,826 | ||||||
NMI Holdings, Inc., Class A(a) | 4,000 | 117,000 | ||||||
Northfield Bancorp, Inc. | 4,980 | 84,710 | ||||||
Northwest Bancshares, Inc. | 3,450 | 58,202 | ||||||
Oritani Financial Corp. | 2,820 | 52,621 | ||||||
Provident Financial Services, Inc. | 3,730 | 93,063 | ||||||
TrustCo Bank Corp. NY | 3,990 | 34,474 |
See notes to financial statements.
45 |
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Walker & Dunlop, Inc. | 1,500 | $ | 94,485 | |||||
Washington Federal, Inc. | 6,110 | 222,771 | ||||||
1,877,823 | ||||||||
TRADING COMPANIES & DISTRIBUTORS (0.9%) | ||||||||
Applied Industrial Technologies, Inc. | 1,980 | 118,483 | ||||||
DXP Enterprises, Inc.(a) | 7,370 | 254,412 | ||||||
GATX Corp. | 1,950 | 155,123 | ||||||
GMS, Inc.(a) | 20,540 | 615,378 | ||||||
Kaman Corp. | 1,690 | 99,152 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,290 | 167,651 | ||||||
NOW, Inc.(a) | 7,070 | 74,518 | ||||||
Veritiv Corp.(a) | 10,570 | 144,175 | ||||||
Watsco, Inc. | 1,830 | 322,629 | ||||||
1,951,521 | ||||||||
WATER UTILITIES (0.4%) | ||||||||
American States Water Co. | 2,020 | 192,163 | ||||||
Aqua America, Inc. | 9,792 | 443,871 | ||||||
California Water Service Group | 2,820 | 157,835 | ||||||
793,869 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES (0.2%) | ||||||||
Spok Holdings, Inc. | 2,630 | 31,297 | ||||||
Telephone & Data Systems, Inc. | 12,290 | 320,646 | ||||||
351,943 | ||||||||
TOTAL COMMON STOCKS (COST $202,809,813) | 220,326,564 | |||||||
MONEY MARKET FUND (0.8%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 1.72%(b) | 1,668,197 | 1,668,197 | ||||||
TOTAL MONEY MARKET FUND (COST $1,668,197) | 1,668,197 | |||||||
RIGHT (0.0%) | ||||||||
CHEMICALS (0.0%) | ||||||||
Schulman, Inc. CVR(a)(c) | 3,980 | — | ||||||
TOTAL RIGHT (COST $—) | — | |||||||
TOTAL INVESTMENTS (COST $204,478,010) 100.1% | 221,994,761 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% | (128,024 | ) | ||||||
NET ASSETS 100.0% | $ | 221,866,737 |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of October 31, 2019 is disclosed. |
(c) | Security is a Level 3 investment. |
CVR — Contigency Valued Right
PLC — Public Limited Company
REIT — Real Estate Investment Trust
See notes to financial statements.
46 |
STEWARD FUNDS |
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (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 | 12.5 | % | ||
U.S. Treasury Obligations | 10.7 | |||
Banks | 8.1 | |||
U.S. Government Agency Mortgage-Backed Obligations | 6.7 | |||
Semiconductors & Semiconductor Equipment | 5.0 | |||
Biotechnology | 4.9 | |||
Oil, Gas & Consumable Fuels | 4.7 | |||
Aerospace & Defense | 4.1 | |||
Food Products | 3.9 | |||
Capital Markets | 2.9 | |||
Money Market Fund | 2.7 | |||
Consumer Finance | 2.6 | |||
Specialty Retail | 2.6 | |||
Beverages | 2.2 | |||
IT Services | 2.2 | |||
Municipal Bonds | 2.1 | |||
Software | 2.0 | |||
Insurance | 1.6 | |||
Commercial Services & Supplies | 1.5 | |||
Air Freight & Logistics | 1.3 | |||
Industrial Conglomerates | 1.3 | |||
Road & Rail | 1.3 | |||
Health Care Providers & Services | 1.3 | |||
Chemicals | 1.3 | |||
Diversified Telecommunication Services | 1.3 | |||
Technology Hardware, Storage & Peripherals | 1.3 | |||
Hotels, Restaurants & Leisure | 1.0 | |||
Electric Utilities | 0.9 | |||
Machinery | 0.8 | |||
Communications Equipment | 0.8 | |||
Multiline Retail | 0.7 | |||
Electronic Equipment, Instruments & Components | 0.7 | |||
Food & Staples Retailing | 0.6 | |||
Household Durables | 0.6 | |||
Pharmaceuticals | 0.5 | |||
Internet & Direct Marketing Retail | 0.3 | |||
Thrifts & Mortgage Finance | 0.2 | |||
Equity Real Estate Investment Trusts | 0.2 | |||
Total Investments | 99.4 | % |
* Percentages indicated are based on net assets as of October 31, 2019.
See notes to financial statements.
47 |
STEWARD FUNDS |
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited) |
STEWARD SELECT BOND FUND |
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS (63.3%) | ||||||||
AEROSPACE & DEFENSE (4.1%) | ||||||||
Arconic, Inc., 5.87%, 2/23/22 | $ | 2,000,000 | $ | 2,138,620 | ||||
General Dynamics Corp., 3.75%, 5/15/28, (Callable 2/15/28 @ 100) | 1,000,000 | 1,117,457 | ||||||
United Technologies Corp., 3.10%, 6/1/22 | 1,000,000 | 1,030,349 | ||||||
United Technologies Corp., 4.13%, 11/16/28, (Callable 8/16/28 @ 100) | 2,000,000 | 2,269,464 | ||||||
6,555,890 | ||||||||
AIR FREIGHT & LOGISTICS (1.3%) | ||||||||
FedEx Corp., 4.00%, 1/15/24 | 2,000,000 | 2,137,101 | ||||||
BANKS (7.9%) | ||||||||
Bank of America Corp., 5.62%, 7/1/20 | 1,500,000 | 1,536,334 | ||||||
Citigroup, Inc., 6.62%, 6/15/32 | 1,000,000 | 1,329,463 | ||||||
HSBC Bank USA, NA, 4.88%, 8/24/20 | 2,000,000 | 2,046,024 | ||||||
JPMorgan Chase & Co., 4.95%, 3/25/20 | 2,000,000 | 2,023,133 | ||||||
KeyCorp, 5.10%, 3/24/21 | 2,000,000 | 2,082,135 | ||||||
Manufacturers & Traders Trust Co., 2.78% (US0003M + 64 bps), 12/1/21, (Callable 12/6/19 @ 100)(a) | 1,150,000 | 1,150,000 | ||||||
US Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) | 2,500,000 | 2,593,340 | ||||||
12,760,429 | ||||||||
BEVERAGES (2.2%) | ||||||||
PepsiCo, Inc., 3.00%, 8/25/21 | 3,435,000 | 3,512,076 | ||||||
BIOTECHNOLOGY (4.9%) | ||||||||
AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | 1,627,781 | ||||||
Amgen, Inc., 3.88%, 11/15/21, (Callable 8/15/21 @ 100) | 4,000,000 | 4,136,103 | ||||||
Celgene Corp., 3.87%, 8/15/25, (Callable 5/15/25 @ 100) | 1,000,000 | 1,082,103 | ||||||
Gilead Sciences, Inc., 4.40%, 12/1/21, (Callable 9/1/21 @ 100) | 1,000,000 | 1,044,715 | ||||||
7,890,702 | ||||||||
CAPITAL MARKETS (2.9%) | ||||||||
Charles Schwab Corp. (The), 4.45%, 7/22/20 | 1,250,000 | 1,272,780 | ||||||
Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27 | 1,500,000 | 1,788,648 | ||||||
Morgan Stanley, 5.75%, 1/25/21 | 1,500,000 | 1,567,679 | ||||||
4,629,107 | ||||||||
CHEMICALS (1.3%) | ||||||||
Ecolab, Inc., 4.35%, 12/8/21 | 2,000,000 | 2,101,806 | ||||||
COMMERCIAL SERVICES & SUPPLIES (1.3%) | ||||||||
Waste Management, Inc., 3.45%, 6/15/29, (Callable 3/15/29 @ 100) | 2,000,000 | 2,165,740 | ||||||
COMMUNICATIONS EQUIPMENT (0.8%) | ||||||||
Cisco Systems, Inc., 4.45%, 1/15/20 | 500,000 | 502,605 | ||||||
Tyco Electronics Group SA, 4.88%, 1/15/21 | 750,000 | 775,649 | ||||||
1,278,254 | ||||||||
CONSUMER FINANCE (2.6%) | ||||||||
American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100) | 1,000,000 | 1,049,147 | ||||||
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) | 1,000,000 | 1,075,085 | ||||||
Capital One Financial Corp., 4.75%, 7/15/21 | 2,000,000 | 2,089,090 | ||||||
4,213,322 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.3%) | ||||||||
Verizon Communications, Inc., 4.60%, 4/1/21 | 2,000,000 | 2,075,467 | ||||||
ELECTRIC UTILITIES (0.9%) | ||||||||
Entergy Gulf States Louisiana LLC, 3.95%, 10/1/20, (Callable 7/1/20 @ 100) | 1,500,000 | 1,517,577 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.7%) | ||||||||
Corning, Inc., 3.70%, 11/15/23, (Callable 8/15/23 @ 100) | 1,000,000 | 1,047,303 | ||||||
FOOD & STAPLES RETAILING (0.6%) | ||||||||
Walmart, Inc., 4.25%, 4/15/21 | 1,000,000 | 1,036,213 | ||||||
FOOD PRODUCTS (3.9%) | ||||||||
General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) | 2,000,000 | 2,244,746 | ||||||
J.M. Smucker Co. (The), 3.50%, 10/15/21 | 500,000 | 515,293 | ||||||
Kraft Heinz Foods Co., 5.37%, 2/10/20 | 1,500,000 | 1,511,965 | ||||||
Tyson Foods, Inc., 4.50%, 6/15/22, (Callable 3/15/22 @ 100) | 2,000,000 | 2,117,865 | ||||||
6,389,869 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (1.3%) | ||||||||
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 1,000,000 | 1,060,253 | ||||||
Express Scripts Holding Co., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | 1,088,674 | ||||||
2,148,927 | ||||||||
HOTELS, RESTAURANTS & LEISURE (1.0%) | ||||||||
McDonald’s Corp., 3.70%, 1/30/26, (Callable 10/30/25 @ 100) | 1,500,000 | 1,619,587 | ||||||
HOUSEHOLD DURABLES (0.6%) | ||||||||
Newell Brands, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,000,000 | 1,027,766 |
See notes to financial statements.
48 |
STEWARD FUNDS |
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited) |
STEWARD SELECT BOND FUND |
Principal | ||||||||
Amount | Value | |||||||
INDUSTRIAL CONGLOMERATES (1.3%) | ||||||||
Honeywell International, Inc., 4.25%, 3/1/21 | $ | 2,000,000 | $ | 2,066,338 | ||||
INSURANCE (1.3%) | ||||||||
Prudential Financial, Inc., 5.88% (US0003M + 418 bps), 9/15/42, (Callable 9/15/22 @ 100)(a) | 2,000,000 | 2,167,740 | ||||||
IT SERVICES (2.2%) | ||||||||
Fiserv, Inc., 4.20%, 10/1/28, (Callable 7/1/28 @ 100) | 1,000,000 | 1,112,888 | ||||||
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) | 2,000,000 | 2,479,317 | ||||||
3,592,205 | ||||||||
MACHINERY (0.6%) | ||||||||
Caterpillar, Inc., 3.90%, 5/27/21 | 1,000,000 | 1,031,880 | ||||||
MULTILINE RETAIL (0.7%) | ||||||||
Target Corp., 3.50%, 7/1/24 | 1,000,000 | 1,072,769 | ||||||
OIL, GAS & CONSUMABLE FUELS (4.7%) | ||||||||
Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100) | 724,000 | 736,833 | ||||||
ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) | 1,000,000 | 1,150,494 | ||||||
Gulf South Pipeline Company LP, 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,500,000 | 1,552,330 | ||||||
Occidental Petroleum Corp., 3.12%, 2/15/22, (Callable 11/15/21 @ 100) | 1,000,000 | 1,016,626 | ||||||
Valero Energy Corp., 4.00%, 4/1/29, (Callable 1/1/29 @ 100) | 3,000,000 | 3,206,343 | ||||||
7,662,626 | ||||||||
PHARMACEUTICALS (0.5%) | ||||||||
Teva Pharmaceutical Finance, 3.65%, 11/10/21 | 901,000 | 865,050 | ||||||
ROAD & RAIL (1.3%) | ||||||||
Union Pacific Corp., 4.16%, 7/15/22, (Callable 4/15/22 @ 100) | 2,000,000 | 2,110,665 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.0%) | ||||||||
Applied Materials, Inc., 4.30%, 6/15/21 | 1,000,000 | 1,038,433 | ||||||
Intel Corp., 4.00%, 12/15/32 | 2,000,000 | 2,329,146 | ||||||
QUALCOMM, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | 4,690,131 | ||||||
8,057,710 | ||||||||
SOFTWARE (2.0%) | ||||||||
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | 2,000,000 | 2,195,238 | ||||||
Salesforce.com, Inc., 3.70%, 4/11/28, (Callable 1/11/28 @ 100) | 1,000,000 | 1,104,105 | ||||||
3,299,343 | ||||||||
SPECIALTY RETAIL (2.6%) | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | 2,152,210 | ||||||
Lowe’s Cos., Inc., 3.65%, 4/5/29, (Callable 1/5/29 @ 100) | 1,000,000 | 1,074,995 | ||||||
Lowe’s Cos., Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100) | 1,000,000 | 1,030,934 | ||||||
4,258,139 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.3%) | ||||||||
Western Digital Corp., 4.75%, 2/15/26, (Callable 11/15/25 @ 100) | 1,000,000 | 1,021,900 | ||||||
Xerox Corp., 4.50%, 5/15/21 | 1,000,000 | 1,025,625 | ||||||
2,047,525 | ||||||||
THRIFTS & MORTGAGE FINANCE (0.2%) | ||||||||
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35, (Callable 11/25/19 @ 100) | 315,238 | 322,740 | ||||||
TOTAL CORPORATE BONDS (COST $99,013,522) | 102,661,866 | |||||||
Shares | ||||||||
MONEY MARKET FUND (2.7%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 1.72%(b) | 4,339,006 | 4,339,006 | ||||||
TOTAL MONEY MARKET FUND (COST $4,339,006) | 4,339,006 | |||||||
Principal | ||||||||
Amount | ||||||||
MUNICIPAL BONDS (2.1%) | ||||||||
Cedar Hill Independent School District, 2/15/21(c) | $ | 250,000 | $ | 244,145 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, 5.72%, 5/1/30, (Callable 5/1/20 @ 100) | 1,500,000 | 1,527,375 | ||||||
North Carolina State Turnpike Authority Triangle Expressway Systems Revenue, Build America Bonds, 5.12%, 1/1/20 | 450,000 | 452,223 | ||||||
Oklahoma Development Finance Authority Lease Revenue, 5.65%, 6/1/41, (Callable 6/1/21 @ 100) | 150,000 | 156,210 | ||||||
The City of New York, Build America Bonds, GO, 5.68%, 10/1/34, (Callable 12/6/19 @ 100) | 1,000,000 | 1,002,740 | ||||||
TOTAL MUNICIPAL BONDS (COST $3,490,151) | 3,382,693 | |||||||
U.S. GOVERNMENT AGENCIES (12.5%) | ||||||||
Federal Farm Credit Bank |
See notes to financial statements.
