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: April 30, 2019
Item 1. Reports to Stockholders.
CROSSMARK STEWARD FUNDS
ANNUAL REPORT
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website atwww.crossmarkglobal.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling 1-800-262-6631 or sending an email request to Patricia Mims, pmims@crossmarkglobal.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-262-6631 or send an email request to pmims@crossmarkglobal.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Transfer Agent if you invest directly with the Funds.
Dear Shareholder: It is our pleasure to present you with the 2019 Steward Funds, Inc. Annual Report. Within the pages of this report you will see detailed information regarding the Funds, including performance, specific holdings within each Fund, and a summary of the key factors that have affected the Funds’ performance for the Funds’ most recent fiscal year. |
The last twelve months have been very exciting for the Steward Funds and for Crossmark Global Investments, Inc. (the investment advisory firm that manages the Funds). Most notably, in early 2019 we were notified by Refinitiv that the Steward Global Equity Income Fund (Institutional Class ticker SGISX) had once again been selected to receive multiple Lipper Fund Awards for its performance. Specifically, the Steward Global Equity Income Fund was named the Best Global Equity Income Fund in the three-year, five-year, and ten-year performance categories for the period ending November 30, 2018. This marks the fifth consecutive year in which this Fund has received a Lipper Award.
We are extraordinarily proud of all of the Funds. The Steward family of Funds employs a proprietary screening methodology designed to exclude companies materially involved with alcohol, tobacco, gambling, life ethics, or mature content. Our belief is that investors do not need to sacrifice investment returns in order to align their investments with their values.
As a firm, we are committed to operating according to the highest levels of excellence within our industry. Our commitment to our core values of integrity, courage, commitment, proficiency and professionalism is unwavering. Not only do we help investors align their investments with their values, we work hard to align our own business practices with our values.
On behalf of all of the professionals at the Steward Funds and Crossmark Global Investments, Inc., we sincerely thank you for the trust you have placed in us. We invite you to learn more about the Steward Funds and the various investment options available by visiting the Funds’ website www.crossmarkglobal.com or calling 1-800-262-6631. Additionally, if you are ever in the Houston, Texas area we would love to meet you personally at our office. Feel free to stop by at any time.
Again, thank you for choosing to invest in the Steward Funds.
Sincerely,
Michael L. Kern, III, CFA
Chairman of the Board, President and CEO of Steward Funds, Inc.
President, CEO and Treasurer of Crossmark Global Investments, Inc.
15375 Memorial Drive, Suite 200, Houston, TX 77079 800-262-6631 | crossmarkglobal.com/stewardfunds |
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NOTES FROM THE PORTFOLIO MANAGERS
STEWARD GLOBAL EQUITY INCOME FUND
John R. Wolf, Executive Vice President
Market Overview — Equity Investments
The economic outlook in the U.S. appears to be moderating from the strong pace of 2018. While previous year GDP growth was nearly 3%, 2019 estimates are 2.4% GDP growth. The Federal Reserve (the Fed) appears to be putting future rate hikes on hold until possibly next year. This shift has come in part due to low inflation data particularly the core CPI which ticked up only 0.1% in February and March. This is despite the fact that employee compensation has been moving up in response to a tighter job market. Canada’s economy received a boost from the labor market as it generated a second straight month of strong job gains in February with the creation of 55,900 net new positions. The oil and housing sectors however remain weak with the fourth quarter GDP slowing to its worst performance in two years. Moving overseas to the Eurozone, the European Central Bank is responding to weaker prospects for both growth and inflation. This comes on the heels of a particularly slow growth period in the second half of 2018. In the UK, prime minister May was forced to ask for an Article 50 Brexit extension after Parliament repeatedly voted down her proposed withdrawal agreement. UK lawmakers currently appear to have no agreement on how they should separate from the European Union leaving significant uncertainty on the eventual outcome. Japan continues to struggle with low inflation however the Bank of Japan (BOJ) has left its policy unchanged. The BOJ has shifted from trying to hit its inflation target to merely trying to keep inflation on a rising path.
Company earnings as represented by the S&P 500 have posted a 14% growth rate for the fourth quarter of 2018 marking a significant slowdown from the previous three quarters. Earnings growth for the full year of 2018 however came in at a robust 20%. The energy sector continued to lead the group in the fourth quarter with a growth rate of 94%. Almost every sector has posted a positive growth rate for the year with utilities being the only exception.
Fund Performance For the year ended April 30, 2019, the Steward Global Equity Income Fund returned 4.61% for the Class A shares and 4.90% for the Institutional Class shares. The return for the global market as represented by the S&P Global 1200 Index for the same period was 6.72%. The return for the S&P 500 Index for the same period was 13.49%. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 6.22% for the same period. |
Factors Affecting Performance
The Fund’s allocation at the end of the period was 61% U.S. and 39% international with Canada being the largest non-U.S. allocation at 10%. One of the largest positive contributors to performance for the year was Analog Devices, Inc. +35.74%. The company engages in the design, development, manufacture, and marketing of integrated circuits. Shares climbed dramatically in the first quarter of 2019 as equities rebounded but continued to climb as reported earnings and revenue came in at the high end of company guidance. Shares of EPR Properties +52.66% have had a banner year despite the sensitivity of REITs to rising interest rates. With the Fed now taking a more dovish stance, EPR should be poised for another solid year of performance in our opinion. The company has steadily increased its dividend for eight years with a current payout of nearly 6%. PepsiCo, Inc. +31.15% shares jumped after the company reported earnings and revenue that exceeded analyst expectations. Continued growth internationally and by the Frito-Lay snack division drove the results. PepsiCo has also been investing in its snack business by adapting its product mix to suit changing consumer tastes.
Holdings in the Fund that had negative relative performance impact included AEGON N.V. -25.23%. The Netherlands based insurer reported an 8.1% drop in pretax profit for the second half of 2018. The numbers reflect the company’s business sensitivity to financial market movements. The company however was still able to raise its dividend payout by 7.4%. Shares of Ternium S.A. -36.14%, a Luxembourg based manufacturer of steel products, slid as reported earnings and revenue came in below analyst estimates. The company stated that the expected ratification of the United States-Mexico-Canada Agreement should help normalize steel trade flows in the region. We believe this would have a positive effect on Ternium as Mexico is the company’s main steel market. The Fund will continue to invest in dividend companies that have the ability to increase their payouts with solid cash flow and lower than average market volatility.
Performance of the Fund can also be affected by the Fund’s values-based investment policies which seek to avoid investments in companies that are materially involved with alcohol, tobacco, gambling, life ethics, or 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. For the year ended April 30, 2019, the values-based screens had a slightly negative impact on the performance of the Fund’s portfolio.
Current Strategy
The Fund 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
Paul Townsen, Executive Vice President
Fund Performance For the year ended April 30, 2019, the Steward Covered Call Income Fund returned 8.91% for the Class A shares and 9.06% for the Institutional Class shares. The return for the global market as represented by the Cboe S&P 500 BuyWrite Index was 3.53% and the return for the S&P 500 Index was 13.49% for the same period. |
Factors Affecting Performance
Volatility came back with a vengeance after hitting record highs in September which should not have come as that big of a surprise given the fact that interest rates continued to rise, Fed uncertainty was still high, trade negotiations with China persisted and mid-term elections were rapidly approaching. However, the markets had entered what has been a historically strong seasonal period. The months of November and December of mid-term election years have been quite strong as history has shown. The broader fundamentals of the markets still remained favorable in October with Corporate earnings up again over 20%, profit margins remained close to historical highs, and sales growth continued to run at a pace not seen in several years. All of those factors seemed to indicate healthy tailwinds for the markets.
Geopolitical events continued to move the markets over most of the month of November. The U.S. mid-term elections produced an outcome that many expected as the Democrats took control of the House of Representatives with the Republicans increasing their hold on the Senate. Risk off sentiment within the markets prevailed through most of the month as the U.S. administration’s approach to global trade continued to be quite hostile. The most important meeting at the G-20 event in our opinion turned out to be a dinner between President Xi of China and President Trump as the two world leaders sat down to discuss quite a few topics including trade, generating a positive reaction in the markets. As far as the Fed goes, the markets did not have to wait until the December meeting to receive some good news from Fed Chair Powell. Chairman Powell’s comments indicated a more meaningful dovish tone which was drastically different than anything he had stated publicly in the preceding months. As with the Trump/Xi dinner, the markets again reacted favorably.
The final month of 2018 was not a December to remember from a market standpoint. Investors had to contend with rising U.S. central bank rates, the ongoing trade conflict between the U.S. and China, weaker Chinese growth and continued rising geopolitical concerns. Also, the Treasury yield curve inverted, a further sign investors are worried the economy is slowing. The yield curve doesn’t cause a recession, but it expresses concerns the Fed has raised rates too high and too fast and will have to cut in the near future. After a few near misses, the S&P 500 finally entered into a correction in the middle of the month, meaning the index closed more than 10% below its previous high. The S&P 500 Index played chicken with these levels earlier but had always rallied enough at the close to stay above the 10% threshold. Global markets continued to decline as the Fed raised rates and lowered expectations for future rate hikes but investors expressed dismay with the rhetoric coming from the Fed. The last week of the month saw wild swings in the global stock markets as shifts in sentiment pushed the markets sharply higher and lower without much apparent rationale.
The option overlay implemented in the Fund provided a positive boost to performance as the markets became more and more volatile. Volatility is healthy for the markets and important for covered call strategies. The Steward Covered Call Income team took advantage of the 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 seek to avoid investments in companies that are materially involved with alcohol, tobacco, gambling, life ethics, or 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. For the year ended April 30, 2019, the values-based screens had a slightly positive impact on the performance of the Fund’s portfolio.
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.
Under normal market circumstances, the Fund will:
• | write (sell) call options on at least 80% of its equity securities |
• | invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark |
The Fund’s equity investments will consist primarily of common stocks of large U.S. companies, most of which will pay dividends, with sufficient liquidity and option market interest to suggest that call options can be readily written on those securities. The Fund’s benchmark index is a widely recognized broad-based large-cap index.
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STEWARD INTERNATIONAL ENHANCED INDEX FUND
Zachary Wehner, JD, Vice President
Fund Performance For the year ended April 30, 2019, the Steward International Enhanced Index Fund returned -1.99% for the Class A shares and -1.74% for the Institutional Class shares. The return for the S&P ADR Index was -0.57% for the same period. The BLDRS Emerging Markets 50 ADR Index, used to represent the emerging markets component, returned -2.39% 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 achieve a balance of 85% in developed markets and 15% in emerging markets due to developing stresses in the emerging sector. This aided the Fund’s performance through April 30 as BLDRS Emerging Markets 50 ADR Index returned 0.09% while the S&P ADR Developed Index returned 1.31% over the eleven-month period. Additionally, over the period, international markets were notably weaker than in the U.S. The MSCI World Index (ex-USA) actually broke below its February lows in May and continued down throughout the year.
The international developed markets component of the Fund outperformed the emerging markets component during the period by 182 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 the emerging sector.
Performance of the Fund can also be affected by the Fund’s values-based investment policies, which seek to avoid investments in companies that are materially involved with alcohol, tobacco, gambling, life ethics, or mature content. For the year ended April 30, 2019, the values-based investment policies had a net negative performance impact on the Fund. Companies such as Novartis (life ethics), up 23.86%, Diageo PLC (alcohol), up 21.57%, and Sanofi (life ethics), up 14.77%, significantly outperformed the S&P ADR Index. Screening out these three securities detracted 142 basis points from performance. Conversely, not owning companies such as British American Tobacco (tobacco), down 23.58%, Anheuser-Busch InBev (alcohol), down 8.64%, and Ambev (alcohol), down 26.96%, positively impacted performance by 76 basis points. Overall, restricted companies’ performance detracted 116 basis points from Fund performance for the year.
Current Strategy
The Fund is not a passively managed index fund. The Fund seeks to enhance its performance over that of its primary benchmark by 1) changing the relative weighting of 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 LARGE CAP ENHANCED INDEX FUND
Fund Performance
For the year ended April 30, 2019, the Steward Large Cap Enhanced Index Fund returned 9.78% for the Class A shares and 10.13% for the Institutional Class shares. For comparison purposes, the return for the S&P 500 Index for the same period was 13.49%. The S&P Pure Index returns were 10.22% for the S&P 500 Pure Growth Index and 2.69% for the S&P 500 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure remained at neutral for the period at 60% large-cap core stocks, 20% in value stocks and 20% in growth stocks for the majority of the year. On April 1, 2019, the portfolio management team decided current market conditions warranted a tilt towards value. As of April 30, 2019, the blended style structure of the fund was 60% large-cap core, 22% in value stocks, and 18% in growth stocks. The precipitating factors for this switch were declining U.S. economic growth, a wider spread than past years in the relative valuations between growth and value stocks, and the slowing corporate earnings growth rate.
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The Fund’s factor-focused growth and value components may impact performance. During this reporting period, both growth and value underperformed their cap-weighted benchmark counterparts over the period, contributing to the Fund’s underperformance. This was the largest single factor impacting performance for the year.
Performance of the Fund can also be affected by the Fund’s values-based investment policies, which seek to avoid investments in companies that are materially involved with alcohol, tobacco, gambling, life ethics, or mature content. For the year ended April 30, 2019, the values-based investment policies had a net negative performance impact on the Fund. Companies such as Amazon (mature content), up 23.01%, Merck & Co. (life ethics), up 37.57%, and Comcast (mature content), up 41.73%, significantly outperformed the S&P 500 Index. Screening out these three securities detracted 60 basis points from performance. Conversely, not owning companies such as General Electric (life ethics), down 23.30%, UnitedHealth Group (life ethics), down 0.04%, and Bristol-Myers Squibb (life ethics), down 8.10%, positively impacted performance by 40 basis points. Overall, restricted companies subtracted 20 basis points from Fund performance for the year.
STEWARD SMALL MID-CAP ENHANCED INDEX FUND
Fund Performance
For the year ended April 30, 2019, the Steward Small-Mid Cap Enhanced Index Fund returned 3.18% for the Class A shares and 3.51% for the Institutional Class shares. For comparison purposes, the return for the S&P 1000 Index during the same period was 6.19%. The S&P Pure Index returns were 1.25% for the S&P 1000 Pure Growth Index and -0.09% for the S&P 1000 Pure Value Index for the same period.
Factors Affecting Performance
The Fund’s blended style structure remained at neutral for the period at 60% small- and mid-cap core stocks, 20% in value stocks and 20% in growth stocks for the majority of the year. On April 1, 2019, the portfolio management team decided current market conditions warranted a tilt towards value. As of April 30, 2019, the blended style structure of the Fund was 60% small- and mid-cap core, 22% in value stocks, and 18% in growth stocks. The precipitating factors for this switch were declining U.S. economic growth, a wider spread than past years in the relative valuations between growth and value stocks, and the slowing corporate earnings growth rate.
The Fund’s factor-focused growth and value components may impact performance. During this reporting period, both growth and value underperformed their cap-weighted benchmark counterparts over the period, contributing to the Fund’s underperformance. This was the largest single factor impacting performance for the year.
Performance of the Fund can also be affected by the Fund’s values-based investment policies, which seek to avoid investments in companies that are materially involved with alcohol, tobacco, gambling, life ethics, or mature content. For the year ended April 30, 2019, the values-based investment policies had a net positive performance impact on the Fund. The magnitude of this positive impact was not enough to overcome the negative impact from the growth and value style allocations. Companies such as Casey’s General Store (alcohol, gambling, and tobacco), up 38.30%, Core-Mark Holdings (tobacco), up 79.04%, and Murphy USA (alcohol and tobacco), up 36.60%, significantly outperformed the S&P 1000 Index. Screening out these three securities detracted 9 basis points from performance. Conversely, not owning companies such as MEDNAX (life ethics), down 39.08%, Scientific Games Corporation (mature content), down 56.60%, and Penn National Gaming (gambling), down 28.51%, positively impacted performance by 18 basis points. Overall, restricted companies positively contributed 11 basis points to Fund performance for the year.
