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:April 30, 2020
Item 1. Reports to Stockholders.
(a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1): |
CROSSMARKGLOBAL.COM | April 30, 2020 |
CROSSMARK STEWARD FUNDS
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 1-713-243-6746 or sending an email request to Jim Coppedge, jcoppedge@crosssmarkglobal.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-713-243-6746 or send an email request to jcoppedge@crosssmarkglobal.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
Letter to Shareholders and Manager Commentaries (Unaudited) | 3 |
Schedules of Portfolio Investments | 17 |
Financial Statements | 60 |
Notes to Financial Statements | 77 |
General Information (Unaudited) | 90 |
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The last year has been inspiring for the Steward Funds and for Crossmark Global Investments (the investment advisory firm that manages the funds). Most notably, in early 2020, we were notified by Refinitiv that the Steward Global Equity Income Fund (ticker SGISX) was once again selected to receive multiple Lipper Fund Awards for its performance. Specifically, the Steward Global Equity Income Fund was named the Best Global Equity Income Fund in the five-year and ten-year performance categories for the period ended November 30, 2019. This marks the sixth consecutive year in which this fund has received a Lipper Award.
We are extraordinarily proud of all of the funds. Dedicated to widely-held traditional values, the Steward Funds use a proprietary screening methodology that seeks to screen out companies recognized for their material business involvement, through direct participation and/or percentage of revenue, in abortion & abortifacients, adult entertainment, alcohol, embryonic stem cell research, gambling, recreational cannabis, and tobacco. We believe that investors do not need to sacrifice investment returns to align their investments with their values.
As a firm, we are committed to operating according to the highest levels of excellence within our industry. Our commitment to our core values of integrity, courage, commitment, proficiency, and professionalism is unwavering. Not only do we help investors align their investments with their values, we work hard to align our 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, Crossmark Global Investments, and the various investment options available by visiting our website at http://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 April 30, 2020 Annual Report for Steward Funds, Inc. Dedicated to widely-held traditional values, Steward Funds use a proprietary screening methodology that seeks to screen out companies recognized for their material business involvement, through direct participation and/or percentage of revenue, in one or more of the following:
· Abortion & Abortifacients
· Adult Entertainment
· Alcohol
· Embryonic Stem Cell Research
· Gambling
· Recreational Cannabis
· Tobacco
As always, we welcome the opportunity to address any questions you may have related to Steward Funds, Inc.
Market Overview
After a significant decline in the fourth quarter of 2018, it seemed that 2019 might bring more of the same. However, when 2018’s year-end tax selling came to a halt, the selling pressure was relieved. Add the Fed’s softer tone and stocks propelled higher throughout 2019, especially in the fourth quarter, with steady moves by the S&P 500 Index (S&P 500) during November and December 2019. The elephant in the room during that period was the uncertainty regarding the impeachment of President Donald Trump. With the Senate in Republican hands, it appeared unlikely that Trump would face removal from office, and the stock market mostly shrugged it off.
Over the last six months, we began to see very fine cracks in the economy with the ISM signaling expansion and manufacturing ISM exhibiting evidence of a small contraction. However, no clear signal was evident as Markit PMI (Purchasing Managers Index, which is a measure of the prevailing direction of economic trends in manufacturing) levels showed both services and manufacturing in expansion mode, and employment statistics continued to exhibit a strong labor market with the unemployment rate at a 50-year low of 3.5%. With these factors, the U.S. economy looked pretty solid in our view as we entered 2020, a striking 127 months in on the longest economic recovery on record.
There is a saying that periods of growth do not die of old age, but more likely, they are ended by the Federal Reserve committing a policy error. Concerns of the recovery being long in the tooth and valuations being too high were paramount in early 2020 with the P/E or price-to-earnings ratio (the ratio for valuing a company that measures its current share price relative to its per-share earnings) on the S&P 500 about 18.3x 2020 earnings. A study by Ned Davis Research showed that in periods of low inflation, between 1% and 3%, the P/E of the S&P 500 averaged around 21x since 1984. Couple this with a friendly Fed, a good economy, and an expected increase in corporate profits, we believed that the path of least resistance for the markets was to move higher. We saw that come to fruition as the markets moved to hit all-time highs in late February 2020. Then, in March, the coronavirus disease 2019 (COVID-19) made its way into the United States, creating a pandemic.
As investors contemplated the potential impact of COVID-19, economic activity began to freeze up, and equity markets began to fall. What transpired was the quickest transition from a bull market to a bear market in history, with the S&P 500 falling over 20% in less than 20 days. After backing and filling a bit, the S&P 500 Index closed down 19.6% for the first quarter of 2020. Corrections historically have been fast once panic sets in, but this one set a record. Initially, this did not get categorized as a financial crisis, and traders said it felt more like the indiscriminate selling after September 11, 2001, when the Twin Towers fell. But with a U.S. shutdown added to those already in place in Asia and Europe, it quickly became a financial crisis.
Although we know that when businesses around the globe are shutdown, the economies will suffer, we have just begun to witness the level of economic contraction that results from these health-related measures. We have seen a sharp downturn in employment with 26 million people filing for unemployment in the U.S., falling PMI readings for both services and manufacturing, and consumer consumption drastically declining. None of this is a great surprise, and we would anticipate that as April economic reports are released, the numbers will only get worse. As if this wasn’t enough, the price of oil and the energy sector more generally collapsed during the quarter, precipitated by a production dispute between Russia and Saudi Arabia. Oil fell more than 60% during the three-month period, and we even saw WTI crude oil futures trade negative for the first time ever, as storage capacity disappeared with supply continuing and demand falling. This resulted in the energy sector being the worst-performing sector for the first quarter of 2020.
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We believe that barring a second major COVID-19 outbreak, the markets can begin a more sustainable move higher, as we have seen bottoming economic numbers, slowing jobless claims, and parts of the United States starting to open back up. This doesn’t mean there won’t be volatility as investors look past many of the current economic reports and focus more on COVID-19 headlines. Still, the overall trend should begin to be in an upward direction, in our opinion. One of the strongest foundations for this thesis is the tremendous amount of fiscal and monetary policy that came into play. The Federal Reserve slashed interest rates to virtually zero and immediately stepped in during the volatile final weeks of March and early April to provide liquidity through numerous facilities involving commercial paper, repurchase agreements, investment-grade and high-yield credit, in addition to traditional treasury and mortgage-backed securities purchases. With stay-at-home orders in place for most states, small businesses were teetering on the brink of bankruptcy, pushing lawmakers in D.C. to pass the most substantial stimulus bill in history, designed to provide aid to struggling Americans. To assist the American economy, the government approved direct payments, expanded unemployment insurance, loans and grants to affected industries, and cash and credit for small businesses. We believe the potential exists for additional funds to be added during the second quarter of 2020, as these programs become stretched.
While working our way through the ramifications of COVID-19, we have also entered earnings season with expectations continually falling over the past month. Many investors are focusing their attention on balance sheets and cash flow potential for companies to determine which ones can weather the volatility and come out on the other side. Analysts are predicting an annualized GDP decline of up to 50% in the second quarter of 2020. Therefore, many companies are pulling their earnings guidance entirely, until they have a better grasp of when and how fast the economy regains its footing as the country begins to reopen slowly. The general consensus now stands with negative S&P 500 Year-over-Year (YOY) Earnings-Per-Share (EPS) growth for each quarter of 2020, with second-quarter growth expected to be the hardest hit, but results improving in the second half of the year. Given the unknowns and wide variation in estimates among analysts, this is a low confidence estimate that will likely adjust with each passing day.
At the close of April, the S&P 500 was trading at about a 19x multiple on a forward 12-month basis. Is this a reasonable valuation? It’s hard to say, given the uncertainty around business conditions and the earnings outlook. But remember, the vast bulk of a stock’s value is derived from the out years rather than the next quarter or two, and we think things will likely get better down the road. In more normal times, having interest rates at zero, low inflation, and stimulus money coming in over that transom could lead to a P/E ratio of well over 20x, so we believe the current P/E is within reason. Our motto has always been “don’t fight the Fed,” and we could amend that to say “don’t fight the Fed and the world’s central banks when they work together,” so we think the path of least resistance for the market should be to the upside over the next six months or so, but it will likely be a very volatile ride.
STEWARD COVERED CALL INCOME FUND
Paul Townsen, Managing Director, Portfolio Manager
Fund Performance | |
For the year ended April 30, 2020, the Steward Covered Call Income Fund returned -5.45% for the Class A shares and -5.15% for the Institutional Class shares. Over this period, the Cboe S&P 500 BuyWrite Index (BXM) returned -13.18%, and the S&P 500 Index returned 0.86%. |
Factors Affecting Performance
Three main factors contributed to the Fund’s relative performance against the benchmarks: stock selection, the performance of the call option overlay, and the Fund’s values-based screening policies.
The impact of stock allocation and weighting for the year ended April 30, 2020 was neutral. Several over-weighted names that contributed to positive performance for the Fund were Apple and Microsoft, which returned 18.74% and 25.76%, respectively. Several other names worth mentioning for the period were Nvidia, Adobe Systems, and Gilead Sciences, which were up 45.54%, 27.24%, and 34.40%. This positively impacted performance. Stock allocations that negatively impacted performance came from the energy and financial sectors of the S&P 500. Occidental Petroleum, Exxon Mobil, and JPMorgan returned -55.50%, -29.37%, and -22.02%, respectively.
Covered calls written against the underlying equity securities also impacted Fund performance. Due to the COVID-19 pandemic, volatility surged in the first quarter of 2020, with the CBOE Volatility Index (VIX) reaching a high of 82.69 on March 16, 2020. The VIX held an average for the first quarter of 2020 of 26.87. There was a significant increase in income generation in February and March as volatility heightened. When stocks rise as they did at the beginning of the period, writing call options cap the upside in exchange for a premium. However, as the markets traded off from February through March, the option overlay was a boost to performance. Thus, we expect short call options to provide positive performance when the market experiences periods of sharp price depreciation.
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The values-based screening policies employed by the Funds can also affect the performance of the Fund. The Fund’s Board of Directors approved changes to the values-based screening policies effective February 2020, including narrowing the mature content screen to adult entertainment, so the Fund was able to invest in some companies that were previously screened in the past. Approved for investment were Amazon, AT&T, Comcast, and Netflix. Since the date of purchase, they have returned 33.89%, -19.61%, -15.36%, and 29.75%, respectively.
Principal Investment Strategy
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
The Fund’s equity investments will consist primarily of common stocks of large U.S. companies, most of which will pay dividends, with sufficient liquidity and option market interest to suggest that call options can be readily written on those securities.
STEWARD GLOBAL EQUITY INCOME FUND
John R. Wolf, Managing Director, Portfolio Manager
Fund Performance | |
For the year ended April 30, 2020, the Steward Global Equity Income Fund returned -9.41% for the Class A shares and -9.09% for the Institutional Class shares. The return for the global market, as represented by the S&P Global 1200 Index, was -3.62%, and the return for the S&P 500 Index was 0.86% for the same period. For global dividend income comparison purposes, the MSCI World High Dividend Yield Index returned -7.18% for the same period. |
Factors Affecting Performance
The Steward Global Equity Income Fund experienced extreme performance gyrations during the last two months of the fiscal year, due to the COVID-19 pandemic. The global equity markets suffered substantial losses in the latter half of the first quarter of 2020 while experiencing dramatic performance swings on a day-to-day basis. The Fund participated in the volatility swings, with periods of relative outperformance and underperformance to the benchmarks throughout this time frame.
This extraordinary event has emphasized the strategy’s “Validation” process, which involves a more in-depth analysis of the existing portfolio than under normal circumstances. While our current economic environment is unprecedented in recent history, certain aspects of this virus outbreak have affected specific industries and sectors more than others. Companies whose business operations involve more face-to-face human contact have been affected much more adversely. With this context in mind, the Validation process activated to look for companies in the portfolio that would be more than temporarily affected by this pandemic and could be potentially crippled for the longer term. One portfolio holding met this criterion. Carnival Corp., a cruise ship operator, was at the forefront of this pandemic, as several ships had passengers who had contracted the virus. The immediate impact was massive cruise cancellations, as non-essential travel was being discouraged. Also, the demographic for these cruises are typically an older population that is more vulnerable to contracting the very contagious virus. We believe Carnival can weather this situation for a year or two; in our opinion, the company will face significant impairments for the foreseeable future. Therefore, we sold the holding in early March. Although most industries and sectors were affected, we have some portfolio holdings that managed to do well during the volatile period in the first quarter of 2020. For example, Clorox Company shares climbed as sales of the company’s cleaning products, including disinfecting wipes, bleach, bathroom, and multi-purpose cleaners soared. Clorox is a market share leader in these categories and we believe stands to benefit as this pandemic continues to unfold.
The portfolio equity allocation at the end of the fiscal year period was weighted 58.2% and 41.8%, respectively International. The Fund has maintained its objective of remaining relatively sector-neutral through all the volatility. The dividend yield of the Fund climbed dramatically as valuations of the holdings declined. Dividend payouts of the Fund’s holdings are currently holding steady. We will be monitoring this carefully as we expect company cash flows will be negatively affected, at least temporarily. While the equity markets experienced severe declines, the overall effectiveness of the portfolio management methodology, and particularly the Validation process, continued to perform as designed and are meeting or exceeding expectations.
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The values-based screening policies employed by the Funds can also affect the performance of the Fund. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall benchmark Index is extremely difficult regardless of its weight within that index. For the year ended April 30, 2020, the screening policies hurt performance.
Principal Investment Strategy
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.
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance | ||
For the year ended April 30, 2020, the Steward International Enhanced Index Fund returned -18.18% for the Class A shares and -17.87% for the Institutional Class shares. The total return for the S&P ADR Index, which generally represents the international developed markets component, was -15.26% for the same period. The BLDRS Emerging Markets 50 ADR Index Fund, which generally represents the emerging markets component, returned -11.62% for the same period. |
Factors Affecting Performance
The Fund’s dual market structure maintained the same allocation throughout the 1-year 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 materially underperformed domestic U.S. markets when comparing the 0.86% return of the S&P 500 with the benchmarks listed above. This is broadly in-line with two long-term trends: the first being the 11-year bull market cycle in U.S. equities (which ended in March 2020) and the second being the more than three-decade-long major trend line since the late 1980s which has seen U.S. large-cap outperform a basket of international developed and emerging market equities (as proxied by the MSCI All Country World ex-USA Index).
The international developed markets component of the Fund underperformed the emerging markets component during the 1-year period by 364 basis points. The primary stocks driving the emerging markets component higher were Alibaba and JD.com, which were up 9.21% and 42.39%, respectively (Alibaba had the second-highest weighting within the Fund and is not included in the S&P ADR Index).
Performance of the Fund can also be affected by the Fund’s values-based screening policies. For the 12 months ended April 30, 2020, the values-based screening policies had a net negative performance impact on the Fund, mostly due to the heavy health care weighting within the S&P ADR Index. On a total return basis, restricted securities such as AstraZeneca (stem cell research), up 43.10%, Novartis AG (stem cell research), up 5.51% but with the largest stock weighting in the benchmark, and Novo Nordisk A/S (stem cell research), up 31.29%, significantly outperformed the S&P ADR benchmark. Screening out these three securities alone detracted 248 basis points from performance during the period. Conversely, not owning companies such as Anheuser-Busch InBev (alcohol), down 46.74%, Ambev SA (alcohol), down 53.33%, and Diageo plc (alcohol), down 15.96% positively impacted performance by 58 basis points. Overall, restricted companies’ performance detracted 302 basis points from the Fund’s performance during the period.
Principal Investment Strategy
The Fund is not a passively managed index Fund. The Fund pursues its objective by seeking to enhance its performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of equity securities of developed market companies and of emerging market companies, 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.
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Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s primary benchmark and will invest at least 80% of its assets in the securities of non-U.S. companies. The Fund’s investments are allocated in an attempt to match the characteristics of a blend of the primary benchmark with varied weightings from time to time of a secondary broad-based index that includes only securities of issuers in emerging market countries.
STEWARD LARGE CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance
For the year ended April 30, 2020, the Steward Large Cap Enhanced Index Fund returned -6.91% for the Class A shares and -6.61% for the Institutional Class shares. For comparison purposes, the return for the S&P 500 Index for the same period was 0.86%. The S&P 500 Pure Style Index returns were -1.02% for the S&P 500 Pure Growth Index and -29.48% 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 April 30, 2020, 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 most significant single measurable factor impacting performance for the period. Overall, the allocations towards value and growth detracted 674 basis points from performance when compared to the S&P 500. The tilt towards value versus the neutral scenario detracted 117 basis points.
Performance of the Fund can also be affected by the Fund’s values-based screening policies. For the period ended April 30, 2020, the values-based screening policies had a roughly neutral performance impact on the Fund, costing one basis point. Companies such as UnitedHealth Group (abortion – owner acute care facilities), up 28.23%, Johnson & Johnson (embryonic stem cell research), up 8.66%, and Thermo Fisher Scientific (embryonic stem cell research), up 21.36%, outperformed the S&P 500 benchmark. Screening out these three securities detracted 23 basis points from performance. Conversely, not owning companies such as General Electric (embryonic stem cell research), down 32.40%, Altria (tobacco), down 20.56%, and Phillip Morris (tobacco), down 7.34%, positively impacted performance by 27 basis points.
Principal Investment Strategy
The Fund is not a passively managed index Fund. The Fund pursues its objective by seeking to enhance its performance over that of its benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) 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, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark.
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Portfolio Manager, Head of Research
Fund Performance
For the year ended April 30, 2020, the Steward Small-Mid Cap Enhanced Index Fund returned -21.24% for the Class A shares and -21.05% for the Institutional Class shares. For comparison purposes, the return for the S&P 1000 Index during the same period was -16.33%. The S&P 1000 Pure Style Index returns were -18.16% for the S&P 1000 Pure Growth Index and -32.68% 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 April 30, 2020, 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.
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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. Value dramatically underperformed the cap-weighted counterpart, contributing 378 basis points 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 427 basis points from performance when compared to the S&P 1000. The tilt towards value versus the neutral scenario detracted 74 basis points.
Performance of the Fund can also be affected by the Fund’s values-based screening policies. For the period ended April 30, 2020, the values-based screening policies had a slight positive performance impact on the Fund. Companies such as Boston Beer (alcohol), up 53.08%, Murphy USA (alcohol and tobacco), up 25.59%, and Casey’s General Stores (alcohol and tobacco), up 15.99%, outperformed the S&P 1000 benchmark.
Screening out these three securities detracted 17 basis points from performance. Conversely, not owning companies such as Eldorado Resorts (gambling), down 55.17%, Dave & Busters (alcohol), down 74.18%, and MEDNAX (abortion), down 48.62%, positively impacted performance by 12 basis points. Overall, restricted companies positively impacted the Fund’s performance by two basis points during the period.
Principal Investment Strategy
The Fund is not a passively managed index Fund. The Fund pursues its objective by seeking to enhance its performance over that of its benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) 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, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark.
STEWARD SELECT BOND FUND
Victoria Fernandez, CFA, Chief Market Strategist, Portfolio Manager
Fund Performance | |
For the year ended April 30, 2020, the Steward Select Bond Fund returned 6.21% for the Class A shares and 6.60% for the Institutional Class shares. As a representative of the larger fixed income markets, the Bloomberg Barclays Capital US Government/Credit Bond Index returned 12.21% for the same period. |
Factors Affecting Performance
Duration was the primary driver of performance over the course of the fiscal year for the Fund. The more conservative interest rate positioning results in a shorter duration for the Fund as compared to the Index. As rates fell, the Fund underperformed the Index. When rates shifted higher or stayed relatively stable, the Fund outperformed the Index. Over the course of the 12-month period, we saw the US 10yr Treasury yield fall 186bps from 2.50% down to 0.64%. We have been working to extend the duration of the Fund although that was put on pause in March as liquidity in overnight lending facilities came under pressure and fixed income markets began to freeze. The trend in yields shifted throughout the year. During the summer of 2019, yields remained somewhat consistent around the 2.00% level, falling in August to 1.50% and causing us to underperform at that time. However, from September 2019 until roughly the 3rd week of January 2020, the Fund was outperforming the Index as U.S. yields climbed back up towards the 2.00% level for the U.S. 10yr treasury. With a shorter duration and an overweight to corporate bonds to generate income as compared to the Index, the Fund was well-positioned to take advantage of the market trends. As we are all fully aware, COVID-19 began entering our conversations at the end of January, and the markets adjusted course with treasury yields falling to all-time lows and the equity markets dropping over 30% in March. In such an environment, the same factors that were positive influences previously – the duration effect and the allocation effect – began to work against the Fund and resulted in underperformance during February and March. For the year ending April 30, 2020, the selection effect was a positive contributor to performance as our corporate allocation outperformed that of the Index. However, during the volatility seen in March, corporate spreads widened which led to a large performance drag overall. We have seen this shift in April with corporate spreads narrowing and making up some of the lost ground from earlier in the year.
The hardest-hit names during the last few months have been energy and financial names, which is of no surprise given the lack of demand from economic shutdowns and the concerns over business funding. As the economy begins to open back up, and businesses begin to generate revenue once again, we would anticipate that some of these stresses would lessen. Even though yields remain at historically low levels, we don’t anticipate a considerable shift over the coming quarter and have continued to shift our duration
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further out, moving closer to Index neutral. Utilizing short-term treasury bills during the first quarter of 2020 due to liquidity concerns in the markets shifted our duration shorter than anticipated. We are working to move out of those holdings and focus on maturities between 5-10 years, which is currently the steepest part of the yield curve.
Our overweight to the corporate allocation provides a strong cash flow component to the Fund, and we will continue this positioning with the belief that the majority of spread widening has already occurred. With continued volatility expected as uncertainties remain, the Fund should be well-positioned for the coming quarter.
There was no material performance impact related to the Fund’s values-based screening policies during the period.
Principal Investment Strategy
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 the 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.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Covered Call Income Fund*, the S&P 500 Index**, and the Cboe S&P 500 BuyWrite Index.*** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Since | Expense | |||||||||||
One Year | Inception**** | Ratio‡ | ||||||||||
Steward Covered Call Income Fund — Class A | -5.45 | % | 1.00 | % | 1.25 | % | ||||||
S&P 500 Index | 0.86 | % | 6.08 | % | N/A | |||||||
Cboe S&P 500 BuyWrite Index | -13.18 | % | -4.31 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Covered Call Income Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. |
** | The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries. |
*** | The Cboe Standard and Poor’s 500 BuyWrite Index (‘‘BXM’’) is a capitalization-weighted index of 500 stocks. BXM is a passive total return index based on buying an S&P 500 stock index portfolio and ‘‘writing’’ (or selling) the near-term S&P 500 Index ‘‘covered’’ call option. BXM is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options. |
**** | Effective date of registration and commencement of operations are the same: December 14, 2017. |
‡ See the August 1, 2019 prospectus for details. The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through August 30, 2020. Additional information pertaining to the April 30, 2020 expense ratio can be found in the Financial Highlights.
11
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Global Equity Income Fund*, the S&P 500 Index** and the S&P Global 1200 Index.*** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Expense | ||||||||||||||||
One Year | Five Year | Ten Year | Ratio‡ | |||||||||||||
Steward Global Equity Income Fund — Class A | -9.41 | % | 5.19 | % | 7.64 | % | 1.25 | % | ||||||||
S&P 500 Index | 0.86 | % | 9.12 | % | 11.69 | % | N/A | |||||||||
S&P Global 1200 Index | -3.62 | % | 5.57 | % | 8.20 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Global Equity Income Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries. |
*** | The Standard & Poor’s Global 1200 Index is a global index of 1200 stocks comprised of the following seven S&P regional indices: S&P 500 Index (United States), S&P Europe 350 Index (Europe), S&P/TOPIX 150 Index (Japan), S&P/TSX 60 Index (Canada), S&P/ASX All Australia 50 Index (Australia), S&P Asia 50C Index (Asia Ex-Japan) and the S&P Latin America 40 Index (Latin America). The S&P Global 1200 Index is the Fund’s secondary index. |
‡ See the August 1, 2019 prospectus for details.
12
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward International Enhanced Index Fund* and the S&P ADR Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Expense | ||||||||||||||||
One Year | Five Year | Ten Year | Ratio‡ | |||||||||||||
Steward International Enhanced Index Fund — Class A | -18.18 | % | -2.18 | % | 0.20 | % | 1.03 | % | ||||||||
S&P ADR Index | -15.26 | % | -1.48 | % | 2.23 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward International Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard & Poor’s ADR Index, the Fund’s designated broad-based index, is based on the non-U.S. stocks comprising the S&P Global 1200 Index. The index is made up of those companies from the S&P Global 1200 Index that offer either Level II or Level III ADRs, global shares or ordinary shares in the case of Canadian equities. The index was developed with a base value of 1000 on December 31, 1997. |
‡ See the August 1, 2019 prospectus for details.
13
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Large Cap Enhanced Index Fund* and the S&P 500 Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Expense | ||||||||||||||||
One Year | Five Year | Ten Year | Ratio‡ | |||||||||||||
Steward Large Cap Enhanced Index Fund — Class A | -6.91 | % | 5.64 | % | 9.94 | % | 0.82 | % | ||||||||
S&P 500 Index | 0.86 | % | 9.12 | % | 11.69 | % | N/A |
* The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Large Cap Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index.
** The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries.
‡ See the August 1, 2019 prospectus for details.
14
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Small-Mid Cap Enhanced Index Fund* and the S&P 1000 Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Expense | ||||||||||||||||
One Year | Five Year | Ten Year | Ratio‡ | |||||||||||||
Steward Small-Mid Cap Enhanced Index Fund — Class A | -21.24 | % | 0.92 | % | 7.07 | % | 0.83 | % | ||||||||
S&P 1000 Index | -16.33 | % | 3.53 | % | 8.84 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Small-Mid Cap Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard and Poor’s 1000 Index is a capitalization-weighted index combining the Standard and Poor’s Mid Cap 400 Index and the Standard and Poor’s Small Cap 600 Index. Both indices represent stocks chosen for market size, liquidity and industry group representation. |
‡ See the August 1, 2019 prospectus for details.
15
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Select Bond Fund* and the Bloomberg Barclays Capital US Government/Credit Bond Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2020
Expense | ||||||||||||||||
One Year | Five Year | Ten Year | Ratio‡ | |||||||||||||
Steward Select Bond Fund — Class A | 6.21 | % | 2.19 | % | 2.24 | % | 0.97 | % | ||||||||
Bloomberg Barclays Capital US Government/Credit Bond Index | 12.21 | % | 4.11 | % | 4.25 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Select Bond Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Bloomberg Barclays Capital US Government/Credit Bond Index represents the government portion of the index, and includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements to represent the credit interests. |
‡ See the August 1, 2019 prospectus for details.
16
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
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 | 8.1 | % | ||
Software | 6.9 | |||
Interactive Media & Services | 6.9 | |||
Banks | 5.5 | |||
Electric Utilities | 4.6 | |||
Health Care Equipment & Supplies | 4.5 | |||
Semiconductors & Semiconductor Equipment | 4.3 | |||
Internet & Direct Marketing Retail | 4.1 | |||
Technology Hardware, Storage & Peripherals | 4.0 | |||
Biotechnology | 3.6 | |||
Aerospace & Defense | 3.3 | |||
Oil, Gas & Consumable Fuels | 3.1 | |||
Beverages | 3.1 | |||
Diversified Telecommunication Services | 2.9 | |||
Household Products | 2.9 | |||
Food & Staples Retailing | 2.8 | |||
Capital Markets | 2.4 | |||
Specialty Retail | 2.3 | |||
Hotels, Restaurants & Leisure | 2.3 | |||
Money Market Fund | 2.3 | |||
Diversified Financial Services | 2.2 | |||
Entertainment | 2.1 | |||
Media | 2.0 | |||
Industrial Conglomerates | 1.8 | |||
Pharmaceuticals | 1.8 | |||
Insurance | 1.7 | |||
Communications Equipment | 1.4 | |||
Consumer Finance | 1.3 | |||
Equity Real Estate Investment Trusts | 1.3 | |||
Road & Rail | 1.1 | |||
Food Products | 1.1 | |||
Air Freight & Logistics | 1.1 | |||
Electrical Equipment | 0.9 | |||
Textiles, Apparel & Luxury Goods | 0.9 | |||
Chemicals | 0.9 | |||
Machinery | 0.8 | |||
Automobiles | 0.8 | |||
Health Care Providers & Services | 0.7 | |||
Multiline Retail | 0.6 | |||
Energy Equipment & Services | 0.3 | |||
Building Products | 0.2 | |||
Total Investments | 104.9 | % |
* | Percentages indicated are based on net assets as of April 30, 2020. |
See notes to financial statements.
17
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
COMMON STOCKS (102.6%) | ||||||||
AEROSPACE & DEFENSE (3.3%) | ||||||||
Boeing Co. (The) | 800 | $ | 112,816 | |||||
General Dynamics Corp. | 1,800 | 235,116 | ||||||
Lockheed Martin Corp. | 700 | 272,342 | ||||||
Raytheon Technologies Corp. | 4,368 | 283,080 | ||||||
903,354 | ||||||||
AIR FREIGHT & LOGISTICS (1.1%) | ||||||||
FedEx Corp. | 1,200 | 152,124 | ||||||
United Parcel Service, Inc., Class B | 1,700 | 160,922 | ||||||
313,046 | ||||||||
AUTOMOBILES (0.8%) | ||||||||
Ford Motor Co. | 20,000 | 101,800 | ||||||
General Motors Co. | 4,900 | 109,221 | ||||||
211,021 | ||||||||
BANKS (5.5%) | ||||||||
Bank of America Corp. | 15,400 | 370,370 | ||||||
Citigroup, Inc. | 5,300 | 257,368 | ||||||
JPMorgan Chase & Co. | 5,600 | 536,256 | ||||||
U.S. Bancorp | 4,600 | 167,900 | ||||||
Wells Fargo & Co. | 6,400 | 185,920 | ||||||
1,517,814 | ||||||||
BEVERAGES (3.1%) | ||||||||
Coca-Cola Co. (The) | 8,200 | 376,298 | ||||||
PepsiCo, Inc. | 3,600 | 476,244 | ||||||
852,542 | ||||||||
BIOTECHNOLOGY (3.6%) | ||||||||
AbbVie, Inc. | 3,000 | 246,600 | ||||||
Amgen, Inc. | 1,500 | 358,830 | ||||||
Biogen, Inc.(a) | 500 | 148,415 | ||||||
Gilead Sciences, Inc. | 3,000 | 252,000 | ||||||
1,005,845 | ||||||||
BUILDING PRODUCTS (0.2%) | ||||||||
Carrier Global Corp.†(a) | 2,500 | 44,275 | ||||||
CAPITAL MARKETS (2.4%) | ||||||||
Bank of New York Mellon Corp. (The) | 3,600 | 135,144 | ||||||
BlackRock, Inc. | 400 | 200,816 | ||||||
Goldman Sachs Group, Inc. (The) | 900 | 165,078 | ||||||
Morgan Stanley | 3,800 | 149,834 | ||||||
650,872 | ||||||||
CHEMICALS (0.9%) | ||||||||
Dow, Inc. | 2,400 | 88,056 | ||||||
DuPont de Nemours, Inc. | 3,200 | 150,464 | ||||||
238,520 | ||||||||
COMMUNICATIONS EQUIPMENT (1.4%) | ||||||||
Cisco Systems, Inc. | 9,200 | 389,896 | ||||||
CONSUMER FINANCE (1.3%) | ||||||||
American Express Co. | 2,500 | 228,125 | ||||||
Capital One Financial Corp. | 2,200 | 142,472 | ||||||
370,597 | ||||||||
DIVERSIFIED FINANCIAL SERVICES (2.2%) | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 3,200 | 599,552 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (2.9%) | ||||||||
AT&T, Inc. | 12,500 | 380,875 | ||||||
Verizon Communications, Inc. | 7,400 | 425,130 | ||||||
806,005 | ||||||||
ELECTRIC UTILITIES (4.6%) | ||||||||
Duke Energy Corp. | 4,400 | 372,504 | ||||||
Exelon Corp. | 5,900 | 218,772 | ||||||
NextEra Energy, Inc. | 1,600 | 369,792 | ||||||
Southern Co. (The) | 5,600 | 317,688 | ||||||
1,278,756 | ||||||||
ELECTRICAL EQUIPMENT (0.9%) | ||||||||
Emerson Electric Co. | 4,500 | 256,635 | ||||||
ENERGY EQUIPMENT & SERVICES (0.3%) | ||||||||
Schlumberger Ltd. | 5,200 | 87,464 | ||||||
ENTERTAINMENT (2.1%) | ||||||||
Netflix, Inc.(a) | 600 | 251,910 | ||||||
Walt Disney Co. (The) | 3,100 | 335,265 | ||||||
587,175 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (1.3%) | ||||||||
American Tower Corp. | 1,100 | 261,800 | ||||||
Simon Property Group, Inc. | 1,500 | 100,155 | ||||||
361,955 | ||||||||
FOOD & STAPLES RETAILING (2.8%) | ||||||||
Costco Wholesale Corp. | 1,000 | 303,000 |
See notes to financial statements.
18
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
Walgreens Boots Alliance, Inc. | 2,200 | $ | 95,238 | |||||
Walmart, Inc. | 3,100 | 376,805 | ||||||
775,043 | ||||||||
FOOD PRODUCTS (1.1%) | ||||||||
Kraft Heinz Co. (The) | 3,000 | 90,990 | ||||||
Mondelez International, Inc., Class A | 4,100 | 210,904 | ||||||
301,894 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.5%) | ||||||||
Abbott Laboratories | 5,000 | 460,450 | ||||||
Danaher Corp. | 2,400 | 392,304 | ||||||
Medtronic PLC | 4,100 | 400,283 | ||||||
1,253,037 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (0.7%) | ||||||||
CVS Health Corp. | 3,100 | 190,805 | ||||||
HOTELS, RESTAURANTS & LEISURE (2.3%) | ||||||||
McDonald’s Corp. | 2,300 | 431,388 | ||||||
Starbucks Corp. | 2,700 | 207,171 | ||||||
638,559 | ||||||||
HOUSEHOLD PRODUCTS (2.9%) | ||||||||
Colgate-Palmolive Co. | 3,400 | 238,918 | ||||||
Procter & Gamble Co. (The) | 4,700 | 553,989 | ||||||
792,907 | ||||||||
INDUSTRIAL CONGLOMERATES (1.8%) | ||||||||
3M Co. | 1,400 | 212,688 | ||||||
Honeywell International, Inc. | 2,000 | 283,800 | ||||||
496,488 | ||||||||
INSURANCE (1.7%) | ||||||||
Allstate Corp. (The) | 2,200 | 223,784 | ||||||
American International Group, Inc. | 3,500 | 89,005 | ||||||
MetLife, Inc. | 4,400 | 158,752 | ||||||
471,541 | ||||||||
INTERACTIVE MEDIA & SERVICES (6.9%) | ||||||||
Alphabet, Inc., Class A†(a) | 400 | 538,680 | ||||||
Alphabet, Inc., Class C(a) | 500 | 674,330 | ||||||
Facebook, Inc., Class A(a) | 3,400 | 696,014 | ||||||
1,909,024 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (4.1%) | ||||||||
Amazon.com, Inc.(a) | 400 | 989,600 | ||||||
Booking Holdings, Inc.(a) | 100 | 148,057 | ||||||
1,137,657 | ||||||||
IT SERVICES (8.1%) | ||||||||
Accenture PLC, Class A | 2,200 | 407,418 | ||||||
International Business Machines Corp. | 1,800 | 226,008 | ||||||
Mastercard, Inc., Class A | 2,000 | 549,940 | ||||||
PayPal Holdings, Inc.(a) | 2,600 | 319,800 | ||||||
Visa, Inc., Class A | 4,200 | 750,624 | ||||||
2,253,790 | ||||||||
MACHINERY (0.8%) | ||||||||
Caterpillar, Inc. | 1,400 | 162,932 | ||||||
Otis Worldwide Corp.†(a) | 1,250 | 63,637 | ||||||
226,569 | ||||||||
MEDIA (2.0%) | ||||||||
Charter Communications, Inc., Class A(a) | 500 | 247,615 | ||||||
Comcast Corp., Class A | 8,300 | 312,329 | ||||||
559,944 | ||||||||
MULTILINE RETAIL (0.6%) | ||||||||
Target Corp. | 1,400 | 153,636 | ||||||
OIL, GAS & CONSUMABLE FUELS (3.1%) | ||||||||
Chevron Corp. | 2,800 | 257,600 | ||||||
ConocoPhillips | 2,500 | 105,250 | ||||||
Exxon Mobil Corp. | 6,300 | 292,761 | ||||||
Kinder Morgan, Inc. | 8,700 | 132,501 | ||||||
Occidental Petroleum Corp. | 4,000 | 66,400 | ||||||
854,512 | ||||||||
PHARMACEUTICALS (1.8%) | ||||||||
Allergan PLC | 900 | 168,606 | ||||||
Eli Lilly and Co. | 2,100 | 324,744 | ||||||
493,350 | ||||||||
ROAD & RAIL (1.1%) | ||||||||
Union Pacific Corp. | 1,900 | 303,601 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.3%) | ||||||||
Intel Corp. | 6,700 | 401,866 | ||||||
NVIDIA Corp. | 1,100 | 321,508 | ||||||
QUALCOMM, Inc. | 2,100 | 165,207 | ||||||
Texas Instruments, Inc. | 2,600 | 301,782 | ||||||
1,190,363 | ||||||||
SOFTWARE (6.9%) | ||||||||
Adobe, Inc.(a) | 1,500 | 530,460 |
See notes to financial statements.
19
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Shares | Value | |||||||
Microsoft Corp. | 6,200 | $ | 1,111,102 | |||||
Oracle Corp. | 4,800 | 254,256 | ||||||
1,895,818 | ||||||||
SPECIALTY RETAIL (2.3%) | ||||||||
Home Depot, Inc. (The) | 2,100 | 461,643 | ||||||
Lowe’s Cos., Inc. | 1,800 | 188,550 | ||||||
650,193 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.0%) | ||||||||
Apple, Inc. | 3,800 | 1,116,440 | ||||||
TEXTILES, APPAREL & LUXURY GOODS (0.9%) | ||||||||
NIKE, Inc., Class B | 2,800 | 244,104 | ||||||
TOTAL COMMON STOCKS (COST $31,416,219) | 28,384,599 | |||||||
MONEY MARKET FUND (2.3%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(b) | 624,957 | 624,957 | ||||||
TOTAL MONEY MARKET FUND (COST $624,957) | 624,957 | |||||||
TOTAL INVESTMENTS (COST $32,041,176) 104.9% | 29,009,556 | |||||||
WRITTEN CALL OPTIONS -4.9% (PREMIUMS RECEIVED $(772,238)) | (1,342,669 | ) | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS 0.0% | (16,794 | ) | ||||||
NET ASSETS 100.0% | $ | 27,650,093 |
Securities in this Fund are pledged as collateral for call options written.
† | Security is not pledged as collateral for call options written. |
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2020 is disclosed. |
PLC — Public Limited Company
See notes to financial statements.