49 |
STEWARD FUNDS |
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited) |
STEWARD SELECT BOND FUND |
Principal | ||||||||
Amount | Value | |||||||
2.09%, 9/8/26, (Callable 11/13/19 @ 100) | $ | 1,500,000 | $ | 1,494,568 | ||||
3.00%, 11/25/30 | 1,000,000 | 1,099,417 | ||||||
2,593,985 | ||||||||
Federal Home Loan Bank | ||||||||
1.75%, 6/29/22(d), (Callable 12/29/19 @ 100) (Step to 2.00% on 6/29/20) | 1,000,000 | 1,000,533 | ||||||
2.00%, 8/27/20, (Callable 11/27/19 @ 100) | 500,000 | 500,066 | ||||||
2.24%, 11/29/22, (Callable 11/13/19 @ 100) | 1,000,000 | 1,000,052 | ||||||
2.50%, 5/23/22(d) | 1,000,000 | 1,023,620 | ||||||
2.60%, 5/22/24(d), (Callable 11/22/19 @ 100) (Step to 2.75% on 11/22/21) | 3,000,000 | 3,000,764 | ||||||
2.94%, 4/15/26, (Callable 4/15/20 @ 100) | 2,000,000 | 2,005,878 | ||||||
3.50%, 7/29/21 | 2,000,000 | 2,063,411 | ||||||
10,594,324 | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
2.00%, 2/26/21(d), (Callable 11/26/19 @ 100) (Step to 4.00% on 2/26/20) | 500,000 | 500,006 | ||||||
2.00%, 8/17/21, (Callable 11/17/19 @ 100)(d) | 1,000,000 | 1,000,078 | ||||||
2.00%, 12/29/22(d), (Callable 12/29/19 @ 100) (Step to 2.50% on 12/29/19) | 1,000,000 | 1,000,735 | ||||||
2.10%, 9/20/21, (Callable 12/20/19 @ 100) | 500,000 | 500,051 | ||||||
2.25%, 2/26/21(d) | 50,000 | 50,437 | ||||||
2.50%, 3/29/22(d) | 1,000,000 | 1,022,031 | ||||||
2.50%, 4/15/24(d), (Callable 4/15/20 @ 100) (Step to 2.63% on 4/15/20) | 1,000,000 | 1,003,054 | ||||||
5,076,392 | ||||||||
Federal National Mortgage Association | ||||||||
1.51%, 9/30/21, (Callable 12/30/19 @ 100) | 1,000,000 | 997,253 | ||||||
1.53%, 4/12/22, (Callable 1/12/20 @ 100) | 1,000,000 | 997,341 | ||||||
1,994,594 | ||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $20,075,627) | 20,259,295 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (6.7%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
3.50%, 2/1/34 | 1,154,950 | 1,196,670 | ||||||
3.50%, 10/1/49 | 1,442,299 | 1,483,443 | ||||||
4.00%, 12/15/25 | 2,500,000 | 2,684,168 | ||||||
4.56% (US0012M + 179 bps), 10/1/37(a) | 36,961 | 38,191 | ||||||
4.75% (H15T1Y + 225 bps), 5/1/36(a) | 40,344 | 42,549 | ||||||
5.00%, 11/1/37 | 14,252 | 15,504 | ||||||
6.00%, 3/1/38 | 32,441 | 37,354 | ||||||
5,497,879 | ||||||||
Federal National Mortgage Association | ||||||||
1.51%, 6/1/20 | 859,398 | 857,498 | ||||||
2.24% (US0001M + 42 bps), 11/25/36(a) | 66,808 | 66,949 | ||||||
3.50%, 2/1/43 | 854,475 | 888,699 | ||||||
3.50%, 4/1/48 | 878,702 | 929,261 | ||||||
4.00%, 9/1/33 | 736,711 | 769,225 | ||||||
4.00%, 10/1/46 | 856,055 | 901,113 | ||||||
4.50% (H15T1Y + 213 bps), 7/1/36(a) | 12,772 | 12,903 | ||||||
4.70% (US0012M + 182 bps), 5/1/36(a) | 75,286 | 79,262 | ||||||
4.91% (US0012M + 204 bps), 10/1/36(a) | 17,586 | 17,636 | ||||||
5.00%, 1/1/35 | 16,007 | 16,622 | ||||||
5.50%, 9/1/36 | 10,104 | 10,306 | ||||||
6.00%, 6/1/36 | 182,643 | 195,088 | ||||||
6.00%, 9/1/36 | 61,554 | 67,631 | ||||||
6.00%, 5/1/37 | 32,090 | 35,307 | ||||||
4,847,500 | ||||||||
Government National Mortgage Association | ||||||||
4.00% (H15T1Y + 150 bps), 1/20/39(a) | 9,990 | 10,082 | ||||||
4.25%, 10/20/38 | 56,912 | 57,466 | ||||||
4.50%, 6/15/40 | 153,351 | 166,438 | ||||||
4.50%, 8/20/38 | 92,268 | 97,892 | ||||||
5.00%, 5/20/40 | 71,144 | 75,160 | ||||||
5.50%, 12/20/38 | 13,208 | 14,073 | ||||||
6.00%, 10/15/37 | 33,946 | 38,925 | ||||||
6.00%, 6/15/37 | 38,773 | 44,450 | ||||||
6.50%, 10/20/38 | 7,254 | 7,707 | ||||||
512,193 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $10,531,409) | 10,857,572 | |||||||
U.S. TREASURY OBLIGATIONS (10.7%) | ||||||||
U.S. Treasury Notes | ||||||||
0.38%, 1/15/27 | 1,000,000 | 1,076,112 | ||||||
1.62%, 11/15/22 | 2,150,000 | 2,157,055 |
See notes to financial statements.
50 |
STEWARD FUNDS |
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2019 (Unaudited) |
STEWARD SELECT BOND FUND |
Principal | ||||||||
Amount | Value | |||||||
2.00%, 11/15/21 | $ | 5,000,000 | $ | 5,045,508 | ||||
2.00%, 2/15/22 | 7,000,000 | 7,074,375 | ||||||
2.00%, 11/30/20 | 2,000,000 | 2,008,203 | ||||||
17,361,253 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $17,161,393) | 17,361,253 | |||||||
Shares | ||||||||
PREFERRED STOCKS (1.4%) | ||||||||
BANKS (0.2%) | ||||||||
JPMorgan Chase & Co. - Preferred, 6.10% | 15,000 | $ | 384,900 | |||||
COMMERCIAL SERVICES & SUPPLIES (0.2%) | ||||||||
Pitney Bowes, Inc. - Preferred, 6.70% | 15,000 | 311,400 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (0.2%) | ||||||||
Public Storage - Preferred, 5.38% | 15,000 | 382,050 | ||||||
INSURANCE (0.3%) | ||||||||
Globe Life, Inc. - Preferred, 6.13% | 15,000 | 409,050 | ||||||
INTERNET & DIRECT MARKETING RETAIL (0.3%) | ||||||||
eBay, Inc. - Preferred, 6.00% | 15,000 | 398,175 | ||||||
MACHINERY (0.2%) | ||||||||
Stanley Black & Decker, Inc. - Preferred, 5.75% | 15,000 | 388,050 | ||||||
TOTAL PREFERRED STOCKS (COST $2,362,372) | 2,273,625 | |||||||
TOTAL INVESTMENTS (COST $156,973,480) 99.4% | $ | 161,135,310 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.6% | 1,038,277 | |||
NET ASSETS 100.0% | $ | 162,173,587 |
(a) | Variable rate security. The interest rate shown represents the rate in effect at October 31, 2019. 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) | 7-day current yield as of October 31, 2019 is disclosed. |
(c) | When-Issued Security. Coupon rate is not in effect at October 31, 2019. |
(d) | 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, 2019. |
bps — Basis Points
GO — Government Obligation
H15T1Y — 1 Year Treasury Constant Maturity Rate
LLC — Limited Liability Company
LP — Limited Partnership
US0001M — 1 Month US Dollar LIBOR
US0003M — 3 Month US Dollar LIBOR
US0012M — 12 Month US Dollar LIBOR
See notes to financial statements.
51 |
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2019 (Unaudited)
Steward | Steward | |||||||||||
Steward | Global | International | ||||||||||
Covered Call | Equity | Enhanced | ||||||||||
Income Fund | Income Fund | Index Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $30,774,595, $287,549,993 and $143,649,266, respectively) | $ | 31,320,387 | $ | 322,724,339 | $ | 148,374,866 | ||||||
Interest and dividend receivable | 35,096 | 915,992 | 340,059 | |||||||||
Receivable for investments sold | 21,576 | — | — | |||||||||
Receivable for capital shares issued | 521 | 207,468 | 7,296 | |||||||||
Reclaims receivable | — | 59,153 | 74,969 | |||||||||
Prepaid expenses and other assets | 72,548 | 65,588 | 47,935 | |||||||||
Total assets | 31,450,128 | 323,972,540 | 148,845,125 | |||||||||
Liabilities: | ||||||||||||
Payable for investments purchased | 6,379 | — | — | |||||||||
Payable for capital shares redeemed | 37,156 | 200,771 | 101,090 | |||||||||
Written options at fair value (premiums received $465,250, $0 and $0, respectively) | 779,861 | — | — | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 15,972 | 169,501 | 45,323 | |||||||||
Administration fees | 5,704 | 24,128 | 13,100 | |||||||||
Distribution fees - Class A | — | 19,025 | 8,504 | |||||||||
Distribution fees - Class C | 1,221 | 1,552 | — | |||||||||
Sub-accounting service fees - Institutional Class | 13,386 | 68,634 | 32,142 | |||||||||
Fund accounting and sub-administration fees | — | 13,027 | 4,235 | |||||||||
Transfer agent fees | 13,631 | 13,631 | 13,631 | |||||||||
Directors fees | 19,455 | — | 10,433 | |||||||||
Printing fees | 48 | — | — | |||||||||
Professional fees | 10,651 | 30,188 | 18,419 | |||||||||
Other accrued liabilities | 11,488 | — | 4,641 | |||||||||
Total liabilities | 914,952 | 540,457 | 251,518 | |||||||||
Net Assets | $ | 30,535,176 | $ | 323,432,083 | $ | 148,593,607 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 29,957,926 | 268,635,429 | 145,020,914 | |||||||||
Total distributable earnings | 577,250 | 54,796,654 | 3,572,693 | |||||||||
Net Assets | $ | 30,535,176 | $ | 323,432,083 | $ | 148,593,607 | ||||||
Class A | ||||||||||||
Net Assets | $ | 30,767 | $ | 65,704,791 | $ | 32,869,465 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 3,075 | 2,028,167 | 1,530,190 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.01 | $ | 32.40 | $ | 21.48 | ||||||
Class C | ||||||||||||
Net Assets | $ | 330,828 | $ | 404,224 | $ | 10 | ||||||
Shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 32,857 | 78,093 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 10.07 | $ | 5.18 | $ | 9.21 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 11 | $ | 209,272 | $ | 637,238 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 43,003 | 69,120 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 10.05 | $ | 4.87 | $ | 9.22 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 30,173,570 | $ | 257,113,796 | $ | 115,086,894 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 3,016,764 | 7,913,879 | 5,339,312 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.00 | $ | 32.49 | $ | 21.55 |
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.
52 |
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2019 (Unaudited)
Steward | ||||||||||||
Steward | Small-Mid | |||||||||||
Large Cap | Cap | Steward | ||||||||||
Enhanced | Enhanced | Select | ||||||||||
Index Fund | Index Fund | Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $348,124,153, $204,478,010 and $156,973,480, respectively) | $ | 434,521,407 | $ | 221,994,761 | $ | 161,135,310 | ||||||
Interest and dividend receivable | 373,131 | 105,268 | 1,455,944 | |||||||||
Receivable for capital shares issued | 64,940 | 27,483 | — | |||||||||
Prepaid expenses and other assets | 73,416 | 45,157 | 48,316 | |||||||||
Total assets | 435,032,894 | 222,172,669 | 162,639,570 | |||||||||
Liabilities: | ||||||||||||
Payable for investments purchased | — | — | 244,045 | |||||||||
Payable for capital shares redeemed | 290,799 | 117,574 | 67,771 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 78,311 | 39,854 | 43,109 | |||||||||
Administration fees | 31,106 | 17,690 | 14,051 | |||||||||
Distribution fees - Class A | 14,699 | 21,933 | 1,719 | |||||||||
Sub-accounting service fees - Class A | — | 13,921 | — | |||||||||
Sub-accounting service fees - Institutional Class | 92,878 | 41,500 | 42,080 | |||||||||
Fund accounting and sub-administration fees | 16,826 | 8,520 | 6,088 | |||||||||
Transfer agent fees | 13,631 | 13,631 | 13,631 | |||||||||
Directors fees | — | 4,978 | 9,345 | |||||||||
Printing fees | — | — | 452 | |||||||||
Professional fees | 37,050 | 24,932 | 19,605 | |||||||||
Other accrued liabilities | — | 1,399 | 4,087 | |||||||||
Total liabilities | 575,300 | 305,932 | 465,983 | |||||||||
Net Assets | $ | 434,457,594 | $ | 221,866,737 | $ | 162,173,587 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 335,245,337 | 198,454,121 | 159,751,443 | |||||||||
Total distributable earnings | 99,212,257 | 23,412,616 | 2,422,144 | |||||||||
Net Assets | $ | 434,457,594 | $ | 221,866,737 | $ | 162,173,587 | ||||||
Class A | ||||||||||||
Net Assets | $ | 45,079,604 | $ | 65,595,141 | $ | 10,087,233 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1,016,430 | 4,821,471 | 403,374 | |||||||||
Net asset value, offering and redemption price per share | $ | 44.35 | $ | 13.60 | $ | 25.01 | ||||||
Class C | ||||||||||||
Net Assets | $ | 11 | $ | 10 | $ | 10 | ||||||
Shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 1 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.70 | $ | 6.61 | $ | 9.68 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 54,886,097 | $ | 83,915 | $ | 10 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 6,379,772 | 12,719 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.60 | $ | 6.60 | $ | 9.65 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 334,491,882 | $ | 156,187,671 | $ | 152,086,334 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 7,563,407 | 11,275,404 | 6,109,852 | |||||||||
Net asset value, offering and redemption price per share | $ | 44.23 | $ | 13.85 | $ | 24.89 |
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.