Current Strategy for Steward Large Cap Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund
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 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.
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STEWARD SELECT BOND FUND
Victoria Fernandez, Executive Vice President
Market Overview — Fixed Income Over the last twelve months, the markets have generally been driven by two questions — when will the U.S. agree to a trade deal with China and what will the Fed do next? We have seen the markets shift drastically based on headlines and thoughts around these two questions and they continue to be a driving force of volatility. At the beginning of May 2018, we were looking at a U.S. 10yr treasury yield of around 3.00%. A more dovish Fed and concerns that a trade deal with China is not as much a done deal as many expected has led the yield curve to shift lower with the yield on the U.S. 10yr treasury currently sitting right above 2.40% — an approximate 60 basis points drop. |
Utilizing our 4-step investment process, our strategy continues to be a more conservative approach than the broader fixed income market by positioning the Fund with a shorter duration than the Bloomberg Barclays Capital US Government/Credit Bond Index while maintaining a higher level of income with the majority of the assets in investment-grade corporate bonds. A shorter duration reduces the sensitivity of the Fund to changes in interest rates which is a benefit when rates are rising resulting in declining market values. We anticipate that yields will move slightly higher throughout the rest of the year although we doubt a breach of the 3.00% level will happen in 2019. With this outlook, a more conservative approach should be beneficial to the Fund over the next 12 months although our strategy may shift depending on changes in our outlook.
Fund Performance
For the year ended April 30, 2019, the Steward Select Bond Fund returned 3.72% for the Class A shares and 4.05% for the Institutional Class shares versus the Bloomberg Barclays Capital US Government/Credit Bond Index with a return of 5.43% and the Bloomberg Barclays Intermediate US Aggregate Bond Index with a return of 4.98%. The underperformance of the Fund was due to the shorter duration of the Fund versus the benchmark in an environment when rates fell based on a perceived dovish shift by the Fed. Our duration positioning was a drag of 185 basis points for the year ended April 30, 2019 which is more than the total drag on performance for the time period, with 89% of that drag coming from the underweighted treasury allocation. The yield curve positioning and income components of the Fund were both positive contributors to performance. An overweight to the corporate allocation and the small allocation to fixed-rate preferred securities, the two highest performing sectors in the Fund, were strong contributors to the higher income generation experienced over the 12 month period.
For the year ended April 30, 2019, the Fund’s values-based screens had no impact on the performance of the Fund’s portfolio.
Current Strategy
The Fund invests primarily in fixed-income securities, including, but not limited to, corporate bonds, mortgage-backed securities and government and agency bonds and notes, subject to limitations of the Fund’s values-based screening policies. These obligations may include U.S. dollar-denominated instruments issued in the U.S. by foreign banks and branches and foreign corporations. Other security types may include fixed-rate preferred stock and municipal bonds. Normally, the Fund will invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in these types of instruments. (Any such other investment company will also have a policy to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in such instruments.) The Fund will give shareholders at least 60 days’ prior notice of any change in this policy.
6
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Large Cap Enhanced Index Fund* and the S&P 500 Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Five Year | Ten Year | Expense Ratio‡ | |||||||||||||
Steward Large Cap Enhanced Index Fund – Class A | 9.78 | % | 9.49 | % | 15.06 | % | 0.84 | % | ||||||||
S&P 500 Index | 13.49 | % | 11.63 | % | 15.32 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Large Cap Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries. |
‡ | See the August 28, 2018 (as revised May 3, 2019) prospectus for details. |
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Small-Mid Cap Enhanced Index Fund* and the S&P 1000 Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Five Year | Ten Year | Expense Ratio‡ | |||||||||||||
Steward Small-Mid Cap Enhanced Index Fund – Class A | 3.18 | % | 7.87 | % | 14.49 | % | 0.83 | % | ||||||||
S&P 1000 Index | 6.19 | % | 9.62 | % | 15.27 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Small-Mid Cap Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard and Poor’s 1000 Index is a capitalization-weighted index combining the Standard and Poor’s Mid Cap 400 Index and the Standard and Poor’s Small Cap 600 Index. Both indices represent stocks chosen for market size, liquidity and industry group representation. |
‡ | See the August 28, 2018 (as revised May 3, 2019) prospectus for details. |
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward International Enhanced Index Fund* and the S&P ADR Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Five Year | Ten Year | Expense Ratio‡ | |||||||||||||
Steward International Enhanced Index Fund – Class A | -1.99 | % | 1.54 | % | 5.47 | % | 1.02 | % | ||||||||
S&P ADR Index | -0.57 | % | 1.85 | % | 7.26 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward International Enhanced Index Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard & Poor’s ADR Index, the Fund’s designated broad-based index, is based on the non-U.S. stocks comprising the S&P Global 1200 Index. The index is made up of those companies from the S&P Global 1200 Index that offer either Level II or Level III ADRs, global shares or ordinary shares in the case of Canadian equities. The index was developed with a base value of 1000 on December 31, 1997. |
‡ | See August 28, 2018 (as revised May 3, 2019) prospectus for details. |
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Select Bond Fund* and the Bloomberg Barclays Capital Intermediate US Aggregate Bond Index** and the Bloomberg Barclays Capital US Government/Credit Bond Index.*** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Five Year | Ten Year | Expense Ratio‡ | |||||||||||||
Steward Select Bond Fund – Class A | 3.72 | % | 1.55 | % | 2.29 | % | 0.96 | % | ||||||||
Bloomberg Barclays Capital Intermediate US Aggregate Bond Index | 4.98 | % | 2.20 | % | 3.22 | % | N/A | |||||||||
Bloomberg Barclays Capital US Government/Credit Bond Index | 5.43 | % | 2.63 | % | 3.91 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Select Bond Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Bloomberg Barclays Capital Intermediate US Aggregate Bond Index represents the segment of the Bloomberg Barclays Aggregate Bond Index that has an average maturity and duration in the intermediate range. |
*** | The Bloomberg Barclays Capital US Government/Credit Bond Index represents the government portion of the index, and includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements to represent the credit interests. |
‡ | See the August 28, 2018 (as revised May 3, 2019) prospectus for details. |
10
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Global Equity Income Fund*, the S&P 500 Index** and the S&P Global 1200 Index.*** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Five Year | Ten Year | Expense Ratio‡ | |||||||||||||
Steward Global Equity Income Fund – Class A | 4.61 | % | 8.66 | % | 12.35 | % | 0.99 | % | ||||||||
S&P 500 Index | 13.49 | % | 11.63 | % | 15.32 | % | N/A | |||||||||
S&P Global 1200 Index | 6.72 | % | 7.98 | % | 12.20 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Global Equity Income Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. |
** | The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries. |
*** | The Standard & Poor’s Global 1200 Index is a global index of 1200 stocks comprised of the following seven S&P regional indices: S&P 500 Index (United States), S&P Europe 350 Index (Europe), S&P/TOPIX 150 Index (Japan), S&P/TSX 60 Index (Canada), S&P/ASX All Australia 50 Index (Australia), S&P Asia 50C Index (Asia Ex-Japan) and the S&P Latin America 40 Index (Latin America). Beginning April 1, 2009, the S&P Global 1200 Index is the Fund’s secondary index. |
‡ | See the August 28, 2018 (as revised May 3, 2019) prospectus for details. |
11
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Class A Shares of the Steward Covered Call Income Fund* and the Cboe S&P 500 BuyWrite Index.** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2019
One Year | Since Inception*** | Expense Ratio‡ | ||||||||||
Steward Covered Call Income Fund – Class A | 8.91 | % | 5.96 | % | 1.25 | % | ||||||
Cboe S&P 500 BuyWrite Index | 3.53 | % | 2.69 | % | N/A |
* | The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Covered Call Income Fund’s performance assumes the reinvestment of all income dividends and capital gains distributions, if any, but does not reflect the impact of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. |
** | The Cboe Standard and Poor’s 500 BuyWrite Index (“BXM”) is a capitalization-weighted index of 500 stocks. BXM is a passive total return index based on buying an S&P 500 stock index portfolio and “writing” (or selling) the near-term S&P 500 Index “covered” call option. BXM is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options. |
*** | Effective date of registration and commencement of operations are the same: December 14, 2017. |
‡ | See the August 28, 2018 (as revised May 3, 2019) prospectus for details. The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through December 13, 2019. Additional information pertaining to the April 30, 2019 expense ratio can be found in the Financial Highlights. |
12
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
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* | |||
Oil, Gas & Consumable Fuels | 6.3 | % | ||
Software | 6.2 | |||
Banks | 5.8 | |||
Insurance | 5.5 | |||
IT Services | 5.5 | |||
Health Care Equipment & Supplies | 3.7 | |||
Capital Markets | 3.6 | |||
Interactive Media & Services | 3.6 | |||
Technology Hardware, Storage & Peripherals | 3.5 | |||
Semiconductors & Semiconductor Equipment | 3.3 | |||
Health Care Providers & Services | 3.0 | |||
Specialty Retail | 2.9 | |||
Food Products | 2.6 | |||
Equity Real Estate Investment Trusts | 2.5 | |||
Aerospace & Defense | 2.3 | |||
Biotechnology | 2.0 | |||
Electric Utilities | 1.9 | |||
Chemicals | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Household Products | 1.5 | |||
Machinery | 1.4 | |||
Diversified Financial Services | 1.4 | |||
Beverages | 1.4 | |||
Household Durables | 1.4 | |||
Pharmaceuticals | 1.3 | |||
Food & Staples Retailing | 1.3 | |||
Energy Equipment & Services | 1.3 | |||
Communications Equipment | 1.3 | |||
Multi-Utilities | 1.1 | |||
Diversified Telecommunication Services | 1.1 | |||
Road & Rail | 1.1 | |||
Automobiles | 1.1 |
Industry Diversification | Percent* | |||
Multiline Retail | 1.0 | % | ||
Consumer Finance | 0.9 | |||
Textiles, Apparel & Luxury Goods | 0.9 | |||
Construction & Engineering | 0.9 | |||
Electronic Equipment, Instruments & Components | 0.8 | |||
Entertainment | 0.8 | |||
Media | 0.8 | |||
Commercial Services & Supplies | 0.8 | |||
Industrial Conglomerates | 0.8 | |||
Airlines | 0.7 | |||
Life Sciences Tools & Services | 0.7 | |||
Containers & Packaging | 0.6 | |||
Electrical Equipment | 0.5 | |||
Internet & Direct Marketing Retail | 0.5 | |||
Personal Products | 0.5 | |||
Trading Companies & Distributors | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Building Products | 0.4 | |||
Professional Services | 0.4 | |||
Metals & Mining | 0.3 | |||
Independent Power and Renewable Electricity Producers | 0.3 | |||
Health Care Technology | 0.2 | |||
Auto Components | 0.2 | |||
Distributors | 0.2 | |||
Leisure Products | 0.1 | |||
Construction Materials | 0.1 | |||
Water Utilities | 0.1 | |||
Real Estate Management & Development | 0.1 | |||
Diversified Consumer Services | 0.0 | |||
Gas Utilities | 0.0 | |||
Total Investments | 99.1 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
13
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (99.1%) | |||||||||
AEROSPACE & DEFENSE (2.3%) | |||||||||
Arconic, Inc. | 21,193 | $ | 455,226 | ||||||
General Dynamics Corp. | 3,305 | 590,670 | |||||||
Harris Corp. | 1,660 | 279,710 | |||||||
Huntington Ingalls Industries, Inc. | 523 | 116,409 | |||||||
L3 Technologies, Inc. | 921 | 201,312 | |||||||
Lockheed Martin Corp. | 3,159 | 1,052,989 | |||||||
Northrop Grumman Corp. | 2,067 | 599,244 | |||||||
Raytheon Co. | 3,791 | 673,244 | |||||||
Textron, Inc. | 8,770 | 464,810 | |||||||
The Boeing Co. | 6,721 | 2,538,455 | |||||||
TransDigm Group, Inc.(a) | 2,736 | 1,320,175 | |||||||
United Technologies Corp. | 9,786 | 1,395,581 | |||||||
9,687,825 | |||||||||
AIR FREIGHT & LOGISTICS (0.5%) | |||||||||
C.H. Robinson Worldwide, Inc. | 1,190 | 96,390 | |||||||
Expeditors International of Washington, Inc. | 7,910 | 628,212 | |||||||
FedEx Corp. | 3,106 | 588,463 | |||||||
United Parcel Service, Inc., Class B | 8,020 | 851,884 | |||||||
2,164,949 | |||||||||
AIRLINES (0.7%) | |||||||||
Alaska Air Group, Inc. | 6,920 | 428,348 | |||||||
American Airlines Group, Inc. | 20,250 | 692,145 | |||||||
Delta Air Lines, Inc. | 13,850 | 807,316 | |||||||
Southwest Airlines Co. | 6,090 | 330,261 | |||||||
United Continental Holdings, Inc.(a) | 8,330 | 740,204 | |||||||
2,998,274 | |||||||||
AUTO COMPONENTS (0.2%) | |||||||||
Aptiv PLC | 3,510 | 300,807 | |||||||
BorgWarner, Inc. | 16,900 | 705,913 | |||||||
1,006,720 | |||||||||
AUTOMOBILES (1.1%) | |||||||||
Ford Motor Co. | 254,760 | 2,662,242 | |||||||
General Motors Co. | 50,760 | 1,977,102 | |||||||
Harley-Davidson, Inc. | 2,290 | 85,257 | |||||||
4,724,601 | |||||||||
BANKS (5.8%) | |||||||||
Bank of America Corp. | 119,809 | 3,663,759 | |||||||
BB&T Corp. | 15,860 | 812,032 | |||||||
Citigroup, Inc. | 37,810 | 2,673,167 | |||||||
Citizens Financial Group, Inc. | 33,580 | 1,215,596 | |||||||
Comerica, Inc. | 1,570 | 123,386 | |||||||
Fifth Third Bancorp | 26,840 | 773,529 | |||||||
First Republic Bank | 6,930 | 731,947 | |||||||
Huntington Bancshares, Inc. | 24,180 | 336,586 | |||||||
JPMorgan Chase & Co. | 37,324 | 4,331,450 | |||||||
KeyCorp | 34,230 | 600,737 |
Shares | Value | ||||||||
M&T Bank Corp. | 1,230 | $ | 209,186 | ||||||
People’s United Financial, Inc. | 27,500 | 475,475 | |||||||
PNC Financial Services Group, Inc. | 7,954 | 1,089,141 | |||||||
Regions Financial Corp. | 45,392 | 704,938 | |||||||
SunTrust Banks, Inc. | 13,350 | 874,158 | |||||||
SVB Financial Group(a) | 5,010 | 1,261,117 | |||||||
U.S. Bancorp | 32,360 | 1,725,435 | |||||||
Wells Fargo & Co. | 52,208 | 2,527,389 | |||||||
Zions Bancorp | 9,240 | 455,809 | |||||||
24,584,837 | |||||||||
BEVERAGES (1.4%) | |||||||||
Coca-Cola Co. (The) | 50,810 | 2,492,739 | |||||||
Monster Beverage Corp.(a) | 18,390 | 1,096,044 | |||||||
PepsiCo, Inc. | 18,961 | 2,427,956 | |||||||
6,016,739 | |||||||||
BIOTECHNOLOGY (2.0%) | |||||||||
AbbVie, Inc. | 17,230 | 1,367,890 | |||||||
Alexion Pharmaceuticals, Inc.(a) | 3,341 | 454,810 | |||||||
Amgen, Inc. | 8,762 | 1,571,202 | |||||||
Biogen Idec, Inc.(a) | 2,857 | 654,939 | |||||||
Celgene Corp.(a) | 8,840 | 836,794 | |||||||
Gilead Sciences, Inc. | 16,840 | 1,095,274 | |||||||
Incyte Corp.(a) | 3,110 | 238,848 | |||||||
Regeneron Pharmaceuticals, Inc.(a) | 1,115 | 382,601 | |||||||
Vertex Pharmaceuticals, Inc.(a) | 10,493 | 1,773,107 | |||||||
8,375,465 | |||||||||
BUILDING PRODUCTS (0.4%) | |||||||||
A.O. Smith Corp. | 1,680 | 88,318 | |||||||
Allegion PLC | 913 | 90,597 | |||||||
Fortune Brands Home & Security, Inc. | 2,730 | 144,089 | |||||||
Johnson Controls International PLC | 27,991 | 1,049,663 | |||||||
Masco Corp. | 4,220 | 164,833 | |||||||
1,537,500 | |||||||||
CAPITAL MARKETS (3.6%) | |||||||||
Affiliated Managers Group, Inc. | 4,494 | 498,474 | |||||||
Ameriprise Financial, Inc. | 2,076 | 304,695 | |||||||
Bank of New York Mellon Corp. | 19,451 | 965,937 | |||||||
BlackRock, Inc., Class A | 1,451 | 704,083 | |||||||
CBOE Holdings, Inc. | 7,030 | 714,318 | |||||||
Charles Schwab Corp. | 15,900 | 727,902 | |||||||
CME Group, Inc. | 4,125 | 737,962 | |||||||
E*TRADE Financial Corp. | 4,498 | 227,869 | |||||||
Franklin Resources, Inc. | 2,760 | 95,468 | |||||||
Goldman Sachs Group, Inc. | 8,786 | 1,809,213 | |||||||
IntercontinentalExchange Group, Inc. | 17,675 | 1,437,861 | |||||||
Invesco Ltd. | 59,650 | 1,310,511 | |||||||
Moody’s Corp. | 2,360 | 464,023 | |||||||
Morgan Stanley | 37,200 | 1,794,900 | |||||||
MSCI, Inc., Class A | 1,310 | 295,248 |
See notes to financial statements.