20
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of April 30, 2020 were as follows:
Number of | Notional | Exercise | Expiration | ||||||||||||||||
Description | Type | Contracts | Amount* | Price | Date | Value | |||||||||||||
3M Co. | Call | 10 | $ | (155,000 | ) | $ | 155.00 | 5/15/20 | $ | (2,750 | ) | ||||||||
Abbott Laboratories | Call | 50 | (387,500 | ) | 77.50 | 5/15/20 | (73,375 | ) | |||||||||||
AbbVie, Inc. | Call | 20 | (160,000 | ) | 80.00 | 5/15/20 | (8,000 | ) | |||||||||||
Accenture PLC, Class A | Call | 20 | (360,000 | ) | 180.00 | 5/15/20 | (18,000 | ) | |||||||||||
Adobe, Inc. | Call | 10 | (325,000 | ) | 325.00 | 5/15/20 | (30,725 | ) | |||||||||||
Allergan PLC | Call | 5 | (100,000 | ) | 200.00 | 5/15/20 | (140 | ) | |||||||||||
Allstate Corp. (The) | Call | 20 | (220,000 | ) | 110.00 | 6/19/20 | (4,600 | ) | |||||||||||
Alphabet, Inc., Class C | Call | 4 | (508,000 | ) | 1,270.00 | 5/15/20 | (34,800 | ) | |||||||||||
Amazon.com, Inc. | Call | 3 | (768,000 | ) | 2,560.00 | 5/15/20 | (20,136 | ) | |||||||||||
American Express Co. | Call | 19 | (161,500 | ) | 85.00 | 5/15/20 | (15,010 | ) | |||||||||||
American International Group, Inc. | Call | 30 | (75,000 | ) | 25.00 | 5/15/20 | (5,295 | ) | |||||||||||
American Tower Corp. | Call | 10 | (280,000 | ) | 280.00 | 7/17/20 | (2,000 | ) | |||||||||||
Amgen, Inc. | Call | 10 | (250,000 | ) | 250.00 | 7/17/20 | (6,900 | ) | |||||||||||
Apple, Inc. | Call | 35 | (1,032,500 | ) | 295.00 | 5/15/20 | (31,885 | ) | |||||||||||
AT&T, Inc. | Call | 100 | (320,000 | ) | 32.00 | 6/19/20 | (7,500 | ) | |||||||||||
Bank of America Corp. | Call | 150 | (345,000 | ) | 23.00 | 6/19/20 | (33,150 | ) | |||||||||||
Bank of New York Mellon Corp. (The) | Call | 30 | (105,000 | ) | 35.00 | 6/19/20 | (11,100 | ) | |||||||||||
Berkshire Hathaway, Inc., Class B | Call | 30 | (570,000 | ) | 190.00 | 5/15/20 | (9,000 | ) | |||||||||||
Biogen, Inc. | Call | 5 | (175,000 | ) | 350.00 | 5/15/20 | (125 | ) | |||||||||||
BlackRock, Inc. | Call | 2 | (102,000 | ) | 510.00 | 6/19/20 | (4,030 | ) | |||||||||||
Boeing Co. (The) | Call | 8 | (124,000 | ) | 155.00 | 5/15/20 | (3,440 | ) | |||||||||||
Booking Holdings, Inc. | Call | 1 | (152,500 | ) | 1,525.00 | 5/15/20 | (4,156 | ) | |||||||||||
Capital One Financial Corp. | Call | 20 | (110,000 | ) | 55.00 | 5/15/20 | (20,700 | ) | |||||||||||
Caterpillar, Inc. | Call | 10 | (125,000 | ) | 125.00 | 6/19/20 | (3,000 | ) | |||||||||||
Charter Communications, Inc., Class A | Call | 4 | (216,000 | ) | 540.00 | 6/19/20 | (3,520 | ) | |||||||||||
Chevron Corp. | Call | 28 | (196,000 | ) | 70.00 | 5/15/20 | (62,160 | ) | |||||||||||
Cisco Systems, Inc. | Call | 80 | (352,000 | ) | 44.00 | 6/19/20 | (12,000 | ) | |||||||||||
Citigroup, Inc. | Call | 45 | (202,500 | ) | 45.00 | 5/15/20 | (19,350 | ) | |||||||||||
Coca-Cola Co. (The) | Call | 80 | (400,000 | ) | 50.00 | 5/15/20 | (720 | ) | |||||||||||
Colgate-Palmolive Co. | Call | 30 | (225,000 | ) | 75.00 | 5/15/20 | (990 | ) | |||||||||||
Comcast Corp., Class A | Call | 75 | (281,250 | ) | 37.50 | 5/15/20 | (9,225 | ) | |||||||||||
ConocoPhillips | Call | 25 | (85,000 | ) | 34.00 | 6/19/20 | (20,425 | ) | |||||||||||
Costco Wholesale Corp. | Call | 10 | (320,000 | ) | 320.00 | 5/15/20 | (1,200 | ) | |||||||||||
CVS Health Corp. | Call | 30 | (187,500 | ) | 62.50 | 5/15/20 | (5,400 | ) | |||||||||||
Danaher Corp. | Call | 20 | (300,000 | ) | 150.00 | 5/15/20 | (27,800 | ) | |||||||||||
Dow, Inc. | Call | 24 | (78,000 | ) | 32.50 | 6/19/20 | (11,760 | ) | |||||||||||
Duke Energy Corp. | Call | 35 | (315,000 | ) | 90.00 | 6/19/20 | (5,600 | ) | |||||||||||
DuPont de Nemours, Inc. | Call | 20 | (80,000 | ) | 40.00 | 6/19/20 | (16,800 | ) | |||||||||||
Eli Lilly and Co. | Call | 15 | (255,000 | ) | 170.00 | 6/19/20 | (2,018 | ) | |||||||||||
Emerson Electric Co. | Call | 35 | (175,000 | ) | 50.00 | 6/19/20 | (28,000 | ) | |||||||||||
Exelon Corp. | Call | 50 | (160,000 | ) | 32.00 | 5/15/20 | (27,000 | ) | |||||||||||
Exxon Mobil Corp. | Call | 50 | (227,500 | ) | 45.50 | 5/15/20 | (11,700 | ) | |||||||||||
Facebook, Inc., Class A | Call | 30 | (570,000 | ) | 190.00 | 5/15/20 | (49,500 | ) | |||||||||||
FedEx Corp. | Call | 10 | (135,000 | ) | 135.00 | 6/19/20 | (3,900 | ) | |||||||||||
Ford Motor Co. | Call | 175 | (105,000 | ) | 6.00 | 6/19/20 | (3,588 | ) |
See notes to financial statements.
21
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Number of | Notional | Exercise | Expiration | ||||||||||||||||
Description | Type | Contracts | Amount* | Price | Date | Value | |||||||||||||
General Dynamics Corp. | Call | 11 | $ | (159,500 | ) | $ | 145.00 | 5/15/20 | $ | (220 | ) | ||||||||
General Motors Co. | Call | 39 | (89,700 | ) | 23.00 | 6/19/20 | (6,415 | ) | |||||||||||
Gilead Sciences, Inc. | Call | 30 | (210,000 | ) | 70.00 | 5/15/20 | (42,000 | ) | |||||||||||
Goldman Sachs Group, Inc. (The) | Call | 9 | (171,000 | ) | 190.00 | 6/19/20 | (6,840 | ) | |||||||||||
Home Depot, Inc. (The) | Call | 20 | (2,000 | ) | 1.00 | 5/15/20 | (44,000 | ) | |||||||||||
Honeywell International, Inc. | Call | 20 | (300,000 | ) | 150.00 | 6/19/20 | (9,000 | ) | |||||||||||
Intel Corp. | Call | 55 | (302,500 | ) | 55.00 | 5/15/20 | (28,737 | ) | |||||||||||
International Business Machines Corp. | Call | 10 | (125,000 | ) | 125.00 | 6/19/20 | (5,700 | ) | |||||||||||
JPMorgan Chase & Co. | Call | 50 | (487,500 | ) | 97.50 | 6/19/20 | (27,875 | ) | |||||||||||
Kinder Morgan, Inc. | Call | 80 | (136,000 | ) | 17.00 | 6/19/20 | (2,080 | ) | |||||||||||
Kraft Heinz Co. (The) | Call | 30 | (82,500 | ) | 27.50 | 6/19/20 | (9,900 | ) | |||||||||||
Lockheed Martin Corp. | Call | 7 | (276,500 | ) | 395.00 | 5/15/20 | (5,600 | ) | |||||||||||
Lowe’s Cos., Inc. | Call | 15 | (157,500 | ) | 105.00 | 6/19/20 | (10,200 | ) | |||||||||||
Mastercard, Inc., Class A | Call | 20 | (560,000 | ) | 280.00 | 6/19/20 | (27,500 | ) | |||||||||||
McDonald’s Corp. | Call | 15 | (240,000 | ) | 160.00 | 5/15/20 | (44,715 | ) | |||||||||||
Medtronic PLC | Call | 40 | (360,000 | ) | 90.00 | 5/15/20 | (30,400 | ) | |||||||||||
MetLife, Inc. | Call | 40 | (140,000 | ) | 35.00 | 5/15/20 | (8,400 | ) | |||||||||||
Microsoft Corp. | Call | 50 | (925,000 | ) | 185.00 | 6/19/20 | (26,500 | ) | |||||||||||
Mondelez International, Inc., Class A | Call | 35 | (192,500 | ) | 55.00 | 6/19/20 | (1,820 | ) | |||||||||||
Morgan Stanley | Call | 38 | (140,600 | ) | 37.00 | 5/15/20 | (12,502 | ) | |||||||||||
Netflix, Inc. | Call | 4 | (164,000 | ) | 410.00 | 5/15/20 | (7,960 | ) | |||||||||||
NextEra Energy, Inc. | Call | 16 | (400,000 | ) | 250.00 | 6/19/20 | (5,920 | ) | |||||||||||
NIKE, Inc., Class B | Call | 25 | (243,750 | ) | 97.50 | 7/17/20 | (5,125 | ) | |||||||||||
NVIDIA Corp. | Call | 10 | (325,000 | ) | 325.00 | 6/19/20 | (9,475 | ) | |||||||||||
Occidental Petroleum Corp. | Call | 40 | (70,000 | ) | 17.50 | 6/19/20 | (7,920 | ) | |||||||||||
Oracle Corp. | Call | 48 | (240,000 | ) | 50.00 | 5/15/20 | (16,800 | ) | |||||||||||
PayPal Holdings, Inc. | Call | 20 | (240,000 | ) | 120.00 | 6/19/20 | (17,900 | ) | |||||||||||
PepsiCo, Inc. | Call | 30 | (405,000 | ) | 135.00 | 5/15/20 | (4,140 | ) | |||||||||||
Procter & Gamble Co. (The) | Call | 45 | (585,000 | ) | 130.00 | 6/19/20 | (2,970 | ) | |||||||||||
QUALCOMM, Inc. | Call | 15 | (127,500 | ) | 85.00 | 6/19/20 | (2,790 | ) | |||||||||||
Raytheon Technologies Corp. | Call | 20 | (230,000 | ) | 115.00 | 5/15/20 | (3,300 | ) | |||||||||||
Raytheon Technologies Corp. | Call | 8 | (104,000 | ) | 130.00 | 5/15/20 | (17,640 | ) | |||||||||||
Schlumberger Ltd. | Call | 40 | (80,000 | ) | 20.00 | 6/19/20 | (2,620 | ) | |||||||||||
Simon Property Group, Inc. | Call | 15 | (97,500 | ) | 65.00 | 5/15/20 | (7,425 | ) | |||||||||||
Southern Co. (The) | Call | 40 | (240,000 | ) | 60.00 | 5/15/20 | (800 | ) | |||||||||||
Starbucks Corp. | Call | 20 | (2,000 | ) | 1.00 | 6/19/20 | (3,500 | ) | |||||||||||
Target Corp. | Call | 14 | (140,000 | ) | 100.00 | 5/15/20 | (14,560 | ) | |||||||||||
Texas Instruments, Inc. | Call | 20 | (220,000 | ) | 110.00 | 5/15/20 | (14,000 | ) | |||||||||||
U.S. Bancorp | Call | 40 | (140,000 | ) | 35.00 | 5/15/20 | (9,760 | ) | |||||||||||
Union Pacific Corp. | Call | 15 | (187,500 | ) | 125.00 | 5/15/20 | (52,387 | ) | |||||||||||
United Parcel Service, Inc., Class B | Call | 17 | (178,500 | ) | 105.00 | 6/19/20 | (1,785 | ) | |||||||||||
Verizon Communications, Inc. | Call | 73 | (419,750 | ) | 57.50 | 6/19/20 | (13,870 | ) | |||||||||||
Visa, Inc., Class A | Call | 40 | (680,000 | ) | 170.00 | 5/15/20 | (47,800 | ) | |||||||||||
Walgreens Boots Alliance, Inc. | Call | 22 | (104,500 | ) | 47.50 | 6/19/20 | (1,650 | ) | |||||||||||
Walmart, Inc. | Call | 25 | (350,000 | ) | 140.00 | 6/19/20 | (1,525 | ) | |||||||||||
Walt Disney Co. (The) | Call | 30 | (285,000 | ) | 95.00 | 5/15/20 | (42,150 | ) |
See notes to financial statements.
22
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD COVERED CALL INCOME FUND
Number of | Notional | Exercise | Expiration | ||||||||||||||||
Description | Type | Contracts | Amount* | Price | Date | Value | |||||||||||||
Wells Fargo & Co. | Call | 60 | $ | (195,000 | ) | $ | 32.50 | 6/19/20 | $ | (4,020 | ) | ||||||||
Total (Premiums received $772,238) | $ | (1,342,669 | ) |
* | Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100. |
See notes to financial statements.
23
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
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 | 58.2 | % | |
Canada | 9.8 | ||
Ireland (Republic of) | 6.3 | ||
Japan | 4.9 | ||
Netherlands | 3.8 | ||
United Kingdom | 3.5 | ||
Switzerland | 3.3 | ||
Taiwan, Province of China | 3.0 | ||
Spain | 2.5 | ||
India | 1.8 | ||
France | 1.2 | ||
China | 0.9 | ||
Brazil | 0.8 | ||
Total Investments | 100.0 | % |
* | Percentages indicated are based on net assets as of April 30, 2020. |
See notes to financial statements.
24
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | |||||||
COMMON STOCKS (95.0%) | ||||||||
AEROSPACE & DEFENSE (2.8%) | ||||||||
Raytheon Technologies Corp. | 115,303 | $ | 7,472,780 | |||||
AIR FREIGHT & LOGISTICS (1.4%) | ||||||||
United Parcel Service, Inc., Class B | 39,000 | 3,691,740 | ||||||
AUTO COMPONENTS (1.0%) | ||||||||
Magna International, Inc., ADR | 72,730 | 2,838,652 | ||||||
AUTOMOBILES (1.9%) | ||||||||
Honda Motor Co. Ltd., Sponsored ADR | 212,920 | 5,120,726 | ||||||
BANKS (7.7%) | ||||||||
Banco Santander SA, Sponsored ADR | 1,122,810 | 2,436,498 | ||||||
Bank of Nova Scotia (The) | 64,900 | 2,605,086 | ||||||
Canadian Imperial Bank of Commerce | 51,300 | 3,047,733 | ||||||
Huntington Bancshares, Inc. | 263,150 | 2,431,506 | ||||||
Lloyds Banking Group PLC, ADR | 1,656,570 | 2,600,815 | ||||||
People’s United Financial, Inc. | 170,610 | 2,165,041 | ||||||
Royal Bank of Canada | 55,180 | 3,398,536 | ||||||
Wells Fargo & Co. | 72,810 | 2,115,130 | ||||||
20,800,345 | ||||||||
BEVERAGES (2.5%) | ||||||||
PepsiCo, Inc. | 51,250 | 6,779,863 | ||||||
COMMUNICATIONS EQUIPMENT (2.0%) | ||||||||
Cisco Systems, Inc. | 129,230 | 5,476,767 | ||||||
CONSTRUCTION MATERIALS (1.6%) | ||||||||
CRH PLC, Sponsored ADR | 140,670 | 4,236,980 | ||||||
DISTRIBUTORS (1.1%) | ||||||||
Genuine Parts Co. | 36,280 | 2,876,278 | ||||||
DIVERSIFIED FINANCIAL SERVICES (1.7%) | ||||||||
ORIX Corp., Sponsored ADR | 76,120 | 4,504,782 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (3.1%) | ||||||||
BCE, Inc. | 121,770 | 4,924,379 | ||||||
TELUS Corp. | 215,830 | 3,528,820 | ||||||
8,453,199 | ||||||||
ELECTRIC UTILITIES (1.6%) | ||||||||
Duke Energy Corp. | 51,370 | 4,348,984 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS &COMPONENTS (2.5%) | ||||||||
National Instruments Corp. | 95,130 | 3,654,894 | ||||||
TE Connectivity Ltd. | 42,380 | 3,113,235 | ||||||
6,768,129 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (2.6%) | ||||||||
Crown Castle International Corp. | 24,230 | 3,862,989 | ||||||
EPR Properties | 40,640 | 1,195,629 | ||||||
LTC Properties, Inc. | 58,000 | 2,064,800 | ||||||
7,123,418 | ||||||||
FOOD PRODUCTS (2.9%) | ||||||||
General Mills, Inc. | 59,110 | 3,540,098 | ||||||
Kellogg Co. | 63,690 | 4,171,695 | ||||||
7,711,793 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (8.2%) | ||||||||
Abbott Laboratories | 53,530 | 4,929,578 | ||||||
Koninklijke Philips N.V., Sponsored NYS | 99,240 | 4,357,628 | ||||||
Medtronic PLC | 61,090 | 5,964,217 | ||||||
Smith & Nephew PLC, Sponsored ADR | 171,180 | 6,790,710 | ||||||
22,042,133 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (4.3%) | ||||||||
Encompass Health Corp. | 73,330 | 4,858,113 | ||||||
Quest Diagnostics, Inc. | 61,000 | 6,716,710 | ||||||
11,574,823 | ||||||||
HOTELS, RESTAURANTS & LEISURE (4.1%) | ||||||||
Dunkin’ Brands Group, Inc. | 54,000 | 3,393,360 | ||||||
McDonald’s Corp. | 41,360 | 7,757,482 | ||||||
11,150,842 | ||||||||
HOUSEHOLD DURABLES (0.9%) | ||||||||
Leggett & Platt, Inc. | 68,160 | 2,394,461 | ||||||
HOUSEHOLD PRODUCTS (0.9%) | ||||||||
Clorox Co. (The) | 12,570 | 2,343,551 | ||||||
INDUSTRIAL CONGLOMERATES (1.4%) | ||||||||
3M Co. | 25,670 | 3,899,786 | ||||||
INSURANCE (1.0%) | ||||||||
Principal Financial Group, Inc. | 72,950 | 2,656,110 |
See notes to financial statements.
25
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | |||||||
IT SERVICES (6.1%) | ||||||||
Accenture PLC, Class A | 36,510 | $ | 6,761,287 | |||||
Infosys Ltd., Sponsored ADR | 513,730 | 4,741,728 | ||||||
Paychex, Inc. | 70,530 | 4,832,715 | ||||||
16,335,730 | ||||||||
MACHINERY (3.1%) | ||||||||
Cummins, Inc. | 31,850 | 5,207,475 | ||||||
Snap-on, Inc. | 24,398 | 3,178,815 | ||||||
8,386,290 | ||||||||
MEDIA (3.2%) | ||||||||
Comcast Corp., Class A | 150,370 | 5,658,423 | ||||||
Interpublic Group of Cos., Inc. (The) | 176,820 | 3,002,404 | ||||||
8,660,827 | ||||||||
METALS & MINING (1.1%) | ||||||||
Ternium SA, Sponsored ADR | 218,900 | 2,974,851 | ||||||
MULTI-UTILITIES (2.3%) | ||||||||
Algonquin Power & Utilities Corp. | 439,910 | 6,092,754 | ||||||
OIL, GAS & CONSUMABLE FUELS (3.3%) | ||||||||
China Petroleum & Chemical Corp., ADR | 49,830 | 2,475,554 | ||||||
Exxon Mobil Corp. | 71,710 | 3,332,364 | ||||||
TOTAL SA, Sponsored ADR | 90,250 | 3,172,288 | ||||||
8,980,206 | ||||||||
PERSONAL PRODUCTS (2.1%) | ||||||||
Unilever N.V., Sponsored NYS | 117,540 | 5,808,827 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (10.2%) | ||||||||
Analog Devices, Inc. | 49,730 | 5,450,408 | ||||||
Intel Corp. | 124,010 | 7,438,120 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 154,030 | 8,183,614 | ||||||
Texas Instruments, Inc. | 54,930 | 6,375,725 | ||||||
27,447,867 | ||||||||
SOFTWARE (1.4%) | ||||||||
Oracle Corp. | 71,100 | 3,766,167 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (5.0%) | ||||||||
Canon, Inc., Sponsored ADR | 170,470 | 3,598,622 | ||||||
HP, Inc. | 258,170 | 4,004,216 | ||||||
Logitech International SA | 121,960 | 5,888,229 | ||||||
13,491,067 | ||||||||
TOTAL COMMON STOCKS (COST $269,627,656) | 256,210,728 | |||||||
MONEY MARKET FUND (2.6%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(a) | 7,066,693 | 7,066,693 | ||||||
TOTAL MONEY MARKET FUND (COST $7,066,693) | 7,066,693 | |||||||
PREFERRED STOCKS (2.4%) | ||||||||
BIOTECHNOLOGY (1.6%) | ||||||||
Grifols SA, ADR, 2.24%(b) | 209,310 | 4,248,993 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.8%) | ||||||||
Telefonica Brasil SA, ADR, 3.03%(b) | 251,820 | 2,115,288 | ||||||
TOTAL PREFERRED STOCKS (COST $7,965,750) | 6,364,281 | |||||||
TOTAL INVESTMENTS (COST $284,660,099) 100.0% | 269,641,702 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% | 110,803 | |||||||
NET ASSETS 100.0% | $ | 269,752,505 |
(a) | 7-day current yield as of April 30, 2020 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.
26
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
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 | 27.0 | % | ||
United Kingdom | 15.2 | |||
United States | 9.0 | |||
Netherlands | 8.2 | |||
Japan | 6.1 | |||
Taiwan, Province of China | 5.4 | |||
Germany | 3.5 | |||
Switzerland | 3.4 | |||
Brazil | 2.9 | |||
Hong Kong | 2.3 | |||
France | 2.2 | |||
India | 2.1 | |||
Australia | 1.9 | |||
China | 1.7 | |||
Republic of Korea (South) | 1.6 | |||
Mexico | 1.4 | |||
Spain | 1.2 | |||
Ireland (Republic of) | 0.9 | |||
Sweden | 0.5 | |||
Chile | 0.5 | |||
Denmark | 0.5 | |||
Italy | 0.5 | |||
Belgium | 0.4 | |||
Finland | 0.3 | |||
Norway | 0.3 | |||
Indonesia | 0.3 | |||
South Africa | 0.2 | |||
Jersey | 0.2 | |||
Colombia | 0.1 | |||
Total Investments | 99.8 | % |
* | Percentages indicated are based on net assets as of April 30, 2020. |
See notes to financial statements.
27
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (96.5%) | ||||||||
AIR FREIGHT & LOGISTICS (0.4%) | ||||||||
ZTO Express Cayman, Inc., ADR | 16,840 | $ | 501,158 | |||||
AIRLINES (0.2%) | ||||||||
Latam Airlines Group SA, Sponsored ADR | 3,880 | 14,744 | ||||||
Ryanair Holdings PLC, Sponsored ADR(a) | 3,778 | 239,790 | ||||||
254,534 | ||||||||
AUTO COMPONENTS (0.3%) | ||||||||
Magna International, Inc., ADR | 11,010 | 429,720 | ||||||
AUTOMOBILES (1.7%) | ||||||||
Ferrari N.V. | 4,550 | 708,071 | ||||||
Fiat Chrysler Automobiles N.V. | 24,740 | 213,011 | ||||||
Honda Motor Co. Ltd., Sponsored ADR | 52,310 | 1,258,056 | ||||||
2,179,138 | ||||||||
BANKS (15.9%) | ||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||
Sponsored ADR | 130,110 | 416,352 | ||||||
Banco de Chile, ADR | 8,139 | 146,095 | ||||||
Banco Santander Chile SA, ADR | 5,574 | 93,755 | ||||||
Banco Santander SA, Sponsored ADR | 310,085 | 672,884 | ||||||
Bank of Montreal | 20,110 | 1,023,599 | ||||||
Bank of Nova Scotia (The) | 35,690 | 1,432,597 | ||||||
Barclays PLC, Sponsored ADR | 75,389 | 398,808 | ||||||
Canadian Imperial Bank of Commerce | 15,870 | 942,837 | ||||||
Credicorp Ltd. | 3,307 | 492,809 | ||||||
HDFC Bank Ltd., ADR | 27,400 | 1,187,790 | ||||||
HSBC Holdings PLC, Sponsored ADR | 101,171 | 2,603,130 | ||||||
ICICI Bank Ltd., Sponsored ADR | 39,470 | 385,227 | ||||||
ING Groep N.V., Sponsored ADR | 81,790 | 449,845 | ||||||
KB Financial Group, Inc., ADR | 18,220 | 512,711 | ||||||
Lloyds Banking Group PLC, ADR | 305,785 | 480,082 | ||||||
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 266,760 | 1,064,372 | ||||||
Mizuho Financial Group, Inc., ADR | 234,450 | 548,613 | ||||||
Royal Bank of Canada | 45,560 | 2,806,040 | ||||||
Royal Bank of Scotland Group PLC, Sponsored ADR | 33,078 | 93,611 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 20,030 | 511,166 | ||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 146,550 | 770,853 | ||||||
Toronto-Dominion Bank (The) | 53,190 | 2,221,746 | ||||||
Westpac Banking Corp., Sponsored ADR | 82,215 | 857,502 | ||||||
Woori Financial Group, Inc., Sponsored ADR | 3,580 | 73,963 | ||||||
20,186,387 | ||||||||
BEVERAGES (0.7%) | ||||||||
Fomento Economico, Sponsored ADR | 13,960 | 898,047 | ||||||
BIOTECHNOLOGY (1.0%) | ||||||||
BeiGene Ltd., ADR(a) | 1,220 | 186,453 | ||||||
Galapagos N.V., Sponsored ADR(a) | 2,090 | 460,741 | ||||||
Genmab A/S, Sponsored ADR(a) | 24,980 | 607,763 | ||||||
1,254,957 | ||||||||
CAPITAL MARKETS (2.5%) | ||||||||
Brookfield Asset Management, Inc.,Class A | 35,037 | 1,184,951 | ||||||
Credit Suisse Group, Sponsored ADR(a) | 52,549 | 475,043 | ||||||
Deutsche Bank AG | 39,530 | 292,917 | ||||||
Nomura Holdings, Inc., Sponsored ADR | 71,390 | 295,555 | ||||||
UBS Group AG(a) | 90,110 | 969,584 | ||||||
3,218,050 | ||||||||
CHEMICALS (0.5%) | ||||||||
Nutrien Ltd. | 16,603 | 592,893 | ||||||
Sasol Ltd., Sponsored ADR(a) | 9,870 | 47,179 | ||||||
640,072 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (1.2%) | ||||||||
Waste Connections, Inc. | 17,060 | 1,465,625 | ||||||
COMMUNICATIONS EQUIPMENT (0.8%) | ||||||||
Nokia Oyj, Sponsored ADR | 113,670 | 406,939 | ||||||
Telefonaktiebolaget LM Ericsson, Sponsored ADR | 78,700 | 665,802 | ||||||
1,072,741 | ||||||||
CONSTRUCTION MATERIALS (0.9%) | ||||||||
CEMEX SA de CV, Sponsored ADR | 64,255 | 136,221 | ||||||
CRH PLC, Sponsored ADR | 25,410 | 765,349 | ||||||
James Hardie Industries PLC, Sponsored ADR | 12,340 | 179,547 | ||||||
1,081,117 | ||||||||
DIVERSIFIED CONSUMER SERVICES (0.7%) | ||||||||
New Oriental Education & Technology Group, Sponsored ADR(a) | 3,040 | 388,086 | ||||||
TAL Education Group, ADR(a) | 8,620 | 467,118 | ||||||
855,204 | ||||||||
DIVERSIFIED FINANCIAL SERVICES (0.5%) | ||||||||
ORIX Corp., Sponsored ADR | 9,590 | 567,536 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (4.1%) | ||||||||
BCE, Inc. | 32,965 | 1,333,105 | ||||||
China Telecom Corp. Ltd., ADR | 10,400 | 349,440 |
See notes to financial statements.
28
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
Chunghwa Telecom Co. Ltd., Sponsored ADR | 30,145 | $ | 1,109,637 | |||||
Orange SA, Sponsored ADR | 57,800 | 695,334 | ||||||
PT Telekomunikasi Indonesia, Sponsored ADR | 15,170 | 329,037 | ||||||
Telefonica SA, Sponsored ADR | 97,653 | 445,298 | ||||||
TELUS Corp. | 54,850 | 896,798 | ||||||
5,158,649 | ||||||||
ELECTRIC UTILITIES (0.4%) | ||||||||
Enel Chile SA, ADR | 10,740 | 43,067 | ||||||
Enersis SA, ADR | 36,730 | 297,146 | ||||||
Korea Electric Power Corp., Sponsored ADR(a) | 18,400 | 176,824 | ||||||
517,037 | ||||||||
ELECTRICAL EQUIPMENT (1.0%) | ||||||||
ABB Ltd., Sponsored ADR | 64,540 | 1,210,770 | ||||||
ENERGY EQUIPMENT & SERVICES (0.0%) | ||||||||
Tenaris SA, ADR | 870 | 11,902 | ||||||
ENTERTAINMENT (0.6%) | ||||||||
iQIYI, Inc., ADR(a) | 7,300 | 123,881 | ||||||
NetEase, Inc., ADR | 1,863 | 642,661 | ||||||
766,542 | ||||||||
FOOD PRODUCTS (0.1%) | ||||||||
BRF SA, ADR(a) | 30,790 | 110,228 | ||||||
GAS UTILITIES (0.3%) | ||||||||
Brookfield Infrastructure Corp., Class A(a) | 10,486 | 438,944 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES (2.7%) | ||||||||
Alcon, Inc.(a) | 20,500 | 1,082,605 | ||||||
Koninklijke Philips N.V., Sponsored NYS | 36,694 | 1,611,233 | ||||||
Smith & Nephew PLC, Sponsored ADR | 19,470 | 772,375 | ||||||
3,466,213 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (0.7%) | ||||||||
Fresenius Medical Care AG & Co., ADR | 21,480 | 839,009 | ||||||
HOTELS, RESTAURANTS & LEISURE (0.5%) | ||||||||
InterContinental Hotels Group PLC, ADR | 4,613 | 210,168 | ||||||
Restaurant Brands International, Inc. | 8,165 | 402,535 | ||||||
612,703 | ||||||||
HOUSEHOLD DURABLES (1.8%) | ||||||||
Sony Corp., Sponsored ADR | 36,420 | 2,339,985 | ||||||
INSURANCE (2.6%) | ||||||||
Aegon N.V., Sponsored NYS | 32,878 | 85,483 | ||||||
China Life Insurance Co. Ltd., ADR | 76,810 | 808,809 | ||||||
Manulife Financial Corp. | 53,680 | 676,368 | ||||||
Prudential PLC, ADR | 31,710 | 896,125 | ||||||
Sun Life Financial, Inc. | 22,730 | 780,775 | ||||||
3,247,560 | ||||||||
INTERACTIVE MEDIA & SERVICES (0.8%) | ||||||||
58.com, Inc., ADR(a) | 4,300 | 223,385 | ||||||
Baidu, Inc., Sponsored ADR(a) | 6,653 | 671,487 | ||||||
Momo, Inc., Sponsored ADR | 5,500 | 132,440 | ||||||
1,027,312 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (4.4%) | ||||||||
Alibaba Group Holding Ltd., Sponsored ADR(a) | 20,270 | 4,108,121 | ||||||
JD.com, Inc., ADR(a) | 19,500 | 840,450 | ||||||
Pinduoduo, Inc., ADR(a) | 8,370 | 397,073 | ||||||
Trip.com Group Ltd., ADR(a) | 9,550 | 246,008 | ||||||
5,591,652 | ||||||||
IT SERVICES (2.8%) | ||||||||
CGI, Inc.(a) | 13,570 | 868,073 | ||||||
Infosys Ltd., Sponsored ADR | 103,580 | 956,043 | ||||||
Shopify, Inc., Class A(a) | 2,590 | 1,637,631 | ||||||
Wipro Ltd., ADR | 23,293 | 76,634 | ||||||
3,538,381 | ||||||||
LIFE SCIENCES TOOLS & SERVICES (0.5%) | ||||||||
QIAGEN N.V.(a) | 15,794 | 658,452 | ||||||
MACHINERY (0.1%) | ||||||||
CNH Industrial N.V.(a) | 18,220 | 113,693 | ||||||
MEDIA (0.7%) | ||||||||
Grupo Televisa SA, Sponsored ADR | 19,240 | 102,934 | ||||||
Pearson PLC, Sponsored ADR | 21,370 | 125,228 | ||||||
Shaw Communications, Inc., Class B | 26,340 | 430,132 | ||||||
WPP PLC, Sponsored ADR | 7,060 | 273,293 | ||||||
931,587 | ||||||||
METALS & MINING (7.5%) | ||||||||
Agnico-Eagle Mines Ltd. | 8,830 | 518,144 | ||||||
AngloGold Ashanti Ltd., Sponsored ADR | 10,030 | 244,632 | ||||||
ArcelorMittal SA, Sponsored NYS | 10,383 | 114,005 | ||||||
Barrick Gold Corp., ADR | 50,103 | 1,288,649 | ||||||
BHP Group Ltd., Sponsored ADR | 38,330 | 1,559,265 | ||||||
BHP Group PLC, ADR | 26,010 | 869,774 | ||||||
Franco Nevada Corp. | 7,880 | 1,041,815 | ||||||
Kinross Gold Corp.(a) | 19,510 | 128,961 | ||||||
Kirkland Lake Gold Ltd. | 5,870 | 243,135 |
See notes to financial statements.
29
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
POSCO, Sponsored ADR | 13,490 | $ | 501,963 | |||||
Rio Tinto PLC, Sponsored ADR | 26,512 | 1,224,589 | ||||||
Southern Copper Corp. | 1,503 | 48,757 | ||||||
Teck Resources Ltd., Class B | 5,003 | 44,077 | ||||||
Vale SA, Sponsored ADR(a) | 125,130 | 1,032,323 | ||||||
Wheaton Precious Metals Corp. | 17,980 | 678,925 | ||||||
9,539,014 | ||||||||
MULTI-UTILITIES (1.3%) | ||||||||
National Grid PLC, Sponsored ADR | 27,529 | 1,612,098 | ||||||
OIL, GAS & CONSUMABLE FUELS (11.8%) | ||||||||
BP PLC, Sponsored ADR | 77,932 | 1,854,782 | ||||||
Cameco Corp. | 9,940 | 99,002 | ||||||
Canadian Natural Resources, Ltd. | 20,270 | 339,725 | ||||||
Cenovus Energy, Inc. | 15,050 | 54,782 | ||||||
China Petroleum & Chemical Corp., ADR | 14,756 | 733,078 | ||||||
CNOOC Ltd., Sponsored ADR | 7,430 | 834,909 | ||||||
Ecopetrol SA, Sponsored ADR | 8,070 | 84,332 | ||||||
Enbridge, Inc. | 54,890 | 1,684,025 | ||||||
Eni S.p.A., Sponsored ADR | 30,250 | 568,095 | ||||||
Equinor ASA, Sponsored ADR | 26,367 | 358,064 | ||||||
Imperial Oil Ltd. | 4,320 | 69,941 | ||||||
Pembina Pipeline Corp. | 9,290 | 213,113 | ||||||
PetroChina Co. Ltd., ADR | 8,825 | 316,200 | ||||||
Petroleo Brasileiro SA, Sponsored ADR(a) | 53,910 | 372,518 | ||||||
Royal Dutch Shell PLC, Class A, Sponsored ADR | 50,065 | 1,658,653 | ||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 48,550 | 1,552,144 | ||||||
Suncor Energy, Inc. | 35,148 | 627,392 | ||||||
TC Energy Corp. | 30,070 | 1,394,045 | ||||||
TOTAL SA, Sponsored ADR | 60,430 | 2,124,114 | ||||||
Ultrapar Participacoes SA, Sponsored ADR | 31,020 | 82,823 | ||||||
15,021,737 | ||||||||
PERSONAL PRODUCTS (4.1%) | ||||||||
Unilever N.V., Sponsored NYS | 55,460 | 2,740,833 | ||||||
Unilever PLC, Sponsored ADR | 47,984 | 2,488,930 | ||||||
5,229,763 | ||||||||
PHARMACEUTICALS (0.2%) | ||||||||
Bausch Health Cos., Inc.(a) | 12,258 | 222,115 | ||||||
PROFESSIONAL SERVICES (1.9%) | ||||||||
RELX PLC, Sponsored ADR | 64,273 | 1,456,426 | ||||||
Thomson Reuters Corp. | 13,454 | 948,642 | ||||||
2,405,068 | ||||||||
ROAD & RAIL (2.7%) | ||||||||
Canadian National Railway Co. | 28,330 | 2,347,707 | ||||||
Canadian Pacific Railway, Ltd. | 4,960 | 1,127,557 | ||||||
3,475,264 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (7.5%) | ||||||||
ASE Industrial Holding Co. Ltd., ADR | 55,075 | 239,576 | ||||||
ASML Holding N.V., Sponsored NYS | 11,477 | 3,310,311 | ||||||
STMicroelectronics N.V., Sponsored NYS | 21,710 | 555,125 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 102,780 | 5,460,701 | ||||||
9,565,713 | ||||||||
SOFTWARE (3.3%) | ||||||||
BlackBerry Ltd.(a) | 12,850 | 54,998 | ||||||
Micro Focus International PLC, Sponsored ADR | 6,680 | 39,612 | ||||||
Open Text Corp. | 21,430 | 813,269 | ||||||
SAP AG, Sponsored ADR | 28,110 | 3,332,159 | ||||||
4,240,038 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.1%) | ||||||||
Canon, Inc., Sponsored ADR | 40,730 | 859,810 | ||||||
Logitech International SA | 12,350 | 596,258 | ||||||
1,456,068 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS (0.1%) | ||||||||
Gildan Activewear, Inc. | 8,020 | 111,799 | ||||||
WIRELESS TELECOMMUNICATION SERVICES (3.6%) | ||||||||
America Movil SA, Class L, Sponsored ADR | 57,060 | 687,002 | ||||||
China Mobile Ltd., Sponsored ADR | 51,220 | 2,047,263 | ||||||
Rogers Communications, Inc., Class B | 14,770 | 617,681 | ||||||
SK Telecom Co. Ltd., Sponsored ADR | 13,850 | 264,951 | ||||||
Vodafone Group PLC, Sponsored ADR | 62,839 | 888,544 | ||||||
4,505,441 | ||||||||
TOTAL COMMON STOCKS (COST $144,282,465) | 122,569,023 |
See notes to financial statements.
30
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | |||||||
MASTER LIMITED PARTNERSHIPS (0.3%) | ||||||||
MULTI-UTILITIES (0.3%) | ||||||||
Brookfield Infrastructure Partners LP | 9,180 | $ | 359,764 | |||||
TOTAL MASTER LIMITED PARTNERSHIPS (COST $433,688) | 359,764 | |||||||
MONEY MARKET FUND (1.2%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(b) | 1,503,330 | 1,503,330 | ||||||
TOTAL MONEY MARKET FUND (COST $1,503,330) | 1,503,330 | |||||||
PREFERRED STOCKS (1.8%) | ||||||||
BANKS (1.2%) | ||||||||
Banco Bradesco SA, ADR, 13.81%(c) | 181,065 | 637,349 | ||||||
Bancolombia SA, Sponsored ADR, 4.06%(c) | 3,750 | 97,875 | ||||||
Itau Unibanco Banco Multiplo SA, Sponsored ADR, 0.88%(c) | 197,327 | 830,746 | ||||||
1,565,970 | ||||||||
CHEMICALS (0.1%) | ||||||||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 4.71%(c) | 2,950 | 67,260 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.2%) | ||||||||
Telefonica Brasil SA, ADR, 3.03%(c) | 22,950 | 192,780 | ||||||
ELECTRIC UTILITIES (0.0%) | ||||||||
Cia Energetica de Minas Gerais, Sponsored ADR, 13.30%(c) | 21,315 | 36,662 | ||||||
METALS & MINING (0.0%) | ||||||||
Gerdau SA, Sponsored ADR, 1.19%(c) | 7,250 | 15,588 | ||||||
OIL, GAS & CONSUMABLE FUELS (0.3%) | ||||||||
Petroleo Brasileiro SA, Sponsored ADR(a) | 57,550 | 383,858 | ||||||
TOTAL PREFERRED STOCKS (COST $3,398,294) | 2,262,118 | |||||||
TOTAL INVESTMENTS (COST $149,617,777) 99.8% | 126,694,235 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.2% | 239,471 | |||||||
NET ASSETS 100.0% | $ | 126,933,706 |
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2020 is disclosed. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
ADR — American Depositary Receipt
LP — Limited Partnership
NYS — New York Shares
PLC — Public Limited Company
See notes to financial statements.
