UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number_______811-01597_____
STEWARD FUNDS, INC.
(Exact name of registrant as specified in charter)
15375 MEMORIAL DRIVE, SUITE 200, HOUSTON, TX 77079
(Address of principal executive offices) (Zip code)
CITI FUND SERVICES OHIO, INC., 4400 EASTON COMMONS, SUITE 200, COLUMBUS, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-262-6631
Date of fiscal year end: April 30
Date of reporting period: October 31, 2018
Item 1. Reports to Stockholders.
STEWARD FUNDS
SEMI-ANNUAL REPORT
(UNAUDITED)
(This page intentionally left blank.)
Semi-Annual Report | ||
Steward Large Cap Enhanced Index Fund | ||
Steward Small-Mid Cap Enhanced Index Fund | ||
Steward International Enhanced Index Fund | ||
Steward Select Bond Fund | ||
Steward Global Equity Income Fund | ||
Steward Covered Call Income Fund | ||
October 31, 2018 |
Dear Shareholder:
We are pleased to present the Steward Funds Semi-Annual Report for the six months ended October 31, 2018. This report includes commentary on the overall financial markets, as well as performance reviews and current strategy from each of our portfolio managers.
MARKET OVERVIEW
Economic factors in the U.S. continued a positive trend. The Purchasing Managers Index (PMI) for both manufacturing and service sectors posting well above the 50, indicating a broad economic expansion. The U.S. unemployment rate is down to 3.7%, the lowest in decades, while U.S. minority unemployment is the lowest on record. Consumer spending was strong through the summer which supported the initial GDP growth report that came in at 3.5% for the third quarter. The most recent inflation indicators came in lower than estimated and employment reports continue to post favorable results with wages appearing to finally increase. The Federal Reserve (the Fed) raised rates in September with one more hike expected this year. Wrinkles to this otherwise rosy U.S. economic picture lie mostly in what will happen with the trade policy. Depending on which scenario actually plays out, we believe there could be potentially higher inflation and slower growth if a deal is not made. In Canada, the economy expanded in the second quarter at the highest rate in one year as exports climbed. A trade deal with the U.S. has finally been reached that joins the agreement that was made between Mexico and the U.S.
Company earnings as represented by the S&P 500 have maintained a 25% growth rate for the first half of the year and the pace is estimated to continue into the third quarter. Earnings growth for the full year of 2018 is now projected to come in at 21% reflecting another upward revision. The energy sector continues to lead the group with an estimated growth rate of 108%. All sectors are estimated to have positive growth rates for the year.
Overseas, the Eurozone, as well as Japan, has had some recent disappointing economic indicators. Growth, while still positive, appears to be decelerating with PMIs in the UK, Eurozone, and Japan backsliding toward the key 50 level. In Japan, some of this was due to a series of natural disasters that have recently plagued the country. This may not change the overall view of economic growth for these areas but there may be some slight downward revisions to GDP estimates for the third quarter.
Also, a stronger U.S. dollar has damaged economies in emerging markets that have large U.S. dollar-denominated debt. This debt becomes harder to repay as the dollar strengthens. The U.S. Dollar Index has gone from a February low of 88.59 to a high this October of 97.13, an increase of 9.64% in a relatively short period of time. A rising dollar also raises the cost of some essential commodities that are traded in dollars.
The following details each of the Funds’ semi-annual performance and strategies.
STEWARD LARGE CAP ENHANCED INDEX FUND
Fund Performance
For the six months ended October 31, 2018, the Steward Large Cap Enhanced Index Fund returned 0.93% for the Class A shares and 1.08% for the Institutional Class shares. For comparison purposes, the return for the S&P 500 Index for the same period was 3.40%. The S&P Pure Index returns were -0.80% for the S&P 500 Pure Growth Index and -1.18% for the S&P 500 Pure Value Index.
Factors Affecting Performance
The Fund’s blended-factor structure remained at neutral for the six-month period at 60% large-cap stocks, 20% in value stocks and 20% in growth stocks. The U.S. markets, on the other hand, went on to make a new high in September, just before the October correction. The performance was negatively impacted by the notable stock market decline in October that saw the S&P 500 decline 6.84% on fears of higher interest rates and trade war concerns.
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The Fund’s factor-focused growth and value components can impact performance and both declined for the period. When combined, they underperformed their cap-weighted counterparts over the period, contributing to the Fund’s underperformance.
Performance of the Fund can also be affected by the Fund’s values-based investment policies, which avoid investments in companies whose primary business is associated with alcohol, tobacco products, life ethics, gambling and mature content. For the six months ended October 31, 2018, the values-based investment policies had a net negative performance impact on the Fund. Companies such as Merck & Co. (life ethics), up 26.88%, and Pfizer Inc. (life ethics), up 19.78%, significantly outperformed the S&P 500 benchmark and subtracted 45 basis points from Fund performance. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall benchmark is extremely difficult regardless of its weight within that specific benchmark.
Current Strategy
The Fund is not a passively managed index fund. The Fund’s strategy seeks to enhance its performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) 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 investment policies.
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Fund Performance
For the six months ended October 31, 2018, the Steward Small Mid-Cap Enhanced Index Fund returned -0.98% for the Class A shares and -0.78% for the Institutional Class shares. For comparison purposes, the return for the S&P 1000 Index for the same period was -0.94%. The S&P Pure Index component returns were 0.54% for the S&P 1000 Pure Growth Index and -1.25% for the S&P 1000 Pure Value Index.
Factors Affecting Performance
The Fund’s blended-factor structure remained at neutral for the six-month period at 60% small cap blend, 20% in value stocks and 20% in growth stocks. The performance was negatively impacted by the notable stock market decline in October that saw the S&P 1000 decline 9.84% on fears of higher interest rates and trade war concerns. The S&P 1000 Index, on the other hand, went on to make a new high in the third quarter, just before the October correction.
The Fund’s factor-focused growth and value components can often have a significant impact on performance. For the six months ended October 31, 2018, when combined, they outperformed their cap-weighted counterparts over the period, contributing to the Fund’s performance.
Performance of the Fund can also be affected by the Fund’s values-based investment policies which avoid investments in companies whose primary business is associated with alcohol, tobacco products, life ethics, gambling and mature content. For the six months ended October 31, 2018, the values-based investment policies had a negative performance impact on the Fund. Companies such as Core-Mark Holding Co. (tobacco) and Casey’s General Stores (alcohol, tobacco) significantly outperformed the S&P 1000 benchmark with gains of 87.91% and 31.20%, respectively. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall benchmark is extremely difficult regardless of its weight within that specific benchmark.
Current Strategy
The Fund is not a passively managed index fund. The Fund’s strategy seeks to enhance its performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) 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 investment policies.
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Fund Performance
For the six months ended October 31, 2018, the Steward International Enhanced Index Fund returned -9.28% for the Class A shares and -9.16% for the Institutional Class shares. The return for the S&P ADR Index was -7.24%. The BLDRS Emerging Markets 50 ADR Index, used to represent the emerging markets component, returned -13.18% for the same period.
Factors Affecting Performance
The Fund’s dual market structure began the fiscal year allocated 80% to developed markets and 20% to emerging markets. This represents a tilt towards emerging markets. On May 31, 2018, the emerging market tilt was reduced by five percentage points to
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achieve a balance of 85% in developed markets and 15% in emerging markets due to developing stresses in emerging markets. This aided the Fund’s performance through October 31 as the BLDRS Emerging Markets 50 ADR Index declined -13.18% while the S&P ADR Index was down only -7.24% over the six-month period. Additionally, over the six-month period, international markets were notably weaker than in the U.S. After the worldwide correction in February 2018, U.S. stocks began a back and fill process that finally reached a new high in September just before the October drop. Foreign markets never actually recovered after February. The MSCI World Index (ex-USA) actually broke below its February lows in May and continued down through October.
The international developed markets component of the Fund outperformed the emerging markets component during the six-month period by 583 basis points. As noted, this was mostly due to the negative effects of the strong U.S. dollar on emerging markets struggling with U.S. dollar-denominated debt. Talk of a trade war also damaged emerging markets.
Performance of the Fund can also be affected by the Fund’s values-based investment policies which avoid investments in companies whose primary business is associated with alcohol, tobacco products, life ethics, gambling and mature content. For the six months ended October 31, 2018, the values-based investment policies had a negative performance impact on the Fund of 115 basis points. Companies such as Novartis AG (life ethics) and Sanofi (life ethics) significantly outperformed the benchmark with gains of 14.04% and 17.37%, respectively. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall benchmark is extremely difficult regardless of its weights within that specific benchmark.
Current Strategy
The Fund is not a passively managed index fund. The Fund’s strategy seeks 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 investment policies.
STEWARD SELECT BOND FUND
Market Overview
The mid-term elections have passed and it is now time to get on with business focusing on fundamentals, earnings and how central banks will react to global growth as we head into 2019. The volatility seen during the month of October sent many investors reaching for safety on concern that the long-awaited bear market was emerging. However, the as-expected outcome of the mid-term election provided a relief rally and put one of the uncertainties plaguing the market behind us.
Along with equity market volatility, we saw the 10-year U.S. Treasury yield move in the month of October as well. Beginning the month at 3.08%, yields moved up to a high close of 3.23% in the first week of the month but retreated and closed the month at 3.14%. Investor sentiment plays an important role in the longer end of the curve so when you have mid-term elections, trade and tariff issues, questions on what the Fed will do, and earnings and economic reports, there is plenty of room for volatility, in our view.
The question of how the Federal Open Market Committee (FOMC) will proceed with their plan of gradual rate hikes is driving much of this uncertainty we are seeing. On one hand, we have economic numbers that show continuing growth domestically especially in the labor market, strong corporate earnings for each quarter this year, a confident consumer that drives over 75% of our economy and the desire to move the Fed Funds rate up to the neutral level. All of these items we expect would lead the FOMC to continue their rate hike agenda in December and into 2019. However, on the other hand, there are concerns including the potential escalation of tariffs to 25% in January, concern over falling corporate profits going forward, global issues like Brexit and the Italian budget discussions and still low inflation pressures. As always, every word from the FOMC later this month will be parsed for meaning and clues as to the potential map of rate hikes going forward. Until the markets have a better grasp on all of these issues, we would anticipate continued uneasiness from investors.
Fund Performance
For the six months ended October 31, 2018, the Steward Select Bond Fund returned 0.24% for the Class A shares and 0.39% for the Institutional Class shares. The return for the Bloomberg Barclays Capital US Government/Credit Bond Index was -0.29%. The outperformance of the Fund was predominantly due to the shorter duration of the Fund versus the index along with our security selection and increased levels of income generation. The shorter duration reduced the Fund’s overall sensitivity to interest rate movements and volatility in market values. With a current yield of 3.60%, the income component of total return helps to mitigate price fluctuations and serves as the largest contributor to fixed income performance over a long horizon.
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Current Strategy
As we move towards the end of 2018, we will continually analyze our strategy based on the 4-step investment process that drives our decisions. This process includes multiple inputs that are utilized to evaluate our duration target, yield curve positioning, sector evaluation, and security selection. As the 10-year U.S. Treasury yield makes it way ever closer to the assumed neutral rate around 3.25%-3.40%, we will be looking for opportunities to extend the duration and take advantage of higher yields further out the curve. We anticipate that following the FOMC meeting and press conference on December 19th, we may have a better outlook on future Fed Funds levels. The end of 2018 and the first quarter of 2019 will hopefully answer some of the lingering questions of investors, remove uncertainties from the market and help reduce the bouts of volatility we have seen of late.
STEWARD GLOBAL EQUITY INCOME FUND
Fund Performance
For the six-month period ended October 31, 2018, the Steward Global Equity Income Fund returned -3.46% for the Class A shares and -3.32% for the Institutional Class shares. The return for the global market as represented by the S&P Global 1200 Index was -2.36% and the return for the S&P 500 Index was 3.40% for the same period. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned -0.56%.
Factors Affecting Performance
The Fund’s allocation at the end of the period was 62% U.S. and 38% international with domestic stocks outperforming their international counterparts during the period. Positive contributors to relative return were led by Automatic Data Processing, Inc. +23.22%. Shares climbed as management raised its earnings and revenue guidance for fiscal year 2019. The company also raised its dividend 9.5% from last year and has increased its dividend 5 times on a year over year basis for an average annual increase of 7.98%. Sabre Corp. shares +20.72% rose as earnings beat estimates now for four consecutive quarters. The company has also exceeded analyst revenue estimates for the last four quarters. Management stated that the results provided continued evidence of growing momentum based upon strategic and commercial initiatives that have been put in place over the past 18 months. As a result, guidance has been revised upward for the fiscal year. Shares of Dunkin’ Brands Group +20.25% posted solid gains as the company is in the midst of overhauling its brand. The latest report revealed plans to drop the word “Donuts” from its name as part of the chain’s strategy to focus on beverages, which represent roughly 60% of sales. The plan also includes offering revamped lattes, cappuccinos and Americanos in its stores.
Negative contributors to relative performance included Newell Brands Inc. -41.38%. Shares dropped following quarter results that missed core growth consensus estimates. Management noted that tariffs on Chinese sourced products would be an incremental headwind that ultimately could be offset by higher pricing. This would provide a basis for better results in the second half of the year. Smith & Nephew PLC -14.78%, the UK based artificial hip maker, received several analyst downgrades. This year’s muted organic growth combined with a new CEO’s recent strategic initiatives to cut costs and increase the top line have not increased turnaround visibility sufficiently to satisfy the analysts. We expect management to address these concerns in the near future. Overall, the effectiveness of the Fund’s methodology and quantitative screens for stock selection continue to perform as designed and are meeting or exceeding expectations.
Performance of the Fund can also be affected by the Fund’s values-based investment policies which avoid investments in companies whose primary business is associated with alcohol, tobacco products, life ethics, gambling and mature content. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall index is extremely difficult regardless of its weight within that index.
Current Strategy
The Fund’s strategy pursues its objective through investment in dividend-paying stocks that have demonstrated above-median yield, a positive trend in dividend payouts and favorable earnings growth. In addition to domestic stocks, this strategy includes the ability to invest in international securities traded on U.S. market exchanges. As the international market’s share of the world’s total market capitalization continues to grow, the ability to access these markets becomes increasingly important.
The benefits of dividend-paying stocks include lower volatility versus non-dividend payers and the overall market. Dividends are also an important indicator of corporate health. This encourages disciplined fiscal management where a change in policy to increase or decrease a dividend can signal corporate strength or distress. Unlike earnings, which can be affected by various accounting methods, dividends are transparent and cannot be manipulated. In addition, dividends have historically provided a major component of the stock market’s total return. The strategy provides income with capital appreciation while lowering overall risk. This is accomplished while adhering to the Fund’s values-based investment policies.
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STEWARD COVERED CALL INCOME FUND
Fund Performance
For the six-month period ended October 31, 2018, the Steward Covered Call Income Fund returned 1.82% for the Class A shares and 1.90% for the Institutional Class shares. The return for the global market as represented by the CBOE S&P 500 Buy-Write Index was 1.20% and the return for the S&P 500 Index was 3.40% for the same period.
Factors Affecting Performance
The markets experienced elevated levels of volatility in May and June due in large part to heightened political risk. Despite the significant intra-month swings, the ongoing strength of global growth was evident in corporate earnings. The positive effects of tax cuts contributed to a strong Q1 earnings season in the U.S. Fears about a more aggressive pace of the Fed rate tightening eased over the month of May. The Fed raised rates as expected by a quarter of a percentage point at its June meeting, however, the rhetoric was interpreted by markets as more dovish than expected.
Second quarter earnings season proved to be very strong with almost 90% of companies beating expectations. The strength of corporate earnings was enough to send equity markets higher across the board. The S&P 500 gained nearly 4% in July and good economic news also propelled the 10-year U.S. Treasury yield to 3%. Investor optimism remained high, fueled by period over period retail sales growth of over 6% for the month of June. That percentage is the fastest pace of spending growth since 2012. Corporate confidence and strength in the markets were also observed in the labor market as jobless claims hit a level not seen in over 4 decades.
Historically the month of August has been one of the worst performing months of the year. Investors were faced with new U.S. sanctions against Iran, relationship tensions with Turkey and the continued deterioration of trade talks with China. Segments of the equity markets and risk assets viewed to have exposure to China sold off. Yet the S&P 500 was up once again on strong investor sentiment and a lack of inflationary concerns. Consumers continued to benefit from the tailwinds provided by fiscal reform. Even though U.S. stocks hit all-time highs in the month of August, the sectors leading the charge were more defensive in nature. Telecom, utilities, and healthcare outperformed while materials, energy, and industrials underperformed for the month. Trade rhetoric again dominated headlines in August with the U.S. and Mexico announcing an agreement with the hopes that Canada would soon come to the table. Trade talks with China appeared to have stalled in August.
U.S. stock indices continued to hit record highs in September but investor sentiment towards the end of the month reflected a less bullish market outlook. There were quite a few developments below the surface that warranted some caution in the markets. Leading sectors such as technology showed definitive signs of weakness reflecting a shift away from sectors viewed as high risk. On the other hand, industrial stocks surged bolstered by the weak dollar and the 10-year Treasury yield moving above 3%. The Fed raised rates as expected and removed the word “accommodative” from its rhetoric and also hinted at another hike in December. Trade disputes with China continued to be at the forefront of investor’s minds in September as the Trump administration announced additional tariffs of 10% on $200 billion worth of Chinese goods. The markets had initially feared a 25% tariff would be put in place and that the Chinese response would be very strong. Instead, the tariffs implemented on Chinese goods went into effect on September 24th at 10% with a provision to increase these to 25% on January 1st, 2019. This better than expected news contributed to stronger performance in global stocks relative to U.S. markets.
October turned out to be downright scary for the markets as stocks had their worst monthly performance since September of 2011. Volatility came back with a vengeance which is not surprising given the fact that interest rates continued to rise, uncertainty about future Fed actions increased, trade negotiations with China persisted and mid-term elections were rapidly approaching. The higher volatility that investors have experienced seems likely to persist, in our view. However, the markets are entering what has been a historically strong seasonal period. The months of November and December in mid-term election years have historically been quite strong. We expect this trend to continue. The broader fundamentals of the markets still remain favorable, in our view.
Volatility is healthy for the markets and important for covered call strategies. The Covered Call Income team took advantage of the swings in volatility by strategically placing option trades in order to enhance income in the Fund.
Performance of the Fund can also be affected by the Fund’s values-based investment policies, which avoid investments in companies whose primary business is associated with alcohol, tobacco products, life ethics, gambling and mature content. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall benchmark is extremely difficult regardless of its weight within that specific benchmark.
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Current 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.
CONCLUSION
We thank you for your continued investment in the Steward Funds. Your business is important to us and we appreciate the confidence you have placed in our team.
For more information on the Steward Funds, we invite you to visit our website at www.crossmarkglobal.com/stewardfunds or call us at 800-262-6631. We look forward to fulfilling your investment needs for many years to come.
Sincerely,
Michael L. Kern, III, CFA
President and Treasurer
Melville Cody
Senior Portfolio Manager
Zachary Wehner, JD
Portfolio Manager
Victoria Fernandez
Chief Market Strategist
John Wolf
Managing Director — Equity Investments
Paul Townsen
Managing Director
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Large Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Software | 6.3 | % | ||
IT Services | 5.7 | |||
Banks | 5.1 | |||
Health Care Equipment & Supplies | 4.8 | |||
Oil, Gas & Consumable Fuels | 4.5 | |||
Semiconductors & Semiconductor Equipment | 4.3 | |||
Insurance | 4.1 | |||
Health Care Providers & Services | 4.1 | |||
Technology Hardware, Storage & Peripherals | 3.9 | |||
Capital Markets | 3.7 | |||
Interactive Media & Services | 3.4 | |||
Equity Real Estate Investment Trusts | 2.8 | |||
Biotechnology | 2.5 | |||
Specialty Retail | 2.5 | |||
Aerospace & Defense | 2.4 | |||
Multiline Retail | 2.1 | |||
Food & Staples Retailing | 1.9 | |||
Diversified Financial Services | 1.9 | |||
Chemicals | 1.8 | |||
Electric Utilities | 1.6 | |||
Hotels, Restaurants & Leisure | 1.5 | |||
Food Products | 1.5 | |||
Diversified Telecommunication Services | 1.4 | |||
Money Market Fund | 1.4 | |||
Communications Equipment | 1.3 | |||
Beverages | 1.3 | |||
Household Products | 1.2 | |||
Pharmaceuticals | 1.2 | |||
Life Sciences Tools & Services | 1.2 | |||
Energy Equipment & Services | 1.1 | |||
Media | 1.1 | |||
Entertainment | 1.0 |
Industry Diversification | Percent* | |||
Commercial Services & Supplies | 1.0 | % | ||
Machinery | 1.0 | |||
Multi-Utilities | 1.0 | |||
Industrial Conglomerates | 0.9 | |||
Household Durables | 0.9 | |||
Airlines | 0.9 | |||
Textiles, Apparel & Luxury Goods | 0.8 | |||
Automobiles | 0.8 | |||
Electronic Equipment, Instruments & Components | 0.8 | |||
Road & Rail | 0.8 | |||
Internet & Direct Marketing Retail | 0.8 | |||
Construction & Engineering | 0.7 | |||
Consumer Finance | 0.7 | |||
Electrical Equipment | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Auto Components | 0.4 | |||
Containers & Packaging | 0.4 | |||
Building Products | 0.4 | |||
Metals & Mining | 0.3 | |||
Independent Power and Renewable Electricity Producers | 0.3 | |||
Personal Products | 0.3 | |||
Trading Companies & Distributors | 0.2 | |||
Health Care Technology | 0.2 | |||
Real Estate Management & Development | 0.2 | |||
Professional Services | 0.2 | |||
Distributors | 0.1 | |||
Construction Materials | 0.1 | |||
Leisure Products | 0.1 | |||
Diversified Consumer Services | 0.0 | |||
Water Utilities | 0.0 | |||
Total Investments | 99.9 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (98.5%) | |||||||||
AEROSPACE & DEFENSE (2.4%) | |||||||||
Arconic, Inc. | 5,143 | $ | 104,557 | ||||||
General Dynamics Corp. | 3,450 | 595,401 | |||||||
Harris Corp. | 1,950 | 289,984 | |||||||
Huntington Ingalls Industries, Inc. | 760 | 166,045 | |||||||
L3 Technologies, Inc. | 1,390 | 263,363 | |||||||
Lockheed Martin Corp. | 3,769 | 1,107,521 | |||||||
Northrop Grumman Corp. | 2,460 | 644,397 | |||||||
Raytheon Co. | 4,150 | 726,416 | |||||||
Rockwell Collins, Inc. | 5,560 | 711,791 | |||||||
Textron, Inc. | 8,770 | 470,335 | |||||||
The Boeing Co. | 8,398 | 2,980,114 | |||||||
TransDigm Group, Inc.(a) | 2,190 | 723,248 | |||||||
United Technologies Corp. | 9,050 | 1,124,101 | |||||||
9,907,273 | |||||||||
AIR FREIGHT & LOGISTICS (0.5%) | |||||||||
C.H. Robinson Worldwide, Inc. | 1,530 | 136,216 | |||||||
Expeditors International of Washington, Inc. | 1,800 | 120,924 | |||||||
FedEx Corp. | 3,532 | 778,241 | |||||||
United Parcel Service, Inc., Class B | 7,900 | 841,666 | |||||||
1,877,047 | |||||||||
AIRLINES (0.9%) | |||||||||
Alaska Air Group, Inc. | 7,200 | 442,224 | |||||||
American Airlines Group, Inc. | 5,690 | 199,605 | |||||||
Delta Air Lines, Inc. | 14,590 | 798,511 | |||||||
Southwest Airlines Co. | 6,800 | 333,880 | |||||||
United Continental Holdings, Inc.(a) | 20,160 | 1,723,882 | |||||||
3,498,102 | |||||||||
AUTO COMPONENTS (0.4%) | |||||||||
Aptiv PLC | 11,010 | 845,568 | |||||||
BorgWarner, Inc. | 2,450 | 96,555 | |||||||
Goodyear Tire & Rubber Co. | 34,840 | 733,730 | |||||||
1,675,853 | |||||||||
AUTOMOBILES (0.8%) | |||||||||
Ford Motor Co. | 139,360 | 1,330,888 | |||||||
General Motors Co. | 49,580 | 1,814,132 | |||||||
Harley-Davidson, Inc. | 2,590 | 98,990 | |||||||
3,244,010 | |||||||||
BANKS (5.1%) | |||||||||
Bank of America Corp. | 103,629 | 2,849,798 | |||||||
BB&T Corp. | 16,260 | 799,342 | |||||||
Citigroup, Inc. | 39,430 | 2,581,088 | |||||||
Citizens Financial Group, Inc. | 19,660 | 734,301 | |||||||
Comerica, Inc. | 1,570 | 128,049 | |||||||
Fifth Third Bancorp | 21,080 | 568,949 | |||||||
Huntington Bancshares, Inc. | 21,010 | 301,073 | |||||||
JPMorgan Chase & Co. | 41,394 | 4,512,774 |
Shares | Value | ||||||||
KeyCorp | 31,130 | $ | 565,321 | ||||||
M&T Bank Corp. | 1,630 | 269,618 | |||||||
People’s United Financial, Inc. | 27,500 | 430,650 | |||||||
PNC Financial Services Group, Inc. | 7,954 | 1,022,010 | |||||||
Regions Financial Corp. | 45,392 | 770,302 | |||||||
SunTrust Banks, Inc. | 11,790 | 738,761 | |||||||
SVB Financial Group(a) | 2,580 | 612,053 | |||||||
U.S. Bancorp | 17,450 | 912,112 | |||||||
Wells Fargo & Co. | 51,558 | 2,744,432 | |||||||
Zions Bancorp | 9,240 | 434,742 | |||||||
20,975,375 | |||||||||
BEVERAGES (1.3%) | |||||||||
Coca-Cola Co. (The) | 52,040 | 2,491,675 | |||||||
Monster Beverage Corp.(a) | 12,620 | 666,967 | |||||||
PepsiCo, Inc. | 20,811 | 2,338,740 | |||||||
5,497,382 | |||||||||
BIOTECHNOLOGY (2.5%) | |||||||||
AbbVie, Inc. | 26,030 | 2,026,435 | |||||||
Alexion Pharmaceuticals, Inc.(a) | 3,211 | 359,857 | |||||||
Amgen, Inc. | 8,853 | 1,706,770 | |||||||
Biogen Idec, Inc.(a) | 2,767 | 841,915 | |||||||
Celgene Corp.(a) | 12,420 | 889,272 | |||||||
Gilead Sciences, Inc. | 15,810 | 1,077,926 | |||||||
Incyte Corp.(a) | 6,530 | 423,275 | |||||||
Regeneron Pharmaceuticals, Inc.(a) | 2,163 | 733,776 | |||||||
Vertex Pharmaceuticals, Inc.(a) | 11,670 | 1,977,598 | |||||||
10,036,824 | |||||||||
BUILDING PRODUCTS (0.4%) | |||||||||
A.O. Smith Corp. | 8,080 | 367,883 | |||||||
Allegion PLC | 963 | 82,558 | |||||||
Fortune Brands Home & Security, Inc. | 7,930 | 355,502 | |||||||
Johnson Controls International PLC | 22,501 | 719,357 | |||||||
Masco Corp. | 4,220 | 126,600 | |||||||
Resideo Technologies, Inc.(a) | 1,523 | 32,066 | |||||||
1,683,966 | |||||||||
CAPITAL MARKETS (3.7%) | |||||||||
Affiliated Managers Group, Inc. | 614 | 69,787 | |||||||
Ameriprise Financial, Inc. | 2,126 | 270,512 | |||||||
Bank of New York Mellon Corp. | 18,561 | 878,492 | |||||||
BlackRock, Inc., Class A | 1,853 | 762,361 | |||||||
CBOE Holdings, Inc. | 10,740 | 1,212,009 | |||||||
Charles Schwab Corp. | 22,900 | 1,058,896 | |||||||
CME Group, Inc. | 4,365 | 799,843 | |||||||
E*TRADE Financial Corp. | 17,648 | 872,164 | |||||||
Franklin Resources, Inc. | 2,760 | 84,180 | |||||||
Goldman Sachs Group, Inc. | 7,334 | 1,652,864 | |||||||
IntercontinentalExchange Group, Inc. | 16,615 | 1,280,020 | |||||||
Invesco Ltd. | 10,140 | 220,139 | |||||||
Moody’s Corp. | 6,530 | 949,984 |
See notes to financial statements.
8
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Morgan Stanley | 26,400 | $ | 1,205,424 | ||||||
MSCI, Inc., Class A | 9,070 | 1,363,947 | |||||||
Northern Trust Corp. | 2,550 | 239,878 | |||||||
Raymond James Financial, Inc. | 1,440 | 110,434 | |||||||
S&P Global, Inc. | 5,860 | 1,068,395 | |||||||
State Street Corp. | 4,357 | 299,544 | |||||||
T. Rowe Price Group, Inc. | 7,190 | 697,358 | |||||||
The NASDAQ OMX Group, Inc. | 1,600 | 138,736 | |||||||
15,234,967 | |||||||||
CHEMICALS (1.8%) | |||||||||
Air Products & Chemicals, Inc. | 2,890 | 446,071 | |||||||
Albemarle Corp. | 1,500 | 148,830 | |||||||
CF Industries Holdings, Inc. | 2,770 | 133,043 | |||||||
DowDuPont, Inc. | 30,626 | 1,651,354 | |||||||
Ecolab, Inc. | 3,610 | 552,872 | |||||||
FMC Corp. | 5,570 | 434,906 | |||||||
International Flavors & Fragrances, Inc. | 1,370 | 198,184 | |||||||
Linde PLC(a) | 3,740 | 618,858 | |||||||
LyondellBasell Industries N.V., Class A | 3,770 | 336,548 | |||||||
PPG Industries, Inc. | 3,378 | 354,994 | |||||||
The Mosaic Co. | 48,030 | 1,486,048 | |||||||
The Sherwin-Williams Co. | 2,815 | 1,107,618 | |||||||
7,469,326 | |||||||||
COMMERCIAL SERVICES & SUPPLIES (1.0%) | |||||||||
Cintas Corp. | 5,310 | 965,730 | |||||||
Copart, Inc.(a) | 22,130 | 1,082,378 | |||||||
Republic Services, Inc., Class A | 3,796 | 275,893 | |||||||
Rollins, Inc. | 7,620 | 451,104 | |||||||
Stericycle, Inc.(a) | 1,830 | 91,445 | |||||||
Waste Management, Inc. | 11,310 | 1,011,906 | |||||||
3,878,456 | |||||||||
COMMUNICATIONS EQUIPMENT (1.3%) | |||||||||
Arista Networks, Inc.(a) | 4,890 | 1,126,411 | |||||||
Cisco Systems, Inc. | 55,020 | 2,517,165 | |||||||
F5 Networks, Inc.(a) | 1,080 | 189,302 | |||||||
Juniper Networks, Inc. | 6,840 | 200,207 | |||||||
Motorola Solutions, Inc. | 8,951 | 1,097,035 | |||||||
5,130,120 | |||||||||
CONSTRUCTION & ENGINEERING (0.7%) | |||||||||
Fluor Corp. | 24,980 | 1,095,623 | |||||||
Jacobs Engineering Group, Inc. | 11,950 | 897,325 | |||||||
Quanta Services, Inc.(a) | 23,520 | 733,824 | |||||||
2,726,772 | |||||||||
CONSTRUCTION MATERIALS (0.1%) | |||||||||
Martin Marietta Materials, Inc. | 1,010 | 172,993 | |||||||
Vulcan Materials Co. | 2,173 | 219,777 | |||||||
392,770 |
Shares | Value | ||||||||
CONSUMER FINANCE (0.7%) | |||||||||
American Express Co. | 8,670 | $ | 890,669 | ||||||
Capital One Financial Corp. | 16,368 | 1,461,663 | |||||||
Discover Financial Services | 4,490 | 312,818 | |||||||
Synchrony Financial | 8,740 | 252,411 | |||||||
2,917,561 | |||||||||
CONTAINERS & PACKAGING (0.4%) | |||||||||
Avery Dennison Corp. | 5,470 | 496,239 | |||||||
Ball Corp. | 3,960 | 177,408 | |||||||
International Paper Co. | 4,550 | 206,388 | |||||||
Packaging Corporation of America | 1,170 | 107,418 | |||||||
Sealed Air Corp. | 2,090 | 67,632 | |||||||
WestRock Co. | 12,299 | 528,488 | |||||||
1,583,573 | |||||||||
DISTRIBUTORS (0.1%) | |||||||||
Genuine Parts Co. | 4,370 | 427,910 | |||||||
LKQ Corp.(a) | 3,710 | 101,172 | |||||||
529,082 | |||||||||
DIVERSIFIED CONSUMER SERVICES (0.0%) | |||||||||
H&R Block, Inc. | 3,060 | 81,212 | |||||||
DIVERSIFIED FINANCIAL SERVICES (1.9%) | |||||||||
Berkshire Hathaway, Inc., Class B(a) | 32,020 | 6,573,066 | |||||||
Jefferies Financial Group, Inc. | 48,470 | 1,040,651 | |||||||
7,613,717 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%) | |||||||||
CenturyLink, Inc. | 140,549 | 2,900,931 | |||||||
Verizon Communications, Inc. | 48,820 | 2,787,134 | |||||||
5,688,065 | |||||||||
ELECTRIC UTILITIES (1.6%) | |||||||||
Alliant Energy Corp. | 2,090 | 89,828 | |||||||
American Electric Power Company, Inc. | 5,370 | 393,943 | |||||||
Duke Energy Corp. | 12,594 | 1,040,642 | |||||||
Edison International | 4,490 | 311,561 | |||||||
Entergy Corp. | 1,480 | 124,246 | |||||||
Evergy, Inc. | 110 | 6,159 | |||||||
Eversource Energy | 3,510 | 222,043 | |||||||
Exelon Corp. | 25,759 | 1,128,502 | |||||||
FirstEnergy Corp. | 5,119 | 190,836 | |||||||
NextEra Energy, Inc. | 7,260 | 1,252,350 | |||||||
PG&E Corp.(a) | 16,120 | 754,577 | |||||||
Pinnacle West Capital Corp. | 20 | 1,645 | |||||||
PPL Corp. | 7,780 | 236,512 | |||||||
Southern Co. | 10,160 | 457,505 | |||||||
Xcel Energy, Inc. | 6,190 | 303,372 | |||||||
6,513,721 |
See notes to financial statements.