14
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Northern Trust Corp. | 3,000 | $ | 295,650 | ||||||
Raymond James Financial, Inc. | 6,410 | 586,964 | |||||||
S&P Global, Inc. | 4,995 | 1,102,197 | |||||||
State Street Corp. | 12,687 | 858,402 | |||||||
T. Rowe Price Group, Inc. | 3,490 | 375,175 | |||||||
The Nasdaq OMX Group, Inc. | 1,540 | 141,988 | |||||||
15,448,840 | |||||||||
CHEMICALS (1.8%) | |||||||||
Air Products & Chemicals, Inc. | 6,218 | 1,279,602 | |||||||
Albemarle Corp. | 1,500 | 112,590 | |||||||
CF Industries Holdings, Inc. | 2,890 | 129,414 | |||||||
Dow, Inc.(a) | 10,952 | 621,307 | |||||||
DowDuPont, Inc. | 33,346 | 1,282,154 | |||||||
Eastman Chemical Co. | 1,490 | 117,531 | |||||||
Ecolab, Inc. | 6,548 | 1,205,356 | |||||||
FMC Corp. | 1,570 | 124,124 | |||||||
International Flavors & Fragrances, Inc. | 1,310 | 180,505 | |||||||
Linde PLC | 6,050 | 1,090,573 | |||||||
LyondellBasell Industries N.V., Class A | 7,320 | 645,844 | |||||||
PPG Industries, Inc. | 3,048 | 358,140 | |||||||
The Mosaic Co. | 4,650 | 121,411 | |||||||
The Sherwin-Williams Co. | 1,041 | 473,478 | |||||||
7,742,029 | |||||||||
COMMERCIAL SERVICES & SUPPLIES (0.8%) | |||||||||
Cintas Corp. | 5,274 | 1,145,196 | |||||||
Copart, Inc.(a) | 4,250 | 286,110 | |||||||
Republic Services, Inc., Class A | 3,216 | 266,349 | |||||||
Rollins, Inc. | 2,350 | 90,875 | |||||||
Waste Management, Inc. | 15,350 | 1,647,669 | |||||||
3,436,199 | |||||||||
COMMUNICATIONS EQUIPMENT (1.3%) | |||||||||
Arista Networks, Inc.(a) | 846 | 264,197 | |||||||
Cisco Systems, Inc. | 63,980 | 3,579,681 | |||||||
F5 Networks, Inc.(a) | 900 | 141,210 | |||||||
Juniper Networks, Inc. | 6,190 | 171,896 | |||||||
Motorola Solutions, Inc. | 8,681 | 1,257,964 | |||||||
5,414,948 | |||||||||
CONSTRUCTION & ENGINEERING (0.9%) | |||||||||
Fluor Corp. | 37,210 | 1,478,353 | |||||||
Jacobs Engineering Group, Inc. | 13,000 | 1,013,220 | |||||||
Quanta Services, Inc. | 34,580 | 1,403,948 | |||||||
3,895,521 | |||||||||
CONSTRUCTION MATERIALS (0.1%) | |||||||||
Martin Marietta Materials, Inc. | 541 | 120,048 | |||||||
Vulcan Materials Co. | 1,973 | 248,815 | |||||||
368,863 |
Shares | Value | ||||||||
CONSUMER FINANCE (0.9%) | |||||||||
American Express Co. | 8,560 | $ | 1,003,489 | ||||||
Capital One Financial Corp. | 16,648 | 1,545,434 | |||||||
Discover Financial Services | 4,490 | 365,890 | |||||||
Synchrony Financial | 29,250 | 1,014,097 | |||||||
3,928,910 | |||||||||
CONTAINERS & PACKAGING (0.6%) | |||||||||
Avery Dennison Corp. | 1,270 | 140,526 | |||||||
Ball Corp. | 3,960 | 237,362 | |||||||
International Paper Co. | 15,520 | 726,491 | |||||||
Packaging Corporation of America | 1,270 | 125,933 | |||||||
Sealed Air Corp. | 1,390 | 64,802 | |||||||
WestRock Co. | 30,309 | 1,163,260 | |||||||
2,458,374 | |||||||||
DISTRIBUTORS (0.2%) | |||||||||
Genuine Parts Co. | 1,480 | 151,759 | |||||||
LKQ Corp.(a) | 27,310 | 822,031 | |||||||
973,790 | |||||||||
DIVERSIFIED CONSUMER SERVICES (0.0%) | |||||||||
H&R Block, Inc. | 3,060 | 83,263 | |||||||
DIVERSIFIED FINANCIAL SERVICES (1.4%) | |||||||||
Berkshire Hathaway, Inc., Class B(a) | 20,839 | 4,516,020 | |||||||
Jefferies Financial Group, Inc. | 71,530 | 1,471,372 | |||||||
5,987,392 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%) | |||||||||
CenturyLink, Inc. | 94,289 | 1,076,780 | |||||||
Verizon Communications, Inc. | 61,650 | 3,525,764 | |||||||
4,602,544 | |||||||||
ELECTRIC UTILITIES (1.9%) | |||||||||
Alliant Energy Corp. | 2,090 | 98,711 | |||||||
American Electric Power Company, Inc. | 5,370 | 459,403 | |||||||
Duke Energy Corp. | 12,264 | 1,117,496 | |||||||
Edison International | 10,870 | 693,180 | |||||||
Entergy Corp. | 1,480 | 143,412 | |||||||
Evergy, Inc. | 6,250 | 361,375 | |||||||
Eversource Energy | 3,510 | 251,527 | |||||||
Exelon Corp. | 23,789 | 1,212,049 | |||||||
FirstEnergy Corp. | 5,119 | 215,151 | |||||||
NextEra Energy, Inc. | 8,297 | 1,613,269 | |||||||
Pinnacle West Capital Corp. | 7,300 | 695,471 | |||||||
PPL Corp. | 7,780 | 242,814 | |||||||
Southern Co. | 11,120 | 591,806 | |||||||
Xcel Energy, Inc. | 7,020 | 396,630 | |||||||
8,092,294 |
See notes to financial statements.
15
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
ELECTRICAL EQUIPMENT (0.5%) | |||||||||
AMETEK, Inc. | 7,960 | $ | 701,833 | ||||||
Eaton Corp. PLC | 5,380 | 445,572 | |||||||
Emerson Electric Co. | 7,540 | 535,265 | |||||||
Rockwell Automation, Inc. | 1,489 | 269,077 | |||||||
1,951,747 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (0.8%) | |||||||||
Amphenol Corp., Class A | 4,040 | 402,222 | |||||||
Corning, Inc. | 11,660 | 371,371 | |||||||
FLIR Systems, Inc. | 1,270 | 67,234 | |||||||
IPG Photonics Corp.(a) | 760 | 132,795 | |||||||
Keysight Technologies, Inc.(a) | 22,630 | 1,969,489 | |||||||
TE Connectivity Ltd. | 4,150 | 396,947 | |||||||
3,340,058 | |||||||||
ENERGY EQUIPMENT & SERVICES (1.3%) | |||||||||
Baker Hughes, a GE company LLC | 79,479 | 1,909,086 | |||||||
Halliburton Co. | 10,530 | 298,315 | |||||||
Helmerich & Payne, Inc. | 6,450 | 377,454 | |||||||
National-Oilwell Varco, Inc. | 30,736 | 803,439 | |||||||
Schlumberger Ltd. | 15,334 | 654,455 | |||||||
TechnipFMC PLC | 57,410 | 1,411,712 | |||||||
5,454,461 | |||||||||
ENTERTAINMENT (0.8%) | |||||||||
Activision Blizzard, Inc. | 9,550 | 460,405 | |||||||
The Walt Disney Co. | 21,900 | 2,999,643 | |||||||
3,460,048 | |||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (2.5%) | |||||||||
Alexandria Real Estate Equities, Inc. | 1,670 | 237,791 | |||||||
American Tower Corp. | 5,169 | 1,009,506 | |||||||
Apartment Investment & Management Co. | 13,385 | 660,684 | |||||||
AvalonBay Communities, Inc. | 1,164 | 233,883 | |||||||
Boston Properties, Inc. | 1,890 | 260,102 | |||||||
Crown Castle International Corp. | 5,060 | 636,447 | |||||||
Digital Realty Trust, Inc. | 2,860 | 336,651 | |||||||
Duke Realty Corp. | 5,660 | 176,139 | |||||||
Equinix, Inc. | 992 | 451,062 | |||||||
Equity Residential | 4,250 | 324,785 | |||||||
Essex Property Trust, Inc. | 565 | 159,612 | |||||||
Extra Space Storage, Inc. | 1,650 | 171,088 | |||||||
Federal Realty Investment Trust | 590 | 78,971 | |||||||
HCP, Inc. | 18,530 | 551,823 | |||||||
Host Hotels & Resorts, Inc. | 10,533 | 202,655 | |||||||
Iron Mountain, Inc. | 3,019 | 98,057 | |||||||
Kimco Realty Corp. | 23,850 | 414,751 | |||||||
Macerich Co. | 1,450 | 58,203 | |||||||
Mid-America Apartment Communities, Inc. | 1,160 | 126,916 | |||||||
Prologis, Inc. | 8,412 | 644,948 |
Shares | Value | ||||||||
Public Storage, Inc. | 1,474 | $ | 326,019 | ||||||
Realty Income Corp. | 3,960 | 277,240 | |||||||
Regency Centers Corp. | 1,610 | 108,144 | |||||||
SBA Communications Corp.(a) | 1,372 | 279,518 | |||||||
Simon Property Group, Inc. | 3,630 | 630,531 | |||||||
SL Green Realty Corp. | 1,070 | 94,524 | |||||||
UDR, Inc. | 2,330 | 104,733 | |||||||
Ventas, Inc. | 4,380 | 267,662 | |||||||
Vornado Realty Trust | 2,105 | 145,540 | |||||||
Welltower, Inc. | 15,920 | 1,186,518 | |||||||
Weyerhaeuser Co. | 8,439 | 226,165 | |||||||
10,480,668 | |||||||||
FOOD & STAPLES RETAILING (1.3%) | |||||||||
Costco Wholesale Corp. | 5,020 | 1,232,561 | |||||||
SYSCO Corp. | 6,210 | 436,998 | |||||||
The Kroger Co. | 46,780 | 1,205,988 | |||||||
Walgreens Boots Alliance, Inc. | 15,250 | 816,942 | |||||||
Walmart, Inc. | 19,650 | 2,020,806 | |||||||
5,713,295 | |||||||||
FOOD PRODUCTS (2.6%) | |||||||||
Archer-Daniels-Midland Co. | 36,630 | 1,633,698 | |||||||
Campbell Soup Co. | 3,600 | 139,284 | |||||||
ConAgra Foods, Inc. | 6,930 | 213,305 | |||||||
General Mills, Inc. | 7,690 | 395,804 | |||||||
Hormel Foods Corp. | 22,650 | 904,641 | |||||||
J.M. Smucker Co. | 7,000 | 858,410 | |||||||
Kellogg Co. | 18,360 | 1,107,108 | |||||||
Lamb Weston Holding, Inc. | 10,630 | 744,632 | |||||||
McCormick & Company, Inc. | 6,660 | 1,025,440 | |||||||
Mondelez International, Inc., Class A | 18,840 | 958,014 | |||||||
The Hershey Co. | 2,200 | 274,670 | |||||||
The Kraft Heinz Co. | 30,206 | 1,004,048 | |||||||
Tyson Foods, Inc., Class A | 21,920 | 1,644,219 | |||||||
10,903,273 | |||||||||
GAS UTILITIES (0.0%) | |||||||||
Atmos Energy Corp. | 720 | 73,685 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES (3.7%) | |||||||||
Abbott Laboratories | 34,032 | 2,707,586 | |||||||
ABIOMED, Inc.(a) | 737 | 204,451 | |||||||
Align Technology, Inc.(a) | 1,103 | 358,122 | |||||||
Baxter International, Inc. | 8,780 | 669,914 | |||||||
Becton, Dickinson & Co. | 3,780 | 909,997 | |||||||
Boston Scientific Corp.(a) | 39,467 | 1,465,015 | |||||||
Danaher Corp. | 8,770 | 1,161,499 | |||||||
Dentsply Sirona, Inc. | 3,920 | 200,430 | |||||||
Edwards Lifesciences Corp.(a) | 7,037 | 1,239,004 | |||||||
Hologic, Inc.(a) | 5,710 | 264,830 | |||||||
IDEXX Laboratories, Inc.(a) | 1,674 | 388,368 | |||||||
Intuitive Surgical, Inc.(a) | 2,865 | 1,462,955 |
See notes to financial statements.