31
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Large Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Software | 7.8 | % | ||
IT Services | 4.8 | |||
Insurance | 4.7 | |||
Semiconductors & Semiconductor Equipment | 4.7 | |||
Oil, Gas & Consumable Fuels | 4.1 | |||
Banks | 4.1 | |||
Capital Markets | 3.9 | |||
Technology Hardware, Storage & Peripherals | 3.8 | |||
Interactive Media & Services | 3.7 | |||
Health Care Providers & Services | 3.6 | |||
Health Care Equipment & Supplies | 3.5 | |||
Internet & Direct Marketing Retail | 3.3 | |||
Chemicals | 3.0 | |||
Specialty Retail | 2.6 | |||
Equity Real Estate Investment Trusts | 2.4 | |||
Biotechnology | 2.2 | |||
Aerospace & Defense | 1.9 | |||
Food & Staples Retailing | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Food Products | 1.7 | |||
Diversified Financial Services | 1.6 | |||
Electric Utilities | 1.6 | |||
Money Market Fund | 1.6 | |||
Household Durables | 1.5 | |||
Media | 1.4 | |||
Entertainment | 1.4 | |||
Pharmaceuticals | 1.4 | |||
Diversified Telecommunication Services | 1.3 | |||
Household Products | 1.3 | |||
Machinery | 1.2 | |||
Beverages | 1.2 | |||
Road & Rail | 1.0 | |||
Communications Equipment | 0.9 | |||
Multi-Utilities | 0.9 | |||
Energy Equipment & Services | 0.8 | |||
Multiline Retail | 0.8 | |||
Electronic Equipment, Instruments & Components | 0.8 | |||
Automobiles | 0.8 | |||
Consumer Finance | 0.7 | |||
Industrial Conglomerates | 0.7 | |||
Containers & Packaging | 0.7 | |||
Commercial Services & Supplies | 0.7 | |||
Building Products | 0.6 | |||
Metals & Mining | 0.6 | |||
Life Sciences Tools & Services | 0.6 | |||
Textiles, Apparel & Luxury Goods | 0.6 | |||
Air Freight & Logistics | 0.5 | |||
Airlines | 0.5 | |||
Trading Companies & Distributors | 0.4 | |||
Electrical Equipment | 0.4 | |||
Professional Services | 0.3 | |||
Personal Products | 0.3 | |||
Construction Materials | 0.3 | |||
Auto Components | 0.2 | |||
Real Estate Management & Development | 0.2 | |||
Independent Power and Renewable Electricity Producers | 0.2 | |||
Distributors | 0.1 | |||
Gas Utilities | 0.1 | |||
Construction & Engineering | 0.1 | |||
Health Care Technology | 0.1 | |||
Water Utilities | 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 April 30, 2020. |
See notes to financial statements.
32
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (98.4%) | ||||||||
AEROSPACE & DEFENSE (1.9%) | ||||||||
Boeing Co. (The) | 5,314 | $ | 749,380 | |||||
General Dynamics Corp. | 2,944 | 384,545 | ||||||
Howmet Aerospace, Inc. | 6,293 | 82,250 | ||||||
Huntington Ingalls Industries, Inc. | 532 | 101,830 | ||||||
L3Harris Technologies, Inc. | 6,128 | 1,186,994 | ||||||
Lockheed Martin Corp. | 3,899 | 1,516,945 | ||||||
Northrop Grumman Corp. | 3,557 | 1,176,193 | ||||||
Raytheon Technologies Corp. | 15,962 | 1,034,476 | ||||||
Textron, Inc. | 19,030 | 501,631 | ||||||
TransDigm Group, Inc. | 2,378 | 863,404 | ||||||
7,597,648 | ||||||||
AIR FREIGHT & LOGISTICS (0.5%) | ||||||||
C.H. Robinson Worldwide, Inc. | 1,190 | 84,371 | ||||||
Expeditors International of Washington, Inc. | 2,330 | 166,840 | ||||||
FedEx Corp. | 7,316 | 927,449 | ||||||
United Parcel Service, Inc., Class B | 7,410 | 701,431 | ||||||
1,880,091 | ||||||||
AIRLINES (0.5%) | ||||||||
Alaska Air Group, Inc. | 10,950 | 356,094 | ||||||
American Airlines Group, Inc. | 43,940 | 527,719 | ||||||
Delta Air Lines, Inc. | 15,250 | 395,128 | ||||||
Southwest Airlines Co. | 6,090 | 190,313 | ||||||
United Airlines Holdings, Inc.(a) | 13,940 | 412,345 | ||||||
1,881,599 | ||||||||
AUTO COMPONENTS (0.2%) | ||||||||
Aptiv PLC | 2,990 | 207,954 | ||||||
BorgWarner, Inc. | 17,010 | 485,976 | ||||||
693,930 | ||||||||
AUTOMOBILES (0.8%) | ||||||||
Ford Motor Co. | 254,770 | 1,296,779 | ||||||
General Motors Co. | 75,410 | 1,680,889 | ||||||
Harley-Davidson, Inc. | 2,290 | 49,991 | ||||||
3,027,659 | ||||||||
BANKS (4.1%) | ||||||||
Bank of America Corp. | 112,119 | 2,696,462 | ||||||
Citigroup, Inc. | 39,420 | 1,914,235 | ||||||
Citizens Financial Group, Inc. | 33,580 | 751,856 | ||||||
Comerica, Inc. | 10,430 | 363,590 | ||||||
Fifth Third Bancorp | 26,840 | 501,640 | ||||||
First Republic Bank | 2,340 | 244,039 | ||||||
Huntington Bancshares, Inc. | 24,180 | 223,423 | ||||||
JPMorgan Chase & Co. | 33,784 | 3,235,156 | ||||||
KeyCorp | 34,230 | 398,780 | ||||||
M&T Bank Corp. | 5,440 | 609,715 | ||||||
People’s United Financial, Inc. | 27,500 | 348,975 | ||||||
PNC Financial Services Group, Inc. (The) | 6,394 | 682,048 | ||||||
Regions Financial Corp. | 45,392 | 487,964 | ||||||
SVB Financial Group(a) | 737 | 142,366 | ||||||
Truist Financial Corp. | 25,707 | 959,385 | ||||||
U.S. Bancorp | 19,510 | 712,115 | ||||||
Wells Fargo & Co. | 51,358 | 1,491,950 | ||||||
Zions Bancorp | 12,220 | 386,274 | ||||||
16,149,973 | ||||||||
BEVERAGES (1.2%) | ||||||||
Coca-Cola Co. (The) | 46,050 | 2,113,235 | ||||||
Monster Beverage Corp.(a) | 5,840 | 360,970 | ||||||
PepsiCo, Inc. | 16,351 | 2,163,074 | ||||||
4,637,279 | ||||||||
BIOTECHNOLOGY (2.2%) | ||||||||
AbbVie, Inc. | 16,810 | 1,381,782 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 3,471 | 373,028 | ||||||
Amgen, Inc. | 6,878 | 1,645,355 | ||||||
Biogen, Inc.(a) | 2,074 | 615,625 | ||||||
Gilead Sciences, Inc. | 14,820 | 1,244,880 | ||||||
Incyte Corp.(a) | 16,160 | 1,578,186 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 7,989 | 2,006,837 | ||||||
8,845,693 | ||||||||
BUILDING PRODUCTS (0.6%) | ||||||||
A.O. Smith Corp. | 1,680 | 71,198 | ||||||
Allegion PLC | 3,983 | 400,451 | ||||||
Carrier Global Corp.(a) | 9,046 | 160,205 | ||||||
Fortune Brands Home & Security, Inc. | 8,280 | 399,096 | ||||||
Johnson Controls International PLC | 12,971 | 377,586 | ||||||
Masco Corp. | 15,000 | 615,600 | ||||||
Trane Technologies PLC | 2,990 | 261,386 | ||||||
2,285,522 | ||||||||
CAPITAL MARKETS (3.9%) | ||||||||
Ameriprise Financial, Inc. | 1,926 | 221,375 | ||||||
Bank of New York Mellon Corp. (The) | 22,461 | 843,186 | ||||||
BlackRock, Inc. | 1,326 | 665,705 | ||||||
Cboe Global Markets, Inc. | 7,830 | 778,145 | ||||||
Charles Schwab Corp. (The) | 14,090 | 531,475 | ||||||
CME Group, Inc. | 3,710 | 661,159 | ||||||
E*TRADE Financial Corp. | 4,498 | 182,664 | ||||||
Franklin Resources, Inc. | 20,570 | 387,539 |
See notes to financial statements.
33
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Goldman Sachs Group, Inc. (The) | 8,852 | $ | 1,623,634 | |||||
IntercontinentalExchange Group, Inc. | 6,565 | 587,239 | ||||||
Invesco Ltd. | 63,120 | 544,094 | ||||||
MarketAxess Holdings, Inc. | 2,310 | 1,051,073 | ||||||
Moody’s Corp. | 4,398 | 1,072,672 | ||||||
Morgan Stanley | 35,710 | 1,408,045 | ||||||
MSCI, Inc. | 4,692 | 1,534,284 | ||||||
Nasdaq, Inc. | 1,540 | 168,892 | ||||||
Northern Trust Corp. | 2,720 | 215,315 | ||||||
Raymond James Financial, Inc. | 6,730 | 443,642 | ||||||
S&P Global, Inc. | 4,305 | 1,260,848 | ||||||
State Street Corp. | 13,167 | 830,048 | ||||||
T. Rowe Price Group, Inc. | 2,900 | 335,327 | ||||||
15,346,361 | ||||||||
CHEMICALS (3.0%) | ||||||||
Air Products & Chemicals, Inc. | 4,223 | 952,624 | ||||||
Albemarle Corp. | 1,500 | 92,145 | ||||||
Celanese Corp. | 5,380 | 446,917 | ||||||
CF Industries Holdings, Inc. | 2,890 | 79,475 | ||||||
Corteva, Inc. | 61,615 | 1,613,697 | ||||||
Dow, Inc. | 25,272 | 927,230 | ||||||
DuPont de Nemours, Inc. | 33,265 | 1,564,120 | ||||||
Eastman Chemical Co. | 10,290 | 622,648 | ||||||
Ecolab, Inc. | 2,796 | 541,026 | ||||||
FMC Corp. | 11,640 | 1,069,716 | ||||||
International Flavors & Fragrances, Inc. | 1,410 | 184,752 | ||||||
Linde PLC | 5,393 | 992,258 | ||||||
LyondellBasell Industries N.V., Class A | 4,170 | 241,651 | ||||||
Mosaic Co. (The) | 92,570 | 1,065,481 | ||||||
PPG Industries, Inc. | 2,878 | 261,409 | ||||||
Sherwin-Williams Co. (The) | 2,171 | 1,164,459 | ||||||
11,819,608 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (0.7%) | ||||||||
Cintas Corp. | 3,394 | 752,891 | ||||||
Copart, Inc.(a) | 13,950 | 1,117,535 | ||||||
Republic Services, Inc. | 3,216 | 251,941 | ||||||
Rollins, Inc. | 2,350 | 94,000 | ||||||
Waste Management, Inc. | 5,230 | 523,105 | ||||||
2,739,472 | ||||||||
COMMUNICATIONS EQUIPMENT (0.9%) | ||||||||
Arista Networks, Inc.(a) | 2,451 | 537,504 | ||||||
Cisco Systems, Inc. | 47,110 | 1,996,522 | ||||||
F5 Networks, Inc.(a) | 720 | 100,267 | ||||||
Juniper Networks, Inc. | 6,190 | 133,704 | ||||||
Motorola Solutions, Inc. | 4,471 | 642,975 | ||||||
3,410,972 | ||||||||
CONSTRUCTION & ENGINEERING (0.1%) | ||||||||
Jacobs Engineering Group, Inc. | 1,710 | 141,503 | ||||||
Quanta Services, Inc. | 3,840 | 139,622 | ||||||
281,125 | ||||||||
CONSTRUCTION MATERIALS (0.3%) | ||||||||
Martin Marietta Materials, Inc. | 2,906 | 552,808 | ||||||
Vulcan Materials Co. | 5,103 | 576,486 | ||||||
1,129,294 | ||||||||
CONSUMER FINANCE (0.7%) | ||||||||
American Express Co. | 7,780 | 709,925 | ||||||
Capital One Financial Corp. | 19,038 | 1,232,901 | ||||||
Discover Financial Services | 4,490 | 192,935 | ||||||
Synchrony Financial | 34,770 | 688,099 | ||||||
2,823,860 | ||||||||
CONTAINERS & PACKAGING (0.7%) | ||||||||
Avery Dennison Corp. | 1,370 | 151,234 | ||||||
Ball Corp. | 3,960 | 259,736 | ||||||
International Paper Co. | 15,520 | 531,560 | ||||||
Packaging Corp. of America | 1,470 | 142,076 | ||||||
Sealed Air Corp. | 1,390 | 39,740 | ||||||
Westrock Co. | 53,399 | 1,718,914 | ||||||
2,843,260 | ||||||||
DISTRIBUTORS (0.1%) | ||||||||
Genuine Parts Co. | 1,890 | 149,839 | ||||||
LKQ Corp.(a) | 5,710 | 149,317 | ||||||
299,156 | ||||||||
DIVERSIFIED CONSUMER SERVICES (0.0%) | ||||||||
H&R Block, Inc. | 3,060 | 50,949 | ||||||
DIVERSIFIED FINANCIAL SERVICES (1.6%) | ||||||||
Berkshire Hathaway, Inc., Class B(a) | 34,667 | 6,495,209 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.3%) | ||||||||
AT&T, Inc. | 80,170 | 2,442,780 |
See notes to financial statements.
34
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
CenturyLink, Inc. | 28,629 | $ | 304,040 | |||||
Verizon Communications, Inc. | 44,960 | 2,582,952 | ||||||
5,329,772 | ||||||||
ELECTRIC UTILITIES (1.6%) | ||||||||
Alliant Energy Corp. | 2,090 | 101,469 | ||||||
American Electric Power Co., Inc. | 5,680 | 472,065 | ||||||
Duke Energy Corp. | 12,954 | 1,096,686 | ||||||
Edison International | 4,060 | 238,363 | ||||||
Entergy Corp. | 2,170 | 207,257 | ||||||
Evergy, Inc. | 4,580 | 267,609 | ||||||
Eversource Energy | 3,510 | 283,257 | ||||||
Exelon Corp. | 23,789 | 882,096 | ||||||
FirstEnergy Corp. | 5,119 | 211,261 | ||||||
NextEra Energy, Inc. | 4,439 | 1,025,942 | ||||||
Pinnacle West Capital Corp. | 2,200 | 169,378 | ||||||
PPL Corp. | 7,780 | 197,768 | ||||||
Southern Co. (The) | 11,120 | 630,837 | ||||||
Xcel Energy, Inc. | 7,020 | 446,191 | ||||||
6,230,179 | ||||||||
ELECTRICAL EQUIPMENT (0.4%) | ||||||||
AMETEK, Inc. | 7,900 | 662,573 | ||||||
Eaton Corp. PLC | 5,380 | 449,230 | ||||||
Emerson Electric Co. | 7,540 | 430,006 | ||||||
Rockwell Automation, Inc. | 1,296 | 245,566 | ||||||
1,787,375 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS &COMPONENTS (0.8%) | ||||||||
Amphenol Corp., Class A | 3,820 | 337,153 | ||||||
CDW Corp. | 7,430 | 823,244 | ||||||
Corning, Inc. | 11,660 | 256,637 | ||||||
FLIR Systems, Inc. | 1,270 | 55,118 | ||||||
IPG Photonics Corp.(a) | 470 | 60,785 | ||||||
Keysight Technologies, Inc.(a) | 8,360 | 808,997 | ||||||
TE Connectivity Ltd. | 4,150 | 304,859 | ||||||
Zebra Technologies Corp., Class A(a) | 2,250 | 516,735 | ||||||
3,163,528 | ||||||||
ENERGY EQUIPMENT & SERVICES (0.8%) | ||||||||
Baker Hughes Co. | 104,419 | 1,456,645 | ||||||
Halliburton Co. | 30,530 | 320,565 | ||||||
Helmerich & Payne, Inc. | 20,940 | 413,984 | ||||||
National-Oilwell Varco, Inc. | 10,176 | 128,625 | ||||||
Schlumberger Ltd. | 15,334 | 257,918 | ||||||
TechnipFMC PLC | 51,810 | 461,627 | ||||||
3,039,364 | ||||||||
ENTERTAINMENT (1.4%) | ||||||||
Activision Blizzard, Inc. | 7,930 | 505,379 | ||||||
Electronic Arts, Inc.(a) | 2,550 | 291,363 | ||||||
Live Nation, Inc.(a) | 2,400 | 107,688 | ||||||
Netflix, Inc.(a) | 6,630 | 2,783,605 | ||||||
Walt Disney Co. (The) | 18,550 | 2,006,183 | ||||||
5,694,218 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (2.4%) | ||||||||
Alexandria Real Estate Equities, Inc. | 1,080 | 169,657 | ||||||
American Tower Corp. | 6,229 | 1,482,502 | ||||||
Apartment Investment & Management Co., Class A | 5,845 | 220,181 | ||||||
AvalonBay Communities, Inc. | 1,289 | 210,043 | ||||||
Boston Properties, Inc. | 1,720 | 167,150 | ||||||
Crown Castle International Corp. | 4,110 | 655,257 | ||||||
Digital Realty Trust, Inc. | 2,500 | 373,725 | ||||||
Duke Realty Corp. | 5,660 | 196,402 | ||||||
Equinix, Inc. | 1,863 | 1,257,898 | ||||||
Equity Residential | 4,250 | 276,505 | ||||||
Essex Property Trust, Inc. | 677 | 165,256 | ||||||
Extra Space Storage, Inc. | 1,650 | 145,596 | ||||||
Federal Realty Investment Trust | 1,220 | 101,589 | ||||||
Healthpeak Properties, Inc. | 12,310 | 321,783 | ||||||
Host Hotels & Resorts, Inc. | 12,433 | 153,050 | ||||||
Iron Mountain, Inc. | 3,019 | 72,999 | ||||||
Kimco Realty Corp. | 17,920 | 195,507 | ||||||
Mid-America Apartment Communities, Inc. | 1,290 | 144,377 | ||||||
Prologis, Inc. | 7,662 | 683,680 | ||||||
Public Storage, Inc. | 1,516 | 281,142 | ||||||
Realty Income Corp. | 3,960 | 217,483 | ||||||
Regency Centers Corp. | 1,610 | 70,695 | ||||||
SBA Communications Corp. | 3,291 | 954,127 | ||||||
Simon Property Group, Inc. | 4,040 | 269,751 | ||||||
SL Green Realty Corp. | 1,070 | 56,764 | ||||||
UDR, Inc. | 2,330 | 87,305 | ||||||
Ventas, Inc. | 4,380 | 141,693 | ||||||
Vornado Realty Trust | 2,105 | 92,241 | ||||||
Welltower, Inc. | 5,560 | 284,839 | ||||||
Weyerhaeuser Co. | 8,439 | 184,561 | ||||||
9,633,758 | ||||||||
FOOD & STAPLES RETAILING (1.8%) | ||||||||
Costco Wholesale Corp. | 4,376 | 1,325,928 | ||||||
Kroger Co. (The) | 73,350 | 2,318,593 | ||||||
Sysco Corp. | 6,210 | 349,437 |
See notes to financial statements.
35
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Walgreens Boots Alliance, Inc. | 32,110 | $ | 1,390,042 | |||||
Walmart, Inc. | 14,760 | 1,794,078 | ||||||
7,178,078 | ||||||||
FOOD PRODUCTS (1.7%) | ||||||||
Archer-Daniels-Midland Co. | 47,400 | 1,760,436 | ||||||
Campbell Soup Co. | 3,350 | 167,433 | ||||||
Conagra Brands, Inc. | 6,930 | 231,739 | ||||||
General Mills, Inc. | 7,690 | 460,554 | ||||||
Hershey Co. (The) | 1,730 | 229,104 | ||||||
Hormel Foods Corp. | 6,330 | 296,561 | ||||||
J.M. Smucker Co. (The) | 7,050 | 810,115 | ||||||
Kellogg Co. | 4,580 | 299,990 | ||||||
Kraft Heinz Co. (The) | 27,266 | 826,978 | ||||||
Lamb Weston Holdings, Inc. | 1,870 | 114,743 | ||||||
McCormick & Co., Inc. | 1,360 | 213,302 | ||||||
Mondelez International, Inc., Class A | 17,750 | 913,060 | ||||||
Tyson Foods, Inc., Class A | 3,720 | 231,347 | ||||||
6,555,362 | ||||||||
GAS UTILITIES (0.1%) | ||||||||
Atmos Energy Corp. | 2,410 | 245,748 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES (3.5%) | ||||||||
Abbott Laboratories | 20,262 | 1,865,928 | ||||||
ABIOMED, Inc.(a) | 603 | 115,324 | ||||||
Align Technology, Inc.(a) | 4,057 | 871,646 | ||||||
Baxter International, Inc. | 6,940 | 616,133 | ||||||
Becton Dickinson and Co. | 2,966 | 749,004 | ||||||
Boston Scientific Corp.(a) | 20,697 | 775,724 | ||||||
Danaher Corp. | 8,120 | 1,327,295 | ||||||
DENTSPLY SIRONA, Inc. | 3,920 | 166,365 | ||||||
Edwards Lifesciences Corp.(a) | 5,997 | 1,304,347 | ||||||
Hologic, Inc.(a) | 5,710 | 286,071 | ||||||
IDEXX Laboratories, Inc.(a) | 2,730 | 757,848 | ||||||
Intuitive Surgical, Inc.(a) | 2,089 | 1,067,228 | ||||||
Medtronic PLC | 15,873 | 1,549,681 | ||||||
ResMed, Inc. | 5,340 | 829,409 | ||||||
STERIS PLC | 1,760 | 250,800 | ||||||
Stryker Corp. | 3,924 | 731,551 | ||||||
Teleflex, Inc. | 597 | 200,234 | ||||||
Varian Medical Systems, Inc.(a) | 1,500 | 171,570 | ||||||
Zimmer Holdings, Inc. | 2,830 | 338,751 | ||||||
13,974,909 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (3.6%) | ||||||||
AmerisourceBergen Corp. | 18,790 | 1,684,712 | ||||||
Anthem, Inc. | 6,961 | 1,954,162 | ||||||
Cardinal Health, Inc. | 5,480 | 271,150 | ||||||
Centene Corp.(a) | 35,051 | 2,333,696 | ||||||
Cigna Corp. | 11,660 | 2,282,795 | ||||||
CVS Health Corp. | 37,637 | 2,316,557 | ||||||
DaVita, Inc.(a) | 2,320 | 183,303 | ||||||
Henry Schein, Inc.(a) | 3,120 | 170,227 | ||||||
Humana, Inc. | 2,047 | 781,586 | ||||||
Laboratory Corporation of America Holdings(a) | 1,620 | 266,409 | ||||||
McKesson Corp. | 11,745 | 1,658,981 | ||||||
Quest Diagnostics, Inc. | 3,140 | 345,745 | ||||||
14,249,323 | ||||||||
HEALTH CARE TECHNOLOGY (0.1%) | ||||||||
Cerner Corp. | 5,220 | 362,216 | ||||||
HOTELS, RESTAURANTS & LEISURE (1.8%) | ||||||||
Carnival Corp. | 20,660 | 328,494 | ||||||
Chipotle Mexican Grill, Inc.(a) | 1,311 | 1,151,779 | ||||||
Hilton Worldwide Holdings, Inc. | 15,160 | 1,147,764 | ||||||
Marriott International, Inc., Class A | 3,336 | 303,376 | ||||||
McDonald’s Corp. | 7,911 | 1,483,787 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 9,500 | 155,800 | ||||||
Royal Caribbean Cruises Ltd. | 2,530 | 118,328 | ||||||
Starbucks Corp. | 19,220 | 1,474,750 | ||||||
Yum! Brands, Inc. | 10,970 | 948,137 | ||||||
7,112,215 | ||||||||
HOUSEHOLD DURABLES (1.5%) | ||||||||
D.R. Horton, Inc. | 21,216 | 1,001,819 | ||||||
Garmin Ltd. | 6,630 | 538,091 | ||||||
Leggett & Platt, Inc. | 1,580 | 55,505 | ||||||
Lennar Corp., Class A | 19,910 | 996,894 | ||||||
Mohawk Industries, Inc.(a) | 8,494 | 745,094 | ||||||
Newell Brands, Inc. | 7,220 | 100,214 | ||||||
NVR, Inc.(a) | 224 | 694,400 | ||||||
PulteGroup, Inc. | 28,975 | 819,123 | ||||||
Whirlpool Corp. | 9,122 | 1,019,292 | ||||||
5,970,432 | ||||||||
HOUSEHOLD PRODUCTS (1.3%) | ||||||||
Church & Dwight Co., Inc. | 4,110 | 287,659 | ||||||
Clorox Co. (The) | 1,480 | 275,931 | ||||||
Colgate-Palmolive Co. | 11,320 | 795,457 |
See notes to financial statements.
36
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Kimberly-Clark Corp. | 4,230 | $ | 585,770 | |||||
Procter & Gamble Co. (The) | 25,761 | 3,036,449 | ||||||
4,981,266 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.2%) | ||||||||
AES Corp. | 13,030 | 172,647 | ||||||
NRG Energy, Inc. | 23,620 | 791,979 | ||||||
964,626 | ||||||||
INDUSTRIAL CONGLOMERATES (0.7%) | ||||||||
3M Co. | 6,264 | 951,627 | ||||||
Honeywell International, Inc. | 7,672 | 1,088,657 | ||||||
Roper Technologies, Inc. | 2,046 | 697,747 | ||||||
2,738,031 | ||||||||
INSURANCE (4.7%) | ||||||||
Aflac, Inc. | 20,620 | 767,889 | ||||||
Allstate Corp. (The) | 11,860 | 1,206,399 | ||||||
American International Group, Inc. | 42,944 | 1,092,066 | ||||||
Aon PLC | 2,481 | 428,394 | ||||||
Arthur J. Gallagher & Co. | 2,340 | 183,690 | ||||||
Assurant, Inc. | 8,040 | 854,170 | ||||||
Chubb Ltd. | 9,591 | 1,035,924 | ||||||
Cincinnati Financial Corp. | 1,792 | 117,914 | ||||||
Everest Re Group Ltd. | 3,930 | 680,401 | ||||||
Globe Life, Inc. | 5,927 | 488,029 | ||||||
Hartford Financial Services Group, Inc. (The) | 17,600 | 668,624 | ||||||
Lincoln National Corp. | 40,496 | 1,436,393 | ||||||
Loews Corp. | 34,150 | 1,183,639 | ||||||
Marsh & McLennan Cos., Inc. | 6,210 | 604,419 | ||||||
MetLife, Inc. | 52,100 | 1,879,768 | ||||||
Principal Financial Group, Inc. | 28,060 | 1,021,665 | ||||||
Progressive Corp. (The) | 6,790 | 524,867 | ||||||
Prudential Financial, Inc. | 33,465 | 2,087,212 | ||||||
Travelers Cos., Inc. (The) | 9,830 | 994,894 | ||||||
Unum Group | 71,230 | 1,242,963 | ||||||
Willis Towers Watson PLC | 1,407 | 250,854 | ||||||
18,750,174 | ||||||||
INTERACTIVE MEDIA & SERVICES (3.7%) | ||||||||
Alphabet, Inc., Class A(a) | 3,175 | 4,275,772 | ||||||
Alphabet, Inc., Class C(a) | 3,169 | 4,273,904 | ||||||
Facebook, Inc., Class A(a) | 29,318 | 6,001,688 | ||||||
Twitter, Inc.(a) | 9,850 | 282,498 | ||||||
14,833,862 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (3.3%) | ||||||||
Amazon.com, Inc.(a) | 4,360 | 10,786,640 | ||||||
Booking Holdings, Inc.(a) | 606 | 897,225 | ||||||
eBay, Inc. | 28,530 | 1,136,350 | ||||||
Expedia Group, Inc. | 1,855 | 131,668 | ||||||
12,951,883 | ||||||||
IT SERVICES (4.8%) | ||||||||
Accenture PLC, Class A | 6,387 | 1,182,808 | ||||||
Akamai Technologies, Inc.(a) | 1,960 | 191,512 | ||||||
Alliance Data Systems Corp. | 6,793 | 340,125 | ||||||
Automatic Data Processing, Inc. | 4,690 | 687,976 | ||||||
Broadridge Financial Solutions, Inc. | 1,380 | 160,080 | ||||||
Cognizant Technology Solutions Corp., Class A | 7,290 | 422,966 | ||||||
DXC Technology Co. | 31,467 | 570,497 | ||||||
Fidelity National Information Services, Inc. | 6,686 | 881,817 | ||||||
Fiserv, Inc.(a) | 12,900 | 1,329,474 | ||||||
FleetCor Technologies, Inc.(a) | 4,270 | 1,030,137 | ||||||
Gartner, Inc.(a) | 920 | 109,305 | ||||||
Global Payments, Inc. | 2,957 | 490,921 | ||||||
International Business Machines Corp. | 9,296 | 1,167,206 | ||||||
Jack Henry & Associates, Inc. | 810 | 132,475 | ||||||
Mastercard, Inc., Class A | 12,312 | 3,385,431 | ||||||
Paychex, Inc. | 4,990 | 341,915 | ||||||
PayPal Holdings, Inc.(a) | 19,300 | 2,373,900 | ||||||
VeriSign, Inc.(a) | 812 | 170,106 | ||||||
Visa, Inc., Class A | 21,524 | 3,846,769 | ||||||
Western Union Co. (The) | 14,170 | 270,222 | ||||||
19,085,642 | ||||||||
LEISURE PRODUCTS (0.0%) | ||||||||
Hasbro, Inc. | 1,580 | 114,092 | ||||||
LIFE SCIENCES TOOLS & SERVICES (0.6%) | ||||||||
Agilent Technologies, Inc. | 6,470 | 495,990 | ||||||
Illumina, Inc.(a) | 1,737 | 554,155 | ||||||
IQVIA Holdings, Inc.(a) | 2,970 | 423,492 | ||||||
Mettler-Toledo International, Inc.(a) | 393 | 282,937 | ||||||
PerkinElmer, Inc. | 3,620 | 327,719 | ||||||
Waters Corp.(a) | 1,357 | 253,759 | ||||||
2,338,052 | ||||||||
MACHINERY (1.2%) | ||||||||
Caterpillar, Inc. | 5,900 | 686,642 | ||||||
Cummins, Inc. | 1,827 | 298,714 | ||||||
Deere & Co. | 3,493 | 506,695 | ||||||
Dover Corp. | 1,260 | 117,999 | ||||||
Flowserve Corp. | 780 | 21,973 | ||||||
Fortive Corp. | 3,150 | 201,600 |
See notes to financial statements.
37
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
IDEX Corp. | 1,030 | $ | 158,239 | |||||
Illinois Tool Works, Inc. | 3,444 | 559,650 | ||||||
Ingersoll Rand, Inc.(a) | 2,638 | 76,713 | ||||||
Otis Worldwide Corp.(a) | 4,523 | 230,266 | ||||||
PACCAR, Inc. | 12,945 | 896,182 | ||||||
Parker-Hannifin Corp. | 2,018 | 319,086 | ||||||
Snap-on, Inc. | 830 | 108,141 | ||||||
Stanley Black & Decker, Inc. | 1,932 | 212,906 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,960 | 110,583 | ||||||
Xylem, Inc. | 3,310 | 237,989 | ||||||
4,743,378 | ||||||||
MEDIA (1.4%) | ||||||||
Charter Communications, Inc., Class A(a) | 3,310 | 1,639,211 | ||||||
Comcast Corp., Class A | 40,360 | 1,518,747 | ||||||
Discovery Communications, Inc., Class A(a) | 5,600 | 125,552 | ||||||
Discovery Communications, Inc., Class C(a) | 4,541 | 92,682 | ||||||
DISH Network Corp., Class A(a) | 20,880 | 522,313 | ||||||
Fox Corp., Class A | 6,020 | 155,737 | ||||||
Fox Corp., Class B | 1,230 | 31,439 | ||||||
Interpublic Group of Cos., Inc. (The) | 11,970 | 203,251 | ||||||
News Corp., Class A | 75,310 | 746,322 | ||||||
News Corp., Class B | 16,980 | 173,536 | ||||||
Omnicom Group, Inc. | 4,650 | 265,189 | ||||||
ViacomCBS, Inc., Class B | 7,330 | 126,516 | ||||||
5,600,495 | ||||||||
METALS & MINING (0.6%) | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 17,098 | 150,975 | ||||||
Newmont Corp. | 19,960 | 1,187,221 | ||||||
Nucor Corp. | 20,590 | 848,102 | ||||||
2,186,298 | ||||||||
MULTILINE RETAIL (0.8%) | ||||||||
Dollar General Corp. | 6,800 | 1,192,040 | ||||||
Dollar Tree, Inc.(a) | 2,932 | 233,592 | ||||||
Kohl’s Corp. | 43,420 | 801,533 | ||||||
Nordstrom, Inc. | 26,990 | 506,872 | ||||||
Target Corp. | 5,390 | 591,499 | ||||||
3,325,536 | ||||||||
MULTI-UTILITIES (0.9%) | ||||||||
Ameren Corp. | 5,050 | 367,387 | ||||||
CenterPoint Energy, Inc. | 17,640 | 300,409 | ||||||
CMS Energy Corp. | 4,630 | 264,327 | ||||||
Consolidated Edison, Inc. | 5,180 | 408,184 | ||||||
Dominion Resources, Inc. | 9,592 | 739,831 | ||||||
DTE Energy Co. | 2,870 | 297,734 | ||||||
NiSource, Inc. | 7,770 | 195,105 | ||||||
Public Service Enterprise Group, Inc. | 6,566 | 332,962 | ||||||
Sempra Energy | 3,110 | 385,173 | ||||||
WEC Energy Group | 4,205 | 380,763 | ||||||
3,671,875 | ||||||||
OIL, GAS & CONSUMABLE FUELS (4.1%) | ||||||||
Apache Corp. | 7,680 | 100,454 | ||||||
Cabot Oil & Gas Corp. | 4,320 | 93,398 | ||||||
Chevron Corp. | 25,019 | 2,301,748 | ||||||
Concho Resources, Inc. | 21,470 | 1,217,778 | ||||||
ConocoPhillips | 25,779 | 1,085,296 | ||||||
Devon Energy Corp. | 45,190 | 563,519 | ||||||
Diamondback Energy, Inc. | 16,980 | 739,309 | ||||||
EOG Resources, Inc. | 6,344 | 301,403 | ||||||
Exxon Mobil Corp. | 52,680 | 2,448,040 | ||||||
Hess Corp. | 11,410 | 554,982 | ||||||
HollyFrontier Corp. | 33,990 | 1,123,030 | ||||||
Kinder Morgan, Inc. | 50,990 | 776,578 | ||||||
Marathon Oil Corp. | 78,790 | 482,195 | ||||||
Marathon Petroleum Corp. | 49,098 | 1,575,064 | ||||||
Noble Energy, Inc. | 9,690 | 95,059 | ||||||
Occidental Petroleum Corp. | 23,933 | 397,288 | ||||||
ONEOK, Inc. | 5,450 | 163,118 | ||||||
Phillips 66 | 5,199 | 380,411 | ||||||
Pioneer Natural Resources Co. | 2,396 | 213,987 | ||||||
Valero Energy Corp. | 22,160 | 1,403,836 | ||||||
Williams Cos., Inc. (The) | 13,780 | 266,919 | ||||||
16,283,412 | ||||||||
PERSONAL PRODUCTS (0.3%) | ||||||||
Coty, Inc., Class A | 12,710 | 69,270 | ||||||
Estee Lauder Cos., Inc., (The) Class A | 5,258 | 927,511 | ||||||
996,781 | ||||||||
PHARMACEUTICALS (1.4%) | ||||||||
Allergan PLC | 4,135 | 774,651 | ||||||
Eli Lilly & Co. | 10,150 | 1,569,596 | ||||||
Mylan N.V.(a) | 90,550 | 1,518,523 | ||||||
Perrigo Co. PLC | 18,691 | 996,230 | ||||||
Zoetis, Inc. | 6,750 | 872,843 | ||||||
5,731,843 | ||||||||
PROFESSIONAL SERVICES (0.3%) | ||||||||
Equifax, Inc. | 1,420 | 197,238 | ||||||
IHS Markit Ltd. | 6,030 | 405,819 | ||||||
Nielsen Holdings PLC | 5,520 | 81,310 |
See notes to financial statements.
38
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Robert Half International, Inc. | 1,460 | $ | 69,014 | |||||
Verisk Analytics, Inc. | 1,880 | 287,320 | ||||||
1,040,701 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.2%) | ||||||||
CBRE Group, Inc., Class A(a) | 19,760 | 848,297 | ||||||
ROAD & RAIL (1.0%) | ||||||||
CSX Corp. | 9,810 | 649,716 | ||||||
J.B. Hunt Transport Services, Inc. | 820 | 82,918 | ||||||
Kansas City Southern Industries, Inc. | 4,960 | 647,528 | ||||||
Norfolk Southern Corp. | 2,758 | 471,894 | ||||||
Old Dominion Freight Line, Inc. | 6,750 | 980,708 | ||||||
Union Pacific Corp. | 7,135 | 1,140,102 | ||||||
3,972,866 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.7%) | ||||||||
Advanced Micro Devices, Inc.(a) | 21,100 | 1,105,429 | ||||||
Analog Devices, Inc. | 7,604 | 833,398 | ||||||
Applied Materials, Inc. | 26,440 | 1,313,539 | ||||||
Broadcom, Inc. | 6,242 | 1,695,452 | ||||||
Intel Corp. | 42,520 | 2,550,350 | ||||||
KLA Corp. | 7,360 | 1,207,702 | ||||||
Lam Research Corp. | 5,796 | 1,479,603 | ||||||
Maxim Integrated Products, Inc. | 2,300 | 126,454 | ||||||
Microchip Technology, Inc. | 11,130 | 976,435 | ||||||
Micron Technology, Inc.(a) | 35,440 | 1,697,222 | ||||||
NVIDIA Corp. | 8,332 | 2,435,277 | ||||||
Qorvo, Inc.(a) | 5,750 | 563,672 | ||||||
QUALCOMM, Inc. | 16,690 | 1,313,002 | ||||||
Skyworks Solutions, Inc. | 1,700 | 176,596 | ||||||
Texas Instruments, Inc. | 8,980 | 1,042,309 | ||||||
Xilinx, Inc. | 2,540 | 221,996 | ||||||
18,738,436 | ||||||||
SOFTWARE (7.8%) | ||||||||
Adobe, Inc.(a) | 7,531 | 2,663,263 | ||||||
ANSYS, Inc.(a) | 4,523 | 1,184,257 | ||||||
Autodesk, Inc.(a) | 4,710 | 881,382 | ||||||
Cadence Design Systems, Inc.(a) | 13,820 | 1,121,217 | ||||||
Citrix Systems, Inc. | 1,150 | 166,762 | ||||||
Fortinet, Inc.(a) | 12,130 | 1,306,886 | ||||||
Intuit, Inc. | 4,042 | 1,090,572 | ||||||
Microsoft Corp. | 78,080 | 13,992,717 | ||||||
NortonLifeLock, Inc. | 8,472 | 180,199 | ||||||
Oracle Corp. | 23,221 | 1,230,016 | ||||||
Paycom Software, Inc.(a) | 5,550 | 1,448,661 | ||||||
salesforce.com, Inc.(a) | 12,630 | 2,045,428 | ||||||
ServiceNow, Inc.(a) | 6,570 | 2,309,618 | ||||||
Synopsys, Inc.(a) | 7,080 | 1,112,410 | ||||||
30,733,388 | ||||||||
SPECIALTY RETAIL (2.6%) | ||||||||
Advance Auto Parts, Inc. | 926 | 111,963 | ||||||
AutoZone, Inc.(a) | 731 | 745,854 | ||||||
Best Buy Co., Inc. | 10,110 | 775,740 | ||||||
CarMax, Inc.(a) | 9,990 | 735,764 | ||||||
Gap, Inc. (The) | 77,650 | 630,518 | ||||||
Home Depot, Inc. (The) | 10,839 | 2,382,737 | ||||||
L Brands, Inc. | 47,160 | 560,732 | ||||||
Lowe’s Cos., Inc. | 8,170 | 855,808 | ||||||
O’Reilly Automotive, Inc.(a) | 1,992 | 769,589 | ||||||
Ross Stores, Inc. | 8,400 | 767,424 | ||||||
Tiffany & Co. | 4,240 | 536,360 | ||||||
TJX Cos., Inc. (The) | 21,660 | 1,062,423 | ||||||
Tractor Supply Co. | 1,680 | 170,402 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 641 | 139,687 | ||||||
10,245,001 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.8%) | ||||||||
Apple, Inc. | 42,841 | 12,586,686 | ||||||
Hewlett Packard Enterprise Co. | 92,570 | 931,254 | ||||||
HP, Inc. | 30,700 | 476,157 | ||||||
NetApp, Inc. | 4,200 | 183,834 | ||||||
Seagate Technology PLC | 3,100 | 154,845 | ||||||
Western Digital Corp. | 3,521 | 162,248 | ||||||
Xerox Holdings Corp. | 31,601 | 577,982 | ||||||
15,073,006 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS (0.6%) | ||||||||
Capri Holdings Ltd.(a) | 10,710 | 163,328 | ||||||
Hanesbrands, Inc. | 6,620 | 65,803 | ||||||
NIKE, Inc., Class B | 13,000 | 1,133,340 | ||||||
PVH Corp. | 14,880 | 732,542 | ||||||
Ralph Lauren Corp. | 825 | 60,869 | ||||||
Tapestry, Inc. | 3,890 | 57,883 | ||||||
Under Armour, Inc., Class A(a) | 4,900 | 51,058 | ||||||
Under Armour, Inc., Class C(a) | 1,024 | 9,493 | ||||||
VF Corp. | 4,155 | 241,405 | ||||||
2,515,721 |
See notes to financial statements.