9
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
ELECTRICAL EQUIPMENT (0.5%) | |||||||||
AMETEK, Inc. | 8,770 | $ | 588,292 | ||||||
Eaton Corp. PLC | 9,350 | 670,114 | |||||||
Emerson Electric Co. | 7,540 | 511,815 | |||||||
Rockwell Automation, Inc. | 2,000 | 329,460 | |||||||
2,099,681 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.8%) | |||||||||
Amphenol Corp., Class A | 9,440 | 844,880 | |||||||
Corning, Inc. | 36,360 | 1,161,702 | |||||||
FLIR Systems, Inc. | 1,270 | 58,814 | |||||||
IPG Photonics Corp.(a) | 5,900 | 787,945 | |||||||
TE Connectivity Ltd. | 3,660 | 276,037 | |||||||
3,129,378 | |||||||||
ENERGY EQUIPMENT & SERVICES (1.1%) | |||||||||
Baker Hughes, a GE company LLC | 42,909 | 1,145,241 | |||||||
Halliburton Co. | 10,320 | 357,898 | |||||||
Helmerich & Payne, Inc. | 740 | 46,095 | |||||||
National-Oilwell Varco, Inc. | 21,646 | 796,573 | |||||||
Schlumberger Ltd. | 15,334 | 786,787 | |||||||
TechnipFMC PLC | 45,980 | 1,209,274 | |||||||
4,341,868 | |||||||||
ENTERTAINMENT (1.0%) | |||||||||
Activision Blizzard, Inc. | 26,550 | 1,833,278 | |||||||
The Walt Disney Co. | 19,700 | 2,262,151 | |||||||
4,095,429 | |||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (2.8%) | |||||||||
Alexandria Real Estate Equities, Inc. | 1,310 | 160,121 | |||||||
American Tower Corp. | 10,400 | 1,620,424 | |||||||
Apartment Investment & Management Co., Class A | 2,459 | 105,835 | |||||||
AvalonBay Communities, Inc. | 2,304 | 404,076 | |||||||
Boston Properties, Inc. | 1,890 | 228,237 | |||||||
Crown Castle International Corp. | 5,160 | 561,098 | |||||||
Digital Realty Trust, Inc. | 3,160 | 326,302 | |||||||
Duke Realty Corp. | 5,660 | 156,046 | |||||||
Equinix, Inc. | 1,764 | 668,097 | |||||||
Equity Residential | 4,620 | 300,115 | |||||||
Essex Property Trust, Inc. | 1,185 | 297,174 | |||||||
Extra Space Storage, Inc. | 8,210 | 739,393 | |||||||
Federal Realty Investment Trust | 860 | 106,683 | |||||||
HCP, Inc. | 5,330 | 146,842 | |||||||
Host Hotels & Resorts, Inc. | 10,533 | 201,286 | |||||||
Iron Mountain, Inc. | 2,919 | 89,351 | |||||||
Kimco Realty Corp. | 9,420 | 151,568 | |||||||
Macerich Co. | 1,520 | 78,462 | |||||||
Mid-America Apartment Communities, Inc. | 1,440 | 140,702 | |||||||
Prologis, Inc. | 19,812 | 1,277,280 |
Shares | Value | ||||||||
Public Storage, Inc. | 2,187 | $ | 449,363 | ||||||
Realty Income Corp. | 3,960 | 238,669 | |||||||
Regency Centers Corp. | 1,610 | 102,010 | |||||||
SBA Communications Corp.(a) | 5,960 | 966,533 | |||||||
Simon Property Group, Inc. | 4,120 | 756,102 | |||||||
SL Green Realty Corp. | 1,170 | 106,774 | |||||||
UDR, Inc. | 4,890 | 191,639 | |||||||
Ventas, Inc. | 4,480 | 260,019 | |||||||
Vornado Realty Trust | 2,105 | 143,308 | |||||||
Welltower, Inc. | 4,610 | 304,583 | |||||||
Weyerhaeuser Co. | 7,989 | 212,747 | |||||||
11,490,839 | |||||||||
FOOD & STAPLES RETAILING (1.9%) | |||||||||
Costco Wholesale Corp. | 7,450 | 1,703,293 | |||||||
SYSCO Corp. | 11,680 | 833,134 | |||||||
The Kroger Co. | 44,080 | 1,311,821 | |||||||
Walgreens Boots Alliance, Inc. | 18,930 | 1,510,046 | |||||||
Wal-Mart Stores, Inc. | 24,120 | 2,418,754 | |||||||
7,777,048 | |||||||||
FOOD PRODUCTS (1.5%) | |||||||||
Archer-Daniels-Midland Co. | 43,810 | 2,070,022 | |||||||
Campbell Soup Co. | 3,800 | 142,158 | |||||||
ConAgra Foods, Inc. | 6,230 | 221,788 | |||||||
General Mills, Inc. | 9,310 | 407,778 | |||||||
Hormel Foods Corp. | 4,330 | 188,961 | |||||||
J.M. Smucker Co. | 4,340 | 470,109 | |||||||
Kellogg Co. | 4,850 | 317,578 | |||||||
McCormick & Company, Inc. | 2,560 | 368,640 | |||||||
Mondelez International, Inc., Class A | 18,840 | 790,903 | |||||||
The Hershey Co. | 2,120 | 227,158 | |||||||
The Kraft Heinz Co. | 8,146 | 447,786 | |||||||
Tyson Foods, Inc., Class A | 9,430 | 565,046 | |||||||
6,217,927 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.8%) | |||||||||
Abbott Laboratories | 32,002 | 2,206,218 | |||||||
ABIOMED, Inc.(a) | 4,410 | 1,504,692 | |||||||
Align Technology, Inc.(a) | 6,080 | 1,344,896 | |||||||
Baxter International, Inc. | 11,180 | 698,862 | |||||||
Becton, Dickinson & Co. | 5,940 | 1,369,170 | |||||||
Boston Scientific Corp.(a) | 40,267 | 1,455,249 | |||||||
Danaher Corp. | 9,320 | 926,408 | |||||||
Dentsply Sirona, Inc. | 4,300 | 148,909 | |||||||
Edwards Lifesciences Corp.(a) | 8,800 | 1,298,880 | |||||||
Hologic, Inc.(a) | 24,110 | 940,049 | |||||||
IDEXX Laboratories, Inc.(a) | 5,400 | 1,145,448 | |||||||
Intuitive Surgical, Inc.(a) | 4,111 | 2,142,571 | |||||||
Medtronic PLC | 18,183 | 1,633,197 | |||||||
ResMed, Inc. | 8,380 | 887,609 |
See notes to financial statements.
10
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Stryker Corp. | 7,900 | $ | 1,281,538 | ||||||
Varian Medical Systems, Inc.(a) | 2,310 | 275,745 | |||||||
Zimmer Holdings, Inc. | 3,200 | 363,488 | |||||||
19,622,929 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (4.1%) | |||||||||
Aetna, Inc. | 6,054 | 1,201,114 | |||||||
AmerisourceBergen Corp. | 10,950 | 963,600 | |||||||
Anthem, Inc. | 5,460 | 1,504,612 | |||||||
Cardinal Health, Inc. | 23,090 | 1,168,354 | |||||||
Centene Corp.(a) | 15,870 | 2,068,178 | |||||||
CIGNA Corp. | 7,320 | 1,565,089 | |||||||
CVS Corp. | 30,115 | 2,180,025 | |||||||
DaVita, Inc.(a) | 11,340 | 763,636 | |||||||
Express Scripts Holding Co.(a) | 25,111 | 2,435,014 | |||||||
Henry Schein, Inc.(a) | 3,500 | 290,500 | |||||||
Laboratory Corporation of America Holdings(a) | 2,470 | 396,558 | |||||||
McKesson Corp. | 10,785 | 1,345,537 | |||||||
Quest Diagnostics, Inc. | 2,930 | 275,742 | |||||||
WellCare Group, Inc.(a) | 1,640 | 452,624 | |||||||
16,610,583 | |||||||||
HEALTH CARE TECHNOLOGY (0.2%) | |||||||||
Cerner Corp.(a) | 16,920 | 969,178 | |||||||
HOTELS, RESTAURANTS & LEISURE (1.5%) | |||||||||
Carnival Corp., Class A | 4,990 | 279,640 | |||||||
Chipotle Mexican Grill, Inc.(a) | 368 | 169,401 | |||||||
Hilton Worldwide Holdings, Inc. | 4,270 | 303,896 | |||||||
Marriott International, Inc., Class A | 11,826 | 1,382,341 | |||||||
McDonald’s Corp. | 9,430 | 1,668,167 | |||||||
Norwegian Cruise Line Holdings Ltd.(a) | 17,100 | 753,597 | |||||||
Royal Caribbean Cruises Ltd. | 2,790 | 292,197 | |||||||
Starbucks Corp. | 17,470 | 1,017,977 | |||||||
YUM! Brands, Inc. | 4,650 | 420,406 | |||||||
6,287,622 | |||||||||
HOUSEHOLD DURABLES (0.9%) | |||||||||
D.R. Horton, Inc. | 25,646 | 922,230 | |||||||
Garmin Ltd. | 1,590 | 105,194 | |||||||
Leggett & Platt, Inc. | 1,580 | 57,370 | |||||||
Lennar Corp., Class A | 2,250 | 96,705 | |||||||
Mohawk Industries, Inc.(a) | 2,024 | 252,453 | |||||||
Newell Rubbermaid, Inc. | 33,970 | 539,444 | |||||||
Pulte Group, Inc. | 36,945 | 907,739 | |||||||
Whirlpool Corp. | 6,212 | 681,829 | |||||||
3,562,964 |
Shares | Value | ||||||||
HOUSEHOLD PRODUCTS (1.2%) | |||||||||
Church & Dwight Company, Inc. | 5,740 | $ | 340,784 | ||||||
Clorox Co. | 2,150 | 319,167 | |||||||
Colgate-Palmolive Co. | 12,280 | 731,274 | |||||||
Kimberly-Clark Corp. | 5,830 | 608,069 | |||||||
Procter & Gamble Co. | 30,581 | 2,711,923 | |||||||
4,711,217 | |||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.3%) | |||||||||
NRG Energy, Inc. | 3,430 | 124,132 | |||||||
The AES Corp. | 75,140 | 1,095,541 | |||||||
1,219,673 | |||||||||
INDUSTRIAL CONGLOMERATES (0.9%) | |||||||||
3M Co. | 7,744 | 1,473,374 | |||||||
Honeywell International, Inc. | 9,270 | 1,342,481 | |||||||
Roper Industries, Inc. | 3,372 | 953,939 | |||||||
3,769,794 | |||||||||
INSURANCE (4.1%) | |||||||||
AFLAC, Inc. | 20,620 | 888,104 | |||||||
American International Group, Inc. | 23,804 | 982,867 | |||||||
Aon PLC | 3,080 | 481,034 | |||||||
Arthur J. Gallagher & Co. | 2,340 | 173,183 | |||||||
Assurant, Inc. | 10,340 | 1,005,151 | |||||||
Brighthouse Financial, Inc.(a) | 798 | 31,625 | |||||||
Chubb Ltd. | 9,551 | 1,193,016 | |||||||
Cincinnati Financial Corp. | 5,292 | 416,163 | |||||||
Everest Re Group Ltd. | 4,450 | 969,477 | |||||||
Hartford Financial Services Group, Inc. | 17,610 | 799,846 | |||||||
Lincoln National Corp. | 16,656 | 1,002,525 | |||||||
Loews Corp. | 22,970 | 1,069,483 | |||||||
Marsh & McLennan Companies, Inc. | 6,940 | 588,165 | |||||||
MetLife, Inc. | 29,270 | 1,205,631 | |||||||
Principal Financial Group, Inc. | 2,860 | 134,620 | |||||||
Progressive Corp. | 21,830 | 1,521,551 | |||||||
Prudential Financial, Inc. | 20,035 | 1,878,882 | |||||||
The Allstate Corp. | 4,620 | 442,227 | |||||||
The Travelers Companies, Inc. | 7,770 | 972,260 | |||||||
Torchmark Corp. | 1,267 | 107,264 | |||||||
Unum Group | 15,300 | 554,778 | |||||||
Willis Towers Watson PLC | 2,030 | 290,615 | |||||||
16,708,467 | |||||||||
INTERACTIVE MEDIA & SERVICES (3.4%) | |||||||||
Alphabet, Inc., Class A(a) | 3,677 | 4,010,063 | |||||||
Alphabet, Inc., Class C(a) | 3,800 | 4,091,726 | |||||||
Facebook, Inc.(a) | 33,050 | 5,016,659 | |||||||
TripAdvisor, Inc.(a) | 3,705 | 193,179 | |||||||
Twitter, Inc.(a) | 22,350 | 776,662 | |||||||
14,088,289 |
See notes to financial statements.
11
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
INTERNET & DIRECT MARKETING RETAIL (0.8%) | |||||||||
Booking Holdings, Inc.(a) | 1,047 | $ | 1,962,685 | ||||||
eBay, Inc.(a) | 34,660 | 1,006,180 | |||||||
Expedia, Inc. | 3,675 | 460,955 | |||||||
3,429,820 | |||||||||
IT SERVICES (5.7%) | |||||||||
Accenture PLC, Class A | 8,770 | 1,382,327 | |||||||
Akamai Technologies, Inc.(a) | 2,380 | 171,955 | |||||||
Alliance Data Systems Corp. | 1,017 | 209,685 | |||||||
Automatic Data Processing, Inc. | 5,700 | 821,256 | |||||||
Broadridge Financial Solutions, Inc. | 11,370 | 1,329,608 | |||||||
Cognizant Technology Solutions Corp., Class A | 15,410 | 1,063,752 | |||||||
DXC Technology Co. | 4,097 | 298,384 | |||||||
Fidelity National Information Services, Inc. | 5,646 | 587,749 | |||||||
Fiserv, Inc.(a) | 12,080 | 957,944 | |||||||
FleetCor Technologies, Inc.(a) | 4,910 | 982,147 | |||||||
Gartner, Inc.(a) | 5,720 | 843,814 | |||||||
International Business Machines Corp. | 11,016 | 1,271,577 | |||||||
Mastercard, Inc., Class A | 17,110 | 3,382,134 | |||||||
Paychex, Inc. | 4,990 | 326,795 | |||||||
PayPal Holdings, Inc.(a) | 30,740 | 2,588,001 | |||||||
Total System Services, Inc. | 16,751 | 1,526,854 | |||||||
VeriSign, Inc.(a) | 8,620 | 1,228,695 | |||||||
Visa, Inc., Class A | 31,184 | 4,298,714 | |||||||
Western Union Co. | 6,920 | 124,837 | |||||||
23,396,228 | |||||||||
LEISURE PRODUCTS (0.1%) | |||||||||
Hasbro, Inc. | 1,670 | 153,156 | |||||||
Mattel, Inc.(a) | 4,560 | 61,925 | |||||||
215,081 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (1.2%) | |||||||||
Agilent Technologies, Inc. | 14,970 | 969,906 | |||||||
Illumina, Inc.(a) | 5,718 | 1,779,156 | |||||||
IQVIA Holdings, Inc.(a) | 3,290 | 404,440 | |||||||
Mettler-Toledo International, Inc.(a) | 1,540 | 842,103 | |||||||
PerkinElmer, Inc. | 2,930 | 253,386 | |||||||
Waters Corp.(a) | 3,670 | 696,162 | |||||||
4,945,153 | |||||||||
MACHINERY (1.0%) | |||||||||
Caterpillar, Inc. | 7,530 | 913,540 | |||||||
Cummins, Inc. | 1,850 | 252,877 | |||||||
Deere & Co. | 4,292 | 581,308 | |||||||
Dover Corp. | 1,220 | 101,065 | |||||||
Flowserve Corp. | 580 | 26,622 | |||||||
Fortive Corp. | 3,020 | 224,235 | |||||||
Illinois Tool Works, Inc. | 5,660 | 722,046 | |||||||
Ingersoll-Rand PLC | 2,680 | 257,119 |
Shares | Value | ||||||||
PACCAR, Inc. | 3,725 | $ | 213,107 | ||||||
Parker Hannifin Corp. | 1,895 | 287,339 | |||||||
Pentair PLC | 840 | 33,726 | |||||||
Snap-on, Inc. | 780 | 120,073 | |||||||
Stanley Black & Decker, Inc. | 1,902 | 221,621 | |||||||
Xylem, Inc. | 1,800 | 118,044 | |||||||
4,072,722 | |||||||||
MEDIA (1.1%) | |||||||||
Charter Communications, Inc., Class A(a) | 5,350 | 1,713,980 | |||||||
Discovery Communications, Inc., Class A(a) | 21,500 | 696,385 | |||||||
Discovery Communications, Inc., Class C(a) | 16,541 | 484,817 | |||||||
Dish Network Corp.(a) | 4,260 | 130,952 | |||||||
Interpublic Group of Companies, Inc. | 20,790 | 481,496 | |||||||
News Corp., Class A | 45,030 | 593,946 | |||||||
News Corp., Class B | 8,780 | 117,125 | |||||||
Omnicom Group, Inc. | 5,400 | 401,328 | |||||||
4,620,029 | |||||||||
METALS & MINING (0.3%) | |||||||||
Freeport-McMoRan Copper & Gold, Inc., Class B | 15,888 | 185,096 | |||||||
Newmont Mining Corp. | 6,310 | 195,105 | |||||||
Nucor Corp. | 11,160 | 659,779 | |||||||
1,039,980 | |||||||||
MULTILINE RETAIL (2.1%) | |||||||||
Dollar General Corp. | 3,250 | 361,985 | |||||||
Dollar Tree, Inc.(a) | 9,132 | 769,828 | |||||||
Kohl’s Corp. | 32,470 | 2,458,953 | |||||||
Macy’s, Inc. | 59,042 | 2,024,550 | |||||||
Nordstrom, Inc. | 14,890 | 979,315 | |||||||
Target Corp. | 22,480 | 1,880,003 | |||||||
8,474,634 | |||||||||
MULTI-UTILITIES (1.0%) | |||||||||
Ameren Corp. | 3,060 | 197,615 | |||||||
CenterPoint Energy, Inc. | 7,500 | 202,575 | |||||||
CMS Energy Corp. | 4,630 | 229,278 | |||||||
Consolidated Edison, Inc. | 3,970 | 301,720 | |||||||
Dominion Resources, Inc. | 7,514 | 536,650 | |||||||
DTE Energy Co. | 2,970 | 333,828 | |||||||
NiSource, Inc. | 7,770 | 197,047 | |||||||
Public Service Enterprise Group, Inc. | 6,566 | 350,821 | |||||||
SCANA Corp. | 22,830 | 914,341 | |||||||
Sempra Energy | 4,280 | 471,314 | |||||||
WEC Energy Group | 3,785 | 258,894 | |||||||
3,994,083 | |||||||||
OIL, GAS & CONSUMABLE FUELS (4.5%) | |||||||||
Anadarko Petroleum Corp. | 5,970 | 317,604 | |||||||
Apache Corp. | 3,690 | 139,593 | |||||||
Cabot Oil & Gas Corp., Class A | 4,510 | 109,277 |
See notes to financial statements.
12
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Chevron Corp. | 25,189 | $ | 2,812,352 | ||||||
Cimarex Energy Co. | 950 | 75,496 | |||||||
Concho Resources, Inc.(a) | 2,460 | 342,161 | |||||||
ConocoPhillips | 12,099 | 845,720 | |||||||
Devon Energy Corp. | 5,250 | 170,100 | |||||||
EOG Resources, Inc. | 6,644 | 699,879 | |||||||
EQT Corp. | 2,500 | 84,925 | |||||||
Exxon Mobil Corp. | 48,590 | 3,871,651 | |||||||
Hess Corp. | 3,070 | 176,218 | |||||||
HollyFrontier Corp. | 15,340 | 1,034,530 | |||||||
Kinder Morgan, Inc. | 53,590 | 912,102 | |||||||
Marathon Oil Corp. | 11,460 | 217,625 | |||||||
Marathon Petroleum Corp. | 26,848 | 1,891,442 | |||||||
Newfield Exploration Co.(a) | 2,030 | 41,006 | |||||||
Noble Energy, Inc. | 4,330 | 107,600 | |||||||
Occidental Petroleum Corp. | 8,342 | 559,498 | |||||||
ONEOK, Inc. | 4,300 | 282,080 | |||||||
Phillips 66 | 13,799 | 1,418,813 | |||||||
Pioneer Natural Resources Co. | 2,196 | 323,405 | |||||||
Valero Energy Corp. | 20,550 | 1,871,900 | |||||||
Williams Companies, Inc. | 11,130 | 270,793 | |||||||
18,575,770 | |||||||||
PERSONAL PRODUCTS (0.3%) | |||||||||
Coty, Inc. | 25,290 | 266,809 | |||||||
The Estee Lauder Companies, Inc., Class A | 7,690 | 1,056,914 | |||||||
1,323,723 | |||||||||
PHARMACEUTICALS (1.2%) | |||||||||
Allergan PLC | 5,030 | 794,790 | |||||||
Eli Lilly & Co. | 16,070 | 1,742,631 | |||||||
Mylan N.V.(a) | 22,220 | 694,375 | |||||||
Nektar Therapeutics(a) | 6,430 | 248,712 | |||||||
Perrigo Co. PLC | 2,961 | 208,158 | |||||||
Zoetis, Inc. | 14,070 | 1,268,411 | |||||||
4,957,077 | |||||||||
PROFESSIONAL SERVICES (0.2%) | |||||||||
Equifax, Inc. | 1,630 | 165,347 | |||||||
IHS Markit Ltd.(a) | 4,420 | 232,183 | |||||||
Nielsen Holdings PLC | 5,520 | 143,410 | |||||||
Robert Half International, Inc. | 1,070 | 64,767 | |||||||
Verisk Analytics, Inc.(a) | 2,550 | 305,592 | |||||||
911,299 | |||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.2%) | |||||||||
CBRE Group, Inc., Class A(a) | 24,060 | 969,377 | |||||||
ROAD & RAIL (0.8%) | |||||||||
CSX Corp. | 15,670 | 1,079,036 | |||||||
J.B. Hunt Transport Services, Inc. | 740 | 81,852 | |||||||
Kansas City Southern Industries, Inc. | 970 | 98,901 |
Shares | Value | ||||||||
Norfolk Southern Corp. | 3,380 | $ | 567,265 | ||||||
Union Pacific Corp. | 8,462 | 1,237,314 | |||||||
3,064,368 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.3%) | |||||||||
Advanced Micro Devices, Inc.(a) | 9,940 | 181,008 | |||||||
Analog Devices, Inc. | 10,064 | 842,458 | |||||||
Applied Materials, Inc. | 39,850 | 1,310,268 | |||||||
Broadcom, Inc. | 9,085 | 2,030,407 | |||||||
Intel Corp. | 49,000 | 2,297,120 | |||||||
KLA-Tencor Corp. | 5,960 | 545,578 | |||||||
Lam Research Corp. | 8,333 | 1,181,036 | |||||||
Microchip Technology, Inc. | 10,940 | 719,633 | |||||||
Micron Technology, Inc.(a) | 29,080 | 1,096,898 | |||||||
NVIDIA Corp. | 12,945 | 2,729,194 | |||||||
Qorvo, Inc.(a) | 13,320 | 979,153 | |||||||
QUALCOMM, Inc. | 15,880 | 998,693 | |||||||
Skyworks Solutions, Inc. | 10,190 | 884,084 | |||||||
Texas Instruments, Inc. | 14,380 | 1,334,895 | |||||||
Xilinx, Inc. | 2,750 | 234,768 | |||||||
17,365,193 | |||||||||
SOFTWARE (6.3%) | |||||||||
Adobe Systems, Inc.(a) | 13,774 | 3,385,098 | |||||||
ANSYS, Inc.(a) | 5,790 | 865,894 | |||||||
Autodesk, Inc.(a) | 3,580 | 462,715 | |||||||
CA, Inc. | 4,340 | 192,522 | |||||||
Cadence Design Systems, Inc.(a) | 23,180 | 1,033,133 | |||||||
Citrix Systems, Inc.(a) | 2,570 | 263,348 | |||||||
Fortinet, Inc.(a) | 15,720 | 1,291,870 | |||||||
Intuit, Inc. | 6,940 | 1,464,340 | |||||||
Microsoft Corp. | 84,610 | 9,037,194 | |||||||
Oracle Corp. | 34,721 | 1,695,774 | |||||||
Red Hat, Inc.(a) | 11,660 | 2,001,322 | |||||||
Salesforce.com, Inc.(a) | 20,760 | 2,849,102 | |||||||
Symantec Corp. | 8,472 | 153,767 | |||||||
Synopsys, Inc.(a) | 9,790 | 876,499 | |||||||
25,572,578 | |||||||||
SPECIALTY RETAIL (2.5%) | |||||||||
Advance Auto Parts, Inc. | 7,051 | 1,126,468 | |||||||
AutoZone, Inc.(a) | 358 | 262,582 | |||||||
Best Buy Company, Inc. | 17,580 | 1,233,413 | |||||||
CarMax, Inc.(a) | 2,120 | 143,969 | |||||||
Foot Locker, Inc. | 19,480 | 918,287 | |||||||
Gap, Inc. | 12,510 | 341,523 | |||||||
Home Depot, Inc. | 16,590 | 2,917,849 | |||||||
L Brands, Inc. | 2,710 | 87,858 | |||||||
Lowe’s Companies, Inc. | 9,850 | 937,917 | |||||||
O’Reilly Automotive, Inc.(a) | 1,076 | 345,127 | |||||||
Ross Stores, Inc. | 4,500 | 445,500 |
See notes to financial statements.
13
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Tiffany & Co. | 1,440 | $ | 160,272 | ||||||
TJX Companies, Inc. | 7,430 | 816,409 | |||||||
Tractor Supply Co. | 2,020 | 185,618 | |||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 800 | 219,616 | |||||||
10,142,408 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.9%) | |||||||||
Apple Computer, Inc. | 53,671 | 11,746,434 | |||||||
Hewlett Packard Enterprise Co. | 93,530 | 1,426,332 | |||||||
HP, Inc. | 20,050 | 484,007 | |||||||
NetApp, Inc. | 10,480 | 822,575 | |||||||
Seagate Technology PLC | 3,150 | 126,725 | |||||||
Western Digital Corp. | 9,801 | 422,129 | |||||||
Xerox Corp. | 33,541 | 934,788 | |||||||
15,962,990 | |||||||||
TEXTILES, APPAREL & LUXURY GOODS (0.8%) | |||||||||
Hanesbrands, Inc. | 6,620 | 113,599 | |||||||
Michael Kors Holdings Ltd.(a) | 10,420 | 577,372 | |||||||
Nike, Inc., Class B | 15,460 | 1,160,119 | |||||||
PVH Corp. | 4,570 | 552,010 | |||||||
Ralph Lauren Corp. | 865 | 112,113 | |||||||
Tapestry, Inc. | 3,340 | 141,315 | |||||||
Under Armour, Inc., Class A(a) | 5,780 | 127,796 | |||||||
Under Armour, Inc., Class C(a) | 1,024 | 20,306 | |||||||
VF Corp. | 4,105 | 340,222 | |||||||
3,144,852 |
Shares | Value | ||||||||
TRADING COMPANIES & DISTRIBUTORS (0.2%) | |||||||||
Fastenal Co. | 3,040 | $ | 156,286 | ||||||
United Rentals, Inc.(a) | 5,460 | 655,582 | |||||||
W.W. Grainger, Inc. | 645 | 183,161 | |||||||
995,029 | |||||||||
WATER UTILITIES (0.0%) | |||||||||
American Water Works Company, Inc. | 2,250 | 199,193 | |||||||
TOTAL COMMON STOCKS (COST $342,341,834) | 402,229,647 | ||||||||
MONEY MARKET FUND (1.4%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(b) | 5,585,566 | 5,585,566 | |||||||
TOTAL MONEY MARKET FUND (COST $5,585,566) | 5,585,566 | ||||||||
TOTAL INVESTMENTS (COST $347,927,400) 99.9% | 407,815,213 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | 651,148 | ||||||||
NET ASSETS 100.0% | $ | 408,466,361 |
(a) | Represents non-income producing security. |
(b) | Variable rate money market investment. The rate shown represents the rate as of October 31, 2018. |
LLC – Limited Liability Company
PLC – Public Limited Company
See notes to financial statements.
14
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Small-Mid Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Banks | 5.8 | % | ||
Equity Real Estate Investment Trusts | 5.8 | |||
Specialty Retail | 5.7 | |||
Electronic Equipment, Instruments & Components | 5.3 | |||
Insurance | 4.3 | |||
Health Care Equipment & Supplies | 4.2 | |||
Machinery | 3.9 | |||
Semiconductors & Semiconductor Equipment | 3.4 | |||
Software | 3.2 | |||
Oil, Gas & Consumable Fuels | 3.2 | |||
Health Care Providers & Services | 3.1 | |||
IT Services | 2.5 | |||
Hotels, Restaurants & Leisure | 2.1 | |||
Energy Equipment & Services | 2.1 | |||
Capital Markets | 2.1 | |||
Food Products | 2.0 | |||
Metals & Mining | 1.9 | |||
Chemicals | 1.9 | |||
Household Durables | 1.8 | |||
Professional Services | 1.7 | |||
Aerospace & Defense | 1.7 | |||
Biotechnology | 1.6 | |||
Commercial Services & Supplies | 1.6 | |||
Communications Equipment | 1.5 | |||
Auto Components | 1.4 | |||
Pharmaceuticals | 1.3 | |||
Textiles, Apparel & Luxury Goods | 1.2 | |||
Gas Utilities | 1.1 | |||
Construction & Engineering | 1.1 | |||
Road & Rail | 1.1 | |||
Thrifts & Mortgage Finance | 1.1 | |||
Building Products | 1.0 | |||
Life Sciences Tools & Services | 1.0 | |||
Consumer Finance | 1.0 |
Industry Diversification | Percent* | |||
Trading Companies & Distributors | 1.0 | % | ||
Paper & Forest Products | 0.9 | |||
Diversified Consumer Services | 0.9 | |||
Electrical Equipment | 0.9 | |||
Media | 0.8 | |||
Health Care Technology | 0.8 | |||
Money Market Fund | 0.8 | |||
Entertainment | 0.8 | |||
Multiline Retail | 0.7 | |||
Containers & Packaging | 0.6 | |||
Electric Utilities | 0.6 | |||
Personal Products | 0.6 | |||
Mortgage Real Estate Investment Trusts | 0.6 | |||
Diversified Telecommunication Services | 0.5 | |||
Internet & Direct Marketing Retail | 0.5 | |||
Food & Staples Retailing | 0.5 | |||
Multi-Utilities | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Airlines | 0.4 | |||
Leisure Products | 0.4 | |||
Interactive Media & Services | 0.4 | |||
Household Products | 0.3 | |||
Wireless Telecommunication Services | 0.3 | |||
Real Estate Management & Development | 0.3 | |||
Marine | 0.3 | |||
Industrial Conglomerates | 0.2 | |||
Water Utilities | 0.2 | |||
Technology Hardware, Storage & Peripherals | 0.2 | |||
Construction Materials | 0.2 | |||
Distributors | 0.2 | |||
Automobiles | 0.2 | |||
Beverages | 0.1 | |||
Total Investments | 99.9 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
15
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (99.1%) | |||||||||
AEROSPACE & DEFENSE (1.7%) | |||||||||
AAR Corp. | 5,110 | $ | 243,134 | ||||||
Aerojet Rocketdyne Holdings, Inc.(a) | 7,790 | 275,143 | |||||||
AeroVironment, Inc.(a) | 3,630 | 326,591 | |||||||
Axon Enterprise, Inc.(a) | 6,500 | 401,180 | |||||||
Cubic Corp. | 1,580 | 103,664 | |||||||
Curtiss-Wright Corp. | 2,520 | 275,839 | |||||||
Engility Holdings, Inc.(a) | 8,610 | 267,168 | |||||||
Esterline Technologies Corp.(a) | 4,530 | 531,641 | |||||||
Mercury Computer Systems, Inc.(a) | 10,420 | 488,281 | |||||||
Moog, Inc., Class A | 1,940 | 138,807 | |||||||
National Presto Industries, Inc. | 340 | 42,388 | |||||||
Teledyne Technologies, Inc.(a) | 2,570 | 568,690 | |||||||
Triumph Group, Inc. | 8,410 | 153,482 | |||||||
3,816,008 | |||||||||
AIR FREIGHT & LOGISTICS (0.5%) | |||||||||
Atlas Air Worldwide Holdings(a) | 6,450 | 332,949 | |||||||
Echo Global Logistics, Inc.(a) | 8,720 | 224,191 | |||||||
Forward Air Corp. | 3,190 | 191,368 | |||||||
Hub Group, Inc., Class A(a) | 6,270 | 287,292 | |||||||
1,035,800 | |||||||||
AIRLINES (0.4%) | |||||||||
Allegiant Travel Co. | 856 | 97,704 | |||||||
Hawaiian Holdings, Inc. | 3,210 | 111,098 | |||||||
JetBlue Airways Corp.(a) | 23,990 | 401,353 | |||||||
SkyWest, Inc. | 3,290 | 188,484 | |||||||
798,639 | |||||||||
AUTO COMPONENTS (1.4%) | |||||||||
Adient PLC | 5,220 | 158,792 | |||||||
American Axle & Manufacturing Holdings, Inc.(a) | 25,290 | 383,649 | |||||||
Cooper Tire & Rubber Co. | 8,520 | 263,183 | |||||||
Cooper-Standard Holding, Inc.(a) | 2,000 | 185,300 | |||||||
Dana, Inc. | 8,380 | 130,477 | |||||||
Delphi Technologies PLC | 8,670 | 185,885 | |||||||
Dorman Products, Inc.(a) | 1,780 | 140,638 | |||||||
Fox Factory Holding Corp.(a) | 8,040 | 431,989 | |||||||
Gentex Corp. | 17,210 | 362,271 | |||||||
Gentherm, Inc.(a) | 2,220 | 96,881 | |||||||
LCI Industries | 2,960 | 205,276 | |||||||
Motorcar Parts of America, Inc.(a) | 1,270 | 26,899 | |||||||
Standard Motor Products, Inc. | 2,840 | 153,672 | |||||||
Superior Industries International, Inc. | 23,340 | 229,432 | |||||||
Visteon Corp.(a) | 3,260 | 257,670 | |||||||
3,212,014 | |||||||||
AUTOMOBILES (0.2%) | |||||||||
Thor Industries, Inc. | 4,700 | 327,308 | |||||||
Winnebago Industries, Inc. | 6,160 | 169,770 | |||||||
497,078 | |||||||||
BANKS (5.8%) | |||||||||
Ameris Bancorp | 2,390 | 102,507 | |||||||
Associated Bancorp | 15,458 | 358,316 |
Shares | Value | |||||||
Banc of California, Inc. | 2,860 | $ | 45,617 | |||||
BancorpSouth Bank | 4,200 | 120,540 | ||||||
Bank of Hawaii Corp. | 2,990 | 234,536 | ||||||
Bank OZK | 9,560 | 261,562 | ||||||
Banner Corp. | 2,330 | 134,721 | ||||||
Berkshire Hills Bancorp, Inc. | 2,050 | 68,408 | ||||||
Boston Private Financial Holdings, Inc. | 6,690 | 90,315 | ||||||
Brookline Bancorp, Inc. | 6,090 | 94,395 | ||||||
Cathay General Bancorp | 3,620 | 136,365 | ||||||
Central Pacific Financial Corp. | 2,140 | 57,866 | ||||||
Chemical Financial Corp. | 4,364 | 204,497 | ||||||
City Holding Co. | 1,110 | 81,896 | ||||||
Columbia Banking System, Inc. | 3,710 | 137,604 | ||||||
Commerce Bancshares, Inc. | 5,447 | 346,429 | ||||||
Community Bank System, Inc. | 3,040 | 177,506 | ||||||
Cullen/Frost Bankers, Inc. | 3,590 | 351,533 | ||||||
Customers Bancorp, Inc.(a) | 2,480 | 50,815 | ||||||
CVB Financial Corp. | 3,720 | 81,282 | ||||||
East West Bancorp, Inc. | 10,680 | 560,059 | ||||||
F.N.B. Corp. | 22,460 | 265,702 | ||||||
Fidelity Southern Corp. | 690 | 16,022 | ||||||
First Bancorp(a) | 48,752 | 449,981 | ||||||
First Commonwealth Financial Corp. | 4,950 | 66,825 | ||||||
First Financial Bancorp | 4,760 | 124,569 | ||||||
First Financial Bankshares, Inc. | 3,700 | 218,263 | ||||||
First Horizon National Corp. | 18,240 | 294,394 | ||||||
First Midwest Bancorp, Inc. | 6,240 | 143,270 | ||||||
Franklin Financial Network, Inc.(a) | 770 | 26,103 | ||||||
Fulton Financial Corp. | 11,130 | 178,191 | ||||||
Glacier Bancorp, Inc. | 4,330 | 183,592 | ||||||
Great Western Bancorp, Inc. | 3,280 | 120,212 | ||||||
Green Bancorp, Inc. | 1,270 | 23,495 | ||||||
Hancock Holding Co. | 5,049 | 211,856 | ||||||
Hanmi Financial Corp. | 2,241 | 47,016 | ||||||
Heritage Financial Corp. | 1,430 | 46,790 | ||||||
Home Bancshares, Inc. | 9,702 | 184,726 | ||||||
Hope Bancorp, Inc. | 7,602 | 110,077 | ||||||
Independent Bank Corp. - Massachusetts | 1,730 | 135,718 | ||||||
International Bancshares Corp. | 3,120 | 120,744 | ||||||
LegacyTexas Financial Group, Inc. | 6,290 | 242,354 | ||||||
MB Financial, Inc. | 5,401 | 239,750 | ||||||
National Bank Holdings Corp. | 10,890 | 367,646 | ||||||
NBT Bancorp | 1,690 | 61,668 | ||||||
OFG Bancorp | 23,250 | 397,343 | ||||||
Old National Bancorp | 6,220 | 111,027 | ||||||
Opus Bank | 4,680 | 88,873 | ||||||
Pacific Premier Bancorp, Inc.(a) | 5,870 | 171,580 | ||||||
PacWest Bancorp | 9,130 | 370,861 | ||||||
Pinnacle Financial Partners, Inc. | 4,860 | 254,178 | ||||||
Preferred Bank/Los Angeles, CA | 4,520 | 232,373 | ||||||
Prosperity Bancshares, Inc. | 4,230 | 275,077 | ||||||
S&T Bancorp, Inc. | 1,570 | 62,973 | ||||||
Seacoast Banking Corporation of Florida(a) | 2,530 | 66,564 | ||||||
ServisFirst Bancshares, Inc. | 5,090 | 183,138 | ||||||
Signature Bank | 3,310 | 363,769 | ||||||
Simmons First National Corp., Class A | 5,040 | 134,971 |
See notes to financial statements.