16
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Medtronic PLC | 23,053 | $ | 2,047,337 | ||||||
ResMed, Inc. | 2,910 | 304,124 | |||||||
Stryker Corp. | 4,720 | 891,655 | |||||||
Teleflex, Inc. | 756 | 216,352 | |||||||
Varian Medical Systems, Inc.(a) | 1,480 | 201,532 | |||||||
Zimmer Holdings, Inc. | 8,150 | 1,003,754 | |||||||
15,696,925 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (3.0%) | |||||||||
AmerisourceBergen Corp. | 14,230 | 1,063,835 | |||||||
Anthem, Inc. | 5,090 | 1,338,823 | |||||||
Cardinal Health, Inc. | 24,250 | 1,181,217 | |||||||
Centene Corp.(a) | 18,600 | 959,016 | |||||||
Cigma Corp., Class L | 5,612 | 891,410 | |||||||
CVS Corp. | 27,987 | 1,521,933 | |||||||
DaVita, Inc.(a) | 18,290 | 1,010,340 | |||||||
Henry Schein, Inc.(a) | 3,200 | 204,992 | |||||||
Humana, Inc. | 4,836 | 1,235,163 | |||||||
Laboratory Corporation of America Holdings(a) | 4,780 | 764,418 | |||||||
McKesson Corp. | 10,745 | 1,281,341 | |||||||
Quest Diagnostics, Inc. | 3,080 | 296,850 | |||||||
WellCare Group, Inc.(a) | 3,903 | 1,008,340 | |||||||
12,757,678 | |||||||||
HEALTH CARE TECHNOLOGY (0.2%) | |||||||||
Cerner Corp.(a) | 14,250 | 946,912 | |||||||
HOTELS, RESTAURANTS & LEISURE (1.8%) | |||||||||
Carnival Corp., Class A | 11,090 | 608,397 | |||||||
Chipotle Mexican Grill, Inc.(a) | 1,141 | 785,054 | |||||||
Hilton Worldwide Holdings, Inc. | 10,670 | 928,183 | |||||||
Marriott International, Inc., Class A | 4,486 | 611,980 | |||||||
McDonald’s Corp. | 8,563 | 1,691,792 | |||||||
Norwegian Cruise Line Holdings Ltd.(a) | 9,500 | 535,705 | |||||||
Royal Caribbean Cruises Ltd. | 2,980 | 360,401 | |||||||
Starbucks Corp. | 14,820 | 1,151,218 | |||||||
YUM! Brands, Inc. | 10,090 | 1,053,295 | |||||||
7,726,025 | |||||||||
HOUSEHOLD DURABLES (1.4%) | |||||||||
D.R. Horton, Inc. | 23,416 | 1,037,563 | |||||||
Garmin Ltd. | 1,860 | 159,476 | |||||||
Leggett & Platt, Inc. | 1,580 | 62,189 | |||||||
Lennar Corp., Class A | 32,360 | 1,683,691 | |||||||
Mohawk Industries, Inc.(a) | 8,044 | 1,095,995 | |||||||
Newell Rubbermaid, Inc. | 7,220 | 103,823 | |||||||
Pulte Group, Inc. | 28,595 | 899,599 | |||||||
Whirlpool Corp. | 5,022 | 697,154 | |||||||
5,739,490 |
Shares | Value | ||||||||
HOUSEHOLD PRODUCTS (1.5%) | |||||||||
Church & Dwight Company, Inc. | 16,940 | $ | 1,269,653 | ||||||
Clorox Co. | 4,410 | 704,409 | |||||||
Colgate-Palmolive Co. | 11,320 | 823,983 | |||||||
Kimberly-Clark Corp. | 4,270 | 548,183 | |||||||
Procter & Gamble Co. | 29,111 | 3,099,739 | |||||||
6,445,967 | |||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (0.3%) | |||||||||
NRG Energy, Inc. | 23,620 | 972,435 | |||||||
The AES Corp. | 13,030 | 223,074 | |||||||
1,195,509 | |||||||||
INDUSTRIAL CONGLOMERATES (0.8%) | |||||||||
3M Co. | 6,738 | 1,276,918 | |||||||
Honeywell International, Inc. | 8,450 | 1,467,174 | |||||||
Roper Industries, Inc. | 2,276 | 818,677 | |||||||
3,562,769 | |||||||||
INSURANCE (5.5%) | |||||||||
AFLAC, Inc. | 20,620 | 1,038,836 | |||||||
American International Group, Inc. | 29,264 | 1,392,088 | |||||||
Aon PLC | 2,950 | 531,413 | |||||||
Arthur J. Gallagher & Co. | 2,340 | 195,671 | |||||||
Assurant, Inc. | 12,000 | 1,140,000 | |||||||
Chubb Ltd. | 10,281 | 1,492,801 | |||||||
Cincinnati Financial Corp. | 1,792 | 172,355 | |||||||
Everest Re Group Ltd. | 4,501 | 1,059,986 | |||||||
Hartford Financial Services Group, Inc. | 21,770 | 1,138,789 | |||||||
Lincoln National Corp. | 25,606 | 1,708,432 | |||||||
Loews Corp. | 27,650 | 1,418,168 | |||||||
Marsh & McLennan Companies, Inc. | 6,440 | 607,228 | |||||||
MetLife, Inc. | 48,580 | 2,240,995 | |||||||
Principal Financial Group, Inc. | 23,690 | 1,354,120 | |||||||
Progressive Corp. | 8,020 | 626,763 | |||||||
Prudential Financial, Inc. | 24,315 | 2,570,339 | |||||||
The Allstate Corp. | 13,950 | 1,381,887 | |||||||
The Travelers Companies, Inc. | 7,230 | 1,039,312 | |||||||
Torchmark Corp. | 1,267 | 111,065 | |||||||
Unum Group | 44,710 | 1,650,693 | |||||||
Willis Towers Watson PLC | 1,773 | 326,835 | |||||||
23,197,776 | |||||||||
INTERACTIVE MEDIA & SERVICES (3.6%) | |||||||||
Alphabet, Inc., Class A(a) | 3,561 | 4,269,496 | |||||||
Alphabet, Inc., Class C(a) | 3,660 | 4,349,837 | |||||||
Facebook, Inc.(a) | 28,790 | 5,567,986 | |||||||
TripAdvisor, Inc.(a) | 2,105 | 112,049 | |||||||
Twitter, Inc.(a) | 26,490 | 1,057,216 | |||||||
15,356,584 |
See notes to financial statements.
17
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
INTERNET & DIRECT MARKETING RETAIL (0.5%) | |||||||||
Booking Holdings, Inc.(a) | 651 | $ | 1,207,598 | ||||||
eBay, Inc. | 15,430 | 597,913 | |||||||
Expedia, Inc. | 2,855 | 370,693 | |||||||
2,176,204 | |||||||||
IT SERVICES (5.5%) | |||||||||
Accenture PLC, Class A | 8,111 | 1,481,636 | |||||||
Akamai Technologies, Inc.(a) | 9,910 | 793,395 | |||||||
Alliance Data Systems Corp. | 3,833 | 613,663 | |||||||
Automatic Data Processing, Inc. | 8,290 | 1,362,793 | |||||||
Broadridge Financial Solutions, Inc. | 6,080 | 718,230 | |||||||
Cognizant Technology Solutions Corp., Class A | 8,210 | 599,002 | |||||||
DXC Technology Co. | 18,427 | 1,211,391 | |||||||
Fidelity National Information Services, Inc. | 10,726 | 1,243,465 | |||||||
Fiserv, Inc.(a) | 6,460 | 563,570 | |||||||
FleetCor Technologies, Inc.(a) | 1,270 | 331,407 | |||||||
Gartner, Inc.(a) | 6,320 | 1,004,690 | |||||||
International Business Machines Corp. | 10,606 | 1,487,704 | |||||||
Jack Henry & Associates, Inc. | 1,490 | 222,099 | |||||||
Mastercard, Inc., Class A | 14,032 | 3,567,496 | |||||||
Paychex, Inc. | 4,990 | 420,707 | |||||||
PayPal Holdings, Inc.(a) | 20,720 | 2,336,594 | |||||||
Total System Services, Inc. | 4,371 | 446,891 | |||||||
VeriSign, Inc.(a) | 4,791 | 945,983 | |||||||
Visa, Inc., Class A | 22,894 | 3,764,461 | |||||||
Western Union Co. | 6,920 | 134,525 | |||||||
23,249,702 | |||||||||
LEISURE PRODUCTS (0.1%) | |||||||||
Hasbro, Inc. | 1,550 | 157,883 | |||||||
Mattel, Inc.(a) | 4,870 | 59,365 | |||||||
217,248 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (0.7%) | |||||||||
Agilent Technologies, Inc. | 6,470 | 507,895 | |||||||
Illumina, Inc.(a) | 3,223 | 1,005,576 | |||||||
IQVIA Holdings, Inc.(a) | 3,720 | 516,708 | |||||||
Mettler-Toledo International, Inc.(a) | 527 | 392,752 | |||||||
PerkinElmer, Inc. | 3,700 | 354,608 | |||||||
Waters Corp.(a) | 1,440 | 307,498 | |||||||
3,085,037 | |||||||||
MACHINERY (1.4%) | |||||||||
Caterpillar, Inc. | 7,230 | 1,008,007 | |||||||
Cummins, Inc. | 1,460 | 242,784 | |||||||
Deere & Co. | 3,932 | 651,257 | |||||||
Dover Corp. | 1,220 | 119,609 | |||||||
Flowserve Corp. | 780 | 38,243 |
Shares | Value | ||||||||
Fortive Corp. | 3,150 | $ | 271,971 | ||||||
Illinois Tool Works, Inc. | 3,580 | 557,155 | |||||||
Ingersoll-Rand PLC | 7,910 | 969,845 | |||||||
PACCAR, Inc. | 10,555 | 756,477 | |||||||
Parker Hannifin Corp. | 1,535 | 277,958 | |||||||
Snap-on, Inc. | 580 | 97,602 | |||||||
Stanley Black & Decker, Inc. | 2,202 | 322,813 | |||||||
Wabtec Corp. | 1,680 | 124,438 | |||||||
Xylem, Inc. | 8,370 | 698,058 | |||||||
6,136,217 | |||||||||
MEDIA (0.8%) | |||||||||
Charter Communications, Inc., Class A(a) | 2,516 | 933,914 | |||||||
Discovery Communications, Inc., Class A(a) | 5,600 | 173,040 | |||||||
Discovery Communications, Inc., Class C(a) | 4,541 | 130,599 | |||||||
Dish Network Corp.(a) | 21,170 | 743,491 | |||||||
Interpublic Group of Companies, Inc. | 11,970 | 275,310 | |||||||
News Corp., Class A | 50,320 | 624,974 | |||||||
News Corp., Class B | 8,780 | 109,662 | |||||||
Omnicom Group, Inc. | 5,650 | 452,170 | |||||||
3,443,160 | |||||||||
METALS & MINING (0.3%) | |||||||||
Freeport-McMoRan Copper & Gold, Inc., Class B | 17,098 | 210,476 | |||||||
Newmont Mining Corp. | 5,900 | 183,254 | |||||||
Nucor Corp. | 13,600 | 776,152 | |||||||
1,169,882 | |||||||||
MULTILINE RETAIL (1.0%) | |||||||||
Dollar General Corp. | 8,560 | 1,079,331 | |||||||
Dollar Tree, Inc.(a) | 7,592 | 844,838 | |||||||
Kohl’s Corp. | 14,850 | 1,055,835 | |||||||
Macy’s, Inc. | 4,482 | 105,506 | |||||||
Nordstrom, Inc. | 1,560 | 63,991 | |||||||
Target Corp. | 16,270 | 1,259,623 | |||||||
4,409,124 | |||||||||
MULTI-UTILITIES (1.1%) | |||||||||
Ameren Corp. | 13,770 | 1,002,043 | |||||||
CenterPoint Energy, Inc. | 15,910 | 493,210 | |||||||
CMS Energy Corp. | 4,630 | 257,196 | |||||||
Consolidated Edison, Inc. | 7,320 | 630,691 | |||||||
Dominion Resources, Inc. | 9,512 | 740,699 | |||||||
DTE Energy Co. | 2,150 | 270,277 | |||||||
NiSource, Inc. | 7,770 | 215,851 | |||||||
Public Service Enterprise Group, Inc. | 6,566 | 391,662 | |||||||
Sempra Energy | 3,810 | 487,490 | |||||||
WEC Energy Group | 4,205 | 329,798 | |||||||
4,818,917 |
See notes to financial statements.
18
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
OIL, GAS & CONSUMABLE FUELS (6.3%) | |||||||||
Anadarko Petroleum Corp. | 18,560 | $ | 1,352,096 | ||||||
Apache Corp. | 27,560 | 907,000 | |||||||
Cabot Oil & Gas Corp., Class A | 4,320 | 111,845 | |||||||
Chevron Corp. | 24,389 | 2,928,143 | |||||||
Cimarex Energy Co. | 930 | 63,854 | |||||||
Concho Resources, Inc. | 2,420 | 279,220 | |||||||
ConocoPhillips | 29,159 | 1,840,516 | |||||||
Devon Energy Corp. | 56,820 | 1,826,195 | |||||||
Diamondback Energy, Inc. | 12,530 | 1,333,067 | |||||||
EOG Resources, Inc. | 6,644 | 638,156 | |||||||
Exxon Mobil Corp. | 44,830 | 3,598,952 | |||||||
Hess Corp. | 3,070 | 196,848 | |||||||
HollyFrontier Corp. | 19,390 | 925,485 | |||||||
Kinder Morgan, Inc. | 50,990 | 1,013,171 | |||||||
Marathon Oil Corp. | 57,930 | 987,127 | |||||||
Marathon Petroleum Corp. | 27,958 | 1,701,804 | |||||||
Noble Energy, Inc. | 36,390 | 984,713 | |||||||
Occidental Petroleum Corp. | 20,212 | 1,190,083 | |||||||
ONEOK, Inc. | 5,450 | 370,219 | |||||||
Phillips 66 | 17,619 | 1,660,943 | |||||||
Pioneer Natural Resources Co. | 1,866 | 310,614 | |||||||
Valero Energy Corp. | 25,700 | 2,329,962 | |||||||
Williams Companies, Inc. | 13,780 | 390,387 | |||||||
26,940,400 | |||||||||
PERSONAL PRODUCTS (0.5%) | |||||||||
Coty, Inc. | 151,040 | 1,634,253 | |||||||
The Estee Lauder Companies, Inc., Class A | 2,900 | 498,249 | |||||||
2,132,502 | |||||||||
PHARMACEUTICALS (1.3%) | |||||||||
Allergan PLC | 9,670 | 1,421,490 | |||||||
Eli Lilly & Co. | 19,260 | 2,254,190 | |||||||
Mylan N.V.(a) | 23,620 | 637,504 | |||||||
Nektar Therapeutics(a) | 3,490 | 111,750 | |||||||
Perrigo Co. PLC | 5,581 | 267,441 | |||||||
Zoetis, Inc. | 10,090 | 1,027,566 | |||||||
5,719,941 | |||||||||
PROFESSIONAL SERVICES (0.4%) | |||||||||
Equifax, Inc. | 1,630 | 205,298 | |||||||
IHS Markit Ltd.(a) | 18,430 | 1,055,302 | |||||||
Nielsen Holdings PLC | 5,520 | 140,926 | |||||||
Robert Half International, Inc. | 1,460 | 90,651 | |||||||
Verisk Analytics, Inc. | 2,630 | 371,198 | |||||||
1,863,375 | |||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.1%) | |||||||||
CBRE Group, Inc., Class A(a) | 4,430 | 230,670 |
Shares | Value | ||||||||
ROAD & RAIL (1.1%) | |||||||||
CSX Corp. | 27,690 | $ | 2,204,955 | ||||||
J.B. Hunt Transport Services, Inc. | 440 | 41,571 | |||||||
Kansas City Southern Industries, Inc. | 800 | 98,512 | |||||||
Norfolk Southern Corp. | 2,809 | 573,092 | |||||||
Union Pacific Corp. | 10,962 | 1,940,713 | |||||||
4,858,843 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.3%) | |||||||||
Advanced Micro Devices, Inc.(a) | 46,280 | 1,278,717 | |||||||
Analog Devices, Inc. | 4,554 | 529,357 | |||||||
Applied Materials, Inc. | 13,690 | 603,318 | |||||||
Broadcom, Inc. | 5,974 | 1,902,122 | |||||||
Intel Corp. | 48,000 | 2,449,920 | |||||||
KLA-Tencor Corp. | 1,900 | 242,212 | |||||||
Lam Research Corp. | 1,986 | 411,956 | |||||||
Maxim Integrated Products, Inc. | 2,300 | 138,000 | |||||||
Microchip Technology, Inc. | 3,140 | 313,655 | |||||||
Micron Technology, Inc.(a) | 30,290 | 1,273,997 | |||||||
NVIDIA Corp. | 6,813 | 1,233,153 | |||||||
Qorvo, Inc.(a) | 1,520 | 114,927 | |||||||
QUALCOMM, Inc. | 12,890 | 1,110,216 | |||||||
Skyworks Solutions, Inc. | 2,040 | 179,887 | |||||||
Texas Instruments, Inc. | 10,760 | 1,267,851 | |||||||
Xilinx, Inc. | 8,610 | 1,034,405 | |||||||
14,083,693 | |||||||||
SOFTWARE (6.2%) | |||||||||
Adobe Systems, Inc.(a) | 8,781 | 2,539,904 | |||||||
ANSYS, Inc.(a) | 4,943 | 967,839 | |||||||
Autodesk, Inc.(a) | 11,650 | 2,076,146 | |||||||
Cadence Design Systems, Inc.(a) | 4,410 | 305,966 | |||||||
Citrix Systems, Inc. | 1,900 | 191,824 | |||||||
Fortinet, Inc.(a) | 11,850 | 1,107,027 | |||||||
Intuit, Inc. | 6,792 | 1,705,200 | |||||||
Microsoft Corp. | 82,800 | 10,813,680 | |||||||
Oracle Corp. | 30,111 | 1,666,042 | |||||||
Red Hat, Inc.(a) | 5,793 | 1,057,396 | |||||||
Salesforce.com, Inc.(a) | 19,690 | 3,255,742 | |||||||
Symantec Corp. | 8,472 | 205,107 | |||||||
Synopsys, Inc.(a) | 2,950 | 357,186 | |||||||
26,249,059 | |||||||||
SPECIALTY RETAIL (2.9%) | |||||||||
Advance Auto Parts, Inc. | 786 | 130,728 | |||||||
AutoZone, Inc.(a) | 638 | 656,062 | |||||||
Best Buy Company, Inc. | 13,860 | 1,031,323 | |||||||
CarMax, Inc.(a) | 2,120 | 165,063 | |||||||
Foot Locker, Inc. | 1,560 | 89,248 | |||||||
Gap, Inc. | 21,280 | 554,982 |
See notes to financial statements.