39
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | |||||||
TRADING COMPANIES & DISTRIBUTORS (0.4%) | ||||||||
Fastenal Co. | 8,980 | $ | 325,256 | |||||
United Rentals, Inc.(a) | 8,490 | 1,090,965 | ||||||
W.W. Grainger, Inc. | 418 | 115,192 | ||||||
1,531,413 | ||||||||
WATER UTILITIES (0.1%) | ||||||||
American Water Works Co., Inc. | 2,220 | 270,152 | ||||||
WIRELESS TELECOMMUNICATION SERVICES (0.1%) | ||||||||
T-Mobile U.S., Inc.(a) | 4,050 | 355,590 | ||||||
TOTAL COMMON STOCKS (COST $373,848,323) | 389,386,954 | |||||||
MONEY MARKET FUND (1.6%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(b) | 6,113,636 | 6,113,636 | ||||||
TOTAL MONEY MARKET FUND (COST $6,113,636) | 6,113,636 | |||||||
TOTAL INVESTMENTS (COST $379,961,959) 100.0% | 395,500,590 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% | 111,140 | |||||||
NET ASSETS 100.0% | $ | 395,611,730 |
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2020 is disclosed. |
MSCI — Morgan Stanley Capital International
PLC — Public Limited Company
S&P — Standard & Poor’s
See notes to financial statements.
40
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Small-Mid Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Equity Real Estate Investment Trusts | 6.6 | % | ||
Banks | 5.1 | |||
Electronic Equipment, Instruments & Components | 4.6 | |||
Insurance | 4.4 | |||
Specialty Retail | 4.3 | |||
Machinery | 4.3 | |||
Semiconductors & Semiconductor Equipment | 4.1 | |||
Oil, Gas & Consumable Fuels | 3.7 | |||
Health Care Equipment & Supplies | 3.4 | |||
Software | 3.2 | |||
Health Care Providers & Services | 2.7 | |||
Chemicals | 2.5 | |||
IT Services | 2.3 | |||
Hotels, Restaurants & Leisure | 2.3 | |||
Auto Components | 2.0 | |||
Capital Markets | 2.0 | |||
Household Durables | 1.9 | |||
Money Market Fund | 1.9 | |||
Life Sciences Tools & Services | 1.8 | |||
Metals & Mining | 1.8 | |||
Food Products | 1.8 | |||
Commercial Services & Supplies | 1.7 | |||
Building Products | 1.7 | |||
Aerospace & Defense | 1.5 | |||
Biotechnology | 1.5 | |||
Professional Services | 1.4 | |||
Communications Equipment | 1.3 | |||
Road & Rail | 1.2 | |||
Textiles, Apparel & Luxury Goods | 1.2 | |||
Pharmaceuticals | 1.2 | |||
Electrical Equipment | 1.2 | |||
Energy Equipment & Services | 1.1 | |||
Construction & Engineering | 1.1 | |||
Consumer Finance | 1.1 | |||
Food & Staples Retailing | 1.1 | |||
Media | 1.0 | |||
Air Freight & Logistics | 1.0 | |||
Gas Utilities | 0.9 | |||
Diversified Consumer Services | 0.8 | |||
Diversified Telecommunication Services | 0.8 | |||
Electric Utilities | 0.7 | |||
Trading Companies & Distributors | 0.7 | |||
Multiline Retail | 0.7 | |||
Thrifts & Mortgage Finance | 0.7 | |||
Leisure Products | 0.6 | |||
Paper & Forest Products | 0.6 | |||
Internet & Direct Marketing Retail | 0.6 | |||
Containers & Packaging | 0.6 | |||
Real Estate Management & Development | 0.4 | |||
Airlines | 0.4 | |||
Water Utilities | 0.4 | |||
Multi-Utilities | 0.4 | |||
Wireless Telecommunication Services | 0.4 | |||
Automobiles | 0.4 | |||
Mortgage Real Estate Investment Trusts | 0.3 | |||
Health Care Technology | 0.3 | |||
Industrial Conglomerates | 0.3 | |||
Household Products | 0.3 | |||
Distributors | 0.3 | |||
Diversified Financial Services | 0.3 | |||
Entertainment | 0.2 | |||
Technology Hardware, Storage & Peripherals | 0.2 | |||
Personal Products | 0.2 | |||
Construction Materials | 0.2 | |||
Interactive Media & Services | 0.2 | |||
Beverages | 0.1 | |||
Marine | 0.1 | |||
Total Investments | 100.1 | % |
* Percentages indicated are based on net assets as of April 30, 2020.
See notes to financial statements.
41
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
COMMON STOCKS (98.2%) | ||||||||
AEROSPACE & DEFENSE (1.5%) | ||||||||
AAR Corp. | 2,210 | $ | 43,272 | |||||
Aerojet Rocketdyne Holdings, Inc.(a) | 6,840 | 281,398 | ||||||
AeroVironment, Inc.(a) | 1,200 | 72,312 | ||||||
Axon Enterprise, Inc.(a) | 7,260 | 527,874 | ||||||
Cubic Corp. | 1,780 | 68,014 | ||||||
Curtiss-Wright Corp. | 2,680 | 277,782 | ||||||
Mercury Computer Systems, Inc.(a) | 6,610 | 589,347 | ||||||
Moog, Inc., Class A | 2,000 | 98,960 | ||||||
National Presto Industries, Inc. | 330 | 26,832 | ||||||
Park Aerospace Corp. | 770 | 10,249 | ||||||
Teledyne Technologies, Inc.(a) | 2,654 | 864,328 | ||||||
Triumph Group, Inc. | 14,040 | 98,842 | ||||||
2,959,210 | ||||||||
AIR FREIGHT & LOGISTICS (1.0%) | ||||||||
Atlas Air Worldwide Holdings(a) | 23,050 | 757,192 | ||||||
Echo Global Logistics, Inc.(a) | 19,230 | 337,102 | ||||||
Forward Air Corp. | 3,310 | 170,796 | ||||||
Hub Group, Inc., Class A(a) | 5,520 | 265,567 | ||||||
XPO Logistics, Inc.(a) | 6,690 | 446,491 | ||||||
1,977,148 | ||||||||
AIRLINES (0.4%) | ||||||||
Allegiant Travel Co. | 2,076 | 162,924 | ||||||
Hawaiian Holdings, Inc. | 10,430 | 150,192 | ||||||
JetBlue Airways Corp.(a) | 27,430 | 267,168 | ||||||
SkyWest, Inc. | 3,490 | 108,016 | ||||||
688,300 | ||||||||
AUTO COMPONENTS (2.0%) | ||||||||
Adient PLC(a) | 17,380 | 260,352 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) | 33,920 | 146,534 | ||||||
Cooper Tire & Rubber Co. | 9,530 | 201,941 | ||||||
Cooper-Standard Holdings, Inc.(a) | 21,570 | 277,175 | ||||||
Dana, Inc. | 31,690 | 364,435 | ||||||
Delphi Technologies PLC(a) | 28,390 | 283,616 | ||||||
Dorman Products, Inc.(a) | 1,650 | 104,082 | ||||||
Fox Factory Holding Corp.(a) | 5,160 | 263,212 | ||||||
Garrett Motion, Inc.(a) | 16,400 | 89,380 | ||||||
Gentex Corp. | 15,930 | 386,143 | ||||||
Gentherm, Inc.(a) | 2,160 | 80,870 | ||||||
Goodyear Tire & Rubber Co. (The) | 48,150 | 345,236 | ||||||
LCI Industries | 3,480 | 301,786 | ||||||
Lear Corp. | 5,900 | 576,135 | ||||||
Motorcar Parts of America, Inc.(a) | 2,160 | 30,737 | ||||||
Standard Motor Products, Inc. | 1,160 | 47,200 | ||||||
Visteon Corp.(a) | 1,780 | 107,334 | ||||||
3,866,168 | ||||||||
AUTOMOBILES (0.4%) | ||||||||
Thor Industries, Inc. | 6,810 | 450,822 | ||||||
Winnebago Industries, Inc. | 8,740 | 387,794 | ||||||
838,616 | ||||||||
BANKS (5.1%) | ||||||||
Allegiance Bancshares, Inc. | 690 | 17,305 | ||||||
Ameris Bancorp | 3,102 | 78,884 | ||||||
Associated Bancorp | 15,468 | 218,718 | ||||||
Banc of California, Inc. | 2,870 | 29,905 | ||||||
BancorpSouth Bank | 4,230 | 92,595 | ||||||
Bank of Hawaii Corp. | 2,390 | 162,950 | ||||||
Bank OZK | 12,650 | 286,143 | ||||||
Banner Corp. | 1,640 | 63,025 | ||||||
Berkshire Hills Bancorp, Inc. | 5,090 | 86,734 | ||||||
Boston Private Financial Holdings, Inc. | 6,700 | 50,920 | ||||||
Brookline Bancorp, Inc. | 6,100 | 62,281 | ||||||
Cadence BanCorp | 14,090 | 93,276 | ||||||
Cathay General Bancorp | 3,620 | 101,070 | ||||||
Central Pacific Financial Corp. | 2,140 | 37,429 | ||||||
CIT Group, Inc. | 4,810 | 91,294 | ||||||
City Holding Co. | 850 | 57,451 | ||||||
Columbia Banking System, Inc. | 3,710 | 100,133 | ||||||
Commerce Bancshares, Inc. | 5,574 | 341,073 | ||||||
Community Bank System, Inc. | 2,820 | 176,222 | ||||||
Cullen/Frost Bankers, Inc. | 3,370 | 242,168 | ||||||
Customers Bancorp, Inc.(a) | 8,880 | 113,309 | ||||||
CVB Financial Corp. | 6,320 | 131,361 | ||||||
Dime Community Bancshares, Inc. | 1,500 | 24,645 | ||||||
Eagle Bancorp, Inc. | 1,700 | 59,636 | ||||||
East West Bancorp, Inc. | 8,260 | 289,678 | ||||||
F.N.B. Corp. | 24,300 | 196,587 | ||||||
First BanCorp | 14,592 | 85,071 | ||||||
First Commonwealth Financial Corp. | 4,960 | 47,219 | ||||||
First Financial Bancorp | 4,760 | 73,209 | ||||||
First Financial Bankshares, Inc. | 7,880 | 219,458 | ||||||
First Horizon National Corp. | 18,520 | 168,162 | ||||||
First Midwest Bancorp, Inc. | 6,240 | 92,227 | ||||||
Franklin Financial Network, Inc. | 770 | 18,264 | ||||||
Fulton Financial Corp. | 11,140 | 130,227 | ||||||
Glacier Bancorp, Inc. | 4,760 | 181,261 | ||||||
Great Western Bancorp, Inc. | 3,280 | 61,664 | ||||||
Hancock Holding Corp. | 7,139 | 149,276 |
See notes to financial statements.
42
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Hanmi Financial Corp. | 2,251 | $ | 27,170 | |||||
Heritage Financial Corp. | 1,430 | 28,671 | ||||||
Home Bancshares, Inc. | 9,712 | 148,885 | ||||||
Hope Bancorp, Inc. | 8,372 | 83,301 | ||||||
Independent Bank Corp. - Massachusetts | 1,910 | 139,220 | ||||||
International Bancshares Corp. | 3,120 | 90,449 | ||||||
National Bank Holdings Corp., Class A | 1,950 | 51,831 | ||||||
NBT Bancorp | 1,930 | 63,941 | ||||||
OFG Bancorp | 2,890 | 36,356 | ||||||
Old National Bancorp | 12,610 | 178,684 | ||||||
Opus Bank | 5,680 | 109,170 | ||||||
Pacific Premier Bancorp, Inc. | 5,870 | 125,324 | ||||||
PacWest Bancorp | 10,870 | 220,009 | ||||||
Pinnacle Financial Partners, Inc. | 6,330 | 254,782 | ||||||
Preferred Bank/Los Angeles, CA | 3,200 | 122,080 | ||||||
Prosperity Bancshares, Inc. | 5,331 | 319,487 | ||||||
S&T Bancorp, Inc. | 1,570 | 41,935 | ||||||
Seacoast Banking Corporation of Florida(a) | 3,750 | 84,262 | ||||||
ServisFirst Bancshares, Inc. | 4,140 | 147,053 | ||||||
Signature Bank | 3,440 | 368,699 | ||||||
Simmons First National Corp., Class A | 9,500 | 177,650 | ||||||
Southside Bancshares, Inc. | 1,894 | 57,597 | ||||||
Sterling Bancorp | 17,099 | 210,831 | ||||||
Synovus Financial Corp. | 8,772 | 184,300 | ||||||
TCF Financial Corp. | 10,301 | 305,837 | ||||||
Texas Capital Bancshares, Inc.(a) | 4,820 | 133,900 | ||||||
Tompkins Financial Corp. | 759 | 51,240 | ||||||
Triumph Bancorp, Inc.(a) | 1,800 | 49,878 | ||||||
Trustmark Corp. | 4,140 | 110,165 | ||||||
UMB Financial Corp. | 2,650 | 134,726 | ||||||
Umpqua Holdings Corp. | 20,610 | 258,140 | ||||||
United Bankshares, Inc. | 6,543 | 196,028 | ||||||
United Community Banks, Inc. | 5,222 | 110,419 | ||||||
Valley National Bancorp | 19,464 | 162,719 | ||||||
Veritex Holdings, Inc. | 2,223 | 39,036 | ||||||
Webster Financial Corp. | 5,160 | 145,770 | ||||||
Westamerica BanCorp | 1,470 | 92,610 | ||||||
Wintrust Financial Corp. | 5,510 | 230,869 | ||||||
9,723,854 | ||||||||
BEVERAGES (0.1%) | ||||||||
Coca-Cola Consolidated, Inc. | 1,051 | 247,479 | ||||||
National Beverage Corp.(a) | 660 | 33,152 | ||||||
280,631 | ||||||||
BIOTECHNOLOGY (1.5%) | ||||||||
Acorda Therapeutics, Inc.(a) | 2,810 | 2,705 | ||||||
Anika Therapeutics, Inc.(a) | 3,140 | 104,342 | ||||||
Arrowhead Pharmaceuticals, Inc.(a) | 10,110 | 348,087 | ||||||
Cytokinetics, Inc.(a) | 3,990 | 60,289 | ||||||
Eagle Pharmaceuticals, Inc.(a) | 4,510 | 229,920 | ||||||
Emergent BioSolutions, Inc.(a) | 2,420 | 178,959 | ||||||
Enanta Pharmaceuticals, Inc.(a) | 2,920 | 135,400 | ||||||
Exelixis, Inc.(a) | 25,930 | 640,341 | ||||||
Ligand Pharmaceuticals, Inc.(a) | 2,750 | 271,068 | ||||||
Momenta Pharmaceuticals, Inc.(a) | 6,030 | 191,151 | ||||||
Myriad Genetics, Inc.(a) | 4,300 | 66,478 | ||||||
Progenics Pharmaceuticals, Inc.(a) | 7,180 | 28,289 | ||||||
REGENXBIO, Inc.(a) | 3,790 | 150,918 | ||||||
Spectrum Pharmaceuticals, Inc.(a) | 12,140 | 35,206 | ||||||
United Therapeutics Corp.(a) | 2,473 | 270,942 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 3,970 | 45,655 | ||||||
Xencor, Inc.(a) | 2,990 | 87,398 | ||||||
2,847,148 | ||||||||
BUILDING PRODUCTS (1.7%) | ||||||||
AAON, Inc. | 4,048 | 192,847 | ||||||
American Woodmark Corp.(a) | 3,830 | 196,900 | ||||||
Apogee Enterprises, Inc. | 2,220 | 45,377 | ||||||
Gibraltar Industries, Inc.(a) | 1,840 | 85,192 | ||||||
Griffon Corp. | 15,860 | 260,263 | ||||||
Insteel Industries, Inc. | 1,150 | 20,205 | ||||||
Lennox International, Inc. | 2,039 | 380,641 | ||||||
Owens Corning | 6,060 | 262,762 | ||||||
Patrick Industries, Inc. | 6,765 | 278,853 | ||||||
PGT Innovations, Inc.(a) | 4,250 | 43,945 | ||||||
Quanex Building Products Corp. | 4,075 | 50,815 | ||||||
Resideo Technologies, Inc.(a) | 59,530 | 305,389 | ||||||
Simpson Manufacturing Co., Inc. | 4,600 | 331,660 | ||||||
Trex Co., Inc.(a) | 5,500 | 523,710 | ||||||
Universal Forest Products, Inc. | 8,320 | 342,118 | ||||||
3,320,677 | ||||||||
CAPITAL MARKETS (2.0%) | ||||||||
Affiliated Managers Group, Inc. | 3,020 | 211,279 | ||||||
Blucora, Inc.(a) | 3,730 | 52,481 | ||||||
Donnelley Financial Solutions, Inc.(a) | 28,111 | 204,648 | ||||||
Eaton Vance Corp. | 6,690 | 245,523 | ||||||
Evercore Partners, Inc., Class A | 2,460 | 126,936 | ||||||
FactSet Research Systems, Inc. | 2,128 | 585,200 | ||||||
Federated Hermes, Inc. | 5,660 | 128,878 | ||||||
Greenhill & Co., Inc. | 1,360 | 14,511 | ||||||
Interactive Brokers Group, Inc., Class A | 4,170 | 170,970 | ||||||
INTL. FCStone, Inc.(a) | 10,460 | 417,982 |
See notes to financial statements.
43
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Janus Henderson Group PLC | 16,550 | $ | 296,245 | |||||
Legg Mason, Inc. | 9,560 | 476,375 | ||||||
Piper Sandler Cos. | 1,070 | 57,684 | ||||||
SEI Investments Co. | 6,650 | 338,884 | ||||||
Stifel Financial Corp. | 4,005 | 177,341 | ||||||
Virtus Investment Partners, Inc. | 3,117 | 253,319 | ||||||
Waddell & Reed Financial, Inc., Class A | 4,850 | 70,568 | ||||||
WisdomTree Investments, Inc. | 6,910 | 22,388 | ||||||
3,851,212 | ||||||||
CHEMICALS (2.5%) | ||||||||
AdvanSix, Inc.(a) | 15,320 | 186,598 | ||||||
American Vanguard Corp. | 1,350 | 16,970 | ||||||
Ashland Global Holdings, Inc. | 3,400 | 209,746 | ||||||
Balchem Corp. | 1,735 | 154,831 | ||||||
Cabot Corp. | 3,140 | 106,415 | ||||||
Chemours Co. (The) | 18,690 | 219,234 | ||||||
Ferro Corp.(a) | 4,310 | 42,971 | ||||||
FutureFuel Corp. | 1,390 | 14,428 | ||||||
GCP Applied Technologies, Inc.(a) | 2,420 | 41,430 | ||||||
H.B. Fuller Co. | 2,980 | 109,634 | ||||||
Hawkins, Inc. | 640 | 23,955 | ||||||
Ingevity Corp.(a) | 2,490 | 129,281 | ||||||
Innospec, Inc. | 4,060 | 294,431 | ||||||
Koppers Holdings, Inc.(a) | 7,410 | 116,782 | ||||||
Kraton Performance Polymers, Inc.(a) | 18,850 | 294,248 | ||||||
Livent Corp.(a) | 7,650 | 47,430 | ||||||
LSB Industries, Inc.(a) | 37,910 | 75,441 | ||||||
Minerals Technologies, Inc. | 4,700 | 206,988 | ||||||
NewMarket Corp. | 449 | 184,737 | ||||||
Olin Corp. | 28,580 | 381,543 | ||||||
PolyOne Corp. | 4,750 | 110,628 | ||||||
Quaker Chemical Corp. | 850 | 129,302 | ||||||
Rayonier, Inc. | 68,143 | 121,295 | ||||||
RPM International, Inc. | 7,040 | 467,526 | ||||||
Scotts Miracle-Gro Co. (The) | 3,860 | 478,756 | ||||||
Sensient Technologies Corp. | 2,160 | 103,226 | ||||||
Stepan Co. | 1,150 | 109,710 | ||||||
Tredegar Corp. | 2,040 | 33,619 | ||||||
Trinseo SA | 7,110 | 145,399 | ||||||
Valvoline, Inc. | 10,396 | 178,707 | ||||||
4,735,261 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (1.7%) | ||||||||
ABM Industries, Inc. | 9,000 | 310,410 | ||||||
Brady Corp., Class A | 2,610 | 113,639 | ||||||
Brink’s Co. (The) | 3,750 | 191,700 | ||||||
Clean Harbors, Inc.(a) | 4,250 | 227,078 | ||||||
Deluxe Corp. | 2,540 | 71,552 | ||||||
Harsco Corp.(a) | 6,030 | 60,179 | ||||||
Healthcare Services Group, Inc. | 4,472 | 113,991 | ||||||
Herman Miller, Inc. | 5,230 | 117,884 | ||||||
HNI Corp. | 2,840 | 69,126 | ||||||
Interface, Inc. | 5,560 | 51,374 | ||||||
KAR Auction Services, Inc. | 14,590 | 218,558 | ||||||
Matthews International Corp., Class A | 2,440 | 58,414 | ||||||
Mobile Mini, Inc. | 2,920 | 83,424 | ||||||
MSA Safety, Inc. | 2,040 | 229,561 | ||||||
Pitney Bowes, Inc. | 33,390 | 117,867 | ||||||
R.R. Donnelley & Sons Co. | 42,533 | 72,732 | ||||||
Stericycle, Inc.(a) | 5,050 | 246,440 | ||||||
Team, Inc.(a) | 15,860 | 97,856 | ||||||
Tetra Tech, Inc. | 4,800 | 361,344 | ||||||
UniFirst Corp. | 1,650 | 277,448 | ||||||
US Ecology, Inc. | 1,900 | 62,282 | ||||||
Viad Corp. | 1,360 | 32,599 | ||||||
3,185,458 | ||||||||
COMMUNICATIONS EQUIPMENT (1.3%) | ||||||||
ADTRAN, Inc. | 2,480 | 25,494 | ||||||
Applied Optoelectronics, Inc.(a) | 10,760 | 115,347 | ||||||
CalAmp Corp.(a) | 4,110 | 27,619 | ||||||
Ciena Corp.(a) | 8,300 | 383,875 | ||||||
Comtech Telecommunications Corp. | 5,260 | 97,363 | ||||||
Digi International, Inc.(a) | 9,720 | 110,322 | ||||||
Extreme Networks, Inc.(a) | 21,940 | 74,596 | ||||||
Harmonic, Inc.(a) | 24,620 | 142,796 | ||||||
InterDigital, Inc. | 1,820 | 105,141 | ||||||
Lumentum Holdings, Inc.(a) | 6,855 | 554,638 | ||||||
NETGEAR, Inc.(a) | 6,780 | 162,585 | ||||||
NetScout Systems, Inc.(a) | 8,210 | 217,401 | ||||||
Plantronics, Inc. | 1,900 | 26,828 | ||||||
ViaSat, Inc.(a) | 3,250 | 137,800 | ||||||
Viavi Solutions, Inc.(a) | 22,820 | 275,666 | ||||||
2,457,471 | ||||||||
CONSTRUCTION & ENGINEERING (1.1%) | ||||||||
AECOM Technology Corp.(a) | 14,262 | 517,140 | ||||||
Aegion Corp.(a) | 7,510 | 120,535 | ||||||
Arcosa, Inc. | 5,773 | 215,160 | ||||||
Comfort Systems USA, Inc. | 2,140 | 71,262 | ||||||
Dycom Industries, Inc.(a) | 5,960 | 194,296 | ||||||
EMCOR Group, Inc. | 3,190 | 202,661 | ||||||
Fluor Corp. | 11,470 | 134,199 | ||||||
Granite Construction, Inc. | 14,110 | 231,968 | ||||||
MasTec, Inc.(a) | 8,140 | 292,226 |
See notes to financial statements.
44
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
MYR Group, Inc.(a) | 1,380 | $ | 41,400 | |||||
Valmont Industries, Inc. | 1,320 | 154,757 | ||||||
2,175,604 | ||||||||
CONSTRUCTION MATERIALS (0.2%) | ||||||||
Eagle Materials, Inc. | 3,450 | 210,484 | ||||||
U.S. Concrete, Inc.(a) | 4,520 | 86,694 | ||||||
297,178 | ||||||||
CONSUMER FINANCE (1.1%) | ||||||||
Encore Capital Group, Inc.(a) | 5,650 | 146,787 | ||||||
Enova International, Inc.(a) | 10,673 | 171,195 | ||||||
EZCORP, Inc., Class A(a) | 76,950 | 430,920 | ||||||
FirstCash, Inc. | 2,398 | 172,272 | ||||||
Green Dot Corp., Class A(a) | 8,450 | 257,725 | ||||||
LendingTree, Inc.(a) | 1,362 | 339,642 | ||||||
Navient Corp. | 26,740 | 203,759 | ||||||
PRA Group, Inc.(a) | 2,990 | 82,943 | ||||||
SLM Corp. | 28,740 | 239,691 | ||||||
World Acceptance Corp.(a) | 560 | 37,996 | ||||||
2,082,930 | ||||||||
CONTAINERS & PACKAGING (0.6%) | ||||||||
AptarGroup, Inc. | 3,240 | 346,939 | ||||||
Greif, Inc., Class A | 6,260 | 212,151 | ||||||
Myers Industries, Inc. | 1,870 | 23,113 | ||||||
O-I Glass, Inc. | 11,940 | 98,386 | ||||||
Silgan Holdings, Inc. | 4,570 | 157,665 | ||||||
Sonoco Products Co. | 5,410 | 264,225 | ||||||
1,102,479 | ||||||||
DISTRIBUTORS (0.3%) | ||||||||
Pool Corp. | 2,900 | 613,814 | ||||||
DIVERSIFIED CONSUMER SERVICES (0.8%) | ||||||||
Adtalem Global Education, Inc.(a) | 6,440 | 204,599 | ||||||
American Public Education, Inc.(a) | 1,300 | 33,501 | ||||||
Graham Holdings Co., Class B | 737 | 287,437 | ||||||
Grand Canyon Education, Inc.(a) | 2,860 | 246,017 | ||||||
Perdoceo Education Corp.(a) | 6,540 | 85,020 | ||||||
Regis Corp.(a) | 3,950 | 49,059 | ||||||
Service Corp. International | 10,520 | 386,505 | ||||||
Strategic Education, Inc. | 1,369 | 218,082 | ||||||
WW International, Inc.(a) | 2,880 | 73,469 | ||||||
1,583,689 | ||||||||
DIVERSIFIED FINANCIAL SERVICES (0.3%) | ||||||||
FGL Holdings | 30,500 | 316,590 | ||||||
Jefferies Financial Group, Inc. | 24,870 | 341,216 | ||||||
657,806 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.8%) | ||||||||
ATN International, Inc. | 740 | 45,969 | ||||||
Cincinnati Bell, Inc.(a) | 2,952 | 43,247 | ||||||
Cogent Communications Holdings, Inc. | 3,980 | 333,643 | ||||||
Consolidated Communications Holdings, Inc.(a) | 123,860 | 776,602 | ||||||
Iridium Communications, Inc.(a) | 5,510 | 124,002 | ||||||
Vonage Holdings Corp.(a) | 13,810 | 115,452 | ||||||
1,438,915 | ||||||||
ELECTRIC UTILITIES (0.7%) | ||||||||
ALLETE, Inc. | 2,550 | 146,778 | ||||||
El Paso Electric Co. | 2,000 | 136,000 | ||||||
Hawaiian Electric Industries, Inc. | 6,070 | 239,583 | ||||||
IDACORP, Inc. | 2,670 | 245,053 | ||||||
OGE Energy Corp. | 10,600 | 334,112 | ||||||
PNM Resources, Inc. | 4,590 | 185,849 | ||||||
1,287,375 | ||||||||
ELECTRICAL EQUIPMENT (1.2%) | ||||||||
Acuity Brands, Inc. | 2,290 | 198,291 | ||||||
AZZ, Inc. | 1,460 | 45,830 | ||||||
Encore Wire Corp. | 1,250 | 57,225 | ||||||
EnerSys | 2,540 | 148,311 | ||||||
Generac Holdings, Inc.(a) | 6,400 | 623,616 | ||||||
Hubbell, Inc. | 4,170 | 518,873 | ||||||
nVent Electric PLC | 8,980 | 167,477 | ||||||
Powell Industries, Inc. | 760 | 19,281 | ||||||
Regal Beloit Corp. | 4,030 | 286,170 | ||||||
Sunrun, Inc.(a) | 4,010 | 56,260 | ||||||
Vicor Corp.(a) | 3,140 | 166,954 | ||||||
2,288,288 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (4.6%) | ||||||||
Anixter International, Inc.(a) | 4,870 | 452,228 | ||||||
Arlo Technologies, Inc.(a) | 3,851 | 10,552 | ||||||
Arrow Electronics, Inc.(a) | 9,220 | 580,122 | ||||||
Avnet, Inc. | 16,620 | 498,932 | ||||||
Badger Meter, Inc. | 1,630 | 96,219 |
See notes to financial statements.
45
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Bel Fuse, Inc., Class B | 14,630 | $ | 109,140 | |||||
Belden CDT, Inc. | 2,380 | 81,372 | ||||||
Benchmark Electronics, Inc. | 2,870 | 59,294 | ||||||
Cognex Corp. | 11,300 | 624,212 | ||||||
Coherent, Inc.(a) | 2,354 | 301,006 | ||||||
CTS Corp. | 2,250 | 52,110 | ||||||
Daktronics, Inc. | 24,320 | 109,926 | ||||||
ePlus, Inc.(a) | 820 | 58,015 | ||||||
Fabrinet(a) | 4,060 | 254,765 | ||||||
FARO Technologies, Inc.(a) | 850 | 46,657 | ||||||
II-VI, Inc.(a) | 8,381 | 288,474 | ||||||
Insight Enterprises, Inc.(a) | 2,140 | 116,181 | ||||||
Itron, Inc.(a) | 4,040 | 282,073 | ||||||
Jabil Circuit, Inc. | 14,570 | 414,371 | ||||||
KEMET Corp. | 12,910 | 348,699 | ||||||
Knowles Corp.(a) | 5,710 | 88,791 | ||||||
Littelfuse, Inc. | 1,625 | 236,015 | ||||||
Methode Electronics, Inc. | 2,020 | 60,640 | ||||||
MTS Systems Corp. | 990 | 21,057 | ||||||
National Instruments Corp. | 6,495 | 249,538 | ||||||
OSI Systems, Inc.(a) | 3,330 | 241,025 | ||||||
PC Connection, Inc. | 480 | 22,056 | ||||||
Plexus Corp.(a) | 3,410 | 213,773 | ||||||
Rogers Corp.(a) | 1,740 | 193,210 | ||||||
Sanmina Corp.(a) | 14,690 | 407,354 | ||||||
ScanSource, Inc.(a) | 13,460 | 348,883 | ||||||
SYNNEX Corp. | 5,428 | 475,276 | ||||||
Tech Data Corp.(a) | 4,630 | 651,163 | ||||||
Trimble Navigation Ltd.(a) | 13,290 | 460,233 | ||||||
TTM Technologies, Inc.(a) | 23,870 | 276,653 | ||||||
Vishay Intertechnology, Inc. | 8,280 | 137,365 | ||||||
8,867,380 | ||||||||
ENERGY EQUIPMENT & SERVICES (1.1%) | ||||||||
Apergy Corp.(a) | 5,100 | 46,971 | ||||||
Archrock, Inc. | 24,970 | 120,106 | ||||||
Core Laboratories N.V. | 3,770 | 73,930 | ||||||
Diamond Offshore Drilling, Inc.(a) | 15,130 | 3,554 | ||||||
DMC Global, Inc. | 7,410 | 191,252 | ||||||
Dril-Quip, Inc.(a) | 2,450 | 81,168 | ||||||
Era Group, Inc.(a) | 23,130 | 118,426 | ||||||
Exterran Corp.(a) | 62,045 | 421,906 | ||||||
Geospace Technologies Corp.(a) | 12,360 | 76,756 | ||||||
Helix Energy Solutions Group, Inc.(a) | 30,130 | 76,530 | ||||||
Matrix Service Co.(a) | 12,860 | 134,258 | ||||||
Nabors Industries Ltd. | 849 | 12,501 | ||||||
Newpark Resources, Inc.(a) | 19,230 | 29,422 | ||||||
Noble Corp. PLC(a) | 20,660 | 5,330 | ||||||
Oceaneering International, Inc.(a) | 14,110 | 72,525 | ||||||
Oil States International, Inc.(a) | 12,080 | 41,555 | ||||||
Patterson-UTI Energy, Inc. | 26,360 | 97,268 | ||||||
ProPetro Holding Corp.(a) | 39,940 | 169,346 | ||||||
RPC, Inc. | 32,300 | 110,143 | ||||||
SEACOR Holdings, Inc.(a) | 1,580 | 44,651 | ||||||
TETRA Technologies, Inc.(a) | 149,370 | 72,639 | ||||||
Transocean Ltd.(a) | 26,220 | 33,562 | �� | |||||
US Silica Holdings, Inc. | 23,870 | 45,830 | ||||||
Valaris PLC(a) | 54,089 | 24,638 | ||||||
2,104,267 | ||||||||
ENTERTAINMENT (0.2%) | ||||||||
Cinemark Holdings, Inc. | 6,410 | 91,535 | ||||||
Glu Mobile, Inc.(a) | 23,090 | 180,102 | ||||||
Marcus Corp. (The) | 2,660 | 38,676 | ||||||
World Wrestling Entertainment, Inc., Class A | 2,750 | 122,293 | ||||||
432,606 | ||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (6.6%) | ||||||||
Acadia Realty Trust | 5,897 | 73,064 | ||||||
Agree Realty Corp. | 3,780 | 246,116 | ||||||
Alexander & Baldwin, Inc. | 6,513 | 85,581 | ||||||
American Assets Trust, Inc. | 2,680 | 75,898 | ||||||
American Campus Communities, Inc. | 8,540 | 301,377 | ||||||
Armada Hoffler Properties, Inc. | 9,190 | 88,316 | ||||||
Brixmor Property Group, Inc. | 15,740 | 180,223 | ||||||
Camden Property Trust | 5,610 | 494,073 | ||||||
CareTrust REIT, Inc. | 5,808 | 95,716 | ||||||
CBL & Associates Properties, Inc.(a) | 63,190 | 18,262 | ||||||
Cedar Shopping Centers, Inc. | 8,730 | 9,166 | ||||||
Chatham Lodging Trust | 2,050 | 15,395 | ||||||
Community Healthcare Trust, Inc. | 5,650 | 210,180 | ||||||
Corecivic, Inc. | 17,048 | 223,670 | ||||||
Coresite Realty Corp. | 2,080 | 252,075 | ||||||
Corporate Office Properties Trust | 5,850 | 154,557 | ||||||
Cousins Properties, Inc. | 12,349 | 372,569 | ||||||
Cyrusone, Inc. | 6,150 | 431,422 | ||||||
DiamondRock Hospitality Co. | 15,570 | 97,001 | ||||||
Diversified Healthcare Trust | 30,200 | 93,922 | ||||||
Douglas Emmett, Inc. | 9,010 | 274,715 | ||||||
Easterly Government Properties, Inc. | 4,400 | 118,404 | ||||||
EastGroup Properties, Inc. | 2,900 | 307,400 | ||||||
EPR Properties | 4,540 | 133,567 | ||||||
Essential Properties Realty Trust, Inc. | 17,700 | 260,013 |
See notes to financial statements.
46
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
First Industrial Realty Trust, Inc. | 7,330 | $ | 276,854 | |||||
Four Corners Property Trust, Inc. | 6,267 | 140,318 | ||||||
Franklin Street Properties Corp. | 3,260 | 17,734 | ||||||
Geo Group, Inc. (The) | 18,854 | 239,069 | ||||||
Getty Realty Corp. | 2,470 | 67,085 | ||||||
Global Net Lease, Inc. | 4,270 | 61,445 | ||||||
Healthcare Realty Trust, Inc. | 7,960 | 233,944 | ||||||
Hersha Hospitality Trust | 8,430 | 44,089 | ||||||
Highwoods Properties, Inc. | 5,760 | 223,546 | ||||||
Independence Realty Trust, Inc. | 2,480 | 24,974 | ||||||
Industrial Logistics Properties Trust | 2,480 | 46,351 | ||||||
Innovative Industrial Properties, Inc. | 5,920 | 464,483 | ||||||
Investors Real Estate Trust | 720 | 45,094 | ||||||
iStar, Inc. | 20,600 | 206,412 | ||||||
JBG Smith Properties | 6,400 | 217,280 | ||||||
Kilroy Realty Corp. | 5,290 | 329,355 | ||||||
Kite Realty Group Trust | 7,835 | 80,152 | ||||||
Lamar Advertising Co. | 5,290 | 304,968 | ||||||
Lexington Corporate Properties Trust | 15,915 | 166,312 | ||||||
Life Storage, Inc. | 2,600 | 227,734 | ||||||
LTC Properties, Inc. | 2,620 | 93,272 | ||||||
Macerich Co. (The) | 4,640 | 34,661 | ||||||
Mack-Cali Realty Corp. | 5,020 | 81,274 | ||||||
Medical Properties Trust, Inc. | 31,440 | 538,882 | ||||||
National Retail Properties, Inc. | 9,550 | 311,712 | ||||||
National Storage Affiliates | 3,830 | 109,078 | ||||||
NexPoint Residential Trust, Inc. | 1,330 | 39,993 | ||||||
Office Properties Income Trust | 2,857 | 78,282 | ||||||
Omega Healthcare Investors, Inc. | 12,206 | 355,805 | ||||||
Park Hotels & Resorts, Inc. | 20,604 | 195,944 | ||||||
Pebblebrook Hotel Trust | 12,116 | 143,453 | ||||||
Pennsylvania Real Estate Investment Trust | 3,850 | 3,889 | ||||||
Potlatch Corp. | 4,022 | 141,212 | ||||||
PS Business Parks, Inc. | 1,220 | 157,490 | ||||||
Rayonier, Inc. | 7,010 | 168,450 | ||||||
Retail Opportunity Investments Corp. | 8,910 | 86,472 | ||||||
RPT Realty | 2,440 | 16,641 | ||||||
Sabra Health Care REIT, Inc. | 12,749 | 163,442 | ||||||
Safehold, Inc. | 9,000 | 519,840 | ||||||
Saul Centers, Inc. | 610 | 19,898 | ||||||
Service Properties Trust | 8,860 | 61,400 | ||||||
Spirit Realty Capital, Inc. | 5,070 | 155,953 | ||||||
Summit Hotel Properties, Inc. | 13,160 | 79,750 | ||||||
Tanger Factory Outlet Centers | 6,800 | 51,136 | ||||||
Taubman Centers, Inc. | 3,410 | 146,971 | ||||||
Uniti Group, Inc. | 10,194 | 71,970 | ||||||
Universal Health Realty Income Trust | 1,990 | 212,850 | ||||||
Urban Edge Properties | 5,600 | 64,400 | ||||||
Urstadt Biddle Properties, Inc., Class A | 4,060 | 59,317 | ||||||
Washington Prime Group, Inc. | 34,820 | 29,938 | ||||||
Washington Real Estate | 3,790 | 88,383 | ||||||
Weingarten Realty Investors | 7,820 | 142,246 | ||||||
Whitestone REIT | 1,040 | 7,051 | ||||||
Xenia Hotels & Resorts, Inc. | 9,190 | 89,143 | ||||||
12,550,079 | ||||||||
FOOD & STAPLES RETAILING (1.1%) | ||||||||
Andersons, Inc. (The) | 24,745 | 419,923 | ||||||
BJ’s Wholesale Club Holdings, Inc.(a) | 15,580 | 409,910 | ||||||
Chefs’ Warehouse, Inc. (The)(a) | 1,640 | 23,091 | ||||||
PriceSmart, Inc. | 1,410 | 89,591 | ||||||
SpartanNash Co. | 38,744 | 664,459 | ||||||
Sprouts Farmers Market, Inc.(a) | 13,520 | 280,946 | ||||||
United Natural Foods, Inc.(a) | 24,880 | 264,723 | ||||||
2,152,643 | ||||||||
FOOD PRODUCTS (1.8%) | ||||||||
B&G Foods, Inc. | 13,800 | 267,996 | ||||||
Calavo Growers, Inc. | 940 | 54,520 | ||||||
Cal-Maine Foods, Inc.(a) | 1,710 | 70,982 | ||||||
Darling Ingredients, Inc.(a) | 9,310 | 191,693 | ||||||
Flowers Foods, Inc. | 10,913 | 243,142 | ||||||
Fresh Del Monte Produce, Inc. | 13,850 | 394,864 | ||||||
Hain Celestial Group Inc. (The)(a) | 4,470 | 115,505 | ||||||
Ingredion, Inc. | 3,730 | 302,876 | ||||||
J&J Snack Foods Corp. | 970 | 123,219 | ||||||
John B. Sanfilippo & Son, Inc. | 1,280 | 105,126 | ||||||
Lancaster Colony Corp. | 1,130 | 152,132 | ||||||
Pilgrim’s Pride Corp.(a) | 3,670 | 80,740 | ||||||
Post Holdings, Inc.(a) | 3,755 | 344,897 | ||||||
Sanderson Farms, Inc. | 1,760 | 239,606 | ||||||
Seneca Foods Corp., Class A(a) | 11,380 | 409,452 | ||||||
Tootsie Roll Industries, Inc. | 986 | 34,638 | ||||||
TreeHouse Foods, Inc.(a) | 6,510 | 336,762 | ||||||
3,468,150 | ||||||||
GAS UTILITIES (0.9%) | ||||||||
National Fuel Gas Co. | 4,900 | 200,900 | ||||||
New Jersey Resources Corp. | 4,940 | 166,873 | ||||||
Northwest Natural Holding Co. | 1,670 | 108,717 | ||||||
ONE Gas, Inc. | 2,750 | 219,202 | ||||||
South Jersey Industries, Inc. | 5,050 | 144,380 | ||||||
Southwest Gas Corp. | 3,130 | 237,254 |
See notes to financial statements.