16
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Southside Bancshares, Inc. | 1,894 | $ | 60,002 | ||||||
Sterling Bancorp | 14,199 | 255,298 | |||||||
Synovus Financial Corp. | 9,042 | 339,618 | |||||||
TCF Financial Corp. | 8,990 | 187,711 | |||||||
Texas Capital Bancshares, Inc.(a) | 4,130 | 269,400 | |||||||
Tompkins Financial Corp. | 1,079 | 78,907 | |||||||
Triumph Bancorp, Inc.(a) | 1,420 | 50,921 | |||||||
Trustmark Corp. | 4,340 | 133,672 | |||||||
UMB Financial Corp. | 2,940 | 187,719 | |||||||
Umpqua Holdings Corp. | 15,030 | 288,576 | |||||||
United Bankshares, Inc. | 8,033 | 266,455 | |||||||
United Community Banks, Inc. | 5,222 | 129,871 | |||||||
Valley National Bancorp | 12,762 | 127,365 | |||||||
Webster Financial Corp. | 5,800 | 341,272 | |||||||
WestAmerica Bancorp | 1,890 | 110,017 | |||||||
Wintrust Financial Corp. | 3,560 | 271,058 | |||||||
13,386,322 | |||||||||
BEVERAGES (0.1%) | |||||||||
Coca-Cola Bottling Co. Consolidated | 1,289 | 222,520 | |||||||
BIOTECHNOLOGY (1.6%) | |||||||||
Acorda Therapeutics, Inc.(a) | 2,800 | 53,508 | |||||||
AMAG Pharmaceuticals, Inc.(a) | 2,470 | 53,105 | |||||||
Cytokinetics, Inc.(a) | 3,980 | 26,626 | |||||||
Eagle Pharmaceuticals, Inc.(a) | 2,360 | 116,206 | |||||||
Emergent BioSolutions, Inc.(a) | 7,090 | 433,837 | |||||||
Enanta Pharmaceuticals, Inc.(a) | 6,220 | 479,935 | |||||||
Exelixis, Inc.(a) | 32,280 | 447,724 | |||||||
Ligand Pharmaceuticals, Inc., Class B(a) | 2,680 | 441,691 | |||||||
MiMedx Group, Inc.(a) | 36,160 | 210,451 | |||||||
Momenta Pharmaceuticals, Inc.(a) | 15,820 | 197,908 | |||||||
Myriad Genetics, Inc.(a) | 8,360 | 376,451 | |||||||
Progenics Pharmaceuticals, Inc.(a) | 7,170 | 35,922 | |||||||
REGENXBIO, Inc.(a) | 1,740 | 116,006 | |||||||
Repligen Corp.(a) | 6,590 | 357,310 | |||||||
Spectrum Pharmaceuticals, Inc.(a) | 5,730 | 68,187 | |||||||
United Therapeutics Corp.(a) | 2,583 | 286,351 | |||||||
3,701,218 | |||||||||
BUILDING PRODUCTS (1.0%) | |||||||||
AAON, Inc. | 2,458 | 84,776 | |||||||
American Woodmark Corp.(a) | 1,890 | 114,232 | |||||||
Apogee Enterprises, Inc. | 1,730 | 62,453 | |||||||
Gibraltar Industries, Inc.(a) | 1,990 | 70,924 | |||||||
Griffon Corp. | 2,660 | 32,239 | |||||||
Insteel Industries, Inc. | 1,140 | 29,777 | |||||||
Lennox International, Inc. | 2,770 | 584,165 | |||||||
Patrick Industries, Inc.(a) | 5,115 | 222,554 | |||||||
PGT, Inc.(a) | 16,840 | 341,178 | |||||||
Quanex Building Products Corp. | 2,565 | 38,013 | |||||||
Simpson Manufacturing Co., Inc. | 3,980 | 227,178 | |||||||
Trex Co., Inc.(a) | 7,910 | 484,883 | |||||||
Universal Forest Products, Inc. | 3,610 | 102,055 | |||||||
2,394,427 |
Shares | Value | ||||||||
CAPITAL MARKETS (2.1%) | |||||||||
Blucora, Inc.(a) | 2,880 | $ | 83,290 | ||||||
Donnelley Financial Solutions, Inc.(a) | 2,051 | 31,893 | |||||||
Eaton Vance Corp. | 7,670 | 345,533 | |||||||
Evercore Partners, Inc. | 4,710 | 384,760 | |||||||
FactSet Research Systems, Inc. | 2,800 | 626,528 | |||||||
Federated Investors, Inc., Class B | 7,890 | 194,646 | |||||||
Greenhill & Company, Inc. | 1,450 | 31,973 | |||||||
Interactive Brokers Group, Inc., Class A | 5,600 | 276,696 | |||||||
INTL FCStone, Inc.(a) | 7,090 | 321,035 | |||||||
Investment Technology Group, Inc. | 2,590 | 71,173 | |||||||
Janus Henderson Group PLC | 15,080 | 370,516 | |||||||
Legg Mason, Inc. | 10,840 | 305,905 | |||||||
MarketAxess Holdings, Inc. | 2,830 | 593,366 | |||||||
Piper Jaffray Companies, Inc. | 990 | 68,686 | |||||||
SEI Investments Co. | 9,960 | 532,362 | |||||||
Stifel Financial Corp. | 6,605 | 301,981 | |||||||
Virtus Investment Partners, Inc. | 577 | 57,319 | |||||||
Waddell & Reed Financial, Inc., Class A | 5,260 | 100,308 | |||||||
WisdomTree Investments, Inc. | 6,900 | 53,613 | |||||||
4,751,583 | |||||||||
CHEMICALS (1.9%) | |||||||||
AdvanSix, Inc.(a) | 1,830 | 50,764 | |||||||
American Vanguard Corp. | 1,340 | 21,574 | |||||||
Ashland Global Holdings, Inc. | 3,800 | 281,124 | |||||||
Balchem Corp. | 1,955 | 183,086 | |||||||
Cabot Corp. | 3,660 | 178,169 | |||||||
Flotek Industries, Inc.(a) | 41,060 | 74,318 | |||||||
FutureFuel Corp. | 1,380 | 22,632 | |||||||
H.B. Fuller Co. | 3,410 | 151,608 | |||||||
Hawkins, Inc. | 3,630 | 122,186 | |||||||
Ingevity Corp.(a) | 3,340 | 304,207 | |||||||
Innophos Holdings, Inc. | 1,220 | 35,746 | |||||||
Innospec, Inc. | 1,530 | 102,388 | |||||||
Koppers Holdings, Inc.(a) | 5,420 | 144,985 | |||||||
Kraton Performance Polymers, Inc.(a) | 7,080 | 194,983 | |||||||
LSB Industries, Inc.(a) | 1,840 | 13,984 | |||||||
Mineral Technologies, Inc. | 2,160 | 118,260 | |||||||
NewMarket Corp. | 524 | 202,243 | |||||||
Olin Corp. | 9,470 | 191,294 | |||||||
PolyOne Corp. | 4,240 | 136,994 | |||||||
Quaker Chemical Corp. | 750 | 134,925 | |||||||
Rayonier, Inc. | 3,213 | 39,777 | |||||||
RPM International, Inc. | 8,010 | 489,972 | |||||||
Sensient Technologies Corp. | 2,830 | 183,554 | |||||||
Stepan Co. | 1,240 | 102,412 | |||||||
The Chemours Co. | 12,110 | 399,751 | |||||||
The Scotts Miracle-Gro Co., Class A | 2,520 | 168,185 | |||||||
Tredegar Corp. | 9,280 | 172,608 | |||||||
Valvoline, Inc. | 10,386 | 206,889 | |||||||
4,428,618 | |||||||||
COMMERCIAL SERVICES & SUPPLIES (1.6%) | |||||||||
ABM Industries, Inc. | 8,120 | 249,690 | |||||||
Brady Corp., Class A | 2,610 | 105,157 |
See notes to financial statements.
17
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Clean Harbors, Inc.(a) | 3,230 | $ | 219,769 | ||||||
Deluxe Corp. | 3,150 | 148,712 | |||||||
Essendant, Inc. | 15,290 | 194,795 | |||||||
Healthcare Services Group, Inc. | 8,832 | 358,491 | |||||||
Herman Miller, Inc. | 8,200 | 270,190 | |||||||
HNI Corp. | 5,040 | 190,966 | |||||||
Interface, Inc. | 6,650 | 108,329 | |||||||
LSC Communications, Inc. | 15,571 | 146,835 | |||||||
Matthews International Corp., Class A | 2,260 | 94,061 | |||||||
Mobile Mini, Inc. | 2,710 | 111,435 | |||||||
MSA Safety, Inc. | 2,110 | 220,368 | |||||||
Multi-Color Corp. | 1,190 | 63,260 | |||||||
Pitney Bowes, Inc. | 8,970 | 59,381 | |||||||
R.R. Donnelley & Sons Co. | 6,153 | 36,118 | |||||||
Team, Inc.(a) | 14,430 | 287,157 | |||||||
Tetra Tech, Inc. | 3,410 | 225,196 | |||||||
The Brink’s Co. | 5,240 | 347,517 | |||||||
UniFirst Corp. | 930 | 138,849 | |||||||
US Ecology, Inc. | 1,440 | 100,699 | |||||||
Viad Corp. | 1,360 | 65,130 | |||||||
3,742,105 | |||||||||
COMMUNICATIONS EQUIPMENT (1.5%) | |||||||||
ADTRAN, Inc. | 2,470 | 33,197 | |||||||
Applied Optoelectronics, Inc.(a) | 12,240 | 240,271 | |||||||
ARRIS International PLC(a) | 13,649 | 339,451 | |||||||
CalAmp Corp.(a) | 9,700 | 193,418 | |||||||
Ciena Corp.(a) | 15,090 | 471,713 | |||||||
Comtech Telecommunications Corp. | 10,300 | 287,576 | |||||||
Digi International, Inc.(a) | 18,700 | 216,920 | |||||||
Extreme Networks, Inc.(a) | 17,160 | 95,238 | |||||||
Finisar Corp.(a) | 13,360 | 222,978 | |||||||
Harmonic, Inc.(a) | 7,510 | 41,380 | |||||||
InterDigital, Inc. | 3,470 | 246,196 | |||||||
Lumentum Holdings, Inc.(a) | 3,704 | 202,424 | |||||||
NETGEAR, Inc.(a) | 1,940 | 107,631 | |||||||
NetScout Systems, Inc.(a) | 7,300 | 184,398 | |||||||
Oclaro, Inc.(a) | 11,190 | 91,982 | |||||||
Plantronics, Inc. | 2,140 | 126,196 | |||||||
ViaSat, Inc.(a) | 3,510 | 223,798 | |||||||
VIAVI Solutions, Inc.(a) | 10,890 | 125,562 | |||||||
3,450,329 | |||||||||
CONSTRUCTION & ENGINEERING (1.1%) | |||||||||
AECOM Technology Corp.(a) | 17,082 | 497,770 | |||||||
Aegion Corp.(a) | 4,860 | 94,090 | |||||||
Comfort Systems USA, Inc. | 5,220 | 279,166 | |||||||
Dycom Industries, Inc.(a) | 4,190 | 284,417 | |||||||
EMCOR Group, Inc. | 4,930 | 349,931 | |||||||
Granite Construction, Inc. | 2,980 | 136,246 | |||||||
KBR, Inc. | 13,640 | 269,799 | |||||||
MYR Group, Inc.(a) | 6,960 | 232,394 | |||||||
Orion Group Holdings, Inc.(a) | 40,990 | 193,473 | |||||||
Valmont Industries, Inc. | 1,340 | 166,575 | |||||||
2,503,861 |
Shares | Value | ||||||||
CONSTRUCTION MATERIALS (0.2%) | |||||||||
Eagle Materials, Inc., Class A | 3,740 | $ | 276,162 | ||||||
U.S. Concrete, Inc.(a) | 3,880 | 126,643 | |||||||
402,805 | |||||||||
CONSUMER FINANCE (1.0%) | |||||||||
Encore Capital Group, Inc.(a) | 1,730 | 43,959 | |||||||
Enova International, Inc.(a) | 12,353 | 292,149 | |||||||
EZCORP, Inc., Class A(a) | 21,480 | 213,511 | |||||||
Firstcash, Inc. | 5,468 | 439,627 | |||||||
Green Dot Corp., Class A(a) | 4,930 | 373,398 | |||||||
Navient Corp. | 30,870 | 357,475 | |||||||
PRA Group, Inc.(a) | 2,970 | 91,595 | |||||||
SLM Corp.(a) | 26,290 | 266,581 | |||||||
World Acceptance Corp.(a) | 1,660 | 168,473 | |||||||
2,246,768 | |||||||||
CONTAINERS & PACKAGING (0.6%) | |||||||||
AptarGroup, Inc. | 3,750 | 382,350 | |||||||
Bemis Co., Inc. | 5,400 | 247,158 | |||||||
Greif, Inc., Class A | 3,590 | 169,807 | |||||||
Myers Industries, Inc. | 1,860 | 29,499 | |||||||
Owens-Illinois, Inc.(a) | 14,070 | 220,477 | |||||||
Silgan Holdings, Inc. | 4,060 | 97,562 | |||||||
Sonoco Products Co. | 5,410 | 295,278 | |||||||
1,442,131 | |||||||||
DISTRIBUTORS (0.2%) | |||||||||
Pool Corp. | 3,160 | 460,570 | |||||||
DIVERSIFIED CONSUMER SERVICES (0.9%) | |||||||||
Adtalem Global Education, Inc.(a) | 5,940 | 300,742 | |||||||
American Public Education, Inc.(a) | 1,320 | 43,204 | |||||||
Career Education Corp.(a) | 4,120 | 59,246 | |||||||
Graham Holdings Co. | 565 | 328,293 | |||||||
Regis Corp.(a) | 16,310 | 274,660 | |||||||
Service Corp. International | 15,080 | 625,368 | |||||||
Sotheby’s(a) | 4,790 | 201,180 | |||||||
Strategic Education, Inc. | 1,409 | 177,280 | |||||||
Weight Watchers International, Inc.(a) | 2,320 | 153,352 | |||||||
2,163,325 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%) | |||||||||
ATN International, Inc. | 750 | 63,368 | |||||||
Cincinnati Bell, Inc.(a) | 3,002 | 42,598 | |||||||
Cogent Communications Holdings, Inc. | 4,120 | 214,158 | |||||||
Consolidated Communications Holdings, Inc. | 3,800 | 47,576 | |||||||
Frontier Communications Corp. | 19,062 | 91,688 | |||||||
Iridium Communications, Inc.(a) | 18,840 | 373,220 | |||||||
Vonage Holdings Corp.(a) | 22,280 | 295,433 | |||||||
1,128,041 | |||||||||
ELECTRIC UTILITIES (0.6%) | |||||||||
ALLETE, Inc. | 3,230 | 239,020 | |||||||
El Paso Electric Co. | 2,290 | 130,644 | |||||||
Hawaiian Electric Industries, Inc. | 6,130 | 228,649 | |||||||
IDACORP, Inc. | 3,130 | 291,904 |
See notes to financial statements.
18
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
OGE Energy Corp. | 10,600 | $ | 383,190 | ||||||
PNM Resources, Inc. | 4,990 | 191,666 | |||||||
1,465,073 | |||||||||
ELECTRICAL EQUIPMENT (0.9%) | |||||||||
Acuity Brands, Inc. | 2,360 | 296,510 | |||||||
AZZ, Inc. | 1,670 | 74,064 | |||||||
Encore Wire Corp. | 3,930 | 173,706 | |||||||
EnerSys | 2,490 | 198,129 | |||||||
Hubbell, Inc. | 3,210 | 326,457 | |||||||
nVent Electric PLC | 8,980 | 219,292 | |||||||
Powell Industries, Inc. | 7,010 | 204,412 | |||||||
Regal-Beloit Corp. | 4,530 | 324,801 | |||||||
Vicor Corp.(a) | 5,750 | 230,575 | |||||||
2,047,946 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (5.3%) | |||||||||
Anixter International, Inc.(a) | 5,750 | 377,717 | |||||||
Arrow Electronics, Inc.(a) | 9,570 | 647,985 | |||||||
Avnet, Inc. | 17,370 | 696,016 | |||||||
Badger Meter, Inc. | 1,630 | 80,049 | |||||||
Bel Fuse, Inc., Class B | 5,980 | 131,560 | |||||||
Belden CDT, Inc. | 2,560 | 138,368 | |||||||
Benchmark Electronics, Inc. | 11,530 | 251,700 | |||||||
Cognex Corp. | 14,470 | 619,895 | |||||||
Coherent, Inc.(a) | 2,414 | 297,260 | |||||||
Control4 Corp.(a) | 10,180 | 284,225 | |||||||
CTS Corp. | 2,250 | 60,052 | |||||||
Daktronics, Inc. | 9,920 | 72,515 | |||||||
Electro Scientific Industries, Inc.(a) | 12,400 | 359,600 | |||||||
ePlus, Inc.(a) | 900 | 76,392 | |||||||
Fabrinet(a) | 6,620 | 286,778 | |||||||
FARO Technologies, Inc.(a) | 1,070 | 54,078 | |||||||
II-VI, Inc.(a) | 8,140 | 303,052 | |||||||
Insight Enterprises, Inc.(a) | 9,510 | 491,572 | |||||||
Itron, Inc.(a) | 2,140 | 111,580 | |||||||
Jabil Circuit, Inc. | 20,160 | 498,557 | |||||||
KEMET Corp. | 24,520 | 534,046 | |||||||
Keysight Technologies, Inc.(a) | 10,900 | 622,172 | |||||||
Knowles Corp.(a) | 9,640 | 155,975 | |||||||
Littelfuse, Inc. | 2,210 | 400,364 | |||||||
Methode Electronics, Inc., Class A | 2,020 | 59,792 | |||||||
MTS Systems Corp. | 1,180 | 55,873 | |||||||
National Instruments Corp. | 7,975 | 390,536 | |||||||
OSI Systems, Inc.(a) | 1,200 | 82,992 | |||||||
Park Electrochemical Corp. | 760 | 13,422 | |||||||
Plexus Corp.(a) | 3,810 | 222,504 | |||||||
Rogers Corp.(a) | 2,250 | 276,885 | |||||||
Sanmina Corp.(a) | 13,220 | 334,466 | |||||||
ScanSource, Inc.(a) | 12,110 | 470,837 | |||||||
SYNNEX Corp. | 5,148 | 399,536 | |||||||
Tech Data Corp.(a) | 5,870 | 414,774 | |||||||
Trimble Navigation Ltd.(a) | 16,210 | 605,930 | |||||||
TTM Technologies, Inc.(a) | 26,280 | 307,476 |
Shares | Value | ||||||||
Vishay Intertechnology, Inc. | 8,570 | $ | 156,831 | ||||||
Zebra Technologies Corp., Class A(a) | 5,060 | 841,478 | |||||||
12,184,840 | |||||||||
ENERGY EQUIPMENT & SERVICES (2.1%) | |||||||||
Apergy Corp.(a) | 4,700 | 183,253 | |||||||
Archrock, Inc. | 21,360 | 219,154 | |||||||
Bristow Group, Inc.(a) | 10,420 | 114,724 | |||||||
C&J Energy Services, Inc.(a) | 4,270 | 80,191 | |||||||
CARBO Ceramics, Inc.(a) | 1,100 | 5,313 | |||||||
Core Laboratories N.V. | 2,670 | 227,591 | |||||||
Diamond Offshore Drilling, Inc.(a) | 16,990 | 240,918 | |||||||
Dril-Quip, Inc.(a) | 2,350 | 100,016 | |||||||
Ensco PLC, Class A, Sponsored ADR | 59,444 | 424,430 | |||||||
Era Group, Inc.(a) | 2,320 | 26,263 | |||||||
Exterran Corp.(a) | 1,885 | 39,378 | |||||||
Geospace Technologies Corp.(a) | 570 | 7,256 | |||||||
Gulf Island Fabrication, Inc. | 9,340 | 79,390 | |||||||
Helix Energy Solutions Group, Inc.(a) | 20,140 | 171,593 | |||||||
KLX Energy Services Holdings, Inc.(a) | 2,752 | 79,505 | |||||||
Matrix Service Co.(a) | 16,470 | 334,835 | |||||||
McDermott International, Inc.(a) | 21,863 | 169,001 | |||||||
Nabors Industries Ltd. | 16,025 | 79,644 | |||||||
Newpark Resources, Inc.(a) | 13,070 | 107,305 | |||||||
Noble Corp. PLC(a) | 20,650 | 103,663 | |||||||
Oceaneering International, Inc.(a) | 13,010 | 246,409 | |||||||
Oil States International, Inc.(a) | 7,420 | 165,243 | |||||||
Patterson-UTI Energy, Inc. | 12,130 | 201,843 | |||||||
Pioneer Energy Services Corp.(a) | 59,700 | 177,309 | |||||||
Propetro Holding Corp.(a) | 4,140 | 73,071 | |||||||
Rowan Companies PLC, Class A(a) | 17,940 | 285,425 | |||||||
SEACOR Holdings, Inc. | 1,240 | 59,508 | |||||||
Superior Energy Services, Inc.(a) | 8,080 | 63,266 | |||||||
TETRA Technologies, Inc.(a) | 4,190 | 12,444 | |||||||
Transocean Ltd.(a) | 26,000 | 286,260 | |||||||
Unit Corp.(a) | 11,950 | 276,404 | |||||||
US Silica Holdings, Inc. | 5,140 | 71,960 | |||||||
4,712,565 | |||||||||
ENTERTAINMENT (0.8%) | |||||||||
Cinemark Holdings, Inc. | 6,410 | 266,464 | |||||||
Live Nation, Inc.(a) | 12,962 | 677,912 | |||||||
Marcus Corp. | 1,830 | 71,407 | |||||||
World Wrestling Entertainment, Inc. | 10,830 | 786,150 | |||||||
1,801,933 | |||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (5.8%) | |||||||||
Acadia Realty Trust | 5,997 | 166,956 | |||||||
Agree Realty Corp. | 2,470 | 141,457 | |||||||
Alexander & Baldwin, Inc. | 6,313 | 123,356 | |||||||
American Assets Trust, Inc. | 3,310 | 126,972 | |||||||
American Campus Communities, Inc. | 8,310 | 328,328 | |||||||
Armada Hoffler Properties, Inc. | 180 | 2,696 | |||||||
Camden Property Trust | 5,680 | 512,734 | |||||||
CareTrust REIT, Inc. | 5,798 | 102,393 | |||||||
CBL & Associates Properties, Inc. | 48,180 | 158,994 | |||||||
Cedar Shopping Centers, Inc. | 4,120 | 15,532 |
See notes to financial statements.
19
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Chatham Lodging Trust | 2,040 | $ | 39,780 | |||||
Chesapeake Lodging Trust | 3,940 | 115,797 | ||||||
Community Healthcare Trust, Inc. | 830 | 24,668 | ||||||
Corecivic, Inc. | 6,958 | 156,277 | ||||||
Coresite Realty Corp. | 3,560 | 334,142 | ||||||
Corporate Office Properties Trust | 5,430 | 140,311 | ||||||
Cousins Properties, Inc. | 20,119 | 167,189 | ||||||
Cyrusone, Inc. | 6,060 | 322,574 | ||||||
DiamondRock Hospitality Co. | 15,560 | 162,602 | ||||||
Douglas Emmett, Inc. | 9,010 | 326,072 | ||||||
Easterly Government Properties, Inc. | 11,320 | 205,684 | ||||||
EastGroup Properties, Inc. | 3,390 | 324,728 | ||||||
EPR Properties | 4,910 | 337,513 | ||||||
First Industrial Realty Trust, Inc. | 12,840 | 394,188 | ||||||
Four Corners Property Trust, Inc. | 18,667 | 486,835 | ||||||
Franklin Street Properties Corp. | 3,250 | 22,620 | ||||||
Getty Realty Corp. | 2,470 | 66,270 | ||||||
Global Net Lease, Inc. | 4,030 | 81,608 | ||||||
Government Properties Income Trust | 5,310 | 46,887 | ||||||
Healthcare Realty Trust, Inc. | 7,960 | 221,766 | ||||||
Hersha Hospitality Trust | 13,190 | 231,616 | ||||||
Highwood Properties, Inc. | 5,760 | 245,606 | ||||||
Hospitality Properties Trust | 8,860 | 226,993 | ||||||
Independence Realty Trust, Inc. | 530 | 5,252 | ||||||
iStar, Inc. | 1,810 | 19,005 | ||||||
JBG Smith Properties | 6,400 | 239,872 | ||||||
Kilroy Realty Corp. | 6,490 | 447,031 | ||||||
Kite Realty Group Trust | 8,125 | 128,700 | ||||||
Lamar Advertising Co. | 5,030 | 368,800 | ||||||
LaSalle Hotel Properties | 9,800 | 323,498 | ||||||
Lexington Corporate Properties Trust | 17,775 | 138,112 | ||||||
Liberty Property Trust | 8,550 | 357,989 | ||||||
Life Storage, Inc. | 3,000 | 282,480 | ||||||
LTC Properties, Inc. | 2,620 | 112,057 | ||||||
Mack-Cali Realty Corp. | 5,010 | 101,703 | ||||||
Medical Properties Trust, Inc. | 23,000 | 341,780 | ||||||
National Retail Properties, Inc. | 9,100 | 425,425 | ||||||
National Storage Affiliates | 16,310 | 434,335 | ||||||
OMEGA Healthcare Investors, Inc. | 11,396 | 380,057 | ||||||
Pennsylvania Real Estate Investment Trust | 3,840 | 34,368 | ||||||
Potlatch Corp. | 3,734 | 135,358 | ||||||
PS Business Parks, Inc. | 1,320 | 172,392 | ||||||
Ramco-Gershenson Properties Trust | 2,430 | 32,270 | ||||||
Rayonier, Inc. | 7,010 | 211,702 | ||||||
Retail Opportunity Investments Corp. | 8,900 | 156,551 | ||||||
Sabra Healthcare REIT, Inc. | 16,989 | 367,812 | ||||||
Saul Centers, Inc. | 1,140 | 54,446 | ||||||
Senior Housing Properties Trust | 14,200 | 228,194 | ||||||
Summit Hotel Properties, Inc. | 7,620 | 87,782 | ||||||
Tanger Factory Outlet Center | 6,890 | 153,371 | ||||||
Taubman Centers, Inc. | 3,870 | 212,889 | ||||||
The Geo Group, Inc. | 6,934 | 153,311 | ||||||
Uniti Group, Inc. | 10,184 | 194,922 | ||||||
Universal Health Realty Income Trust | 990 | 63,459 | ||||||
Urban Edge Properties | 5,590 | 114,539 | ||||||
Urstadt Biddle Properties, Inc., Class A | 3,170 | 63,115 |
Shares | Value | ||||||||
Washington Prime Group, Inc. | 22,510 | $ | 144,064 | ||||||
Weingarten Realty Investors | 7,820 | 219,898 | |||||||
Whitestone REIT | 1,030 | 13,864 | |||||||
13,281,547 | |||||||||
FOOD & STAPLES RETAILING (0.5%) | |||||||||
SpartanNash Co. | 10,874 | 194,101 | |||||||
Sprouts Farmers Markets, Inc.(a) | 14,620 | 393,132 | |||||||
The Andersons, Inc. | 10,805 | 388,980 | |||||||
United Natural Foods, Inc.(a) | 10,080 | 219,038 | |||||||
1,195,251 | |||||||||
FOOD PRODUCTS (2.0%) | |||||||||
B&G Foods, Inc. | 4,220 | 109,889 | |||||||
Calavo Growers, Inc. | 4,710 | 456,870 | |||||||
Cal-Maine Foods, Inc. | 1,850 | 90,040 | |||||||
Darling International, Inc.(a) | 10,220 | 211,145 | |||||||
Dean Foods Co. | 27,190 | 217,248 | |||||||
Flowers Foods, Inc. | 11,083 | 214,013 | |||||||
Hain Celestial Group, Inc. (The)(a) | 5,940 | 147,787 | |||||||
Ingredion, Inc. | 4,290 | 434,062 | |||||||
J & J Snack Foods Corp. | 960 | 149,914 | |||||||
John B. Sanfilippo & Son, Inc. | 700 | 44,142 | |||||||
Lamb Weston Holding, Inc. | 11,180 | 873,829 | |||||||
Lancaster Colony Corp. | 1,190 | 203,942 | |||||||
Post Holdings, Inc.(a) | 4,155 | 367,385 | |||||||
Sanderson Farms, Inc. | 1,300 | 127,907 | |||||||
Seneca Foods Corp., Class A(a) | 11,680 | 369,438 | |||||||
Tootsie Roll Industries, Inc. | 1,015 | 32,044 | |||||||
TreeHouse Foods, Inc.(a) | 10,040 | 457,422 | |||||||
4,507,077 | |||||||||
GAS UTILITIES (1.1%) | |||||||||
Atmos Energy Corp. | 6,700 | 623,636 | |||||||
National Fuel Gas Co. | 5,190 | 281,765 | |||||||
New Jersey Resources Corp. | 4,940 | 222,794 | |||||||
Northwest Natural Holding Co. | 1,670 | 108,199 | |||||||
One Gas, Inc. | 3,240 | 255,669 | |||||||
South Jersey Industries, Inc. | 4,890 | 144,451 | |||||||
Southwest Gas Corp. | 3,030 | 234,128 | |||||||
Spire, Inc. | 3,340 | 242,417 | |||||||
UGI Corp. | 9,640 | 511,498 | |||||||
2,624,557 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.2%) | |||||||||
AngioDynamics, Inc.(a) | 6,390 | 130,548 | |||||||
Anika Therapeutics, Inc.(a) | 1,260 | 45,058 | |||||||
Avanos Medical, Inc.(a) | 2,960 | 167,536 | |||||||
Cantel Medical Corp. | 3,707 | 293,409 | |||||||
CONMED Corp. | 1,700 | 114,631 | |||||||
CryoLife, Inc.(a) | 2,510 | 77,760 | |||||||
Cutera, Inc.(a) | 9,080 | 184,324 | |||||||
Globus Medical, Inc.(a) | 9,260 | 489,391 | |||||||
Haemonetics Corp.(a) | 3,060 | 319,678 | |||||||
Heska Corp.(a) | 1,850 | 185,407 | |||||||
Hill-Rom Holdings, Inc. | 6,620 | 556,610 | |||||||
ICU Medical, Inc.(a) | 2,060 | 524,744 | |||||||
Inogen, Inc.(a) | 2,630 | 498,569 |
See notes to financial statements.
20
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Integer Holdings Corp.(a) | 7,310 | $ | 544,376 | ||||||
Integra LifeSciences Holdings Corp.(a) | 4,410 | 236,244 | |||||||
Invacare Corp. | 7,760 | 100,259 | |||||||
Lantheus Holdings, Inc.(a) | 5,310 | 74,181 | |||||||
Lemaitre Vascular, Inc. | 7,580 | 202,386 | |||||||
LivaNova PLC(a) | 6,080 | 680,899 | |||||||
Masimo Corp.(a) | 5,290 | 611,524 | |||||||
Meridian Bioscience, Inc. | 1,900 | 30,799 | |||||||
Merit Medical Systems, Inc.(a) | 7,345 | 419,546 | |||||||
Natus Medical, Inc.(a) | 2,130 | 63,644 | |||||||
Neogen Corp.(a) | 5,109 | 310,218 | |||||||
NuVasive, Inc.(a) | 3,150 | 176,935 | |||||||
OraSure Technologies, Inc.(a) | 25,380 | 352,782 | |||||||
Orthofix Medical, Inc.(a) | 2,980 | 181,244 | |||||||
STERIS PLC | 5,050 | 552,016 | |||||||
SurModics, Inc.(a) | 4,040 | 256,257 | |||||||
Tactile Systems Technology, Inc.(a) | 1,040 | 68,099 | |||||||
Teleflex, Inc. | 3,153 | 759,053 | |||||||
Varex Imaging Corp.(a) | 2,520 | 65,419 | |||||||
West Pharmaceutical Services, Inc. | 4,300 | 455,456 | |||||||
9,729,002 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (3.1%) | |||||||||
Acadia Healthcare(a) | 12,690 | 526,635 | |||||||
Aceto Corp. | 30,840 | 63,222 | |||||||
Amedisys, Inc.(a) | 6,169 | 678,590 | |||||||
AMN Healthcare Services, Inc.(a) | 8,950 | 453,049 | |||||||
Biotelemetry, Inc.(a) | 14,020 | 814,562 | |||||||
Chemed Corp. | 1,730 | 526,491 | |||||||
CorVel Corp.(a) | 3,930 | 227,783 | |||||||
Cross Country Healthcare, Inc.(a) | 11,830 | 104,459 | |||||||
Diplomat Pharmacy, Inc.(a) | 15,230 | 302,163 | |||||||
Encompass Health Corp. | 9,100 | 612,430 | |||||||
HealthEquity, Inc.(a) | 3,230 | 296,514 | |||||||
LHC Group, Inc.(a) | 5,080 | 464,464 | |||||||
Magellan Health Services, Inc.(a) | 4,410 | 286,915 | |||||||
Molina Healthcare, Inc.(a) | 3,615 | 458,274 | |||||||
Owens & Minor, Inc. | 24,315 | 192,088 | |||||||
Patterson Companies, Inc. | 13,040 | 294,443 | |||||||
Providence Service Corp.(a) | 4,740 | 313,267 | |||||||
Select Medical Holdings Corp.(a) | 7,560 | 125,345 | |||||||
The Ensign Group, Inc. | 3,310 | 122,602 | |||||||
Tivity Health, Inc.(a) | 6,540 | 225,041 | |||||||
U.S. Physical Therapy, Inc. | 1,080 | 116,122 | |||||||
7,204,459 | |||||||||
HEALTH CARE TECHNOLOGY (0.8%) | |||||||||
Allscripts Healthcare Solutions, Inc.(a) | 9,606 | 114,407 | |||||||
Computer Programs & Systems, Inc. | 890 | 22,250 | |||||||
Healthstream, Inc. | 1,710 | 44,990 | |||||||
HMS Holdings Corp.(a) | 5,410 | 155,916 | |||||||
Medidata Solutions, Inc.(a) | 8,190 | 575,757 | |||||||
Nextgen Healthcare, Inc.(a) | 14,440 | 213,279 | |||||||
Omnicell, Inc.(a) | 5,940 | 419,958 | |||||||
Tabula Rasa Healthcare, Inc.(a) | 5,020 | 370,878 | |||||||
1,917,435 |
Shares | Value | ||||||||
HOTELS, RESTAURANTS & LEISURE (2.1%) | |||||||||
Belmond Ltd.(a) | 8,130 | $ | 139,186 | ||||||
Biglari Holdings, Inc., Class A(a) | 1 | 525 | |||||||
Cracker Barrel Old Country Store, Inc. | 1,800 | 285,624 | |||||||
DineEquity, Inc. | 1,180 | 95,627 | |||||||
Domino’s Pizza, Inc. | 3,194 | 858,515 | |||||||
Dunkin’ Brands Group, Inc. | 5,710 | 414,318 | |||||||
El Pollo Loco Holdings, Inc.(a) | 10,850 | 135,733 | |||||||
Fiesta Restaurant Group, Inc.(a) | 1,880 | 48,523 | |||||||
International Speedway Corp., Class A | 3,850 | 144,414 | |||||||
Jack in the Box, Inc. | 2,160 | 170,489 | |||||||
Marriott Vacations Worldwide Corp. | 4,396 | 389,002 | |||||||
Papa John’s International, Inc. | 1,910 | 104,171 | |||||||
Shake Shack, Inc.(a) | 3,560 | 188,288 | |||||||
Six Flags Entertainment Corp. | 4,660 | 250,988 | |||||||
Sonic Corp. | 2,860 | 123,781 | |||||||
The Wendy’s Co. | 15,430 | 266,013 | |||||||
Wingstop, Inc. | 6,180 | 386,992 | |||||||
Wyndham Hotels & Resorts, Inc. | 7,900 | 389,391 | |||||||
Wyndham Worldwide Corp. | 8,690 | 311,797 | |||||||
4,703,377 | |||||||||
HOUSEHOLD DURABLES (1.8%) | |||||||||
Cavco Industries, Inc.(a) | 1,960 | 393,195 | |||||||
Ethan Allen Interiors, Inc. | 1,690 | 32,347 | |||||||
Helen of Troy Ltd.(a) | 1,600 | 198,592 | |||||||
Installed Building Products, Inc.(a) | 5,860 | 178,496 | |||||||
iRobot Corp.(a) | 3,800 | 335,046 | |||||||
KB HOME | 14,670 | 292,960 | |||||||
La-Z-Boy, Inc. | 2,770 | 77,006 | |||||||
LGI Homes, Inc.(a) | 6,300 | 269,577 | |||||||
M.D.C. Holdings, Inc. | 3,041 | 85,452 | |||||||
M/I Homes, Inc.(a) | 9,410 | 227,440 | |||||||
Meritage Homes Corp.(a) | 2,470 | 92,007 | |||||||
NVR, Inc.(a) | 285 | 638,123 | |||||||
Tempur-Pedic International, Inc.(a) | 2,900 | 134,009 | |||||||
Toll Brothers, Inc. | 13,890 | 467,537 | |||||||
TopBuild Corp.(a) | 6,510 | 296,986 | |||||||
TRI Pointe Group, Inc.(a) | 22,890 | 272,391 | |||||||
Tupperware Corp. | 3,350 | 117,585 | |||||||
Universal Electronics, Inc.(a) | 1,180 | 36,899 | |||||||
William Lyon Homes, Class A(a) | 1,960 | 26,578 | |||||||
4,172,226 | |||||||||
HOUSEHOLD PRODUCTS (0.3%) | |||||||||
Central Garden & Pet Co.(a) | 2,270 | 73,730 | |||||||
Central Garden & Pet Co., Class A(a) | 7,230 | 214,369 | |||||||
Energizer Holdings, Inc. | 3,720 | 218,624 | |||||||
WD-40 Co. | 860 | 143,689 | |||||||
650,412 | |||||||||
INDUSTRIAL CONGLOMERATES (0.2%) | |||||||||
Carlisle Co., Inc. | 3,520 | 339,997 | |||||||
Raven Industries, Inc. | 4,000 | 173,920 | |||||||
513,917 |
See notes to financial statements.