19
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD LARGE CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Home Depot, Inc. | 12,670 | $ | 2,580,879 | ||||||
L Brands, Inc. | 2,900 | 74,356 | |||||||
Lowe’s Companies, Inc. | 9,130 | 1,032,968 | |||||||
O’Reilly Automotive, Inc.(a) | 3,351 | 1,268,588 | |||||||
Ross Stores, Inc. | 4,350 | 424,821 | |||||||
Tiffany & Co. | 1,350 | 145,557 | |||||||
TJX Companies, Inc. | 24,940 | 1,368,707 | |||||||
Tractor Supply Co. | 8,840 | 914,940 | |||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 5,538 | 1,932,651 | |||||||
12,370,873 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.5%) | |||||||||
Apple Computer, Inc. | 46,818 | 9,394,968 | |||||||
Hewlett Packard Enterprise Co. | 95,370 | 1,507,800 | |||||||
HP, Inc. | 29,660 | 591,717 | |||||||
NetApp, Inc. | 8,640 | 629,424 | |||||||
Seagate Technology PLC | 3,390 | 163,805 | |||||||
Western Digital Corp. | 27,841 | 1,423,232 | |||||||
Xerox Corp. | 32,701 | 1,090,905 | |||||||
14,801,851 | |||||||||
TEXTILES, APPAREL & LUXURY GOODS (0.9%) | |||||||||
Capri Holdings, Ltd.(a) | 1,920 | 84,634 | |||||||
Hanesbrands, Inc. | 6,620 | 119,623 | |||||||
Nike, Inc., Class B | 14,940 | 1,312,180 | |||||||
PVH Corp. | 8,400 | 1,083,516 | |||||||
Ralph Lauren Corp. | 675 | 88,817 | |||||||
Tapestry, Inc. | 3,890 | 125,530 |
Shares | Value | ||||||||
Under Armour, Inc., Class A(a) | 4,900 | $ | 113,141 | ||||||
Under Armour, Inc., Class C(a) | 1,024 | 21,217 | |||||||
VF Corp. | 11,375 | 1,073,914 | |||||||
4,022,572 | |||||||||
TRADING COMPANIES & DISTRIBUTORS (0.5%) | |||||||||
Fastenal Co. | 12,330 | 869,882 | |||||||
United Rentals, Inc.(a) | 1,310 | 184,605 | |||||||
W.W. Grainger, Inc. | 3,637 | 1,025,634 | |||||||
2,080,121 | |||||||||
WATER UTILITIES (0.1%) | |||||||||
American Water Works Company, Inc. | 2,540 | 274,803 | |||||||
TOTAL COMMON STOCKS (COST $338,918,784) | 421,866,941 | ||||||||
TOTAL INVESTMENTS (COST $338,918,784) 99.1% | 421,866,941 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.9% | 3,860,761 | ||||||||
NET ASSETS 100.0% | $ | 425,727,702 |
(a) | Represents non-income producing security. |
LLC – Limited Liability Company
PLC – Public Limited Company
See notes to financial statements.
20
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Small-Mid Cap Enhanced Index Fund investments by Industry.
Industry Diversification | Percent* | |||
Equity Real Estate Investment Trusts | 6.8 | % | ||
Banks | 5.8 | |||
Specialty Retail | 5.4 | |||
Machinery | 5.0 | |||
Electronic Equipment, Instruments & Components | 4.5 | |||
Insurance | 4.1 | |||
Oil, Gas & Consumable Fuels | 3.5 | |||
Health Care Equipment & Supplies | 3.4 | |||
Semiconductors & Semiconductor Equipment | 3.1 | |||
Software | 2.9 | |||
Household Durables | 2.8 | |||
IT Services | 2.7 | |||
Chemicals | 2.6 | |||
Health Care Providers & Services | 2.4 | |||
Energy Equipment & Services | 2.4 | |||
Capital Markets | 2.1 | |||
Metals & Mining | 2.1 | |||
Hotels, Restaurants & Leisure | 2.1 | |||
Auto Components | 1.9 | |||
Commercial Services & Supplies | 1.8 | |||
Life Sciences Tools & Services | 1.5 | |||
Building Products | 1.5 | |||
Food Products | 1.4 | |||
Professional Services | 1.4 | |||
Construction & Engineering | 1.3 | |||
Road & Rail | 1.3 | |||
Aerospace & Defense | 1.1 | |||
Pharmaceuticals | 1.1 | |||
Communications Equipment | 1.1 | |||
Diversified Consumer Services | 1.1 | |||
Biotechnology | 1.0 | |||
Gas Utilities | 1.0 | |||
Textiles, Apparel & Luxury Goods | 1.0 | |||
Consumer Finance | 1.0 |
Industry Diversification | Percent* | |||
Paper & Forest Products | 0.9 | % | ||
Media | 0.9 | |||
Electrical Equipment | 0.8 | |||
Thrifts & Mortgage Finance | 0.8 | |||
Entertainment | 0.7 | |||
Containers & Packaging | 0.7 | |||
Personal Products | 0.7 | |||
Trading Companies & Distributors | 0.7 | |||
Electric Utilities | 0.7 | |||
Health Care Technology | 0.7 | |||
Mortgage Real Estate Investment Trusts | 0.6 | |||
Food & Staples Retailing | 0.6 | |||
Multi-Utilities | 0.5 | |||
Air Freight & Logistics | 0.5 | |||
Diversified Telecommunication Services | 0.5 | |||
Real Estate Management & Development | 0.5 | |||
Airlines | 0.5 | |||
Multiline Retail | 0.5 | |||
Automobiles | 0.4 | |||
Interactive Media & Services | 0.4 | |||
Leisure Products | 0.4 | |||
Industrial Conglomerates | 0.3 | |||
Technology Hardware, Storage & Peripherals | 0.3 | |||
Marine | 0.3 | |||
Water Utilities | 0.3 | |||
Household Products | 0.3 | |||
Construction Materials | 0.2 | |||
Internet & Direct Marketing Retail | 0.2 | |||
Wireless Telecommunication Services | 0.2 | |||
Distributors | 0.2 | |||
Beverages | 0.0 | |||
Total Investments | 99.5 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
21
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (99.5%) | |||||||||
AEROSPACE & DEFENSE (1.1%) | |||||||||
AAR Corp. | 2,210 | $ | 74,632 | ||||||
Aerojet Rocketdyne Holdings, Inc.(a) | 6,500 | 220,090 | |||||||
AeroVironment, Inc.(a) | 3,760 | 257,785 | |||||||
Axon Enterprise, Inc.(a) | 7,360 | 467,360 | |||||||
Cubic Corp. | 1,630 | 92,551 | |||||||
Curtiss-Wright Corp. | 3,000 | 341,820 | |||||||
Mercury Computer Systems, Inc.(a) | 2,740 | 200,075 | |||||||
Moog, Inc., Class A | 1,580 | 147,951 | |||||||
National Presto Industries, Inc. | 1,030 | 109,695 | |||||||
Teledyne Technologies, Inc.(a) | 1,794 | 445,827 | |||||||
Triumph Group, Inc. | 3,190 | 75,699 | |||||||
2,433,485 | |||||||||
AIR FREIGHT & LOGISTICS (0.5%) | |||||||||
Atlas Air Worldwide Holdings(a) | 6,720 | 324,509 | |||||||
Echo Global Logistics, Inc.(a) | 10,830 | 248,440 | |||||||
Forward Air Corp. | 1,670 | 105,745 | |||||||
Hub Group, Inc., Class A(a) | 2,120 | 88,128 | |||||||
XPO Logistics, Inc.(a) | 5,790 | 394,183 | |||||||
1,161,005 | |||||||||
AIRLINES (0.5%) | |||||||||
Allegiant Travel Co. | 1,806 | 265,265 | |||||||
Hawaiian Holdings, Inc. | 3,210 | 90,554 | |||||||
JetBlue Airways Corp.(a) | 25,580 | 474,509 | |||||||
SkyWest, Inc. | 4,740 | 291,937 | |||||||
1,122,265 | |||||||||
AUTO COMPONENTS (1.9%) | |||||||||
Adient PLC | 10,360 | 239,316 | |||||||
American Axle & Manufacturing Holdings, Inc.(a) | 39,300 | 579,675 | |||||||
Cooper Tire & Rubber Co. | 6,020 | 179,757 | |||||||
Cooper-Standard Holding, Inc.(a) | 4,100 | 207,747 | |||||||
Dana, Inc. | 27,650 | 539,175 | |||||||
Delphi Technologies PLC | 15,130 | 334,827 | |||||||
Dorman Products, Inc.(a) | 3,160 | 277,037 | |||||||
Fox Factory Holding Corp.(a) | 2,060 | 159,856 | |||||||
Garrett Motion, Inc.(a) | 4,130 | 77,644 | |||||||
Gentex Corp. | 15,930 | 366,868 | |||||||
Gentherm, Inc.(a) | 2,160 | 91,498 | |||||||
Goodyear Tire & Rubber Co. | 35,040 | 673,118 | |||||||
LCI Industries | 1,190 | 104,542 | |||||||
Motorcar Parts of America, Inc.(a) | 5,790 | 119,621 | |||||||
Standard Motor Products, Inc. | 1,160 | 57,965 | |||||||
Superior Industries International, Inc. | 43,690 | 216,266 | |||||||
Visteon Corp.(a) | 1,240 | 81,865 | |||||||
4,306,777 | |||||||||
AUTOMOBILES (0.4%) | |||||||||
Thor Industries, Inc. | 5,740 | 378,094 | |||||||
Winnebago Industries, Inc. | 11,950 | 422,671 | |||||||
800,765 |
Shares | Value | ||||||||
BANKS (5.8%) | |||||||||
Ameris Bancorp | 2,390 | $ | 87,139 | ||||||
Associated Bancorp | 15,458 | 350,742 | |||||||
Banc of California, Inc. | 2,860 | 41,499 | |||||||
BancorpSouth Bank | 4,230 | 128,930 | |||||||
Bank of Hawaii Corp. | 1,690 | 139,222 | |||||||
Bank OZK | 12,650 | 413,022 | |||||||
Banner Corp. | 1,610 | 85,362 | |||||||
Berkshire Hills Bancorp, Inc. | 2,050 | 61,479 | |||||||
Boston Private Financial Holdings, Inc. | 6,690 | 76,600 | |||||||
Brookline Bancorp, Inc. | 6,090 | 91,654 | |||||||
Cathay General Bancorp | 3,620 | 133,180 | |||||||
Central Pacific Financial Corp. | 2,140 | 64,221 | |||||||
Chemical Financial Corp. | 4,284 | 188,196 | |||||||
City Holding Co. | 1,920 | 152,410 | |||||||
Columbia Banking System, Inc. | 3,710 | 139,273 | |||||||
Commerce Bancshares, Inc. | 5,719 | 345,599 | |||||||
Community Bank System, Inc. | 4,850 | 322,331 | |||||||
Cullen/Frost Bankers, Inc. | 2,670 | 271,512 | |||||||
Customers Bancorp, Inc.(a) | 9,460 | 214,269 | |||||||
CVB Financial Corp. | 3,720 | 80,724 | |||||||
Eagle Bancorp, Inc.(a) | 1,690 | 93,389 | |||||||
East West Bancorp, Inc. | 8,260 | 425,225 | |||||||
F.N.B. Corp. | 22,460 | 272,440 | |||||||
Fidelity Southern Corp. | 890 | 25,908 | |||||||
First Bancorp | 14,582 | 164,777 | |||||||
First Commonwealth Financial Corp. | 4,950 | 67,369 | |||||||
First Financial Bancorp | 4,760 | 119,476 | |||||||
First Financial Bankshares, Inc. | 5,710 | 351,279 | |||||||
First Horizon National Corp. | 18,340 | 276,751 | |||||||
First Midwest Bancorp, Inc. | 6,240 | 133,973 | |||||||
Franklin Financial Network, Inc. | 770 | 21,290 | |||||||
Fulton Financial Corp. | 11,130 | 191,992 | |||||||
Glacier Bancorp, Inc. | 6,430 | 273,854 | |||||||
Great Western Bancorp, Inc. | 3,280 | 115,358 | |||||||
Hancock Holding Co. | 6,699 | 293,014 | |||||||
Hanmi Financial Corp. | 2,241 | 53,157 | |||||||
Heritage Financial Corp. | 1,430 | 43,286 | |||||||
Home Bancshares, Inc. | 9,702 | 186,181 | |||||||
Hope Bancorp, Inc. | 8,362 | 117,570 | |||||||
Independent Bank Corp. – Massachusetts | 3,580 | 287,223 | |||||||
International Bancshares Corp. | 3,120 | 129,386 | |||||||
LegacyTexas Financial Group, Inc. | 6,290 | 252,103 | |||||||
National Bank Holdings Corp. | 1,950 | 74,568 | |||||||
NBT Bancorp | 1,690 | 64,254 | |||||||
OFG Bancorp | 2,890 | 58,320 | |||||||
Old National Bancorp | 16,520 | 282,162 | |||||||
Opus Bank | 5,680 | 124,222 | |||||||
Pacific Premier Bancorp, Inc. | 5,870 | 170,641 | |||||||
PacWest Bancorp | 9,430 | 372,957 | |||||||
Pinnacle Financial Partners, Inc. | 5,220 | 303,125 | |||||||
Preferred Bank/Los Angeles, CA | 720 | 35,417 | |||||||
Prosperity Bancshares, Inc. | 3,120 | 229,757 | |||||||
S&T Bancorp, Inc. | 1,570 | 62,926 |
See notes to financial statements.