53 |
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2019 (Unaudited)
Steward | Steward | |||||||||||
Steward | Global | International | ||||||||||
Covered Call | Equity | Enhanced | ||||||||||
Income Fund | Income Fund | Index Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign witholding tax of $0, $347,651 and $360,095, respectively) | $ | 313,198 | $ | 5,617,471 | $ | 2,720,349 | ||||||
Interest | 6,410 | 34,371 | 21,251 | |||||||||
Total investment income | 319,608 | 5,651,842 | 2,741,600 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 79,796 | 729,840 | 243,907 | |||||||||
Consulting service fees | 3,911 | 41,685 | 21,301 | |||||||||
Compliance service fees | 1,491 | 16,104 | 7,800 | |||||||||
Administration fees | 13,580 | 100,245 | 50,302 | |||||||||
Distribution fees - Class A | 31 | 84,785 | 40,999 | |||||||||
Distribution fees - Class C | 1,165 | 1,907 | — | |||||||||
Sub-accounting services fees - Class A | 12 | 33,914 | 16,400 | |||||||||
Sub-accounting services fees - Class C | 117 | 191 | — | |||||||||
Sub-accounting services fees - Institutional Class | 14,672 | 123,194 | 56,997 | |||||||||
Fund accounting and sub-administration fees | 6,217 | 66,075 | 30,838 | |||||||||
Transfer agent fees | 16,131 | 16,131 | 16,131 | |||||||||
Custodian fees | 1,222 | 14,343 | 6,365 | |||||||||
Registration fees | 3,535 | 38,465 | 17,826 | |||||||||
Directors fees | 21,677 | 21,677 | 21,677 | |||||||||
Professional fees | 14,331 | 69,600 | 36,943 | |||||||||
Printing fees | 447 | 4,869 | 2,257 | |||||||||
Miscellaneous fees | 15,976 | 28,048 | 25,629 | |||||||||
Total expenses before contractual fee reductions | 194,311 | 1,391,073 | 595,372 | |||||||||
Fees contractually waived/reimbursed by the Adviser | (45,086 | ) | — | — | ||||||||
Net expenses | 149,225 | 1,391,073 | 595,372 | |||||||||
Net investment income | 170,383 | 4,260,769 | 2,146,228 | |||||||||
Realized and Unrealized Gain/(Loss): | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency transactions | 189,801 | 13,897,114 | (192,089 | ) | ||||||||
Net realized gains on options transactions | 456,873 | — | — | |||||||||
Change in unrealized depreciation on investment transactions and foreign currency transactions | (139,909 | ) | (4,010,080 | ) | (3,262,971 | ) | ||||||
Change in unrealized appreciation on options transactions | 251,316 | — | — | |||||||||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | 758,081 | 9,887,034 | (3,455,060 | ) | ||||||||
Change in net assets resulting from operations | $ | 928,464 | $ | 14,147,803 | $ | (1,308,832 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
54 |
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2019 (Unaudited)
Steward | ||||||||||||
Steward | Small-Mid | |||||||||||
Large Cap | Cap | Steward | ||||||||||
Enhanced | Enhanced | Select | ||||||||||
Index Fund | Index Fund | Bond Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign witholding tax of $0, $255 and $0, respectively) | $ | 4,397,416 | $ | 1,739,761 | $ | 73,313 | ||||||
Interest | 38,334 | 29,713 | 2,343,519 | |||||||||
Total investment income | 4,435,750 | 1,769,474 | 2,416,832 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 393,448 | 200,020 | 230,252 | |||||||||
Consulting service fees | 57,851 | 29,138 | 21,591 | |||||||||
Compliance service fees | 22,127 | 11,342 | 8,415 | |||||||||
Administration fees | 131,996 | 66,370 | 53,731 | |||||||||
Distribution fees - Class A | 56,265 | 84,682 | 12,589 | |||||||||
Sub-accounting services fees - Class A | 22,506 | 33,872 | 5,036 | |||||||||
Sub-accounting services fees - Institutional Class | 165,502 | 75,792 | 76,501 | |||||||||
Fund accounting and sub-administration fees | 90,417 | 46,065 | 34,246 | |||||||||
Transfer agent fees | 16,131 | 16,131 | 16,131 | |||||||||
Custodian fees | 16,578 | 10,442 | 7,091 | |||||||||
Registration fees | 51,982 | 27,653 | 19,837 | |||||||||
Directors fees | 21,677 | 21,677 | 21,677 | |||||||||
Professional fees | 90,988 | 52,494 | 40,126 | |||||||||
Printing fees | 6,580 | 3,501 | 2,512 | |||||||||
Miscellaneous fees | 35,215 | 31,648 | 28,098 | |||||||||
Total expenses before contractual fee reductions | 1,179,263 | 710,827 | 577,833 | |||||||||
Net investment income | 3,256,487 | 1,058,647 | 1,838,999 | |||||||||
Realized and Unrealized Gain/(Loss): | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency transactions | 5,640,120 | (1,368,539 | ) | 83,144 | ||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency transactions | 3,449,097 | (4,064,952 | ) | 4,096,300 | ||||||||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | 9,089,217 | (5,433,491 | ) | 4,179,444 | ||||||||
Change in net assets resulting from operations | $ | 12,345,704 | $ | (4,374,844 | ) | $ | 6,018,443 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
55 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD COVERED CALL INCOME FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 170,383 | $ | 290,981 | ||||
Net realized gain from investment transactions, foreign currency transactions and option transactions | 646,674 | 992,974 | ||||||
Net change in unrealized appreciation on investment transactions, foreign currency transactions and option transactions | 111,407 | 1,106,608 | ||||||
Change in net assets resulting from operations | 928,464 | 2,390,563 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (122 | ) | (1,313 | ) | ||||
Class C | (838 | ) | (82 | ) | ||||
Class R6 | — | (1 | ) | |||||
Institutional Class | (160,502 | ) | (2,373,826 | ) | ||||
Change in net assets from shareholder distributions | (161,462 | ) | (2,375,222 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 25,773 | 54,311 | ||||||
Dividends reinvested | 122 | 1,313 | ||||||
Cost of shares redeemed | (25,729 | ) | (28,103 | ) | ||||
Change in Class A from capital transactions | 166 | 27,521 | ||||||
Class C | ||||||||
Proceeds from shares issued | 295,900 | 75,000 | ||||||
Dividends reinvested | 613 | 1 | ||||||
Cost of shares redeemed | (53,317 | ) | — | |||||
Change in Class C from capital transactions | 243,196 | 75,001 | ||||||
Class R6 | ||||||||
Dividends reinvested | — | 1 | ||||||
Change in Class R6 from capital transactions | — | 1 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 2,318,680 | 5,410,121 | ||||||
Dividends reinvested | 160,502 | 2,373,826 | ||||||
Cost of shares redeemed | (1,869,768 | ) | (4,406,934 | ) | ||||
Change in Institutional Class from capital transactions | 609,414 | 3,377,013 | ||||||
Change in net assets from capital transactions | 852,776 | 3,479,536 | ||||||
Change in net assets | 1,619,778 | 3,494,877 | ||||||
Net Assets: | ||||||||
Beginning of period | 28,915,398 | 25,420,521 | ||||||
End of period | $ | 30,535,176 | $ | 28,915,398 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 2,606 | 5,512 | ||||||
Reinvested | 13 | 153 | ||||||
Redeemed | (2,693 | ) | (2,828 | ) | ||||
Change in Class A | (74 | ) | 2,837 | |||||
Class C | ||||||||
Issued | 30,273 | 8,017 | ||||||
Reinvested | 62 | — | ||||||
Redeemed | (5,496 | ) | — | |||||
Change in Class C | 24,839 | 8,017 | ||||||
Class R6 | ||||||||
Reinvested | — | — | ||||||
Change in Class R6 | — | — | ||||||
Institutional Class | ||||||||
Issued | 239,911 | 565,316 | ||||||
Reinvested | 16,539 | 277,710 | ||||||
Redeemed | (192,733 | ) | (453,432 | ) | ||||
Change in Institutional Class | 63,717 | 389,594 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
56 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD GLOBAL EQUITY INCOME FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 4,260,769 | $ | 7,368,982 | ||||
Net realized gain from investment transactions and foreign currency transactions | 13,897,114 | 8,648,160 | ||||||
Net change in unrealized depreciation on investments and foreign currency transactions | (4,010,080 | ) | (2,681,619 | ) | ||||
Change in net assets resulting from operations | 14,147,803 | 13,335,523 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (731,511 | ) | (6,378,338 | ) | ||||
Class C | (26,683 | ) | (107,534 | ) | ||||
Class R6 | (1,529 | ) | (30,885 | ) | ||||
Institutional Class | (3,010,202 | ) | (21,200,600 | ) | ||||
Change in net assets from shareholder distributions | (3,769,925 | ) | (27,717,357 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 8,402,356 | 37,450,498 | ||||||
Dividends reinvested | 721,265 | 6,319,136 | ||||||
Cost of shares redeemed | (17,818,579 | ) | (34,477,167 | ) | ||||
Change in Class A from capital transactions | (8,694,958 | ) | 9,292,467 | |||||
Class C | ||||||||
Proceeds from shares issued | 18,300 | 374,091 | ||||||
Dividends reinvested | 26,033 | 106,893 | ||||||
Cost of shares redeemed | (869 | ) | (18,374 | ) | ||||
Change in Class C from capital transactions | 43,464 | 462,610 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 203,632 | 532,778 | ||||||
Dividends reinvested | 1,529 | 30,885 | ||||||
Cost of shares redeemed | (3,735 | ) | (482,382 | ) | ||||
Change in Class R6 from capital transactions | 201,426 | 81,281 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 26,098,513 | 72,171,525 | ||||||
Dividends reinvested | 2,968,554 | 21,117,291 | ||||||
Cost of shares redeemed | (23,322,055 | ) | (60,348,392 | ) | ||||
Change in Institutional Class from capital transactions | 5,745,012 | 32,940,424 | ||||||
Change in net assets from capital transactions | (2,705,056 | ) | 42,776,782 | |||||
Change in net assets | 7,672,822 | 28,394,948 | ||||||
Net Assets: | ||||||||
Beginning of period | 315,759,261 | 287,364,313 | ||||||
End of period | $ | 323,432,083 | $ | 315,759,261 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 268,517 | 1,148,364 | ||||||
Reinvested | 23,053 | 225,889 | ||||||
Redeemed | (570,743 | ) | (1,099,933 | ) | ||||
Change in Class A | (279,173 | ) | 274,320 | |||||
Class C | ||||||||
Issued | 3,501 | 51,032 | ||||||
Reinvested | 5,112 | 22,492 | ||||||
Redeemed | (169 | ) | (3,876 | ) | ||||
Change in Class C | 8,444 | 69,648 | ||||||
Class R6 | ||||||||
Issued | 42,213 | 66,649 | ||||||
Reinvested | 316 | 3,982 | ||||||
Redeemed | (766 | ) | (69,392 | ) | ||||
Change in Class R6 | 41,763 | 1,239 | ||||||
Institutional Class | ||||||||
Issued | 833,120 | 2,269,313 | ||||||
Reinvested | 94,586 | 753,068 | ||||||
Redeemed | (741,600 | ) | (1,936,300 | ) | ||||
Change in Institutional Class | 186,106 | 1,086,081 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
57 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD INTERNATIONAL ENHANCED INDEX FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 2,146,228 | $ | 3,721,419 | ||||
Net realized gain/(loss) from investment transactions and foreign currency transactions | (192,089 | ) | 1,742,848 | |||||
Net change in unrealized depreciation on investments and foreign currency transactions | (3,262,971 | ) | (7,704,352 | ) | ||||
Change in net assets resulting from operations | (1,308,832 | ) | (2,240,085 | ) | ||||
Distributions to shareholders from: | ||||||||
Class A | (442,661 | ) | (664,893 | ) | ||||
Class C | — | — | ||||||
Class R6 | (1 | ) | — | |||||
Institutional Class | (1,656,814 | ) | (2,981,081 | ) | ||||
Change in net assets from shareholder distributions | (2,099,476 | ) | (3,645,974 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 6,573,645 | 7,555,284 | ||||||
Dividends reinvested | 428,870 | 641,544 | ||||||
Cost of shares redeemed | (3,227,838 | ) | (4,405,021 | ) | ||||
Change in Class A from capital transactions | 3,774,677 | 3,791,807 | ||||||
Class C | ||||||||
Dividends reinvested | — | — | ||||||
Change in Class C from capital transactions | — | — | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 644,776 | — | ||||||
Dividends reinvested | — | — | ||||||
Cost of shares redeemed | (14,566 | ) | — | |||||
Change in Class R6 from capital transactions | 630,210 | — | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 7,792,537 | 19,515,477 | ||||||
Dividends reinvested | 1,581,660 | 2,859,249 | ||||||
Cost of shares redeemed | (8,204,932 | ) | (13,462,006 | ) | ||||
Change in Institutional Class from capital transactions | 1,169,265 | 8,912,720 | ||||||
Change in net assets from capital transactions | 5,574,152 | 12,704,527 | ||||||
Change in net assets | 2,165,844 | 6,818,468 | ||||||
Net Assets: | ||||||||
Beginning of period | 146,427,763 | 139,609,295 | ||||||
End of period | $ | 148,593,607 | $ | 146,427,763 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 311,466 | 348,489 | ||||||
Reinvested | 20,324 | 29,948 | ||||||
Redeemed | (152,753 | ) | (204,302 | ) | ||||
Change in Class A | 179,037 | 174,135 | ||||||
Class C | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6 | ||||||||
Issued | 70,695 | — | ||||||
Reinvested | — | — | ||||||
Redeemed | (1,576 | ) | — | |||||
Change in Class R6 | 69,119 | — | ||||||
Institutional Class | ||||||||
Issued | 368,528 | 906,073 | ||||||
Reinvested | 74,725 | 133,295 | ||||||
Redeemed | (388,586 | ) | (628,952 | ) | ||||
Change in Institutional Class | 54,667 | 410,416 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
58 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP ENHANCED INDEX FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 3,256,487 | $ | 5,531,658 | ||||
Net realized gain from investment transactions and foreign currency transactions | 5,640,120 | 13,263,367 | ||||||
Net change in unrealized appreciation on investments and foreign currency transactions | 3,449,097 | 20,743,984 | ||||||
Change in net assets resulting from operations | 12,345,704 | 39,539,009 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (118,212 | ) | (2,014,273 | ) | ||||
Class C | — | (1 | ) | |||||
Class R6 | (1,188,450 | ) | (9,586,866 | ) | ||||
Institutional Class | (1,307,020 | ) | (15,279,233 | ) | ||||
Change in net assets from shareholder distributions | (2,613,682 | ) | (26,880,373 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 7,972,541 | 7,754,531 | ||||||
Dividends reinvested | 113,723 | 1,982,781 | ||||||
Cost of shares redeemed | (5,660,400 | ) | (18,263,079 | ) | ||||
Change in Class A from capital transactions | 2,425,864 | (8,525,767 | ) | |||||
Class C | ||||||||
Dividends reinvested | — | 1 | ||||||
Change in Class C from capital transactions | — | 1 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 2,276,013 | 53,577,121 | ||||||
Dividends reinvested | 1,188,451 | 9,586,866 | ||||||
Cost of shares redeemed | (4,824,510 | ) | (4,480,083 | ) | ||||
Change in Class R6 from capital transactions | (1,360,046 | ) | 58,683,904 | |||||
Institutional Class | ||||||||
Proceeds from shares issued | 39,977,034 | 71,969,137 | ||||||
Dividends reinvested | 1,263,772 | 14,990,805 | ||||||
Cost of shares redeemed | (43,308,754 | ) | (117,568,644 | ) | ||||
Change in Institutional Class from capital transactions | (2,067,948 | ) | (30,608,702 | ) | ||||
Change in net assets from capital transactions | (1,002,130 | ) | 19,549,436 | |||||
Change in net assets | 8,729,892 | 32,208,072 | ||||||
Net Assets: | ||||||||
Beginning of period | 425,727,702 | 393,519,630 | ||||||
End of period | $ | 434,457,594 | $ | 425,727,702 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 188,607 | 184,630 | ||||||
Reinvested | 2,617 | 53,674 | ||||||
Redeemed | (131,325 | ) | (438,391 | ) | ||||
Change in Class A | 59,899 | (200,087 | ) | |||||
Class C | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6 | ||||||||
Issued | 270,523 | 5,789,916 | ||||||
Reinvested | 140,758 | 1,320,420 | ||||||
Redeemed | (575,640 | ) | (566,206 | ) | ||||
Change in Class R6 | (164,359 | ) | 6,544,130 | |||||
Institutional Class | ||||||||
Issued | 931,592 | 1,735,250 | ||||||
Reinvested | 29,236 | 403,576 | ||||||
Redeemed | (1,006,213 | ) | (2,887,564 | ) | ||||
Change in Institutional Class | (45,385 | ) | (748,738 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
59 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 1,058,647 | $ | 1,796,567 | ||||