21
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
INSURANCE (4.3%) | |||||||||
Alleghany Corp. | 1,111 | $ | 667,356 | ||||||
AMBAC Financial Group, Inc.(a) | 2,640 | 54,331 | |||||||
American Equity Investment Life Holding Co. | 13,150 | 410,543 | |||||||
American Financial Group, Inc. | 5,270 | 527,158 | |||||||
Amerisafe, Inc. | 1,280 | 83,315 | |||||||
Aspen Insurance Holdings Ltd. | 7,860 | 329,177 | |||||||
Brown & Brown, Inc. | 13,080 | 368,594 | |||||||
CNO Financial Group, Inc. | 21,380 | 404,082 | |||||||
eHealth, Inc.(a) | 970 | 33,329 | |||||||
Employers Holdings, Inc. | 1,950 | 89,622 | |||||||
First American Financial Corp. | 6,480 | 287,258 | |||||||
Genworth Financial, Inc., Class A(a) | 153,200 | 655,696 | |||||||
HCI Group, Inc. | 710 | 31,006 | |||||||
Horace Mann Educators Corp. | 3,940 | 154,763 | |||||||
James River Group Holdings | 1,860 | 71,610 | |||||||
Kemper Corp. | 6,152 | 462,569 | |||||||
Maiden Holdings Ltd. | 26,540 | 93,155 | |||||||
Mercury General Corp. | 3,910 | 231,902 | |||||||
Old Republic International Corp. | 25,600 | 564,480 | |||||||
Primerica, Inc. | 4,440 | 487,246 | |||||||
ProAssurance Corp. | 3,240 | 142,301 | |||||||
Reinsurance Group of America, Inc. | 5,110 | 727,511 | |||||||
RenaissanceRe Holdings Ltd. | 2,500 | 305,400 | |||||||
RLI Corp. | 2,440 | 180,389 | |||||||
Safety Insurance Group, Inc. | 1,020 | 84,946 | |||||||
Selective Insurance Group, Inc. | 3,370 | 218,545 | |||||||
Stewart Information Services Corp. | 7,800 | 321,984 | |||||||
The Hanover Insurance Group, Inc. | 3,850 | 428,813 | |||||||
The Navigators Group, Inc. | 4,020 | 277,983 | |||||||
Third Point Reinsurance Ltd.(a) | 18,420 | 203,725 | |||||||
United Fire Group, Inc. | 3,940 | 212,090 | |||||||
United Insurance Holdings Corp. | 5,890 | 116,151 | |||||||
Universal Insurance Holdings, Inc. | 2,050 | 86,059 | |||||||
W.R. Berkley Corp. | 7,610 | 577,599 | |||||||
9,890,688 | |||||||||
INTERACTIVE MEDIA & SERVICES (0.4%) | |||||||||
Cars.com, Inc.(a) | 4,330 | 113,057 | |||||||
QuinStreet, Inc.(a) | 24,560 | 390,504 | |||||||
XO Group, Inc.(a) | 10,430 | 360,982 | |||||||
864,543 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (0.5%) | |||||||||
Liquidity Services, Inc.(a) | 1,710 | 10,158 | |||||||
Nutrisystem, Inc. | 6,290 | 223,672 | |||||||
PetMed Express, Inc. | 5,010 | 139,979 | |||||||
Shutterfly, Inc.(a) | 2,150 | 107,500 | |||||||
Shutterstock, Inc. | 3,250 | 132,860 | |||||||
Stamps.com, Inc.(a) | 2,610 | 527,664 | |||||||
1,141,833 | |||||||||
IT SERVICES (2.5%) | |||||||||
CACI International, Inc., Class A(a) | 2,480 | 442,581 | |||||||
Cardtronics PLC, Class A(a) | 2,390 | 64,912 | |||||||
CoreLogic, Inc.(a) | 7,180 | 291,652 | |||||||
CSG Systems International, Inc. | 1,980 | 69,498 |
Shares | Value | ||||||||
EVERTEC, Inc. | 3,390 | $ | 88,411 | ||||||
ExlService Holdings, Inc.(a) | 4,310 | 276,271 | |||||||
Jack Henry & Associates, Inc. | 5,350 | 801,591 | |||||||
Leidos Holdings, Inc. | 8,740 | 566,177 | |||||||
LiveRamp Holdings, Inc.(a) | 4,530 | 206,931 | |||||||
ManTech International Corp., Class A | 3,210 | 183,869 | |||||||
MAXIMUS, Inc. | 5,780 | 375,527 | |||||||
NIC, Inc. | 5,070 | 67,482 | |||||||
Perficient, Inc.(a) | 1,860 | 46,537 | |||||||
Perspecta, Inc. | 8,270 | 202,532 | |||||||
Sabre Corp. | 14,340 | 353,481 | |||||||
Science Applications International Corp. | 2,590 | 180,031 | |||||||
Sykes Enterprises, Inc.(a) | 5,800 | 177,886 | |||||||
Teradata Corp.(a) | 7,060 | 256,984 | |||||||
Travelport Worldwide Ltd. | 6,940 | 103,822 | |||||||
TTEC Holdings, Inc. | 3,300 | 82,236 | |||||||
Unisys Corp.(a) | 2,910 | 53,573 | |||||||
Virtusa Corp.(a) | 7,660 | 379,859 | |||||||
WEX, Inc.(a) | 3,100 | 545,476 | |||||||
5,817,319 | |||||||||
LEISURE PRODUCTS (0.4%) | |||||||||
Brunswick Corp. | 5,180 | 269,308 | |||||||
Callaway Golf Co. | 5,740 | 122,836 | |||||||
Nautilus Group, Inc.(a) | 2,140 | 26,172 | |||||||
Polaris Industries, Inc. | 4,460 | 396,851 | |||||||
Sturm Ruger & Co., Inc. | 1,110 | 65,923 | |||||||
Vista Outdoor, Inc.(a) | 11,390 | 142,375 | |||||||
1,023,465 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (1.0%) | |||||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,460 | 398,361 | |||||||
Bio-Techne Corp. | 3,200 | 536,704 | |||||||
Cambrex Corp.(a) | 1,960 | 104,449 | |||||||
Charles River Laboratories International, Inc.(a) | 4,520 | 550,626 | |||||||
Luminex Corp. | 2,960 | 85,159 | |||||||
PRA Health Sciences, Inc.(a) | 4,650 | 450,446 | |||||||
Syneos Health, Inc.(a) | 3,610 | 164,724 | |||||||
2,290,469 | |||||||||
MACHINERY (3.9%) | |||||||||
Actuant Corp., Class A | 3,220 | 76,797 | |||||||
AGCO Corp. | 6,100 | 341,844 | |||||||
Alamo Group, Inc. | 1,880 | 161,154 | |||||||
Albany International Corp., Class A | 3,080 | 215,538 | |||||||
Astec Industries, Inc. | 1,370 | 51,526 | |||||||
Barnes Group, Inc. | 4,360 | 246,776 | |||||||
Briggs & Stratton Corp. | 8,710 | 126,556 | |||||||
Chart Industries, Inc.(a) | 1,910 | 129,975 | |||||||
CIRCOR International, Inc. | 1,350 | 43,888 | |||||||
Crane Co. | 2,960 | 257,638 | |||||||
Donaldson Company, Inc. | 7,140 | 366,139 | |||||||
EnPro Industries, Inc. | 4,200 | 261,240 | |||||||
ESCO Technologies, Inc. | 1,620 | 99,176 | |||||||
Federal Signal Corp. | 3,170 | 69,708 | |||||||
Franklin Electric Co., Inc. | 1,990 | 84,416 | |||||||
Graco, Inc. | 13,180 | 535,503 |
See notes to financial statements.
22
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Greenbrier Companies, Inc. | 6,000 | $ | 284,700 | ||||||
Harsco Corp.(a) | 11,250 | 309,037 | |||||||
Hillenbrand, Inc. | 3,420 | 163,818 | |||||||
IDEX Corp. | 4,870 | 617,613 | |||||||
ITT, Inc. | 4,820 | 243,410 | |||||||
John Bean Technologies Corp. | 3,295 | 342,581 | |||||||
Kennametal, Inc. | 4,540 | 160,943 | |||||||
Lincoln Electric Holdings, Inc. | 3,660 | 296,131 | |||||||
Lindsay Corp. | 680 | 65,022 | |||||||
Lydall, Inc.(a) | 1,060 | 31,662 | |||||||
Mueller Industries, Inc. | 2,960 | 72,076 | |||||||
Nordson Corp. | 3,480 | 426,892 | |||||||
Oshkosh Truck Corp. | 4,300 | 241,402 | |||||||
Proto Labs, Inc.(a) | 4,030 | 481,384 | |||||||
SPX Corp.(a) | 2,230 | 65,384 | |||||||
SPX FLOW, Inc.(a) | 2,500 | 85,575 | |||||||
Standex International Corp. | 770 | 62,462 | |||||||
Tennant Co. | 1,140 | 69,677 | |||||||
Terex Corp. | 4,040 | 134,896 | |||||||
The Timken Co. | 3,960 | 156,618 | |||||||
Titan International, Inc. | 11,720 | 82,743 | |||||||
Toro Co. | 5,970 | 336,290 | |||||||
Trinity Industries, Inc. | 11,770 | 336,034 | |||||||
Wabash National Corp. | 3,680 | 55,568 | |||||||
Wabtec Corp. | 4,930 | 404,359 | |||||||
Watts Water Technologies, Inc., Class A | 1,650 | 115,583 | |||||||
Woodward, Inc. | 3,320 | 244,485 | |||||||
8,954,219 | |||||||||
MARINE (0.3%) | |||||||||
Kirby Corp.(a) | 4,530 | 325,888 | |||||||
Matson, Inc. | 7,220 | 253,278 | |||||||
579,166 | |||||||||
MEDIA (0.8%) | |||||||||
Cable One, Inc. | 316 | 283,054 | |||||||
EW Scripps Co. (The), Class A | 3,380 | 56,852 | |||||||
Gannett Company, Inc. | 29,510 | 286,247 | |||||||
Meredith Corp. | 2,860 | 147,461 | |||||||
New Media Investment Group, Inc. | 12,200 | 171,410 | |||||||
New York Times Co. (The), Class A | 13,960 | 368,544 | |||||||
Scholastic Corp. | 5,990 | 259,846 | |||||||
TEGNA, Inc. | 14,410 | 166,291 | |||||||
Wiley (John) & Sons, Inc., Class A | 2,890 | 156,754 | |||||||
1,896,459 | |||||||||
METALS & MINING (1.9%) | |||||||||
AK Steel Holding Corp.(a) | 33,160 | 122,692 | |||||||
Allegheny Technologies, Inc.(a) | 11,290 | 292,298 | |||||||
Carpenter Technology Corp. | 2,790 | 121,672 | |||||||
Century Aluminum Co.(a) | 3,020 | 23,979 | |||||||
Commercial Metals Co. | 17,330 | 330,310 | |||||||
Compass Minerals International, Inc. | 2,000 | 97,020 | |||||||
Haynes International, Inc. | 4,520 | 130,899 | |||||||
Kaiser Aluminum Corp. | 990 | 94,416 | |||||||
Materion Corp. | 1,110 | 63,081 | |||||||
Olympic Steel, Inc. | 20,220 | 381,349 |
Shares | Value | ||||||||
Reliance Steel & Aluminum Co. | 7,540 | $ | 595,057 | ||||||
Royal Gold, Inc. | 5,810 | 445,220 | |||||||
Steel Dynamics, Inc. | 14,010 | 554,796 | |||||||
SunCoke Energy, Inc.(a) | 13,080 | 146,496 | |||||||
TimkenSteel Corp.(a) | 14,785 | 171,950 | |||||||
United States Steel Corp. | 18,950 | 502,743 | |||||||
Worthington Industries, Inc. | 4,670 | 195,580 | |||||||
4,269,558 | |||||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.6%) | |||||||||
Apollo Commercial Real Estate Finance, Inc. | 13,230 | 247,533 | |||||||
Armour Residential REIT, Inc. | 7,670 | 167,053 | |||||||
Capstead Mortgage Corp. | 11,960 | 82,046 | |||||||
Granite Point Mortgage Trust, Inc. | 2,090 | 38,895 | |||||||
Invesco Mortgage Capital | 13,180 | 198,754 | |||||||
New York Mortgage Trust, Inc. | 22,560 | 138,518 | |||||||
Pennymac Mortgage Investment Trust | 14,690 | 283,664 | |||||||
Redwood Trust, Inc. | 15,510 | 254,674 | |||||||
1,411,137 | |||||||||
MULTILINE RETAIL (0.7%) | |||||||||
Big Lots, Inc. | 5,650 | 234,588 | |||||||
Dillard’s, Inc. | 8,010 | 564,064 | |||||||
J.C. Penney Co., Inc.(a) | 79,090 | 116,262 | |||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 7,680 | 713,472 | |||||||
1,628,386 | |||||||||
MULTI-UTILITIES (0.5%) | |||||||||
Avista Corp. | 3,820 | 196,425 | |||||||
Black Hills Corp. | 3,620 | 215,390 | |||||||
MDU Resources Group, Inc. | 11,290 | 281,798 | |||||||
NorthWestern Corp. | 3,070 | 180,393 | |||||||
Vectren Corp. | 4,790 | 342,629 | |||||||
1,216,635 | |||||||||
OIL, GAS & CONSUMABLE FUELS (3.2%) | |||||||||
Bonanza Creek Energy, Inc.(a) | 1,110 | 28,582 | |||||||
Callon Petroleum Corp.(a) | 18,940 | 188,832 | |||||||
Carrizo Oil & Gas, Inc.(a) | 5,100 | 92,871 | |||||||
Chesapeake Energy Corp.(a) | 75,820 | 266,128 | |||||||
Cloud Peak Energy, Inc.(a) | 82,100 | 140,391 | |||||||
CNX Resources Corp.(a) | 21,130 | 330,684 | |||||||
CONSOL Energy, Inc.(a) | 1,657 | 66,015 | |||||||
Denbury Resources, Inc.(a) | 25,270 | 87,181 | |||||||
Energen Corp.(a) | 4,820 | 346,895 | |||||||
Green Plains Renewable Energy, Inc. | 26,690 | 454,798 | |||||||
Gulfport Energy Corp.(a) | 21,460 | 195,501 | |||||||
HighPoint Resources Corp.(a) | 4,640 | 17,261 | |||||||
Laredo Petroleum, Inc.(a) | 7,330 | 38,409 | |||||||
Matador Resources Co.(a) | 6,450 | 186,018 | |||||||
Murphy Oil Corp. | 14,600 | 465,156 | |||||||
Oasis Petroleum, Inc.(a) | 27,510 | 276,751 | |||||||
Par Pacific Holdings, Inc.(a) | 13,020 | 230,194 | |||||||
PBF Energy, Inc. | 16,320 | 682,992 | |||||||
PDC Energy, Inc.(a) | 4,110 | 174,469 | |||||||
Penn Virginia Corp.(a) | 840 | 57,775 | |||||||
QEP Resources, Inc.(a) | 31,870 | 283,962 | |||||||
Range Resources Corp. | 25,310 | 401,163 |
See notes to financial statements.
23
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Renewable Energy Group, Inc.(a) | 24,530 | $ | 762,392 | ||||||
REX American Resources Corp.(a) | 1,270 | 94,196 | |||||||
Ring Energy, Inc.(a) | 2,770 | 19,750 | |||||||
SM Energy Co. | 6,290 | 153,099 | |||||||
Southwestern Energy Co.(a) | 30,940 | 165,220 | |||||||
SRC Energy, Inc.(a) | 12,600 | 89,208 | |||||||
World Fuel Services Corp. | 18,050 | 577,600 | |||||||
WPX Energy, Inc.(a) | 22,140 | 355,126 | |||||||
7,228,619 | |||||||||
PAPER & FOREST PRODUCTS (0.9%) | |||||||||
Boise Cascade Co. | 7,750 | 238,623 | |||||||
Clearwater Paper Corp.(a) | 6,800 | 164,152 | |||||||
Domtar Corp. | 10,860 | 502,927 | |||||||
KapStone Paper & Packaging Corp. | 9,910 | 346,850 | |||||||
Louisiana-Pacific Corp. | 19,220 | 418,419 | |||||||
Neenah Paper, Inc. | 1,140 | 91,724 | |||||||
P.H. Glatfelter & Co. | 12,860 | 230,194 | |||||||
1,992,889 | |||||||||
PERSONAL PRODUCTS (0.6%) | |||||||||
Avon Products, Inc.(a) | 29,260 | 57,350 | |||||||
Edgewell Personal Care Co.(a) | 3,550 | 170,329 | |||||||
Inter Parfums, Inc. | 2,820 | 166,352 | |||||||
Medifast, Inc. | 2,980 | 630,806 | |||||||
Nu Skin Enterprises, Inc. | 3,300 | 231,726 | |||||||
1,256,563 | |||||||||
PHARMACEUTICALS (1.3%) | |||||||||
Akorn, Inc.(a) | 16,100 | 107,387 | |||||||
Amphastar Pharmaceuticals, Inc.(a) | 2,530 | 45,413 | |||||||
ANI Pharmaceuticals, Inc.(a) | 3,090 | 149,958 | |||||||
Assertio Therapeutics, Inc.(a) | 3,550 | 17,235 | |||||||
Catalent, Inc.(a) | 14,420 | 581,703 | |||||||
Corcept Therapeutics, Inc.(a) | 25,290 | 297,158 | |||||||
ENDO International PLC(a) | 12,150 | 205,821 | |||||||
Innoviva, Inc.(a) | 29,490 | 411,680 | |||||||
Lannett Co., Inc.(a) | 1,900 | 6,954 | |||||||
Mallinckrodt PLC(a) | 5,180 | 129,811 | |||||||
Phibro Animal Health Corp., Class A | 4,500 | 193,140 | |||||||
Prestige Brands Holdings, Inc.(a) | 3,680 | 133,069 | |||||||
Supernus Pharmaceuticals, Inc.(a) | 11,920 | 566,915 | |||||||
The Medicines Co.(a) | 4,140 | 96,296 | |||||||
2,942,540 | |||||||||
PROFESSIONAL SERVICES (1.7%) | |||||||||
ASGN, Inc.(a) | 6,620 | 444,070 | |||||||
Exponent, Inc. | 3,240 | 163,490 | |||||||
Forrester Research, Inc. | 760 | 30,613 | |||||||
FTI Consulting, Inc.(a) | 4,990 | 344,859 | |||||||
Heidrick & Struggles International, Inc. | 1,280 | 44,173 | |||||||
Insperity, Inc. | 7,150 | 785,427 | |||||||
Kelly Services, Inc., Class A | 15,330 | 360,102 | |||||||
Korn/Ferry International, Inc. | 8,510 | 384,141 | |||||||
Manpower, Inc. | 5,560 | 424,172 | |||||||
Navigant Consulting, Inc. | 10,070 | 217,512 | |||||||
Resources Connection, Inc. | 5,930 | 96,778 | |||||||
The Dun & Bradstreet Corp. | 2,220 | 315,862 |
�� | |||||||||
Shares | Value | ||||||||
TrueBlue, Inc.(a) | 9,770 | $ | 227,934 | ||||||
WageWorks, Inc.(a) | 4,110 | 163,619 | |||||||
4,002,752 | |||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.3%) | |||||||||
HFF, Inc., Class A | 6,350 | 233,362 | |||||||
Jones Lang LaSalle, Inc. | 2,664 | 352,341 | |||||||
RE/MAX Holdings, Inc. | 1,210 | 45,242 | |||||||
Realogy Holdings Corp. | 7,050 | 134,444 | |||||||
765,389 | |||||||||
ROAD & RAIL (1.1%) | |||||||||
ArcBest Corp. | 8,640 | 320,717 | |||||||
Avis Budget Group, Inc.(a) | 7,570 | 212,868 | |||||||
Genesee & Wyoming, Inc., Class A(a) | 3,540 | 280,474 | |||||||
Heartland Express, Inc. | 2,973 | 57,884 | |||||||
Knight-Swift Transportation Holdings, Inc. | 7,390 | 236,480 | |||||||
Landstar System, Inc. | 2,410 | 241,217 | |||||||
Marten Transport Ltd. | 2,936 | 56,547 | |||||||
Old Dominion Freight Line, Inc. | 4,830 | 629,929 | |||||||
Ryder System, Inc. | 5,370 | 297,015 | |||||||
Saia, Inc.(a) | 1,620 | 101,833 | |||||||
Werner Enterprises, Inc. | 2,930 | 94,317 | |||||||
2,529,281 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.4%) | |||||||||
Advanced Energy Industries, Inc.(a) | 3,570 | 153,617 | |||||||
Axcelis Technologies, Inc.(a) | 14,230 | 245,610 | |||||||
Brooks Automation, Inc. | 19,310 | 599,189 | |||||||
Cabot Microelectronics Corp. | 2,840 | 277,241 | |||||||
CEVA, Inc.(a) | 8,020 | 197,613 | |||||||
Cirrus Logic, Inc.(a) | 6,760 | 253,094 | |||||||
Cohu, Inc. | 15,510 | 322,608 | |||||||
Cree, Inc.(a) | 5,960 | 231,367 | |||||||
Cypress Semiconductor Corp. | 19,340 | 250,260 | |||||||
Diodes, Inc.(a) | 1,990 | 60,078 | |||||||
DSP Group, Inc.(a) | 1,120 | 13,698 | |||||||
First Solar, Inc.(a) | 4,420 | 184,756 | |||||||
FormFactor, Inc.(a) | 23,430 | 286,783 | |||||||
Ichor Holdings Ltd.(a) | 1,390 | 24,672 | |||||||
Integrated Device Technology, Inc.(a) | 13,830 | 647,382 | |||||||
Kopin Corp.(a) | 11,930 | 26,604 | |||||||
Kulicke & Soffa Industries, Inc. | 14,420 | 293,159 | |||||||
Maxlinear, Inc., Class A(a) | 12,730 | 247,089 | |||||||
MKS Instruments, Inc. | 6,390 | 470,879 | |||||||
Monolithic Power Systems, Inc. | 3,890 | 459,487 | |||||||
Nanometrics, Inc.(a) | 1,710 | 54,823 | |||||||
PDF Solutions, Inc.(a) | 1,270 | 10,160 | |||||||
Photronics, Inc.(a) | 20,570 | 200,352 | |||||||
Power Integrations, Inc. | 1,770 | 99,686 | |||||||
Rambus, Inc.(a) | 11,480 | 99,991 | |||||||
Rudolph Technologies, Inc.(a) | 14,320 | 297,713 | |||||||
Semtech Corp.(a) | 3,910 | 175,715 | |||||||
Silicon Laboratories, Inc.(a) | 3,730 | 304,107 | |||||||
Solaredge Technologies, Inc.(a) | 2,470 | 95,663 | |||||||
Synaptics, Inc.(a) | 5,950 | 223,363 | |||||||
Teradyne, Inc. | 15,750 | 542,587 |
See notes to financial statements.
24
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Ultra Clean Holdings, Inc.(a) | 1,910 | $ | 20,093 | ||||||
Veeco Instruments, Inc.(a) | 9,309 | 88,529 | |||||||
Versum Materials, Inc. | 10,080 | 318,125 | |||||||
Xperi Corp. | 3,080 | 40,040 | |||||||
7,816,133 | |||||||||
SOFTWARE (3.2%) | |||||||||
8x8, Inc.(a) | 6,060 | 104,171 | |||||||
ACI Worldwide, Inc.(a) | 7,760 | 194,698 | |||||||
Agilysys, Inc.(a) | 570 | 9,274 | |||||||
Alarm.com Holding, Inc.(a) | 2,080 | 92,518 | |||||||
Blackbaud, Inc. | 4,740 | 339,953 | |||||||
Bottomline Technologies, Inc.(a) | 2,150 | 143,276 | |||||||
CDK Global, Inc. | 7,530 | 431,017 | |||||||
CommVault Systems, Inc.(a) | 2,360 | 137,399 | |||||||
Ebix, Inc. | 4,010 | 229,813 | |||||||
Fair Isaac Corp.(a) | 2,440 | 470,212 | |||||||
Fortinet, Inc.(a) | 14,160 | 1,163,669 | |||||||
J2 Global, Inc. | 4,480 | 326,323 | |||||||
LivePerson, Inc.(a) | 3,240 | 73,224 | |||||||
LogMeIn, Inc. | 4,560 | 392,707 | |||||||
Manhattan Associates, Inc.(a) | 3,920 | 187,141 | |||||||
Microstrategy, Inc., Class A(a) | 639 | 80,495 | |||||||
Monotype Imaging Holdings, Inc. | 2,060 | 36,112 | |||||||
OneSpan, Inc.(a) | 1,650 | 24,214 | |||||||
Progress Software Corp. | 4,940 | 158,772 | |||||||
PTC, Inc.(a) | 6,230 | 513,414 | |||||||
Qualys, Inc.(a) | 7,940 | 565,646 | |||||||
SPS Commerce, Inc.(a) | 2,440 | 227,140 | |||||||
TIVO Corp. | 7,663 | 84,293 | |||||||
Tyler Technologies, Inc.(a) | 2,950 | 624,397 | |||||||
Ultimate Software Group, Inc.(a) | 2,358 | 628,714 | |||||||
7,238,592 | |||||||||
SPECIALTY RETAIL (5.7%) | |||||||||
Aaron’s, Inc. | 8,010 | 377,511 | |||||||
Abercrombie & Fitch Co., Class A | 23,210 | 457,237 | |||||||
American Eagle Outfitters, Inc. | 11,390 | 262,653 | |||||||
Asbury Automotive Group(a) | 4,290 | 279,279 | |||||||
Ascena Retail Group, Inc.(a) | 65,803 | 253,342 | |||||||
AutoNation, Inc.(a) | 8,540 | 345,699 | |||||||
Barnes & Noble Education, Inc.(a) | 53,680 | 306,513 | |||||||
Barnes & Noble, Inc. | 59,110 | 374,166 | |||||||
Bed Bath & Beyond, Inc. | 25,200 | 346,248 | |||||||
Big 5 Sporting Goods Corp. | 54,540 | 191,435 | |||||||
Caleres, Inc. | 8,635 | 295,317 | |||||||
Cato Corp., Class A | 21,560 | 415,677 | |||||||
Chico’s FAS, Inc. | 32,780 | 251,423 | |||||||
Children’s Place Retail Stores, Inc. | 1,080 | 161,352 | |||||||
Dick’s Sporting Goods, Inc. | 15,030 | 531,611 | |||||||
DSW, Inc. | 11,720 | 311,166 | |||||||
Express, Inc.(a) | 32,250 | 284,122 | |||||||
Five Below, Inc.(a) | 7,430 | 845,683 | |||||||
Francesca’s Holdings Corp.(a) | 22,880 | 69,555 | |||||||
GameStop Corp., Class A | 28,910 | 422,086 | |||||||
Genesco, Inc.(a) | 9,170 | 392,384 | |||||||
Group 1 Automotive, Inc. | 4,930 | 284,658 |
Shares | Value | ||||||||
Guess?, Inc. | 13,870 | $ | 294,599 | ||||||
Haverty Furniture Companies, Inc. | 8,450 | 171,366 | |||||||
Hibbett Sports, Inc.(a) | 18,230 | 318,478 | |||||||
Kirkland’s, Inc.(a) | 20,850 | 210,794 | |||||||
Lithia Motors, Inc., Class A | 1,750 | 155,890 | |||||||
Lumber Liquidators Holdings, Inc.(a) | 1,850 | 22,126 | |||||||
MarineMax, Inc.(a) | 12,890 | 293,376 | |||||||
Michaels Companies, Inc. (The)(a) | 6,250 | 99,063 | |||||||
Monro Muffler Brake, Inc. | 2,225 | 165,540 | |||||||
Office Depot, Inc. | 156,666 | 401,065 | |||||||
Rent-A-Center, Inc.(a) | 3,500 | 49,875 | |||||||
Restoration Hardware, Inc.(a) | 2,910 | 336,716 | |||||||
Sally Beauty Holdings, Inc.(a) | 7,800 | 138,918 | |||||||
Shoe Carnival, Inc. | 12,750 | 519,308 | |||||||
Signet Jewelers Ltd. | 11,260 | 631,123 | |||||||
Sleep Number Corp.(a) | 9,130 | 332,058 | |||||||
Sonic Automotive, Inc., Class A | 17,620 | 319,274 | |||||||
Tailored Brands, Inc. | 3,280 | 68,913 | |||||||
The Buckle, Inc. | 2,025 | 41,310 | |||||||
The Tile Shop Holdings, Inc. | 3,740 | 24,310 | |||||||
Urban Outfitters, Inc.(a) | 5,170 | 204,008 | |||||||
Vitamin Shoppe, Inc.(a) | 33,540 | 260,606 | |||||||
Williams-Sonoma, Inc. | 4,820 | 286,212 | |||||||
Zumiez, Inc.(a) | 9,580 | 222,831 | |||||||
13,026,876 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.2%) | |||||||||
3D Systems Corp.(a) | 6,560 | 79,245 | |||||||
Cray, Inc.(a) | 2,470 | 56,044 | |||||||
Diebold, Inc. | 8,830 | 34,437 | |||||||
Electronics for Imaging, Inc.(a) | 2,950 | 89,828 | |||||||
NCR Corp.(a) | 10,000 | 268,500 | |||||||
528,054 | |||||||||
TEXTILES, APPAREL & LUXURY GOODS (1.2%) | |||||||||
Carter’s, Inc. | 2,860 | 274,503 | |||||||
Crocs, Inc.(a) | 4,800 | 98,592 | |||||||
Deckers Outdoor Corp.(a) | 1,880 | 239,080 | |||||||
Fossil Group, Inc.(a) | 20,470 | 444,404 | |||||||
G-III Apparel Group Ltd.(a) | 8,590 | 342,397 | |||||||
Movado Group, Inc. | 4,420 | 170,214 | |||||||
Oxford Industries, Inc. | 1,140 | 101,437 | |||||||
Skechers U.S.A., Inc., Class A(a) | 16,210 | 463,120 | |||||||
Steven Madden Ltd. | 5,275 | 164,949 | |||||||
Unifi, Inc.(a) | 3,470 | 79,428 | |||||||
Vera Bradley, Inc.(a) | 19,490 | 257,073 | |||||||
Wolverine World Wide, Inc. | 6,130 | 215,592 | |||||||
�� | 2,850,789 | ||||||||
THRIFTS & MORTGAGE FINANCE (1.1%) | |||||||||
Axos Financial, Inc.(a) | 10,060 | 305,422 | |||||||
Dime Community Bancshares, Inc. | 1,490 | 24,019 | |||||||
Homestreet, Inc.(a) | 5,180 | 134,576 | |||||||
LendingTree, Inc.(a) | 1,554 | 313,426 | |||||||
Meta Financial Group, Inc. | 5,850 | 147,654 | |||||||
New York Community Bancorp, Inc. | 33,680 | 322,654 | |||||||
NMI Holdings, Inc.(a) | 26,350 | 557,039 |
See notes to financial statements.
25
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Northfield Bancorp, Inc. | 4,980 | $ | 65,587 | ||||||
Northwest Bancshares, Inc. | 3,450 | 55,683 | |||||||
Oritani Financial Corp. | 2,820 | 41,200 | |||||||
Provident Financial Services, Inc. | 3,730 | 91,012 | |||||||
TrustCo Bank Corp. | 3,990 | 29,885 | |||||||
Walker & Dunlop, Inc. | 8,430 | 353,723 | |||||||
Washington Federal, Inc. | 5,670 | 159,667 | |||||||
2,601,547 | |||||||||
TRADING COMPANIES & DISTRIBUTORS (1.0%) | |||||||||
Applied Industrial Technologies, Inc. | 2,440 | 160,381 | |||||||
DXP Enterprises, Inc.(a) | 8,480 | 269,495 | |||||||
GATX Corp. | 3,610 | 270,497 | |||||||
Kaman Corp., Class A | 1,910 | 121,323 | |||||||
MSC Industrial Direct Co., Inc., Class A | 2,800 | 226,968 | |||||||
Now, Inc.(a) | 35,660 | 457,874 | |||||||
Veritiv Corp.(a) | 12,850 | 428,419 | |||||||
Watsco, Inc. | 1,850 | 274,133 | |||||||
2,209,090 | |||||||||
WATER UTILITIES (0.2%) | |||||||||
American States Water Co. | 2,020 | 123,664 | |||||||
Aqua America, Inc. | 9,792 | 318,534 | |||||||
California Water Service Group | 2,820 | 118,440 | |||||||
560,638 | |||||||||
WIRELESS TELECOMMUNICATION SERVICES (0.3%) | |||||||||
Spok Holdings, Inc. | 6,850 | 96,037 | |||||||
Telephone & Data Systems, Inc. | 15,400 | 474,782 | |||||||
570,819 | |||||||||
TOTAL COMMON STOCKS (COST $207,759,771) | 227,600,227 |
Shares | Value | ||||||||
RIGHT (0.0%) | |||||||||
CHEMICALS (0.0%) | |||||||||
Schulman, Inc. CVR(a) | 3,980 | $ | — | ||||||
TOTAL RIGHT (COST $—) | — | ||||||||
MONEY MARKET FUND (0.8%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(b) | 1,868,035 | 1,868,035 | |||||||
TOTAL MONEY MARKET FUND (COST $1,868,035) | 1,868,035 | ||||||||
TOTAL INVESTMENTS (COST $209,627,806) 99.9% | 229,468,262 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | 215,605 | ||||||||
NET ASSETS 100.0% | $ | 229,683,867 |
(a) | Represents non-income producing security. |
(b) | Variable rate money market investment. The rate shown represents the rate as of October 31, 2018. |
Amounts designated as “—” are $0 or have been rounded to $0.
ADR – American Depositary Receipt
AMBAC – Insured by American Municipal Bond Insurance Assurance Corp.
CVR – Contingency Valued Right
PLC – Public Limited Company
REIT – Real Estate Investment Trust
See notes to financial statements.
26
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward International Enhanced Index Fund investments by Country.