22
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Seacoast Banking Corporation of Florida(a) | 6,730 | $ | 190,863 | ||||||
ServisFirst Bancshares, Inc. | 3,070 | 104,196 | |||||||
Signature Bank | 2,710 | 357,910 | |||||||
Simmons First National Corp., Class A | 5,040 | 127,966 | |||||||
Southside Bancshares, Inc. | 1,894 | 66,536 | |||||||
Sterling Bancorp | 14,199 | 304,143 | |||||||
Synovus Financial Corp. | 8,772 | 323,336 | |||||||
TCF Financial Corp. | 8,990 | 198,949 | |||||||
Texas Capital Bancshares, Inc.(a) | 2,310 | 149,526 | |||||||
Tompkins Financial Corp. | 79 | 6,373 | |||||||
Triumph Bancorp, Inc.(a) | 7,420 | 230,094 | |||||||
Trustmark Corp. | 4,340 | 156,066 | |||||||
UMB Financial Corp. | 4,550 | 317,863 | |||||||
Umpqua Holdings Corp. | 15,030 | 260,921 | |||||||
United Bankshares, Inc. | 6,623 | 259,887 | |||||||
United Community Banks, Inc. | 5,222 | 146,634 | |||||||
Valley National Bancorp | 12,762 | 133,746 | |||||||
Veritex Holdings, Inc. | 2,223 | 58,932 | |||||||
Webster Financial Corp. | 5,160 | 274,151 | |||||||
WestAmerica Bancorp | 2,560 | 164,403 | |||||||
Wintrust Financial Corp. | 2,640 | 201,168 | |||||||
13,094,377 | |||||||||
BEVERAGES (0.0%) | |||||||||
Coca-Cola Bottling Co. Consolidated | 221 | 71,832 | |||||||
BIOTECHNOLOGY (1.0%) | |||||||||
Acorda Therapeutics, Inc.(a) | 2,800 | 29,260 | |||||||
AMAG Pharmaceuticals, Inc.(a) | 2,470 | 27,565 | |||||||
Cytokinetics, Inc.(a) | 3,980 | 35,104 | |||||||
Eagle Pharmaceuticals, Inc.(a) | 4,000 | 205,640 | |||||||
Emergent BioSolutions, Inc.(a) | 2,540 | 131,267 | |||||||
Enanta Pharmaceuticals, Inc.(a) | 830 | 72,368 | |||||||
Exelixis, Inc.(a) | 17,280 | 339,725 | |||||||
Ligand Pharmaceuticals, Inc., Class B(a) | 1,650 | 207,652 | |||||||
Momenta Pharmaceuticals, Inc.(a) | 6,020 | 84,220 | |||||||
Myriad Genetics, Inc.(a) | 4,300 | 135,364 | |||||||
Progenics Pharmaceuticals, Inc.(a) | 7,170 | 36,854 | |||||||
REGENXBIO, Inc.(a) | 3,650 | 183,960 | |||||||
Repligen Corp.(a) | 5,030 | 338,921 | |||||||
Spectrum Pharmaceuticals, Inc.(a) | 12,130 | 113,658 | |||||||
United Therapeutics Corp.(a) | 2,263 | 232,116 | |||||||
Vanda Pharmaceuticals, Inc.(a) | 7,000 | 114,030 | |||||||
2,287,704 | |||||||||
BUILDING PRODUCTS (1.5%) | |||||||||
AAON, Inc. | 2,398 | 120,404 | |||||||
American Woodmark Corp.(a) | 710 | 63,850 | |||||||
Apogee Enterprises, Inc. | 3,630 | 146,289 | |||||||
Gibraltar Industries, Inc.(a) | 1,960 | 77,753 | |||||||
Griffon Corp. | 31,510 | 618,226 | |||||||
Insteel Industries, Inc. | 1,140 | 23,872 | |||||||
Lennox International, Inc. | 2,279 | 618,635 | |||||||
Patrick Industries, Inc.(a) | 5,485 | 273,537 | |||||||
PGT, Inc.(a) | 4,240 | 62,158 | |||||||
Quanex Building Products Corp. | 10,285 | 171,965 | |||||||
Resideo Technologies, Inc.(a) | 16,930 | 384,311 |
Shares | Value | ||||||||
Simpson Manufacturing Co., Inc. | 2,290 | $ | 145,827 | ||||||
Trex Co., Inc.(a) | 3,180 | 220,279 | |||||||
Universal Forest Products, Inc. | 11,370 | 420,121 | |||||||
3,347,227 | |||||||||
CAPITAL MARKETS (2.1%) | |||||||||
Blucora, Inc.(a) | 10,610 | 371,350 | |||||||
Donnelley Financial Solutions, Inc.(a) | 6,971 | 106,726 | |||||||
Eaton Vance Corp. | 7,470 | 310,528 | |||||||
Evercore Partners, Inc. | 2,030 | 197,783 | |||||||
FactSet Research Systems, Inc. | 2,348 | 647,743 | |||||||
Federated Investors, Inc., Class B | 5,840 | 179,463 | |||||||
Greenhill & Company, Inc. | 1,350 | 27,958 | |||||||
Interactive Brokers Group, Inc., Class A | 4,280 | 232,147 | |||||||
INTL FCStone, Inc.(a) | 7,150 | 290,004 | |||||||
Janus Henderson Group PLC | 16,920 | 424,184 | |||||||
Legg Mason, Inc. | 14,170 | 473,987 | |||||||
MarketAxess Holdings, Inc. | 1,996 | 555,547 | |||||||
Piper Jaffray Companies, Inc. | 620 | 49,972 | |||||||
SEI Investments Co. | 7,540 | 410,553 | |||||||
Stifel Financial Corp. | 6,675 | 398,297 | |||||||
Virtus Investment Partners, Inc. | 37 | 4,537 | |||||||
Waddell & Reed Financial, Inc., Class A | 5,260 | 98,520 | |||||||
WisdomTree Investments, Inc. | 6,900 | 49,680 | |||||||
4,828,979 | |||||||||
CHEMICALS (2.6%) | |||||||||
AdvanSix, Inc.(a) | 5,490 | 165,963 | |||||||
American Vanguard Corp. | 1,340 | 21,091 | |||||||
Ashland Global Holdings, Inc. | 3,170 | 255,280 | |||||||
Balchem Corp. | 1,625 | 164,954 | |||||||
Cabot Corp. | 3,130 | 142,039 | |||||||
Ferro Corp.(a) | 4,300 | 76,841 | |||||||
FutureFuel Corp. | 1,380 | 20,272 | |||||||
H.B. Fuller Co. | 2,970 | 145,441 | |||||||
Hawkins, Inc. | 4,380 | 161,666 | |||||||
Ingevity Corp.(a) | 2,160 | 248,422 | |||||||
Innophos Holdings, Inc. | 4,170 | 134,232 | |||||||
Innospec, Inc. | 3,430 | 290,933 | |||||||
Koppers Holdings, Inc.(a) | 6,810 | 182,099 | |||||||
Kraton Performance Polymers, Inc.(a) | 12,110 | 397,450 | |||||||
Livent Corp.(a) | 7,640 | 82,359 | |||||||
LSB Industries, Inc.(a) | 1,840 | 10,764 | |||||||
Mineral Technologies, Inc. | 3,380 | 212,163 | |||||||
NewMarket Corp. | 309 | 129,650 | |||||||
Olin Corp. | 20,320 | 440,741 | |||||||
PolyOne Corp. | 4,240 | 117,194 | |||||||
Quaker Chemical Corp. | 900 | 201,438 | |||||||
Rayonier, Inc. | 30,103 | 446,728 | |||||||
RPM International, Inc. | 9,370 | 568,290 | |||||||
Sensient Technologies Corp. | 2,160 | 151,459 | |||||||
Stepan Co. | 870 | 80,510 | |||||||
The Chemours Co. | 15,510 | 558,515 | |||||||
The Scotts Miracle-Gro Co., Class A | 1,930 | 164,089 | |||||||
Tredegar Corp. | 6,440 | 116,049 | |||||||
Valvoline, Inc. | 10,386 | 192,141 | |||||||
5,878,773 |
See notes to financial statements.
23
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMERCIAL SERVICES & SUPPLIES (1.8%) | |||||||||
ABM Industries, Inc. | 12,210 | $ | 463,614 | ||||||
Brady Corp., Class A | 2,610 | 127,342 | |||||||
Clean Harbors, Inc.(a) | 2,760 | 209,760 | |||||||
Deluxe Corp. | 2,540 | 113,589 | |||||||
Healthcare Services Group, Inc. | 4,732 | 160,178 | |||||||
Herman Miller, Inc. | 3,770 | 146,351 | |||||||
HNI Corp. | 2,840 | 104,256 | |||||||
Interface, Inc. | 5,550 | 89,022 | |||||||
LSC Communications, Inc. | 13,971 | 97,657 | |||||||
Matthews International Corp., Class A | 4,040 | 161,842 | |||||||
Mobile Mini, Inc. | 6,710 | 241,694 | |||||||
MSA Safety, Inc. | 2,470 | 271,478 | |||||||
Multi-Color Corp. | 5,430 | 270,957 | |||||||
Pitney Bowes, Inc. | 26,920 | 191,401 | |||||||
R.R. Donnelley & Sons Co. | 6,153 | 28,427 | |||||||
Stericycle, Inc.(a) | 4,610 | 269,178 | |||||||
Team, Inc.(a) | 10,130 | 171,197 | |||||||
Tetra Tech, Inc. | 3,160 | 204,515 | |||||||
The Brink’s Co. | 2,700 | 215,811 | |||||||
UniFirst Corp. | 1,290 | 203,988 | |||||||
US Ecology, Inc. | 2,570 | 156,796 | |||||||
Viad Corp. | 1,360 | 83,382 | |||||||
3,982,435 | |||||||||
COMMUNICATIONS EQUIPMENT (1.1%) | |||||||||
ADTRAN, Inc. | 2,470 | 42,336 | |||||||
Applied Optoelectronics, Inc.(a) | 1,340 | 16,777 | |||||||
CalAmp Corp.(a) | 4,100 | 59,901 | |||||||
Ciena Corp.(a) | 14,000 | 537,040 | |||||||
Comtech Telecommunications Corp. | 5,100 | 120,003 | |||||||
Digi International, Inc.(a) | 9,710 | 124,968 | |||||||
Extreme Networks, Inc.(a) | 9,040 | 72,320 | |||||||
Finisar Corp.(a) | 6,860 | 165,395 | |||||||
Harmonic, Inc.(a) | 24,610 | 139,293 | |||||||
InterDigital, Inc. | 1,670 | 109,201 | |||||||
Lumentum Holdings, Inc.(a) | 4,115 | 255,006 | |||||||
NETGEAR, Inc.(a) | 1,940 | 60,198 | |||||||
NetScout Systems, Inc.(a) | 7,100 | 208,740 | |||||||
Plantronics, Inc. | 1,740 | 89,575 | |||||||
ViaSat, Inc.(a) | 3,050 | 277,001 | |||||||
VIAVI Solutions, Inc.(a) | 19,390 | 257,887 | |||||||
2,535,641 | |||||||||
CONSTRUCTION & ENGINEERING (1.3%) | |||||||||
AECOM Technology Corp.(a) | 18,102 | 613,658 | |||||||
Aegion Corp.(a) | 9,710 | 193,326 | |||||||
Arcosa, Inc. | 8,903 | 277,150 | |||||||
Comfort Systems USA, Inc. | 2,140 | 115,774 | |||||||
Dycom Industries, Inc.(a) | 1,370 | 67,938 | |||||||
EMCOR Group, Inc. | 4,490 | 377,789 | |||||||
Granite Construction, Inc. | 4,660 | 209,188 | |||||||
KBR, Inc. | 8,960 | 199,091 | |||||||
MasTec, Inc.(a) | 6,410 | 324,667 | |||||||
MYR Group, Inc.(a) | 8,180 | 295,707 |
Shares | Value | ||||||||
Orion Group Holdings, Inc.(a) | 82,810 | $ | 214,478 | ||||||
Valmont Industries, Inc. | 760 | 102,478 | |||||||
2,991,244 | |||||||||
CONSTRUCTION MATERIALS (0.2%) | |||||||||
Eagle Materials, Inc., Class A | 2,310 | 210,002 | |||||||
U.S. Concrete, Inc.(a) | 4,160 | 196,061 | |||||||
406,063 | |||||||||
CONSUMER FINANCE (1.0%) | |||||||||
Encore Capital Group, Inc.(a) | 10,350 | 292,491 | |||||||
Enova International, Inc.(a) | 2,383 | 65,366 | |||||||
EZCORP, Inc., Class A(a) | 28,140 | 305,882 | |||||||
Firstcash, Inc. | 3,958 | 386,617 | |||||||
Green Dot Corp., Class A(a) | 4,510 | 287,603 | |||||||
Navient Corp. | 30,870 | 417,054 | |||||||
PRA Group, Inc.(a) | 5,570 | 156,628 | |||||||
SLM Corp. | 39,070 | 396,951 | |||||||
World Acceptance Corp.(a) | 250 | 32,497 | |||||||
2,341,089 | |||||||||
CONTAINERS & PACKAGING (0.7%) | |||||||||
AptarGroup, Inc. | 3,370 | 374,879 | |||||||
Bemis Co., Inc. | 5,360 | 307,771 | |||||||
Greif, Inc., Class A | 1,870 | 73,903 | |||||||
Myers Industries, Inc. | 1,860 | 33,275 | |||||||
Owens-Illinois, Inc. | 15,350 | 303,316 | |||||||
Silgan Holdings, Inc. | 6,780 | 202,993 | |||||||
Sonoco Products Co. | 5,410 | 341,155 | |||||||
1,637,292 | |||||||||
DISTRIBUTORS (0.2%) | |||||||||
Pool Corp. | 2,630 | 483,236 | |||||||
DIVERSIFIED CONSUMER SERVICES (1.1%) | |||||||||
Adtalem Global Education, Inc.(a) | 5,740 | 283,097 | |||||||
American Public Education, Inc.(a) | 5,520 | 176,640 | |||||||
Career Education Corp.(a) | 19,320 | 350,658 | |||||||
Graham Holdings Co. | 377 | 280,273 | |||||||
Regis Corp.(a) | 14,530 | 272,001 | |||||||
Service Corp. International | 15,080 | 627,479 | |||||||
Sotheby’s(a) | 2,460 | 103,763 | |||||||
Strategic Education, Inc. | 1,919 | 275,089 | |||||||
Weight Watchers International, Inc.(a) | 4,100 | 83,722 | |||||||
2,452,722 | |||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%) | |||||||||
ATN International, Inc. | 2,070 | 126,373 | |||||||
Cincinnati Bell, Inc.(a) | 3,002 | 26,718 | |||||||
Cogent Communications Holdings, Inc. | 2,520 | 139,180 | |||||||
Consolidated Communications Holdings, Inc. | 3,800 | 19,608 | |||||||
Frontier Communications Corp.(a) | 36,722 | 104,658 | |||||||
Iridium Communications, Inc.(a) | 17,950 | 492,907 | |||||||
Vonage Holdings Corp.(a) | 15,310 | 148,813 | |||||||
1,058,257 |
See notes to financial statements.