Net realized gain/(loss) from investment transactions and foreign currency transactions | (1,368,539 | ) | 16,065,934 | |||||
Net change in unrealized depreciation on investments and foreign currency transactions | (4,064,952 | ) | (9,759,239 | ) | ||||
Change in net assets resulting from operations | (4,374,844 | ) | 8,103,262 | |||||
Distributions to shareholders from: | ||||||||
Class A | (170,408 | ) | (8,799,268 | ) | ||||
Class C | — | (2 | ) | |||||
Class R6 | (144 | ) | (2 | ) | ||||
Institutional Class | (588,337 | ) | (18,759,267 | ) | ||||
Change in net assets from shareholder distributions | (758,889 | ) | (27,558,539 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 5,721,042 | 19,564,483 | ||||||
Dividends reinvested | 164,478 | 8,419,050 | ||||||
Cost of shares redeemed | (10,262,107 | ) | (26,586,844 | ) | ||||
Change in Class A from capital transactions | (4,376,587 | ) | 1,396,689 | |||||
Class C | ||||||||
Dividends reinvested | — | 2 | ||||||
Change in Class C from capital transactions | — | 2 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 80,835 | 2,590 | ||||||
Dividends reinvested | 144 | 2 | ||||||
Cost of shares redeemed | (1,554 | ) | (3 | ) | ||||
Change in Class R6 from capital transactions | 79,425 | 2,589 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 19,602,925 | 49,462,162 | ||||||
Dividends reinvested | 551,144 | 17,195,877 | ||||||
Cost of shares redeemed | (14,153,788 | ) | (55,507,119 | ) | ||||
Change in Institutional Class from capital transactions | 6,000,281 | 11,150,920 | ||||||
Change in net assets from capital transactions | 1,703,119 | 12,550,200 | ||||||
Change in net assets | (3,430,614 | ) | (6,905,077 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 225,297,351 | 232,202,428 | ||||||
End of period | $ | 221,866,737 | $ | 225,297,351 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 429,241 | 1,237,165 | ||||||
Reinvested | 12,167 | 725,090 | ||||||
Redeemed | (765,898 | ) | (1,735,066 | ) | ||||
Change in Class A | (324,490 | ) | 227,189 | |||||
Class C | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6 | ||||||||
Issued | 12,548 | 383 | ||||||
Reinvested | 22 | — | ||||||
Redeemed | (235 | ) | — | |||||
Change in Class R6 | 12,335 | 383 | ||||||
Institutional Class | ||||||||
Issued | 1,459,719 | 3,259,054 | ||||||
Reinvested | 40,155 | 1,451,150 | ||||||
Redeemed | (1,046,742 | ) | (3,615,271 | ) | ||||
Change in Institutional Class | 453,132 | 1,094,933 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
60 |
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SELECT BOND FUND
For the Six Months | ||||||||
Ended October 31, 2019 | For the Year Ended | |||||||
(Unaudited) | April 30, 2019 | |||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 1,838,999 | $ | 3,659,748 | ||||
Net realized gain/(loss) from investment transactions and foreign currency transactions | 83,144 | (430,387 | ) | |||||
Net change in unrealized appreciation on investments and foreign currency transactions | 4,096,300 | 3,072,357 | ||||||
Change in net assets resulting from operations | 6,018,443 | 6,301,718 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (96,776 | ) | (212,204 | ) | ||||
Class C | — | — | ||||||
Class R6 | — | — | ||||||
Institutional Class | (1,666,186 | ) | (3,461,119 | ) | ||||
Change in net assets from shareholder distributions | (1,762,962 | ) | (3,673,323 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 300,478 | 1,035,977 | ||||||
Dividends reinvested | 96,684 | 211,109 | ||||||
Cost of shares redeemed | (685,900 | ) | (2,434,466 | ) | ||||
Change in Class A from capital transactions | (288,738 | ) | (1,187,380 | ) | ||||
Class C | ||||||||
Dividends reinvested | — | — | ||||||
Change in Class C from capital transactions | — | — | ||||||
Class R6 | ||||||||
Dividends reinvested | — | — | ||||||
Change in Class R6 from capital transactions | — | — | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 8,556,158 | 18,710,976 | ||||||
Dividends reinvested | 1,666,186 | 3,419,141 | ||||||
Cost of shares redeemed | (14,486,399 | ) | (23,826,562 | ) | ||||
Change in Institutional Class from capital transactions | (4,264,055 | ) | (1,696,445 | ) | ||||
Change in net assets from capital transactions | (4,552,793 | ) | (2,883,825 | ) | ||||
Change in net assets | (297,312 | ) | (255,430 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 162,470,899 | 162,726,329 | ||||||
End of period | $ | 162,173,587 | $ | 162,470,899 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 12,090 | 43,207 | ||||||
Reinvested | 3,926 | 8,832 | ||||||
Redeemed | (27,825 | ) | (101,513 | ) | ||||
Change in Class A | (11,809 | ) | (49,474 | ) | ||||
Class C | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6 | ||||||||
Reinvested | — | — | ||||||
Change in Class R6 | — | — | ||||||
Institutional Class | ||||||||
Issued | 346,258 | 782,568 | ||||||
Reinvested | 68,006 | 143,749 | ||||||
Redeemed | (586,082 | ) | (999,925 | ) | ||||
Change in Institutional Class | (171,818 | ) | (73,608 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
61 |
(This page has been intentionally left blank)
62 |
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 | Net Realized and | |||||||||||||||
Value, | Net | Unrealized Gain/ | Total from | |||||||||||||
Beginning | Investment | (Loss) from | Investment | |||||||||||||
of Period | Income | Investments | Operations | |||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.77 | $ | 0.05 | $ | 0.24 | $ | 0.29 | ||||||||
Year ended April 30, 2019 | 9.92 | 0.04 | 0.71 | 0.75 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.09 | ) | (0.06 | ) | ||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.84 | $ | 0.01 | $ | 0.25 | $ | 0.26 | ||||||||
Year ended April 30, 2019 | 9.95 | 0.01 | 0.71 | 0.72 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.80 | $ | — | (e) | $ | 0.25 | $ | 0.25 | |||||||
Year ended April 30, 2019 | 9.92 | — | (e) | 0.69 | 0.69 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.75 | $ | 0.05 | $ | 0.25 | $ | 0.30 | ||||||||
Year ended April 30, 2019 | 9.92 | 0.11 | 0.65 | 0.76 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.08 | ) | (0.05 | ) | ||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 31.36 | $ | 0.40 | (f) | $ | 0.98 | $ | 1.38 | |||||||
Year ended April 30, 2019 | 33.06 | 0.70 | (f) | 0.43 | 1.13 | |||||||||||
Year ended April 30, 2018 | 31.00 | 0.60 | 3.87 | 4.47 | ||||||||||||
Year ended April 30, 2017 | 28.72 | 0.51 | 3.72 | 4.23 | ||||||||||||
Year ended April 30, 2016 | 30.11 | 0.60 | 0.18 | 0.78 | ||||||||||||
Year ended April 30, 2015 | 29.82 | 0.63 | 1.32 | 1.95 | ||||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 5.34 | $ | 0.05 | (f) | $ | 0.16 | $ | 0.21 | |||||||
Year ended April 30, 2019 | 8.02 | 0.07 | (f) | (0.09 | )(g) | (0.02 | ) | |||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.07 | 0.07 | |||||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 5.05 | $ | 0.05 | (f) | $ | 0.17 | $ | 0.22 | |||||||
Year ended April 30, 2019 | 7.99 | 0.21 | (f) | (0.21 | )(g) | — | ||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.08 | 0.08 | |||||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 31.45 | $ | 0.44 | (f) | $ | 0.99 | $ | 1.43 | |||||||
Year ended April 30, 2019 | 33.15 | 0.79 | (f) | 0.44 | 1.23 | |||||||||||
Year ended April 30, 2018 | 31.06 | 0.71 | 3.88 | 4.59 | ||||||||||||
Year ended April 30, 2017 | 28.77 | 0.63 | 3.70 | 4.33 | ||||||||||||
Year ended April 30, 2016 | 30.16 | 0.71 | 0.16 | 0.87 | ||||||||||||
Year ended April 30, 2015 | 29.86 | 0.75 | 1.32 | 2.07 |
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) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(e) | 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. |
(f) | Calculated based on average shares outstanding. |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
63 |
Distributions: | Supplemental data and ratios: | |||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||
Expenses to | Expenses to | Ratio of Net | ||||||||||||||||||||||||||||||||||||||
Net | Net Asset | Net Assets, | Average Net | Average Net | Investment Income | Portfolio | ||||||||||||||||||||||||||||||||||
Investment | Capital | Total | Value, End | Total | End of Period | Assets Prior to | Assets Net of | to Average | Turnover | |||||||||||||||||||||||||||||||
Income | Gains | Distributions | of Period | Return(a) | (000’s) | Waivers(b) | Waivers(b) | Net Assets(b) | Rate(a)(c) | |||||||||||||||||||||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.01 | 2.88 | % | $ | 31 | 1.57 | % | 1.25 | % | 0.98 | % | 46 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.09 | ) | (0.81 | ) | (0.90 | ) | 9.77 | 8.91 | 31 | 1.44 | 1.25 | 0.79 | 117 | |||||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.02 | ) | — | (0.02 | ) | 9.92 | (0.56 | ) | 3 | 1.42 | 1.25 | 0.81 | 29 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 10.07 | 2.63 | % | $ | 331 | 2.33 | % | 2.00 | % | (0.01 | )% | 46 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.02 | ) | (0.81 | ) | (0.83 | ) | 9.84 | 8.52 | 79 | 2.23 | 2.00 | 0.05 | 117 | |||||||||||||||||||||||||||
Period ended April 30, 2018(d) | — | — | — | 9.95 | (0.50 | ) | — | — | (e) | — | (e) | — | (e) | 29 | ||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | 10.05 | 3.06 | % | $ | — | — | %(e) | — | %(e) | — | %(e) | 46 | % | ||||||||||||||||||||
Year ended April 30, 2019 | — | (0.81 | ) | (0.81 | ) | 9.80 | 8.27 | — | — | (e) | — | (e) | — | (e) | 117 | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.55 | ) | — | — | (e) | — | (e) | — | (e) | 29 | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.00 | 3.13 | % | $ | 30,173 | 1.30 | % | 1.00 | % | 1.16 | % | 46 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.12 | ) | (0.81 | ) | (0.93 | ) | 9.75 | 9.06 | 28,806 | 1.14 | 1.00 | 1.10 | 117 | |||||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.54 | ) | 25,417 | 1.16 | 1.00 | 0.84 | 29 | |||||||||||||||||||||||||||
Steward Global Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.34 | ) | $ | — | $ | (0.34 | ) | $ | 32.40 | 4.45 | % | $ | 65,705 | 1.08 | % | 1.08 | % | 2.52 | % | 22 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.67 | ) | (2.16 | ) | (2.83 | ) | 31.36 | 4.61 | 72,351 | 0.97 | 0.97 | 2.18 | 28 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.59 | ) | (1.82 | ) | (2.41 | ) | 33.06 | 14.58 | 67,213 | 0.99 | 0.99 | 1.80 | 59 | |||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.56 | ) | (1.39 | ) | (1.95 | ) | 31.00 | 15.22 | 60,865 | 0.99 | 0.99 | 1.78 | 48 | |||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.62 | ) | (1.55 | ) | (2.17 | ) | 28.72 | 2.94 | 40,254 | 0.98 | 0.98 | 2.12 | 54 | |||||||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | (1.04 | ) | (1.66 | ) | 30.11 | 6.57 | 27,689 | 1.01 | 1.01 | 2.11 | 48 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.37 | ) | $ | — | $ | (0.37 | ) | $ | 5.18 | 4.20 | % | $ | 404 | 1.83 | % | 1.83 | % | 1.76 | % | 22 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.50 | ) | (2.16 | ) | (2.66 | ) | 5.34 | 4.52 | 372 | 1.64 | 1.64 | 1.24 | 28 | |||||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.23 | ) | (1.82 | ) | (2.05 | ) | 8.02 | 0.83 | — | — | (e) | — | (e) | — | (e) | 59 | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.40 | ) | $ | — | $ | (0.40 | ) | $ | 4.87 | 4.63 | % | $ | 209 | 0.82 | % | 0.82 | % | 2.16 | % | 22 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.78 | ) | (2.16 | ) | (2.94 | ) | 5.05 | 5.04 | 6 | 0.61 | 0.61 | 2.75 | 28 | |||||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.27 | ) | (1.82 | ) | (2.09 | ) | 7.99 | 0.86 | — | — | (e) | — | (e) | — | (e) | 59 | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.39 | ) | $ | — | $ | (0.39 | ) | $ | 32.49 | 4.58 | % | $ | 257,114 | 0.83 | % | 0.83 | % | 2.76 | % | 22 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.77 | ) | (2.16 | ) | (2.93 | ) | 31.45 | 4.90 | 243,030 | 0.67 | 0.67 | 2.47 | 28 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.68 | ) | (1.82 | ) | (2.50 | ) | 33.15 | 14.96 | 220,152 | 0.68 | 0.68 | 2.12 | 59 | |||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.65 | ) | (1.39 | ) | (2.04 | ) | 31.06 | 15.58 | 181,716 | 0.66 | 0.66 | 2.11 | 48 | |||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.71 | ) | (1.55 | ) | (2.26 | ) | 28.77 | 3.26 | 134,080 | 0.64 | 0.64 | 2.47 | 54 | |||||||||||||||||||||||||||
Year ended April 30, 2015 | (0.73 | ) | (1.04 | ) | (1.77 | ) | 30.16 | 6.97 | 140,285 | 0.66 | 0.66 | 2.46 | 48 |
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) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(e) | 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. |
(f) | Calculated based on average shares outstanding. |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
64 |
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
Investment Operations: | ||||||||||||||||
Net Asset | Net Realized and | |||||||||||||||
Value, | Net | Unrealized Gain/ | Total from | |||||||||||||
Beginning | Investment | (Loss) from | Investment | |||||||||||||
of Period | Income | Investments | Operations | |||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 22.01 | $ | 0.29 | (d) | $ | (0.54 | ) | $ | (0.25 | ) | |||||
Year ended April 30, 2019 | 23.01 | 0.53 | (1.01 | ) | (0.48 | ) | ||||||||||
Year ended April 30, 2018 | 20.45 | 0.43 | 2.59 | 3.02 | ||||||||||||
Year ended April 30, 2017 | 18.65 | 0.36 | 1.81 | 2.17 | ||||||||||||
Year ended April 30, 2016 | 22.22 | 0.40 | (d) | (3.27 | ) | (2.87 | ) | |||||||||
Year ended April 30, 2015 | 23.06 | 0.41 | (0.71 | ) | (0.30 | ) | ||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.73 | $ | — | (d)(f) | $ | (0.52 | ) | $ | (0.52 | ) | |||||
Year ended April 30, 2019 | 10.08 | — | (f) | (0.35 | ) | (0.35 | ) | |||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.71 | $ | 0.09 | (d) | $ | (0.26 | ) | $ | (0.17 | ) | |||||
Year ended April 30, 2019 | 10.05 | — | (f) | (0.34 | ) | (0.34 | ) | |||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 22.08 | $ | 0.32 | (d) | $ | (0.54 | ) | $ | (0.22 | ) | |||||
Year ended April 30, 2019 | 23.09 | 0.59 | (1.01 | ) | (0.42 | ) | ||||||||||
Year ended April 30, 2018 | 20.51 | 0.51 | 2.59 | 3.10 | ||||||||||||
Year ended April 30, 2017 | 18.70 | 0.43 | 1.81 | 2.24 | ||||||||||||
Year ended April 30, 2016 | 22.28 | 0.57 | (d) | (3.38 | ) | (2.81 | ) | |||||||||
Year ended April 30, 2015 | 23.11 | 0.44 | (0.65 | ) | (0.21 | ) | ||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 43.28 | $ | 0.27 | $ | 0.91 | $ | 1.18 | ||||||||
Year ended April 30, 2019 | 41.50 | 0.47 | 3.24 | 3.71 | ||||||||||||
Year ended April 30, 2018 | 36.89 | 0.41 | 4.60 | 5.01 | ||||||||||||
Year ended April 30, 2017 | 32.25 | 0.39 | 4.63 | 5.02 | ||||||||||||
Year ended April 30, 2016 | 38.89 | 0.46 | (1.31 | ) | (0.85 | ) | ||||||||||
Year ended April 30, 2015 | 37.46 | 0.36 | 3.86 | 4.22 | ||||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 8.74 | $ | — | (f) | $ | (0.04 | )(h) | $ | (0.04 | ) | |||||
Year ended April 30, 2019 | 9.79 | — | (f) | 0.46 | 0.46 | |||||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | (0.02 | ) | (0.02 | ) | |||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 8.55 | $ | 0.07 | $ | 0.17 | $ | 0.24 | ||||||||
Year ended April 30, 2019 | 9.76 | 0.04 | 0.46 | 0.50 | ||||||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | 0.01 | 0.01 | |||||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 43.16 | $ | 0.33 | $ | 0.91 | $ | 1.24 | ||||||||
Year ended April 30, 2019 | 41.34 | 0.60 | 3.23 | 3.83 | ||||||||||||
Year ended April 30, 2018 | 36.72 | 0.53 | 4.57 | 5.10 | ||||||||||||
Year ended April 30, 2017 | 32.07 | 0.48 | 4.63 | 5.11 | ||||||||||||
Year ended April 30, 2016 | 38.70 | 0.62 | (1.34 | ) | (0.72 | ) | ||||||||||
Year ended April 30, 2015 | 37.30 | 0.47 | 3.86 | 4.33 |
Amounts designated as“—” are $0 or have been rounded to $0.