47
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Spire, Inc. | 2,760 | $ | 201,370 | |||||
UGI Corp. | 11,460 | 345,863 | ||||||
1,624,559 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (3.4%) | ||||||||
AngioDynamics, Inc.(a) | 5,330 | 55,592 | ||||||
Avanos Medical, Inc.(a) | 2,950 | 91,597 | ||||||
Cantel Medical Corp. | 2,107 | 77,959 | ||||||
Cardiovascular Systems, Inc.(a) | 6,970 | 292,740 | ||||||
CONMED Corp. | 3,240 | 239,468 | ||||||
CryoLife, Inc.(a) | 2,660 | 59,398 | ||||||
Cutera, Inc.(a) | 6,090 | 81,911 | ||||||
Glaukos Corp.(a) | 5,290 | 194,090 | ||||||
Globus Medical, Inc., Class A(a) | 4,170 | 197,908 | ||||||
Haemonetics Corp.(a) | 2,850 | 324,273 | ||||||
Heska Corp.(a) | 500 | 35,400 | ||||||
Hill-Rom Holdings, Inc. | 3,710 | 417,338 | ||||||
ICU Medical, Inc.(a) | 1,544 | 338,615 | ||||||
Inogen, Inc.(a) | 1,090 | 54,500 | ||||||
Integer Holdings Corp.(a) | 1,870 | 139,240 | ||||||
Integra LifeSciences Holdings Corp.(a) | 4,010 | 204,710 | ||||||
Invacare Corp. | 38,950 | 292,904 | ||||||
Lantheus Holdings, Inc.(a) | 2,380 | 31,059 | ||||||
LeMaitre Vascular, Inc. | 4,010 | 114,245 | ||||||
LivaNova PLC(a) | 2,680 | 142,362 | ||||||
Masimo Corp.(a) | 3,490 | 746,546 | ||||||
Meridian Bioscience, Inc.(a) | 3,770 | 45,240 | ||||||
Merit Medical Systems, Inc.(a) | 3,225 | 131,644 | ||||||
Mesa Laboratories, Inc. | 280 | 66,640 | ||||||
Natus Medical, Inc.(a) | 2,130 | 53,229 | ||||||
Neogen Corp.(a) | 2,839 | 177,693 | ||||||
NuVasive, Inc.(a) | 2,940 | 178,987 | ||||||
OraSure Technologies, Inc.(a) | 3,830 | 61,050 | ||||||
Orthofix Medical, Inc.(a) | 1,230 | 43,604 | ||||||
Penumbra, Inc.(a) | 3,320 | 588,702 | ||||||
Surmodics, Inc.(a) | 870 | 33,147 | ||||||
Tactile Systems Technology, Inc.(a) | 1,120 | 57,814 | ||||||
Varex Imaging Corp.(a) | 2,520 | 65,848 | ||||||
West Pharmaceutical Services, Inc. | 4,610 | 872,489 | ||||||
6,507,942 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (2.7%) | ||||||||
Acadia Healthcare(a) | 8,570 | 205,766 | ||||||
Addus HomeCare Corp.(a) | 2,310 | 187,156 | ||||||
Amedisys, Inc.(a) | 2,469 | 454,691 | ||||||
AMN Healthcare Services, Inc.(a) | 2,570 | 120,739 | ||||||
BioTelemetry, Inc.(a) | 2,160 | 100,894 | ||||||
Chemed Corp. | 1,181 | 491,969 | ||||||
CorVel Corp.(a) | 1,560 | 82,196 | ||||||
Covetrus, Inc.(a) | 5,620 | 66,822 | ||||||
Cross Country Healthcare, Inc.(a) | 3,950 | 24,845 | ||||||
Encompass Health Corp. | 5,640 | 373,650 | ||||||
Ensign Group, Inc. (The) | 2,990 | 111,856 | ||||||
Hanger, Inc.(a) | 10,880 | 199,757 | ||||||
HealthEquity, Inc.(a) | 3,900 | 219,453 | ||||||
LHC Group, Inc.(a) | 2,720 | 353,573 | ||||||
Magellan Health Services, Inc.(a) | 5,480 | 332,800 | ||||||
Molina Healthcare, Inc.(a) | 4,335 | 710,810 | ||||||
Owens & Minor, Inc. | 20,325 | 143,901 | ||||||
Patterson Cos., Inc. | 23,090 | 422,085 | ||||||
Pennant Group, Inc. (The)(a) | 7,615 | 150,701 | ||||||
Providence Service Corp. (The)(a) | 750 | 43,507 | ||||||
RadNet, Inc.(a) | 10,900 | 153,908 | ||||||
Select Medical Holdings Corp.(a) | 8,410 | 143,559 | ||||||
Tivity Health, Inc.(a) | 3,393 | 30,435 | ||||||
U.S. Physical Therapy, Inc. | 940 | 70,970 | ||||||
5,196,043 | ||||||||
HEALTH CARE TECHNOLOGY (0.3%) | ||||||||
Allscripts Healthcare Solutions, Inc.(a) | 9,616 | 62,504 | ||||||
Computer Programs and Systems, Inc. | 890 | 21,387 | ||||||
HealthStream, Inc.(a) | 1,710 | 39,031 | ||||||
HMS Holdings Corp.(a) | 4,900 | 140,507 | ||||||
NextGen Healthcare, Inc.(a) | 4,380 | 46,209 | ||||||
Omnicell, Inc.(a) | 2,270 | 165,483 | ||||||
Tabula Rasa HealthCare, Inc.(a) | 1,140 | 72,208 | ||||||
547,329 | ||||||||
HOTELS, RESTAURANTS & LEISURE (2.3%) | ||||||||
Choice Hotels International, Inc. | 2,760 | 207,138 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,100 | 204,540 | ||||||
DineEquity, Inc. | 1,470 | 65,253 | ||||||
Domino’s Pizza, Inc. | 2,765 | 1,000,736 | ||||||
Dunkin’ Brands Group, Inc. | 7,850 | 493,294 | ||||||
El Pollo Loco Holdings, Inc.(a) | 5,290 | 64,697 | ||||||
Fiesta Restaurant Group, Inc.(a) | 1,990 | 14,477 | ||||||
Jack in the Box, Inc. | 1,930 | 116,379 | ||||||
Marriott Vacations Worldwide Corp. | 4,446 | 369,018 | ||||||
Papa John’s International, Inc. | 1,440 | 103,565 | ||||||
Shake Shack, Inc., Class A(a) | 4,760 | 259,468 | ||||||
Six Flags Entertainment Corp. | 5,530 | 110,655 | ||||||
Wendy’s Co. (The) | 12,810 | 254,407 | ||||||
Wingstop, Inc. | 4,950 | 580,487 | ||||||
Wyndham Hotels & Resorts, Inc. | 8,220 | 309,976 | ||||||
Wyndham Worldwide Corp. | 6,430 | 164,415 | ||||||
4,318,505 |
See notes to financial statements.
48
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
HOUSEHOLD DURABLES (1.9%) | ||||||||
Cavco Industries, Inc.(a) | 1,250 | $ | 193,350 | |||||
Century Communities, Inc.(a) | 3,530 | 75,613 | ||||||
Ethan Allen Interiors, Inc. | 9,980 | 112,874 | ||||||
Helen of Troy Ltd.(a) | 1,450 | 238,206 | ||||||
Installed Building Products, Inc.(a) | 6,200 | 305,722 | ||||||
iRobot Corp.(a) | 1,670 | 101,803 | ||||||
KB Home | 5,550 | 145,632 | ||||||
La-Z-Boy, Inc. | 2,770 | 64,956 | ||||||
LGI Homes, Inc.(a) | 6,250 | 378,625 | ||||||
M.D.C Holdings, Inc. | 8,572 | 250,731 | ||||||
M/I Homes, Inc.(a) | 1,740 | 44,300 | ||||||
Meritage Homes Corp.(a) | 2,560 | 134,554 | ||||||
Taylor Morrison Home Corp.(a) | 19,672 | 286,228 | ||||||
Tempur-Pedic International, Inc.(a) | 3,900 | 209,625 | ||||||
Toll Brothers, Inc. | 7,730 | 185,675 | ||||||
TopBuild Corp.(a) | 4,840 | 451,039 | ||||||
TRI Pointe Group, Inc.(a) | 30,560 | 350,829 | ||||||
Tupperware Brands Corp. | 17,460 | 56,221 | ||||||
Universal Electronics, Inc.(a) | 2,960 | 122,189 | ||||||
3,708,172 | ||||||||
HOUSEHOLD PRODUCTS (0.3%) | ||||||||
Central Garden & Pet Co.(a) | 1,470 | 48,422 | ||||||
Central Garden & Pet Co., Class A(a) | 6,920 | 210,437 | ||||||
Energizer Holdings, Inc. | 3,630 | 141,425 | ||||||
WD-40 Co. | 762 | 132,801 | ||||||
533,085 | ||||||||
INDUSTRIAL CONGLOMERATES (0.3%) | ||||||||
Carlisle Cos., Inc. | 4,500 | 544,320 | ||||||
Raven Industries, Inc. | 2,310 | 51,444 | ||||||
595,764 | ||||||||
INSURANCE (4.4%) | ||||||||
Alleghany Corp. | 917 | 489,412 | ||||||
Ambac Financial Group, Inc.(a) | 5,900 | 101,480 | ||||||
American Equity Investment Life Holding Co. | 11,880 | 249,718 | ||||||
American Financial Group, Inc. | 4,920 | 325,901 | ||||||
AMERISAFE, Inc. | 1,060 | 67,490 | ||||||
Brighthouse Financial, Inc.(a) | 18,550 | 476,920 | ||||||
Brown & Brown, Inc. | 16,200 | 581,742 | ||||||
CNO Financial Group, Inc. | 26,990 | 379,479 | ||||||
eHealth, Inc.(a) | 3,840 | 409,728 | ||||||
Employers Holdings, Inc. | 1,900 | 57,703 | ||||||
First American Financial Corp. | 6,040 | 278,565 | ||||||
Genworth Financial, Inc., Class A(a) | 162,380 | 589,439 | ||||||
Hanover Insurance Group, Inc. (The) | 2,220 | 222,844 | ||||||
HCI Group, Inc. | 540 | 22,491 | ||||||
Horace Mann Educators Corp. | 4,520 | 158,923 | ||||||
James River Group Holdings Ltd. | 1,860 | 65,993 | ||||||
Kemper Corp. | 5,722 | 384,633 | ||||||
Kinsale Capital Group, Inc. | 4,710 | 511,600 | ||||||
Mercury General Corp. | 4,900 | 200,704 | ||||||
Old Republic International Corp. | 23,710 | 378,174 | ||||||
Primerica, Inc. | 3,470 | 360,568 | ||||||
ProAssurance Corp. | 3,130 | 66,951 | ||||||
Reinsurance Group of America, Inc. | 5,560 | 582,021 | ||||||
RenaissanceRe Holdings Ltd. | 4,110 | 600,101 | ||||||
RLI Corp. | 2,110 | 153,671 | ||||||
Safety Insurance Group, Inc. | 730 | 61,408 | ||||||
Selective Insurance Group, Inc. | 3,310 | 165,930 | ||||||
Stewart Information Services Corp. | 5,800 | 184,788 | ||||||
Third Point Reinsurance Ltd.(a) | 18,430 | 137,119 | ||||||
United Fire Group, Inc. | 3,630 | 103,818 | ||||||
United Insurance Holdings Corp. | 10,170 | 86,954 | ||||||
Universal Insurance Holdings, Inc. | 2,360 | 43,023 | ||||||
8,499,291 | ||||||||
INTERACTIVE MEDIA & SERVICES (0.2%) | ||||||||
QuinStreet, Inc.(a) | 10,730 | 109,017 | ||||||
TripAdvisor, Inc. | 5,520 | 110,234 | ||||||
Yelp, Inc.(a) | 4,180 | 93,423 | ||||||
312,674 | ||||||||
INTERNET & DIRECT MARKETING RETAIL (0.6%) | ||||||||
Etsy, Inc.(a) | 8,920 | 578,640 | ||||||
Grubhub, Inc.(a) | 5,140 | 245,640 | ||||||
Liquidity Services, Inc.(a) | 7,240 | 36,200 | ||||||
PetMed Express, Inc. | 1,280 | 50,650 | ||||||
Shutterstock, Inc. | 2,730 | 103,740 | ||||||
Stamps.com, Inc.(a) | 940 | 148,774 | ||||||
1,163,644 | ||||||||
IT SERVICES (2.3%) | ||||||||
CACI International, Inc., Class A(a) | 2,137 | 534,549 | ||||||
Cardtronics PLC, Class A(a) | 2,140 | 49,006 | ||||||
CSG Systems International, Inc. | 4,770 | 231,727 | ||||||
EVERTEC, Inc. | 6,080 | 154,067 | ||||||
ExlService Holdings, Inc.(a) | 3,680 | 227,166 | ||||||
KBR, Inc. | 13,610 | 275,739 | ||||||
LiveRamp Holdings, Inc.(a) | 3,870 | 146,518 | ||||||
ManTech International Corp., Class A | 3,450 | 257,232 | ||||||
MAXIMUS, Inc. | 3,560 | 239,659 | ||||||
NIC, Inc. | 9,000 | 218,070 | ||||||
Perficient, Inc.(a) | 6,140 | 213,856 |
See notes to financial statements.
49
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Perspecta, Inc. | 12,340 | $ | 266,174 | |||||
Sabre Corp. | 18,120 | 131,732 | ||||||
Science Applications International Corp. | 2,844 | 232,241 | ||||||
Sykes Enterprises, Inc.(a) | 2,690 | 77,015 | ||||||
TTEC Holdings, Inc. | 5,730 | 223,355 | ||||||
Unisys Corp.(a) | 14,490 | 182,429 | ||||||
Virtusa Corp.(a) | 5,130 | 169,290 | ||||||
WEX, Inc.(a) | 3,742 | 495,142 | ||||||
4,324,967 | ||||||||
LEISURE PRODUCTS (0.6%) | ||||||||
Brunswick Corp. | 4,860 | 231,919 | ||||||
Callaway Golf Co. | 17,110 | 245,015 | ||||||
Mattel, Inc.(a) | 18,090 | 157,745 | ||||||
Polaris, Inc. | 4,450 | 315,639 | ||||||
Sturm Ruger & Co., Inc. | 980 | 52,136 | ||||||
Vista Outdoor, Inc.(a) | 20,620 | 208,674 | ||||||
1,211,128 | ||||||||
LIFE SCIENCES TOOLS & SERVICES (1.8%) | ||||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,215 | 534,722 | ||||||
Bio-Techne Corp. | 2,794 | 628,650 | ||||||
Luminex Corp. | 2,500 | 90,125 | ||||||
Medpace Holdings, Inc.(a) | 5,020 | 400,897 | ||||||
NeoGenomics, Inc.(a) | 13,780 | 376,745 | ||||||
PRA Health Sciences, Inc.(a) | 5,020 | 484,430 | ||||||
Repligen Corp.(a) | 5,590 | 649,278 | ||||||
Syneos Health, Inc.(a) | 6,400 | 357,056 | ||||||
3,521,903 | ||||||||
MACHINERY (4.3%) | ||||||||
AGCO Corp. | 3,570 | 188,639 | ||||||
Alamo Group, Inc. | 1,940 | 190,974 | ||||||
Albany International Corp., Class A | 3,290 | 168,251 | ||||||
Astec Industries, Inc. | 1,370 | 54,951 | ||||||
Barnes Group, Inc. | 2,780 | 106,696 | ||||||
Briggs & Stratton Corp. | 67,860 | 154,042 | ||||||
Chart Industries, Inc.(a) | 2,100 | 75,012 | ||||||
CIRCOR International, Inc.(a) | 5,000 | 74,650 | ||||||
Colfax Corp.(a) | 6,030 | 155,514 | ||||||
Crane Co. | 2,870 | 156,271 | ||||||
Donaldson Co., Inc. | 6,900 | 302,427 | ||||||
Enerpac Tool Group Corp. | 3,220 | 54,933 | ||||||
EnPro Industries, Inc. | 1,400 | 63,490 | ||||||
ESCO Technologies, Inc. | 3,230 | 246,449 | ||||||
Federal Signal Corp. | 11,600 | 312,388 | ||||||
Franklin Electric Co., Inc. | 4,610 | 234,188 | ||||||
Graco, Inc. | 8,840 | 394,794 | ||||||
Greenbrier Cos., Inc. (The) | 20,900 | 354,882 | ||||||
Hillenbrand, Inc. | 3,930 | 82,334 | ||||||
ITT, Inc. | 4,900 | 258,328 | ||||||
John Bean Technologies Corp. | 3,485 | 267,439 | ||||||
Kennametal, Inc. | 5,200 | 133,172 | ||||||
Lincoln Electric Holdings, Inc. | 4,290 | 345,388 | ||||||
Lindsay Corp. | 650 | 58,500 | ||||||
Lydall, Inc.(a) | 20,730 | 232,176 | ||||||
Meritor, Inc.(a) | 3,720 | 76,260 | ||||||
Mueller Industries, Inc. | 3,700 | 95,830 | ||||||
Nordson Corp. | 3,470 | 558,358 | ||||||
Oshkosh Truck Corp. | 3,790 | 255,939 | ||||||
Proto Labs, Inc.(a) | 1,530 | 155,433 | ||||||
SPX Corp.(a) | 4,780 | 182,261 | ||||||
SPX FLOW, Inc.(a) | 5,120 | 166,758 | ||||||
Standex International Corp. | 860 | 42,862 | ||||||
Tennant Co. | 2,740 | 162,126 | ||||||
Terex Corp. | 10,990 | 166,938 | ||||||
Timken Co. (The) | 6,910 | 259,678 | ||||||
Titan International, Inc. | 103,510 | 145,949 | ||||||
Toro Co. (The) | 6,450 | 411,574 | ||||||
Trinity Industries, Inc. | 13,500 | 260,415 | ||||||
Wabash National Corp. | 16,530 | 135,546 | ||||||
Watts Water Technologies, Inc., Class A | 2,680 | 220,832 | ||||||
Woodward, Inc. | 4,800 | 290,688 | ||||||
8,253,335 | ||||||||
MARINE (0.1%) | ||||||||
Kirby Corp.(a) | 3,700 | 197,654 | ||||||
Matson, Inc. | 2,600 | 78,624 | ||||||
276,278 | ||||||||
MEDIA (1.0%) | ||||||||
AMC Networks, Inc., Class A(a) | 2,670 | 63,680 | ||||||
Cable One, Inc. | 424 | 811,053 | ||||||
EW Scripps Co. (The), Class A | 5,640 | 45,515 | ||||||
Gannett Co., Inc. | 63,202 | 71,418 | ||||||
John Wiley & Sons, Inc., Class A | 2,750 | 103,262 | ||||||
Meredith Corp. | 7,660 | 113,598 | ||||||
New York Times Co. (The), Class A | 7,860 | 255,607 | ||||||
Scholastic Corp. | 5,690 | 165,408 | ||||||
TechTarget(a) | 9,040 | 210,813 | ||||||
TEGNA, Inc. | 13,450 | 144,184 | ||||||
1,984,538 | ||||||||
METALS & MINING (1.8%) | ||||||||
Allegheny Technologies, Inc.(a) | 8,640 | 64,886 | ||||||
Carpenter Technology Corp. | 3,290 | 72,939 |
See notes to financial statements.
50
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Century Aluminum Co.(a) | 36,080 | $ | 156,948 | |||||
Cleveland-Cliffs, Inc. | 20,558 | 90,044 | ||||||
Commercial Metals Co. | 18,210 | 290,268 | ||||||
Compass Minerals International, Inc. | 1,990 | 97,828 | ||||||
Haynes International, Inc. | 690 | 15,249 | ||||||
Kaiser Aluminum Corp. | 1,120 | 80,898 | ||||||
Materion Corp. | 1,140 | 58,984 | ||||||
Olympic Steel, Inc. | 29,960 | 282,822 | ||||||
Reliance Steel & Aluminum Co. | 5,540 | 496,273 | ||||||
Royal Gold, Inc. | 4,700 | 575,891 | ||||||
Steel Dynamics, Inc. | 12,860 | 312,112 | ||||||
SunCoke Energy, Inc. | 39,700 | 125,055 | ||||||
TimkenSteel Corp.(a) | 51,225 | 133,185 | ||||||
United States Steel Corp. | 53,660 | 412,109 | ||||||
Warrior Met Coal, Inc. | 9,070 | 113,829 | ||||||
Worthington Industries, Inc. | 4,380 | 115,807 | ||||||
3,495,127 | ||||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.3%) | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 13,240 | 107,906 | ||||||
Armour Residential REIT, Inc. | 3,580 | 31,647 | ||||||
Capstead Mortgage Corp. | 12,460 | 64,667 | ||||||
Granite Point Mortgage Trust, Inc. | 8,870 | 44,173 | ||||||
Invesco Mortgage Capital, Inc. | 13,190 | 40,098 | ||||||
KKR Real Estate Finance Trust, Inc. | 1,220 | 19,252 | ||||||
New York Mortgage Trust, Inc. | 22,570 | 49,202 | ||||||
Pennymac Mortgage Investment Trust | 16,760 | 174,304 | ||||||
Ready Capital Corp. | 7,140 | 47,627 | ||||||
Redwood Trust, Inc. | 16,240 | 66,584 | ||||||
645,460 | ||||||||
MULTILINE RETAIL (0.7%) | ||||||||
Big Lots, Inc. | 17,390 | 407,795 | ||||||
Dillard’s, Inc., Class A | 8,120 | 239,378 | ||||||
J.C. Penney Co., Inc.(a) | 157,390 | 39,977 | ||||||
Macy’s, Inc. | 81,300 | 476,418 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 3,250 | 220,708 | ||||||
1,384,276 | ||||||||
MULTI-UTILITIES (0.4%) | ||||||||
Avista Corp. | 3,820 | 164,413 | ||||||
Black Hills Corp. | 3,330 | 206,260 | ||||||
MDU Resources Group, Inc. | 11,290 | 253,573 | ||||||
NorthWestern Corp. | 3,010 | 173,647 | ||||||
797,893 | ||||||||
OIL, GAS & CONSUMABLE FUELS (3.7%) | ||||||||
Antero Midstream Corp. | 35,070 | 166,582 | ||||||
Bonanza Creek Energy, Inc.(a) | 15,170 | 264,868 | ||||||
Callon Petroleum Co.(a) | 41,850 | 39,326 | ||||||
Cimarex Energy Co. | 7,480 | 190,142 | ||||||
CNX Resources Corp.(a) | 63,470 | 672,782 | ||||||
CONSOL Energy, Inc.(a) | 43,437 | 329,687 | ||||||
Denbury Resources, Inc.(a) | 216,660 | 77,023 | ||||||
Dorian LPG Ltd.(a) | 1,410 | 13,381 | ||||||
EQT Corp. | 40,000 | 583,600 | ||||||
Equitrans Midstream Corp. | 13,610 | 114,052 | ||||||
Green Plains Renewable Energy, Inc. | 32,860 | 192,888 | ||||||
Gulfport Energy Corp.(a) | 138,450 | 353,740 | ||||||
HighPoint Resources Corp.(a) | 145,420 | 48,221 | ||||||
Laredo Petroleum, Inc.(a) | 69,140 | 75,363 | ||||||
Matador Resources Co.(a) | 26,010 | 183,110 | ||||||
Murphy Oil Corp. | 11,310 | 134,137 | ||||||
Oasis Petroleum, Inc.(a) | 116,450 | 81,969 | ||||||
Par Pacific Holdings, Inc.(a) | 19,470 | 189,248 | ||||||
PBF Energy, Inc., Class A | 18,670 | 212,838 | ||||||
PDC Energy, Inc.(a) | 7,878 | 102,335 | ||||||
Penn Virginia Corp.(a) | 12,350 | 77,682 | ||||||
QEP Resources, Inc. | 46,380 | 45,731 | ||||||
Range Resources Corp. | 46,900 | 273,427 | ||||||
Renewable Energy Group, Inc.(a) | 20,680 | 513,071 | ||||||
REX American Resources Corp.(a) | 730 | 43,420 | ||||||
Ring Energy, Inc.(a) | 99,060 | 89,283 | ||||||
SM Energy Co. | 34,730 | 140,656 | ||||||
Southwestern Energy Co.(a) | 303,350 | 979,820 | ||||||
Talos Energy, Inc.(a) | 20,300 | 231,217 | ||||||
World Fuel Services Corp. | 12,840 | 321,000 | ||||||
WPX Energy, Inc.(a) | 45,320 | 277,812 | ||||||
7,018,411 | ||||||||
PAPER & FOREST PRODUCTS (0.6%) | ||||||||
Boise Cascade Co. | 7,890 | 246,720 | ||||||
Clearwater Paper Corp.(a) | 7,770 | 186,014 | ||||||
Domtar Corp. | 14,600 | 341,056 | ||||||
Louisiana-Pacific Corp. | 7,130 | 142,600 | ||||||
Mercer International, Inc. | 4,330 | 43,646 | ||||||
Neenah Paper, Inc. | 830 | 40,554 | ||||||
P.H. Glatfelter Co. | 4,190 | 61,174 | ||||||
1,061,764 | ||||||||
PERSONAL PRODUCTS (0.2%) | ||||||||
Edgewell Personal Care Co.(a) | 3,310 | 91,389 | ||||||
Inter Parfums, Inc. | 2,560 | 114,406 | ||||||
Medifast, Inc. | 1,520 | 115,338 |
See notes to financial statements.
51
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Nu Skin Enterprises, Inc., Class A | 3,030 | $ | 88,506 | |||||
USANA Health Sciences, Inc.(a) | 690 | 61,562 | ||||||
471,201 | ||||||||
PHARMACEUTICALS (1.2%) | ||||||||
Akorn, Inc.(a) | 11,610 | 2,438 | ||||||
AMAG Pharmaceuticals, Inc.(a) | 2,480 | 19,914 | ||||||
Amphastar Pharmaceuticals, Inc.(a) | 3,210 | 54,410 | ||||||
ANI Pharmaceuticals, Inc.(a) | 4,340 | 173,643 | ||||||
Catalent, Inc.(a) | 10,040 | 694,266 | ||||||
Corcept Therapeutics, Inc.(a) | 18,450 | 233,577 | ||||||
ENDO International PLC(a) | 15,320 | 70,472 | ||||||
Innoviva, Inc.(a) | 20,110 | 285,160 | ||||||
Lannett Co., Inc.(a) | 27,070 | 258,248 | ||||||
Nektar Therapeutics(a) | 9,380 | 180,096 | ||||||
Pacira BioSciences, Inc.(a) | 2,220 | 91,664 | ||||||
Phibro Animal Health Corp., Class A | 1,400 | 37,394 | ||||||
Prestige Consumer Healthcare, Inc.(a) | 3,020 | 122,884 | ||||||
Supernus Pharmaceuticals, Inc.(a) | 3,500 | 81,900 | ||||||
2,306,066 | ||||||||
PROFESSIONAL SERVICES (1.4%) | ||||||||
ASGN, Inc.(a) | 3,350 | 155,608 | ||||||
CoreLogic, Inc. | 4,590 | 176,348 | ||||||
Exponent, Inc. | 4,470 | 314,375 | ||||||
Forrester Research, Inc.(a) | 1,100 | 34,430 | ||||||
FTI Consulting, Inc.(a) | 3,870 | 492,883 | ||||||
Heidrick & Struggles International, Inc. | 1,230 | 27,601 | ||||||
Insperity, Inc. | 2,250 | 107,348 | ||||||
Kelly Services, Inc., Class A | 27,250 | 421,012 | ||||||
Korn Ferry | 3,590 | 103,500 | ||||||
Manpower, Inc. | 7,110 | 527,846 | ||||||
Resources Connection, Inc. | 3,160 | 34,381 | ||||||
TrueBlue, Inc.(a) | 13,050 | 202,666 | ||||||
2,597,998 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.4%) | ||||||||
Jones Lang LaSalle, Inc. | 2,938 | 310,194 | ||||||
Marcus & Millichap, Inc.(a) | 1,630 | 47,352 | ||||||
RE/MAX Holdings, Inc., Class A | 1,160 | 30,496 | ||||||
Realogy Holdings Corp. | 45,110 | 195,777 | ||||||
St Joe Co. (The)(a) | 6,580 | 120,414 | ||||||
704,233 | ||||||||
ROAD & RAIL (1.2%) | ||||||||
ArcBest Corp. | 18,430 | 375,419 | ||||||
Avis Budget Group, Inc.(a) | 11,770 | 193,970 | ||||||
Heartland Express, Inc. | 2,983 | 58,437 | ||||||
Knight-Swift Transportation Holdings, Inc. | 11,580 | 430,544 | ||||||
Landstar System, Inc. | 2,220 | 229,348 | ||||||
Marten Transport Ltd. | 2,706 | 60,669 | ||||||
Ryder System, Inc. | 11,980 | 424,092 | ||||||
Saia, Inc.(a) | 3,960 | 366,379 | ||||||
Werner Enterprises, Inc. | 2,570 | 103,108 | ||||||
2,241,966 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.1%) | ||||||||
Advanced Energy Industries, Inc.(a) | 4,930 | 274,108 | ||||||
Axcelis Technologies, Inc.(a) | 2,280 | 53,261 | ||||||
Brooks Automation, Inc. | 11,240 | 432,628 | ||||||
Cabot Microelectronics Corp. | 3,460 | 423,988 | ||||||
CEVA, Inc.(a) | 1,400 | 43,890 | ||||||
Cirrus Logic, Inc.(a) | 3,140 | 237,384 | ||||||
Cohu, Inc. | 2,970 | 49,094 | ||||||
Cree, Inc.(a) | 5,790 | 249,723 | ||||||
Diodes, Inc.(a) | 5,460 | 277,859 | ||||||
DSP Group, Inc.(a) | 1,130 | 19,493 | ||||||
First Solar, Inc.(a) | 4,110 | 180,881 | ||||||
FormFactor, Inc.(a) | 11,950 | 278,435 | ||||||
Ichor Holdings Ltd.(a) | 8,840 | 220,116 | ||||||
Kulicke & Soffa Industries, Inc. | 3,550 | 85,093 | ||||||
MaxLinear, Inc.(a) | 3,850 | 63,486 | ||||||
MKS Instruments, Inc. | 5,310 | 532,221 | ||||||
Monolithic Power Systems, Inc. | 3,150 | 629,716 | ||||||
Onto Innovation, Inc.(a) | 2,739 | 88,908 | ||||||
PDF Solutions, Inc.(a) | 1,280 | 20,442 | ||||||
Photronics, Inc.(a) | 11,860 | 141,727 | ||||||
Power Integrations, Inc. | 2,800 | 286,580 | ||||||
Rambus, Inc.(a) | 8,140 | 101,994 | ||||||
Semtech Corp.(a) | 3,740 | 169,198 | ||||||
Silicon Laboratories, Inc.(a) | 2,550 | 247,911 | ||||||
SMART Global Holdings, Inc.(a) | 700 | 17,703 | ||||||
SolarEdge Technologies, Inc.(a) | 6,330 | 706,365 | ||||||
Synaptics, Inc.(a) | 1,810 | 118,356 | ||||||
Teradyne, Inc. | 12,570 | 786,128 | ||||||
Ultra Clean Holdings, Inc.(a) | 16,540 | 304,171 | ||||||
Universal Display Corp. | 3,950 | 592,974 | ||||||
Veeco Instruments, Inc.(a) | 3,679 | 40,211 | ||||||
Xperi Corp. | 13,150 | 200,932 | ||||||
7,874,976 | ||||||||
SOFTWARE (3.2%) | ||||||||
8x8, Inc.(a) | 10,870 | 184,355 | ||||||
ACI Worldwide, Inc.(a) | 9,060 | 248,244 |
See notes to financial statements.
52
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Agilysys, Inc.(a) | 6,710 | $ | 131,449 | |||||
Alarm.com Holdings, Inc.(a) | 5,220 | 233,491 | ||||||
Blackbaud, Inc. | 2,690 | 148,649 | ||||||
Bottomline Technologies DE, Inc.(a) | 2,240 | 93,251 | ||||||
CDK Global, Inc. | 6,990 | 274,567 | ||||||
Ceridian HCM Holding, Inc.(a) | 5,360 | 316,079 | ||||||
CommVault Systems, Inc.(a) | 2,410 | 102,883 | ||||||
Ebix, Inc. | 1,440 | 30,139 | ||||||
Fair Isaac Corp.(a) | 2,228 | 786,350 | ||||||
J2 Global, Inc. | 4,650 | 374,976 | ||||||
LivePerson, Inc.(a) | 6,650 | 159,201 | ||||||
LogMeIn, Inc. | 2,580 | 220,487 | ||||||
Manhattan Associates, Inc.(a) | 4,820 | 341,931 | ||||||
MicroStrategy, Inc., Class A(a) | 549 | 69,355 | ||||||
OneSpan, Inc.(a) | 1,660 | 27,888 | ||||||
Progress Software Corp. | 3,930 | 160,776 | ||||||
PTC, Inc.(a) | 5,650 | 391,263 | ||||||
Qualys, Inc.(a) | 3,240 | 341,626 | ||||||
SPS Commerce, Inc.(a) | 5,170 | 286,987 | ||||||
Teradata Corp.(a) | 6,700 | 164,753 | ||||||
TiVo Corp. | 9,163 | 64,416 | ||||||
Tyler Technologies, Inc.(a) | 2,763 | 886,066 | ||||||
6,039,182 | ||||||||
SPECIALTY RETAIL (4.3%) | ||||||||
Aaron’s, Inc. | 3,920 | 125,087 | ||||||
Abercrombie & Fitch Co., Class A | 30,230 | 319,833 | ||||||
American Eagle Outfitters, Inc. | 19,450 | 154,628 | ||||||
America’s Car-Mart, Inc.(a) | 660 | 43,527 | ||||||
Asbury Automotive Group, Inc.(a) | 1,630 | 110,025 | ||||||
AutoNation, Inc.(a) | 11,510 | 428,632 | ||||||
Barnes & Noble Education, Inc.(a) | 79,510 | 142,323 | ||||||
Bed Bath & Beyond, Inc. | 22,630 | 140,080 | ||||||
Boot Barn Holdings, Inc.(a) | 6,310 | 116,483 | ||||||
Buckle, Inc. (The) | 2,025 | 31,003 | ||||||
Caleres, Inc. | 15,945 | 129,314 | ||||||
Cato Corp., Class A (The) | 11,540 | 129,940 | ||||||
Chico’s FAS, Inc. | 74,800 | 112,200 | ||||||
Children’s Place Retail Stores, Inc. (The) | 1,600 | 47,296 | ||||||
Conn’s, Inc.(a) | 24,340 | 164,538 | ||||||
Designer Brands, Inc., Class A | 18,480 | 117,348 | ||||||
Dick’s Sporting Goods, Inc. | 8,110 | 238,353 | ||||||
Express, Inc.(a) | 76,380 | 158,107 | ||||||
Five Below, Inc.(a) | 5,040 | 454,406 | ||||||
Foot Locker, Inc. | 11,610 | 297,564 | ||||||
GameStop Corp., Class A(a) | 30,610 | 175,395 | ||||||
Genesco, Inc.(a) | 11,120 | 210,502 | ||||||
Group 1 Automotive, Inc. | 4,830 | 273,330 | ||||||
Guess?, Inc. | 4,200 | 39,270 | ||||||
Haverty Furniture Cos., Inc. | 9,700 | 131,241 | ||||||
Hibbett Sports, Inc.(a) | 1,810 | 27,928 | ||||||
Lithia Motors, Inc., Class A | 3,410 | 377,010 | ||||||
Lumber Liquidators Holdings, Inc.(a) | 15,960 | 112,518 | ||||||
MarineMax, Inc.(a) | 30,970 | 446,278 | ||||||
Michaels Cos., Inc. (The)(a) | 19,780 | 60,131 | ||||||
Monro Muffler Brake, Inc. | 2,065 | 114,587 | ||||||
Office Depot, Inc. | 247,586 | 549,641 | ||||||
Rent-A-Center, Inc. | 14,830 | 295,191 | ||||||
RH(a) | 2,580 | 370,952 | ||||||
Sally Beauty Holdings, Inc.(a) | 7,810 | 75,835 | ||||||
Shoe Carnival, Inc. | 5,390 | 127,312 | ||||||
Signet Jewelers Ltd. | 18,100 | 182,086 | ||||||
Sleep Number Corp.(a) | 7,570 | 226,343 | ||||||
Sonic Automotive, Inc., Class A | 12,150 | 260,375 | ||||||
Tailored Brands, Inc. | 27,430 | 45,534 | ||||||
Urban Outfitters, Inc.(a) | 10,750 | 186,405 | ||||||
Williams-Sonoma, Inc. | 4,560 | 281,990 | ||||||
Zumiez, Inc.(a) | 7,270 | 153,688 | ||||||
8,184,229 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.2%) | ||||||||
3D Systems Corp.(a) | 19,670 | 166,998 | ||||||
Diebold, Inc.(a) | 21,360 | 105,305 | ||||||
NCR Corp.(a) | 7,520 | 154,311 | ||||||
426,614 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS (1.2%) | ||||||||
Carter’s, Inc. | 2,650 | 207,230 | ||||||
Columbia Sportswear Co. | 2,030 | 147,967 | ||||||
Crocs, Inc.(a) | 6,360 | 154,230 | ||||||
Deckers Outdoor Corp.(a) | 2,270 | 337,685 | ||||||
Fossil Group, Inc.(a) | 71,000 | 281,160 | ||||||
G-III Apparel Group Ltd.(a) | 11,690 | 132,448 | ||||||
Kontoor Brands, Inc. | 2,780 | 53,960 | ||||||
Movado Group, Inc. | 15,660 | 161,455 | ||||||
Oxford Industries, Inc. | 1,110 | 46,531 | ||||||
Skechers USA, Inc., Class A(a) | 11,980 | 337,596 | ||||||
Steven Madden Ltd. | 7,935 | 198,930 | ||||||
Unifi, Inc.(a) | 7,350 | 76,072 |
See notes to financial statements.