Country Diversification | Percent* | |||
United Kingdom | 21.2 | % | ||
Canada | 20.6 | |||
Japan | 7.4 | |||
China | 6.1 | |||
Brazil | 5.6 | |||
Taiwan, Province of China | 5.4 | |||
Netherlands | 5.3 | |||
France | 3.0 | |||
Germany | 2.9 | |||
Hong Kong | 2.4 | |||
Spain | 2.2 | |||
Australia | 2.2 | |||
Switzerland | 2.1 | |||
India | 2.0 | |||
Republic of Korea (South) | 2.0 | |||
Mexico | 1.7 | |||
United States | 1.7 | |||
Italy | 1.2 | |||
Ireland (Republic of) | 1.1 | |||
Chile | 0.8 | |||
Norway | 0.5 | |||
Finland | 0.5 | |||
Sweden | 0.4 | |||
Colombia | 0.3 | |||
South Africa | 0.3 | |||
Luxembourg | 0.3 | |||
Bermuda | 0.3 | |||
Indonesia | 0.2 | |||
Jersey | 0.2 | |||
Total Investments | 99.9 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
27
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (98.4%) | |||||||||
AEROSPACE & DEFENSE (0.1%) | |||||||||
Embraer SA, Sponsored ADR | 5,060 | $ | 112,686 | ||||||
AIR FREIGHT & LOGISTICS (0.1%) | |||||||||
ZTO Express Cayman, Inc., Sponsored ADR | 8,450 | 137,059 | |||||||
AIRLINES (0.3%) | |||||||||
LATAM Airlines Group SA, Sponsored ADR | 14,110 | 130,094 | |||||||
Ryanair Holdings PLC, Sponsored ADR(a) | 3,338 | 276,387 | |||||||
406,481 | |||||||||
AUTO COMPONENTS (0.3%) | |||||||||
Magna International, Inc., Class A, ADR | 8,320 | 409,677 | |||||||
AUTOMOBILES (4.0%) | |||||||||
Ferrari N.V. | 3,000 | 351,330 | |||||||
Fiat Chrysler Automobiles N.V.(a) | 22,820 | 344,810 | |||||||
Honda Motor Co. Ltd., Sponsored ADR | 41,160 | 1,173,060 | |||||||
Toyota Motor Corp., Sponsored ADR | 29,860 | 3,495,113 | |||||||
5,364,313 | |||||||||
BANKS (21.7%) | |||||||||
Banco Bilbao Vizcaya Argentaria SA, | |||||||||
Sponsored ADR | 130,110 | 711,702 | |||||||
Banco Bradesco SA, Sponsored ADR | 134,596 | 1,234,245 | |||||||
Banco de Chile, Sponsored ADR | 2,463 | 204,010 | |||||||
Banco Santander Central Hispano SA, Sponsored ADR | 310,085 | 1,482,206 | |||||||
Banco Santander Chile SA, Sponsored ADR | 8,234 | 242,574 | |||||||
Bancolombia SA, Sponsored ADR | 5,200 | 192,088 | |||||||
Bank of Montreal | 16,810 | 1,256,379 | |||||||
Bank of Nova Scotia | 29,060 | 1,560,813 | |||||||
Barclays PLC, Sponsored ADR | 75,009 | 659,329 | |||||||
Canadian Imperial Bank of Commerce | 11,990 | 1,034,977 | |||||||
Credicorp Ltd. | 2,059 | 464,737 | |||||||
HDFC Bank Ltd., Sponsored ADR | 12,680 | 1,127,379 | |||||||
HSBC Holdings PLC, Sponsored ADR | 88,361 | 3,630,754 | |||||||
ICICI Bank Ltd., Sponsored ADR | 39,470 | 374,570 | |||||||
ING Groep N.V., Sponsored ADR | 81,040 | 957,082 | |||||||
Itau Unibanco Banco Multiplo SA, | |||||||||
Sponsored ADR | 125,408 | 1,651,623 | |||||||
KB Financial Group, Inc., Sponsored ADR | 16,970 | 705,104 | |||||||
Lloyds Banking Group PLC, Sponsored ADR | 305,785 | 877,603 | |||||||
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 258,040 | 1,553,401 | |||||||
Mizuho Financial Group, Inc., Sponsored ADR | 225,180 | 774,619 | |||||||
Royal Bank of Canada | 36,260 | 2,641,178 | |||||||
Royal Bank of Scotland Group PLC, Sponsored ADR | 33,078 | 201,776 | |||||||
Shinhan Financial Group Co. Ltd., Sponsored ADR | 19,690 | 728,727 | |||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 139,440 | 1,080,660 | |||||||
The Toronto-Dominion Bank | 42,460 | 2,354,832 | |||||||
Westpac Banking Corp., Sponsored ADR | 74,695 | 1,413,976 | |||||||
Woori Bank, Sponsored ADR | 4,400 | 182,776 | |||||||
29,299,120 |
Shares | Value | ||||||||
BEVERAGES (0.7%) | |||||||||
Fomento Economico, Sponsored ADR | 11,170 | $ | 950,232 | ||||||
BIOTECHNOLOGY (1.2%) | |||||||||
BeiGene Ltd., Sponsored ADR(a) | 1,460 | 183,873 | |||||||
Shire PLC, Sponsored ADR | 8,099 | 1,472,398 | |||||||
1,656,271 | |||||||||
CAPITAL MARKETS (3.1%) | |||||||||
Brookfield Asset Management, Inc., Class A | 23,608 | 962,026 | |||||||
Credit Suisse Group, Sponsored ADR | 52,549 | 679,458 | |||||||
Deutsche Bank AG | 39,530 | 386,208 | |||||||
Nomura Holdings, Inc., Sponsored ADR | 71,390 | 335,533 | |||||||
Thomson Reuters Corp. | 14,258 | 664,423 | |||||||
UBS Group AG | 87,360 | 1,214,304 | |||||||
4,241,952 | |||||||||
CHEMICALS (1.0%) | |||||||||
Nutrien Ltd. | 15,083 | 798,343 | |||||||
Sasol Ltd., Sponsored ADR | 13,370 | 434,792 | |||||||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR | 2,990 | 130,992 | |||||||
1,364,127 | |||||||||
COMMERCIAL SERVICES & SUPPLIES (0.9%) | |||||||||
Waste Connections, Inc. | 16,040 | 1,226,098 | |||||||
COMMUNICATIONS EQUIPMENT (0.9%) | |||||||||
Nokia Oyj, Sponsored ADR | 113,670 | 638,825 | |||||||
Telefonektiebolaget LM Ericsson, Sponsored ADR | 67,640 | 585,763 | |||||||
1,224,588 | |||||||||
CONSTRUCTION MATERIALS (0.8%) | |||||||||
CEMEX SA de CV, Sponsored ADR(a) | 64,255 | 323,845 | |||||||
CRH PLC, Sponsored ADR | 20,600 | 613,468 | |||||||
James Hardie Industries PLC, Sponsored ADR | 12,330 | 164,976 | |||||||
1,102,289 | |||||||||
DIVERSIFIED CONSUMER SERVICES (0.2%) | |||||||||
TAL Education Group, Sponsored ADR(a) | 6,970 | 201,991 | |||||||
DIVERSIFIED FINANCIAL SERVICES (0.4%) | |||||||||
ORIX Corp., Sponsored ADR | 7,380 | 596,821 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (3.6%) | |||||||||
BCE, Inc. | 13,345 | 518,853 | |||||||
BT Group PLC, Sponsored ADR | 41,620 | 634,289 | |||||||
China Telecom Corp. Ltd., Sponsored ADR | 5,230 | 245,182 | |||||||
China Unicom Ltd., Sponsored ADR | 18,935 | 197,492 | |||||||
Chunghwa Telecom Co. Ltd., Sponsored ADR | 21,435 | 751,940 | |||||||
Orange SA, Sponsored ADR | 50,930 | 791,961 | |||||||
PT Telekomunikasi Indonesia, Sponsored ADR | 13,090 | 329,868 | |||||||
Telecom Italia S.p.A., Sponsored ADR(a) | 22,020 | 131,019 | |||||||
Telecom Italia S.p.A., Sponsored ADR | 8,920 | 45,403 | |||||||
Telefonica SA, Sponsored ADR | 95,313 | 782,520 | |||||||
TELUS Corp. | 11,890 | 406,876 | |||||||
4,835,403 |
See notes to financial statements.
28
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
ELECTRIC UTILITIES (0.5%) | |||||||||
Companhia Energetica de Minas Gerais, Sponsored ADR | 21,315 | $ | 61,813 | ||||||
Enel Chile SA, Sponsored ADR | 10,540 | 45,322 | |||||||
Enersis SA, Sponsored ADR | 36,730 | 289,432 | |||||||
Korea Electric Power Corp., Sponsored ADR | 22,310 | 266,828 | |||||||
663,395 | |||||||||
ELECTRICAL EQUIPMENT (0.7%) | |||||||||
ABB Ltd., Sponsored ADR | 48,820 | 979,329 | |||||||
ENERGY EQUIPMENT & SERVICES (0.1%) | |||||||||
Tenaris SA, Sponsored ADR | 5,750 | 168,073 | |||||||
ENTERTAINMENT (0.2%) | |||||||||
NetEase, Inc., Sponsored ADR | 1,560 | 324,246 | |||||||
FOOD PRODUCTS (0.1%) | |||||||||
BRF-Brasil Foods SA, Sponsored ADR(a) | 30,790 | 182,277 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES (1.3%) | |||||||||
Koninklijke Royal Philips Electronics N.V., Sponsored NYS | 27,304 | 1,016,528 | |||||||
Smith & Nephew PLC, Sponsored ADR | 22,870 | 751,966 | |||||||
1,768,494 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (0.5%) | |||||||||
Fresenius Medical Care AG & Co., | |||||||||
Sponsored ADR | 17,600 | 687,808 | |||||||
HOTELS, RESTAURANTS & LEISURE (1.2%) | |||||||||
Carnival PLC, Sponsored ADR | 9,140 | 507,361 | |||||||
InterContinental Hotels Group PLC, Sponsored ADR | 10,751 | 577,974 | |||||||
Restaurant Brands International, Inc. | 9,135 | 500,324 | |||||||
1,585,659 | |||||||||
INSURANCE (2.8%) | |||||||||
Aegon N.V., Sponsored NYS | 31,745 | 193,010 | |||||||
China Life Insurance Co. Ltd., Sponsored ADR | 68,940 | 693,536 | |||||||
Manulife Financial Corp. | 53,680 | 843,850 | |||||||
Prudential PLC, Sponsored ADR | 32,410 | 1,290,890 | |||||||
Sun Life Financial, Inc. | 20,550 | 752,130 | |||||||
3,773,416 | |||||||||
INTERACTIVE MEDIA & SERVICES (1.1%) | |||||||||
58.com, Inc., Sponsored ADR(a) | 1,940 | 127,245 | |||||||
Autohome, Inc., Sponsored ADR | 1,410 | 102,056 | |||||||
Baidu, Inc., Sponsored ADR(a) | 5,474 | 1,040,388 | |||||||
Momo, Inc., Sponsored ADR(a) | 2,920 | 98,024 | |||||||
Weibo Corp., Sponsored ADR(a) | 1,390 | 82,024 | |||||||
1,449,737 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (3.0%) | |||||||||
Alibaba Group Holding Ltd., Sponsored ADR(a) | 23,920 | 3,403,338 | |||||||
Ctrip.com International Ltd., Sponsored ADR(a) | 9,880 | 328,806 | |||||||
JD.com, Inc., Sponsored ADR(a) | 15,450 | 363,384 | |||||||
4,095,528 |
Shares | Value | ||||||||
IT SERVICES (1.4%) | |||||||||
CGI Group, Inc., Class A(a) | 13,910 | $ | 858,247 | ||||||
Infosys Technologies Ltd., Sponsored ADR | 103,580 | 980,902 | |||||||
Wipro Ltd., Sponsored ADR | 17,470 | 90,320 | |||||||
1,929,469 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (0.5%) | |||||||||
QIAGEN N.V.(a) | 19,324 | 701,461 | |||||||
MACHINERY (0.1%) | |||||||||
CNH Industrial N.V. | 18,220 | 189,306 | |||||||
MEDIA (1.0%) | |||||||||
Grupo Televisa SA, Sponsored ADR | 22,200 | 319,236 | |||||||
Pearson PLC, Sponsored ADR | 21,370 | 243,618 | |||||||
Shaw Communications, Inc., Class B | 17,680 | 329,555 | |||||||
WPP PLC, Sponsored ADR | 7,510 | 423,639 | |||||||
1,316,048 | |||||||||
METALS & MINING (6.4%) | |||||||||
Agnico-Eagle Mines Ltd. | 7,240 | 256,006 | |||||||
Arcelor Mittal, Class A, Sponsored NYS | 11,383 | 283,323 | |||||||
Barrick Gold Corp., ADR | 25,590 | 321,154 | |||||||
BHP Billiton Ltd., Sponsored ADR | 34,450 | 1,590,901 | |||||||
BHP Billiton PLC, Sponsored ADR | 22,330 | 898,782 | |||||||
Franco Nevada Corp. | 6,500 | 405,795 | |||||||
Gerdau SA, Sponsored ADR | 7,250 | 31,538 | |||||||
Goldcorp, Inc. | 17,957 | 161,972 | |||||||
Kinross Gold Corp.(a) | 19,510 | 50,531 | |||||||
POSCO, Sponsored ADR | 12,210 | 703,540 | |||||||
Randgold Resources Ltd., Sponsored ADR | 3,370 | 264,680 | |||||||
Rio Tinto PLC, Sponsored ADR | 25,402 | 1,252,065 | |||||||
Southern Copper Corp. | 2,653 | 101,716 | |||||||
Teck Resources Ltd. | 9,743 | 201,388 | |||||||
Vale SA, Sponsored ADR | 123,450 | 1,864,095 | |||||||
Vedanta Ltd., Sponsored ADR | 8,520 | 94,913 | |||||||
Wheaton Precious Metals Corp. | 11,330 | 186,152 | |||||||
8,668,551 | |||||||||
MULTI-UTILITIES (1.0%) | |||||||||
National Grid PLC, Sponsored ADR | 24,149 | 1,291,971 | |||||||
OIL, GAS & CONSUMABLE FUELS (18.2%) | |||||||||
BP PLC, Sponsored ADR | 73,342 | 3,180,842 | |||||||
Cameco Corp. | 7,730 | 82,866 | |||||||
Canadian Natural Resources Ltd. | 24,190 | 660,871 | |||||||
Cenovus Energy, Inc. | 15,050 | 127,323 | |||||||
China Petroleum & Chemical Corp., Sponsored ADR | 11,156 | 899,843 | |||||||
CNOOC Ltd., Sponsored ADR | 6,210 | 1,051,042 | |||||||
Crescent Point Energy Corp. | 6,910 | 32,615 | |||||||
Ecopetrol SA, Sponsored ADR | 11,150 | 259,349 | |||||||
Enbridge, Inc. | 40,380 | 1,256,222 | |||||||
Encana Corp. | 13,890 | 142,234 | |||||||
ENI S.p.A., Sponsored ADR | 29,810 | 1,053,485 | |||||||
Equinor ASA, Sponsored ADR | 26,087 | 670,436 | |||||||
Imperial Oil Ltd. | 7,320 | 228,677 | |||||||
Pembina Pipeline Corp. | 14,070 | 454,742 | |||||||
PetroChina Co. Ltd., Sponsored ADR | 9,465 | 687,538 | |||||||
Petroleo Brasileiro SA, Sponsored ADR(a) | 82,910 | 1,228,726 | |||||||
Petroleo Brasileiro SA, Class A, Sponsored ADR | 59,180 | 961,675 | |||||||
Royal Dutch Shell PLC, Sponsored ADR | 50,545 | 3,193,939 |
See notes to financial statements.
29
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 40,430 | $ | 2,656,655 | ||||||
Suncor Energy, Inc. | 37,548 | 1,250,724 | |||||||
Total SA, Sponsored ADR | 56,010 | 3,282,186 | |||||||
TransCanada Corp. | 26,940 | 1,016,177 | |||||||
Ultrapar Participacoes SA, Sponsored ADR | 15,210 | 179,478 | |||||||
24,557,645 | |||||||||
PAPER & FOREST PRODUCTS (0.1%) | |||||||||
Fibria Celulose SA, Sponsored ADR | 7,080 | 136,007 | |||||||
PERSONAL PRODUCTS (3.4%) | |||||||||
Unilever N.V., Sponsored NYS | 48,210 | 2,592,734 | |||||||
Unilever PLC, Sponsored ADR | 37,604 | 1,992,260 | |||||||
4,584,994 | |||||||||
PHARMACEUTICALS (0.1%) | |||||||||
Bausch Health Companies, Inc.(a) | 8,688 | 198,781 | |||||||
PROFESSIONAL SERVICES (0.9%) | |||||||||
RELX PLC, Sponsored ADR | 59,693 | 1,173,564 | |||||||
ROAD & RAIL (1.8%) | |||||||||
Canadian National Railway Co. | 17,850 | 1,525,818 | |||||||
Canadian Pacific Railway Ltd. | 4,152 | 851,160 | |||||||
2,376,978 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.7%) | |||||||||
ASE Industrial Holding Co. Ltd., ADR | 55,075 | 210,937 | |||||||
ASML Holding N.V., Sponsored NYS | 9,647 | 1,662,757 | |||||||
STMicroelectronics N.V., Sponsored NYS | 14,260 | 217,180 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 146,038 | 5,564,048 | |||||||
7,654,922 | |||||||||
SOFTWARE (2.5%) | |||||||||
BlackBerry Ltd.(a) | 12,850 | 118,862 | |||||||
Open Text Corp. | 12,770 | 431,626 | |||||||
SAP AG, Sponsored ADR | 26,150 | 2,804,849 | |||||||
3,355,337 |
Shares | Value | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.7%) | |||||||||
CANON, Inc., Sponsored ADR | 31,290 | $ | 881,752 | ||||||
TEXTILES, APPAREL & LUXURY GOODS (0.2%) | |||||||||
Gildan Activewear, Inc. | 10,780 | 322,430 | |||||||
WIRELESS TELECOMMUNICATION SERVICES (3.6%) | |||||||||
America Movil SA, Sponsored ADR | 50,320 | 724,105 | |||||||
China Mobile Ltd., Sponsored ADR | 44,050 | 2,050,528 | |||||||
Rogers Communications, Inc., Class B | 13,700 | 705,687 | |||||||
SK Telecom Co. Ltd., Sponsored ADR | 10,340 | 267,909 | |||||||
Vodafone Group PLC, Sponsored ADR | 58,809 | 1,113,254 | |||||||
4,861,483 | |||||||||
TOTAL COMMON STOCKS (COST $134,295,419) | 133,007,769 | ||||||||
MONEY MARKET FUND (1.5%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(b) | 1,985,997 | 1,985,997 | |||||||
TOTAL MONEY MARKET FUND (COST $1,985,997) | 1,985,997 | ||||||||
TOTAL INVESTMENTS (COST $136,281,416) 99.9% | 134,993,766 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | 228,959 | ||||||||
NET ASSETS 100.0% | $ | 135,222,725 |
(a) | Represents non-income producing security. |
(b) | Variable rate money market investment. The rate shown represents the rate as of October 31, 2018. |
ADR – American Depositary Receipt
NYS – New York Shares
PLC – Public Limited Company
See notes to financial statements.
30
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
The table below sets forth the diversification of the Steward Select Bond Fund investments by Industry.
Industry Diversification | Percent* | |||
U.S. Treasury Obligations | 15.7 | % | ||
U.S. Government Agencies | 12.6 | |||
U.S. Government Agency Mortgage-Backed Obligations | 3.3 | |||
Municipal Bonds | 2.5 | |||
Banks | 7.8 | |||
Food Products | 5.5 | |||
Chemicals | 5.0 | |||
Biotechnology | 4.5 | |||
Semiconductors & Semiconductor Equipment | 3.6 | |||
Capital Markets | 2.7 | |||
Insurance | 2.7 | |||
Oil, Gas & Consumable Fuels | 2.6 | |||
Specialty Retail | 2.5 | |||
Consumer Finance | 2.5 | |||
Diversified Telecommunication Services | 2.2 | |||
Electric Utilities | 2.1 | |||
Beverages | 2.1 | |||
Software | 2.1 | |||
Money Market Fund | 1.9 | |||
Industrial Conglomerates | 1.9 | |||
Aerospace & Defense | 1.8 | |||
Road & Rail | 1.2 | |||
Technology Hardware, Storage & Peripherals | 1.2 | |||
Health Care Providers & Services | 1.2 | |||
Pharmaceuticals | 1.1 | |||
Hotels, Restaurants & Leisure | 0.9 | |||
Food & Staples Retailing | 0.8 | |||
Machinery | 0.8 | |||
Communications Equipment | 0.8 | |||
IT Services | 0.6 | |||
Household Durables | 0.6 | |||
Air Freight & Logistics | 0.6 | |||
Electronic Equipment, Instruments & Components | 0.6 | |||
Thrifts & Mortgage Finance | 0.3 | |||
Diversified Consumer Services | 0.3 | |||
Internet & Direct Marketing Retail | 0.2 | |||
Commercial Services & Supplies | 0.2 | |||
Equity Real Estate Investment Trusts | 0.2 | |||
Total Investments | 99.2 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
31
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
Principal Amount | Value | ||||||||
CORPORATE BONDS (62.0%) | |||||||||
AEROSPACE & DEFENSE (1.8%) | |||||||||
Alcoa, Inc., 5.87%, 2/23/22 | $ | 2,000,000 | $ | 2,029,000 | |||||
United Technologies Corp., 3.10%, 6/1/22 | 1,000,000 | 980,487 | |||||||
3,009,487 | |||||||||
AIR FREIGHT & LOGISTICS (0.6%) | |||||||||
FedEx Corp., 4.00%, 1/15/24 | 1,000,000 | 1,016,395 | |||||||
BANKS (7.6%) | |||||||||
Bank of America Corp., 5.63%, 7/1/20 | 1,500,000 | 1,556,713 | |||||||
Citigroup, Inc., 6.63%, 6/15/32 | 1,000,000 | 1,161,918 | |||||||
HSBC Bank USA, NA, 4.88%, 8/24/20 | 2,000,000 | 2,046,943 | |||||||
JPMorgan Chase & Co., 4.95%, 3/25/20 | 2,000,000 | 2,046,203 | |||||||
KeyCorp, 5.10%, 3/24/21 | 2,000,000 | 2,070,064 | |||||||
Manufacturers & Traders Trust Co., 2.96% (US0003M + 64 bps), 12/1/21, (Callable 12/10/18 @ 100)(a) | 1,150,000 | 1,144,400 | |||||||
US Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) | 2,500,000 | 2,356,954 | |||||||
12,383,195 | |||||||||
BEVERAGES (2.1%) | |||||||||
PepsiCo, Inc., 3.00%, 8/25/21 | 3,435,000 | 3,421,544 | |||||||
BIOTECHNOLOGY (4.5%) | |||||||||
Abbvie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | 1,383,429 | |||||||
Amgen, Inc., 3.88%, 11/15/21, (Callable 8/15/21 @ 100) | 4,000,000 | 4,038,798 | |||||||
Celgene Corp., 3.88%, 8/15/25, (Callable 5/15/25 @ 100) | 1,000,000 | 962,594 | |||||||
Gilead Sciences, Inc., 4.40%, 12/1/21, (Callable 9/1/21 @ 100) | 1,000,000 | 1,024,747 | |||||||
7,409,568 | |||||||||
CAPITAL MARKETS (2.7%) | |||||||||
Charles Schwab Corp., 4.45%, 7/22/20 | 1,250,000 | 1,274,385 | |||||||
Goldman Sachs Group, Inc., 5.95%, 1/15/27 | 1,500,000 | 1,616,398 | |||||||
Morgan Stanley, 5.75%, 1/25/21 | 1,500,000 | 1,568,115 | |||||||
4,458,898 | |||||||||
CHEMICALS (5.0%) | |||||||||
Dow Chemical Co., 4.25%, 11/15/20, (Callable 8/15/20 @ 100) | 3,000,000 | 3,038,684 | |||||||
E.I. du Pont de Nemours & Co., 3.63%, 1/15/21 | 1,000,000 | 1,006,600 | |||||||
E.I. du Pont de Nemours & Co., 4.63%, 1/15/20 | 2,000,000 | 2,034,108 | |||||||
Ecolab, Inc., 4.35%, 12/8/21 | 2,000,000 | 2,050,669 | |||||||
8,130,061 | |||||||||
COMMUNICATIONS EQUIPMENT (0.8%) | |||||||||
Cisco Systems, Inc., 4.45%, 1/15/20 | 500,000 | 508,464 | |||||||
Tyco Electronics Group SA, 4.88%, 1/15/21 | 750,000 | 771,272 | |||||||
1,279,736 | |||||||||
CONSUMER FINANCE (2.5%) | |||||||||
Capital One Financial Corp., 4.75%, 7/15/21 | 2,000,000 | 2,058,077 | |||||||
John Deere Capital Corp., 2.25%, 4/17/19 | 2,000,000 | 1,996,066 | |||||||
4,054,143 | |||||||||
DIVERSIFIED CONSUMER SERVICES (0.3%) | |||||||||
Rensselaer Polytechnic Institute, 5.60%, 9/1/20 | 400,000 | 413,092 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (2.2%) | |||||||||
AT&T, Inc., 4.45%, 5/15/21 | 1,500,000 | 1,528,406 | |||||||
Verizon Communications, Inc., 4.60%, 4/1/21 | 2,000,000 | 2,054,699 | |||||||
3,583,105 | |||||||||
ELECTRIC UTILITIES (2.1%) | |||||||||
Duke Energy Ohio, Inc., 5.45%, 4/1/19 | 1,154,000 | 1,166,861 | |||||||
Entergy Gulf States Louisiana LLC, 3.95%, 10/1/20, (Callable 7/1/20 @ 100) | 1,500,000 | 1,513,264 | |||||||
Kansas City Power & Light Co., 7.15%, 4/1/19 | 775,000 | 788,065 | |||||||
3,468,190 |
See notes to financial statements.
32
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
Principal Amount | Value | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.6%) | |||||||||
Corning, Inc., 3.70%, 11/15/23, (Callable 8/15/23 @ 100) | $ | 1,000,000 | $ | 980,424 | |||||
FOOD & STAPLES RETAILING (0.8%) | |||||||||
Walgreen Co., 5.25%, 1/15/19 | 260,000 | 261,138 | |||||||
Wal-Mart Stores, Inc., 4.25%, 4/15/21 | 1,000,000 | 1,026,705 | |||||||
1,287,843 | |||||||||
FOOD PRODUCTS (5.5%) | |||||||||
Campbell Soup Co., 4.50%, 2/15/19 | 1,500,000 | 1,506,216 | |||||||
General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) | 2,000,000 | 1,930,607 | |||||||
General Mills, Inc., 5.65%, 2/15/19 | 1,500,000 | 1,510,891 | |||||||
JM Smucker Co. (The), 3.50%, 10/15/21 | 500,000 | 499,972 | |||||||
Kraft Food Group, Inc., 5.38%, 2/10/20 | 1,500,000 | 1,539,412 | |||||||
Tyson Foods, Inc., 4.50%, 6/15/22, (Callable 3/15/22 @ 100) | 2,000,000 | 2,045,020 | |||||||
9,032,118 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (1.2%) | |||||||||
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 1,000,000 | 994,291 | |||||||
Express Scripts Holding Co., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | 1,004,163 | |||||||
1,998,454 | |||||||||
HOTELS, RESTAURANTS & LEISURE (0.9%) | |||||||||
McDonald’s Corp., 3.70%, 1/30/26, (Callable 10/30/25 @ 100) | 1,500,000 | 1,463,468 | |||||||
HOUSEHOLD DURABLES (0.6%) | |||||||||
Newell Rubbermaid, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,000,000 | 990,284 | |||||||
INDUSTRIAL CONGLOMERATES (1.9%) | |||||||||
General Electric Capital Corp., 4.38%, 9/16/20 | 1,000,000 | 1,012,643 | |||||||
Honeywell International Inc., 4.25%, 3/1/21 | 2,000,000 | 2,043,239 | |||||||
3,055,882 | |||||||||
INSURANCE (2.5%) | |||||||||
GE Global Insurance Holding Corp., 6.45%, 3/1/19 | 1,000,000 | 1,012,163 | |||||||
MetLife, Inc., 4.75%, 2/8/21 | 1,000,000 | 1,029,033 | |||||||
Prudential Financial, Inc., 5.87% (US0003M + 418 bps), 9/15/42, (Callable 9/15/22 @ 100)(a) | 2,000,000 | 2,081,000 | |||||||
4,122,196 | |||||||||
IT SERVICES (0.6%) | |||||||||
Visa, Inc., 3.15%, 12/14/25, (Callable 9/14/25 @ 100) | 1,000,000 | 962,141 | |||||||
MACHINERY (0.6%) | |||||||||
Caterpillar, Inc., 3.90%, 5/27/21 | 1,000,000 | 1,012,777 | |||||||
OIL, GAS & CONSUMABLE FUELS (2.6%) | |||||||||
Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100) | 724,000 | 708,577 | |||||||
ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) | 1,000,000 | 1,061,557 | |||||||
Gulf South Pipeline Company LP, 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,500,000 | 1,493,140 | |||||||
Occidental Petroleum Corp., 3.13%, 2/15/22, (Callable 11/15/21 @ 100) | 1,000,000 | 986,737 | |||||||
4,250,011 | |||||||||
PHARMACEUTICALS (1.1%) | |||||||||
Pfizer, Inc., 3.60%, 9/15/28, (Callable 6/15/28 @ 100) | 1,000,000 | 975,205 | |||||||
Teva Pharmaceutical Finance, 3.65%, 11/10/21 | 901,000 | 863,124 | |||||||
1,838,329 | |||||||||
ROAD & RAIL (1.2%) | |||||||||
Union Pacific Corp., 4.16%, 7/15/22, (Callable 4/15/22 @ 100) | 2,000,000 | 2,044,846 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.6%) | |||||||||
Applied Materials, Inc., 4.30%, 6/15/21 | 1,000,000 | 1,023,511 | |||||||
NVIDIA Corp., 3.20%, 9/16/26, (Callable 6/16/26 @ 100) | 1,000,000 | 935,355 | |||||||
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | 3,932,355 | |||||||
5,891,221 |
See notes to financial statements.
33
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
Principal Amount | Value | ||||||||
SOFTWARE (2.1%) | |||||||||
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | $ | 2,000,000 | $ | 1,840,263 | |||||
Oracle Corp., 5.00%, 7/8/19 | 1,500,000 | 1,521,903 | |||||||
3,362,166 | |||||||||
SPECIALTY RETAIL (2.5%) | |||||||||
Lowe’s Companies, Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100) | 1,000,000 | 1,012,418 | |||||||
The Home Depot, Inc., 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | 2,023,640 | |||||||
The Home Depot, Inc., 4.40%, 4/1/21, (Callable 1/1/21 @ 100) | 1,000,000 | 1,024,583 | |||||||
4,060,641 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.2%) | |||||||||
Western Digital Corp., 4.75%, 2/15/26, (Callable 11/15/25 @ 100) | 1,000,000 | 923,750 | |||||||
Xerox Corp., 4.50%, 5/15/21 | 1,000,000 | 993,515 | |||||||
1,917,265 | |||||||||
THRIFTS & MORTGAGE FINANCE (0.3%) | |||||||||
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35, (Callable 6/25/19 @ 100)(a) | 401,446 | 413,065 | |||||||
TOTAL CORPORATE BONDS (COST $104,173,389) | 101,310,545 | ||||||||
MUNICIPAL BONDS (2.5%) | |||||||||
Brainerd Independent School District No. 181, GO, 5.00%, 2/1/23, (Callable 2/1/19 @ 100) | 225,000 | 225,713 | |||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.72%, 5/1/30, (Callable 5/1/20 @ 100) | 1,500,000 | 1,550,475 | |||||||
North Carolina State Turnpike Authority Triangle Expressway Systems Revenue, 5.13%, 1/1/20 | 450,000 | 459,842 | |||||||
Oklahoma Development Finance Authority Lease Revenue, 5.65%, 6/1/41, (Callable 6/1/21 @ 100) | 150,000 | 154,779 | |||||||
The City of New York, GO, 5.68%, 10/1/34, (Callable 10/1/19 @ 100) | 1,000,000 | 1,021,160 | |||||||
The University of Texas System Revenue, 6.28%, 8/15/41, (Callable 8/15/19 @ 100) | 625,000 | 639,363 | |||||||
TOTAL MUNICIPAL BONDS (COST $4,143,664) | 4,051,332 | ||||||||
U.S. GOVERNMENT AGENCIES (12.6%) | |||||||||
Federal Farm Credit Bank | |||||||||
1.08%, 8/15/19 | 1,000,000 | 987,845 | |||||||
2.96%, 11/17/25 | 1,000,000 | 956,837 | |||||||
3.53%, 5/14/25 | 500,000 | 496,127 | |||||||
2,440,809 | |||||||||
Federal Home Loan Bank | |||||||||
1.50%, 5/23/22(a)(b) | 1,000,000 | 997,159 | |||||||
1.62%, 6/29/22(a) | 1,000,000 | 977,750 | |||||||
1.75%, 12/14/18 | 1,000,000 | 999,340 | |||||||
2.20%, 9/13/22(a) | 1,000,000 | 999,289 | |||||||
2.24%, 11/29/22 | 1,000,000 | 966,570 | |||||||
2.25%, 7/26/27(a) | 1,000,000 | 955,288 | |||||||
3.00%, 3/29/23 | 1,000,000 | 984,004 | |||||||
3.00%, 9/28/23(a) | 1,000,000 | 998,412 | |||||||
3.50%, 7/29/21 | 2,000,000 | 2,028,356 | |||||||
9,906,168 | |||||||||
Federal Home Loan Mortgage Corp. | |||||||||
1.50%, 7/27/21(a) | 500,000 | 489,608 | |||||||
2.00%, 8/17/21(a)(b) | 1,000,000 | 969,384 | |||||||
2.00%, 12/29/22(a) | 1,000,000 | 985,640 | |||||||
2.25%, 2/28/22 | 1,000,000 | 970,007 | |||||||
2.50%, 1/30/23 | 500,000 | 487,313 | |||||||
2.50%, 3/29/22(a)(b) | 1,000,000 | 980,542 | |||||||
3.75%, 3/27/19 | 1,500,000 | 1,508,037 | |||||||
6,390,531 |
See notes to financial statements.
34
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
Principal Amount | Value | |||||||
Federal National Mortgage Association | ||||||||
1.51%, 9/30/21 | $ | 1,000,000 | $ | 953,585 | ||||
1.53%, 4/12/22 | 1,000,000 | 950,941 | ||||||
1,904,526 | ||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $21,046,357) | 20,642,034 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (3.3%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
1.50%, 2/26/21(a) | 500,000 | 490,821 | ||||||
3.60% (US0012M + 179 bps), 10/1/37(a) | 76,833 | 80,588 | ||||||
4.00%, 12/15/25 | 2,500,000 | 2,524,745 | ||||||
4.13% (H15T1Y + 225 bps), 5/1/36(a) | 59,930 | 63,274 | ||||||
5.00%, 11/1/37 | 17,378 | 17,999 | ||||||
6.00%, 3/1/38 | 37,771 | 41,494 | ||||||
3,218,921 | ||||||||
Federal National Mortgage Association | ||||||||
2.70% (US0001M + 42 bps), 11/25/36(a) | 77,777 | 78,055 | ||||||
4.00%, 9/1/33 | 975,970 | 994,612 | ||||||
4.25% (H15T1Y + 213 bps), 7/1/36(a) | 26,445 | 26,491 | ||||||
4.44% (US0012M + 182 bps), 5/1/36(a) | 120,143 | 126,650 | ||||||
4.91% (US0012M + 204 bps), 10/1/36(a) | 18,187 | 18,230 | ||||||
5.00%, 1/1/35 | 34,988 | 36,136 | ||||||
5.50%, 9/1/36 | 10,498 | 10,427 | ||||||
6.00%, 6/1/36 | 182,643 | 188,722 | ||||||
6.00%, 9/1/36 | 63,814 | 66,559 | ||||||
6.00%, 5/1/37 | 33,091 | 35,060 | ||||||
1,580,942 | ||||||||
Government National Mortgage Association | ||||||||
3.37% (H15T1Y + 150 bps), 1/20/39(a) | 10,313 | 10,331 | ||||||
4.25%, 10/20/38 | 114,929 | 116,163 | ||||||
4.50%, 8/20/38 | 115,522 | 117,651 | ||||||
4.50%, 5/20/39 | 144,996 | 146,293 | ||||||
4.50%, 6/15/40 | 195,452 | 202,367 | ||||||
5.00%, 5/20/40 | 80,740 | 82,825 | ||||||
5.50%, 12/20/38 | 15,708 | 16,125 | ||||||
6.00%, 6/15/37 | 45,455 | 48,690 | ||||||
6.00%, 10/15/37 | 40,922 | 43,834 | ||||||
6.50%, 10/20/38 | 7,435 | 7,667 | ||||||
791,946 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $5,510,930) | 5,591,809 | |||||||
U.S. TREASURY OBLIGATIONS (15.7%) | ||||||||
U.S. Treasury Notes | ||||||||
0.38%, 1/15/27 | 1,043,830 | 982,750 | ||||||
1.38%, 2/28/19 | 3,000,000 | 2,989,922 | ||||||
1.50%, 12/31/18 | 2,500,000 | 2,496,989 | ||||||
1.63%, 11/15/22 | 2,150,000 | 2,039,896 | ||||||
2.00%, 11/30/20 | 2,500,000 | 2,455,273 | ||||||
2.00%, 11/15/21 | 5,000,000 | 4,865,039 | ||||||
2.00%, 2/15/22 | 7,000,000 | 6,792,734 | ||||||
3.13%, 5/15/19 | 3,000,000 | 3,009,492 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $26,130,818) | 25,632,095 |
See notes to financial statements.
35
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD SELECT BOND FUND
Shares | Value | ||||||||
PREFERRED STOCKS (1.2%) | |||||||||
BANKS (0.2%) | |||||||||
JPMorgan Chase & Co. – Preferred | 15,000 | $ | 379,500 | ||||||
COMMERCIAL SERVICES & SUPPLIES (0.2%) | |||||||||
Pitney Bowes, Inc. – Preferred | 15,000 | 340,500 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (0.2%) | |||||||||
Public Storage – Preferred | 15,000 | 350,850 | |||||||
INSURANCE (0.2%) | |||||||||
Torchmark Corp. – Preferred | 15,000 | 379,500 | |||||||
INTERNET & DIRECT MARKETING RETAIL (0.2%) | |||||||||
eBay, Inc. – Preferred | 15,000 | 376,950 | |||||||
MACHINERY (0.2%) | |||||||||
Stanley Black & Decker, Inc. – Preferred | 15,000 | 374,400 | |||||||
TOTAL PREFERRED STOCKS (COST $2,362,372) | 2,201,700 | ||||||||
MONEY MARKET FUND (1.9%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(a) | 3,047,526 | 3,047,526 | |||||||
TOTAL MONEY MARKET FUND (COST $3,047,526) | 3,047,526 | ||||||||
TOTAL INVESTMENTS (COST $166,415,056) 99.2% | 162,477,041 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% | 1,447,628 | ||||||||
NET ASSETS 100.0% | $ | 163,924,669 |
(a) | Variable rate security. The interest rate shown represents the rate in effect at October 31, 2018. For securities based on published reference rate and spread, the reference rate and spread are indicated in the description. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Step bond. Coupon rate is set for an initial period and then adjusted at a specified date. The rate shown represents the rate as of October 31, 2018. |
bps – Basis Points
GO – General Obligation
H15T1Y – 1 Year Treasury Constant Maturity Rate
LIBOR – London Interbank Offered Rate
LLC – Limited Liability Company
LP – Limited Partnership
US0001M – 1 Month US Dollar LIBOR
US0003M – 3 Month US Dollar LIBOR
US0012M – 12 Month US Dollar LIBOR
See notes to financial statements.
36
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
The table below sets forth the diversification of the Steward Global Equity Income Fund investments by Country.