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | Calculated based on average shares outstanding. |
(e) | Excludes the value of portfolio securities delivered as a result of a redemption in-kind. |
(f) | Expressed as “—” as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(g) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
65
Distributions: | Supplemental data and ratios: | |||||||||||||||||||||||||||||||||||||||
In Excess | Ratio of | Ratio of Net | ||||||||||||||||||||||||||||||||||||||
Net | of Net | Net Asset | Net Assets, | Expenses to | Investment Income | Portfolio | ||||||||||||||||||||||||||||||||||
Investment | Capital | Investment | Total | Value, End | Total | End of Period | Average | to Average | Turnover | |||||||||||||||||||||||||||||||
Income | Gains | Income | Distributions | of Period | Return(a) | (000’s) | Net Assets | Net Assets(b) | Rate(a)(c) | |||||||||||||||||||||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.28 | ) | $ | — | $ | — | $ | (0.28 | ) | $ | 21.48 | (1.09 | )% | $ | 32,869 | 1.01 | % | 2.70 | % | 3 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.52 | ) | — | — | (0.52 | ) | 22.01 | (1.99 | ) | 29,734 | 1.01 | 2.43 | 10 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.46 | ) | — | — | (0.46 | ) | 23.01 | 14.92 | 27,085 | 1.02 | 1.88 | 10 | ||||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.37 | ) | — | — | (0.37 | ) | 20.45 | 11.85 | 17,922 | 1.01 | 1.88 | 16 | ||||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.70 | ) | — | — | (0.70 | ) | 18.65 | (13.10 | ) | 16,268 | 1.00 | 2.14 | 11 | (e) | ||||||||||||||||||||||||||
Year ended April 30, 2015 | (0.54 | ) | — | — | (0.54 | ) | 22.22 | (1.41 | ) | 15,520 | 1.02 | 1.84 | 12 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | — | $ | 9.21 | (2.41 | )% | $ | — | — | %(f) | — | %(f) | 3 | % | ||||||||||||||||||||
Year ended April 30, 2019 | — | — | — | — | 9.73 | (3.47 | ) | — | — | (f) | — | (f) | 10 | |||||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.15 | ) | — | — | (0.15 | ) | 10.08 | 2.32 | — | — | (f) | — | (f) | 10 | ||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.32 | ) | $ | — | $ | — | $ | (0.32 | ) | $ | 9.22 | (1.69 | )% | $ | 637 | 0.70 | % | 2.06 | % | 3 | % | ||||||||||||||||||
Year ended April 30, 2019 | — | — | — | — | 9.71 | (3.38 | ) | — | — | (f) | — | (f) | 10 | |||||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.18 | ) | — | — | (0.18 | ) | 10.05 | 2.32 | — | — | (f) | — | (f) | 10 | ||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.31 | ) | $ | — | $ | — | $ | (0.31 | ) | $ | 21.55 | (0.96 | )% | $ | 115,087 | 0.75 | % | 2.99 | % | 3 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.59 | ) | — | — | (0.59 | ) | 22.08 | (1.74 | ) | 116,694 | 0.71 | 2.73 | 10 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.52 | ) | — | — | (0.52 | ) | 23.09 | 15.29 | 112,524 | 0.71 | 2.28 | 10 | ||||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.43 | ) | — | — | (0.43 | ) | 20.51 | 12.24 | 114,580 | 0.67 | 2.22 | 16 | ||||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.77 | ) | — | — | (0.77 | ) | 18.70 | (12.82 | ) | 104,190 | 0.65 | 2.93 | 11 | (e) | ||||||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | — | — | (0.62 | ) | 22.28 | (1.01 | ) | 286,947 | 0.64 | 1.95 | 12 | |||||||||||||||||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | $ | 44.35 | 2.74 | % | $ | 45,080 | 0.78 | % | 1.27 | % | 5 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.42 | ) | (1.51 | ) | — | (1.93 | ) | 43.28 | 9.78 | 41,401 | 0.80 | 1.09 | 27 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.40 | ) | — | — | (0.40 | ) | 41.50 | 13.61 | 47,998 | 0.84 | 1.02 | 23 | ||||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.38 | ) | — | — | (0.38 | ) | 36.89 | 15.63 | 47,052 | 0.82 | 1.10 | 25 | ||||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.49 | ) | (4.26 | ) | (1.04 | ) | (5.79 | ) | 32.25 | (2.01 | ) | 52,151 | 0.82 | 1.30 | 91 | (e) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.34 | ) | (2.45 | ) | — | (2.79 | ) | 38.89 | 11.35 | 50,747 | 0.86 | 0.97 | 33 | |||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | — | $ | 8.70 | 1.36 | % | $ | — | — | %(f) | — | %(f) | 5 | % | ||||||||||||||||||||
Year ended April 30, 2019 | — | (1.51 | ) | — | (1.51 | ) | 8.74 | 8.13 | — | — | (f) | — | (f) | 27 | ||||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.19 | ) | — | — | (0.19 | ) | 9.79 | (0.27 | ) | — | — | (f) | — | (f) | 23 | |||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.19 | ) | $ | — | $ | — | $ | (0.19 | ) | $ | 8.60 | 2.83 | % | $ | 54,886 | 0.43 | % | 1.63 | % | 5 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.20 | ) | (1.51 | ) | — | (1.71 | ) | 8.55 | 8.70 | 55,924 | 0.46 | 1.20 | 27 | |||||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.25 | ) | — | — | (0.25 | ) | 9.76 | 0.02 | — | — | (f) | — | (f) | 23 | ||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.17 | ) | $ | — | $ | — | $ | (0.17 | ) | $ | 44.23 | 2.88 | % | $ | 334,492 | 0.53 | % | 1.53 | % | 5 | % | ||||||||||||||||||
Year ended April 30, 2019 | (0.50 | ) | (1.51 | ) | — | (2.01 | ) | 43.16 | 10.13 | 328,404 | 0.50 | 1.39 | 27 | |||||||||||||||||||||||||||
Year ended April 30, 2018 | (0.48 | ) | — | — | (0.48 | ) | 41.34 | 13.93 | 345,522 | 0.54 | 1.32 | 23 | ||||||||||||||||||||||||||||
Year ended April 30, 2017 | (0.46 | ) | — | — | (0.46 | ) | 36.72 | 16.02 | 319,230 | 0.50 | 1.40 | 25 | ||||||||||||||||||||||||||||
Year ended April 30, 2016 | (0.61 | ) | (4.26 | ) | (1.04 | ) | (5.91 | ) | 32.07 | (1.67 | ) | 253,302 | 0.48 | 1.66 | 91 | (e) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.48 | ) | (2.45 | ) | — | (2.93 | ) | 38.70 | 11.71 | 292,898 | 0.50 | 1.30 | 33 |
Amounts designated as“—” are $0 or have been rounded to $0.
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | Calculated based on average shares outstanding. |
(e) | Excludes the value of portfolio securities delivered as a result of a redemption in-kind. |
(f) | Expressed as “—” as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(g) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
66
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
Investment Operations: | ||||||||||||||||
Net Asset | Net Realized and | |||||||||||||||
Value, | Net | Unrealized Gain/ | Total from | |||||||||||||
Beginning | Investment | (Loss) from | Investment | |||||||||||||
of Period | Income | Investments | Operations | |||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 13.94 | $ | 0.05 | (d) | $ | (0.36 | ) | $ | (0.31 | ) | |||||
Year ended April 30, 2019 | 15.70 | 0.09 | 0.03 | (e) | 0.12 | |||||||||||
Year ended April 30, 2018 | 15.44 | 0.11 | 1.37 | 1.48 | ||||||||||||
Year ended April 30, 2017 | 13.26 | 0.06 | 2.64 | 2.70 | ||||||||||||
Year ended April 30, 2016 | 15.33 | 0.08 | (0.51 | ) | (0.43 | ) | ||||||||||
Year ended April 30, 2015 | 16.04 | 0.08 | 1.41 | 1.49 | ||||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 6.82 | $ | — | (d)(f) | $ | (0.21 | ) | $ | (0.21 | ) | |||||
Year ended April 30, 2019 | 8.76 | — | (f) | (0.16 | ) | (0.16 | ) | |||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 6.78 | $ | 0.03 | (d) | $ | (0.15 | ) | $ | (0.12 | ) | |||||
Year ended April 30, 2019 | 8.74 | — | (f) | (0.18 | ) | (0.18 | ) | |||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 14.19 | $ | 0.07 | (d) | $ | (0.36 | ) | $ | (0.29 | ) | |||||
Year ended April 30, 2019 | 15.93 | 0.13 | 0.04 | (e) | 0.17 | |||||||||||
Year ended April 30, 2018 | 15.65 | 0.15 | 1.39 | 1.54 | ||||||||||||
Year ended April 30, 2017 | 13.43 | 0.11 | 2.67 | 2.78 | ||||||||||||
Year ended April 30, 2016 | 15.51 | 0.12 | (0.52 | ) | (0.40 | ) | ||||||||||
Year ended April 30, 2015 | 16.20 | 0.12 | 1.43 | 1.55 | ||||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 24.36 | $ | 0.26 | (d) | $ | 0.63 | $ | 0.89 | |||||||
Year ended April 30, 2019 | 23.96 | 0.49 | 0.39 | 0.88 | ||||||||||||
Year ended April 30, 2018 | 24.58 | 0.40 | (0.60 | ) | (0.20 | ) | ||||||||||
Year ended April 30, 2017 | 24.99 | 0.43 | (0.40 | ) | 0.03 | |||||||||||
Year ended April 30, 2016 | 24.97 | 0.46 | — | 0.46 | ||||||||||||
Year ended April 30, 2015 | 24.72 | 0.46 | 0.25 | 0.71 | ||||||||||||
Class C | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.71 | $ | — | (f) | $ | (0.03 | )(e) | $ | (0.03 | ) | |||||
Year ended April 30, 2019 | 9.57 | — | (f) | 0.14 | 0.14 | |||||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | (0.22 | ) | (0.22 | ) | |||||||||
Class R6 | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 9.66 | $ | — | (f) | $ | (0.01 | )(e) | $ | (0.01 | ) | |||||
Year ended April 30, 2019 | 9.52 | — | (f) | 0.14 | 0.14 | |||||||||||
Period ended April 30, 2018(g) | 10.00 | — | (f) | (0.23 | ) | (0.23 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | 24.25 | $ | 0.29 | (d) | $ | 0.62 | $ | 0.91 | |||||||
Year ended April 30, 2019 | 23.85 | 0.55 | 0.40 | 0.95 | ||||||||||||
Year ended April 30, 2018 | 24.47 | 0.48 | (0.61 | ) | (0.13 | ) | ||||||||||
Year ended April 30, 2017 | 24.87 | 0.51 | (0.39 | ) | 0.12 | |||||||||||
Year ended April 30, 2016 | 24.85 | 0.53 | 0.01 | 0.54 | ||||||||||||
Year ended April 30, 2015 | 24.61 | 0.54 | 0.25 | 0.79 |
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) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
See notes to financial statements.
67 |
Distributions: | Supplemental data and ratios: | |||||||||||||||||||||||||||||||||||
Ratio of | Ratio of Net | |||||||||||||||||||||||||||||||||||
Net | Net Asset | Net Assets, | Expenses to | Investment Income | Portfolio | |||||||||||||||||||||||||||||||
Investment | Capital | Total | Value, End | Total | End of Period | Average | to Average | Turnover | ||||||||||||||||||||||||||||
Income | Gains | Distributions | of Period | Return(a) | (000’s) | Net Assets(b) | Net Assets(b) | Rate(a)(c) | ||||||||||||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 13.60 | (2.19 | )% | $ | 65,595 | 0.82 | % | 0.79 | % | 3 | % | ||||||||||||||||
Year ended April 30, 2019 | (0.10 | ) | (1.78 | ) | (1.88 | ) | 13.94 | 3.18 | 71,719 | 0.81 | 0.56 | 33 | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.08 | ) | (1.14 | ) | (1.22 | ) | 15.70 | 9.59 | 77,227 | 0.83 | 0.69 | 29 | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.07 | ) | (0.45 | ) | (0.52 | ) | 15.44 | 20.44 | 69,001 | 0.87 | 0.43 | 36 | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.09 | ) | (1.55 | ) | (1.64 | ) | 13.26 | (2.39 | ) | 55,445 | 0.85 | 0.59 | 33 | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.08 | ) | (2.12 | ) | (2.20 | ) | 15.33 | 9.85 | 60,408 | 0.84 | 0.50 | 37 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | 6.61 | (2.60 | )% | $ | — | — | %(f) | — | %(f) | 3 | % | ||||||||||||||||||
Year ended April 30, 2019 | — | (1.78 | ) | (1.78 | ) | 6.82 | 2.55 | — | — | (f) | — | (f) | 33 | |||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.06 | ) | (1.14 | ) | (1.20 | ) | 8.76 | (0.48 | ) | — | — | (f) | — | (f) | 29 | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 6.60 | (1.78 | )% | $ | 84 | 0.48 | % | 0.98 | % | 3 | % | ||||||||||||||||
Year ended April 30, 2019 | — | (1.78 | ) | (1.78 | ) | 6.78 | 2.27 | 3 | — | (f) | — | (f) | 33 | |||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.08 | ) | (1.14 | ) | (1.22 | ) | 8.74 | (0.56 | ) | — | — | (f) | — | (f) | 29 | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 13.85 | (2.02 | )% | $ | 156,188 | 0.57 | % | 1.04 | % | 3 | % | ||||||||||||||||
Year ended April 30, 2019 | (0.13 | ) | (1.78 | ) | (1.91 | ) | 14.19 | 3.51 | 153,576 | 0.53 | 0.84 | 33 | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.12 | ) | (1.14 | ) | (1.26 | ) | 15.93 | 9.87 | 154,975 | 0.57 | 0.95 | 29 | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.11 | ) | (0.45 | ) | (0.56 | ) | 15.65 | 20.80 | 130,717 | 0.58 | 0.72 | 36 | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.13 | ) | (1.55 | ) | (1.68 | ) | 13.43 | (2.15 | ) | 101,597 | 0.57 | 0.87 | 33 | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.12 | ) | (2.12 | ) | (2.24 | ) | 15.51 | 10.19 | 93,821 | 0.56 | 0.78 | 37 | ||||||||||||||||||||||||
Steward Select Bond Fund | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 25.01 | 3.67 | % | $ | 10,087 | 0.94 | % | 2.02 | % | 11 | % | ||||||||||||||||
Year ended April 30, 2019 | (0.48 | ) | — | (0.48 | ) | 24.36 | 3.72 | 10,115 | 0.95 | 1.97 | 25 | |||||||||||||||||||||||||
Year ended April 30, 2018 | (0.42 | ) | — | (0.42 | ) | 23.96 | (0.82 | ) | 11,134 | 0.96 | 1.67 | 5 | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.44 | ) | — | (0.44 | ) | 24.58 | 0.11 | 10,664 | 0.95 | 1.71 | 18 | |||||||||||||||||||||||||
Year ended April 30, 2016 | (0.44 | ) | — | (0.44 | ) | 24.99 | 1.87 | 11,719 | 0.95 | 1.80 | 11 | |||||||||||||||||||||||||
Year ended April 30, 2015 | (0.46 | ) | — | (0.46 | ) | 24.97 | 2.92 | 15,208 | 0.96 | 1.83 | 13 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | 9.68 | 2.14 | % | $ | — | — | %(f) | — | %(f) | 11 | % | ||||||||||||||||||
Year ended April 30, 2019 | — | — | — | 9.71 | 1.46 | — | — | (f) | — | (f) | 25 | |||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.21 | ) | — | (0.21 | ) | 9.57 | (2.27 | ) | — | — | (f) | — | (f) | 5 | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | — | $ | — | $ | — | $ | 9.65 | 2.88 | % | $ | — | — | %(f) | — | %(f) | 11 | % | ||||||||||||||||||
Year ended April 30, 2019 | — | — | — | 9.66 | 1.47 | — | — | (f) | — | (f) | 25 | |||||||||||||||||||||||||
Period ended April 30, 2018(g) | (0.25 | ) | — | (0.25 | ) | 9.52 | (2.30 | ) | — | — | (f) | — | (f) | 5 | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||
Six months ended October 31, 2019 (Unaudited) | $ | (0.27 | ) | $ | — | $ | (0.27 | ) | $ | 24.89 | 3.79 | % | $ | 152,087 | 0.69 | % | 2.27 | % | 11 | % | ||||||||||||||||
Year ended April 30, 2019 | (0.55 | ) | — | (0.55 | ) | 24.25 | 4.05 | 152,356 | 0.66 | 2.28 | 25 | |||||||||||||||||||||||||
Year ended April 30, 2018 | (0.49 | ) | — | (0.49 | ) | 23.85 | (0.54 | ) | 151,593 | 0.66 | 1.98 | 5 | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.52 | ) | — | (0.52 | ) | 24.47 | 0.50 | 147,953 | 0.61 | 2.05 | 18 | |||||||||||||||||||||||||
Year ended April 30, 2016 | (0.52 | ) | — | (0.52 | ) | 24.87 | 2.22 | 138,503 | 0.60 | 2.16 | 11 | |||||||||||||||||||||||||
Year ended April 30, 2015 | (0.55 | ) | — | (0.55 | ) | 24.85 | 3.26 | 138,956 | 0.62 | 2.19 | 13 |
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) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
See notes to financial statements.