53
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Vera Bradley, Inc.(a) | 10,810 | $ | 59,563 | |||||
Wolverine World Wide, Inc. | 5,840 | 119,662 | ||||||
2,314,489 | ||||||||
THRIFTS & MORTGAGE FINANCE (0.7%) | ||||||||
Axos Financial, Inc.(a) | 3,480 | 80,214 | ||||||
Flagstar Bancorp, Inc. | 1,540 | 39,901 | ||||||
HomeStreet, Inc. | 1,910 | 48,801 | ||||||
Meta Financial Group, Inc. | 10,150 | 186,963 | ||||||
New York Community Bancorp, Inc. | 27,620 | 299,953 | ||||||
NMI Holdings, Inc., Class A(a) | 14,210 | 192,119 | ||||||
Northfield Bancorp, Inc. | 4,990 | 56,237 | ||||||
Northwest Bancshares, Inc. | 3,460 | 36,711 | ||||||
Provident Financial Services, Inc. | 3,730 | 53,526 | ||||||
TrustCo Bank Corp. NY | 4,000 | 25,200 | ||||||
Walker & Dunlop, Inc. | 5,370 | 206,369 | ||||||
Washington Federal, Inc. | 4,980 | 133,165 | ||||||
1,359,159 | ||||||||
TRADING COMPANIES & DISTRIBUTORS (0.7%) | ||||||||
Applied Industrial Technologies, Inc. | 2,430 | 127,308 | ||||||
DXP Enterprises, Inc.(a) | 3,850 | 57,442 | ||||||
Foundation Building Materials, Inc.(a) | 650 | 7,605 | ||||||
GATX Corp. | 2,270 | 134,611 | ||||||
GMS, Inc.(a) | 2,920 | 53,670 | ||||||
Kaman Corp. | 1,690 | 65,504 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,380 | 141,943 | ||||||
NOW, Inc.(a) | 40,300 | 248,651 | ||||||
Veritiv Corp.(a) | 22,350 | 209,419 | ||||||
Watsco, Inc. | 1,840 | 296,222 | ||||||
1,342,375 | ||||||||
WATER UTILITIES (0.4%) | ||||||||
American States Water Co. | 1,950 | 154,772 | ||||||
California Water Service Group | 2,710 | 121,733 | ||||||
Essential Utilities, Inc. | 10,912 | 456,012 | ||||||
732,517 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES (0.4%) | ||||||||
Shenandoah Telecommunications Co. | 2,630 | 140,731 | ||||||
Spok Holdings, Inc. | 11,020 | 113,065 | ||||||
Telephone and Data Systems, Inc. | 22,890 | 449,102 | ||||||
702,898 | ||||||||
TOTAL COMMON STOCKS (COST $219,450,149) | 188,114,348 | |||||||
MONEY MARKET FUND (1.9%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(b) | 3,565,147 | 3,565,147 | ||||||
TOTAL MONEY MARKET FUND (COST $3,565,147) | 3,565,147 | |||||||
RIGHT (0.0%) | ||||||||
CAPITAL MARKETS (0.0%) | ||||||||
Escrow Calamos Asset Management, Inc., Class A(a)(c) | 27,070 | — | ||||||
TOTAL RIGHT (COST $—) | — | |||||||
TOTAL INVESTMENTS (COST $223,015,296) 100.1% | 191,679,495 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% | (194,888 | ) | ||||||
NET ASSETS 100.0% | $ | 191,484,607 |
Amounts designated as ‘‘—’’ are $0 or have been rounded to $0.
(a) | Represents non-income producing security. |
(b) | 7-day current yield as of April 30, 2020 is disclosed. |
(c) | Security is a Level 3 investment. |
PLC — Public Limited Company
REIT — Real Estate Investment Trust
See notes to financial statements.
54
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SELECT BOND FUND
The table below sets forth the diversification of the Steward Select Bond Fund investments by Industry.
Industry Diversification | Percent* | |||
U.S. Treasury Obligations | 15.0 | % | ||
U.S. Government Agency Mortgage-Backed Obligations | 6.0 | |||
Banks | 5.9 | |||
Semiconductors & Semiconductor Equipment | 5.7 | |||
Biotechnology | 4.8 | |||
U.S. Government Agencies | 4.2 | |||
Oil, Gas & Consumable Fuels | 4.1 | |||
Money Market Fund | 4.0 | |||
IT Services | 3.9 | |||
Aerospace & Defense | 3.6 | |||
Capital Markets | 3.0 | |||
Beverages | 3.0 | |||
Specialty Retail | 2.9 | |||
Food Products | 2.5 | |||
Software | 2.3 | |||
Air Freight & Logistics | 2.2 | |||
Health Care Providers & Services | 2.2 | |||
Chemicals | 2.1 | |||
Internet & Direct Marketing Retail | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Insurance | 1.7 | |||
Commercial Services & Supplies | 1.7 | |||
Technology Hardware, Storage & Peripherals | 1.4 | |||
Machinery | 1.4 | |||
Industrial Conglomerates | 1.4 | |||
Road & Rail | 1.4 | |||
Food & Staples Retailing | 1.4 | |||
Diversified Telecommunication Services | 1.4 | |||
Consumer Finance | 1.4 | |||
Municipal Bonds | 1.3 | |||
Electric Utilities | 1.0 | |||
Household Products | 0.7 | |||
Multiline Retail | 0.7 | |||
Electronic Equipment, Instruments & Components | 0.7 | |||
Household Durables | 0.7 | |||
Pharmaceuticals | 0.6 | |||
Communications Equipment | 0.5 | |||
Thrifts & Mortgage Finance | 0.2 | |||
Equity Real Estate Investment Trusts | 0.2 | |||
Total Investments | 100.8 | % |
* Percentages indicated are based on net assets as of April 30, 2020.
See notes to financial statements.
55
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SELECT BOND FUND
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS (69.1%) | ||||||||
AEROSPACE & DEFENSE (3.6%) | ||||||||
General Dynamics Corp., 3.75%, 5/15/28, (Callable 2/15/28 @ 100) | $ | 1,000,000 | $ | 1,135,372 | ||||
Howmet Aerospace, Inc., 5.87%, 2/23/22 | 2,000,000 | 2,039,724 | ||||||
Raytheon Technologies Corp., 4.13%, 11/16/28, (Callable 8/16/28 @ 100) | 2,000,000 | 2,321,282 | ||||||
5,496,378 | ||||||||
AIR FREIGHT & LOGISTICS (2.2%) | ||||||||
FedEx Corp., 4.00%, 1/15/24 | 2,000,000 | 2,153,116 | ||||||
United Parcel Service, Inc., 3.75%, 11/15/47, (Callable 5/15/47 @ 100) | 1,000,000 | 1,171,428 | ||||||
3,324,544 | ||||||||
BANKS (5.7%) | ||||||||
Bank of America Corp., 5.63%, 7/1/20 | 1,500,000 | 1,511,287 | ||||||
Citigroup, Inc., 6.63%, 6/15/32 | 1,000,000 | 1,303,597 | ||||||
KeyCorp, 5.10%, 3/24/21 | 2,000,000 | 2,067,708 | ||||||
Manufacturers & Traders Trust Co., 2.22% (US0003M + 64 bps), 12/1/21, (Callable 6/8/20 @ 100)(a) | 1,150,000 | 1,135,340 | ||||||
US Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) | 2,500,000 | 2,658,402 | ||||||
8,676,334 | ||||||||
BEVERAGES (3.0%) | ||||||||
Coca-Cola Co. (The), 3.20%, 11/1/23 | 1,000,000 | 1,078,919 | ||||||
PepsiCo, Inc., 3.00%, 8/25/21 | 3,435,000 | 3,537,384 | ||||||
4,616,303 | ||||||||
BIOTECHNOLOGY (4.8%) | ||||||||
AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | 1,748,242 | ||||||
Amgen, Inc., 3.88%, 11/15/21, (Callable 8/15/21 @ 100) | 3,314,286 | 3,433,486 | ||||||
Celgene Corp., 3.88%, 8/15/25, (Callable 5/15/25 @ 100) | 1,000,000 | 1,125,592 | ||||||
Gilead Sciences, Inc., 4.40%, 12/1/21, (Callable 9/1/21 @ 100) | 1,000,000 | 1,047,249 | ||||||
7,354,569 | ||||||||
CAPITAL MARKETS (3.0%) | ||||||||
Charles Schwab Corp. (The), 4.45%, 7/22/20 | 1,250,000 | 1,259,045 | ||||||
Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27 | 1,500,000 | 1,790,472 | ||||||
Morgan Stanley, 5.75%, 1/25/21 | 1,500,000 | 1,548,979 | ||||||
4,598,496 | ||||||||
CHEMICALS (2.1%) | ||||||||
Ecolab, Inc., 4.35%, 12/8/21 | 2,000,000 | 2,116,297 | ||||||
Sherwin-Williams Co. (The), 3.80%, 8/15/49, (Callable 2/15/49 @ 100) | 1,000,000 | 1,085,536 | ||||||
3,201,833 | ||||||||
COMMERCIAL SERVICES & SUPPLIES (1.5%) | ||||||||
Waste Management, Inc., 3.45%, 6/15/29, (Callable 3/15/29 @ 100) | 2,000,000 | 2,272,321 | ||||||
COMMUNICATIONS EQUIPMENT (0.5%) | ||||||||
Tyco Electronics Group SA, 4.88%, 1/15/21 | 750,000 | 767,734 | ||||||
CONSUMER FINANCE (1.4%) | ||||||||
American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100) | 1,000,000 | 1,059,803 | ||||||
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) | 1,000,000 | 1,102,680 | ||||||
2,162,483 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%) | ||||||||
Verizon Communications, Inc., 4.60%, 4/1/21 | 2,000,000 | 2,065,920 | ||||||
ELECTRIC UTILITIES (1.0%) | ||||||||
Entergy Gulf States Louisiana LLC, 3.95%, 10/1/20, (Callable 7/1/20 @ 100) | 1,500,000 | 1,505,957 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.7%) | ||||||||
Corning, Inc., 3.70%, 11/15/23, (Callable 8/15/23 @ 100) | 1,000,000 | 1,042,787 | ||||||
FOOD & STAPLES RETAILING (1.4%) | ||||||||
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, (Callable 5/18/34 @ 100) | 1,000,000 | 1,101,280 | ||||||
Walmart, Inc., 4.25%, 4/15/21 | 1,000,000 | 1,033,867 | ||||||
2,135,147 | ||||||||
FOOD PRODUCTS (2.5%) | ||||||||
General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) | 1,000,000 | 1,155,894 | ||||||
J.M. Smucker Co. (The), 3.50%, 10/15/21 | 500,000 | 516,915 | ||||||
Tyson Foods, Inc., 4.50%, 6/15/22, (Callable 3/15/22 @ 100) | 2,000,000 | 2,113,630 | ||||||
3,786,439 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (2.2%) | ||||||||
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 2,000,000 | 2,156,147 | ||||||
Express Scripts Holding Co., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | 1,126,550 | ||||||
3,282,697 | ||||||||
HOTELS, RESTAURANTS & LEISURE (1.8%) | ||||||||
McDonald’s Corp., 3.70%, 1/30/26, (Callable 10/30/25 @ 100) | 1,500,000 | 1,675,992 | ||||||
Starbucks Corp., 3.75%, 12/1/47, (Callable 6/1/47 @ 100) | 1,000,000 | 1,061,298 | ||||||
2,737,290 |
See notes to financial statements.
56
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SELECT BOND FUND
Principal | ||||||||
Amount | Value | |||||||
HOUSEHOLD DURABLES (0.7%) | ||||||||
Newell Brands, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | $ | 1,000,000 | $ | 1,006,250 | ||||
HOUSEHOLD PRODUCTS (0.7%) | ||||||||
Procter & Gamble Co. (The), 3.10%, 8/15/23 | 1,000,000 | 1,084,685 | ||||||
INDUSTRIAL CONGLOMERATES (1.4%) | ||||||||
Honeywell International, Inc., 4.25%, 3/1/21 | 2,000,000 | 2,054,718 | ||||||
INSURANCE (1.4%) | ||||||||
Prudential Financial, Inc., 5.88% (US0003M + 418 bps), 9/15/42, (Callable 9/15/22 @ 100)(a) | 2,000,000 | 2,107,160 | ||||||
INTERNET & DIRECT MARKETING RETAIL (1.5%) | ||||||||
Amazon.com, Inc., 3.80%, 12/5/24, (Callable 9/5/24 @ 100) | 2,000,000 | 2,253,538 | ||||||
IT SERVICES (3.9%) | ||||||||
Fiserv, Inc., 4.20%, 10/1/28, (Callable 7/1/28 @ 100) | 1,000,000 | 1,136,965 | ||||||
Mastercard, Inc., 3.38%, 4/1/24 | 1,000,000 | 1,099,501 | ||||||
PayPal Holdings, Inc., 2.85%, 10/1/29, (Callable 7/1/29 @ 100) | 1,000,000 | 1,061,977 | ||||||
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) | 2,000,000 | 2,648,151 | ||||||
5,946,594 | ||||||||
MACHINERY (1.4%) | ||||||||
Caterpillar, Inc., 3.90%, 5/27/21 | 1,000,000 | 1,030,296 | ||||||
John Deere Capital Corp., 3.45%, 3/13/25 | 1,000,000 | 1,099,128 | ||||||
2,129,424 | ||||||||
MULTILINE RETAIL (0.7%) | ||||||||
Target Corp., 3.50%, 7/1/24 | 1,000,000 | 1,109,606 | ||||||
OIL, GAS & CONSUMABLE FUELS (4.1%) | ||||||||
Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100) | 724,000 | 656,353 | ||||||
ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) | 1,000,000 | 1,147,425 | ||||||
Gulf South Pipeline Company LP, 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,500,000 | 1,414,844 | ||||||
Valero Energy Corp., 4.00%, 4/1/29, (Callable 1/1/29 @ 100) | 3,000,000 | 3,072,311 | ||||||
6,290,933 | ||||||||
PHARMACEUTICALS (0.6%) | ||||||||
Teva Pharmaceutical Finance, 3.65%, 11/10/21 | 901,000 | 876,222 | ||||||
ROAD & RAIL (1.4%) | ||||||||
Union Pacific Corp., 4.16%, 7/15/22, (Callable 4/15/22 @ 100) | 2,000,000 | 2,121,101 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.7%) | ||||||||
Applied Materials, Inc., 4.30%, 6/15/21 | 1,000,000 | 1,040,263 | ||||||
Intel Corp., 4.00%, 12/15/32 | 2,000,000 | 2,485,666 | ||||||
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | 5,099,581 | ||||||
8,625,510 | ||||||||
SOFTWARE (2.3%) | ||||||||
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | 2,000,000 | 2,330,355 | ||||||
Salesforce.com, Inc., 3.70%, 4/11/28, (Callable 1/11/28 @ 100) | 1,000,000 | 1,140,521 | ||||||
3,470,876 | ||||||||
SPECIALTY RETAIL (2.9%) | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | 2,202,261 | ||||||
Lowe’s Cos., Inc., 3.65%, 4/5/29, (Callable 1/5/29 @ 100) | 1,000,000 | 1,099,640 | ||||||
Lowe’s Cos., Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100) | 1,000,000 | 1,033,984 | ||||||
4,335,885 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.4%) | ||||||||
Apple, Inc., 3.45%, 2/9/45 | 1,000,000 | 1,140,837 | ||||||
Xerox Corp., 4.50%, 5/15/21 | 1,000,000 | 1,002,700 | ||||||
2,143,537 | ||||||||
THRIFTS & MORTGAGE FINANCE (0.2%) | ||||||||
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35, (Callable 5/25/20 @ 100)(a) | 292,270 | 292,845 | ||||||
TOTAL CORPORATE BONDS (COST $99,564,153) | 104,876,116 | |||||||
Shares | ||||||||
MONEY MARKET FUND (4.0%) | ||||||||
Northern Institutional Treasury Portfolio (Premier Class), 0.22%(b) | 6,076,750 | $ | 6,076,750 | |||||
TOTAL MONEY MARKET FUND (COST $6,076,750) | 6,076,750 | |||||||
Principal | ||||||||
Amount | ||||||||
MUNICIPAL BONDS (1.3%) | ||||||||
Cedar Hill Independent School District, 1.76%, 2/15/21 | $ | 250,000 | $ | 247,200 |
See notes to financial statements.
57
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SELECT BOND FUND
Principal | ||||||||
Amount | Value | |||||||
New York City Transitional Finance | ||||||||
Authority Future Tax Secured | ||||||||
Revenue, Build America Bonds, | ||||||||
5.72%, 5/1/30, (Callable 6/8/20 @ 100) | $ | 1,500,000 | $ | 1,503,735 | ||||
Oklahoma Development Finance | ||||||||
Authority Lease Revenue, 5.65%, | ||||||||
6/1/41, (Callable 6/1/21 @ 100) | 150,000 | 154,291 | ||||||
TOTAL MUNICIPAL BONDS (COST $1,967,441) | 1,905,226 | |||||||
U.S. GOVERNMENT AGENCIES (4.2%) | ||||||||
Federal Farm Credit Bank, 3.00%, | ||||||||
11/25/30 | 1,000,000 | 1,159,074 | ||||||
Federal Home Loan Bank | ||||||||
2.50%, 5/23/22(c) | 1,000,000 | 1,045,704 | ||||||
3.50%, 7/29/21 | 2,000,000 | 2,079,443 | ||||||
3,125,147 | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
0.90%, 10/28/24, (Callable 10/28/20 @ 100) | 1,000,000 | 1,000,018 | ||||||
2.25%, 2/26/21(c) | 50,000 | 50,758 | ||||||
2.50%, 3/29/22(c) | 1,000,000 | 1,041,907 | ||||||
2,092,683 | ||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $6,078,242) | 6,376,904 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (6.0%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
3.50%, 2/1/34 | 853,373 | 901,119 | ||||||
3.50%, 10/1/49 | 1,318,996 | 1,392,542 | ||||||
3.72% (US0012M + 179 bps), 10/1/37(a) | 28,464 | 28,909 | ||||||
4.00%, 12/15/25 | 2,500,000 | 2,774,776 | ||||||
4.75% (H15T1Y + 225 bps), 5/1/36(a) | 36,048 | 36,753 | ||||||
5.00%, 11/1/37 | 9,987 | 10,946 | ||||||
6.00%, 3/1/38 | 28,285 | 32,567 | ||||||
5,177,612 | ||||||||
Federal National Mortgage Association | ||||||||
0.91% (US0001M + 42 bps), 11/25/36(a) | 65,527 | 65,164 | ||||||
3.50%, 2/1/43 | 675,602 | 722,455 | ||||||
3.50%, 4/1/48 | 793,421 | 871,719 | ||||||
3.91% (US0012M + 204 bps), 10/1/36(a) | 17,241 | 17,307 | ||||||
4.00%, 9/1/33 | 568,052 | 600,826 | ||||||
4.00%, 10/1/46 | 767,106 | 829,772 | ||||||
4.50% (H15T1Y + 213 bps), 7/1/36(a) | 8,895 | 8,929 | ||||||
4.70% (US0012M + 182 bps), 5/1/36(a) | 70,171 | 72,941 | ||||||
5.00%, 1/1/35 | 15,618 | 16,503 | ||||||
5.50%, 9/1/36 | 9,603 | 9,976 | ||||||
6.00%, 6/1/36 | 182,643 | 200,299 | ||||||
6.00%, 9/1/36 | 53,369 | 59,948 | ||||||
6.00%, 5/1/37 | 31,561 | 35,830 | ||||||
3,511,669 | ||||||||
Government National Mortgage Association | ||||||||
4.00% (H15T1Y + 150 bps), 1/20/39(a) | 9,828 | 9,876 | ||||||
4.25%, 10/20/38 | 27,249 | 27,427 | ||||||
4.50%, 6/15/40 | 133,699 | 147,280 | ||||||
4.50%, 8/20/38 | 79,024 | 87,493 | ||||||
5.00%, 5/20/40 | 70,182 | 75,957 | ||||||
5.50%, 12/20/38 | 7,487 | 8,141 | ||||||
6.00%, 10/15/37 | 30,759 | 35,090 | ||||||
6.00%, 6/15/37 | 31,411 | 35,462 | ||||||
6.50%, 10/20/38 | 7,159 | 7,792 | ||||||
434,518 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $8,577,940) | 9,123,799 | |||||||
U.S. TREASURY OBLIGATIONS (15.0%) | ||||||||
U.S. Treasury Bills | ||||||||
0.02%, 5/26/20 | 3,000,000 | 2,999,844 | ||||||
0.03%, 6/9/20 | 2,000,000 | 1,999,819 | ||||||
4,999,663 | ||||||||
U.S. Treasury Notes | ||||||||
0.38%, 1/15/27 (TIPS) | 1,000,000 | 1,124,549 | ||||||
1.63%, 11/30/26 | 1,000,000 | 1,073,164 | ||||||
1.75%, 11/15/29 | 1,000,000 | 1,105,742 | ||||||
2.00%, 11/15/21 | 5,000,000 | 5,141,016 | ||||||
2.00%, 2/15/22 | 7,000,000 | 7,225,586 | ||||||
2.00%, 11/30/20 | 2,000,000 | 2,021,875 | ||||||
17,691,932 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
(COST $22,050,258) | 22,691,595 | |||||||
Shares | ||||||||
PREFERRED STOCKS (1.2%) | ||||||||
BANKS (0.2%) | ||||||||
JPMorgan Chase & Co. – Preferred, 6.10% | 15,000 | $ | 387,150 | |||||
COMMERCIAL SERVICES & SUPPLIES (0.2%) | ||||||||
Pitney Bowes, Inc. – Preferred, 6.70% | 15,000 | 254,850 |
See notes to financial statements.
58
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2020
STEWARD SELECT BOND FUND
Shares | Value | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (0.2%) | ||||||||
Public Storage – Preferred, 5.38% | 15,000 | $ | 382,950 | |||||
INSURANCE (0.3%) | ||||||||
Globe Life, Inc. – Preferred, 6.13% | 15,000 | 404,100 | ||||||
INTERNET & DIRECT MARKETING RETAIL (0.3%) | ||||||||
eBay, Inc. – Preferred, 6.00% | 15,000 | 390,900 | ||||||
TOTAL PREFERRED STOCKS (COST $1,982,830) | ||||||||
1,819,950 | ||||||||
TOTAL INVESTMENTS (COST $146,297,614) 100.8% | 152,870,340 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (0.8)% | (1,215,670 | ) | ||||||
NET ASSETS 100.0% | $ | 151,654,670 |
(a) | Variable rate security. The interest rate shown represents the rate in effect at April 30, 2020. For securities based on published reference rate and spread, the reference rate and spread are indicated in the description. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | 7-day current yield as of April 30, 2020 is disclosed. |
(c) | Step Bond. Coupon rate is set for an initial period and then adjusted at a specified date. The rate shown represents the rate as of April 30, 2020. |
bps — Basis Points
H15T1Y — 1 Year Treasury Constant Maturity Rate
LLC — Limited Liability Company
LP — Limited Partnership
TIPS — Treasury Inflation-Protected Security
US0001M — 1 Month US Dollar LIBOR
US0003M — 3 Month US Dollar LIBOR
US0012M — 12 Month US Dollar LIBOR
See notes to financial statements.
59
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2020
Steward | Steward | |||||||||||
Steward | Global | International | ||||||||||
Covered Call | Equity | Enhanced | ||||||||||
Income Fund | Income Fund | Index Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $32,041,176, $284,660,099 and $149,617,777, respectively) | $ | 29,009,556 | $ | 269,641,702 | $ | 126,694,235 | ||||||
Interest and dividend receivable | 33,115 | 533,198 | 341,128 | |||||||||
Receivable for capital shares issued | 2,868 | 60,291 | 72,160 | |||||||||
Reclaims receivable | — | 30,841 | 50,623 | |||||||||
Prepaid expenses and other assets | 27,812 | 3,667 | 5,888 | |||||||||
Total assets | 29,073,351 | 270,269,699 | 127,164,034 | |||||||||
Liabilities: | ||||||||||||
Payable for capital shares redeemed | 30,665 | 209,392 | 110,044 | |||||||||
Written options at fair value (premiums received $772,238, $0 and $0, respectively) | 1,342,669 | — | — | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 12,388 | 131,920 | 36,418 | |||||||||
Administration fees | 1,623 | 15,831 | 7,483 | |||||||||
Distribution fees - Class A | 12 | 19,077 | 8,131 | |||||||||
Distribution fees - Class C | 2,826 | 5,844 | — | |||||||||
Sub-accounting service fees - Class A | — | 7,217 | 3,797 | |||||||||
Sub-accounting service fees - Class C | 73 | 300 | — | |||||||||
Sub-accounting service fees - Institutional Class | 500 | 12,000 | 5,000 | |||||||||
Fund accounting and sub-administration fees | 16,000 | 44,544 | 21,263 | |||||||||
Transfer agent fees | 1,875 | 1,875 | 1,875 | |||||||||
Custodian fees | 6,532 | 14,274 | 5,006 | |||||||||
Directors fees | 1,330 | 14,138 | 6,479 | |||||||||
Printing fees | 889 | 4,650 | 3,928 | |||||||||
Professional fees | 3,179 | 33,504 | 15,310 | |||||||||
Other accrued liabilities | 2,697 | 2,628 | 5,594 | |||||||||
Total liabilities | 1,423,258 | 517,194 | 230,328 | |||||||||
Net Assets | $ | 27,650,093 | $ | 269,752,505 | $ | 126,933,706 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 31,641,448 | 280,801,419 | 149,579,486 | |||||||||
Total accumulated deficit | (3,991,355 | ) | (11,048,914 | ) | (22,645,780 | ) | ||||||
Net Assets | $ | 27,650,093 | $ | 269,752,505 | $ | 126,933,706 | ||||||
Class A | ||||||||||||
Net Assets | $ | 8,609 | $ | 52,325,878 | $ | 28,007,450 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 996 | 1,982,426 | 1,592,422 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.64 | $ | 26.39 | $ | 17.59 | ||||||
Class C | ||||||||||||
Net Assets | $ | 301,199 | $ | 2,389,434 | $ | 8 | ||||||
Shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 34,619 | 86,402 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.70 | $ | 27.65 | $ | 14.90 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 10 | $ | 120,665 | $ | 474,914 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 4,826 | 31,770 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.64 | $ | 25.00 | $ | 14.95 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 27,340,275 | $ | 214,916,528 | $ | 98,451,334 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 3,160,133 | 8,114,898 | 5,575,835 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.65 | $ | 26.48 | $ | 17.66 |
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.
60
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2020
Steward | ||||||||||||
Steward | Small-Mid | |||||||||||
Large Cap | Cap | Steward | ||||||||||
Enhanced | Enhanced | Select | ||||||||||
Index Fund | Index Fund | Bond Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $379,961,959, $223,015,296 and $146,297,614, respectively) | $ | 395,500,590 | $ | 191,679,495 | $ | 152,870,340 | ||||||
Interest and dividend receivable | 318,023 | 79,384 | 1,331,110 | |||||||||
Receivable for investments sold | — | 248 | — | |||||||||
Receivable for capital shares issued | 568,457 | 102,252 | 8,086 | |||||||||
Prepaid expenses and other assets | 652 | 1,878 | — | |||||||||
Total assets | 396,387,722 | 191,863,257 | 154,209,536 | |||||||||
Liabilities: | ||||||||||||
Payable for investments purchased | — | 3 | 2,259,280 | |||||||||
Payable for capital shares redeemed | 488,654 | 227,610 | 166,618 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 65,285 | 30,110 | 39,060 | |||||||||
Administration fees | 22,774 | 10,504 | 9,300 | |||||||||
Distribution fees - Class A | 12,964 | 14,627 | 1,286 | |||||||||
Sub-accounting service fees - Class A | 4,691 | 3,447 | 1,112 | |||||||||
Sub-accounting service fees - Institutional Class | 25,000 | 8,000 | 7,000 | |||||||||
Fund accounting and sub-administration fees | 57,946 | 30,397 | 22,699 | |||||||||
Transfer agent fees | 1,875 | 1,875 | 1,875 | |||||||||
Custodian fees | 15,787 | 13,260 | 5,667 | |||||||||
Directors fees | 19,078 | 9,585 | 7,237 | |||||||||
Printing fees | 10,946 | 2,163 | 4,988 | |||||||||
Professional fees | 45,665 | 22,721 | 17,339 | |||||||||
Other accrued liabilities | 5,327 | 4,348 | 11,405 | |||||||||
Total liabilities | 775,992 | 378,650 | 2,554,866 | |||||||||
Net Assets | $ | 395,611,730 | $ | 191,484,607 | $ | 151,654,670 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 349,176,221 | 215,309,611 | 147,042,533 | |||||||||
Total distributable earnings/(accumulated deficit) | 46,435,509 | (23,825,004 | ) | 4,612,137 | ||||||||
Net Assets | $ | 395,611,730 | $ | 191,484,607 | $ | 151,654,670 | ||||||
Class A | ||||||||||||
Net Assets | $ | 39,094,028 | $ | 50,646,165 | $ | 9,233,564 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 994,607 | 4,805,703 | 363,749 | |||||||||
Net asset value, offering and redemption price per share | $ | 39.31 | $ | 10.54 | $ | 25.38 | ||||||
Class C | ||||||||||||
Net Assets | $ | 10 | $ | 8 | $ | 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) | $ | 35.97 | $ | 9.84 | $ | 28.84 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 49,643,228 | $ | 46,069 | $ | 10 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1,385,424 | 4,668 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 35.83 | $ | 9.87 | $ | 28.72 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 306,874,464 | $ | 140,792,365 | $ | 142,421,086 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 7,822,587 | 13,105,459 | 5,634,224 | |||||||||
Net asset value, offering and redemption price per share | $ | 39.23 | $ | 10.74 | $ | 25.28 |
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.
61
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2020
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, $697,343 and $665,087, respectively) | $ | 608,590 | $ | 9,673,273 | $ | 4,665,429 | ||||||
Interest | 10,947 | 50,540 | 32,710 | |||||||||
Total investment income | 619,537 | 9,723,813 | 4,698,139 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 173,033 | 1,705,556 | 501,493 | |||||||||
Consulting service fees | 3,911 | 41,685 | 21,301 | |||||||||
Compliance service fees | 1,491 | 16,104 | 7,800 | |||||||||
Administration fees | 20,231 | 212,794 | 98,693 | |||||||||
Distribution fees - Class A | 73 | 160,107 | 79,007 | |||||||||
Distribution fees - Class C | 2,770 | 7,715 | — | |||||||||
Sub-accounting services fees - Class A | 10 | 90,470 | 46,374 | |||||||||
Sub-accounting services fees - Class C | 402 | 1,308 | — | |||||||||
Sub-accounting services fees - Institutional Class | 4,102 | 140,547 | 58,448 | |||||||||
Fund accounting and sub-administration fees | 57,196 | 171,984 | 84,334 | |||||||||
Transfer agent fees | 7,500 | 7,500 | 7,500 | |||||||||
Custodian fees | 30,308 | 51,805 | 20,805 | |||||||||
Registration fees | 59,132 | 96,365 | 78,401 | |||||||||
Directors fees | 4,002 | 42,526 | 19,488 | |||||||||
Professional fees | 11,017 | 117,067 | 53,648 | |||||||||
Printing fees | 2,070 | 21,996 | 10,080 | |||||||||
Miscellaneous fees | 18,542 | 93,058 | 53,109 | |||||||||
Total expenses before contractual fee reductions | 395,790 | 2,978,587 | 1,140,481 | |||||||||
Fees contractually waived/reimbursed by the Adviser | (96,611 | ) | — | — | ||||||||
Net expenses | 299,179 | 2,978,587 | 1,140,481 | |||||||||
Net investment income | 320,358 | 6,745,226 | 3,557,658 | |||||||||
Realized and Unrealized Gain/(Loss): | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency translation | (336,919 | ) | 17,550,945 | 1,404,630 | ||||||||
Net realized gains on options transactions | 1,980,862 | — | — | |||||||||
Change in unrealized depreciation on investment transactions and foreign currency transactions | (3,717,321 | ) | (54,202,823 | ) | (30,912,113 | ) | ||||||
Change in unrealized depreciation on options transactions | (4,504 | ) | — | — | ||||||||
Net realized and unrealized losses from investment transactions, foreign currency translations and options transactions | (2,077,882 | ) | (36,651,878 | ) | (29,507,483 | ) | ||||||
Change in net assets resulting from operations | $ | (1,757,524 | ) | $ | (29,906,652 | ) | $ | (25,949,825 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
62
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2020
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, $808 and $0, respectively) | $ | 8,537,386 | $ | 2,938,159 | $ | 129,677 | ||||||
Interest | 63,106 | 38,737 | 4,509,551 | |||||||||
Total investment income | 8,600,492 | 2,976,896 | 4,639,228 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 844,056 | 420,545 | 483,516 | |||||||||
Consulting service fees | 57,851 | 29,138 | 21,592 | |||||||||
Compliance service fees | 22,127 | 11,342 | 8,415 | |||||||||
Administration fees | 289,186 | 143,298 | 109,495 | |||||||||
Distribution fees - Class A | 109,224 | 158,543 | 24,852 | |||||||||
Sub-accounting services fees - Class A | 55,268 | 42,730 | 13,587 | |||||||||
Sub-accounting services fees - Institutional Class | 175,586 | 86,539 | 80,218 | |||||||||
Fund accounting and sub-administration fees | 228,815 | 119,718 | 89,982 | |||||||||
Transfer agent fees | 7,500 | 7,500 | 7,500 | |||||||||
Custodian fees | 61,838 | 43,783 | 23,448 | |||||||||
Registration fees | 87,067 | 78,028 | 79,204 | |||||||||
Directors fees | 57,385 | 28,832 | 21,767 | |||||||||
Professional fees | 157,974 | 79,370 | 59,923 | |||||||||
Printing fees | 29,682 | 14,913 | 11,259 | |||||||||
Miscellaneous fees | 121,145 | 68,912 | 57,472 | |||||||||
Total expenses before contractual fee reductions | 2,304,704 | 1,333,191 | 1,092,230 | |||||||||
Net investment income | 6,295,788 | 1,643,705 | 3,546,998 | |||||||||
Realized and Unrealized Gain/(Loss): | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency translation | 33,725,621 | 7,987,142 | (58,674 | ) | ||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency transactions | (67,409,526 | ) | (52,917,504 | ) | 6,507,196 | |||||||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | (33,683,905 | ) | (44,930,362 | ) | 6,448,522 | |||||||
Change in net assets resulting from operations | $ | (27,388,117 | ) | $ | (43,286,657 | ) | $ | 9,995,520 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
63
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD COVERED CALL INCOME FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 320,358 | $ | 290,981 | ||||
Net realized gain from investment transactions, foreign currency transactions and option transactions | 1,643,943 | 992,974 | ||||||
Net change in unrealized appreciation/(depreciation) on investment transactions, foreign currency transactions and option transactions | (3,721,825 | ) | 1,106,608 | |||||
Change in net assets resulting from operations | (1,757,524 | ) | 2,390,563 | |||||
Distributions to shareholders from: | ||||||||
Class A | (1,939 | ) | (1,313 | ) | ||||
Class C | (19,972 | ) | (82 | ) | ||||
Class R6 | — | (1 | ) | |||||
Institutional Class | (2,022,168 | ) | (2,373,826 | ) | ||||
Total distributions to shareholders | (2,044,079 | ) | (2,375,222 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 33,908 | 54,311 | ||||||
Dividends reinvested | 1,939 | 1,313 | ||||||
Cost of shares redeemed | (56,261 | ) | (28,103 | ) | ||||
Change in Class A from capital transactions | (20,414 | ) | 27,521 | |||||
Class C | ||||||||
Proceeds from shares issued | 325,900 | 75,000 | ||||||
Dividends reinvested | 18,253 | 1 | ||||||
Cost of shares redeemed | (84,821 | ) | — | |||||
Change in Class C from capital transactions | 259,332 | 75,001 | ||||||
Class R6 | ||||||||
Dividends reinvested | 1 | 1 | ||||||
Change in Class R6 from capital transactions | 1 | 1 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 5,385,631 | 5,410,121 | ||||||
Dividends reinvested | 2,020,396 | 2,373,826 | ||||||
Cost of shares redeemed | (5,108,648 | ) | (4,406,934 | ) | ||||
Change in Institutional Class from capital transactions | 2,297,379 | 3,377,013 | ||||||
Change in net assets from capital transactions | 2,536,298 | 3,479,536 | ||||||
Change in net assets | (1,265,305 | ) | 3,494,877 | |||||
Net Assets: | ||||||||
Beginning of year | 28,915,398 | 25,420,521 | ||||||
End of year | $ | 27,650,093 | $ | 28,915,398 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 3,432 | 5,512 | ||||||
Reinvested | 198 | 153 | ||||||
Redeemed | (5,783 | ) | (2,828 | ) | ||||
Change in Class A | (2,153 | ) | 2,837 | |||||
Class C | ||||||||
Issued | 34,200 | 8,017 | ||||||
Reinvested | 1,849 | — | ||||||
Redeemed | (9,448 | ) | — | |||||
Change in Class C | 26,601 | 8,017 | ||||||
Class R6 | ||||||||
Reinvested | — | — | ||||||
Change in Class R6 | — | — | ||||||
Institutional Class | ||||||||
Issued | 575,018 | 565,316 | ||||||
Reinvested | 207,173 | 277,710 | ||||||
Redeemed | (575,105 | ) | (453,432 | ) | ||||
Change in Institutional Class | 207,086 | 389,594 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
64
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD GLOBAL EQUITY INCOME FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 6,745,226 | $ | 7,368,982 | ||||
Net realized gain from investment transactions and foreign currency transactions | 17,550,945 | 8,648,160 | ||||||
Net change in unrealized depreciation on investments and foreign currency transactions | (54,202,823 | ) | (2,681,619 | ) | ||||
Change in net assets resulting from operations | (29,906,652 | ) | 13,335,523 | |||||
Distributions to shareholders from: | ||||||||
Class A | (4,795,394 | ) | (6,378,338 | ) | ||||
Class C | (186,792 | ) | (107,534 | ) | ||||
Class R6 | (91,595 | ) | (30,885 | ) | ||||
Institutional Class | (20,487,257 | ) | (21,200,600 | ) | ||||
Total distributions to shareholders | (25,561,038 | ) | (27,717,357 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 16,615,465 | 37,450,498 | ||||||
Dividends reinvested | 4,754,759 | 6,319,136 | ||||||
Cost of shares redeemed | (31,449,628 | ) | (34,477,167 | ) | ||||
Change in Class A from capital transactions | (10,079,404 | ) | 9,292,467 | |||||
Class C | ||||||||
Proceeds from shares issued | 2,276,695 | 374,091 | ||||||
Dividends reinvested | 185,723 | 106,893 | ||||||
Cost of shares redeemed | (37,614 | ) | (18,374 | ) | ||||
Change in Class C from capital transactions | 2,424,804 | 462,610 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 230,539 | 532,778 | ||||||
Dividends reinvested | 91,596 | 30,885 | ||||||
Cost of shares redeemed | (101,765 | ) | (482,382 | ) | ||||
Change in Class R6 from capital transactions | 220,370 | 81,281 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 79,424,757 | 72,171,525 | ||||||
Dividends reinvested | 20,192,212 | 21,117,291 | ||||||
Cost of shares redeemed | (82,721,805 | ) | (60,348,392 | ) | ||||
Change in Institutional Class from capital transactions | 16,895,164 | 32,940,424 | ||||||
Change in net assets from capital transactions | 9,460,934 | 42,776,782 | ||||||
Change in net assets | (46,006,756 | ) | 28,394,948 | |||||
Net Assets: | ||||||||
Beginning of year | 315,759,261 | 287,364,313 | ||||||
End of year | $ | 269,752,505 | $ | 315,759,261 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 558,561 | 1,148,364 | ||||||
Reinvested | 150,184 | 225,889 | ||||||
Redeemed | (1,033,659 | ) | (1,099,933 | ) | ||||
Change in Class A | (324,914 | ) | 274,320 | |||||
Class C(a) | ||||||||
Issued | 75,582 | 5,103 | ||||||
Reinvested | 5,293 | 2,249 | ||||||
Redeemed | (1,438 | ) | (388 | ) | ||||
Change in Class C | 79,437 | 6,965 | ||||||
Class R6(a) | ||||||||
Issued | 5,084 | 6,665 | ||||||
Reinvested | 3,026 | 398 | ||||||
Redeemed | (3,408 | ) | (6,939 | ) | ||||
Change in Class R6 | 4,702 | 124 | ||||||
Institutional Class | ||||||||
Issued | 2,603,869 | 2,269,313 | ||||||
Reinvested | 637,836 | 753,068 | ||||||
Redeemed | (2,854,580 | ) | (1,936,300 | ) | ||||
Change in Institutional Class | 387,125 | 1,086,081 |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Effective March 9, 2020, the share class had a one-for-ten reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-ten stock split. |
See notes to financial statements.