Country Diversification | Percent* | |||
United States | 58.8 | % | ||
Canada | 9.9 | |||
United Kingdom | 6.1 | |||
Japan | 6.0 | |||
Netherlands | 5.5 | |||
Ireland (Republic of) | 2.8 | |||
Taiwan, Province of China | 2.2 | |||
India | 1.8 | |||
Spain | 1.6 | |||
China | 1.5 | |||
Luxembourg | 1.5 | |||
Switzerland | 1.2 | |||
Chile | 1.0 | |||
Total Investments | 99.9 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
37
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | ||||||||
COMMON STOCKS (98.2%) | |||||||||
AEROSPACE & DEFENSE (4.3%) | |||||||||
Raytheon Co. | 38,370 | $ | 6,716,285 | ||||||
The Boeing Co. | 17,920 | 6,359,091 | |||||||
13,075,376 | |||||||||
AUTO COMPONENTS (1.3%) | |||||||||
Magna International, Inc., Class A, ADR | 82,610 | 4,067,716 | |||||||
AUTOMOBILES (2.9%) | |||||||||
Honda Motor Co. Ltd., Sponsored ADR | 144,800 | 4,126,800 | |||||||
Toyota Motor Corp., Sponsored ADR | 40,180 | 4,703,069 | |||||||
8,829,869 | |||||||||
BANKS (9.9%) | |||||||||
Bank of Nova Scotia | 73,700 | 3,958,427 | |||||||
Canadian Imperial Bank of Commerce | 58,260 | 5,029,003 | |||||||
Huntington Bancshares, Inc. | 298,840 | 4,282,377 | |||||||
Mizuho Financial Group, Inc., Sponsored ADR | 910,430 | 3,131,879 | |||||||
People’s United Financial, Inc. | 193,740 | 3,033,969 | |||||||
Royal Bank of Canada | 62,680 | 4,565,611 | |||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 806,950 | 6,253,863 | |||||||
30,255,129 | |||||||||
BEVERAGES (2.1%) | |||||||||
PepsiCo, Inc. | 58,190 | 6,539,392 | |||||||
BIOTECHNOLOGY (2.8%) | |||||||||
AbbVie, Inc. | 46,730 | 3,637,930 | |||||||
Grifols SA, Sponsored ADR | 237,690 | 4,853,630 | |||||||
8,491,560 | |||||||||
DISTRIBUTORS (1.3%) | |||||||||
Genuine Parts Co. | 41,210 | 4,035,283 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%) | |||||||||
TELUS Corp. | 122,520 | 4,192,634 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (1.2%) | |||||||||
TE Connectivity Ltd. | 48,130 | 3,629,965 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.2%) | |||||||||
EPR Properties | 46,160 | 3,173,038 | |||||||
Extra Space Storage, Inc. | 41,460 | 3,733,888 | |||||||
LTC Properties, Inc. | 65,870 | 2,817,260 | |||||||
9,724,186 | |||||||||
FOOD PRODUCTS (1.0%) | |||||||||
General Mills, Inc. | 67,120 | 2,939,856 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES (7.1%) | |||||||||
Koninklijke Royal Philips Electronics N.V., Sponsored NYS | 79,390 | 2,955,690 | |||||||
Medtronic PLC | 69,400 | 6,233,508 | |||||||
ResMed, Inc. | 56,920 | 6,028,966 | |||||||
Smith & Nephew PLC, Sponsored ADR | 194,380 | 6,391,214 | |||||||
21,609,378 |
Shares | Value | ||||||||
HEALTH CARE PROVIDERS & SERVICES (4.3%) | |||||||||
Encompass Health Corp. | 97,900 | $ | 6,588,670 | ||||||
Quest Diagnostics, Inc. | 69,270 | 6,519,000 | |||||||
13,107,670 | |||||||||
HOTELS, RESTAURANTS & LEISURE (5.0%) | |||||||||
Carnival PLC, Sponsored ADR | 44,800 | 2,486,848 | |||||||
Dunkin’ Brands Group, Inc. | 61,330 | 4,450,105 | |||||||
McDonald’s Corp. | 46,990 | 8,312,531 | |||||||
15,249,484 | |||||||||
HOUSEHOLD DURABLES (1.5%) | |||||||||
Leggett & Platt, Inc. | 77,380 | 2,809,668 | |||||||
Newell Rubbermaid, Inc. | 118,970 | 1,889,243 | |||||||
4,698,911 | |||||||||
HOUSEHOLD PRODUCTS (1.7%) | |||||||||
Clorox Co. | 14,280 | 2,119,866 | |||||||
Procter & Gamble Co. | 33,770 | 2,994,724 | |||||||
5,114,590 | |||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (1.0%) | |||||||||
Empresa Nacional de Electricidad SA, Sponsored ADR | 160,740 | 2,957,616 | |||||||
INDUSTRIAL CONGLOMERATES (1.8%) | |||||||||
3M Co. | 29,150 | 5,546,079 | |||||||
INSURANCE (3.5%) | |||||||||
Aegon N.V., Sponsored NYS | 1,130,151 | 6,871,316 | |||||||
Principal Financial Group, Inc. | 82,840 | 3,899,279 | |||||||
10,770,595 | |||||||||
IT SERVICES (8.3%) | |||||||||
Accenture PLC, Class A | 41,450 | 6,533,349 | |||||||
Automatic Data Processing, Inc. | 57,490 | 8,283,159 | |||||||
Infosys Technologies Ltd., Sponsored ADR | 583,380 | 5,524,609 | |||||||
Sabre Corp. | 202,200 | 4,984,230 | |||||||
25,325,347 | |||||||||
MACHINERY (1.4%) | |||||||||
Snap-on, Inc. | 27,690 | 4,262,599 | |||||||
MEDIA (0.6%) | |||||||||
WPP PLC, Sponsored ADR | 34,150 | 1,926,402 | |||||||
METALS & MINING (3.0%) | |||||||||
Rio Tinto PLC, Sponsored ADR | 90,630 | 4,467,153 | |||||||
Ternium SA, Sponsored ADR | 144,140 | 4,589,417 | |||||||
9,056,570 | |||||||||
MULTI-UTILITIES (2.2%) | |||||||||
Dominion Resources, Inc. | 53,600 | 3,828,112 | |||||||
WEC Energy Group | 44,750 | 3,060,900 | |||||||
6,889,012 | |||||||||
OIL, GAS & CONSUMABLE FUELS (6.8%) | |||||||||
China Petroleum & Chemical Corp., Sponsored ADR | 56,590 | 4,564,549 | |||||||
Exxon Mobil Corp. | 81,410 | 6,486,749 |
See notes to financial statements.
38
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | ||||||||
Pembina Pipeline Corp. | 147,910 | $ | 4,780,451 | ||||||
Valero Energy Corp. | 55,600 | 5,064,604 | |||||||
20,896,353 | |||||||||
PERSONAL PRODUCTS (2.3%) | |||||||||
Unilever N.V., Sponsored NYS | 133,480 | 7,178,554 | |||||||
PROFESSIONAL SERVICES (1.7%) | |||||||||
RELX PLC, Sponsored ADR | 271,970 | 5,346,930 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (9.2%) | |||||||||
Analog Devices, Inc. | 56,480 | 4,727,941 | |||||||
Intel Corp. | 140,840 | 6,602,579 | |||||||
KLA-Tencor Corp. | 47,270 | 4,327,096 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 174,930 | 6,664,833 | |||||||
Texas Instruments, Inc. | 62,370 | 5,789,807 | |||||||
28,112,256 | |||||||||
SOFTWARE (5.4%) | |||||||||
J2 Global, Inc. | 55,440 | 4,038,250 | |||||||
Microsoft Corp. | 82,000 | 8,758,421 | |||||||
Open Text Corp. | 108,280 | 3,659,864 | |||||||
16,456,535 | |||||||||
TOTAL COMMON STOCKS (COST $278,070,680) | 300,285,847 |
Shares | Value | ||||||||
MONEY MARKET FUND (1.7%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(a) | 5,064,247 | $ | 5,064,247 | ||||||
TOTAL MONEY MARKET FUND (COST $5,064,247) | 5,064,247 | ||||||||
TOTAL INVESTMENTS (COST $283,134,927) 99.9% | 305,350,094 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | 286,254 | ||||||||
NET ASSETS 100.0% | $ | 305,636,348 |
(a) | Variable rate money market investment. The rate shown represents the rate as of October 31, 2018. |
ADR – American Depositary Receipt
NYS – New York Shares
PLC – Public Limited Company
See notes to financial statements.
39
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD COVERED CALL INCOME FUND
The table below sets forth the diversification of the Steward Covered Call Income Fund investments by Industry.
Industry Diversification | Percent* | |||
Banks | 7.7 | % | ||
IT Services | 7.1 | |||
Software | 5.6 | |||
Interactive Media & Services | 5.4 | |||
Aerospace & Defense | 4.8 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Electric Utilities | 4.1 | |||
Semiconductors & Semiconductor Equipment | 3.9 | |||
Health Care Equipment & Supplies | 3.8 | |||
Technology Hardware, Storage & Peripherals | 3.7 | |||
Biotechnology | 3.6 | |||
Beverages | 3.5 | |||
Capital Markets | 2.9 | |||
Food & Staples Retailing | 2.9 | |||
Industrial Conglomerates | 2.6 | |||
Diversified Financial Services | 2.5 | |||
Specialty Retail | 2.4 | |||
Household Products | 2.1 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Money Market Fund | 2.0 | |||
Communications Equipment | 1.9 | |||
Air Freight & Logistics | 1.7 | |||
Insurance | 1.7 | |||
Media | 1.6 | |||
Pharmaceuticals | 1.6 | |||
Consumer Finance | 1.6 | |||
Diversified Telecommunication Services | 1.5 | |||
Entertainment | 1.4 | |||
Food Products | 1.2 | |||
Energy Equipment & Services | 1.2 | |||
Chemicals | 1.1 | |||
Equity Real Estate Investment Trusts | 1.0 | |||
Road & Rail | 1.0 | |||
Automobiles | 1.0 | |||
Electrical Equipment | 0.9 | |||
Textiles, Apparel & Luxury Goods | 0.9 | |||
Machinery | 0.8 | |||
Multiline Retail | 0.8 | |||
Internet & Direct Marketing Retail | 0.7 | |||
Health Care Providers & Services | 0.6 | |||
Building Products | 0.0 | |||
Total Investments | 101.6 | % |
* | Percentages indicated are based on net assets as of October 31, 2018. |
See notes to financial statements.
40
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Shares | Value | ||||||||
COMMON STOCKS (99.6%) | |||||||||
AEROSPACE & DEFENSE (4.8%) | |||||||||
General Dynamics Corp. | 1,100 | $ | 189,838 | ||||||
Lockheed Martin Corp. | 900 | 264,465 | |||||||
Raytheon Co. | 1,200 | 210,048 | |||||||
The Boeing Co. | 1,000 | 354,860 | |||||||
United Technologies Corp. | 1,700 | 211,157 | |||||||
1,230,368 | |||||||||
AIR FREIGHT & LOGISTICS (1.7%) | |||||||||
FedEx Corp. | 900 | 198,306 | |||||||
United Parcel Service, Inc., Class B | 2,300 | 245,042 | |||||||
443,348 | |||||||||
AUTOMOBILES (1.0%) | |||||||||
Ford Motor Co. | 11,700 | 111,735 | |||||||
General Motors Co. | 3,900 | 142,701 | |||||||
254,436 | |||||||||
BANKS (7.7%) | |||||||||
Bank of America Corp. | 14,500 | 398,750 | |||||||
Citigroup, Inc. | 4,600 | 301,116 | |||||||
JPMorgan Chase & Co. | 5,900 | 643,218 | |||||||
U.S. Bancorp | 5,600 | 292,712 | |||||||
Wells Fargo & Co. | 6,400 | 340,672 | |||||||
1,976,468 | |||||||||
BEVERAGES (3.5%) | |||||||||
Coca-Cola Co. (The) | 10,200 | 488,376 | |||||||
PepsiCo, Inc. | 3,700 | 415,806 | |||||||
904,182 | |||||||||
BIOTECHNOLOGY (3.6%) | |||||||||
AbbVie, Inc. | 2,600 | 202,410 | |||||||
Amgen, Inc. | 1,500 | 289,185 | |||||||
Biogen Idec, Inc.(a) | 500 | 152,135 | |||||||
Celgene Corp.(a) | 1,700 | 121,720 | |||||||
Gilead Sciences, Inc. | 2,400 | 163,632 | |||||||
929,082 | |||||||||
BUILDING PRODUCTS (0.0%) | |||||||||
Resideo Technologies, Inc.†(a) | 383 | 8,069 | |||||||
CAPITAL MARKETS (2.9%) | |||||||||
Bank of New York Mellon Corp. | 3,600 | 170,388 | |||||||
BlackRock, Inc., Class A | 400 | 164,568 | |||||||
Goldman Sachs Group, Inc. | 900 | 202,833 | |||||||
Morgan Stanley | 4,400 | 200,904 | |||||||
738,693 | |||||||||
CHEMICALS (1.1%) | |||||||||
DowDuPont, Inc. | 5,000 | 269,600 | |||||||
COMMUNICATIONS EQUIPMENT (1.9%) | |||||||||
Cisco Systems, Inc. | 10,400 | 475,800 |
Shares | Value | ||||||||
CONSUMER FINANCE (1.6%) | |||||||||
American Express Co. | 2,400 | $ | 246,552 | ||||||
Capital One Financial Corp. | 1,800 | 160,740 | |||||||
407,292 | |||||||||
DIVERSIFIED FINANCIAL SERVICES (2.5%) | |||||||||
Berkshire Hathaway, Inc., Class B(a) | 3,100 | 636,368 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.5%) | |||||||||
Verizon Communications, Inc. | 6,500 | 371,085 | |||||||
ELECTRIC UTILITIES (4.1%) | |||||||||
Duke Energy Corp. | 4,600 | 380,098 | |||||||
Exelon Corp. | 4,600 | 201,526 | |||||||
NextEra Energy, Inc. | 1,800 | 310,500 | |||||||
Southern Co. | 3,500 | 157,605 | |||||||
1,049,729 | |||||||||
ELECTRICAL EQUIPMENT (0.9%) | |||||||||
Emerson Electric Co. | 3,200 | 217,216 | |||||||
ENERGY EQUIPMENT & SERVICES (1.2%) | |||||||||
Halliburton Co. | 4,300 | 149,124 | |||||||
Schlumberger Ltd. | 3,100 | 159,061 | |||||||
308,185 | |||||||||
ENTERTAINMENT (1.4%) | |||||||||
The Walt Disney Co. | 3,000 | 344,490 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (1.0%) | |||||||||
Simon Property Group, Inc. | 1,400 | 256,928 | |||||||
FOOD & STAPLES RETAILING (2.9%) | |||||||||
Costco Wholesale Corp. | 1,300 | 297,219 | |||||||
Walgreens Boots Alliance, Inc. | 2,000 | 159,540 | |||||||
Wal-Mart Stores, Inc. | 2,800 | 280,784 | |||||||
737,543 | |||||||||
FOOD PRODUCTS (1.2%) | |||||||||
Mondelez International, Inc., Class A | 4,200 | 176,316 | |||||||
The Kraft Heinz Co. | 2,400 | 131,928 | |||||||
308,244 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (3.8%) | |||||||||
Abbott Laboratories | 5,000 | 344,700 | |||||||
Danaher Corp. | 2,700 | 268,380 | |||||||
Medtronic PLC | 4,100 | 368,262 | |||||||
981,342 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (0.6%) | |||||||||
CVS Health Corp. | 2,100 | 152,019 | |||||||
HOTELS, RESTAURANTS & LEISURE (2.0%) | |||||||||
McDonald’s Corp. | 1,700 | 300,730 | |||||||
Starbucks Corp. | 3,400 | 198,118 | |||||||
498,848 |
See notes to financial statements.
41
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Shares | Value | ||||||||
HOUSEHOLD PRODUCTS (2.1%) | |||||||||
Colgate-Palmolive Co. | 3,000 | $ | 178,650 | ||||||
Procter & Gamble Co. | 4,100 | 363,588 | |||||||
542,238 | |||||||||
INDUSTRIAL CONGLOMERATES (2.6%) | |||||||||
3M Co. | 1,700 | 323,442 | |||||||
Honeywell International, Inc. | 2,300 | 333,086 | |||||||
656,528 | |||||||||
INSURANCE (1.7%) | |||||||||
American International Group, Inc. | 3,200 | 132,128 | |||||||
MetLife, Inc. | 3,200 | 131,808 | |||||||
The Allstate Corp. | 1,900 | 181,868 | |||||||
445,804 | |||||||||
INTERACTIVE MEDIA & SERVICES (5.4%) | |||||||||
Alphabet, Inc., Class A†(a) | 300 | 327,174 | |||||||
Alphabet, Inc., Class C(a) | 500 | 538,385 | |||||||
Facebook, Inc.(a) | 3,400 | 516,086 | |||||||
1,381,645 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (0.7%) | |||||||||
Booking Holdings, Inc.(a) | 100 | 187,458 | |||||||
IT SERVICES (7.1%) | |||||||||
Accenture PLC, Class A | 2,100 | 331,002 | |||||||
International Business Machines Corp. | 1,500 | 173,145 | |||||||
Mastercard, Inc., Class A | 2,400 | 474,408 | |||||||
PayPal Holdings, Inc.(a) | 2,900 | 244,151 | |||||||
Visa, Inc., Class A | 4,300 | 592,755 | |||||||
1,815,461 | |||||||||
MACHINERY (0.8%) | |||||||||
Caterpillar, Inc. | 1,600 | 194,112 | |||||||
MEDIA (1.6%) | |||||||||
Charter Communications, Inc., Class A(a) | 1,300 | 416,481 | |||||||
MULTILINE RETAIL (0.8%) | |||||||||
Target Corp. | 2,300 | 192,349 | |||||||
OIL, GAS & CONSUMABLE FUELS (4.8%) | |||||||||
Chevron Corp. | 2,900 | 323,785 | |||||||
ConocoPhillips | 2,500 | 174,750 | |||||||
Exxon Mobil Corp. | 5,700 | 454,176 | |||||||
Kinder Morgan, Inc. | 6,800 | 115,736 | |||||||
Occidental Petroleum Corp. | 2,300 | 154,261 | |||||||
1,222,708 | |||||||||
PHARMACEUTICALS (1.6%) | |||||||||
Allergan PLC | 800 | 126,408 | |||||||
Eli Lilly & Co. | 2,700 | 292,788 | |||||||
419,196 | |||||||||
ROAD & RAIL (1.0%) | |||||||||
Union Pacific Corp. | 1,700 | 248,574 |
Shares | Value | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.9%) | |||||||||
Intel Corp. | 6,700 | $ | 314,096 | ||||||
NVIDIA Corp. | 1,000 | 210,830 | |||||||
QUALCOMM, Inc. | 2,700 | 169,803 | |||||||
Texas Instruments, Inc. | 3,200 | 297,056 | |||||||
991,785 | |||||||||
SOFTWARE (5.6%) | |||||||||
Microsoft Corp. | 10,600 | 1,132,186 | |||||||
Oracle Corp. | 6,200 | 302,808 | |||||||
1,434,994 | |||||||||
SPECIALTY RETAIL (2.4%) | |||||||||
Home Depot, Inc. | 2,500 | 439,700 | |||||||
Lowe’s Companies, Inc.† | 1,800 | 171,396 | |||||||
611,096 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.7%) | |||||||||
Apple Computer, Inc. | 4,300 | 941,098 | |||||||
TEXTILES, APPAREL & LUXURY GOODS (0.9%) | |||||||||
Nike, Inc., Class B | 3,000 | 225,120 | |||||||
TOTAL COMMON STOCKS (COST $27,091,342) | 25,425,982 | ||||||||
MONEY MARKET FUND (2.0%) | |||||||||
Federated Government Obligations Fund, Institutional Shares, 2.03%(b) | 500,813 | 500,813 | |||||||
TOTAL MONEY MARKET FUND (COST $500,813) | 500,813 | ||||||||
TOTAL INVESTMENTS (COST $27,592,155) 101.6% | 25,926,795 | ||||||||
WRITTEN CALL OPTIONS -1.9% (PREMIUMS RECEIVED $461,929) | (484,171 | ) | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.3% | 75,157 | ||||||||
NET ASSETS 100.0% | $ | 25,517,781 |
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) | Variable rate money market investment. The rate shown represents the rate as of October 31, 2018. |
PLC – Public Limited Company
See notes to financial statements.
42
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of October 31, 2018 were as follows:
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||||||||||||||
3M Co. | Call | 17 | $ | (340,000 | ) | $ | 200.00 | 1/18/19 | $ | (6,936 | ) | |||||||||||||
Abbott Laboratories | Call | 50 | (337,500 | ) | 67.50 | 11/16/18 | (11,900 | ) | ||||||||||||||||
Abbvie, Inc. | Call | 25 | (225,000 | ) | 90.00 | 1/18/19 | (2,825 | ) | ||||||||||||||||
Accenture PLC | Call | 21 | (336,000 | ) | 160.00 | 11/16/18 | (5,670 | ) | ||||||||||||||||
Allergan PLC | Call | 8 | (148,000 | ) | 185.00 | 12/21/18 | (576 | ) | ||||||||||||||||
Alphabet, Inc. | Call | 5 | (537,500 | ) | 1,075.00 | 12/21/18 | (27,430 | ) | ||||||||||||||||
American Express Co. | Call | 23 | (253,000 | ) | 110.00 | 1/18/19 | (3,151 | ) | ||||||||||||||||
American International Group, Inc. | Call | 31 | (136,400 | ) | 44.00 | 1/18/19 | (5,735 | ) | ||||||||||||||||
Amgen, Inc. | Call | 15 | (315,000 | ) | 210.00 | 1/18/19 | (3,660 | ) | ||||||||||||||||
Apple Computer, Inc. | Call | 43 | (1,010,500 | ) | 235.00 | 11/16/18 | (7,568 | ) | ||||||||||||||||
Bank of America Corp. | Call | 145 | (420,500 | ) | 29.00 | 1/18/19 | (12,180 | ) | ||||||||||||||||
Bank of New York Mellon Corp. | Call | 35 | (175,000 | ) | 50.00 | 12/21/18 | (2,660 | ) | ||||||||||||||||
Berkshire Hathaway, Inc. | Call | 25 | (575,000 | ) | 230.00 | 12/21/18 | (1,375 | ) | ||||||||||||||||
Biogen Idec, Inc. | Call | 5 | (160,000 | ) | 320.00 | 12/21/18 | (4,405 | ) | ||||||||||||||||
BlackRock, Inc. | Call | 4 | (168,000 | ) | 420.00 | 11/16/18 | (3,020 | ) | ||||||||||||||||
Booking Holdings, Inc. | Call | 1 | (199,000 | ) | 1,990.00 | 11/16/18 | (3,151 | ) | ||||||||||||||||
Capital One Financial Corp. | Call | 18 | (166,500 | ) | 92.50 | 12/21/18 | (3,888 | ) | ||||||||||||||||
Caterpillar, Inc. | Call | 16 | (192,000 | ) | 120.00 | 12/21/18 | (11,360 | ) | ||||||||||||||||
Celgene Corp. | Call | 16 | (128,000 | ) | 80.00 | 1/18/19 | (2,464 | ) | ||||||||||||||||
Charter Communications, Inc. | Call | 13 | (474,500 | ) | 365.00 | 12/21/18 | (3,510 | ) | ||||||||||||||||
Chevron Corp. | Call | 29 | (362,500 | ) | 125.00 | 12/21/18 | (1,305 | ) | ||||||||||||||||
Cisco Systems, Inc. | Call | 104 | (509,600 | ) | 49.00 | 11/16/18 | (4,160 | ) | ||||||||||||||||
Citigroup, Inc. | Call | 45 | (303,750 | ) | 67.50 | 12/21/18 | (7,515 | ) | ||||||||||||||||
Coca-Cola Co. (The) | Call | 102 | (469,200 | ) | 46.00 | 11/16/18 | (22,644 | ) | ||||||||||||||||
Colgate-Palmolive Co. | Call | 30 | (202,500 | ) | 67.50 | 1/18/19 | (990 | ) | ||||||||||||||||
ConocoPhillips | Call | 25 | (181,250 | ) | 72.50 | 12/21/18 | (5,350 | ) | ||||||||||||||||
Costco Wholesale Corp. | Call | 13 | (299,000 | ) | 230.00 | 11/16/18 | (4,758 | ) | ||||||||||||||||
CVS Health Corp. | Call | 21 | (157,500 | ) | 75.00 | 11/16/18 | (3,003 | ) | ||||||||||||||||
Danaher Corp. | Call | 17 | (170,000 | ) | 100.00 | 12/21/18 | (5,440 | ) | ||||||||||||||||
DowDupont, Inc. | Call | 50 | (300,000 | ) | 60.00 | 12/21/18 | (3,750 | ) | ||||||||||||||||
Duke Energy Corp. | Call | 46 | (391,000 | ) | 85.00 | 1/18/19 | (6,808 | ) | ||||||||||||||||
Eli Lilly & Co. | Call | 27 | (310,500 | ) | 115.00 | 1/18/19 | (6,183 | ) | ||||||||||||||||
Emerson Electric Co. | Call | 32 | (240,000 | ) | 75.00 | 12/21/18 | (1,920 | ) | ||||||||||||||||
Exelon Corp. | Call | 35 | (157,500 | ) | 45.00 | 1/18/19 | (3,675 | ) | ||||||||||||||||
Exxon Mobil Corp. | Call | 57 | (484,500 | ) | 85.00 | 12/21/18 | (3,534 | ) | ||||||||||||||||
Facebook, Inc. | Call | 34 | (595,000 | ) | 175.00 | 11/16/18 | (476 | ) | ||||||||||||||||
FedEx Corp. | Call | 9 | (207,000 | ) | 230.00 | 1/18/19 | (6,750 | ) | ||||||||||||||||
Ford Motor Co. | Call | 117 | (117,000 | ) | 10.00 | 12/21/18 | (2,808 | ) | ||||||||||||||||
General Dynamics Corp. | Call | 11 | (198,000 | ) | 180.00 | 1/18/19 | (4,950 | ) | ||||||||||||||||
General Motors Co. | Call | 39 | (144,300 | ) | 37.00 | 12/21/18 | (5,850 | ) | ||||||||||||||||
Gilead Sciences, Inc. | Call | 24 | (198,000 | ) | 82.50 | 11/16/18 | (72 | ) | ||||||||||||||||
Goldman Sachs Group, Inc. | Call | 9 | (211,500 | ) | 235.00 | 12/21/18 | (4,212 | ) | ||||||||||||||||
Halliburton Co. | Call | 43 | (182,750 | ) | 42.50 | 12/21/18 | (387 | ) | ||||||||||||||||
Home Depot, Inc. | Call | 25 | (487,500 | ) | 195.00 | 12/21/18 | (2,500) |
See notes to financial statements.
43
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — October 31, 2018 (Unaudited)
STEWARD COVERED CALL INCOME FUND
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Honeywell International, Inc. | Call | 23 | $ | (402,500 | ) | $ | 175.00 | 12/21/18 | $ | (437 | ) | |||||||||||||
Intel Corp. | Call | 67 | (321,600 | ) | 48.00 | 11/16/18 | (5,159 | ) | ||||||||||||||||
International Business Machines Corp. | Call | 15 | (195,000 | ) | 130.00 | 1/18/19 | (1,440 | ) | ||||||||||||||||
JPMorgan Chase & Co. | Call | 59 | (708,000 | ) | 120.00 | 12/21/18 | (3,009 | ) | ||||||||||||||||
Kinder Morgan, Inc. | Call | 63 | (119,700 | ) | 19.00 | 12/21/18 | (630 | ) | ||||||||||||||||
Lockheed Martin Corp. | Call | 9 | (279,000 | ) | 310.00 | 12/21/18 | (4,842 | ) | ||||||||||||||||
Mastercard, Inc. | Call | 24 | (504,000 | ) | 210.00 | 11/16/18 | (2,496 | ) | ||||||||||||||||
McDonald’s Corp. | Call | 16 | (272,000 | ) | 170.00 | 11/16/18 | (12,800 | ) | ||||||||||||||||
Medtronic PLC | Call | 41 | (389,500 | ) | 95.00 | 12/21/18 | (6,150 | ) | ||||||||||||||||
MetLife, Inc. | Call | 32 | (136,000 | ) | 42.50 | 1/18/19 | (4,960 | ) | ||||||||||||||||
Microsoft Corp. | Call | 75 | (825,000 | ) | 110.00 | 12/21/18 | (21,225 | ) | ||||||||||||||||
Mondelez International, Inc. | Call | 41 | (180,400 | ) | 44.00 | 12/21/18 | (1,845 | ) | ||||||||||||||||
Morgan Stanley | Call | 44 | (206,800 | ) | 47.00 | 1/18/19 | (8,976 | ) | ||||||||||||||||
NextEra Energy, Inc. | Call | 18 | (324,000 | ) | 180.00 | 12/21/18 | (3,060 | ) | ||||||||||||||||
Nike, Inc. | Call | 30 | (240,000 | ) | 80.00 | 1/18/19 | (5,940 | ) | ||||||||||||||||
NVIDIA Corp. | Call | 10 | (220,000 | ) | 220.00 | 12/21/18 | (15,200 | ) | ||||||||||||||||
Occidental Petroleum Corp. | Call | 23 | (172,500 | ) | 75.00 | 11/16/18 | (345 | ) | ||||||||||||||||
Oracle Corp. | Call | 62 | (310,000 | ) | 50.00 | 12/21/18 | (9,362 | ) | ||||||||||||||||
PayPal Holdings, Inc. | Call | 29 | (268,250 | ) | 92.50 | 1/18/19 | (5,858 | ) | ||||||||||||||||
PepsiCo, Inc. | Call | 37 | (425,500 | ) | 115.00 | 11/16/18 | (3,552 | ) | ||||||||||||||||
Procter & Gamble Co. | Call | 41 | (348,500 | ) | 85.00 | 11/16/18 | (17,589 | ) | ||||||||||||||||
QUALCOMM, Inc. | Call | 27 | (195,750 | ) | 72.50 | 11/16/18 | (324 | ) | ||||||||||||||||
Raytheon Co. | Call | 12 | (216,000 | ) | 180.00 | 12/21/18 | (6,660 | ) | ||||||||||||||||
Schlumberger Ltd. | Call | 29 | (188,500 | ) | 65.00 | 11/16/18 | (87 | ) | ||||||||||||||||
Simon Property Group, Inc. | Call | 14 | (252,000 | ) | 180.00 | 1/18/19 | (12,530 | ) | ||||||||||||||||
Southern Co. | Call | 35 | (157,500 | ) | 45.00 | 11/16/18 | (3,640 | ) | ||||||||||||||||
Starbucks Corp. | Call | 34 | (204,000 | ) | 60.00 | 12/21/18 | (4,794 | ) | ||||||||||||||||
Target Corp. | Call | 23 | (201,250 | ) | 87.50 | 11/16/18 | (1,472 | ) | ||||||||||||||||
Texas Instruments, Inc. | Call | 32 | (312,000 | ) | 97.50 | 1/18/19 | (10,560 | ) | ||||||||||||||||
The Allstate Corp. | Call | 16 | (160,000 | ) | 100.00 | 1/18/19 | (3,376 | ) | ||||||||||||||||
The Boeing Co. | Call | 10 | (370,000 | ) | 370.00 | 1/18/19 | (12,250 | ) | ||||||||||||||||
The Kraft Heinz Co. | Call | 20 | (115,000 | ) | 57.50 | 1/18/19 | (2,900 | ) | ||||||||||||||||
The Walt Disney Co. | Call | 29 | (333,500 | ) | 115.00 | 11/16/18 | (8,584 | ) | ||||||||||||||||
U.S. Bancorp | Call | 50 | (275,000 | ) | 55.00 | 12/21/18 | (3,500 | ) | ||||||||||||||||
Union Pacific Corp. | Call | 17 | (263,500 | ) | 155.00 | 11/16/18 | (1,003 | ) | ||||||||||||||||
United Parcel Service, Inc. | Call | 23 | (264,500 | ) | 115.00 | 1/18/19 | (3,381 | ) | ||||||||||||||||
United Technologies Corp. | Call | 17 | (238,000 | ) | 140.00 | 11/16/18 | (136 | ) | ||||||||||||||||
Verizon Communications, Inc. | Call | 65 | (373,750 | ) | 57.50 | 12/21/18 | (9,945 | ) | ||||||||||||||||
Visa, Inc. | Call | 43 | (623,500 | ) | 145.00 | 12/21/18 | (9,202 | ) | ||||||||||||||||
Walgreens Boots Alliance, Inc. | Call | 20 | (160,000 | ) | 80.00 | 1/18/19 | (7,020 | ) | ||||||||||||||||
Wal-Mart Stores, Inc. | Call | 28 | (280,000 | ) | 100.00 | 12/21/18 | (10,500 | ) | ||||||||||||||||
Wells Fargo & Co. | Call | 64 | (368,000 | ) | 57.50 | 1/18/19 | (4,928 | ) | ||||||||||||||||
Total (Premiums received $461,929) | $ | (484,171 | ) |
* | Notional amount is expressed as the number of contracts multiplied by the exercise price multiplied by 100. |
See notes to financial statements.