68 |
NOTES TO FINANCIAL STATEMENTS — October 31, 2019 (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 and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As of October 31, 2019, SFI is composed of six separate operational funds, each a series of SFI (each a “Fund” and collectively the “Funds”). The accompanying financial statements are presented for the following six Funds:
Steward Covered Call Income Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Enhanced Index Fund
Steward Small-Mid Cap Enhanced Index Fund
Steward Select Bond Fund
Each Fund currently offers four classes of shares: “Class A”, “Class C”, “Class R6” (formerly, Class K), and “Institutional Class” (each a “Class” and collectively the “Classes”). Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Classes. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.
Note 2 — Investment Objectives:
Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund’s portfolio when compared to the broader uncovered large capitalization securities market.
Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of Depositary Receipts (“DRs”) or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.
Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.
Steward Large Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of large capitalization companies that represent a broad spectrum of the United States economy and allocates selectively between growth and value securities.
Steward Small-Mid Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of small and medium capitalization companies that represent a broad spectrum of the United States economy and allocates selectively between growth and value securities.
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.
In pursuing their investment objectives, the Funds apply a comprehensive set of values-based screens to all of their portfolio investments.
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Note 3 — Significant Accounting Policies:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds.
Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various valuation approaches. Equity securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on The NASDAQ Stock Market LLC (“NASDAQ”) use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. These prices will be obtained by the Funds’ accounting services agent from an approved pricing source. Debt securities (other than short-term obligations), including listed issues, are valued at the bid price as obtained from an approved pricing source. Short-term obligations (those with remaining maturities of 60 days or less) are valued at amortized cost. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded options are valued (i) at the last reported sale price, or, (ii) if there is no last sale price, at the most recent bid for long options and the most recent ask for short options. Each of these methods has been determined in good faith by the Funds’ Board of Directors (the “Board”) to represent fair value for the affected securities. If securities or other assets held by the Funds cannot be valued as set forth above or if a market price or quotation for a security or other asset is not readily available, or cannot be determined, or if any market price or quotation is deemed to be unreliable or inaccurate by the Funds’ investment adviser, the security will be priced at its fair value in accordance with procedures approved by the Board.
GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1— Quoted prices in active markets for identical securities and net asset values for money market funds.
Level 2— Other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks).
Level 3— Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
Pursuant to these valuation policies, equity securities and written options contracts are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy, except that U.S. Treasury debt securities may be categorized as Level 1. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarcy.
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The following table presents a summary of inputs used to value the Funds’ investments as of October 31, 2019:
Investments in Securities | ||||||||||||||||
Fund | LEVEL 1 | LEVEL 2 | LEVEL 3 | Total | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 31,191,730 | $ | — | $ | — | $ | 31,191,730 | ||||||||
Money Market Fund | 128,657 | — | — | 128,657 | ||||||||||||
Total Investment Securities | $ | 31,320,387 | $ | — | $ | — | $ | 31,320,387 | ||||||||
Other Financial Instruments:^ | ||||||||||||||||
Written Call Options | $ | (779,861 | ) | $ | — | $ | — | $ | (779,861 | ) | ||||||
Total Investments | $ | 30,540,526 | $ | — | $ | — | $ | 30,540,526 | ||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 313,833,539 | $ | — | $ | — | $ | 313,833,539 | ||||||||
Money Market Fund | 4,070,819 | — | — | 4,070,819 | ||||||||||||
Preferred Stocks* | 4,819,981 | — | — | 4,819,981 | ||||||||||||
Total Investments | $ | 322,724,339 | $ | — | $ | — | $ | 322,724,339 | ||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 140,836,474 | $ | 461,033 | $ | — | $ | 141,297,507 | ||||||||
Money Market Fund | 2,156,564 | — | — | 2,156,564 | ||||||||||||
Preferred Stocks* | 4,920,795 | — | — | 4,920,795 | ||||||||||||
Total Investments | $ | 147,913,833 | $ | 461,033 | $ | — | $ | 148,374,866 | ||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 431,316,728 | $ | — | $ | — | $ | 431,316,728 | ||||||||
Money Market Fund | 3,204,679 | — | — | 3,204,679 | ||||||||||||
Total Investments | $ | 434,521,407 | $ | — | $ | — | $ | 434,521,407 | ||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 220,326,275 | $ | 289 | $ | — | $ | 220,326,564 | ||||||||
Money Market Fund | 1,668,197 | — | — | 1,668,197 | ||||||||||||
Right* | — | �� | — | — | ** | — | ||||||||||
Total Investments | $ | 221,994,472 | $ | 289 | $ | — | $ | 221,994,761 | ||||||||
Steward Select Bond Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 102,661,866 | $ | — | $ | 102,661,866 | ||||||||
Money Market Fund | 4,339,006 | — | — | 4,339,006 | ||||||||||||
Municipal Bonds | — | 3,382,693 | — | 3,382,693 | ||||||||||||
U.S. Government Agencies | — | 20,259,295 | — | 20,259,295 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 10,857,572 | — | 10,857,572 | ||||||||||||
U.S. Treasury Obligations | — | 17,361,253 | — | 17,361,253 | ||||||||||||
Preferred Stocks* | 1,875,450 | 398,175 | — | 2,273,625 | ||||||||||||
Total Investments | $ | 6,214,456 | $ | 154,920,854 | $ | — | $ | 161,135,310 |
* | Please refer to the Schedule of Portfolio Investments to view common stocks, corporate bonds, preferred stocks and rights segregated by industry type. |
** | Level 3 security has zero value. |
^ | Other Financial Instruments would include any derivative instruments, such as written options contracts. These investments are generally recorded in the financial statements at fair value. |
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Securities Transactions and Investment Income:Portfolio security transactions are recorded on trade date. Net realized gains or losses on sales of securities are determined by the identified cost method. Interest income, adjusted for accretion of discounts and amortization of premiums, is recorded on the accrual basis. Debt obligations may be placed in non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful as identified by the Funds’ investment adviser as part of the valuation process. The treatment of such interest income may be different for federal income tax purposes. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Dividend income is recorded on the ex-dividend date, or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Income and capital gains on some foreign securities may be subject to foreign withholdings taxes, which are accrued as applicable, and have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.
Dividends and Distributions to Shareholders:Dividends from net investment income, if any, from the Funds are declared and paid quarterly. All net realized long-term or short-term capital gains, if any, are declared and distributed at least annually.
Income dividends and capital gains distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by the Funds, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Funds. Distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. 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, 2019 and the month-end average notional amount was $28,095,900. The monthly average notional amount for written options contracts for the period May 1, 2019 through October 31, 2019 was $26,396,493.
Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of October 31, 2019, 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 | $ | (779,861 | ) |
Realized Gain/(Loss) on | Change in Unrealized | |||||||||
Derivatives Recognized | Appreciation/(Depreciation) on | |||||||||
as a Result from | Derivatives Recognized as | |||||||||
Operations | a Result from Operations | |||||||||
Change in unrealized | ||||||||||
Primary Risk | Net realized gains on | appreciation on options | ||||||||
Fund | Exposure | options transactions | transactions | |||||||
Steward Covered Call Income Fund | Equity Risk | $ | 456,873 | $ | 251,316 |
Federal Income Taxes: The Funds intend to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
As of and during the period ended October 31, 2019, 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.
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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 as determined by the Board.
Foreign Securities: Investments in securities of issuers in foreign countries involves risks not associated with domestic investments. These risks include, but are not limited to: (1) political and financial instability; (2) currency exchange rate fluctuations; (3) greater price volatility and less liquidity in particular securities and in certain foreign markets; (4) lack of uniform accounting, auditing and financial reporting standards; (5) less government regulation and supervision of some foreign stock exchanges, brokers and listed companies; (6) delays in transaction settlement in certain foreign markets; and (7) less availability of information. Securities of issuers in emerging and developing countries raise additional risks relative to investments in developed country issuers, including exposure to less mature and diversified economies and to less stable market and political systems, as well as to possible currency transfer restrictions, delays and disruptions in settlement of transactions, and higher volatility than found in developed countries.
Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments, Inc. (“Crossmark Global Investments” or the “Adviser”). Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended October 31, 2019, the Funds did not engage in any Rule 17a-7 transactions.
Recent Accounting Pronouncements: In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date for purchased non-contingently callable debt securities. For public business entities, ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has adopted ASU 2017-08 in the current period and it does not materially impact the Funds’ financial statements.
In August 2018, FASB issued Accounting Standards Update No. 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. In addition, the amendments clarify that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for any eliminated or modified disclosures upon issuance of ASU 2018-13. The Funds have early adopted certain provisions of ASU 2018-13 as permitted and eliminated or modified disclosures within the financial statements. Management does not believe that final adoption of all provisions of ASU 2018-13 will materially impact the Funds’ financial statements.
Note 4 — Investment Advisory and Other Agreements:
Crossmark Global Investments, a wholly-owned subsidiary of Crossmark Global Holdings, Inc. (“Crossmark Global Holdings”), serves as investment adviser to the Funds. Crossmark Global Investments provides investment advisory services to investment companies, pension and profit sharing accounts, corporations and individuals. Subject to the authority of the Board, the Adviser provides the Funds with continuous investment advisory services in accordance with an investment advisory agreement between the Adviser and SFI, on behalf of the Funds. Crossmark Global Investments receives compensation for its services as investment adviser. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. Pursuant to the terms of the investment advisory agreement, Crossmark Global Investments has full discretion to manage the assets of the Funds in accordance with their investment objectives.
On May 16, 2019, in connection with a proposal by Crossmark Global Investments, the Board approved a new investment advisory agreement (the “New Advisory Agreement”), subject to shareholder approval, which was approved by shareholders of each Fund on July 29, 2019. The new investment advisory agreement took effect on August 1, 2019 and the prior investment advisory agreement was terminated. Crossmark provides the same advisory services under the New Advisory Agreement that it provided under the prior investment advisory agreement, but also provides the values-based screening services that were provided by Crossmark Consulting, LLC (“Crossmark Consulting”), an affiliate of Crossmark Global Investments and a wholly-owned subsidiary of Crossmark Global Holdings, prior to August 1, 2019. The changes to the fees each Fund pays to Crossmark Global Investments for advisory services, and the values-based screening services described below, under the New Advisory Agreement are set forth in the table below. The annual fee rates are applied to the average daily net assets of the applicable Fund.
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Advisory Agreement Fee Schedule | New Advisory Agreement Fee Schedule | |
(prior to August 1, 2019) | (effective August 1, 2019) | |
Steward Covered Call Income Fund | Steward Covered Call Income Fund | |
— 0.45% for all assets | — 0.625% of the first $1 billion | |
— 0.5625% of assets over $1 billion | ||
Steward Global Equity Income Fund | Steward Global Equity Income Fund | |
— 0.30% of the first $500 million | — 0.625% of the first $1 billion | |
— 0.25% of the next $500 million | — 0.5625% of assets over $1 billion | |
— 0.20% of assets over $1 billion | ||
Steward International Enhanced Index Fund | Steward International Enhanced Index Fund | |
— 0.30% of the first $500 million | — 0.365% of the first $1 billion | |
— 0.25% of the next $500 million | — 0.3285% of assets over $1 billion | |
— 0.20% of the assets over $1 billion | ||
Steward Large Cap Enhanced Index Fund | Steward Large Cap Enhanced Index Fund | |
— 0.15% of the first $500 million | — 0.215% of the first $1 billion | |
— 0.125% of the next $500 million | — 0.1935% of assets over $1 billion | |
— 0.10% of assets over $1 billion | ||
Steward Small-Mid Cap Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund | |
— 0.15% of the first $500 million | — 0.215% of the first $1 billion | |
— 0.125% of the next $500 million | — 0.1935% of assets over $1 billion | |
— 0.10% of assets over $1 billion | ||
Steward Select Bond Fund | Steward Select Bond Fund | |
— 0.25% of the first $500 million | — 0.315% of the first $1 billion | |
— 0.20% of the next $500 million | — 0.2835% of assets over $1 billion | |
— 0.175% of assets over $1 billion |
Crossmark Global Investments has entered into an expense limitation agreement with Steward Covered Call Income Fund. Under the terms of the agreement, to the extent that ordinary operating expenses incurred by each Class of Steward Covered Call Income Fund in any fiscal year exceed the expense limit for such Class of the Fund, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of October 31, 2019, the expense limitations were as follows:
In effect through August 30, 2020 | ||||||||||||||||
Institutional | ||||||||||||||||
Fund | Class A | Class C | Class R6 | Class | ||||||||||||
Steward Covered Call Income Fund | 1.25 | % | 2.00 | % | 0.90 | % | 1.00 | % |
Steward Covered Call Income Fund has agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three fiscal years after the fiscal year in which such waiver or reimbursement was made to the extent such repayments would not cause the ordinary operating expenses of a Class to exceed the expense limitation in place at time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the year are reflected on the Statements of Operations as “Recoupment of prior expenses reimbursed by the Adviser.”