24
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
ELECTRIC UTILITIES (0.7%) | |||||||||
ALLETE, Inc. | 2,930 | $ | 238,649 | ||||||
El Paso Electric Co. | 2,290 | 139,942 | |||||||
Hawaiian Electric Industries, Inc. | 6,130 | 254,272 | |||||||
IDACORP, Inc. | 2,770 | 274,285 | |||||||
OGE Energy Corp. | 10,600 | 448,804 | |||||||
PNM Resources, Inc. | 4,790 | 222,448 | |||||||
1,578,400 | |||||||||
ELECTRICAL EQUIPMENT (0.8%) | |||||||||
Acuity Brands, Inc. | 2,000 | 292,660 | |||||||
AZZ, Inc. | 1,450 | 68,860 | |||||||
Encore Wire Corp. | 2,810 | 166,605 | |||||||
EnerSys | 2,100 | 145,299 | |||||||
Hubbell, Inc. | 2,620 | 334,312 | |||||||
nVent Electric PLC | 8,980 | 250,991 | |||||||
Powell Industries, Inc. | 3,820 | 111,735 | |||||||
Regal-Beloit Corp. | 1,890 | 160,801 | |||||||
Vicor Corp.(a) | 8,280 | 310,583 | |||||||
1,841,846 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (4.5%) | |||||||||
Anixter International, Inc.(a) | 5,120 | 321,894 | |||||||
Arlo Technologies, Inc.(a) | 3,841 | 15,249 | |||||||
Arrow Electronics, Inc.(a) | 8,120 | 686,221 | |||||||
Avnet, Inc. | 12,750 | 619,777 | |||||||
Badger Meter, Inc. | 1,630 | 90,432 | |||||||
Bel Fuse, Inc., Class B | 5,500 | 130,350 | |||||||
Belden CDT, Inc. | 3,600 | 199,980 | |||||||
Benchmark Electronics, Inc. | 11,530 | 311,656 | |||||||
Cognex Corp. | 9,450 | 476,563 | |||||||
Coherent, Inc.(a) | 1,184 | 175,244 | |||||||
Control4 Corp.(a) | 1,980 | 34,472 | |||||||
CTS Corp. | 6,650 | 199,167 | |||||||
Daktronics, Inc. | 5,620 | 42,600 | |||||||
ePlus, Inc.(a) | 550 | 51,859 | |||||||
Fabrinet(a) | 2,030 | 122,856 | |||||||
FARO Technologies, Inc.(a) | 850 | 47,812 | |||||||
II-VI, Inc.(a) | 3,390 | 135,058 | |||||||
Insight Enterprises, Inc.(a) | 7,020 | 397,192 | |||||||
Itron, Inc.(a) | 1,860 | 99,808 | |||||||
Jabil Circuit, Inc. | 16,760 | 506,320 | |||||||
KEMET Corp. | 23,390 | 417,979 | |||||||
Knowles Corp.(a) | 5,840 | 110,259 | |||||||
Littelfuse, Inc. | 1,085 | 218,139 | |||||||
Methode Electronics, Inc., Class A | 2,020 | 59,610 | |||||||
MTS Systems Corp. | 980 | 53,880 | |||||||
National Instruments Corp. | 6,575 | 309,683 | |||||||
OSI Systems, Inc.(a) | 790 | 71,203 | |||||||
Park Electrochemical Corp. | 760 | 12,502 | |||||||
Plexus Corp.(a) | 1,730 | 104,111 | |||||||
Rogers Corp.(a) | 900 | 150,768 | |||||||
Sanmina Corp.(a) | 12,320 | 417,894 | |||||||
ScanSource, Inc.(a) | 8,810 | 331,697 | |||||||
SYNNEX Corp. | 5,378 | 580,179 | |||||||
Tech Data Corp.(a) | 5,150 | 549,042 |
Shares | Value | ||||||||
Trimble Navigation Ltd.(a) | 16,210 | $ | 661,692 | ||||||
TTM Technologies, Inc.(a) | 31,450 | 416,398 | |||||||
Vishay Intertechnology, Inc. | 8,270 | 163,829 | |||||||
Zebra Technologies Corp., Class A(a) | 3,527 | 744,691 | |||||||
10,038,066 | |||||||||
ENERGY EQUIPMENT & SERVICES (2.4%) | |||||||||
Apergy Corp.(a) | 4,070 | 161,538 | |||||||
Archrock, Inc. | 24,960 | 252,346 | |||||||
C&J Energy Services, Inc.(a) | 12,340 | 173,377 | |||||||
Core Laboratories N.V. | 1,580 | 100,156 | |||||||
Diamond Offshore Drilling, Inc.(a) | 15,120 | 146,815 | |||||||
Dril-Quip, Inc.(a) | 1,510 | 65,776 | |||||||
Ensco Rowan PLC, Class A | 24,799 | 346,442 | |||||||
Era Group, Inc.(a) | 2,320 | 22,365 | |||||||
Exterran Corp.(a) | 6,315 | 89,799 | |||||||
Geospace Technologies Corp.(a) | 570 | 7,666 | |||||||
Gulf Island Fabrication, Inc.(a) | 2,270 | 19,522 | |||||||
Helix Energy Solutions Group, Inc.(a) | 27,610 | 215,910 | |||||||
KLX Energy Services Holdings, Inc.(a) | 11,262 | 315,899 | |||||||
Matrix Service Co.(a) | 6,690 | 131,191 | |||||||
McDermott International, Inc.(a) | 61,243 | 495,456 | |||||||
Nabors Industries Ltd. | 16,025 | 56,088 | |||||||
Newpark Resources, Inc.(a) | 19,220 | 140,306 | |||||||
Noble Corp. PLC(a) | 20,650 | 54,310 | |||||||
Oceaneering International, Inc.(a) | 14,100 | 270,720 | |||||||
Oil States International, Inc.(a) | 7,990 | 154,367 | |||||||
Patterson-UTI Energy, Inc. | 26,350 | 358,096 | |||||||
Pioneer Energy Services Corp.(a) | 134,200 | 233,508 | |||||||
ProPetro Holding Corp.(a) | 20,240 | 447,911 | |||||||
SEACOR Holdings, Inc.(a) | 4,080 | 181,723 | |||||||
Superior Energy Services, Inc.(a) | 61,980 | 222,508 | |||||||
TETRA Technologies, Inc.(a) | 4,190 | 9,972 | |||||||
Transocean Ltd.(a) | 26,210 | 206,011 | |||||||
Unit Corp.(a) | 4,250 | 57,630 | |||||||
US Silica Holdings, Inc. | 23,860 | 377,465 | |||||||
5,314,873 | |||||||||
ENTERTAINMENT (0.7%) | |||||||||
Cinemark Holdings, Inc. | 6,410 | 269,540 | |||||||
Live Nation, Inc.(a) | 10,342 | 675,746 | |||||||
Marcus Corp. | 6,550 | 246,411 | |||||||
World Wrestling Entertainment, Inc. | 5,350 | 448,598 | |||||||
1,640,295 | |||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (6.8%) | |||||||||
Acadia Realty Trust | 5,897 | 166,531 | |||||||
Agree Realty Corp. | 6,380 | 417,699 | |||||||
Alexander & Baldwin, Inc. | 8,953 | 211,470 | |||||||
American Assets Trust, Inc. | 2,680 | 123,789 | |||||||
American Campus Communities, Inc. | 12,030 | 567,816 | |||||||
Armada Hoffler Properties, Inc. | 11,780 | 190,247 | |||||||
Brixmor Property Group, Inc. | 15,730 | 281,252 | |||||||
Camden Property Trust | 5,100 | 513,315 | |||||||
CareTrust REIT, Inc. | 5,798 | 140,601 | |||||||
CBL & Associates Properties, Inc. | 63,180 | 63,812 | |||||||
Cedar Shopping Centers, Inc. | 8,720 | 26,770 |
See notes to financial statements.
25
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | |||||||
Chatham Lodging Trust | 2,040 | $ | 40,168 | |||||
Chesapeake Lodging Trust | 3,940 | 112,290 | ||||||
Community Healthcare Trust, Inc. | 3,230 | 117,830 | ||||||
Corecivic, Inc. | 6,958 | 144,796 | ||||||
Coresite Realty Corp. | 1,880 | 205,691 | ||||||
Corporate Office Properties Trust | 5,850 | 163,098 | ||||||
Cousins Properties, Inc. | 20,119 | 192,539 | ||||||
Cyrusone, Inc. | 8,800 | 490,072 | ||||||
DiamondRock Hospitality Co. | 15,560 | 168,982 | ||||||
Douglas Emmett, Inc. | 9,010 | 371,122 | ||||||
Easterly Government Properties, Inc. | 11,320 | 203,760 | ||||||
EastGroup Properties, Inc. | 1,740 | 198,934 | ||||||
EPR Properties | 4,130 | 325,692 | ||||||
First Industrial Realty Trust, Inc. | 8,810 | 310,729 | ||||||
Four Corners Property Trust, Inc. | 13,337 | 379,304 | ||||||
Franklin Street Properties Corp. | 3,250 | 25,545 | ||||||
Getty Realty Corp. | 2,470 | 80,102 | ||||||
Global Net Lease, Inc. | 4,260 | 81,238 | ||||||
Healthcare Realty Trust, Inc. | 7,960 | 245,805 | ||||||
Hersha Hospitality Trust | 8,390 | 155,802 | ||||||
Highwood Properties, Inc. | 5,760 | 256,781 | ||||||
Hospitality Properties Trust | 8,860 | 230,360 | ||||||
Independence Realty Trust, Inc. | 530 | 5,613 | ||||||
Innovative Industrial Properties, Inc. | 4,700 | 400,158 | ||||||
iStar, Inc. | 17,550 | 152,158 | ||||||
JBG Smith Properties | 6,400 | 272,320 | ||||||
Kilroy Realty Corp. | 5,640 | 433,772 | ||||||
Kite Realty Group Trust | 7,825 | 123,557 | ||||||
Lamar Advertising Co. | 4,540 | 375,322 | ||||||
Lexington Corporate Properties Trust | 17,775 | 161,219 | ||||||
Liberty Property Trust | 8,550 | 424,422 | ||||||
Life Storage, Inc. | 3,200 | 304,928 | ||||||
LTC Properties, Inc. | 2,620 | 118,057 | ||||||
Mack-Cali Realty Corp. | 5,010 | 116,633 | ||||||
Medical Properties Trust, Inc. | 32,210 | 562,387 | ||||||
National Retail Properties, Inc. | 11,710 | 616,180 | ||||||
National Storage Affiliates | 6,930 | 202,772 | ||||||
Northstar Realty Europe Corp. | 2,120 | 37,800 | ||||||
Office Properties Income Trust | 2,917 | 79,167 | ||||||
OMEGA Healthcare Investors, Inc. | 15,726 | 556,543 | ||||||
Pebblebrook Hotel Trust | 7,816 | 254,489 | ||||||
Pennsylvania Real Estate Investment Trust | 3,840 | 23,117 | ||||||
Potlatch Corp. | 4,092 | 158,197 | ||||||
PS Business Parks, Inc. | 730 | 112,143 | ||||||
Rayonier, Inc. | 7,010 | 222,848 | ||||||
Retail Opportunity Investments Corp. | 8,900 | 156,195 | ||||||
RPT Realty | 2,430 | 29,476 | ||||||
Sabra Healthcare REIT, Inc. | 16,989 | 332,305 | ||||||
Saul Centers, Inc. | 610 | 32,543 | ||||||
Senior Housing Properties Trust | 21,910 | 175,937 | ||||||
Summit Hotel Properties, Inc. | 13,150 | 152,671 | ||||||
Tanger Factory Outlet Center | 6,790 | 122,627 | ||||||
Taubman Centers, Inc. | 3,520 | 173,536 | ||||||
The Geo Group, Inc. | 6,934 | 138,819 | ||||||
Uniti Group, Inc. | 10,184 | 111,922 | ||||||
Universal Health Realty Income Trust | 480 | 38,890 |
Shares | Value | ||||||||
Urban Edge Properties | 5,590 | $ | 103,806 | ||||||
Urstadt Biddle Properties, Inc., Class A | 6,270 | 137,501 | |||||||
Washington Prime Group, Inc. | 34,810 | 154,905 | |||||||
Washington Real Estate | 3,790 | 107,030 | |||||||
Weingarten Realty Investors | 7,820 | 226,311 | |||||||
Whitestone REIT | 1,030 | 13,215 | |||||||
Xenia Hotels & Resorts, Inc. | 9,180 | 198,747 | |||||||
15,324,180 | |||||||||
FOOD & STAPLES RETAILING (0.6%) | |||||||||
Chefs’ Warehouse, Inc.(a) | 1,430 | 46,732 | |||||||
SpartanNash Co. | 22,044 | 356,452 | |||||||
Sprouts Farmers Markets, Inc.(a) | 7,920 | 169,646 | |||||||
The Andersons, Inc. | 11,265 | 368,366 | |||||||
United Natural Foods, Inc.(a) | 32,890 | 424,939 | |||||||
1,366,135 | |||||||||
FOOD PRODUCTS (1.4%) | |||||||||
B&G Foods, Inc. | 4,120 | 107,120 | |||||||
Calavo Growers, Inc. | 810 | 77,606 | |||||||
Cal-Maine Foods, Inc. | 1,850 | 76,054 | |||||||
Darling International, Inc.(a) | 10,220 | 222,898 | |||||||
Dean Foods Co. | 61,450 | 104,465 | |||||||
Flowers Foods, Inc. | 11,083 | 240,944 | |||||||
Hain Celestial Group, Inc. (The)(a) | 10,530 | 229,765 | |||||||
Ingredion, Inc. | 3,540 | 335,415 | |||||||
J & J Snack Foods Corp. | 670 | 105,311 | |||||||
John B. Sanfilippo & Son, Inc. | 480 | 34,613 | |||||||
Lancaster Colony Corp. | 1,340 | 199,271 | |||||||
Post Holdings, Inc.(a) | 4,955 | 558,825 | |||||||
Sanderson Farms, Inc. | 1,970 | 298,711 | |||||||
Seneca Foods Corp., Class A(a) | 8,880 | 219,780 | |||||||
Tootsie Roll Industries, Inc. | 1,045 | 40,577 | |||||||
TreeHouse Foods, Inc.(a) | 4,840 | 324,183 | |||||||
3,175,538 | |||||||||
GAS UTILITIES (1.0%) | |||||||||
National Fuel Gas Co. | 6,500 | 384,865 | |||||||
New Jersey Resources Corp. | 4,940 | 247,395 | |||||||
Northwest Natural Holding Co. | 1,670 | 111,706 | |||||||
One Gas, Inc. | 3,040 | 269,101 | |||||||
South Jersey Industries, Inc. | 5,050 | 162,206 | |||||||
Southwest Gas Corp. | 2,660 | 221,285 | |||||||
Spire, Inc. | 2,930 | 246,677 | |||||||
UGI Corp. | 11,460 | 624,685 | |||||||
2,267,920 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (3.4%) | |||||||||
AngioDynamics, Inc.(a) | 13,300 | 273,182 | |||||||
Anika Therapeutics, Inc.(a) | 1,080 | 34,398 | |||||||
Avanos Medical, Inc.(a) | 7,680 | 322,176 | |||||||
Cantel Medical Corp. | 1,957 | 134,915 | |||||||
Cardiovascular Systems, Inc.(a) | 9,610 | 341,539 | |||||||
CONMED Corp. | 5,450 | 436,163 | |||||||
CryoLife, Inc.(a) | 4,810 | 147,475 | |||||||
Cutera, Inc.(a) | 1,240 | 21,998 | |||||||
Globus Medical, Inc.(a) | 10,290 | 463,976 | |||||||
Haemonetics Corp.(a) | 3,430 | 299,370 |
See notes to financial statements.