44
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45
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2018 (Unaudited)
Steward Large Cap Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund | Steward International Enhanced Index Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $347,927,400, $209,627,806 and $136,281,416, respectively) | $ | 407,815,213 | $ | 229,468,262 | $ | 134,993,766 | ||||||
Cash | — | — | 29,022 | |||||||||
Interest and dividend receivable | 298,370 | 91,831 | 133,306 | |||||||||
Receivable for capital shares issued | 667,623 | 388,938 | 199,094 | |||||||||
Reclaims receivable | — | — | 7,500 | |||||||||
Prepaid expenses and other assets | 53,653 | 42,072 | 39,690 | |||||||||
Total assets | 408,834,859 | 229,991,103 | 135,402,378 | |||||||||
Liabilities: | ||||||||||||
Payable for capital shares redeemed | 121,531 | 153,723 | 69,863 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 52,599 | 30,254 | 35,208 | |||||||||
Consulting service fees | 18,673 | 10,956 | 5,838 | |||||||||
Compliance service fees | 7,191 | 4,157 | 2,366 | |||||||||
Administration fees | 16,242 | 9,573 | 5,125 | |||||||||
Distribution fees – Class A | 9,885 | 16,946 | 5,767 | |||||||||
Administrative services fees – Class A | 2,502 | 102 | 2,928 | |||||||||
Administrative services fees – Institutional Class | 15,403 | 2,240 | 9,297 | |||||||||
Fund accounting and sub-administration fees | 20,037 | 16,488 | 8,562 | |||||||||
Transfer agent fees | 9,460 | 10,362 | 4,732 | |||||||||
Custodian fees | 12,704 | 7,575 | 3,742 | |||||||||
Directors fees | 4,850 | 2,757 | 1,446 | |||||||||
Printing fees | 8,280 | 3,816 | 2,511 | |||||||||
Professional fees | 35,227 | 21,158 | 11,726 | |||||||||
Other accrued liabilities | 33,914 | 17,129 | 10,542 | |||||||||
Total liabilities | 368,498 | 307,236 | 179,653 | |||||||||
Net Assets | $ | 408,466,361 | $ | 229,683,867 | $ | 135,222,725 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 330,437,254 | 183,928,099 | 142,410,719 | |||||||||
Total distributable earnings | 78,029,107 | 45,755,768 | (7,187,994 | ) | ||||||||
Net Assets | $ | 408,466,361 | $ | 229,683,867 | $ | 135,222,725 | ||||||
Class A | ||||||||||||
Net Assets | $ | 45,059,074 | $ | 74,791,544 | $ | 26,480,875 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1,081,862 | 4,823,593 | 1,287,247 | |||||||||
Net asset value, offering and redemption price per share | $ | 41.65 | $ | 15.51 | $ | 20.57 | ||||||
Class C | ||||||||||||
Net Assets | $ | 10 | $ | 10 | $ | 9 | ||||||
Shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 1 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.78 | $ | 8.57 | $ | 9.06 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 10 | $ | 10 | $ | 9 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 1 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.75 | $ | 8.56 | $ | 9.04 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 363,407,267 | $ | 154,892,303 | $ | 108,741,832 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 8,756,837 | 9,837,158 | 5,268,588 | |||||||||
Net asset value, offering and redemption price per share | $ | 41.50 | $ | 15.75 | $ | 20.64 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
46
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2018 (Unaudited)
Steward Select Bond Fund | Steward Global Equity Income Fund | Steward Covered Call Income Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $166,415,056, $283,134,927 and $27,592,155, respectively) | $ | 162,477,041 | $ | 305,350,094 | $ | 25,926,795 | ||||||
Interest and dividend receivable | 1,553,494 | 473,050 | 29,940 | |||||||||
Receivable for investments sold | 382 | — | 46,889 | |||||||||
Receivable for capital shares issued | 21,236 | 400,615 | 63,964 | |||||||||
Prepaid expenses and other assets | 45,827 | 44,747 | 23,789 | |||||||||
Total assets | 164,097,980 | 306,268,506 | 26,091,377 | |||||||||
Liabilities: | ||||||||||||
Payable to custodian | — | — | 41,209 | |||||||||
Payable for investments purchased | — | — | 5,680 | |||||||||
Payable for capital shares redeemed | 58,173 | 388,517 | 8,301 | |||||||||
Written options at fair value (premiums received $0, $0 and $461,929, respectively) | — | — | 484,171 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 34,844 | 79,628 | 9,746 | |||||||||
Consulting service fees | 7,630 | 14,329 | 1,186 | |||||||||
Compliance service fees | 2,882 | 5,463 | 458 | |||||||||
Administration fees | 6,690 | 12,556 | 1,041 | |||||||||
Distribution fees – Class A | 2,300 | 17,050 | 6 | |||||||||
Distribution fees – Class C | — | 136 | — | |||||||||
Administrative services fees – Class A | 956 | 7,601 | — | |||||||||
Administrative services fees – Class C | — | 8 | — | |||||||||
Administrative services fees – Institutional Class | 6,274 | 16,483 | 1 | |||||||||
Fund accounting and sub-administration fees | 12,152 | 16,556 | 4,056 | |||||||||
Transfer agent fees | 5,481 | 9,623 | 5,458 | |||||||||
Custodian fees | 4,565 | 8,299 | 1,142 | |||||||||
Directors fees | 1,834 | 3,203 | 437 | |||||||||
Printing fees | 3,420 | 4,632 | 828 | |||||||||
Professional fees | 14,436 | 23,652 | 6,071 | |||||||||
Other accrued liabilities | 11,674 | 24,422 | 3,805 | |||||||||
Total liabilities | 173,311 | 632,158 | 573,596 | |||||||||
Net Assets | $ | 163,924,669 | $ | 305,636,348 | $ | 25,517,781 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 170,236,934 | 262,363,437 | 25,367,698 | |||||||||
Total distributable earnings | (6,312,265 | ) | 43,272,911 | 150,083 | ||||||||
Net Assets | $ | 163,924,669 | $ | 305,636,348 | $ | 25,517,781 | ||||||
Class A | ||||||||||||
Net Assets | $ | 10,828,070 | $ | 71,939,690 | $ | 31,623 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 454,943 | 2,281,368 | 3,144 | |||||||||
Net asset value, offering and redemption price per share | $ | 23.80 | $ | 31.53 | $ | 10.06 | ||||||
Class C | ||||||||||||
Net Assets | $ | 10 | $ | 296,505 | $ | 10 | ||||||
Shares authorized | 13,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 39,180 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.47 | $ | 7.57 | $ | 10.12 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 10 | $ | 489,475 | $ | 10 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 67,166 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.42 | $ | 7.29 | $ | 10.09 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 153,096,579 | $ | 232,910,678 | $ | 25,486,138 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 6,461,477 | 7,365,953 | 2,536,725 | |||||||||
Net asset value, offering and redemption price per share | $ | 23.69 | $ | 31.62 | $ | 10.05 |
(a) | Per share amounts may not recalculate due to rounding of net assets and shares outstanding. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
47
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2018 (Unaudited)
Steward Large Cap Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund | Steward International Enhanced Index Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign withholding tax of $0, $772 and $13,922, respectively) | $ | 4,269,049 | $ | 1,816,685 | $ | 2,420,191 | ||||||
Total investment income | 4,269,049 | 1,816,685 | 2,420,191 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 314,889 | 192,823 | 212,463 | |||||||||
Consulting service fees | 113,410 | 69,454 | 38,275 | |||||||||
Compliance service fees | 43,391 | 26,572 | 14,641 | |||||||||
Administration fees | 98,693 | 60,439 | 33,303 | |||||||||
Distribution fees – Class A | 61,079 | 107,404 | 35,053 | |||||||||
Administrative services fees – Class A | 22,721 | 22,995 | 13,881 | |||||||||
Administrative services fees – Institutional Class | 94,730 | 30,237 | 30,711 | |||||||||
Fund accounting and sub-administration fees | 132,597 | 95,273 | 49,480 | |||||||||
Transfer agent fees | 43,669 | 46,751 | 22,288 | |||||||||
Custodian fees | 27,266 | 16,757 | 8,415 | |||||||||
Registration fees | 37,756 | 39,246 | 37,191 | |||||||||
Directors fees | 19,997 | 11,992 | 6,248 | |||||||||
Professional fees | 60,319 | 35,499 | 19,753 | |||||||||
Printing fees | 13,542 | 8,992 | 5,333 | |||||||||
Miscellaneous fees | 38,445 | 25,308 | 19,946 | |||||||||
Total expenses | 1,122,504 | 789,742 | 546,981 | |||||||||
Net investment income | 3,146,545 | 1,026,943 | 1,873,210 | |||||||||
Realized and unrealized gain/(loss) from investment transactions: | ||||||||||||
Net realized gains from investment transactions and foreign currency transactions | 3,267,726 | 9,030,975 | 1,802,952 | |||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | (2,316,360 | ) | (11,500,486 | ) | (16,980,573 | ) | ||||||
Net realized and unrealized gains/(losses) from investment transactions and foreign currency translations | 951,366 | (2,469,511 | ) | (15,177,621 | ) | |||||||
Change in net assets resulting from operations | $ | 4,097,911 | $ | (1,442,568 | ) | $ | (13,304,411 | ) |
See notes to financial statements.
48
STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2018 (Unaudited)
Steward Select Bond Fund | Steward Global Equity Income Fund | Steward Covered Call Income Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 2,249,762 | $ | — | $ | — | ||||||
Dividends (net of foreign withholding tax of $0, $79,820 and $0, respectively) | 116,824 | 5,332,529 | 271,392 | |||||||||
Total investment income | 2,366,586 | 5,332,529 | 271,392 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 206,972 | 468,667 | 59,763 | |||||||||
Consulting service fees | 44,738 | 84,386 | 7,176 | |||||||||
Compliance service fees | 17,115 | 32,289 | 2,745 | |||||||||
Administration fees | 38,928 | 73,440 | 6,244 | |||||||||
Distribution fees – Class A | 13,924 | 99,523 | 28 | |||||||||
Distribution fees – Class C | — | 290 | — | |||||||||
Administrative services fees – Class A | 5,569 | 39,013 | 9 | |||||||||
Administrative services fees – Class C | — | 14 | — | |||||||||
Administrative services fees – Institutional Class | 41,468 | 62,773 | 3 | |||||||||
Fund accounting and sub-administration fees | 65,714 | 95,808 | 16,690 | |||||||||
Transfer agent fees | 24,389 | 47,583 | 18,672 | |||||||||
Custodian fees | 9,714 | 19,474 | 1,931 | |||||||||
Registration fees | 35,588 | 39,335 | 20,909 | |||||||||
Directors fees | 7,358 | 14,758 | 1,564 | |||||||||
Professional fees | 23,300 | 43,003 | 5,599 | |||||||||
Printing fees | 5,993 | 10,744 | 2,698 | |||||||||
Miscellaneous fees | 20,080 | 30,889 | 6,845 | |||||||||
Total expenses before contractual fee reductions | 560,850 | 1,161,989 | 150,876 | |||||||||
Fees contractually waived/reimbursed by the Adviser | — | — | (18,045 | ) | ||||||||
Net expenses | 560,850 | 1,161,989 | 132,831 | |||||||||
Net investment income | 1,805,736 | 4,170,540 | 138,561 | |||||||||
Realized and unrealized gain/(loss) from investment transactions: | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency transactions | (242,236 | ) | 4,118,961 | 499,721 | ||||||||
Net realized gains from options transactions | — | — | 571,481 | |||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | (931,188 | ) | (19,650,878 | ) | (600,152 | ) | ||||||
Change in unrealized depreciation on options transactions | — | — | (100,616 | ) | ||||||||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | (1,173,424 | ) | (15,531,917 | ) | 370,434 | |||||||
Change in net assets resulting from operations | $ | 632,312 | $ | (11,361,377 | ) | $ | 508,995 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
49
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP ENHANCED INDEX FUND
For the Six Months Ended October 31, 2018 | For the Year Ended April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 3,146,545 | $ | 4,952,685 | ||||
Net realized gains from investment transactions | 3,267,726 | 22,353,884 | ||||||
Net change in unrealized appreciation/(depreciation) on investments | (2,316,360 | ) | 21,548,000 | |||||
Change in net assets resulting from operations | 4,097,911 | 48,854,569 | ||||||
Distributions to shareholders from: | ||||||||
Class A | (277,529 | ) | (486,243 | ) | ||||
Institutional Class | (2,612,872 | ) | (4,030,989 | ) | ||||
Change in net assets from shareholder distributions | (2,890,401 | ) | (4,517,232 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 4,443,441 | $ | 12,059,042 | ||||
Dividends reinvested | 266,927 | 464,558 | ||||||
Cost of shares redeemed | (7,879,778 | ) | (17,267,011 | ) | ||||
Change in Class A from capital transactions | (3,169,410 | ) | (4,743,411 | ) | ||||
Class C | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class C from capital transactions | — | 10 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class R6 from capital transactions | — | 10 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 39,694,394 | 66,082,672 | ||||||
Dividends reinvested | 2,522,239 | 3,926,896 | ||||||
Cost of shares redeemed | (25,308,002 | ) | (82,366,202 | ) | ||||
Change in Institutional Class from capital transactions | 16,908,631 | (12,356,634 | ) | |||||
Change in net assets from capital transactions | $ | 13,739,221 | $ | (17,100,025 | ) | |||
Change in net assets | 14,946,731 | 27,237,312 | ||||||
Net Assets: | ||||||||
Beginning of period | 393,519,630 | 366,282,318 | ||||||
End of period | $ | 408,466,361 | $ | 393,519,630 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 102,493 | 299,093 | ||||||
Reinvested | 6,006 | 11,398 | ||||||
Redeemed | (183,255 | ) | (429,283 | ) | ||||
Change in Class A | (74,756 | ) | (118,792 | ) | ||||
Class C | ||||||||
Issued | — | 1 | ||||||
Change in Class C | — | 1 | ||||||
Class R6 | ||||||||
Issued | — | 1 | ||||||
Change in Class R6 | — | 1 | ||||||
Institutional Class | ||||||||
Issued | 927,036 | 1,636,928 | ||||||
Reinvested | 57,013 | 97,250 | ||||||
Redeemed | (584,742 | ) | (2,070,833 | ) | ||||
Change in Institutional Class | 399,307 | (336,655 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
50
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
For the Six Months Ended October 31, 2018 | For the Year Ended April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 1,026,943 | $ | 1,905,081 | ||||
Net realized gains from investment transactions | 9,030,975 | 19,741,794 | ||||||
Net change in unrealized depreciation on investments | (11,500,486 | ) | (1,211,690 | ) | ||||
Change in net assets resulting from operations | (1,442,568 | ) | 20,435,185 | |||||
Distributions to shareholders from: | ||||||||
Class A | (204,629 | ) | (5,609,287 | ) | ||||
Class C | — | (1 | ) | |||||
Class R6 | — | (1 | ) | |||||
Institutional Class | (598,659 | ) | (11,206,400 | ) | ||||
Change in net assets from shareholder distributions | (803,288 | ) | (16,815,689 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 13,995,551 | $ | 16,952,435 | ||||
Dividends reinvested | 196,172 | 5,347,743 | ||||||
Cost of shares redeemed | (15,637,775 | ) | (15,110,839 | ) | ||||
Change in Class A from capital transactions | (1,446,052 | ) | 7,189,339 | |||||
Class C | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Dividends reinvested | — | 1 | ||||||
Change in Class C from capital transactions | — | 11 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Dividends reinvested | — | 1 | ||||||
Change in Class R6 from capital transactions | — | 11 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 26,563,462 | 34,030,235 | ||||||
Dividends reinvested | 552,212 | 10,608,694 | ||||||
Cost of shares redeemed | (25,942,327 | ) | (22,962,839 | ) | ||||
Change in Institutional Class from capital transactions | 1,173,347 | 21,676,090 | ||||||
Change in net assets from capital transactions | $ | (272,705 | ) | $ | 28,865,451 | |||
Change in net assets | (2,518,561 | ) | 32,484,947 | |||||
Net Assets: | ||||||||
Beginning of period | 232,202,428 | 199,717,481 | ||||||
End of period | $ | 229,683,867 | $ | 232,202,428 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 832,090 | 1,065,222 | ||||||
Reinvested | 11,298 | 339,342 | ||||||
Redeemed | (938,567 | ) | (954,494 | ) | ||||
Change in Class A | (95,179 | ) | 450,070 | |||||
Class C | ||||||||
Issued | — | 1 | ||||||
Change in Class C | — | 1 | ||||||
Class R6 | ||||||||
Issued | — | 1 | ||||||
Change in Class R6 | — | 1 | ||||||
Institutional Class | ||||||||
Issued | 1,570,617 | 2,124,700 | ||||||
Reinvested | 31,376 | 663,966 | ||||||
Redeemed | (1,492,174 | ) | (1,414,456 | ) | ||||
Change in Institutional Class | 109,819 | 1,374,210 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
51
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD INTERNATIONAL ENHANCED INDEX FUND
For the Six Months Ended October 31, 2018 | For the Year Ended April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 1,873,210 | $ | 3,087,610 | ||||
Net realized gains from investment transactions and foreign currency transactions | 1,802,952 | 2,898,810 | ||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | (16,980,573 | ) | 13,604,411 | |||||
Change in net assets resulting from operations | (13,304,411 | ) | 19,590,831 | |||||
Distributions to shareholders from: | ||||||||
Class A | (403,286 | ) | (436,748 | ) | ||||
Institutional Class | (1,794,300 | ) | (2,741,957 | ) | ||||
Change in net assets from shareholder distributions | (2,197,586 | ) | (3,178,705 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 4,785,953 | $ | 11,285,695 | ||||
Dividends reinvested | 387,661 | 423,773 | ||||||
Cost of shares redeemed | (2,725,865 | ) | (4,924,765 | ) | ||||
Change in Class A from capital transactions | 2,447,749 | 6,784,703 | ||||||
Class C | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class C from capital transactions | — | 10 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class R6 from capital transactions | — | 10 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 12,170,149 | 14,577,840 | ||||||
Dividends reinvested | 1,728,091 | 2,668,008 | ||||||
Cost of shares redeemed | (5,230,562 | ) | (33,335,613 | ) | ||||
Change in Institutional Class from capital transactions | 8,667,678 | (16,089,765 | ) | |||||
Change in net assets from capital transactions | $ | 11,115,427 | $ | (9,305,042 | ) | |||
Change in net assets | (4,386,570 | ) | 7,107,084 | |||||
Net Assets: | ||||||||
Beginning of period | 139,609,295 | 132,502,211 | ||||||
End of period | $ | 135,222,725 | $ | 139,609,295 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 216,190 | 501,563 | ||||||
Reinvested | 17,566 | 19,475 | ||||||
Redeemed | (123,527 | ) | (220,464 | ) | ||||
Change in Class A | 110,229 | 300,574 | ||||||
Class C | ||||||||
Issued | — | 1 | ||||||
Change in Class C | — | 1 | ||||||
Class R6 | ||||||||
Issued | — | 1 | ||||||
Change in Class R6 | — | 1 | ||||||
Institutional Class | ||||||||
Issued | 550,820 | 654,655 | ||||||
Reinvested | 78,084 | 122,556 | ||||||
Redeemed | (234,545 | ) | (1,490,302 | ) | ||||
Change in Institutional Class | 394,359 | (713,091 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
52
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SELECT BOND FUND
For the Six Months Ended October 31, 2018 | For the Year Ended April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 1,805,736 | $ | 3,183,260 | ||||
Net realized gains/(losses) from investment transactions | (242,236 | ) | 20,071 | |||||
Net change in unrealized depreciation on investments | (931,188 | ) | (4,145,990 | ) | ||||
Change in net assets resulting from operations | 632,312 | (942,659 | ) | |||||
Distributions to shareholders from: | ||||||||
Class A | (100,882 | ) | (193,329 | ) | ||||
Institutional Class | (1,621,292 | ) | (3,055,166 | ) | ||||
Change in net assets from shareholder distributions | (1,722,174 | ) | (3,248,495 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 401,827 | $ | 1,980,677 | ||||
Dividends reinvested | 99,881 | 191,718 | ||||||
Cost of shares redeemed | (733,618 | ) | (1,409,412 | ) | ||||
Change in Class A from capital transactions | (231,910 | ) | 762,983 | |||||
Class C | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class C from capital transactions | — | 10 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class R6 from capital transactions | — | 10 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 9,032,975 | 18,273,275 | ||||||
Dividends reinvested | 1,601,907 | 3,047,879 | ||||||
Cost of shares redeemed | (8,114,770 | ) | (13,783,435 | ) | ||||
Change in Institutional Class from capital transactions | 2,520,112 | 7,537,719 | ||||||
Change in net assets from capital transactions | $ | 2,288,202 | $ | 8,300,722 | ||||
Change in net assets | 1,198,340 | 4,109,568 | ||||||
Net Assets: | ||||||||
Beginning of period | 162,726,329 | 158,616,761 | ||||||
End of period | $ | 163,924,669 | $ | 162,726,329 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 16,770 | 80,786 | ||||||
Reinvested | 4,179 | 7,843 | ||||||
Redeemed | (30,663 | ) | (57,732 | ) | ||||
Change in Class A | (9,714 | ) | 30,897 | |||||
Class C | ||||||||
Issued | — | 1 | ||||||
Change in Class C | — | 1 | ||||||
Class R6 | ||||||||
Issued | — | 1 | ||||||
Change in Class R6 | ��� | 1 | ||||||
Institutional Class | ||||||||
Issued | 379,317 | 749,612 | ||||||
Reinvested | 67,352 | 125,320 | ||||||
Redeemed | (340,470 | ) | (565,902 | ) | ||||
Change in Institutional Class | 106,199 | 309,030 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
53
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD GLOBAL EQUITY INCOME FUND
For the Six Months Ended October 31, 2018 | For the Year Ended April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 4,170,540 | $ | 5,512,985 | ||||
Net realized gains from investment transactions and foreign currency transactions | 4,118,961 | 29,603,349 | ||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | (19,650,878 | ) | 1,514,942 | |||||
Change in net assets resulting from operations | (11,361,377 | ) | 36,631,276 | |||||
Distributions to shareholders from: | ||||||||
Class A | (986,716 | ) | (4,611,790 | ) | ||||
Class C | (3,359 | ) | (2 | ) | ||||
Class R6 | (29,922 | ) | (2 | ) | ||||
Institutional Class | (3,146,325 | ) | (15,180,846 | ) | ||||
Change in net assets from shareholder distributions | (4,166,322 | ) | (19,792,640 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 26,410,876 | $ | 26,031,485 | ||||
Dividends reinvested | 964,477 | 4,568,285 | ||||||
Cost of shares redeemed | (18,266,311 | ) | (28,071,527 | ) | ||||
Change in Class A from capital transactions | 9,109,042 | 2,528,243 | ||||||
Class C | ||||||||
Proceeds from shares issued | 305,675 | 10 | ||||||
Dividends reinvested | 3,102 | 2 | ||||||
Change in Class C from capital transactions | 308,777 | 12 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | 529,453 | 10 | ||||||
Dividends reinvested | 29,922 | 2 | ||||||
Cost of shares redeemed | (20,391 | ) | — | |||||
Change in Class R6 from capital transactions | 538,984 | 12 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 39,813,717 | 66,059,404 | ||||||
Dividends reinvested | 3,127,828 | 15,153,656 | ||||||
Cost of shares redeemed | (19,098,614 | ) | (55,796,748 | ) | ||||
Change in Institutional Class from capital transactions | 23,842,931 | 25,416,312 | ||||||
Change in net assets from capital transactions | $ | 33,799,734 | $ | 27,944,579 | ||||
Change in net assets | 18,272,035 | 44,783,215 | ||||||
Net Assets: | ||||||||
Beginning of period | 287,364,313 | 242,581,098 | ||||||
End of period | $ | 305,636,348 | $ | 287,364,313 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 782,498 | 788,159 | ||||||
Reinvested | 28,349 | 139,608 | ||||||
Redeemed | (562,499 | ) | (858,426 | ) | ||||
Change in Class A | 248,348 | 69,341 | ||||||
Class C | ||||||||
Issued | 38,799 | 1 | ||||||
Reinvested | 380 | — | ||||||
Change in Class C | 39,179 | 1 | ||||||
Class R6 | ||||||||
Issued | 65,985 | 1 | ||||||
Reinvested | 3,764 | — | ||||||
Redeemed | (2,584 | ) | — | |||||
Change in Class R6 | 67,165 | 1 | ||||||
Institutional Class | ||||||||
Issued | 1,198,737 | 2,018,316 | ||||||
Reinvested | 91,719 | 462,106 | ||||||
Redeemed | (566,195 | ) | (1,688,689 | ) | ||||
Change in Institutional Class | 724,261 | 791,733 |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
54
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD COVERED CALL INCOME FUND
For the Six Months Ended October 31, 2018 | For the period December 14, 2017(a) through April 30, 2018 | |||||||
(Unaudited) | ||||||||
Change in net assets from operations: | ||||||||
Net investment income | $ | 138,561 | $ | 80,396 | ||||
Net realized gains from investment and options transactions | 1,071,202 | 753,944 | ||||||
Net change in unrealized depreciation on investments and options transactions | (700,768 | ) | (986,834 | ) | ||||
Change in net assets resulting from operations | 508,995 | (152,494 | ) | |||||
Distributions to shareholders from: | ||||||||
Class A | (93 | ) | (5 | ) | ||||
Institutional Class | (153,726 | ) | (67,662 | ) | ||||
Change in net assets from shareholder distributions | (153,819 | ) | (67,667 | ) | ||||
Capital Transactions: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 29,125 | $ | 3,110 | ||||
Dividends reinvested | 93 | 5 | ||||||
Cost of shares redeemed | (80 | ) | (29 | ) | ||||
Change in Class A from capital transactions | 29,138 | 3,086 | ||||||
Class C | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class C from capital transactions | — | 10 | ||||||
Class R6 | ||||||||
Proceeds from shares issued | — | 10 | ||||||
Change in Class R6 from capital transactions | — | 10 | ||||||
Institutional Class | ||||||||
Proceeds from shares issued | 1,675,835 | 26,662,459 | ||||||
Dividends reinvested | 153,726 | 67,662 | ||||||
Cost of shares redeemed | (2,116,615 | ) | (1,092,545 | ) | ||||
Change in Institutional Class from capital transactions | (287,054 | ) | 25,637,576 | |||||
Change in net assets from capital transactions | $ | (257,916 | ) | $ | 25,640,682 | |||
Change in net assets | 97,260 | 25,420,521 | ||||||
Net Assets: | ||||||||
Beginning of period | 25,420,521 | — | ||||||
End of period | $ | 25,517,781 | $ | 25,420,521 | ||||
Share Transactions: | ||||||||
Class A | ||||||||
Issued | 2,831 | 311 | ||||||
Reinvested | 9 | — | ||||||
Redeemed | (8 | ) | 1 | |||||
Change in Class A | 2,832 | 312 | ||||||
Class C | ||||||||
Change in Class C | — | — | ||||||
Class R6 | ||||||||
Change in Class R6 | — | — | ||||||
Institutional Class | ||||||||
Issued | 163,151 | 2,665,495 | ||||||
Reinvested | 14,820 | 6,660 | ||||||
Redeemed | (204,699 | ) | (108,702 | ) | ||||
Change in Institutional Class | (26,728 | ) | 2,563,453 |
(a) | Commencement of operations. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
55
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
The following table sets forth the per share operating performance data for a share of capital stock outstanding, total return, ratios to average net assets and other supplemental data for the period indicated.
Investment Operations: | ||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains/(Losses) from Investments | Total from Investment Operations | |||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | $ | 41.50 | $ | 0.28 | $ | 0.12 | $ | 0.40 | ||||||||
Year ended April 30, 2018 | 36.89 | 0.41 | 4.60 | 5.01 | ||||||||||||
Year ended April 30, 2017 | 32.25 | 0.39 | 4.63 | 5.02 | ||||||||||||
Year ended April 30, 2016 | 38.89 | 0.46 | (1.31 | ) | (0.85 | ) | ||||||||||
Year ended April 30, 2015 | 37.46 | 0.36 | 3.86 | 4.22 | ||||||||||||
Year ended April 30, 2014 | 32.87 | 0.34 | 7.29 | 7.63 | ||||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.79 | — | (f) | (0.01 | ) | (0.01 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.02 | ) | (0.02 | ) | |||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.76 | — | (f) | (0.01 | ) | (0.01 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.01 | 0.01 | |||||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 41.34 | 0.33 | 0.14 | 0.47 | ||||||||||||
Year ended April 30, 2018 | 36.72 | 0.53 | 4.57 | 5.10 | ||||||||||||
Year ended April 30, 2017 | 32.07 | 0.48 | 4.63 | 5.11 | ||||||||||||
Year ended April 30, 2016 | 38.70 | 0.62 | (1.34 | ) | (0.72 | ) | ||||||||||
Year ended April 30, 2015 | 37.30 | 0.47 | 3.86 | 4.33 | ||||||||||||
Year ended April 30, 2014 | 32.73 | 0.48 | 7.24 | 7.72 | ||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 15.70 | 0.05 | (0.20 | ) | (0.15 | ) | ||||||||||
Year ended April 30, 2018 | 15.44 | 0.11 | 1.37 | 1.48 | ||||||||||||
Year ended April 30, 2017 | 13.26 | 0.06 | 2.64 | 2.70 | ||||||||||||
Year ended April 30, 2016 | 15.33 | 0.08 | (0.51 | ) | (0.43 | ) | ||||||||||
Year ended April 30, 2015 | 16.04 | 0.08 | 1.41 | 1.49 | ||||||||||||
Year ended April 30, 2014 | 14.18 | 0.07 | 3.03 | 3.10 | ||||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 8.76 | — | (f) | (0.19 | ) | (0.19 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 8.74 | — | (f) | (0.18 | ) | (0.18 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 15.93 | 0.08 | (0.20 | ) | (0.12 | ) | ||||||||||
Year ended April 30, 2018 | 15.65 | 0.15 | 1.39 | 1.54 | ||||||||||||
Year ended April 30, 2017 | 13.43 | 0.11 | 2.67 | 2.78 | ||||||||||||
Year ended April 30, 2016 | 15.51 | 0.12 | (0.52 | ) | (0.40 | ) | ||||||||||
Year ended April 30, 2015 | 16.20 | 0.12 | 1.43 | 1.55 | ||||||||||||
Year ended April 30, 2014 | 14.30 | 0.11 | 3.07 | 3.18 | ||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 23.01 | 0.27 | (2.38 | ) | (2.11 | ) | ||||||||||
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 | (g) | (3.27 | ) | (2.87 | ) | |||||||||
Year ended April 30, 2015 | 23.06 | 0.41 | (0.71 | ) | (0.30 | ) | ||||||||||
Year ended April 30, 2014 | 21.96 | 0.67 | 0.96 | 1.63 | ||||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 10.08 | — | (f) | (1.02 | ) | (1.02 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 10.05 | — | (f) | (1.01 | ) | (1.01 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 23.09 | 0.31 | (2.40 | ) | (2.09 | ) | ||||||||||
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 | (g) | (3.38 | ) | (2.81 | ) | |||||||||
Year ended April 30, 2015 | 23.11 | 0.44 | (0.65 | ) | (0.21 | ) | ||||||||||
Year ended April 30, 2014 | 22.01 | 0.74 | 0.97 | 1.71 |
(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) | Excludes the value of portfolio securities delivered as a result of a redemption in-kind. |
(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) | Calculated based on average shares outstanding. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
56
Distributions: | Ratios/Supplementary Data: | |||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Realized Gains from Investments | In Excess of Net Investment Income | Total Distributions | Net Asset Value, End of Period | Total Return(a) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) | |||||||||||||||||||||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | $ | (0.25 | ) | $ | — | $ | — | $ | (0.25 | ) | $ | 41.65 | 0.93 | % | $ | 45,059 | 0.79 | % | 1.24 | % | 4 | % | ||||||||||||||||||
Year ended April 30, 2018 | (0.40 | ) | — | — | (0.40 | ) | 41.50 | 13.61 | % | 47,998 | 0.84 | % | 1.02 | % | 23 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.38 | ) | — | — | (0.38 | ) | 36.89 | 15.63 | % | 47,052 | 0.82 | % | 1.10 | % | 25 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.49 | ) | (4.26 | ) | (1.04 | ) | (5.79 | ) | 32.25 | (2.01 | )% | 52,151 | 0.82 | % | 1.30 | % | 91 | %(d) | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.34 | ) | (2.45 | ) | — | (2.79 | ) | 38.89 | 11.35 | % | 50,747 | 0.86 | % | 0.97 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.34 | ) | (2.70 | ) | — | (3.04 | ) | 37.46 | 23.68 | % | 34,116 | 0.90 | % | 0.96 | % | 30 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 9.78 | (0.10 | )% | — | — | %(f) | — | %(f) | 4 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.19 | ) | — | — | (0.19 | ) | 9.79 | (0.27 | )% | — | — | %(f) | — | %(f) | 23 | % | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 9.75 | (0.10 | )% | — | — | %(f) | — | %(f) | 4 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.25 | ) | — | — | (0.25 | ) | 9.76 | 0.02 | % | — | — | %(f) | — | %(f) | 23 | % | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.31 | ) | — | — | (0.31 | ) | 41.50 | 1.08 | % | 363,407 | 0.50 | % | 1.53 | % | 4 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.48 | ) | — | — | (0.48 | ) | 41.34 | 13.93 | % | 345,522 | 0.54 | % | 1.32 | % | 23 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.46 | ) | — | — | (0.46 | ) | 36.72 | 16.02 | % | 319,230 | 0.50 | % | 1.40 | % | 25 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.61 | ) | (4.26 | ) | (1.04 | ) | (5.91 | ) | 32.07 | (1.67 | )% | 253,302 | 0.48 | % | 1.66 | % | 91 | %(d) | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.48 | ) | (2.45 | ) | — | (2.93 | ) | 38.70 | 11.71 | % | 292,898 | 0.50 | % | 1.30 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.45 | ) | (2.70 | ) | — | (3.15 | ) | 37.30 | 24.11 | % | 175,616 | 0.54 | % | 1.33 | % | 30 | % | |||||||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.04 | ) | — | — | (0.04 | ) | 15.51 | (0.98 | )% | 74,792 | 0.79 | % | 0.62 | % | 11 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.08 | ) | (1.14 | ) | — | (1.22 | ) | 15.70 | 9.59 | % | 77,227 | 0.83 | % | 0.69 | % | 29 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.07 | ) | (0.45 | ) | — | (0.52 | ) | 15.44 | 20.44 | % | 69,001 | 0.87 | % | 0.43 | % | 36 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.09 | ) | (1.55 | ) | — | (1.64 | ) | 13.26 | (2.39 | )% | 55,445 | 0.85 | % | 0.59 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.08 | ) | (2.12 | ) | — | (2.20 | ) | 15.33 | 9.85 | % | 60,408 | 0.84 | % | 0.50 | % | 37 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.06 | ) | (1.18 | ) | — | (1.24 | ) | 16.04 | 22.02 | % | 55,516 | 0.90 | % | 0.42 | % | 29 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 8.57 | (2.17 | )% | — | — | %(f) | — | %(f) | 11 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.06 | ) | (1.14 | ) | — | (1.20 | ) | 8.76 | (0.48 | )% | — | — | %(f) | — | %(f) | 29 | % | |||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 8.56 | (2.06 | )% | — | — | %(f) | — | %(f) | 11 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.08 | ) | (1.14 | ) | — | (1.22 | ) | 8.74 | (0.56 | )% | — | — | %(f) | — | %(f) | 29 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.06 | ) | — | — | (0.06 | ) | 15.75 | (0.78 | )% | 154,892 | 0.52 | % | 0.89 | % | 11 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.12 | ) | (1.14 | ) | — | (1.26 | ) | 15.93 | 9.87 | % | 154,975 | 0.57 | % | 0.95 | % | 29 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.11 | ) | (0.45 | ) | — | (0.56 | ) | 15.65 | 20.80 | % | 130,717 | 0.58 | % | 0.72 | % | 36 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.13 | ) | (1.55 | ) | — | (1.68 | ) | 13.43 | (2.15 | )% | 101,597 | 0.57 | % | 0.87 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.12 | ) | (2.12 | ) | — | (2.24 | ) | 15.51 | 10.19 | % | 93,821 | 0.56 | % | 0.78 | % | 37 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.11 | ) | (1.18 | ) | — | (1.28 | ) | 16.20 | 22.43 | % | 70,629 | 0.62 | % | 0.70 | % | 29 | % | |||||||||||||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.33 | ) | — | — | (0.33 | ) | 20.57 | (9.28 | )% | 26,481 | 1.01 | % | 2.41 | % | 7 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.46 | ) | — | — | (0.46 | ) | 23.01 | 14.92 | % | 27,085 | 1.02 | % | 1.88 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.37 | ) | — | — | (0.37 | ) | 20.45 | 11.85 | % | 17,922 | 1.01 | % | 1.88 | % | 16 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.70 | ) | — | — | (0.70 | ) | 18.65 | (13.10 | )% | 16,268 | 1.00 | % | 2.14 | % | 11 | %(d) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.54 | ) | — | — | (0.54 | ) | 22.22 | (1.41 | )% | 15,520 | 1.02 | % | 1.84 | % | 12 | % | ||||||||||||||||||||||||
Year ended April 30, 2014 | (0.53 | ) | — | — | (0.53 | ) | 23.06 | 7.69 | % | 14,985 | 1.08 | % | 3.09 | % | 11 | % | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 9.06 | (10.12 | )% | — | — | %(f) | — | %(f) | 7 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.15 | ) | — | — | (0.15 | ) | 10.08 | 2.32 | % | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | — | 9.04 | (10.05 | )% | — | — | %(f) | — | %(f) | 7 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.18 | ) | — | — | (0.18 | ) | 10.05 | 2.32 | % | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.36 | ) | — | — | (0.36 | ) | 20.64 | (9.16 | )% | 108,742 | 0.71 | % | 2.70 | % | 7 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.52 | ) | — | — | (0.52 | ) | 23.09 | 15.29 | % | 112,524 | 0.71 | % | 2.28 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.43 | ) | — | — | (0.43 | ) | 20.51 | 12.24 | % | 114,580 | 0.67 | % | 2.22 | % | 16 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.77 | ) | — | — | (0.77 | ) | 18.70 | (12.82 | )% | 104,190 | 0.65 | % | 2.93 | % | 11 | %(d) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | — | — | (0.62 | ) | 22.28 | (1.01 | )% | 286,947 | 0.64 | % | 1.95 | % | 12 | % | ||||||||||||||||||||||||
Year ended April 30, 2014 | (0.61 | ) | — | — | (0.61 | ) | 23.11 | 8.02 | % | 99,665 | 0.73 | % | 3.40 | % | 11 | % |
See notes to financial statements.
57
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
The following table sets forth the per share operating performance data for a share of capital stock outstanding, total return, ratios to average net assets and other supplemental data for the period indicated.