65
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD INTERNATIONAL ENHANCED INDEX FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 3,557,658 | $ | 3,721,419 | ||||
Net realized gain from investment transactions and foreign currency transactions | 1,404,630 | 1,742,848 | ||||||
Net change in unrealized depreciation on investments and foreign currency transactions | (30,912,113 | ) | (7,704,352 | ) | ||||
Change in net assets resulting from operations | (25,949,825 | ) | (2,240,085 | ) | ||||
Distributions to shareholders from: | ||||||||
Class A | (734,117 | ) | (664,893 | ) | ||||
Class C | (1 | ) | — | |||||
Class R6 | (13,125 | ) | — | |||||
Institutional Class | (2,929,713 | ) | (2,981,081 | ) | ||||
Total distributions to shareholders | (3,676,956 | ) | (3,645,974 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 11,574,206 | 7,555,284 | ||||||
Dividends reinvested | 707,467 | 641,544 | ||||||
Cost of shares redeemed | (7,815,192 | ) | (4,405,021 | ) | ||||
Change in Class A from capital transactions | 4,466,481 | 3,791,807 | ||||||
Class C | ||||||||
Dividends reinvested | 1 | — | ||||||
Change in Class C from capital transactions | 1 | — | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 760,083 | — | ||||||
Dividends reinvested | 13,125 | — | ||||||
Cost of shares redeemed | (208,727 | ) | — | |||||
Change in Class R6 from capital transactions | 564,481 | — | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 19,490,166 | 19,515,477 | ||||||
Dividends reinvested | 2,817,398 | 2,859,249 | ||||||
Cost of shares redeemed | (17,205,803 | ) | (13,462,006 | ) | ||||
Change in Institutional Class from capital transactions | 5,101,761 | 8,912,720 | ||||||
Change in net assets from capital transactions | 10,132,724 | 12,704,527 | ||||||
Change in net assets | (19,494,057 | ) | 6,818,468 | |||||
Net Assets: | ||||||||
Beginning of year | 146,427,763 | 139,609,295 | ||||||
End of year | $ | 126,933,706 | $ | 146,427,763 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 584,792 | 348,489 | ||||||
Reinvested | 34,399 | 29,948 | ||||||
Redeemed | (377,922 | ) | (204,302 | ) | ||||
Change in Class A | 241,269 | 174,135 | ||||||
Class C(a) | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6(a) | ||||||||
Issued | 42,055 | — | ||||||
Reinvested | 740 | — | ||||||
Redeemed | (11,026 | ) | — | |||||
Change in Class R6 | 31,769 | — | ||||||
Institutional Class | ||||||||
Issued | 987,104 | 906,073 | ||||||
Reinvested | 137,147 | 133,295 | ||||||
Redeemed | (833,061 | ) | (628,952 | ) | ||||
Change in Institutional Class | 291,190 | 410,416 |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
See notes to financial statements.
66
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP ENHANCED INDEX FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 6,295,788 | $ | 5,531,658 | ||||
Net realized gain from investment transactions and foreign currency transactions | 33,725,621 | 13,263,367 | ||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | (67,409,526 | ) | 20,743,984 | |||||
Change in net assets resulting from operations | (27,388,117 | ) | 39,539,009 | |||||
Distributions to shareholders from: | ||||||||
Class A | (1,052,587 | ) | (2,014,273 | ) | ||||
Class C | (1 | ) | (1 | ) | ||||
Class R6 | (5,899,887 | ) | (9,586,866 | ) | ||||
Institutional Class | (8,704,134 | ) | (15,279,233 | ) | ||||
Total distributions to shareholders | (15,656,609 | ) | (26,880,373 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 12,510,600 | 7,754,531 | ||||||
Dividends reinvested | 1,028,668 | 1,982,781 | ||||||
Cost of shares redeemed | (12,300,328 | ) | (18,263,079 | ) | ||||
Change in Class A from capital transactions | 1,238,940 | (8,525,767 | ) | |||||
Class C | ||||||||
Dividends reinvested | 1 | 1 | ||||||
Change in Class C from capital transactions | 1 | 1 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 6,898,246 | 53,577,121 | ||||||
Dividends reinvested | 5,899,887 | 9,586,866 | ||||||
Cost of shares redeemed | (9,642,114 | ) | (4,480,083 | ) | ||||
Change in Class R6 from capital transactions | 3,156,019 | 58,683,904 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 98,165,158 | 71,969,137 | ||||||
Dividends reinvested | 8,542,479 | 14,990,805 | ||||||
Cost of shares redeemed | (98,173,843 | ) | (117,568,644 | ) | ||||
Change in Institutional Class from capital transactions | 8,533,794 | (30,608,702 | ) | |||||
Change in net assets from capital transactions | 12,928,754 | 19,549,436 | ||||||
Change in net assets | (30,115,972 | ) | 32,208,072 | |||||
Net Assets: | ||||||||
Beginning of year | 425,727,702 | 393,519,630 | ||||||
End of year | $ | 395,611,730 | $ | 425,727,702 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 302,130 | 184,630 | ||||||
Reinvested | 23,828 | 53,674 | ||||||
Redeemed | (287,882 | ) | (438,391 | ) | ||||
Change in Class A | 38,076 | (200,087 | ) | |||||
Class C(a) | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6(a) | ||||||||
Issued | 177,444 | 1,157,983 | ||||||
Reinvested | 142,182 | 264,084 | ||||||
Redeemed | (243,028 | ) | (113,241 | ) | ||||
Change in Class R6 | 76,598 | 1,308,826 | ||||||
Institutional Class | ||||||||
Issued | 2,354,753 | 1,735,250 | ||||||
Reinvested | 200,128 | 403,576 | ||||||
Redeemed | (2,341,086 | ) | (2,887,564 | ) | ||||
Change in Institutional Class | 213,795 | (748,738 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Effective March 9, 2020, the share class had a one-for-five reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-five stock split. |
See notes to financial statements.
67
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 1,643,705 | $ | 1,796,567 | ||||
Net realized gain from investment transactions and foreign currency transactions | 7,987,142 | 16,065,934 | ||||||
Net change in unrealized depreciation on investments and foreign currency transactions | (52,917,504 | ) | (9,759,239 | ) | ||||
Change in net assets resulting from operations | (43,286,657 | ) | 8,103,262 | |||||
Distributions to shareholders from: | ||||||||
Class A | (2,608,082 | ) | (8,799,268 | ) | ||||
Class C | (1 | ) | (2 | ) | ||||
Class R6 | (6,229 | ) | (2 | ) | ||||
Institutional Class | (6,470,384 | ) | (18,759,267 | ) | ||||
Total distributions to shareholders | (9,084,696 | ) | (27,558,539 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 9,903,543 | 19,564,483 | ||||||
Dividends reinvested | 2,495,589 | 8,419,050 | ||||||
Cost of shares redeemed | (17,452,015 | ) | (26,586,844 | ) | ||||
Change in Class A from capital transactions | (5,052,883 | ) | 1,396,689 | |||||
Class C | ||||||||
Dividends reinvested | 1 | 2 | ||||||
Change in Class C from capital transactions | 1 | 2 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 95,565 | 2,590 | ||||||
Dividends reinvested | 6,229 | 2 | ||||||
Cost of shares redeemed | (46,608 | ) | (3 | ) | ||||
Change in Class R6 from capital transactions | 55,186 | 2,589 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 49,668,229 | 49,462,162 | ||||||
Dividends reinvested | 6,217,171 | �� | 17,195,877 | |||||
Cost of shares redeemed | (32,329,095 | ) | (55,507,119 | ) | ||||
Change in Institutional Class from capital transactions | 23,556,305 | 11,150,920 | ||||||
Change in net assets from capital transactions | 18,558,609 | 12,550,200 | ||||||
Change in net assets | (33,812,744 | ) | (6,905,077 | ) | ||||
Net Assets: | ||||||||
Beginning of year | 225,297,351 | 232,202,428 | ||||||
End of year | $ | 191,484,607 | $ | 225,297,351 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 816,205 | 1,237,165 | ||||||
Reinvested | 187,150 | 725,090 | ||||||
Redeemed | (1,343,613 | ) | (1,735,066 | ) | ||||
Change in Class A | (340,258 | ) | 227,189 | |||||
Class C(a) | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6(a) | ||||||||
Issued | 7,611 | 192 | ||||||
Reinvested | 484 | — | ||||||
Redeemed | (3,619 | ) | — | |||||
Change in Class R6 | 4,476 | 192 | ||||||
Institutional Class | ||||||||
Issued | 4,394,565 | 3,259,054 | ||||||
Reinvested | 459,117 | 1,451,150 | ||||||
Redeemed | (2,570,495 | ) | (3,615,271 | ) | ||||
Change in Institutional Class | 2,283,187 | 1,094,933 |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
See notes to financial statements.
68
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SELECT BOND FUND
For the Year Ended | For the Year Ended | |||||||
April 30, 2020 | April 30, 2019 | |||||||
Change in net assets resulting from operations: | ||||||||
Net investment income | $ | 3,546,998 | $ | 3,659,748 | ||||
Net realized loss from investment transactions and foreign currency transactions | (58,674 | ) | (430,387 | ) | ||||
Net change in unrealized appreciation on investments and foreign currency transactions | 6,507,196 | 3,072,357 | ||||||
Change in net assets resulting from operations | 9,995,520 | 6,301,718 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (190,989 | ) | (212,204 | ) | ||||
Class C | — | — | ||||||
Class R6 | (1 | ) | — | |||||
Institutional Class | (3,359,056 | ) | (3,461,119 | ) | ||||
Total distributions to shareholders | (3,550,046 | ) | (3,673,323 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | 1,113,569 | 1,035,977 | ||||||
Dividends reinvested | 189,375 | 211,109 | ||||||
Cost of shares redeemed | (2,560,718 | ) | (2,434,466 | ) | ||||
Change in Class A from capital transactions | (1,257,774 | ) | (1,187,380 | ) | ||||
Class C | ||||||||
Dividends reinvested | — | — | ||||||
Change in Class C from capital transactions | — | — | ||||||
Class R6 | ||||||||
Dividends reinvested | 1 | — | ||||||
Change in Class R6 from capital transactions | 1 | — | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 22,675,458 | 18,710,976 | ||||||
Dividends reinvested | 3,359,056 | 3,419,141 | ||||||
Cost of shares redeemed | (42,038,444 | ) | (23,826,562 | ) | ||||
Change in Institutional Class from capital transactions | (16,003,930 | ) | (1,696,445 | ) | ||||
Change in net assets from capital transactions | (17,261,703 | ) | (2,883,825 | ) | ||||
Change in net assets | (10,816,229 | ) | (255,430 | ) | ||||
Net Assets: | ||||||||
Beginning of year | 162,470,899 | 162,726,329 | ||||||
End of year | $ | 151,654,670 | $ | 162,470,899 | ||||
Shares Transactions: | ||||||||
Class A | ||||||||
Issued | 44,481 | 43,207 | ||||||
Reinvested | 7,664 | 8,832 | ||||||
Redeemed | (103,579 | ) | (101,513 | ) | ||||
Change in Class A | (51,434 | ) | (49,474 | ) | ||||
Class C(a) | ||||||||
Reinvested | — | — | ||||||
Change in Class C | — | — | ||||||
Class R6(a) | ||||||||
Reinvested | — | — | ||||||
Change in Class R6 | — | — | ||||||
Institutional Class | ||||||||
Issued | 914,921 | 782,568 | ||||||
Reinvested | 136,646 | 143,749 | ||||||
Redeemed | (1,699,013 | ) | (999,925 | ) | ||||
Change in Institutional Class | (647,446 | ) | (73,608 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Effective March 9, 2020, the share class had a one-for-three reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-three stock split. |
See notes to financial statements.
69
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STEWARD FUNDS
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 | ||||||||||||||||
Year ended April 30, 2020 | $ | 9.77 | $ | 0.08 | (d) | $ | (0.54 | ) | $ | (0.46 | ) | |||||
Year ended April 30, 2019 | 9.92 | 0.04 | 0.71 | 0.75 | ||||||||||||
Period ended April 30, 2018(e) | 10.00 | 0.03 | (0.09 | ) | (0.06 | ) | ||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020 | $ | 9.84 | $ | — | (d) | $ | (0.53 | ) | $ | (0.53 | ) | |||||
Year ended April 30, 2019 | 9.95 | 0.01 | 0.71 | 0.72 | ||||||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.05 | ) | (0.05 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020 | $ | 9.80 | $ | — | (d)(f) | $ | (0.49 | ) | $ | (0.49 | ) | |||||
Year ended April 30, 2019 | 9.92 | — | (f) | 0.69 | 0.69 | |||||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.05 | ) | (0.05 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 9.75 | $ | 0.10 | (d) | $ | (0.53 | ) | $ | (0.43 | ) | |||||
Year ended April 30, 2019 | 9.92 | 0.11 | 0.65 | 0.76 | ||||||||||||
Period ended April 30, 2018(e) | 10.00 | 0.03 | (0.08 | ) | (0.05 | ) | ||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2020 | $ | 31.36 | $ | 0.59 | (d) | $ | (3.16 | ) | $ | (2.57 | ) | |||||
Year ended April 30, 2019 | 33.06 | 0.70 | (d) | 0.43 | 1.13 | |||||||||||
Year ended April 30, 2018 | 31.00 | 0.60 | 3.87 | 4.47 | ||||||||||||
Year ended April 30, 2017 | 28.72 | 0.51 | 3.72 | 4.23 | ||||||||||||
Year ended April 30, 2016 | 30.11 | 0.60 | 0.18 | 0.78 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020(g) | $ | 53.40 | $ | 0.31 | (d) | $ | (23.63 | ) | $ | (23.32 | ) | |||||
Year ended April 30, 2019(g) | 80.20 | 0.70 | (d) | (0.90 | )(h) | (0.20 | ) | |||||||||
Period ended April 30, 2018(e)(g) | 100.00 | — | (f) | 0.70 | 0.70 | |||||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020(g) | $ | 50.50 | $ | 0.59 | (d) | $ | (23.57 | ) | $ | (22.98 | ) | |||||
Year ended April 30, 2019(g) | 79.90 | 2.10 | (d) | (2.10 | )(h) | — | ||||||||||
Period ended April 30, 2018(e)(g) | 100.00 | — | (f) | 0.80 | 0.80 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 31.45 | $ | 0.68 | (d) | $ | (3.16 | ) | $ | (2.48 | ) | |||||
Year ended April 30, 2019 | 33.15 | 0.79 | (d) | 0.44 | 1.23 | |||||||||||
Year ended April 30, 2018 | 31.06 | 0.71 | 3.88 | 4.59 | ||||||||||||
Year ended April 30, 2017 | 28.77 | 0.63 | 3.70 | 4.33 | ||||||||||||
Year ended April 30, 2016 | 30.16 | 0.71 | 0.16 | 0.87 |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | Calculated based on average shares outstanding. |
(e) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(f) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(g) | Effective March 9, 2020, the share class had a one-for-ten reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-ten stock split. |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
71
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) | |||||||||||||||||||||||||||||
$ | (0.10 | ) | $ | (0.57 | ) | $ | (0.67 | ) | $ | 8.64 | (5.45 | )% | $ | 9 | 1.65 | % | 1.25 | % | 0.85 | % | 135 | % | ||||||||||||||||
(0.09 | ) | (0.81 | ) | (0.90 | ) | 9.77 | 8.91 | 31 | 1.44 | 1.25 | 0.79 | 117 | ||||||||||||||||||||||||||
(0.02 | ) | — | (0.02 | ) | 9.92 | (0.56 | ) | 3 | 1.42 | 1.25 | 0.81 | 29 | ||||||||||||||||||||||||||
$ | (0.04 | ) | $ | (0.57 | ) | $ | (0.61 | ) | $ | 8.70 | (6.10 | )% | $ | 301 | 2.48 | % | 2.00 | % | 0.02 | % | 135 | % | ||||||||||||||||
(0.02 | ) | (0.81 | ) | (0.83 | ) | 9.84 | 8.52 | 79 | 2.23 | 2.00 | 0.05 | 117 | ||||||||||||||||||||||||||
— | — | — | 9.95 | (0.50 | ) | — | — | (f) | — | (f) | — | (f) | 29 | |||||||||||||||||||||||||
$ | (0.10 | ) | $ | (0.57 | ) | $ | (0.67 | ) | $ | 8.64 | (5.81 | )% | $ | — | — | (f)% | — | (f)% | — | (f)% | 135 | % | ||||||||||||||||
— | (0.81 | ) | (0.81 | ) | 9.80 | 8.27 | — | — | (f) | — | (f) | — | (f) | 117 | ||||||||||||||||||||||||
(0.03 | ) | — | (0.03 | ) | 9.92 | (0.55 | ) | — | — | (f) | — | (f) | — | (f) | 29 | |||||||||||||||||||||||
$ | (0.10 | ) | $ | (0.57 | ) | $ | (0.67 | ) | $ | 8.65 | (5.15 | )% | $ | 27,340 | 1.32 | % | 1.00 | % | 1.08 | % | 135 | % | ||||||||||||||||
(0.12 | ) | (0.81 | ) | (0.93 | ) | 9.75 | 9.06 | 28,806 | 1.14 | 1.00 | 1.10 | 117 | ||||||||||||||||||||||||||
(0.03 | ) | — | (0.03 | ) | 9.92 | (0.54 | ) | 25,417 | 1.16 | 1.00 | 0.84 | 29 | ||||||||||||||||||||||||||
$ | (0.58 | ) | $ | (1.82 | ) | $ | (2.40 | ) | $ | 26.39 | (9.41 | )% | $ | 52,326 | 1.21 | % | 1.21 | % | 1.91 | % | 48 | % | ||||||||||||||||
(0.67 | ) | (2.16 | ) | (2.83 | ) | 31.36 | 4.61 | 72,351 | 0.97 | 0.97 | 2.18 | 28 | ||||||||||||||||||||||||||
(0.59 | ) | (1.82 | ) | (2.41 | ) | 33.06 | 14.58 | 67,213 | 0.99 | 0.99 | 1.80 | 59 | ||||||||||||||||||||||||||
(0.56 | ) | (1.39 | ) | (1.95 | ) | 31.00 | 15.22 | 60,865 | 0.99 | 0.99 | 1.78 | 48 | ||||||||||||||||||||||||||
(0.62 | ) | (1.55 | ) | (2.17 | ) | 28.72 | 2.94 | 40,254 | 0.98 | 0.98 | 2.12 | 54 | ||||||||||||||||||||||||||
$ | (0.61 | ) | $ | (1.82 | ) | $ | (2.43 | ) | $ | 27.65 | (10.12 | )% | $ | 2,389 | 2.08 | % | 2.08 | % | 0.95 | % | 48 | % | ||||||||||||||||
(5.00 | ) | (21.60 | ) | (26.60 | ) | 53.40 | 4.52 | 372 | 1.64 | 1.64 | 1.24 | 28 | ||||||||||||||||||||||||||
(2.30 | ) | (18.20 | ) | (20.50 | ) | 80.20 | 0.83 | — | — | (f) | — | (f) | — | (f) | 59 | |||||||||||||||||||||||
$ | (0.70 | ) | $ | (1.82 | ) | $ | (2.52 | ) | $ | 25.00 | (9.09 | )% | $ | 121 | 0.90 | % | 0.90 | % | 1.72 | % | 48 | % | ||||||||||||||||
(7.80 | ) | (21.60 | ) | (29.40 | ) | 50.50 | 5.04 | 6 | 0.61 | 0.61 | 2.75 | 28 | ||||||||||||||||||||||||||
(2.70 | ) | (18.20 | ) | (20.90 | ) | 79.90 | 0.86 | — | — | (f) | — | (f) | — | (f) | 59 | |||||||||||||||||||||||
$ | (0.67 | ) | $ | (1.82 | ) | $ | (2.49 | ) | $ | 26.48 | (9.09 | )% | $ | 214,917 | 0.88 | % | 0.88 | % | 2.22 | % | 48 | % | ||||||||||||||||
(0.77 | ) | (2.16 | ) | (2.93 | ) | 31.45 | 4.90 | 243,030 | 0.67 | 0.67 | 2.47 | 28 | ||||||||||||||||||||||||||
(0.68 | ) | (1.82 | ) | (2.50 | ) | 33.15 | 14.96 | 220,152 | 0.68 | 0.68 | 2.12 | 59 | ||||||||||||||||||||||||||
(0.65 | ) | (1.39 | ) | (2.04 | ) | 31.06 | 15.58 | 181,716 | 0.66 | 0.66 | 2.11 | 48 | ||||||||||||||||||||||||||
(0.71 | ) | (1.55 | ) | (2.26 | ) | 28.77 | 3.26 | 134,080 | 0.64 | 0.64 | 2.47 | 54 |
See notes to financial statements.
72
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 | ||||||||||||||||
Year ended April 30, 2020 | $ | 22.01 | $ | 0.46 | (d) | $ | (4.40 | ) | $ | (3.94 | ) | |||||
Year ended April 30, 2019 | 23.01 | 0.53 | (1.01 | ) | (0.48 | ) | ||||||||||
Year ended April 30, 2018 | 20.45 | 0.43 | 2.59 | 3.02 | ||||||||||||
Year ended April 30, 2017 | 18.65 | 0.36 | 1.81 | 2.17 | ||||||||||||
Year ended April 30, 2016 | 22.22 | 0.40 | (d) | (3.27 | ) | (2.87 | ) | |||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020(g) | $ | 19.46 | $ | — | (d)(g) | $ | (4.12 | ) | $ | (4.12 | ) | |||||
Year ended April 30, 2019(g) | 20.16 | — | (g) | (0.70 | ) | (0.70 | ) | |||||||||
Period ended April 30, 2018(g)(h) | 20.00 | — | (g) | 0.46 | 0.46 | |||||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020(g) | $ | 19.42 | $ | 0.37 | (d) | $ | (4.28 | ) | $ | (3.91 | ) | |||||
Year ended April 30, 2019(g) | 20.10 | — | (g) | (0.68 | ) | (0.68 | ) | |||||||||
Period ended April 30, 2018(g)(h) | 20.00 | — | (g) | 0.46 | 0.46 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 22.08 | $ | 0.53 | (d) | $ | (4.40 | ) | $ | (3.87 | ) | |||||
Year ended April 30, 2019 | 23.09 | 0.59 | (1.01 | ) | (0.42 | ) | ||||||||||
Year ended April 30, 2018 | 20.51 | 0.51 | 2.59 | 3.10 | ||||||||||||
Year ended April 30, 2017 | 18.70 | 0.43 | 1.81 | 2.24 | ||||||||||||
Year ended April 30, 2016 | 22.28 | 0.57 | (d) | (3.38 | ) | (2.81 | ) | |||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2020 | $ | 43.28 | $ | 0.51 | (d) | $ | (3.41 | ) | $ | (2.90 | ) | |||||
Year ended April 30, 2019 | 41.50 | 0.47 | 3.24 | 3.71 | ||||||||||||
Year ended April 30, 2018 | 36.89 | 0.41 | 4.60 | 5.01 | ||||||||||||
Year ended April 30, 2017 | 32.25 | 0.39 | 4.63 | 5.02 | ||||||||||||
Year ended April 30, 2016 | 38.89 | 0.46 | (1.31 | ) | (0.85 | ) | ||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020(i) | $ | 43.70 | $ | — | (d)(g) | $ | (6.69 | )(j) | $ | (6.69 | ) | |||||
Year ended April 30, 2019(i) | 48.95 | — | (g) | 2.30 | 2.30 | |||||||||||
Period ended April 30, 2018(h)(i) | 50.00 | — | (g) | (0.10 | ) | (0.10 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020(i) | $ | 42.75 | $ | 0.66 | (d) | $ | (6.40 | ) | $ | (5.74 | ) | |||||
Year ended April 30, 2019(i) | 48.80 | 0.20 | 2.30 | 2.50 | ||||||||||||
Period ended April 30, 2018(h)(i) | 50.00 | — | (g) | 0.05 | 0.05 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 43.16 | $ | 0.65 | (d) | $ | (3.42 | ) | $ | (2.77 | ) | |||||
Year ended April 30, 2019 | 41.34 | 0.60 | 3.23 | 3.83 | ||||||||||||
Year ended April 30, 2018 | 36.72 | 0.53 | 4.57 | 5.10 | ||||||||||||
Year ended April 30, 2017 | 32.07 | 0.48 | 4.63 | 5.11 | ||||||||||||
Year ended April 30, 2016 | 38.70 | 0.62 | (1.34 | ) | (0.72 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | Calculated based on average shares outstanding. |
(e) | Excludes the value of portfolio securities delivered as a result of a redemption in-kind. |
(f) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
(g) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(h) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(i) | Effective March 9, 2020, the share class had a one-for-five reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-five stock split. |
(j) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
73
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(b) | Net Assets(b) | Rate(a)(c) | |||||||||||||||||||||||||||||
$ | (0.48 | ) | $ | — | $ | — | $ | (0.48 | ) | $ | 17.59 | (18.18 | )% | $ | 28,007 | 1.06 | % | 2.20 | % | 15 | % | |||||||||||||||||
(0.52 | ) | — | — | (0.52 | ) | 22.01 | (1.99 | ) | 29,734 | 1.01 | 2.43 | 10 | ||||||||||||||||||||||||||
(0.46 | ) | — | — | (0.46 | ) | 23.01 | 14.92 | 27,085 | 1.02 | 1.88 | 10 | |||||||||||||||||||||||||||
(0.37 | ) | — | — | (0.37 | ) | 20.45 | 11.85 | 17,922 | 1.01 | 1.88 | 16 | |||||||||||||||||||||||||||
(0.70 | ) | — | — | (0.70 | ) | 18.65 | (13.10 | ) | 16,268 | 1.00 | 2.14 | 11 | (e) | |||||||||||||||||||||||||
$ | (0.44 | ) | $ | — | $ | — | $ | (0.44 | ) | $ | 14.90 | (19.85 | )% | $ | — | — | (g)% | — | (g)% | 15 | % | |||||||||||||||||
— | — | — | — | 19.46 | (3.47 | ) | — | — | (g) | — | (g) | 10 | ||||||||||||||||||||||||||
(0.30 | ) | — | — | (0.30 | ) | 20.16 | 2.32 | — | — | (g) | — | (g) | 10 | |||||||||||||||||||||||||
$ | (0.56 | ) | $ | — | $ | — | $ | (0.56 | ) | $ | 14.95 | (18.52 | )% | $ | 475 | 0.68 | % | 2.14 | % | 15 | % | |||||||||||||||||
— | — | — | — | 19.42 | (3.38 | ) | — | — | (g) | — | (g) | 10 | ||||||||||||||||||||||||||
(0.36 | ) | — | — | (0.36 | ) | 20.10 | 2.32 | — | — | (g) | — | (g) | 10 | |||||||||||||||||||||||||
$ | (0.55 | ) | $ | — | $ | — | $ | (0.55 | ) | $ | 17.66 | (17.87 | )% | $ | 98,451 | 0.72 | % | 2.55 | % | 15 | % | |||||||||||||||||
(0.59 | ) | — | — | (0.59 | ) | 22.08 | (1.74 | ) | 116,694 | 0.71 | 2.73 | 10 | ||||||||||||||||||||||||||
(0.52 | ) | — | — | (0.52 | ) | 23.09 | 15.29 | 112,524 | 0.71 | 2.28 | 10 | |||||||||||||||||||||||||||
(0.43 | ) | — | — | (0.43 | ) | 20.51 | 12.24 | 114,580 | 0.67 | 2.22 | 16 | |||||||||||||||||||||||||||
(0.77 | ) | — | — | (0.77 | ) | 18.70 | (12.82 | ) | 104,190 | 0.65 | 2.93 | 11 | (e) | |||||||||||||||||||||||||
$ | (0.40 | ) | $ | (0.67 | ) | $ | — | $ | (1.07 | ) | $ | 39.31 | (6.91 | )% | $ | 39,094 | 0.84 | % | 1.18 | % | 32 | % | ||||||||||||||||
(0.42 | ) | (1.51 | ) | — | (1.93 | ) | 43.28 | 9.78 | 41,401 | 0.80 | 1.09 | 27 | ||||||||||||||||||||||||||
(0.40 | ) | — | — | (0.40 | ) | 41.50 | 13.61 | 47,998 | 0.84 | 1.02 | 23 | |||||||||||||||||||||||||||
(0.38 | ) | — | — | (0.38 | ) | 36.89 | 15.63 | 47,052 | 0.82 | 1.10 | 25 | |||||||||||||||||||||||||||
(0.49 | ) | (4.26 | ) | (1.04 | ) | (5.79 | ) | 32.25 | (2.01 | ) | 52,151 | 0.82 | 1.30 | 91 | (e) | |||||||||||||||||||||||
$ | (0.37 | ) | $ | (0.67 | ) | $ | — | $ | (1.04 | ) | $ | 35.97 | (9.02 | )% | $ | — | — | (g)% | — | (g)% | 32 | % | ||||||||||||||||
— | (7.55 | ) | — | (7.55 | ) | 43.70 | 8.13 | — | — | (g) | — | (g) | 27 | |||||||||||||||||||||||||
(0.95 | ) | — | — | (0.95 | ) | 48.95 | (0.27 | ) | — | — | (g) | — | (g) | 23 | ||||||||||||||||||||||||
$ | (0.51 | ) | $ | (0.67 | ) | $ | — | $ | (1.18 | ) | $ | 35.83 | (6.63 | )% | $ | 49,643 | 0.46 | % | 1.60 | % | 32 | % | ||||||||||||||||
(1.00 | ) | (7.55 | ) | — | (8.55 | ) | 42.75 | 8.70 | 55,924 | 0.46 | 1.20 | 27 | ||||||||||||||||||||||||||
(1.25 | ) | — | — | (1.25 | ) | 48.80 | 0.02 | — | — | (g) | — | (g) | 23 | |||||||||||||||||||||||||
$ | (0.49 | ) | $ | (0.67 | ) | $ | — | $ | (1.16 | ) | $ | 39.23 | (6.61 | )% | $ | 306,875 | 0.52 | % | 1.51 | % | 32 | % | ||||||||||||||||
(0.50 | ) | (1.51 | ) | — | (2.01 | ) | 43.16 | 10.13 | 328,404 | 0.50 | 1.39 | 27 | ||||||||||||||||||||||||||
(0.48 | ) | — | — | (0.48 | ) | 41.34 | 13.93 | 345,522 | 0.54 | 1.32 | 23 | |||||||||||||||||||||||||||
(0.46 | ) | — | — | (0.46 | ) | 36.72 | 16.02 | 319,230 | 0.50 | 1.40 | 25 | |||||||||||||||||||||||||||
(0.61 | ) | (4.26 | ) | (1.04 | ) | (5.91 | ) | 32.07 | (1.67 | ) | 253,302 | 0.48 | 1.66 | 91 | (e) |
See notes to financial statements.
74
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 | ||||||||||||||||
Year ended April 30, 2020 | $ | 13.94 | $ | 0.07 | (d) | $ | (2.91 | ) | $ | (2.84 | ) | |||||
Year ended April 30, 2019 | 15.70 | 0.09 | 0.03 | (e) | 0.12 | |||||||||||
Year ended April 30, 2018 | 15.44 | 0.11 | 1.37 | 1.48 | ||||||||||||
Year ended April 30, 2017 | 13.26 | 0.06 | 2.64 | 2.70 | ||||||||||||
Year ended April 30, 2016 | 15.33 | 0.08 | (0.51 | ) | (0.43 | ) | ||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020(f) | $ | 13.64 | $ | — | (d)(g) | $ | (3.27 | ) | $ | (3.27 | ) | |||||
Year ended April 30, 2019(f) | 17.52 | — | (g) | (0.32 | ) | (0.32 | ) | |||||||||
Period ended April 30, 2018(f)(h) | 20.00 | — | (g) | (0.08 | ) | (0.08 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020(f) | $ | 13.56 | $ | 0.14 | (d) | $ | (3.24 | ) | $ | (3.10 | ) | |||||
Year ended April 30, 2019(f) | 17.48 | — | (g) | (0.36 | ) | (0.36 | ) | |||||||||
Period ended April 30, 2018(f)(h) | 20.00 | — | (g) | (0.08 | ) | (0.08 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 14.19 | $ | 0.11 | (d) | $ | (2.98 | ) | $ | (2.87 | ) | |||||
Year ended April 30, 2019 | 15.93 | 0.13 | 0.04 | (e) | 0.17 | |||||||||||
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 | ) | ||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2020 | $ | 24.36 | $ | 0.47 | (d) | $ | 1.03 | $ | 1.50 | |||||||
Year ended April 30, 2019 | 23.96 | 0.49 | 0.39 | 0.88 | ||||||||||||
Year ended April 30, 2018 | 24.58 | 0.40 | (0.60 | ) | (0.20 | ) | ||||||||||
Year ended April 30, 2017 | 24.99 | 0.43 | (0.40 | ) | 0.03 | |||||||||||
Year ended April 30, 2016 | 24.97 | 0.46 | — | 0.46 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2020(i) | $ | 29.13 | $ | — | (d)(g) | $ | 0.12 | $ | 0.12 | |||||||
Year ended April 30, 2019(i) | 28.71 | — | (g) | 0.42 | 0.42 | |||||||||||
Period ended April 30, 2018(h)(i) | 30.00 | — | (g) | (0.66 | ) | (0.66 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2020(i) | $ | 28.98 | $ | — | (d)(g) | $ | 0.31 | $ | 0.31 | |||||||
Year ended April 30, 2019(i) | 28.56 | — | (g) | 0.42 | 0.42 | |||||||||||
Period ended April 30, 2018(h)(i) | 30.00 | — | (g) | (0.69 | ) | (0.69 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2020 | $ | 24.25 | $ | 0.55 | (d) | $ | 1.03 | $ | 1.58 | |||||||
Year ended April 30, 2019 | 23.85 | 0.55 | 0.40 | 0.95 | ||||||||||||
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 |
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) | Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split. |
(g) | Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(h) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(i) | Effective March 9, 2020, the share class had a one-for-three reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-three stock split. |
See notes to financial statements.
75
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) | ||||||||||||||||||||||||||
$ | (0.10 | ) | $ | (0.46 | ) | $ | (0.56 | ) | $ | 10.54 | (21.24 | )% | $ | 50,646 | 0.81 | % | 0.58 | % | 28 | % | ||||||||||||||
(0.10 | ) | (1.78 | ) | (1.88 | ) | 13.94 | 3.18 | 71,719 | 0.81 | 0.56 | 33 | |||||||||||||||||||||||
(0.08 | ) | (1.14 | ) | (1.22 | ) | 15.70 | 9.59 | 77,227 | 0.83 | 0.69 | 29 | |||||||||||||||||||||||
(0.07 | ) | (0.45 | ) | (0.52 | ) | 15.44 | 20.44 | 69,001 | 0.87 | 0.43 | 36 | |||||||||||||||||||||||
(0.09 | ) | (1.55 | ) | (1.64 | ) | 13.26 | (2.39 | ) | 55,445 | 0.85 | 0.59 | 33 | ||||||||||||||||||||||
$ | (0.07 | ) | $ | (0.46 | ) | $ | (0.53 | ) | $ | 9.84 | (22.17 | )% | $ | — | — | (g)% | — | (g)% | 28 | % | ||||||||||||||
— | (3.56 | ) | (3.56 | ) | 13.64 | 2.55 | — | — | (g) | — | (g) | 33 | ||||||||||||||||||||||
(0.12 | ) | (2.28 | ) | (2.40 | ) | 17.52 | (0.48 | ) | — | — | (g) | — | (g) | 29 | ||||||||||||||||||||
$ | (0.13 | ) | $ | (0.46 | ) | $ | (0.59 | ) | $ | 9.87 | (20.85 | )% | $ | 46 | 0.50 | % | 1.11 | % | 28 | % | ||||||||||||||
— | (3.56 | ) | (3.56 | ) | 13.56 | 2.27 | 3 | — | (g) | — | (g) | 33 | ||||||||||||||||||||||
(0.16 | ) | (2.28 | ) | (2.44 | ) | 17.48 | (0.56 | ) | — | — | (g) | — | (g) | 29 | ||||||||||||||||||||
$ | (0.12 | ) | $ | (0.46 | ) | $ | (0.58 | ) | $ | 10.74 | (21.05 | )% | $ | 140,792 | 0.55 | % | 0.86 | % | 28 | % | ||||||||||||||
(0.13 | ) | (1.78 | ) | (1.91 | ) | 14.19 | 3.51 | 153,576 | 0.53 | 0.84 | 33 | |||||||||||||||||||||||
(0.12 | ) | (1.14 | ) | (1.26 | ) | 15.93 | 9.87 | 154,975 | 0.57 | 0.95 | 29 | |||||||||||||||||||||||
(0.11 | ) | (0.45 | ) | (0.56 | ) | 15.65 | 20.80 | 130,717 | 0.58 | 0.72 | 36 | |||||||||||||||||||||||
(0.13 | ) | (1.55 | ) | (1.68 | ) | 13.43 | (2.15 | ) | 101,597 | 0.57 | 0.87 | 33 | ||||||||||||||||||||||
$ | (0.48 | ) | $ | — | $ | (0.48 | ) | $ | 25.38 | 6.21 | % | $ | 9,234 | 0.99 | % | 1.87 | % | 22 | % | |||||||||||||||
(0.48 | ) | — | (0.48 | ) | 24.36 | 3.72 | 10,115 | 0.95 | 1.97 | 25 | ||||||||||||||||||||||||
(0.42 | ) | — | (0.42 | ) | 23.96 | (0.82 | ) | 11,134 | 0.96 | 1.67 | 5 | |||||||||||||||||||||||
(0.44 | ) | — | (0.44 | ) | 24.58 | 0.11 | 10,664 | 0.95 | 1.71 | 18 | ||||||||||||||||||||||||
(0.44 | ) | — | (0.44 | ) | 24.99 | 1.87 | 11,719 | 0.95 | 1.80 | 11 | ||||||||||||||||||||||||
$ | (0.41 | ) | $ | — | $ | (0.41 | ) | $ | 28.84 | 2.08 | % | $ | — | — | (g)% | — | (g)% | 22 | % | |||||||||||||||
— | — | — | 29.13 | 1.46 | — | — | (g) | — | (g) | 25 | ||||||||||||||||||||||||
(0.63 | ) | — | (0.63 | ) | 28.71 | (2.27 | ) | — | — | (g) | — | (g) | 5 | |||||||||||||||||||||
$ | (0.57 | ) | $ | — | $ | (0.57 | ) | $ | 28.72 | 3.34 | % | $ | — | — | (g)% | — | (g)% | 22 | % | |||||||||||||||
— | — | — | 28.98 | 1.47 | — | — | (g) | — | (g) | 25 | ||||||||||||||||||||||||
(0.75 | ) | — | (0.75 | ) | 28.56 | (2.30 | ) | — | — | (g) | — | (g) | 5 | |||||||||||||||||||||
$ | (0.55 | ) | $ | — | $ | (0.55 | ) | $ | 25.28 | 6.60 | % | $ | 142,421 | 0.65 | % | 2.24 | % | 22 | % | |||||||||||||||
(0.55 | ) | — | (0.55 | ) | 24.25 | 4.05 | 152,356 | 0.66 | 2.28 | 25 | ||||||||||||||||||||||||
(0.49 | ) | — | (0.49 | ) | 23.85 | (0.54 | ) | 151,593 | 0.66 | 1.98 | 5 | |||||||||||||||||||||||
(0.52 | ) | — | (0.52 | ) | 24.47 | 0.50 | 147,953 | 0.61 | 2.05 | 18 | ||||||||||||||||||||||||
(0.52 | ) | — | (0.52 | ) | 24.87 | 2.22 | 138,503 | 0.60 | 2.16 | 11 |
See notes to financial statements.
76
NOTES TO FINANCIAL STATEMENTS — April 30, 2020
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 946Financial Services — Investment Companies. As of April 30, 2020, SFI is composed of six separate operational funds, each a series of SFI (each a ‘‘Fund’’ and collectively the ‘‘Funds’’). The accompanying financial statements are presented for the following six Funds:
Steward Covered Call Income Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Enhanced Index Fund
Steward Small-Mid Cap Enhanced Index Fund
Steward Select Bond Fund
Each Fund currently offers four classes of shares: ‘‘Class A’’, ‘‘Class C’’, ‘‘Class R6’’, and ‘‘Institutional Class’’ (each a ‘‘Class’’ and collectively the ‘‘Classes’’). Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Classes. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.
Note 2 — Investment Objectives and Strategies:
Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund’s portfolio when compared to the broader uncovered large capitalization securities market.
Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in U.S. and non-U.S. dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of depositary receipts (‘‘DRs’’) or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.
Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.
Steward Large Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of large capitalization companies that represent a broad spectrum of the United States economy and allocates selectively between growth and value securities.
Steward 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 materially from those estimates. The following summarizes the significant accounting policies of the Funds.
Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various valuation approaches. Equity securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on The NASDAQ Stock Market LLC (‘‘NASDAQ’’) use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. Debt securities (other than short-term debt obligations), including listed issues, are valued at the bid price. These prices will be obtained by the Funds’ accounting services agent from approved independent pricing sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Short-term debt obligations (those with remaining maturities of 60 days or less) are valued at amortized cost. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded options are valued (i) at the last reported sale price, or, (ii) if there is no last sale price, at the most recent bid for long options and the most recent ask for short options. Each of these valuation methods has been determined in good faith by the Funds’ Board of Directors (the “Board”) to represent fair value for the affected securities. If securities or other assets held by the Funds cannot be valued as set forth above or if a market price or quotation for a security or other asset is not readily available, or cannot be determined, or if any market price or quotation is deemed to be unreliable or inaccurate by the Funds’ investment adviser, the security will be priced at its fair value in accordance with procedures approved by the Board.
GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1— Quoted prices in active markets for identical securities and net asset values for money market funds.
Level 2— Other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks).
Level 3— Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
Pursuant to these valuation policies, equity securities and written options contracts are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy, except that U.S. Treasury debt securities may be categorized as Level 1. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarcy.
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The following table presents a summary of inputs used to value the Funds’ investments as of April 30, 2020:
Investments in Securities | ||||||||||||||||
Fund | LEVEL 1 | LEVEL 2 | LEVEL 3 | Total | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 28,384,599 | $ | — | $ | — | $ | 28,384,599 | ||||||||
Money Market Fund | 624,957 | — | — | 624,957 | ||||||||||||
Total Investment Securities | $ | 29,009,556 | $ | — | $ | — | $ | 29,009,556 | ||||||||
Other Financial Instruments:^ | ||||||||||||||||
Written Call Options | $ | (1,342,669 | ) | $ | — | $ | — | $ | (1,342,669 | ) | ||||||
Total Investments | $ | 27,666,887 | $ | — | $ | — | $ | 27,666,887 | ||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 256,210,728 | $ | — | $ | — | $ | 256,210,728 | ||||||||
Money Market Fund | 7,066,693 | — | — | 7,066,693 | ||||||||||||
Preferred Stocks* | 6,364,281 | — | — | 6,364,281 | ||||||||||||
Total Investments | $ | 269,641,702 | $ | — | $ | — | $ | 269,641,702 | ||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 122,569,023 | $ | — | $ | — | $ | 122,569,023 | ||||||||
Master Limited Partnerships | 359,764 | — | — | 359,764 | ||||||||||||
Money Market Fund | 1,503,330 | — | — | 1,503,330 | ||||||||||||
Preferred Stocks* | 2,262,118 | — | — | 2,262,118 | ||||||||||||
Total Investments | $ | 126,694,235 | $ | — | $ | — | $ | 126,694,235 | ||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 389,386,954 | $ | — | $ | — | $ | 389,386,954 | ||||||||
Money Market Fund | 6,113,636 | — | — | 6,113,636 | ||||||||||||
Total Investments | $ | 395,500,590 | $ | — | $ | — | $ | 395,500,590 | ||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 188,114,348 | $ | — | $ | — | $ | 188,114,348 | ||||||||
Money Market Fund | 3,565,147 | — | — | 3,565,147 | ||||||||||||
Right* | — | — | — | ** | — | |||||||||||
Total Investments | $ | 191,679,495 | $ | — | $ | — | $ | 191,679,495 | ||||||||
Steward Select Bond Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 104,876,116 | $ | — | $ | 104,876,116 | ||||||||
Money Market Fund | 6,076,750 | — | — | 6,076,750 | ||||||||||||
Municipal Bonds | — | 1,905,226 | — | 1,905,226 | ||||||||||||
U.S. Government Agencies | — | 6,376,904 | — | 6,376,904 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 9,123,799 | — | 9,123,799 | ||||||||||||
U.S. Treasury Obligations | — | 22,691,595 | — | 22,691,595 | ||||||||||||
Preferred Stocks* | 1,429,050 | 390,900 | — | 1,819,950 | ||||||||||||
Total Investments | $ | 7,505,800 | $ | 145,364,540 | $ | — | $ | 152,870,340 |
* | 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. The treatment of such interest income may be different for federal income tax purposes. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Dividend income is recorded on the ex-dividend date, or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Income and capital gains on some foreign securities may be subject to foreign withholdings taxes, which are accrued as applicable, and have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.
Dividends and Distributions to Shareholders:Dividends from net investment income, if any, from the Funds are declared and paid quarterly. All net realized long-term or short-term capital gains, if any, are declared and distributed at least annually.
Income dividends and capital gains distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by the Funds, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Funds. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Written Options Contracts:Steward Covered Call Income Fund may write (sell) covered call options. Premiums received from written options contracts are recorded as liabilities and are marked-to-market to reflect the current value of the options written. When writing an option, the Fund bears the market risk of unfavorable changes in the price of the underlying instrument.
The notional amount of written options outstanding at April 30, 2020 was $23,288,550. The twelve month average notional amount for written options contracts for the year ended April 30, 2020 was $25,657,069.
Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of April 30, 2020, are:
Liability Derivatives | ||||||||
Statements of Asset and | Total Fair | |||||||
Fund | Primary Risk Exposure | Liabilities Location | Value | |||||
Steward Covered Call Income Fund | Equity Risk Options Contracts | Written options at fair value | $ | (1,342,669 | ) |
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 | depreciation on options | ||||||||
Fund | Exposure | options transactions | transactions | |||||||
Steward Covered Call Income Fund | Equity Risk | $ | 1,980,862 | $ | (4,504 | ) |
Federal Income Taxes: The Funds intend to continue to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
As of and during the year ended April 30, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For all open tax years, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.
Allocation of Expenses: Expenses directly attributable to a Fund or Class are charged directly to that Fund or Class, while expenses that are attributable to more than one Fund or Class are allocated among the respective Funds and their Classes based upon relative net assets or some other reasonable method.
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Foreign Securities: Investments in securities of issuers in foreign countries involve risks not associated with domestic investments. These risks include, but are not limited to: (1) political and financial instability; (2) currency exchange rate fluctuations; (3) greater price volatility and less liquidity in particular securities and in certain foreign markets; (4) lack of uniform accounting, auditing and financial reporting standards; (5) less government regulation and supervision of some foreign stock exchanges, brokers and listed companies; (6) delays in transaction settlement in certain foreign markets; and (7) less availability of information. Securities of issuers in emerging and developing countries raise additional risks relative to investments in developed country issuers, including exposure to less mature and diversified economies and to less stable market and political systems, as well as to possible currency transfer restrictions, delays and disruptions in settlement of transactions, and higher volatility than found in developed countries.
Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments, Inc. (‘‘Crossmark Global Investments’’ or the ‘‘Adviser’’). Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended April 30, 2020, the Funds did not engage in any Rule 17a-7 transactions.
Recent Accounting Pronouncements: In March 2017, FASB issued Accounting Standards Update No. 2017-08Premium 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.
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 |
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Advisory Agreement Fee Schedule | New Advisory Agreement Fee Schedule | |
(prior to August 1, 2019) | (effective August 1, 2019) | |
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 April 30, 2020, the expense limitations were as follows:
In effect through August 30, 2021 | ||||||||||||||||
Fund | Class A | Class C | Class R6 | Institutional Class | ||||||||||||
Steward Covered Call Income Fund | 1.25 | % | 2.00 | % | 0.90 | % | 1.00 | % |
Steward Covered Call Income Fund has agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three fiscal years after the fiscal year in which such waiver or reimbursement was made to the extent such repayments would not cause the ordinary operating expenses of a Class to exceed the expense limitation in place at time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the year are reflected on the Statements of Operations as ‘‘Recoupment of prior expenses reimbursed by the Adviser.’’
As of April 30, 2020, 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 | $ | 96,611 |
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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.
Prior to December 9, 2019, Crossmark Consulting, pursuant to a Class Action and Fair Fund Services Agreement, received fees totaling 6% of amounts received by the Funds from Fair Funds, as defined in the agreement. Effective December 9, 2019, Crossmark Consulting was dissolved and Crossmark Global Investments was substituted in its place under the agreement. During the fiscal year ended April 30, 2020, Crossmark Consulting and Crossmark waived all fees received under 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”) amended effective as of September 15, 2017, pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plan allows each Fund, out of assets attributable to Class A shares, to compensate Crossmark Distributors at an annual rate of 0.25% for its services in connection with the sale and distribution of Class A shares and for services to Class A shareholders. The Plan allows each Fund, out of assets attributable to Class C shares, to compensate Crossmark Distributors at an annual rate of 1.00% for its services in connection with the sale and distribution of Class C shares and for services to Class C shareholders. Because these fees are paid out of Class A and Class C assets on an ongoing basis over time these fees will increase the cost of your investment in Class A and Class C shares and may cost you more than paying other types of sales charges. Institutional Class and Class R6 shares are not subject to the Plan.
Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to its Class A, Class C, and Institutional Class shares for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group accounts in which Fund shareholders of each Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of each Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per account. These fees are in addition to fees payable under the Service and Distribution Plan. Class R6 shares are not subject to the Sub-Accounting Services Plan. 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 and/or Crossmark Distributors.
83 |
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 net assets, and to 0.02% on aggregate average daily net assets over $2 billion thereafter subject to certain minimums and additional fees. Northern Trust receives additional fees for sub-administration services and reimbursement of certain expenses. 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. 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 year ended April 30, 2020, were as follows:
Fund | Purchases | Sales | ||||||
Steward Covered Call Income Fund | $ | 43,147,180 | $ | 40,277,493 | ||||
Steward Global Equity Income Fund | 145,814,548 | 159,605,673 | ||||||
Steward International Enhanced Index Fund | 31,632,750 | 20,936,788 | ||||||
Steward Large Cap Enhanced Index Fund | 133,659,693 | 132,163,198 | ||||||
Steward Small-Mid Cap Enhanced Index Fund | 68,426,130 | 58,865,771 | ||||||
Steward Select Bond Fund | 20,335,458 | 25,122,976 |
Purchases and sales of U.S. government securities for the year ended April 30, 2020, were as follows:
Fund | Purchases | Sales | ||||||
Steward Select Bond Fund | $ | 13,221,956 | $ | 26,965,665 |
Note 6 — Federal Income Tax Information:
As of April 30, 2020, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options, for federal income tax purposes, were as follows:
Net | ||||||||||||||||
Unrealized | ||||||||||||||||
Tax Cost of | Unrealized | Unrealized | Appreciation/ | |||||||||||||
Fund | Securities | Appreciation | Depreciation | (Depreciation) | ||||||||||||
Steward Covered Call Income Fund | $ | 33,749,524 | $ | 913,957 | $ | (6,996,494 | ) | $ | (6,082,537 | ) | ||||||
Steward Global Equity Income Fund | 285,728,579 | 23,416,038 | (39,502,915 | ) | (16,086,877 | ) | ||||||||||
Steward International Enhanced Index Fund | 150,753,328 | 12,854,030 | (36,913,123 | ) | (24,059,093 | ) | ||||||||||
Steward Large Cap Enhanced Index Fund | 382,390,814 | 66,618,203 | (53,508,427 | ) | 13,109,776 | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | 223,395,376 | 21,934,084 | (53,649,964 | ) | (31,715,880 | ) | ||||||||||
Steward Select Bond Fund | 146,297,614 | 7,039,733 | (467,007 | ) | 6,572,726 |
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.
84 |
The tax character of distributions paid during the fiscal year ended April 30, 2020, was as follows:
Distributions Paid From | ||||||||||||
Net | ||||||||||||
Long-Term | Total | |||||||||||
Ordinary | Capital | Distribution | ||||||||||
Fund | Income | Gains | Paid | |||||||||
Steward Covered Call Income Fund | $ | 1,965,928 | $ | 78,151 | $ | 2,044,079 | ||||||
Steward Global Equity Income Fund | 6,711,644 | 18,849,394 | 25,561,038 | |||||||||
Steward International Enhanced Index Fund | 3,676,956 | — | 3,676,956 | |||||||||
Steward Large Cap Enhanced Index Fund | 5,813,851 | 9,842,758 | 15,656,609 | |||||||||
Steward Small-Mid Cap Enhanced Index Fund | 1,843,538 | 7,241,158 | 9,084,696 | |||||||||
Steward Select Bond Fund | 3,550,046 | — | 3,550,046 |
The tax character of distributions paid during the fiscal year ended April 30,2019, was as follow:
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 April 30, 2020, 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 | $ | 2,180,217 | $ | — | $ | 2,180,217 | $ | (89,035 | ) | $ | (6,082,537 | ) | $ | (3,991,355 | ) | |||||||||
Steward Global Equity Income Fund | 1,365,838 | 3,672,125 | 5,037,963 | — | (16,086,877 | ) | (11,048,914 | ) | ||||||||||||||||
Steward International Enhanced Index Fund | 273,526 | 1,139,785 | 1,413,311 | — | (24,059,093 | ) | (22,645,782 | ) | ||||||||||||||||
Steward Large Cap Enhanced Index Fund | 6,653,230 | 26,672,503 | 33,325,733 | — | 13,109,776 | 46,435,509 | ||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | 1,333,259 | 6,557,617 | 7,890,876 | — | (31,715,880 | ) | (23,825,004 | ) | ||||||||||||||||
Steward Select Bond Fund | 507,600 | — | 507,600 | (2,468,189 | ) | 6,572,726 | 4,612,137 |
As of the end of the fiscal year ended April 30, 2020, the following Funds had capital loss carry forwards (‘‘CLCFs’’) as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset.
CLCFs not subject to expiration:
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 | 71,534 | 2,396,655 | 2,468,189 |
85 |
Under the current tax law, capital losses realized after October 31 and December 31, respectively, of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund’s deferred losses are as follows:
Post-October | ||||
Loss | ||||
Fund | Deferred | |||
Steward Covered Call Income Fund | $ | (78,151 | ) |
Note 7 — Reclassifications:
In accordance with GAAP, the Funds will make reclassifications, if applicable, among their capital accounts. These reclassifications are intended to adjust the components of the Funds’ net assets to reflect the tax character of permanent book/tax differences (e.g., Foreign Currency Gain/Loss, return of capital basis adjustments sold, paydown gain/loss) and have no impact on the net assets or the net asset value of the Funds. As of April 30, 2020, there were no reclassifications made between the capital accounts and distributable earnings.
Note 8 — 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 April 30, 2020, AG Financial Solutions, the parent company of Crossmark Global Holdings, through its subsidiary, Steward Financial Holdings, Inc., had effective voting control over each of the Funds and SFI. In addition, as of April 30, 2020, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership.
Percent | ||||||
Owned | ||||||
Steward Covered Call Income Fund | MSCS Financial Services, LLC | 86 | % | |||
Steward Global Equity Income Fund | MSCS Financial Services, LLC | 38 | % | |||
Steward Global Equity Income Fund | National Financial Services LLC | 32 | % | |||
Steward International Enhanced Index Fund | MSCS Financial Services, LLC | 44 | % | |||
Steward International Enhanced Index Fund | National Financial Services LLC | 50 | % | |||
Steward Large Cap Enhanced Index Fund | MSCS Financial Services, LLC | 41 | % | |||
Steward Large Cap Enhanced Index Fund | National Financial Services LLC | 42 | % | |||
Steward Small-Mid Cap Enhanced Index Fund | MSCS Financial Services, LLC | 40 | % | |||
Steward Small-Mid Cap Enhanced Index Fund | National Financial Services LLC | 24 | % | |||
Steward Select Bond Fund | MSCS Financial Services, LLC | 53 | % | |||
Steward Select Bond Fund | National Financial Services LLC | 45 | % |
Note 9 — Additional Information:
At the February 27, 2020 meeting, the Board approved a reverse share split of the issued and outstanding shares of the Funds listed below.
On March 9, 2020, shares of the Funds listed below were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value per share. The reverse stock split had no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock split is as follows:
86 |
Net Asset | Net Asset | |||||||||||||||||||||||
Value Per | Value Per | Shares | Shares | |||||||||||||||||||||
Effective | Share | Share | Outstanding | Outstanding | ||||||||||||||||||||
Fund | Date | Rate | Before Split | After Split | Before Split | After Split | ||||||||||||||||||
Steward Global Equity Income Fund — Class C | 3/9/2020 | 1:10 | 3.00 | 27.68 | 582,735.13 | 58,273.51 | ||||||||||||||||||
Steward Global Equity Income Fund — Class R6 | 3/9/2020 | 1:10 | 2.71 | 25.02 | 52,430.99 | 5,243.10 | ||||||||||||||||||
Steward International Enhanced Index Fund — Class C | 3/9/2020 | 1:2 | 8.40 | 15.13 | 1.06 | 0.53 | ||||||||||||||||||
Steward International Enhanced Index Fund — Class R6 | 3/9/2020 | 1:2 | 8.43 | 15.20 | 59,229.13 | 29,614.56 | ||||||||||||||||||
Steward Large Cap Enhanced Index Fund — Class C | 3/9/2020 | 1:5 | 7.59 | 34.69 | 1.36 | 0.27 | ||||||||||||||||||
Steward Large Cap Enhanced Index Fund — Class R6 | 3/9/2020 | 1:5 | 7.55 | 34.54 | 6,910,045.64 | 1,381,817.83 | ||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund — Class C | 3/9/2020 | 1:2 | 5.45 | 9.84 | 1.61 | 0.80 | ||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund — Class R6 | 3/9/2020 | 1:2 | 5.47 | 9.86 | 8,301.18 | 4,150.59 | ||||||||||||||||||
Steward Select Bond Fund — Class C | 3/9/2020 | 1:3 | 9.74 | 29.04 | 1.06 | 0.35 | ||||||||||||||||||
Steward Select Bond Fund — Class R6 | 3/9/2020 | 1:3 | 9.71 | 28.97 | 1.08 | 0.36 |
Note 10 — LIBOR Transition:
Certain of Steward Select Bond Fund’s investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate (“LIBOR”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. The transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR and reduced values of LIBOR-related instruments. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR may have an adverse impact on the Fund’s investments, performance or financial condition.
Note 11 — Coronavirus Disease 2019 (COVID-19):
Recently, the outbreak of COVID-19 has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 pandemic and government responses are creating near-term disruption in global supply chains and adversely affecting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of COVID-19. Nevertheless, COVID-19 presents material uncertainty and risk with respect to each Fund, its performance, and its financial results.
Note 12 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
Distributions
On June 15, 2020, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:
Fund | Amount | |||
Steward Covered Call Income Fund | $ | 79,313 | ||
Steward Global Equity Income Fund | 1,764,248 | |||
Steward International Enhanced Index Fund | 663,304 | |||
Steward Large Cap Enhanced Index Fund | 1,527,036 | |||
Steward Small-Mid Cap Enhanced Index Fund | 177,129 | |||
Steward Select Bond Fund | 811,728 |
Board of Directors
Richard J. Rossi was appointed by the Board as Lead Independent Director effective May 14, 2020.
87 |
Expense Limitation Agreement
The expense limitation agreement between SFI, on behalf of Steward Covered Call Income Fund, and Crossmark Global Investments, as described in Note 4, has been agreed to through August 30, 2021.
88 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of
Steward Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Steward Funds, Inc., comprising 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, and Steward Select Bond Fund (the “Funds”) as of April 30, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended for Steward Global Equity Income Fund, Steward International Enhanced Index Fund, Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, and Steward Select Bond Fund, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the three periods in the period then ended for Steward Covered Call Income Fund (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of April 30, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2007.
COHEN & COMPANY, LTD.
Chicago, Illinois
June 25, 2020
C O H E N & C O M P A N Y , L T D .
800.229.1099|866.818.4535 fax| cohencpa.com
Registered with the Public Company Accounting Oversight Board
General Information (Unaudited)
Federal Income Tax Information:
For the fiscal year ended April 30, 2020, the following percentages of the total ordinary income distributions paid by the Funds qualify for the dividends received deduction available to corporate shareholders.
Dividends | ||||
Fund | Received Deduction | |||
Steward Covered Call Income Fund | 2.84 | % | ||
Steward Global Equity Income Fund | 62.03 | % | ||
Steward International Enhanced Index Fund | 0.11 | % | ||
Steward Large Cap Enhanced Index Fund | 62.25 | % | ||
Steward Small-Mid Cap Enhanced Index Fund | 77.55 | % | ||
Steward Select Bond Fund | 2.79 | % |
For the fiscal year ended April 30, 2020, distributions paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2020 Form 1099-DIV.
For the taxable year ended April 30, 2020, the percentages of Qualified Dividend Income are as follows:
Qualified | ||||
Fund | Dividend Income | |||
Steward Covered Call Income Fund | 2.86 | % | ||
Steward Global Equity Income Fund | 100.00 | % | ||
Steward International Enhanced Index Fund | 100.00 | % | ||
Steward Large Cap Enhanced Index Fund | 64.42 | % | ||
Steward Small-Mid Cap Enhanced Index Fund | 78.59 | % | ||
Steward Select Bond Fund | 2.79 | % |
The Funds declared long-term distributions of realized gains as follows:
Long-Term | ||||
Fund | Capital Gains | |||
Steward Covered Call Income Fund | $ | 78,151 | ||
Steward Global Equity Income Fund | 18,849,394 | |||
Steward International Enhanced Index Fund | — | |||
Steward Large Cap Enhanced Index Fund | 9,842,758 | |||
Steward Small-Mid Cap Enhanced Index Fund | 7,241,158 | |||
Steward Select Bond Fund | — |
The Funds declared short-term distributions of realized gains as follows:
Short-Term | ||||
Fund | Capital Gains | |||
Steward Covered Call Income Fund | $ | 1,660,687 | ||
Steward Global Equity Income Fund | 45,894 | |||
Steward International Enhanced Index Fund | — | |||
Steward Large Cap Enhanced Index Fund | — | |||
Steward Small-Mid Cap Enhanced Index Fund | 55,773 | |||
Steward Select Bond Fund | — |
90
The Steward International Enhanced Index Fund intends to elect to pass-through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on April 30, 2020 were as follows:
Foreign | Foreign | |||||||
Fund | Source Income | Tax Expense | ||||||
Steward International Enhanced Index Fund | $ | 0.55 | $ | 0.06 |
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-800-262-6631, or (ii) on the SEC’s website 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.
Submission of Matters to a Vote of Shareholders
At a special meeting of the shareholders of all series of Steward Funds, Inc. (“SFI”), consisting of 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, and Steward Select Bond Fund (each, a “Fund”) held on July 29, 2019, the shareholders voted on two proposals: (1) to elect six nominees for Director to the Board of Directors of SFI (the “Board”), to serve from the time of his or her election and qualification until the election of Directors next succeeding his or her election and until his or her successor is elected and qualified; and (2) to approve a new investment advisory agreement between Crossmark Global Investments, Inc. and SFI, on behalf of each Fund. Shareholders of SFI were asked to vote on proposal (1) as a single class and shareholders of each Fund were asked to vote on proposal (2) with respect to their Fund. Each nominee for Director was elected to the Board and the new advisory agreement was approved for each Fund.
The results of the voting at the meeting were as follows:
1. Election of Directors
Shares Voted | ||||||||
For | Withheld | |||||||
Richard J. Rossi | 50,769,364.709 | 261,435.164 | ||||||
Mark H. Barineau | 50,234,478.454 | 796,321.419 | ||||||
Richard L. Peteka | 50,234,478.454 | 796,321.419 | ||||||
Adriana R. Posada | 50,260,820.253 | 769,979.620 | ||||||
Michael L. Kern, III | 50,702,875.335 | 327,924.538 | ||||||
Kyle A. Dana | 50,728,120.683 | 302,679.190 |
There were no broker non-votes with regard to any of the Directors.
2. Approval of Investment Advisory Agreement For Each of the Funds
Steward Covered Call Income Fund | ||||
For | 2,722,844.118 | |||
Against | 0.000 | |||
Abstain | 0.000 | |||
Broker Non-Vote | 151,313.181 | |||
Total | 2,874,157.299 |
91
Steward Global Equity Income Fund | ||||
For | 5,590,249.690 | |||
Against | 142,823.094 | |||
Abstain | 20,998.670 | |||
Broker Non-Vote | 3,642,992.822 | |||
Total | 9,397,064.276 | |||
Steward International Enhanced Index Fund | ||||
For | 4,787,969.427 | |||
Against | 459,119.272 | |||
Abstain | 13,166.598 | |||
Broker Non-Vote | 1,289,450.498 | |||
Total | 6,549,705.795 | |||
Steward Large Cap Enhanced Index Fund | ||||
For | 12,493,771.616 | |||
Against | 95,459.787 | |||
Abstain | 19,304.484 | |||
Broker Non-Vote | 1,955,131.771 | |||
Total | 14,563,667.658 | |||
Steward Small-Mid Cap Enhanced Index Fund | ||||
For | 7,510,448.570 | |||
Against | 117,181.398 | |||
Abstain | 50,840.442 | |||
Broker Non-Vote | 3,432,900.838 | |||
Total | 11,111,371.248 | |||
Steward Select Bond Fund | ||||
For | 6,174,406.143 | |||
Against | 13,590.000 | |||
Abstain | 870.852 | |||
Broker Non-Vote | 345,966.601 | |||
Total | 6,534,833.596 |
92
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 fee, 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 November 1, 2019 through April 30, 2020.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled ‘‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.
Expense Ratio | ||||||||||||||||
Beginning | Ending | Expenses Paid | During Period | |||||||||||||
Account Value | Account Value | During Period* | 11/1/19– | |||||||||||||
Fund | 11/1/19 | 4/30/20 | 11/1/19 – 4/30/20 | 4/30/20** | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 919.10 | $ | 5.96 | �� | 1.25 | % | |||||||
Class C | 1,000.00 | 914.90 | 9.52 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 913.90 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 919.70 | 4.77 | 1.00 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 867.20 | 6.31 | 1.36 | % | |||||||||||
Class C | 1,000.00 | 862.60 | 9.96 | 2.15 | % | |||||||||||
Class R6 | 1,000.00 | 868.80 | 4.23 | 0.91 | % | |||||||||||
Institutional Class | 1,000.00 | 869.30 | 4.32 | 0.93 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 827.20 | 5.09 | 1.12 | % | |||||||||||
Class C(1) | 1,000.00 | 821.30 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 828.90 | 3.05 | 0.67 | % | |||||||||||
Institutional Class | 1,000.00 | 829.30 | 3.09 | 0.68 | % | |||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 906.10 | 4.27 | 0.90 | % | |||||||||||
Class C(1) | 1,000.00 | 897.70 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 908.00 | 2.32 | 0.49 | % | |||||||||||
Institutional Class | 1,000.00 | 907.70 | 2.37 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 805.30 | 3.55 | 0.79 | % | |||||||||||
Class C(1) | 1,000.00 | 799.10 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 805.90 | 2.25 | 0.50 | % | |||||||||||
Institutional Class | 1,000.00 | 805.80 | 2.38 | 0.53 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,024.40 | 5.18 | 1.03 | % | |||||||||||
Class C(1) | 1,000.00 | 999.50 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,004.50 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,027.10 | 3.07 | 0.61 | % |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period). |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended April 30, 2020. |
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Hypothetical Example for Comparison Purposes (Unaudited)
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Transactional costs, if any, such as sales charges (front or back end loads) or exchange fees, are not shown in the table. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.
Expenses Paid | Expense Ratio | |||||||||||||||
Beginning | Ending | During Period* | During Period | |||||||||||||
Account Value | Account Value | 11/1/19 – | 11/1/19– | |||||||||||||
Fund | 11/1/19 | 4/30/20 | 4/30/20 | 4/30/20** | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.65 | $ | 6.27 | 1.25 | % | ||||||||
Class C | 1,000.00 | 1,014.92 | 10.02 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 1,024.86 | — | —% | ||||||||||||
Institutional Class | 1,000.00 | 1,019.89 | 5.02 | 1.00 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,018.10 | 6.82 | 1.36 | % | |||||||||||
Class C | 1,000.00 | 1,014.17 | 10.77 | 2.15 | % | |||||||||||
Class R6 | 1,000.00 | 1,020.34 | 4.57 | 0.91 | % | |||||||||||
Institutional Class | 1,000.00 | 1,020.24 | 4.67 | 0.93 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,019.29 | 5.62 | 1.12 | % | |||||||||||
Class C(1) | 1,000.00 | 1,018.35 | — | —% | ||||||||||||
Class R6 | 1,000.00 | 1,021.53 | 3.37 | 0.67 | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.48 | 3.42 | 0.68 | % | |||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.39 | 4.52 | 0.90 | % | |||||||||||
Class C(1) | 1,000.00 | 1,019.24 | — | —% | ||||||||||||
Class R6 | 1,000.00 | 1,022.43 | 2.46 | 0.49 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.38 | 2.51 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.93 | 3.97 | 0.79 | % | |||||||||||
Class C(1) | 1,000.00 | 1,024.86 | — | —% | ||||||||||||
Class R6 | 1,000.00 | 1,022.38 | 2.51 | 0.50 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.23 | 2.66 | 0.53 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,019.74 | 5.17 | 1.03 | % | |||||||||||
Class C(1) | 1,000.00 | 1,018.90 | — | —% | ||||||||||||
Class R6(1) | 1,000.00 | 1,024.86 | — | —% | ||||||||||||
Institutional Class | 1,000.00 | 1,021.83 | 3.07 | 0.61 | % |
* | Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period). |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended April 30, 2020. |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
The business and affairs of the Funds are managed under the direction of the Funds’ Board of Directors and the Funds’ officers appointed by the Board of Directors. The tables below list the Directors and executive officers of the Funds and their principal occupations during the past five years, other directorships held by the Directors and their affiliations, if any, with Crossmark Global Investments, Inc. and Crossmark Distributors, Inc.
The Funds’ statement of additional information includes additional information about the Funds’ Directors and is available, without charge, upon request, by calling 1-800-262-6631.
Number of | ||||||||||
Portfolios in | ||||||||||
Fund Complex | Other Directorships | |||||||||
Position(s) | Term of Office(1) | Overseen by | Held by Director or | |||||||
Held with | and Length of | Principal Occupation(s) | Director or | Nominee During | ||||||
Name, Address, Age | Fund | Time Served | During Past 5 Years | Nominee | the Past 5 Years | |||||
Interested Directors | ||||||||||
Michael L. Kern, III, CFA(2) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Chairman of the Board; Director | Indefinite Term Since 2017 | President, CEO & Treasurer of Crossmark Global Holdings, Inc. (May 2015 – Present); President, CEO & Treasurer of Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 – Present); President, CEO & Treasurer of Crossmark Consulting, LLC (2016 – 2019); CCO of Crossmark Distributors, Inc. (August 1, 2017 – December 11, 2017); Secretary of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – 2018); President of Stout Risius Ross, Inc. (2008 – 2015) | 6 | Stratford Cambridge Group Investments – Advisory Board (2011 – 2017); Foundation Capital Resources (2015 – Present); Stout Risius Ross, Inc. (2008 – 2015) | |||||
Kyle A. Dana CRPC(3) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1978 | Director | Indefinite Term Since 2017 | Senior Vice President, Retirement & Investment Solutions of AG Financial Solutions(4) (2000 – Present) | 6 | N/A | |||||
Independent Directors | ||||||||||
Mark H. Barineau c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Director | Indefinite Term Since 2017 | President of Lionsmark Investment Group(5) (since April 2016); President & Owner of Radney Management & Investments, Inc.(6) (1996 – 2016) | 6 | N/A | |||||
Richard L. Peteka c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1961 | Director | Indefinite Term Since 2017 | Chief Financial Officer and Secretary of Solar Capital Ltd., Solar Senior Capital Ltd. (May 2012 - Present) and SCP Private Credit Income BDC LLC(7)(2018 – Present) | 6 | N/A |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Number of | ||||||||||
Portfolios in | ||||||||||
Fund Complex | Other Directorships | |||||||||
Position(s) | Term of Office(1) | Overseen by | Held by Director or | |||||||
Held with | and Length of | Principal Occupation(s) | Director or | Nominee During | ||||||
Name, Address, Age | Fund | Time Served | During Past 5 Years | Nominee | the Past 5 Years | |||||
Independent Directors (continued) | ||||||||||
Adriana R. Posada c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1954 | Director | Indefinite Term Since 2017 | Retired; Sr. Portfolio Manager of American Beacon Advisors, Inc. (September 1998 – March 2016) | 6 | Trustee of Irving Firemen’s Relief and Retirement Plan (April 2009 – October 2015) | |||||
Richard J. Rossi c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1956 | Lead Independent Director as of May 14, 2020. | Indefinite Term Since 2019 | Retired; President and Co–Chief Operating Officer, Eagle Asset Management, President, Eagle Mutual Funds and Eagle Fund Distributors (2000 – 2017) | 6 | N/A |
(1) | Each Director serves on the Board from the time of his or her election or appointment until the election of Directors next succeeding his or her election or appointment and until his or her successor is elected and qualified. Because the Funds do not hold regular annual meetings of shareholders to elect Directors, each Director serves for an indefinite period. |
(2) | Mr. Kern is an ‘‘interested person’’ of SFI, as defined in the 1940 Act, because of his position with the Funds’ investment adviser, administrator and distributor. |
(3) | Mr. Dana is an ‘‘interested person’’ of SFI, as defined in the 1940 Act, because of his position with AG Financial Solutions, which is an affiliate of the Funds’ investment adviser, administrator and distributor. |
(4) | AG Financial Solutions is an affiliate of SFI’s investment adviser, administrator and distributor specializing in delivering financial products and services that align with faith and values. |
(5) | Lionsmark Investment Group is a private real estate investment and management company that Mr. Barineau formed in 2016. Its primary business is the acquisition, development and management of multi-family assets and other active and passive real estate investments. |
(6) | Radney Management & Investments, Inc. was established in 1982 and is an ACCREDITED MANAGEMENT ORGANIZATION(R) specializing in multifamily property management. |
(7) | Solar Capital Ltd., Solar Senior Capital Ltd. and SCP Private Credit Income BDC LLC are business development companies that invest primarily in senior secured loans of private middle-market companies to generate current income that is distributed to shareholders across economic cycles. |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Other | ||||||||
Directorships Held | ||||||||
by Director or | ||||||||
Position(s) Held | Term of Office(1) and | Principal Occupation(s) | Nominee During | |||||
Name, Address and Age | with Fund | Length of Time Served | During Past 5 Years | the Past 5 Years | ||||
Executive Officers | ||||||||
Michael L. Kern, III, CFA(1) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | President and Treasurer | Since 2016 | President, CEO & Treasurer of Crossmark Global Holdings, Inc. (May 2015 – Present); President, CEO & Treasurer of Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 – Present); President, CEO & Treasurer of Crossmark Consulting, LLC (2016 – 2019); CCO of Crossmark Distributors, Inc. (August 1, 2017 – December 11, 2017); Secretary of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – 2018); President of Stout Risius Ross, Inc. (2008 – 2015) | Stratford Cambridge Group Investments – Advisory Board (2011 – 2017); Foundation Capital Resources (2015 – Present); Stout Risius Ross, Inc. (2008 – 2015) | ||||
John R. Wolf 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1961 | Executive Vice President | SLCEIF since 2004 SSMCEIF since 1998 SIEIF since 2006 SSBF since 2004 SGEIF since 2008 SCCIF since 2017 | Managing Director, Crossmark Global Investments, Inc. (2019 – Present); Managing Director – Equity Investments, Crossmark Global Investments, Inc. (1996 – 2019) | N/A | ||||
Victoria Fernandez 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Executive Vice President | Since 2014 | Chief Market Strategist of Crossmark Global Investments, Inc. (2018 – Present); Managing Director – Fixed Income Investments of Crossmark Global Investments, Inc. (2012 – 2018); Associate, Fayez Sarofim & Co. (1994 - 2012) | N/A | ||||
Paul Townsen 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1971 | Executive Vice President | Since 2017 | Managing Director – Crossmark Global Investments, Inc. (2017 – Present); Senior Vice President – Crossmark Global Investments, Inc. (2015 – 2017); Vice President – Crossmark Global Investments, Inc. (1994 – 2015) | N/A | ||||
Brent Lium, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1969 | Executive Vice President | Since 2019 | Managing Director, Crossmark Global Investments, Inc. (2019 – Present); Portfolio Manager, Invesco Ltd. (2001 – 2019) | N/A | ||||
Ryan Caylor, CFA 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1986 | Executive Vice President | Since 2020 | Portfolio Manager, Crossmark Global Investments, Inc. (2020 – Present); Head of Research, Crossmark Global Investments, Inc. (2019 – Present); Senior Research Analyst, Crossmark Global Investments Inc. (2016 – 2019); Associate, Tudor, Pickering, Holt & Co. (2013 – 2016); Associate, Pricewaterhouse Coopers LLP (2011 – 2013) | N/A | ||||
Charles Sylvester 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1964 | Executive Vice President | Since 2020 | ManagingDirector – Head of Sales & Distribution, Crossmark Global Investments, Inc. (October 2019 – Present); Senior Vice President, Crossmark Global Investments, Inc. (June 2019 – September 2019); Senior Vice President, Invesco Ltd. (April 2000 – May 2019) | N/A |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Other | ||||||||
Directorships Held | ||||||||
by Director or | ||||||||
Position(s) Held | Term of Office(1) and | Principal Occupation(s) | Nominee During | |||||
Name, Address and Age | with Fund | Length of Time Served | During Past 5 Years | the Past 5 Years | ||||
Executive Officers (continued) | ||||||||
Patrick N. Garboden 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1957 | Executive Vice President and Liquidity Risk Management Program Administrator | Since 2018 | Portfolio Manager, Crossmark Global Investments, Inc. (October 2008 – Present) | N/A | ||||
Jim A. Coppedge 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Executive Vice President, Chief Compliance Officer, Assistant Secretary and Assistant Treasurer | Since 2017 | General Counsel & Chief Compliance Officer of Crossmark Global Investments, Inc. (2017 – Present); General Counsel & Chief Compliance Officer of Crossmark Distributors, Inc. (December 11, 2017 – Present); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2018 – Present); Secretary, Crossmark Consulting, LLC (2018 – 2019); Deputy General Counsel of American International Group (2007 – 2015) | N/A |
(1) | SFI officers are elected by the Board annually and hold office until the next annual Board meeting at which officers are elected and until his or her successor is elected and qualified. |
Fund Name Abbreviations
Steward Covered Call Income Fund | (SCCIF) |
Steward Global Equity Income Fund | (SGEIF) |
Steward International Enhanced Index Fund | (SIEIF) |
Steward Large Cap Enhanced Index Fund | (SLCEIF) |
Steward Select Bond Fund | (SSBF) |
Steward Small-Mid Cap Enhanced Index Fund | (SSMCEIF) |
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Visit us online at:
crossmarkglobal.com
CROSSMARK STEWARD FUNDS
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
Distributed by: Crossmark Distributors, Inc. 15375 Memorial Dr, Suite 200 Houston, TX 77079 1-800-262-6631 info@crossmarkglobal.com |
For more complete information about the Steward Funds, including charges and expenses, contact the Distributor to receive a prospectus. Please read it carefully before you invest or send money.
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an exhibit. |
(c) | During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR. |
(d) | During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR. |
Item 3. Audit Committee Financial Expert.
(a) | (1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. |
(a) | (2) The audit committee financial expert is Richard L. Peteka, who is “independent” for purposes of this Item 3 of Form N-CSR. |
Item 4. Principal Accountant Fees and Services.
Current Year | Previous Year | |||||||
(a) Audit Fees | $ | 87,500 | $ | 86,000 | ||||
(b) Audit-Related Fees | $ | - | $ | - | ||||
(c) Tax Fees | $ | 18,000 | $ | 18,000 | ||||
(d) All Other Fees | $ | - | $ | - |
The audit fees are paid for professional services rendered by the auditor for the audit of the Funds’ annual financial statements or services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. The tax fees are paid for professional services rendered by the auditor for tax compliance, tax advice and tax planning.
1
(e)
(1) The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the auditor to the Funds and certain non-audit services to be rendered by the auditor to the Funds’ investment adviser which require pre-approval by the Audit Committee. In connection with such pre-approvals, the auditor, or a Fund officer, with the assistance of the auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.
(2) For the fiscal years ended April 30, 2020 and 2019, 100% of all the fees in paragraphs (b) through (d) were approved by the Audit Committee.
(f) Not applicable.
(g)
For the fiscal year ended April 30, 2020, Cohen and Company, Ltd. billed $18,000.
For the fiscal year ended April 30, 2019, Cohen and Company, Ltd. billed $18,000.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | The schedules of investments are included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
2
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-2(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) | (1) The code of ethics that is the subject of the disclosure required by Item 2 isattached hereto. |
(a) | (2) Certifications for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) areattached hereto. |
(a) | (3) Not applicable. |
(a) | (4) Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) arefurnished herewith. |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Steward Funds, Inc.
By: | /s/ Michael L. Kern, III | |
Michael L. Kern, III | ||
President and Treasurer | ||
(Principal Executive Officer and Principal Financial Officer) | ||
Date: July 2, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Michael L. Kern, III | |
Michael L. Kern, III | ||
President and Treasurer | ||
(Principal Executive Officer and Principal Financial Officer) | ||
Date: July 2, 2020
4