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As of October 31, 2019, the amounts subject to repayment by the Fund in subsequent years under the expense limitation agreement were as follows:
Expires | Expires | Expires | ||||||||||
Fund | April 30, 2021 | April 30, 2022 | April 30, 2023 | |||||||||
Steward Covered Call Income Fund | $ | 15,048 | $ | 37,844 | $ | 45,086 |
Prior to August 1, 2019, Crossmark Consulting served as administrator for the Funds. For its services as administrator, Crossmark Consulting received a monthly fee from the Funds calculated at the annual rate of 0.075% on the first $500 million of the Funds’ aggregate average daily net assets. The rate declined to 0.03% of the Funds’ aggregate average daily net assets in excess of $500 million. Effective August 1, 2019, these administration services, as well as the compliance services described below, are provided to the Funds by Crossmark Global Investments pursuant to a new administration agreement (the “New Administration Agreement”) and the agreement with Crossmark Consulting for these administration services was terminated. For its administration and compliance services under the New Administration Agreement, Crossmark receives a monthly fee from each Fund calculated at the annual rate of 0.075% on the first $1 billion of the average daily net assets of that Fund and 0.0675% of assets over $1 billion.
Prior to August 1, 2019, Crossmark Consulting also served as a consultant to the Funds with respect to values-based investing. Crossmark Consulting received its consulting fee monthly, based on the annual average aggregate daily net assets of the Funds as set forth in the table below. The annual rates were applied to the average daily net assets of all Funds in the aggregate.
First | $ | 500 million | 0.08 | % | ||||
Next | $ | 500 million | 0.05 | % | ||||
Over | $ | 1 billion | 0.02 | % |
Effective August 1, 2019, these values-based screening services are provided to the Funds by Crossmark Global Investments pursuant to the New Advisory Agreement and the agreement with Crossmark Consulting for these services was terminated.
Prior to August 1, 2019, Crossmark Consulting, pursuant to a Compliance Services Agreement, provided certain compliance services for the Funds. Each Fund paid Crossmark Consulting a monthly fee based on the annual average daily net assets of the Fund as follows for compliance services:
First | $ | 500 million | 0.025 | % | ||||
Next | $ | 500 million | 0.020 | % | ||||
Over | $ | 1 billion | 0.015 | % |
Effective August 1, 2019, these compliance services are provided to the Funds by Crossmark Global Investments pursuant to the New Administration Agreement and the agreement with Crossmark Consulting for these services was terminated.
Pursuant to the Class Action and Fair Fund Services Agreement, Crossmark Consulting receives fees totaling 6% of amounts received by the Funds from Fair Funds, as defined in the agreement.
Crossmark Distributors, Inc. (“Crossmark Distributors”) serves as the distributor of the Funds’ shares. Crossmark Distributors is an affiliate of Crossmark Global Investments, and both are wholly-owned subsidiaries of Crossmark Global Holdings.
Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act, which permits each Fund, out of the assets of the Fund attributable to its Class A and Class C shares, to compensate Crossmark Distributors for its services in connection with the distribution of the Fund’s Class A and Class C shares and for the provision of certain services to Class A and Class C shareholders. Under the Plan, each Fund pays Crossmark Distributors an amount computed monthly at the annual rates of 0.25% and 1.00% of the Fund’s Class A and Class C average daily net assets (including reinvested dividends paid with respect to those assets), respectively. Of this amount, Crossmark Distributors may allocate to securities dealers (which may include Crossmark Distributors itself) and other financial institutions and organizations (collectively “Service Organizations”) amounts based on the average net assets of the particular class of the Fund owned by shareholders for whom the Service Organizations provide services. Institutional Class and Class R6 shares are not subject to the Service and Distribution Plan.
Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to its Class A, Class C, and Institutional Class shares for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group accounts in which Fund shareholders of each Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of each Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per
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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. Prior to April 1, 2019, the amounts payable to Crossmark Distributors could not exceed, on an annual basis, 0.10% of the average daily net assets of the applicable Class of each Fund.
Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments, Crossmark Distributors and/or Crossmark Consulting.
Prior to May 1, 2019, Citi Fund Services Ohio, Inc. (“Citi Ohio”) served as the Funds’ fund accountant and sub-administrator. Effective May 1, 2019, 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 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. Prior to April 29, 2019, under a transfer agency agreement assigned from Citi Ohio, FIS Investor Services, LLC served as the Funds’ transfer agent and was paid annual class and per account fees. These fees were allocated among the Funds based on their relative daily net assets. Effective April 29, 2019, Northern Trust 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, 2019, were as follows:
Fund | Purchases | Sales | ||||||
Steward Covered Call Income Fund | $ | 15,226,265 | $ | 13,747,085 | ||||
Steward Global Equity Income Fund | 67,750,057 | 72,176,278 | ||||||
Steward International Enhanced Index Fund | 10,262,157 | 4,591,004 | ||||||
Steward Large Cap Enhanced Index Fund | 21,623,521 | 21,241,459 | ||||||
Steward Small-Mid Cap Enhanced Index Fund | 8,816,442 | 7,152,417 | ||||||
Steward Select Bond Fund | 6,550,135 | 7,704,276 |
Purchases and sales of U.S. government securities for the period ended October 31, 2019, were as follows:
Fund | Purchases | Sales | ||||||
Steward Select Bond Fund | $ | 10,240,433 | $ | 11,393,936 |
Note 6 — Federal Income Tax Information:
As of October 31, 2019, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, for federal income tax purposes, were as follows:
Net | ||||||||||||||||
Unrealized | ||||||||||||||||
Tax Cost of | Unrealized | Unrealized | Appreciation/ | |||||||||||||
Fund | Securities | Appreciation | Depreciation | (Depreciation) | ||||||||||||
Steward Covered Call Income Fund | $ | 31,719,219 | $ | 495,093 | $ | (1,673,786 | ) | $ | (1,178,693 | ) | ||||||
Steward Global Equity Income Fund | 288,661,649 | 43,612,201 | (9,549,511 | ) | 34,062,690 | |||||||||||
Steward International Enhanced Index Fund | 144,763,434 | 19,910,923 | (16,299,491 | ) | 3,611,432 | |||||||||||
Steward Large Cap Enhanced Index Fund | 351,340,505 | 98,960,252 | (15,779,350 | ) | 83,180,902 | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | 204,937,655 | 44,888,510 | (27,831,404 | ) | 17,057,106 | |||||||||||
Steward Select Bond Fund | 156,973,480 | 4,480,101 | (318,271 | ) | 4,161,830 |
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.
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The tax character of distributions paid during the fiscal year ended April 30, 2019, were as follows:
Distributions Paid From | ||||||||||||
Net | ||||||||||||
Long-Term | Total | |||||||||||
Ordinary | Capital | Distribution | ||||||||||
Fund | Income | Gains | Paid | |||||||||
Steward Covered Call Income Fund | $ | 2,375,222 | $ | — | $ | 2,375,222 | ||||||
Steward Global Equity Income Fund | 10,280,699 | 17,436,658 | 27,717,357 | |||||||||
Steward International Enhanced Index Fund | 3,645,974 | — | 3,645,974 | |||||||||
Steward Large Cap Enhanced Index Fund | 5,748,102 | 21,132,271 | 26,880,373 | |||||||||
Steward Small-Mid Cap Enhanced Index Fund | 3,329,833 | 24,228,706 | 27,558,539 | |||||||||
Steward Select Bond Fund | 3,673,323 | — | 3,673,323 |
As of the end of the fiscal year ended April 30, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Total | ||||||||||||||||||||||||
Distributable | ||||||||||||||||||||||||
Undistributed | Undistributed | Accumulated | Unrealized | Earnings/ | ||||||||||||||||||||
Ordinary | Long-Term | Accumulated | Capital and | Appreciation/ | (Accumulated | |||||||||||||||||||
Fund | Income | Capital Gains | Earnings | Other Losses | (Depreciation) | Deficit) | ||||||||||||||||||
Steward Covered Call Income Fund | $ | 935,336 | $ | — | $ | 935,336 | $ | — | $ | (1,125,087 | ) | $ | (189,751 | ) | ||||||||||
Steward Global Equity Income Fund | 673,022 | 5,046,319 | 5,719,341 | — | 38,699,435 | 44,418,776 | ||||||||||||||||||
Steward International Enhanced Index Fund | 405,422 | — | 405,422 | (204,953 | ) | 6,780,533 | 6,981,002 | |||||||||||||||||
Steward Large Cap Enhanced Index Fund | — | 9,836,643 | 9,836,643 | — | 79,643,591 | 89,480,234 | ||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | — | 7,241,156 | 7,241,156 | — | 21,305,193 | 28,546,349 | ||||||||||||||||||
Steward Select Bond Fund | 456,318 | — | 456,318 | (2,355,185 | ) | 65,530 | (1,833,337 | ) |
As of the end of the fiscal year ended April 30, 2019, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset or expires.
CLCFs not subject to expiration:
Short-Term | Long-Term | |||||||||||
Fund | Amount | Amount | Total | |||||||||
Steward Covered Call Income Fund | $ | — | $ | — | $ | — | ||||||
Steward Global Equity Income Fund | — | — | — | |||||||||
Steward International Enhanced Index Fund | — | — | — | |||||||||
Steward Large Cap Enhanced Index Fund | — | — | — | |||||||||
Steward Small-Mid Cap Enhanced Index Fund | — | — | — | |||||||||
Steward Select Bond Fund | 84,995 | 2,089,045 | 2,174,040 |
Under the current tax law, capital losses realized after October 31 and December 31, respectively, of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year tax purposes. The following Funds’ deferred losses are as follows:
Post-October | ||||
Loss | ||||
Fund | Deferred | |||
Steward International Enhanced Index Fund | $ | 204,953 | ||
Steward Select Bond Fund | 181,145 |
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For the fiscal year ended April 30, 2019, Steward International Enhanced Index Fund and Steward Select Bond Fund had expiring CLCFs of $4,553,057 and $760,671, respectively, and Steward International Enhanced Index Fund utilized capital loss carryforward of $1,787,926.
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, 2019, AG Financial Solutions, the parent company of Crossmark Global Holdings, through its subsidiary, Steward Financial Holdings, Inc., has effective voting control over each of the Funds and SFI. In addition, as of October 31, 2019, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership.
Percent | ||||||
Owned | ||||||
Steward Covered Call Income Fund | TD Ameritrade Trust Co. | 88 | % | |||
Steward Global Equity Income Fund | National Financial Services LLC | 32 | % | |||
Steward Global Equity Income Fund | TD Ameritrade Trust Co. | 37 | % | |||
Steward International Enhanced Index Fund | National Financial Services LLC | 50 | % | |||
Steward International Enhanced Index Fund | TD Ameritrade Trust Co. | 44 | % | |||
Steward Large Cap Enhanced Index Fund | National Financial Services LLC | 43 | % | |||
Steward Large Cap Enhanced Index Fund | TD Ameritrade Trust Co. | 41 | % | |||
Steward Small-Mid Cap Enhanced Index Fund | National Financial Services LLC | 26 | % | |||
Steward Small-Mid Cap Enhanced Index Fund | TD Ameritrade Trust Co. | 33 | % | |||
Steward Select Bond Fund | National Financial Services LLC | 44 | % | |||
Steward Select Bond Fund | TD Ameritrade Trust Co. | 54 | % |
Note 8 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
There were no events that require adjustment or disclosure for the period subsequent to October 31, 2019 through the date of issuance of these financial statements.
78
General Information (Unaudited)
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the Steward Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-800-262-6631, or (ii) on the SEC’s website athttp://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 atwww.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 New Advisory Agreement
The Board of Directors (the “Board”) of Steward Funds, Inc. (the “Company”), including the Independent Directors, approved a new Investment Advisory Agreement (the “New Advisory Agreement”) between the Company, on behalf of each of Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund, Steward Global Equity Income Fund and Steward Covered Call Income Fund, each a series of the Company (each a “Fund” and collectively, the “Funds”), and the Funds’ investment adviser, Crossmark Global Investments, Inc. (the “Adviser” and together with its affiliates, “Crossmark”), at an in-person meeting on May 16, 2019 (the “May Meeting”). The Board determined that the approval of the New Advisory Agreement is appropriate for each Fund in light of the nature, quality and extent of the services currently provided and expected to continue to be provided by the Adviser and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.
The Board considered the approval of the New Advisory Agreement as part of a broader proposal by Crossmark to restructure and consolidate the Funds’ current agreements with the Adviser and its affiliate, Crossmark Consulting, LLC (“Crossmark Consulting”), and to reset the fees thereunder, in connection with Crossmark’s efforts to reorient the Funds’ business for the broader retail and institutional markets and to ensure the continued provision of high quality services to the Funds, among other considerations (the “Proposal”). The Board considered that, under the Proposal, Crossmark recommended that the Funds’ four current agreements with the Adviser and Crossmark Consulting for investment advisory, values-based investment screening, administration and compliance services (the “Current Agreements”) be replaced with two new agreements with the Adviser, the New Advisory Agreement and a new Administration Agreement (the “New Administration Agreement” and together with the New Advisory Agreement, the “New Agreements”), that would cover the same services currently provided to the Funds under the Current Agreements. Furthermore, in connection with the New Agreements, the Board considered Crossmark’s proposal to reset the fees for its services, including (1) materially increasing the advisory fee rates charged to Steward Global Equity Income Fund and Steward Covered Call Income Fund and (2) revising the fee breakpoint schedules for all Funds under the New Agreements.
The Board reviewed the Proposal over the course of several meetings in December 2018, February 2019 and May 2019 and took into account the background and rationale for the Proposal. The Board noted that, following an extensive review of its businesses starting in 2015, Crossmark has been engaged in reorienting the Funds’ business to take advantage of the prevailing distribution and service models in the broader retail and institutional markets in order to expand the shareholder base and grow the Funds. The Board considered that, in connection with these efforts, Crossmark undertook a review of all aspects of the Funds’ business, including a comprehensive review of the Funds’ agreements with all service providers, in light of current industry practices, fees charged to peer funds and the needs of the Funds both at current asset levels and as assets grow. The Board noted that, based upon Crossmark’s review, and in light of the reorientation of the Funds’ business for the broader retail and institutional markets and the ongoing expansion and diversification of the shareholder base, Crossmark believes the structure of the New Agreements, and the proposed resetting of the fees thereunder, would better align the Funds with peer funds in the broader retail and institutional markets and would help to ensure the continued provision of high quality services by Crossmark. In addition, the Board considered that Crossmark believes the proposed advisory fee rate increases under the New Advisory Agreement for Steward Global Equity Income Fund and Steward Covered Call Income Fund would better align these Funds with actively-managed peer funds in the broader retail
79
and institutional markets, better reflect the extent of services provided to the Funds and the performance that has been achieved for the Funds, and allow Crossmark to retain and attract talented investment, legal and compliance personnel in order to continue to provide high quality services to the Funds while maintaining a competitive total net expense ratio for shareholders.
To reach its determination in approving the New Advisory Agreement, 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 investment advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to investment advisory agreements and their compensation under such agreements; 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 connection with meetings of the Board held on December 4, 2018, and February 27, 2019 (the “February Meeting”) and the May Meeting, Crossmark provided, and reviewed with the Independent Directors, materials that described the details, background and rationale of the Proposal, including, for the May Meeting, a substantially final draft of the proxy statement to be submitted to shareholders of the Funds for approval of the New Advisory Agreement; reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider, outlining the proposed investment advisory fee rates to be charged to each Fund by the Adviser under the New Agreements and pro forma expense ratios of each Fund under the New Agreements as compared to a peer group of funds provided by Broadridge (the “Expense Group”); and information regarding the estimated profitability to Crossmark for each Fund under the New Agreements (collectively, the “Proposal Diligence”).