Investment Operations: | ||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains/(Losses) from Investments | Total from Investment Operations | |||||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | $ | 23.96 | $ | 0.23 | $ | (0.17 | ) | $ | 0.06 | |||||||
Year ended April 30, 2018 | 24.58 | 0.40 | (0.60 | ) | (0.20 | ) | ||||||||||
Year ended April 30, 2017 | 24.99 | 0.43 | (0.40 | ) | 0.03 | |||||||||||
Year ended April 30, 2016 | 24.97 | 0.46 | — | 0.46 | ||||||||||||
Year ended April 30, 2015 | 24.72 | 0.46 | 0.25 | 0.71 | ||||||||||||
Year ended April 30, 2014 | 25.62 | 0.43 | (0.85 | ) | (0.42 | ) | ||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.57 | — | (e) | (0.10 | ) | (0.10 | ) | |||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.22 | ) | (0.22 | ) | |||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.52 | — | (e) | (0.10 | ) | (0.10 | ) | |||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.23 | ) | (0.23 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 23.85 | 0.26 | (0.17 | ) | 0.09 | |||||||||||
Year ended April 30, 2018 | 24.47 | 0.48 | (0.61 | ) | (0.13 | ) | ||||||||||
Year ended April 30, 2017 | 24.87 | 0.51 | (0.39 | ) | 0.12 | |||||||||||
Year ended April 30, 2016 | 24.85 | 0.53 | 0.01 | 0.54 | ||||||||||||
Year ended April 30, 2015 | 24.61 | 0.54 | 0.25 | 0.79 | ||||||||||||
Year ended April 30, 2014 | 25.49 | 0.53 | (0.85 | ) | (0.32 | ) | ||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 33.06 | 0.40 | (1.51 | ) | (1.11 | ) | ||||||||||
Year ended April 30, 2018 | 31.00 | 0.60 | 3.87 | 4.47 | ||||||||||||
Year ended April 30, 2017 | 28.72 | 0.51 | 3.72 | 4.23 | ||||||||||||
Year ended April 30, 2016 | 30.11 | 0.60 | 0.18 | 0.78 | ||||||||||||
Year ended April 30, 2015 | 29.82 | 0.63 | 1.32 | 1.95 | ||||||||||||
Year ended April 30, 2014 | 27.24 | 0.65 | 2.60 | 3.25 | ||||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 8.02 | 0.12 | (0.36 | ) | (0.24 | ) | ||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.07 | 0.07 | |||||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 7.99 | 0.11 | (0.34 | ) | (0.23 | ) | ||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.08 | 0.08 | |||||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 33.15 | 0.46 | (1.53 | ) | (1.07 | ) | ||||||||||
Year ended April 30, 2018 | 31.06 | 0.71 | 3.88 | 4.59 | ||||||||||||
Year ended April 30, 2017 | 28.77 | 0.63 | 3.70 | 4.33 | ||||||||||||
Year ended April 30, 2016 | 30.16 | 0.71 | 0.16 | 0.87 | ||||||||||||
Year ended April 30, 2015 | 29.86 | 0.75 | 1.32 | 2.07 | ||||||||||||
Year ended April 30, 2014 | 27.27 | 0.77 | 2.58 | 3.35 | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.92 | 0.03 | 0.15 | 0.18 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.09 | ) | (0.06 | ) | ||||||||||
Class C | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.95 | — | (e) | 0.17 | 0.17 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Class R6 | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.92 | — | (e) | 0.17 | 0.17 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Institutional Class | ||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | 9.92 | 0.05 | 0.14 | 0.19 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.08 | ) | (0.05 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(e) | Expressed as “—” as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
58
Distributions: | Ratios/Supplementary Data: | |||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Realized Gains from Investments | Total Distributions | Net Asset Value, End of Period | Total Return(a) | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets Prior to Waivers(b) | Ratio of Expenses to Average Net Assets Net of Waivers(b) | Ratio of Net Investment Income to Average Net Assets(b) | Portfolio Turnover Rate(a)(c) | |||||||||||||||||||||||||||||||
Steward Select Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | 23.80 | 0.24 | % | $ | 10,828 | 0.95 | % | 0.95 | % | 1.89 | % | 7 | % | ||||||||||||||||||
Year ended April 30, 2018 | (0.42 | ) | — | (0.42 | ) | 23.96 | (0.82 | )% | 11,134 | 0.96 | % | 0.96 | % | 1.67 | % | 5 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.44 | ) | — | (0.44 | ) | 24.58 | 0.11 | % | 10,664 | 0.95 | % | 0.95 | % | 1.71 | % | 18 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.44 | ) | — | (0.44 | ) | 24.99 | 1.87 | % | 11,719 | 0.95 | % | 0.95 | % | 1.80 | % | 11 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.46 | ) | — | (0.46 | ) | 24.97 | 2.92 | % | 15,208 | 0.96 | % | 0.96 | % | 1.83 | % | 13 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.48 | ) | — | (0.48 | ) | 24.72 | (1.60 | )% | 13,247 | 1.01 | % | 1.01 | % | 1.78 | % | 13 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | 9.47 | (1.04 | )% | — | — | %(e) | — | %(e) | — | %(e) | 7 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.21 | ) | — | (0.21 | ) | 9.57 | (2.27 | )% | — | — | %(e) | — | %(e) | — | %(e) | 5 | % | |||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | 9.42 | (1.05 | )% | — | — | %(e) | — | %(e) | — | %(e) | 7 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.25 | ) | — | (0.25 | ) | 9.52 | (2.30 | )% | — | — | %(e) | — | %(e) | — | %(e) | 5 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.25 | ) | — | (0.25 | ) | 23.69 | 0.39 | % | 153,097 | 0.66 | % | 0.66 | % | 2.20 | % | 7 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.49 | ) | — | (0.49 | ) | 23.85 | (0.54 | )% | 151,593 | 0.66 | % | 0.66 | % | 1.98 | % | 5 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.52 | ) | — | (0.52 | ) | 24.47 | 0.50 | % | 147,953 | 0.61 | % | 0.61 | % | 2.05 | % | 18 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.52 | ) | — | (0.52 | ) | 24.87 | 2.22 | % | 138,503 | 0.60 | % | 0.60 | % | 2.16 | % | 11 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.55 | ) | — | (0.55 | ) | 24.85 | 3.26 | % | 138,956 | 0.62 | % | 0.62 | % | 2.19 | % | 13 | % | |||||||||||||||||||||||
Year ended April 30, 2014 | (0.56 | ) | — | (0.56 | ) | 24.61 | (1.20 | )% | 132,573 | 0.66 | % | 0.66 | % | 2.14 | % | 13 | % | |||||||||||||||||||||||
Steward Global Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.42 | ) | — | (0.42 | ) | 31.53 | (3.46 | )% | 71,940 | 0.96 | % | 0.96 | % | 2.44 | % | 14 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.59 | ) | (1.82 | ) | (2.41 | ) | 33.06 | 14.58 | % | 67,213 | 0.99 | % | 0.99 | % | 1.80 | % | 59 | % | ||||||||||||||||||||||
Year ended April 30, 2017 | (0.56 | ) | (1.39 | ) | (1.95 | ) | 31.00 | 15.22 | % | 60,865 | 0.99 | % | 0.99 | % | 1.78 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2016 | (0.62 | ) | (1.55 | ) | (2.17 | ) | 28.72 | 2.94 | % | 40,254 | 0.98 | % | 0.98 | % | 2.12 | % | 54 | % | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | (1.04 | ) | (1.66 | ) | 30.11 | 6.57 | % | 27,698 | 1.01 | % | 1.01 | % | 2.11 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2014 | (0.67 | ) | — | (0.67 | ) | 29.82 | 12.16 | % | 21,741 | 1.06 | % | 1.06 | % | 2.36 | % | 40 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.21 | ) | — | (0.21 | ) | 7.57 | (3.13 | )% | 297 | 1.64 | % | 1.64 | % | 1.20 | % | 14 | % | |||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.23 | ) | (1.82 | ) | (2.05 | ) | 8.02 | 0.83 | % | — | — | %(e) | — | %(e) | — | %(e) | 59 | % | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.47 | ) | — | (0.47 | ) | 7.29 | (3.29 | )% | 489 | 0.61 | % | 0.61 | % | 2.79 | % | 14 | % | |||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.27 | ) | (1.82 | ) | (2.09 | ) | 7.99 | 0.86 | % | — | — | %(e) | — | %(e) | — | %(e) | 59 | % | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.46 | ) | — | (0.46 | ) | 31.62 | (3.32 | )% | 232,911 | 0.67 | % | 0.67 | % | 2.75 | % | 14 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.68 | ) | (1.82 | ) | (2.50 | ) | 33.15 | 14.96 | % | 220,152 | 0.68 | % | 0.68 | % | 2.12 | % | 59 | % | ||||||||||||||||||||||
Year ended April 30, 2017 | (0.65 | ) | (1.39 | ) | (2.04 | ) | 31.06 | 15.58 | % | 181,716 | 0.66 | % | 0.66 | % | 2.11 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2016 | (0.71 | ) | (1.55 | ) | (2.26 | ) | 28.77 | 3.26 | % | 134,080 | 0.64 | % | 0.64 | % | 2.47 | % | 54 | % | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.73 | ) | (1.04 | ) | (1.77 | ) | 30.16 | 6.97 | % | 140,285 | 0.66 | % | 0.66 | % | 2.46 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2014 | (0.76 | ) | — | (0.76 | ) | 29.86 | 12.55 | % | 133,017 | 0.71 | % | 0.71 | % | 2.74 | % | 40 | % | |||||||||||||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.04 | ) | — | (0.04 | ) | 10.06 | 1.82 | % | 32 | 1.35 | % | 1.25 | % | 0.72 | % | 57 | % | |||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.02 | ) | — | (0.02 | ) | 9.92 | (0.56 | )% | 3 | 1.42 | % | 1.25 | % | 0.81 | % | 29 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | 10.12 | 1.71 | % | — | — | %(e) | — | %(e) | — | %(e) | 57 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | — | — | — | 9.95 | (0.50 | )% | — | — | %(e) | — | %(e) | — | %(e) | 29 | % | |||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | — | — | — | 10.09 | 1.71 | % | — | — | %(e) | — | %(e) | — | %(e) | 57 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.55 | )% | — | — | %(e) | — | %(e) | — | %(e) | 29 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Six Months ended October 31, 2018 (Unaudited) | (0.06 | ) | — | (0.06 | ) | 10.05 | 1.90 | % | 25,486 | 1.14 | % | 1.00 | % | 1.04 | % | 57 | % | |||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.54 | )% | 25,417 | 1.16 | % | 1.00 | % | 0.84 | % | 29 | % |
See notes to financial statements.
59
STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — October 31, 2018 (Unaudited)
Note 1 — Organization:
Steward Funds, Inc. (“SFI”), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as a diversified open-end management investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As of October 31, 2018, SFI is composed of six separate operational funds, each a series of SFI. The accompanying financial statements are presented for the following six funds (each a “Fund” and collectively the “Funds”) of SFI:
Steward Large Cap Enhanced Index Fund
Steward Small-Mid Cap Enhanced Index Fund
Steward International Enhanced Index Fund
Steward Select Bond Fund
Steward Global Equity Income Fund
Steward Covered Call Income Fund
Each Fund currently offers four classes of shares: “Class A”, “Class C”, “Class R6” (formerly, Class K), and “Institutional Class” (each a “Class” and collectively the “Classes”). Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Classes. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.
Note 2 — Investment Objectives:
Steward 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 International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in Depositary Receipts (“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 Select Bond Fund seeks to provide high current income with capital appreciation. The Fund invests primarily in fixed income securities, such as corporate bonds, mortgage-backed securities and government and agency bonds and notes.
Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of 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 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.
In pursuing their investment objectives, the Funds apply a comprehensive set of values-based screens to all of their portfolio investments.
60
Note 3 — Significant Accounting Policies:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds.
Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various valuation approaches. Equity securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on The NASDAQ Stock Market LLC (“NASDAQ”) use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. Debt securities, including corporate bonds and U.S. government agency, mortgage-backed, and treasury obligations, with a remaining maturity of sixty days or more are valued at the bid price as obtained from a Fund’s designated pricing service. Factors considered by pricing services include market characteristics such as benchmark yield curves, options adjusted spreads, credit spreads and fundamental analytical data related to the issuer. Debt securities with a remaining maturity of less than sixty days are valued at amortized cost, which approximates fair value. Money market funds are valued at net asset value per share. Written options are valued at the last sale price, if any, and otherwise at the most recent bid for long options and the most recent ask for short options. All other securities and securities for which prices are not available or with no readily determinable market values are valued at their fair value in accordance with policies and procedures adopted by the Funds’ Board of Directors (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 hierarchy.
61
The following table presents a summary of inputs used to value the Funds’ investments as of October 31, 2018:
Investments in Securities | ||||||||||||||||
Fund | LEVEL 1 – Quoted Prices | LEVEL 2 – Other Significant Observable Inputs | LEVEL 3 – Significant Unobservable Inputs | Total | ||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 402,229,647 | $ | — | $ | — | $ | 402,229,647 | ||||||||
Money Market Fund | 5,585,566 | — | — | 5,585,566 | ||||||||||||
Total Investments | $ | 407,815,213 | $ | — | $ | — | $ | 407,815,213 | ||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 227,600,227 | $ | — | $ | — | $ | 227,600,227 | ||||||||
Right* | — | — | — | — | ||||||||||||
Money Market Fund | 1,868,035 | — | — | 1,868,035 | ||||||||||||
Total Investments | $ | 229,468,262 | $ | — | $ | — | $ | 229,468,262 | ||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 133,007,769 | $ | — | $ | — | $ | 133,007,769 | ||||||||
Money Market Fund | 1,985,997 | — | — | 1,985,997 | ||||||||||||
Total Investments | $ | 134,993,766 | $ | — | $ | — | $ | 134,993,766 | ||||||||
Steward Select Bond Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 101,310,545 | $ | — | $ | 101,310,545 | ||||||||
Municipal Bonds | — | 4,051,332 | — | 4,051,332 | ||||||||||||
U.S. Government Agencies | — | 20,642,034 | — | 20,642,034 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 5,591,809 | — | 5,591,809 | ||||||||||||
U.S. Treasury Obligations | 24,649,345 | 982,750 | — | 25,632,095 | ||||||||||||
Preferred Stocks* | 2,201,700 | — | — | 2,201,700 | ||||||||||||
Money Market Fund | 3,047,526 | — | — | 3,047,526 | ||||||||||||
Total Investments | $ | 29,898,571 | $ | 132,578,470 | $ | — | $ | 162,477,041 | ||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 300,285,847 | $ | — | $ | — | $ | 300,285,847 | ||||||||
Money Market Fund | 5,064,247 | — | — | 5,064,247 | ||||||||||||
Total Investments | $ | 305,350,094 | $ | — | $ | — | $ | 305,350,094 | ||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 25,425,982 | $ | — | $ | — | $ | 25,425,982 | ||||||||
Money Market Fund | 500,813 | — | — | 500,813 | ||||||||||||
Total Investment Securities | $ | 25,926,795 | $ | — | $ | — | $ | 25,926,795 | ||||||||
Other Financial Instruments:ˆ | ||||||||||||||||
Written Options Contracts | (484,171 | ) | — | — | (484,171 | ) | ||||||||||
Total Investments | $ | 25,442,624 | $ | — | $ | — | $ | 25,442,624 |
* | Please refer to the Schedule of Portfolio Investments to view common stocks, right, corporate bonds, and preferred stocks segregated by industry type. |
ˆ | Other Financial Instruments include any derivative instruments, such as written options contracts. These investments are generally recorded in the financial statements at fair value. |
62
Securities Transactions and Investment Income: Portfolio security transactions are recorded on the trade date. Net realized gains or losses on sales of securities are determined by the identified cost method. Interest income, adjusted for accretion of discounts and amortization of premiums, is recorded on the accrual basis. Debt obligations may be placed in non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful as identified by the Funds’ investment adviser as part of the valuation process. The treatment of such interest income may be different for federal income tax purposes. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Dividend income is recorded on the ex-dividend date, or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Income and capital gains on some foreign securities may be subject to foreign withholdings taxes, which are accrued as applicable, and have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.
Dividends and Distributions to Shareholders: Dividends from net investment income, if any, from the Funds are declared and paid quarterly. All net realized long-term or short-term capital gains, if any, are declared and distributed at least annually.
Income dividends and capital gains distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by the Funds, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Funds. Distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Written Options Contracts: Steward Covered Call Income Fund may write (sell) covered call options. Premiums received from written options contracts are recorded as liabilities and are marked-to-market to reflect the current value of the options written. When writing an option, the Fund bears the market risk of unfavorable changes in the price of the underlying instrument.
The notional amount of written options outstanding at October 31, 2018 and the month-end average notional amount was $25,577,250. The monthly average notional amount for written options contracts for the period May 1, 2018 through October 31, 2018 was $24,978,578.
Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of October 31, 2018, are:
Liability Derivatives | ||||||||||||
Fund | Primary Risk Exposure | Statements of Asset and Liabilities Location | Total Fair Value | |||||||||
Steward Covered Call Income Fund | Equity Risk | |||||||||||
Options Contracts | �� | Written options at fair value | $ | 484,171 |
Realized Gain/(Loss) on Derivatives Recognized as a Result from Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations | |||||||||||
Fund | Primary Risk Exposure | Net realized gains from options transactions | Change in unrealized depreciation on options transactions | |||||||||
Steward Covered Call Income Fund | Equity Risk | $ | 571,481 | $ | (100,616 | ) |
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Federal Income Taxes: The Funds intend to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
As of and during the period ended October 31, 2018, 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 on 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 as determined by the Board.
Foreign Securities: Investments in securities of issuers in foreign countries involves risks not associated with domestic investments. These risks include, but are not limited to: (1) political and financial instability; (2) currency exchange rate fluctuations; (3) greater price volatility and less liquidity in particular securities and in certain foreign markets; (4) lack of uniform accounting, auditing and financial reporting standards; (5) less government regulation and supervision of some foreign stock exchanges, brokers and listed companies; (6) delays in transaction settlement in certain foreign markets; and (7) less availability of information. Securities of issuers in emerging and developing countries raise additional risks relative to investments in developed country issuers, including exposure to less mature and diversified economies and to less stable market and political systems, as well as to possible currency transfer restrictions, delays and disruptions in settlement of transactions, and higher volatility than found in developed countries.
Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments, Inc. (“Crossmark Global Investments” or the “Adviser”). Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended October 31, 2018, the Funds did not engage in any Rule 17a-7 transactions.
Recent Accounting Pronouncements: In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date for purchased non-contingently callable debt securities. For public business entities, ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08 and its impact on the financial statements and related disclosures has not yet been determined.
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. Management does not believe that adoption of ASU 2018-13 will materially impact the Funds’ financial statements.
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In August 2018, the SEC adopted amendments to certain financial statement disclosure requirements to conform them to GAAP for investment companies. These amendments include certain removals from, changes to and additions to existing disclosure requirements under Regulation S-X. The Funds’ adoption of these amendments, effective with the financial statements prepared as of October 31, 2018, had no effect on the Funds’ net assets or results of operations. As a result of adopting these amendments, the distributions to shareholders in the April 30, 2018 Statements of Changes in Net Assets presented herein have been reclassified to conform to the presentation for the current period, which includes all distributions to shareholders of each Class, other than tax basis return of capital distributions, in one line item. Prior to adoption of these amendments, the distributions to shareholders in the April 30, 2018 Statements of Changes in Net Assets appeared as follows:
Steward Large Cap Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund | Steward International Enhanced Index Fund | Steward Select Bond Fund | Steward Global Equity Income Fund | Steward Covered Call Income Fund | |||||||||||||||||||
For the year ended April 30, 2018 | For the year ended April 30, 2018 | For the year ended April 30, 2018 | For the year ended April 30, 2018 | For the year ended April 30, 2018 | For the period December 14, 2017(a) through April 30, 2018 | |||||||||||||||||||
Distributions: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A Shares | $ | (486,243 | ) | $ | (378,573 | ) | $ | (436,748 | ) | $ | (193,329 | ) | $ | (1,120,843 | ) | $ | (5 | ) | ||||||
Class C Shares | — | — | — | — | — | — | ||||||||||||||||||
Class R6 Shares | — | — | — | — | — | — | ||||||||||||||||||
Institutional Class Shares | (4,030,989 | ) | (1,099,964 | ) | (2,741,957 | ) | (3,055,166 | ) | (4,150,666 | ) | (67,662 | ) | ||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A Shares | $ | — | $ | (5,230,714 | ) | $ | — | $ | — | $ | (3,490,947 | ) | $ | — | ||||||||||
Class C Shares | — | (1 | ) | — | — | (2 | ) | — | ||||||||||||||||
Class R6 Shares | — | (1 | ) | — | — | (2 | ) | — | ||||||||||||||||
Institutional Class Shares | — | (10,106,436 | ) | — | — | (11,030,180 | ) | — |
(a) | Commencement of operations. |
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 for 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 (the “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 Advisory Agreement, Crossmark Global Investments has full discretion to manage the assets of the Funds in accordance with their investment objectives.
As compensation for its services as investment adviser, each Fund pays Crossmark Global Investments, on a monthly basis, an investment advisory fee calculated daily, based on the average daily net assets of the Fund, at the following annual rates:
Steward Large Cap Enhanced Index Fund
— | 0.15% on the first $500 million; |
— | 0.125% on the next $500 million; and |
— | 0.10% in excess of $1 billion |
Steward Small-Mid Cap Enhanced Index Fund
— | 0.15% on the first $500 million; |
— | 0.125% on the next $500 million; and |
— | 0.10% in excess of $1 billion |
Steward International Enhanced Index Fund
— | 0.30% on the first $500 million; |
— | 0.25% on the next $500 million; and |
— | 0.20% in excess of $1 billion |
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Steward Select Bond Fund
— | 0.25% on the first $500 million; |
— | 0.20% on the next $500 million; and |
— | 0.175% in excess of $1 billion |
Steward Global Equity Income Fund
— | 0.30% on the first $500 million; |
— | 0.25% on the next $500 million; and |
— | 0.20% in excess of $1 billion |
Steward Covered Call Income Fund
— | 0.45% of the aggregate assets |
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 limitation for such Class of the Fund, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of October 31, 2018, the expense limitations were as follows:
In effect through December 13, 2019 | ||||||||||||||||
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 in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the period are reflected on the Statements of Operations as “Recoupment of prior expenses reimbursed by the Adviser.”
As of October 31, 2018, the amounts subject to repayment by the Fund in subsequent years under the expense limitation agreement were as follows:
Fund | Expires April 30, 2021 | Expires April 30, 2022 | ||||||
Steward Covered Call Income Fund | $ | 15,048 | $ | 18,045 |
Crossmark Consulting, LLC (“Crossmark Consulting”), an affiliate of Crossmark Global Investments and a wholly-owned subsidiary of Crossmark Global Holdings, serves as administrator for the Funds. For its services as administrator, Crossmark Consulting receives 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 declines to 0.03% of the Funds’ aggregate average daily net assets in excess of $500 million. Crossmark Consulting also serves as a consultant to the Funds with respect to socially responsible investment policies. Crossmark Consulting receives its consulting fee monthly, based on the annual average aggregate daily net assets of the Funds as follows:
First | $ | 500,000,000 | 0.08 | % | ||||
Next | $ | 500,000,000 | 0.05 | % | ||||
Over | $ | 1,000,000,000 | 0.02 | % |
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Crossmark Consulting, pursuant to a Compliance Services Agreement, provides certain compliance services for the Funds. Each Fund pays Crossmark Consulting a monthly fee based on the annual average daily net assets of the Fund as follows for compliance services:
First | $ | 500,000,000 | 0.025 | % | ||||
Next | $ | 500,000,000 | 0.020 | % | ||||
Over | $ | 1,000,000,000 | 0.015 | % |
Pursuant to the Class Action and Fair Fund Services Agreement, Crossmark Consulting receives fees totaling 6% of amounts received by the Funds from Fair Funds, as defined in the agreement.
Crossmark Distributors, Inc. (“Crossmark Distributors”) serves as the distributor of the Funds’ shares. Crossmark Distributors is an affiliate of Crossmark Global Investments, and both are wholly-owned subsidiaries of Crossmark Global Holdings.
Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act, which permits each Fund to compensate Crossmark Distributors out of the assets of the Fund attributable to its Class A and Class C shares for services in connection with the distribution of the Fund’s Class A and Class C shares and for the provision of certain services to Class A and Class C shareholders. Under the Plan, each Fund pays Crossmark Distributors an amount computed monthly at the annual rates of 0.25% and 1.00% of the Fund’s Class A and Class C average daily net assets (including reinvested dividends paid with respect to those assets), respectively. Of this amount, Crossmark Distributors may allocate to securities dealers, (which may include Crossmark Distributors itself) and other financial institutions and organizations (collectively “Service Organizations”) amounts based on the particular Fund’s average net assets owned by shareholders for whom the Service Organizations have a servicing relationship.
Each of the Funds has also adopted an Administrative Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall compensate Crossmark Distributors out of the assets of the Fund attributable to its Class A, Class C, and Institutional Class shares to cover the costs of payments to certain third-party shareholder service providers related to the administration of group accounts in which Fund shareholders of each Class participate. The amount of such payments may not exceed, on an annual basis, 0.10% of the average daily net assets of the Class A, Class C, and Institutional Class shares, respectively, of each Fund. For Class A and Class C shares, this fee is in addition to fees payable under the Service and Distribution Plan. Institutional Class shares are not subject to the Service and Distribution Plan.
Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments, Crossmark Distributors and/or Crossmark Consulting.
Citi Fund Services Ohio, Inc. (“Citi Ohio”) serves as the Funds’ fund accountant and sub-administrator. Under the terms of the Master Services Agreement, Citi Ohio 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 0.07% on the first $500 million of the Funds’ aggregate average daily net assets. The rate then declines to 0.06% on the next $150 million of aggregate average daily net assets, and to 0.05% on the next $100 million of aggregate average daily assets, and to 0.04% on aggregate average daily net assets thereafter subject to certain minimums and additional fees. Citi receives additional fees for sub-administration services and reimbursement of certain expenses. Under a transfer agency agreement assigned from Citi Ohio, FIS Investor Services, LLC serves as the Funds’ transfer agent and is paid annual class and per account fees. These fees are allocated among the Funds based on their relative daily net assets.
Note 5 — Purchases and Sales of Securities:
Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the period ended October 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||
Steward Large Cap Enhanced Index Fund | $ | 30,052,839 | $ | 18,181,473 | ||||
Steward Small-Mid Cap Enhanced Index Fund | 27,859,132 | 27,512,598 | ||||||
Steward International Enhanced Index Fund | 16,999,320 | 9,460,092 | ||||||
Steward Select Bond Fund | 12,542,032 | 5,163,325 | ||||||
Steward Global Equity Income Fund | 73,719,500 | 43,885,937 | ||||||
Steward Covered Call Income Fund | 15,493,178 | 15,189,676 |
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Purchases and sales of U.S. government securities for the period ended October 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||
Steward Select Bond Fund | $ | 2,494,766 | $ | 6,287,617 |
Note 6 — Federal Income Tax Information:
As of October 31, 2018, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, for federal income tax purposes, were as follows:
Fund | Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/(Depreciation) | ||||||||||||
Steward Large Cap Enhanced Index Fund | $ | 352,210,841 | $ | 77,376,784 | $ | (21,772,412 | ) | $ | 55,604,372 | |||||||
Steward Small-Mid Cap Enhanced Index Fund | 209,752,627 | 41,678,599 | (21,962,964 | ) | 19,715,635 | |||||||||||
Steward International Enhanced Index Fund | 137,812,829 | 13,498,802 | (16,317,865 | ) | (2,819,063 | ) | ||||||||||
Steward Select Bond Fund | 166,415,056 | 345,669 | (4,283,684 | ) | (3,938,015 | ) | ||||||||||
Steward Global Equity Bond Fund | 283,413,787 | 36,739,663 | (14,803,356 | ) | 21,936,307 | |||||||||||
Steward Covered Call Income Fund | 27,380,679 | 589,676 | (2,527,731 | ) | (1,938,055 | ) |
The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales, adjustments to income on certain securities and other temporary differences.
The tax character of distributions paid during the latest tax fiscal year ended April 30, 2018, were as follows:
Distributions paid from | ||||||||||||
Fund | Ordinary Income | Net Long-Term Capital Gains | Total Distributions Paid | |||||||||
Steward Large Cap Enhanced Index Fund | $ | 4,517,232 | $ | — | $ | 4,517,232 | ||||||
Steward Small-Mid Cap Enhanced Index Fund | 4,300,353 | 12,515,336 | 16,815,689 | |||||||||
Steward International Enhanced Index Fund | 3,178,705 | — | 3,178,705 | |||||||||
Steward Select Bond Fund | 3,248,495 | — | 3,248,495 | |||||||||
Steward Global Equity Income Fund | 8,419,793 | 11,372,847 | 19,792,640 | |||||||||
Steward Covered Call Income Fund | 67,667 | — | 67,667 |
As of the latest tax fiscal year ended April 30, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings (Deficit) | ||||||||||||||||||
Steward Large Cap Enhanced Index Fund | $ | 214,492 | $ | 18,814,067 | $ | 19,028,559 | $ | — | $ | 57,793,038 | $ | 76,821,597 | ||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | 1,531,975 | 15,299,814 | 16,831,789 | — | 31,169,835 | 48,001,624 | ||||||||||||||||||
Steward International Enhanced Index Fund | 465,914 | — | 465,914 | (6,340,984 | ) | 14,189,073 | 8,314,003 | |||||||||||||||||
Steward Select Bond Fund | 470,237 | — | 470,237 | (2,685,813 | ) | (3,006,827 | ) | (5,222,403 | ) | |||||||||||||||
Steward Global Equity Income Fund | 3,717,157 | 13,555,997 | 17,273,154 | — | 41,527,456 | 58,800,610 | ||||||||||||||||||
Steward Covered Call Income Fund | 858,288 | — | 858,288 | — | (1,063,381 | ) | (205,093 | ) |
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As of the latest tax fiscal year ended April 30, 2018, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset or expires.
CLCFs subject to expiration:
Fund | Expires 2019 | |||||||||||
Steward Large Cap Enhanced Index Fund | $ | — | ||||||||||
Steward Small-Mid Cap Enhanced Index Fund | — | |||||||||||
Steward International Enhanced Index Fund | 6,340,985 | |||||||||||
Steward Select Bond Fund | 760,671 | |||||||||||
Steward Global Equity Income Fund | — | |||||||||||
Steward Global Covered Call Income Fund | — |
CLCFs not subject to expiration:
Fund | Short-Term Amount | Long-Term Amount | Total | |||||||||
Steward Large Cap Enhanced Index Fund | $ | — | $ | — | $ | — | ||||||
Steward Small-Mid Cap Enhanced Index Fund | — | — | — | |||||||||
Steward International Enhanced Index Fund | — | — | — | |||||||||
Steward Select Bond Fund | 73,438 | 1,851,704 | 1,925,142 | |||||||||
Steward Global Equity Income Fund | — | — | — | |||||||||
Steward Covered Call Income Fund | — | — | — |
During the latest tax fiscal year ended April 30, 2018, the Funds utilized CLCFs as follows:
Fund | Total | |||
Steward Large Cap Enhanced Index Fund | $ | 1,726,816 | ||
Steward International Enhanced Index Fund | 2,947,069 |
For the latest tax fiscal year ended April 30, 2018, the Steward Select Bond Fund had expiring CLCFs of $468,259.
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Note 7 — Control Ownership:
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2018, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership.
Fund | Shareholder | Percent Owned | ||
Steward Large Cap Enhanced Index Fund – Class A | National Financial Services LLC | 50% | ||
Steward Large Cap Enhanced Index Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Large Cap Enhanced Index Fund – Class R6 | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Large Cap Enhanced Index Fund – Institutional Class | National Financial Services LLC | 42% | ||
Steward Large Cap Enhanced Index Fund – Institutional Class | TD Ameritrade Trust Co. | 42% | ||
Steward Small-Mid Cap Enhanced Index Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Small-Mid Cap Enhanced Index Fund – Class R6 | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Small-Mid Cap Enhanced Index Fund – Institutional Class | TD Ameritrade Trust Co. | 39% | ||
Steward International Enhanced Index Fund – Class A | National Financial Services LLC | 93% | ||
Steward International Enhanced Index Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward International Enhanced Index Fund �� Class R6 | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward International Enhanced Index Fund – Institutional Class | National Financial Services LLC | 55% | ||
Steward International Enhanced Index Fund – Institutional Class | TD Ameritrade Trust Co. | 52% | ||
Steward Select Bond Fund – Class A | National Financial Services LLC | 86% | ||
Steward Select Bond Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Select Bond Fund – Class R6 | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Select Bond Fund – Institutional Class | TD Ameritrade Trust Co. | 54% | ||
Steward Select Bond Fund – Institutional Class | National Financial Services LLC | 45% | ||
Steward Global Equity Income Fund – Class A | Charles Schwab & Co., Inc. | 46% | ||
Steward Global Equity Income Fund – Class A | National Financial Services LLC | 40% | ||
Steward Global Equity Income Fund – Class C | Raymond James Financial Services, Inc. | 88% | ||
Steward Global Equity Income Fund – Class R6 | Pershing LLC | 100% | ||
Steward Global Equity Income Fund – Institutional Class | TD Ameritrade Trust Co. | 42% | ||
Steward Global Equity Income Fund – Institutional Class | National Financial Services LLC | 33% | ||
Steward Covered Call Income Fund – Class A | Charles Schwab & Co., Inc. | 94% | ||
Steward Covered Call Income Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Covered Call Income Fund – Class R6 | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Covered Call Income Fund – Institutional Class | TD Ameritrade Trust Co. | 99% |
(1) | On December 14, 2017, commencement of operations, Crossmark Global Investments, Inc. purchased one share of each of Class C and Class R6. |
Note 8 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
There were no events that require adjustment or disclosure for the period subsequent to October 31, 2018 through the date of issuance of these financial statements.
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General Information (Unaudited)
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the Steward Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30 is available without charge (i) by calling 1-800-262-6631 and (ii) on the SEC’s website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Steward Funds file a complete Schedule of Portfolio Investments with the SEC for the first and third quarters of each fiscal year on Form N-Q no later than 60 days following the close of the quarter. The Steward Funds’ Form N-Qs are available without charge on the SEC’s website at http://www.sec.gov.
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EXPENSE EXAMPLES (Unaudited)
As a shareholder of the Steward 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, and fees if your account is under $2,000 for regular accounts and $1,000 for individual retirement accounts (small account fees). You will also incur ongoing costs, including management fees; 12b-1 fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Steward Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2018 through October 31, 2018 and does not include any small account fees.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Fund | Beginning Account Value 5/1/18 | Ending Account Value 10/31/18 | Expenses Paid During Period* 5/1/18 – 10/31/18 | Expense Ratio During Period 5/1/18 – 10/31/18 | ||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,009.30 | $ | 4.00 | 0.79 | % | ||||||||
Class C(1) | 1,000.00 | 999.00 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 999.00 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,010.80 | 2.53 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 990.20 | 3.96 | 0.79 | % | |||||||||||
Class C(1) | 1,000.00 | 978.30 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 979.40 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 992.20 | 2.61 | 0.52 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 907.20 | 4.86 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 898.80 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 899.50 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 908.40 | 3.42 | 0.71 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,002.40 | 4.79 | 0.95 | % | |||||||||||
Class C(1) | 1,000.00 | 989.60 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 989.50 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,033.90 | 3.39 | 0.66 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 965.40 | 4.76 | 0.96 | % | |||||||||||
Class C | 1,000.00 | 968.70 | 8.14 | 1.64 | % | |||||||||||
Class R6 | 1,000.00 | 967.10 | 3.02 | 0.61 | % | |||||||||||
Institutional Class | 1,000.00 | 966.80 | 3.32 | 0.67 | % | |||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,018.20 | 6.36 | 1.25 | % | |||||||||||
Class C(1) | 1,000.00 | 1,017.10 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,017.10 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,019.00 | 5.09 | 1.00 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 (to reflect the one-half year period). |
(1) | Expense Paid and Expense Ratio are expressed as — and –%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2018. |
72
Hypothetical Example for Comparison Purposes (Unaudited)
The table below provides information about hypothetical account values and hypothetical expenses based on each Steward Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Steward Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. The expenses do not include any small account fees, which Funds, in certain circumstances, may assess. The Funds do not charge transactional costs, such as sales charges (front or back end loads) or exchange fees, although other funds might. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.
Fund | Beginning Account Value 5/1/18 | Ending Account Value 10/31/18 | Expenses Paid During Period* 5/1/18 – 10/31/18 | Expense Ratio During Period 5/1/18 – 10/31/18 | ||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.22 | $ | 4.02 | 0.79 | % | ||||||||
Class C(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.68 | 2.55 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,021.22 | 4.02 | 0.79 | % | |||||||||||
Class C(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.58 | 2.65 | 0.52 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.11 | 5.14 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.63 | 3.62 | 0.71 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.42 | 4.84 | 0.95 | % | |||||||||||
Class C(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.88 | 3.36 | 0.66 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.37 | 4.89 | 0.96 | % | |||||||||||
Class C | 1,000.00 | 1,016.94 | 8.34 | 1.64 | % | |||||||||||
Class R6 | 1,000.00 | 1,022.13 | 3.11 | 0.61 | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.83 | 3.41 | 0.67 | % | |||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,018.90 | 6.36 | 1.25 | % | |||||||||||
Class C(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.21 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,020.16 | 5.09 | 1.00 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 (to reflect the one-half year period). |
(1) | Expense Paid and Expense Ratio are expressed as — and –%, respectively, because the class is too small to accrue income and expenses during the period ended October 31, 2018. |
73
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Visit us online at:
crossmarkglobal.com
STEWARD FUNDS
SEMI-ANNUAL REPORT
(UNAUDITED)
Steward Large Cap Enhanced Index Fund
Steward Small-Mid Cap Enhanced Index Fund
Steward International Enhanced Index Fund
Steward Select Bond Fund
Steward Global Equity Income Fund
Steward Covered Call Income Fund
Distributed by: Crossmark Distributors, Inc. 15375 Memorial Drive, 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.
Item 2. Code of Ethics.
Not Applicable
Item 3. Audit Committee Financial Expert.
Not Applicable
Item 4. Principal Accountant Fees and Services.
Not Applicable
Item 5. Audit Committee of Listed Registrants.
Not Applicable
Item 6. Investments.
(a) The schedules of investments are included as part of the report to shareholders filed under Item 1of this form.
(b) Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders.
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.
(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable
Item 13. Exhibits.
(a)(1) | Not Applicable |
(a)(2) | Certifications pursuant to Rule 30a-2(a) are attached hereto |
(a)(3) | Not Applicable |
(b) | Certifications pursuant to Rule 30a-2(b) are furnished herewith. |
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.
(Registrant) STEWARD FUNDS, INC.
By (Signature and Title) /s/ Michael L. Kern, III
Michael L. Kern, III, President and Treasurer
Date December 12, 2018
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 (Signature and Title) /s/ Michael L. Kern, III
Michael L. Kern, III, President and Treasurer
Date December 12, 2018