In determining whether to approve the New Advisory Agreement for each of the Funds, the Independent Directors also considered that, in connection with the 2019 annual contract review process conducted at the February Meeting, they received extensive information from Crossmark responding to requests for information from Company counsel that supported the Board’s decision to renew the Funds’ current Investment Advisory Agreement with the Adviser (the “Current Advisory Agreement”) at the February Meeting (collectively, the “Contract Review Materials”), which information outlined the investment advisory, values-based investment screening, administration, compliance and other services provided by Crossmark to the Funds (including the relevant personnel responsible for these services and their experience); the investment performance of each Fund as compared to a peer universe of funds provided by Broadridge (the “Performance Universe”), and as compared to the performance of relevant market benchmark indices; the investment advisory fee rates charged to each Fund by the Adviser under the Current Advisory Agreement as compared to the Expense Group, and as compared to fee rates charged to other clients of the Adviser with similar investment objectives and policies as the Funds; actual expenses of each Fund under the Current Agreements as compared to the Expense Group; the nature of expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on Crossmark; and any other incidental or “fall-out” benefits to Crossmark. The Independent Directors noted the Contract Review Materials in connection with their review of the Proposal and the New Advisory Agreement.
In considering the approval of the New Advisory Agreement for each Fund, the Independent Directors met with Company 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 the Company and the Adviser would be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the New Advisory Agreement, including the Proposal Diligence, as well as the Contract Review Materials, the Board, in its judgment, had received sufficient information to approve the New Advisory Agreement. In determining to approve the New Advisory Agreement for each Fund, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together, including the factors set forth below.
Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services expected to be provided by the Adviser to each Fund under the New Advisory Agreement. The Board considered that, under the New Advisory Agreement, the Adviser would provide the same advisory services that it currently provides under the Current Advisory Agreement, but would also provide the values-based investment screening services that are currently provided under a separate agreement by Crossmark Consulting. The Board also noted that, under the New Administration Agreement, the Adviser would provide the same administration and compliance services that are currently provided under two separate agreements by Crossmark Consulting. In this regard, the Board considered Crossmark’s explanation that it believes the new agreement structure is better aligned with that of peer funds and would better facilitate investors’ ability to compare the fees charged to the Funds with those charged to peer funds as well as the Board’s ability to evaluate the agreements and determine the competitiveness of the fees. The Board also noted that Crossmark expected that the new agreement structure would modestly improve overall operational efficiency for the Funds and the effective fulfillment of duties and responsibilities under the agreements.
The Board considered that the Adviser would continue to be responsible for investment advice, portfolio management and brokerage allocation, among other services, under the New Advisory Agreement, and would continue to manage each Fund’s investments while also incorporating a customized values-based approach to investing. The Board noted that the Adviser, in place of Crossmark Consulting, would continue to develop and maintain the values-based approach that produces a restricted list of securities that are
80
not eligible for investment by the Funds. The Board also noted that the Adviser, in place of Crossmark Consulting, would continue to provide administration and compliance services, including maintaining the Funds’ compliance program, to the Funds. The Board also considered the background and experience of the Crossmark employees responsible for providing the investment advisory, values-based investment screening, administration, legal, compliance and other services to the Funds.
At the February Meeting and the May Meeting, the Board met with the portfolio managers responsible for the day-to-day management of each Fund’s investments and discussed each Fund’s performance with the portfolio managers. The Board noted that it meets with the portfolio managers to discuss investment performance at each quarterly Board meeting. The Board considered each Fund’s (other than Steward Covered Call Income Fund which commenced operations on December 14, 2017) investment performance (Institutional Class shares) over the one-, three-, five- and ten-year periods ended December 31, 2018 and Steward Covered Call Income Fund’s investment performance (Institutional Class shares) over the one-year period ended December 31, 2018, and compared each Fund’s performance to the performance of relevant market benchmarks and its Performance Universe. The Board took into account that the Funds utilize customized criteria for a values-based approach to investing and discussed with the portfolio managers the impact of the values-based approach to investing on the Funds’ performance.
With respect to Steward Global Equity Income Fund and Steward Covered Call Income Fund, for which the advisory fee rates would be materially increased under the New Advisory Agreement, the Board noted that Steward Global Equity Income Fund’s investment performance (Institutional Class shares) outperformed its Performance Universe median and the S&P Global 1200 Index for the one-, three-, five- and ten-year periods ended December 31, 2018, but underperformed the S&P 500 Index for the same periods. The Board also noted that Steward Global Equity Income Fund’s investment performance (Institutional Class shares) outperformed the MSCI World High Dividend Yield Index for the three-, five- and ten-year periods ended December 31, 2018, but underperformed the Index for the one-year period ended December 31, 2018. The Board also considered that Steward Global Equity Income Fund received the 2019 Refinitiv Lipper Fund Awards for Best Global Equity Income Fund for the three-, five- and ten-year performance categories for the period ended November 30, 2018, which marked the fifth consecutive year in which the Fund received a Lipper Fund Award and the first time the Fund received the award for the ten-year performance category. Crossmark also reported that Steward Covered Call Income Fund’s investment performance (Institutional Class shares) outperformed its Performance Universe median, the S&P 500 Index and the CBOE S&P 500 BuyWrite Index for the one-year period ended December 31, 2018.
In light of the information presented and the considerations made, the Board concluded that the nature, quality and extent of the services expected to be provided to each Fund by the Adviser under the New Advisory Agreement are expected to be satisfactory.
Fees and Expenses. The Board considered that, as a result of the proposed fee changes under the New Agreements, shareholders of Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, Steward International Enhanced Index Fund and Steward Select Bond Fund would pay a slightly higher fee rate for aggregate advisory and values-based investment screening services under the New Advisory Agreement at asset levels as of April 30, 2019 and would not benefit from the same level of fee reductions provided under the fee breakpoint schedules of the Current Agreements. The Board considered that shareholders of each of these Funds would also pay higher fee rates, as compared to the current fee rates, for aggregate advisory and values-based investment screening services on assets above $500 million if and when assets of a Fund grow to that size, noting that all Funds are currently under $500 million in assets. The Board also considered that shareholders of Steward Global Equity Income Fund and Steward Covered Call Income Fund would pay materially higher fee rates at all asset levels for aggregate advisory and values-based investment screening services under the New Advisory Agreement and would not benefit from the same level of fee reductions provided under the fee breakpoint schedules of the Current Agreements. The Board further considered, however, that the Adviser intends to maintain the expense limitation currently in place for Steward Covered Call Income Fund through August 30, 2020 and to continue to maintain such expense limitation thereafter until the Fund’s assets substantially increase. The Board considered that, as a result, the total net expense ratio currently paid by such Fund’s shareholders would not increase while the expense limitation is in place.
The Board took into account Crossmark’s explanation that the proposed changes to the Funds’ fee breakpoint schedules are expected to provide adequate resources for Crossmark’s continued provision of high quality services to the Funds. The Board also considered Crossmark’s explanation that the proposed advisory fee rate increases for Steward Global Equity Income Fund and Steward Covered Call Income Fund would result in advisory fee rates that are more consistent with those charged to peer funds in light of their active management and the nature of their investment strategies, better reflect the extent of services provided to the Funds and the strong relative performance achieved, and allow Crossmark to retain and attract talented investment, legal and compliance personnel while maintaining a competitive total net expense ratio for shareholders, including, for Steward Covered Call Income Fund, through continued application of the current expense limitation.
The Board considered the proposed investment advisory fee rates for each Fund under the New Advisory Agreement as compared to the investment advisory fee rates for the Expense Group. The Board also reviewed the pro forma expense ratio of each Fund under the New Advisory Agreement as compared to the expense ratios of the Expense Group. The Board considered information provided by Broadridge on how it selected the peer funds included in the Expense Group for each Fund and considered certain limitations
81
on the data provided. The Board noted that, with respect to comparing the Funds’ investment advisory fee rates under the New Advisory Agreement to the Expense Group, Broadridge included the fee rates for administration and compliance services to be provided under the New Administration Agreement in the investment advisory fee rates for the Funds. Based upon the information provided by Broadridge, the Board noted that the investment advisory fee rates proposed to be charged to each Fund under the New Advisory Agreement and the New Administration Agreement, except for Steward International Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund, would be below the median investment advisory fee rate of its Expense Group and that, although the investment advisory fee rates proposed to be charged to Steward International Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund would be above the median investment advisory fee rate of the applicable Expense Group, such fee rates would be within a reasonable range of the applicable median. The Board took into account that, even though the investment advisory fee rates charged to Steward Global Equity Income Fund and Steward Covered Call Income Fund would be materially increased under the New Advisory Agreement, the investment advisory fee rates proposed to be charged to each Fund under the New Advisory Agreement and the New Administration Agreement would remain below the median and average investment advisory fee rates of the applicable Expense Group. For Steward Covered Call Income Fund, the Board considered that the Adviser had contractually agreed to waive fees and/or reimburse expenses through at least August 30, 2020 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. On the basis of the information provided, the Board concluded that the investment advisory fee rates proposed to be charged for each Fund are reasonable and appropriate in light of the nature, quality and extent of the services expected to be provided by the Adviser to the Funds under the New Advisory Agreement.
Profitability. The Board received the financial statements of Crossmark and information regarding the estimated profitability to Crossmark for each Fund under the New Agreements and, at the February Meeting and the May Meeting, discussed such information with management. Based upon the information provided, the Board concluded that the profits estimated to be realized by Crossmark in connection with the Funds under the New Agreements were 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 New Advisory Agreement and whether each Fund may benefit from any economies of scale under the New Advisory Agreement. The Board reviewed the net assets of each Fund in addition to the above noted Fees and Expenses and Profitability of Crossmark when considering the level of each Fund’s proposed investment advisory fee rates under the New Advisory Agreement. The Board noted that the proposed investment advisory fee rate schedule for each Fund under the New Advisory Agreement includes breakpoints that offer reasonable economies of scale, accounting for the resources needed by Crossmark in managing the Funds if and as assets grow in light of the reorientation of the Funds’ business, among other factors, and that such economies of scale may benefit each Fund as assets grow. Based upon the information considered, the Board concluded that the proposed investment advisory fee rate schedule for each Fund under the New Advisory Agreement reflects an appropriate level of sharing of any economies of scale that may exist in the management of the Funds.
Other Benefits to the Adviser and Its Affiliates. The Board considered the character and amount of other benefits, incidental or otherwise, expected to be received by the Adviser and its affiliates as a result of the Adviser’s relationship to the Funds. The Board noted that Crossmark Distributors, Inc. (“Crossmark Distributors”), an affiliate of the Adviser, serves as the Company’s distributor. The Board also noted that, under the New Agreements, the Adviser would provide the values-based investment screening, administration and compliance services to the Funds that are currently provided by Crossmark Consulting under the Current Agreements. The Board considered payments under the Funds’ Rule 12b-1 Plan to Crossmark Distributors for distribution services as well as the fee rates to be charged by the Adviser for administration and compliance services under the New Administration Agreement. The Board also noted that Crossmark Distributors does not execute portfolio transactions on behalf of the Funds. Additionally, 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 direct and indirect benefits in reaching its conclusion that each Fund’s proposed investment advisory fee rates under the New Advisory Agreement are reasonable.
Conclusion. Based upon all the information considered and the conclusions reached, the Board unanimously determined that the terms of the New Advisory Agreement are fair and reasonable and that approval of the New Advisory Agreement for each Fund is appropriate.
82
EXPENSE EXAMPLES (Unaudited)
As a shareholder of the Funds, you may incur transaction costs, including contingent deferred sales charges on the lesser of the purchase price or redemption proceeds of Class C shares. You will also incur ongoing costs, including management fees; 12b-1 fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2019 through October 31, 2019.
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.
Expenses Paid | Expense Ratio | |||||||||||||||
Beginning | Ending | During Period* | During Period | |||||||||||||
Account Value | Account Value | 5/1/19 – | 5/1/19 – | |||||||||||||
Fund | 5/1/19 | 10/31/19 | 10/31/19 | 10/31/19** | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,028.80 | $ | 6.39 | 1.25 | % | ||||||||
Class C | 1,000.00 | 1,026.30 | 10.21 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 1,030.60 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,031.30 | 5.12 | 1.00 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,044.50 | 5.57 | 1.08 | % | |||||||||||
Class C | 1,000.00 | 1,042.00 | 9.42 | 1.83 | % | |||||||||||
Class R6 | 1,000.00 | 1,046.30 | 4.23 | 0.82 | % | |||||||||||
Institutional Class | 1,000.00 | 1,045.80 | 4.28 | 0.83 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 989.10 | 5.06 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 975.90 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 983.10 | 3.50 | 0.70 | % | |||||||||||
Institutional Class | 1,000.00 | 990.40 | 3.76 | 0.75 | % | |||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,027.40 | 3.99 | 0.78 | % | |||||||||||
Class C(1) | 1,000.00 | 1,013.60 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,028.30 | 2.20 | 0.43 | % | |||||||||||
Institutional Class | 1,000.00 | 1,028.80 | 2.71 | 0.53 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 978.10 | 4.09 | 0.82 | % | |||||||||||
Class C(1) | 1,000.00 | 974.00 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 982.20 | 2.40 | 0.48 | % | |||||||||||
Institutional Class | 1,000.00 | 979.80 | 2.84 | 0.57 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,036.70 | 4.83 | 0.94 | % | |||||||||||
Class C(1) | 1,000.00 | 1,021.40 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,028.80 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,037.90 | 3.54 | 0.69 | % |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period). | |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. | |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2019. |
83
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. The Funds do not charge transactional costs, such as sales charges (front or back end loads) or exchange fees, although other funds might. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.
Expenses Paid | Expense Ratio | |||||||||||||||
Beginning | Ending | During Period* | During Period | |||||||||||||
Account Value | Account Value | 5/1/19 – | 5/1/19– | |||||||||||||
Fund | 5/1/19 | 10/31/19 | 10/31/19 | 10/31/19** | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.90 | $ | 6.36 | 1.25 | % | ||||||||
Class C | 1,000.00 | 1,015.12 | 10.16 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 1,020.16 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,020.16 | 5.09 | 1.00 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,019.76 | 5.50 | 1.08 | % | |||||||||||
Class C | 1,000.00 | 1,015.98 | 9.30 | 1.83 | % | |||||||||||
Class R6 | 1,000.00 | 1,021.07 | 4.18 | 0.82 | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.02 | 4.23 | 0.83 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.11 | 5.14 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 1,018.90 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,021.68 | 3.57 | 0.70 | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.42 | 3.82 | 0.75 | % | |||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,021.27 | 3.97 | 0.78 | % | |||||||||||
Class C(1) | 1,000.00 | 1,019.56 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,023.04 | 2.19 | 0.43 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.53 | 2.70 | 0.53 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,021.07 | 4.18 | 0.82 | % | |||||||||||
Class C(1) | 1,000.00 | 1,019.00 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,022.79 | 2.45 | 0.48 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.47 | 4.79 | 0.94 | % | |||||||||||
Class C(1) | 1,000.00 | 1,018.25 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,021.73 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.73 | 3.52 | 0.69 | % |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period). | |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. | |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2019. |
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CROSSMARK STEWARD FUNDS
SEMI-ANNUAL REPORT
Steward Covered Call Income Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Enhanced Index Fund
Steward Small-Mid Cap Enhanced Index Fund
Steward Select Bond Fund
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Distributed by: Crossmark Distributors,
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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.
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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.
Item 6. Schedule of Investments.
(a) | The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. |
(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 Trustees.
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Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-2(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) | (1) | Code of Ethics – Not applicable for the reporting period. |
(a) | (2) | Certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) – Filed as an attachment to this filing. |
(a) | (3) | Written solicitation to purchase securities under Rule 23c-1 – Not applicable. |
(a) | (4) | There has been no change to the registrant’s independent public accountant. |
(b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference – Filed as an attachment to this filing. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Steward Funds, Inc.
By: | /s/ Michael L. Kern, III | |
Michael L. Kern, III | ||
President and Treasurer |
Date: December 23, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Michael L. Kern, III | |
Michael L. Kern, III | ||
President and Treasurer |
Date: December 23, 2019
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