26
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Heska Corp.(a) | 1,960 | $ | 152,214 | ||||||
Hill-Rom Holdings, Inc. | 3,600 | 365,112 | |||||||
ICU Medical, Inc.(a) | 794 | 180,635 | |||||||
Inogen, Inc.(a) | 850 | 74,205 | |||||||
Integer Holdings Corp.(a) | 3,610 | 249,415 | |||||||
Integra LifeSciences Holdings Corp.(a) | 6,540 | 341,323 | |||||||
Invacare Corp. | 26,900 | 199,060 | |||||||
Lantheus Holdings, Inc.(a) | 2,370 | 57,259 | |||||||
Lemaitre Vascular, Inc. | 1,180 | 34,078 | |||||||
LivaNova PLC(a) | 4,150 | 285,893 | |||||||
Masimo Corp.(a) | 3,260 | 424,289 | |||||||
Meridian Bioscience, Inc. | 6,500 | 74,815 | |||||||
Merit Medical Systems, Inc.(a) | 4,855 | 272,754 | |||||||
Natus Medical, Inc.(a) | 2,130 | 56,999 | |||||||
Neogen Corp.(a) | 5,879 | 356,620 | |||||||
NuVasive, Inc.(a) | 2,880 | 174,528 | |||||||
OraSure Technologies, Inc.(a) | 4,780 | 45,219 | |||||||
Orthofix Medical, Inc.(a) | 1,230 | 67,392 | |||||||
STERIS PLC | 5,620 | 736,108 | |||||||
SurModics, Inc.(a) | 2,650 | 115,116 | |||||||
Tactile Systems Technology, Inc.(a) | 6,820 | 339,363 | |||||||
Varex Imaging Corp.(a) | 2,520 | 82,757 | |||||||
West Pharmaceutical Services, Inc. | 3,930 | 486,495 | |||||||
7,646,841 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (2.4%) | |||||||||
Acadia Healthcare(a) | 9,910 | 317,318 | |||||||
Addus Homecare Corp.(a) | 1,770 | 120,183 | |||||||
Amedisys, Inc.(a) | 3,929 | 502,205 | |||||||
AMN Healthcare Services, Inc.(a) | 4,370 | 227,502 | |||||||
Biotelemetry, Inc.(a) | 3,100 | 168,640 | |||||||
Chemed Corp. | 1,031 | 336,910 | |||||||
CorVel Corp.(a) | 2,100 | 150,780 | |||||||
Covetrus, Inc.(a) | 5,610 | 184,401 | |||||||
Cross Country Healthcare, Inc.(a) | 30,730 | 216,647 | |||||||
Diplomat Pharmacy, Inc.(a) | 16,130 | 90,006 | |||||||
Encompass Health Corp. | 7,660 | 493,687 | |||||||
HealthEquity, Inc.(a) | 2,990 | 202,573 | |||||||
LHC Group, Inc.(a) | 1,600 | 177,776 | |||||||
Magellan Health Services, Inc.(a) | 6,450 | 451,500 | |||||||
Molina Healthcare, Inc.(a) | 4,785 | 620,280 | |||||||
Owens & Minor, Inc. | 24,315 | 82,914 | |||||||
Patterson Companies, Inc. | 13,610 | 297,242 | |||||||
Providence Service Corp.(a) | 560 | 37,145 | |||||||
Select Medical Holdings Corp.(a) | 9,990 | 143,556 | |||||||
The Ensign Group, Inc. | 5,770 | 297,270 | |||||||
Tivity Health, Inc.(a) | 6,923 | 149,675 | |||||||
U.S. Physical Therapy, Inc. | 560 | 65,234 | |||||||
5,333,444 | |||||||||
HEALTH CARE TECHNOLOGY (0.7%) | |||||||||
Allscripts Healthcare Solutions, Inc.(a) | 9,606 | 94,811 | |||||||
Computer Programs & Systems, Inc. | 890 | 27,047 | |||||||
Healthstream, Inc.(a) | 1,710 | 44,768 | |||||||
HMS Holdings Corp.(a) | 9,320 | 283,608 | |||||||
Medidata Solutions, Inc.(a) | 3,330 | 300,832 | |||||||
Nextgen Healthcare, Inc.(a) | 8,360 | 157,085 |
Shares | Value | ||||||||
Omnicell, Inc.(a) | 4,220 | $ | 339,119 | ||||||
Tabula Rasa Healthcare, Inc.(a) | 5,550 | 295,593 | |||||||
1,542,863 | |||||||||
HOTELS, RESTAURANTS & LEISURE (2.1%) | |||||||||
Biglari Holdings, Inc., Class A(a) | 1 | 516 | |||||||
Cracker Barrel Old Country Store, Inc. | 1,400 | 236,236 | |||||||
DineEquity, Inc. | 2,150 | 190,619 | |||||||
Domino’s Pizza, Inc. | 2,815 | 761,683 | |||||||
Dunkin’ Brands Group, Inc. | 5,390 | 402,256 | |||||||
El Pollo Loco Holdings, Inc.(a) | 11,850 | 151,443 | |||||||
Fiesta Restaurant Group, Inc.(a) | 1,980 | 25,067 | |||||||
International Speedway Corp., Class A | 1,850 | 81,622 | |||||||
Jack in the Box, Inc. | 1,750 | 134,925 | |||||||
Marriott Vacations Worldwide Corp. | 3,506 | 370,339 | |||||||
Papa John’s International, Inc. | 1,490 | 76,228 | |||||||
Shake Shack, Inc.(a) | 8,080 | 495,304 | |||||||
Six Flags Entertainment Corp. | 4,310 | 228,818 | |||||||
The Wendy’s Co. | 21,230 | 395,090 | |||||||
Wingstop, Inc. | 5,590 | 420,759 | |||||||
Wyndham Hotels & Resorts, Inc. | 8,260 | 460,247 | |||||||
Wyndham Worldwide Corp. | 6,630 | 288,803 | |||||||
4,719,955 | |||||||||
HOUSEHOLD DURABLES (2.8%) | |||||||||
Cavco Industries, Inc.(a) | 1,310 | 163,449 | |||||||
Century Communities, Inc.(a) | 11,240 | 285,833 | |||||||
Ethan Allen Interiors, Inc. | 6,560 | 144,976 | |||||||
Helen of Troy Ltd.(a) | 2,510 | 361,440 | |||||||
Installed Building Products, Inc.(a) | 1,350 | 64,840 | |||||||
iRobot Corp.(a) | 4,460 | 461,788 | |||||||
KB HOME | 21,960 | 568,984 | |||||||
La-Z-Boy, Inc. | 2,770 | 90,856 | |||||||
LGI Homes, Inc.(a) | 3,380 | 234,268 | |||||||
M.D.C. Holdings, Inc. | 11,072 | 338,360 | |||||||
M/I Homes, Inc.(a) | 18,080 | 509,314 | |||||||
Meritage Homes Corp.(a) | 10,310 | 527,356 | |||||||
NVR, Inc.(a) | 168 | 529,617 | |||||||
Tempur-Pedic International, Inc.(a) | 2,580 | 158,412 | |||||||
Toll Brothers, Inc. | 14,740 | 561,594 | |||||||
TopBuild Corp.(a) | 3,800 | 270,674 | |||||||
TRI Pointe Group, Inc.(a) | 30,960 | 404,028 | |||||||
Tupperware Corp. | 3,250 | 77,350 | |||||||
Universal Electronics, Inc.(a) | 920 | 35,006 | |||||||
William Lyon Homes, Class A(a) | 33,950 | 572,397 | |||||||
6,360,542 | |||||||||
HOUSEHOLD PRODUCTS (0.3%) | |||||||||
Central Garden & Pet Co.(a) | 770 | 20,775 | |||||||
Central Garden & Pet Co., Class A(a) | 4,730 | 115,790 | |||||||
Energizer Holdings, Inc. | 3,630 | 173,841 | |||||||
WD-40 Co. | 1,772 | 298,139 | |||||||
608,545 | |||||||||
INDUSTRIAL CONGLOMERATES (0.3%) | |||||||||
Carlisle Co., Inc. | 2,930 | 414,360 | |||||||
Raven Industries, Inc. | 4,580 | 178,208 | |||||||
592,568 |
See notes to financial statements.
27
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
INSURANCE (4.1%) | |||||||||
Alleghany Corp.(a) | 827 | $ | 543,240 | ||||||
AMBAC Financial Group, Inc.(a) | 13,530 | 253,011 | |||||||
American Equity Investment Life Holding Co. | 5,750 | 169,107 | |||||||
American Financial Group, Inc. | 3,390 | 350,967 | |||||||
Amerisafe, Inc. | 1,150 | 68,103 | |||||||
Brighthouse Financial, Inc.(a) | 11,100 | 463,869 | |||||||
Brown & Brown, Inc. | 16,380 | 520,065 | |||||||
CNO Financial Group, Inc. | 21,380 | 353,839 | |||||||
eHealth, Inc.(a) | 3,820 | 232,027 | |||||||
Employers Holdings, Inc. | 1,950 | 83,694 | |||||||
First American Financial Corp. | 8,840 | 504,410 | |||||||
Genworth Financial, Inc., Class A(a) | 34,100 | 129,239 | |||||||
HCI Group, Inc. | 4,060 | 173,037 | |||||||
Horace Mann Educators Corp. | 4,250 | 163,965 | |||||||
James River Group Holdings | 1,860 | 78,529 | |||||||
Kemper Corp. | 3,292 | 295,885 | |||||||
Mercury General Corp. | 1,610 | 86,586 | |||||||
Old Republic International Corp. | 23,700 | 529,932 | |||||||
Primerica, Inc. | 4,470 | 582,396 | |||||||
ProAssurance Corp. | 3,240 | 121,597 | |||||||
Reinsurance Group of America, Inc. | 4,400 | 666,644 | |||||||
RenaissanceRe Holdings Ltd. | 2,130 | 330,917 | |||||||
RLI Corp. | 4,760 | 387,131 | |||||||
Safety Insurance Group, Inc. | 600 | 55,752 | |||||||
Selective Insurance Group, Inc. | 3,370 | 240,315 | |||||||
Stewart Information Services Corp. | 4,900 | 208,299 | |||||||
The Hanover Insurance Group, Inc. | 2,030 | 244,838 | |||||||
The Navigators Group, Inc. | 4,600 | 321,724 | |||||||
Third Point Reinsurance Ltd.(a) | 18,420 | 213,856 | |||||||
United Fire Group, Inc. | 5,240 | 228,516 | |||||||
United Insurance Holdings Corp. | 2,090 | 32,019 | |||||||
Universal Insurance Holdings, Inc. | 6,320 | 188,273 | |||||||
W.R. Berkley Corp. | 8,295 | 508,484 | |||||||
9,330,266 | |||||||||
INTERACTIVE MEDIA & SERVICES (0.4%) | |||||||||
Care.com, Inc.(a) | 14,990 | 251,083 | |||||||
Cars.com, Inc.(a) | 4,230 | 88,026 | |||||||
QuinStreet, Inc.(a) | 10,720 | 152,974 | |||||||
Yelp, Inc.(a) | 7,950 | 318,477 | |||||||
810,560 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (0.2%) | |||||||||
Liquidity Services, Inc.(a) | 26,310 | 178,645 | |||||||
PetMed Express, Inc. | 1,410 | 30,808 | |||||||
Shutterfly, Inc.(a) | 2,120 | 92,920 | |||||||
Shutterstock, Inc. | 1,230 | 49,753 | |||||||
Stamps.com, Inc.(a) | 2,020 | 173,316 | |||||||
525,442 | |||||||||
IT SERVICES (2.7%) | |||||||||
CACI International, Inc., Class A(a) | 1,677 | 326,914 | |||||||
Cardtronics PLC, Class A(a) | 7,450 | 266,412 | |||||||
CoreLogic, Inc.(a) | 5,250 | 213,203 | |||||||
CSG Systems International, Inc. | 1,980 | 88,407 |
Shares | Value | ||||||||
EVERTEC, Inc. | 3,390 | $ | 106,141 | ||||||
ExlService Holdings, Inc.(a) | 2,170 | 128,898 | |||||||
Leidos Holdings, Inc. | 10,070 | 739,944 | |||||||
LiveRamp Holdings, Inc.(a) | 8,080 | 471,306 | |||||||
ManTech International Corp., Class A | 1,670 | 103,523 | |||||||
MAXIMUS, Inc. | 6,330 | 466,205 | |||||||
NIC, Inc. | 4,870 | 84,056 | |||||||
Perficient, Inc.(a) | 14,160 | 416,870 | |||||||
Perspecta, Inc. | 11,370 | 262,420 | |||||||
Sabre Corp. | 21,640 | 449,246 | |||||||
Science Applications International Corp. | 2,754 | 206,412 | |||||||
Sykes Enterprises, Inc.(a) | 5,800 | 160,950 | |||||||
Teradata Corp.(a) | 6,920 | 314,652 | |||||||
Travelport Worldwide Ltd. | 7,140 | 111,955 | |||||||
TTEC Holdings, Inc. | 950 | 34,637 | |||||||
Unisys Corp.(a) | 27,550 | 308,836 | |||||||
Virtusa Corp.(a) | 4,790 | 266,085 | |||||||
WEX, Inc.(a) | 2,732 | 574,540 | |||||||
6,101,612 | |||||||||
LEISURE PRODUCTS (0.4%) | |||||||||
Brunswick Corp. | 4,860 | 248,881 | |||||||
Callaway Golf Co. | 5,740 | 100,794 | |||||||
Nautilus Group, Inc.(a) | 2,140 | 11,449 | |||||||
Polaris Industries, Inc. | 2,930 | 282,452 | |||||||
Sturm Ruger & Co., Inc. | 980 | 54,870 | |||||||
Vista Outdoor, Inc.(a) | 29,160 | 251,651 | |||||||
950,097 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (1.5%) | |||||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,425 | 428,825 | |||||||
Bio-Techne Corp. | 1,974 | 403,861 | |||||||
Cambrex Corp.(a) | 1,960 | 84,319 | |||||||
Charles River Laboratories International, Inc.(a) | 2,530 | 355,389 | |||||||
Luminex Corp. | 13,350 | 304,514 | |||||||
Medpace Holdings, Inc.(a) | 7,230 | 406,109 | |||||||
Neogenomics, Inc.(a) | 27,590 | 574,700 | |||||||
PRA Health Sciences, Inc.(a) | 5,720 | 553,810 | |||||||
Syneos Health, Inc.(a) | 3,440 | 161,439 | |||||||
3,272,966 | |||||||||
MACHINERY (5.0%) | |||||||||
Actuant Corp., Class A | 3,220 | 82,368 | |||||||
AGCO Corp. | 6,080 | 430,342 | |||||||
Alamo Group, Inc. | 350 | 36,274 | |||||||
Albany International Corp., Class A | 3,050 | 225,608 | |||||||
Astec Industries, Inc. | 3,870 | 130,458 | |||||||
Barnes Group, Inc. | 2,740 | 152,399 | |||||||
Briggs & Stratton Corp. | 16,520 | 201,544 | |||||||
Chart Industries, Inc.(a) | 1,680 | 148,294 | |||||||
CIRCOR International, Inc.(a) | 4,830 | 162,868 | |||||||
Colfax Corp.(a) | 12,410 | 374,410 | |||||||
Crane Co. | 2,460 | 209,223 | |||||||
DMC Global, Inc. | 4,780 | 331,254 | |||||||
Donaldson Company, Inc. | 7,140 | 382,276 | |||||||
EnPro Industries, Inc. | 810 | 60,199 | |||||||
ESCO Technologies, Inc. | 3,070 | 230,250 |
See notes to financial statements.
28
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Federal Signal Corp. | 3,170 | $ | 91,201 | ||||||
Franklin Electric Co., Inc. | 6,030 | 294,626 | |||||||
Graco, Inc. | 9,530 | 488,412 | |||||||
Greenbrier Companies, Inc. | 5,730 | 203,587 | |||||||
Harsco Corp.(a) | 12,610 | 285,490 | |||||||
Hillenbrand, Inc. | 3,420 | 147,128 | |||||||
IDEX Corp. | 4,340 | 679,904 | |||||||
ITT, Inc. | 8,180 | 495,299 | |||||||
John Bean Technologies Corp. | 1,565 | 171,821 | |||||||
Kennametal, Inc. | 7,740 | 315,018 | |||||||
Lincoln Electric Holdings, Inc. | 2,950 | 257,446 | |||||||
Lindsay Corp. | 380 | 32,300 | |||||||
Lydall, Inc.(a) | 12,930 | 318,207 | |||||||
Mueller Industries, Inc. | 6,100 | 177,937 | |||||||
Nordson Corp. | 2,590 | 378,011 | |||||||
Oshkosh Truck Corp. | 4,990 | 412,124 | |||||||
Proto Labs, Inc.(a) | 2,560 | 281,062 | |||||||
SPX Corp.(a) | 9,770 | 356,605 | |||||||
SPX FLOW, Inc.(a) | 4,690 | 168,559 | |||||||
Standex International Corp. | 200 | 13,214 | |||||||
Tennant Co. | 790 | 52,440 | |||||||
Terex Corp. | 6,970 | 232,310 | |||||||
The Timken Co. | 5,690 | 272,836 | |||||||
Titan International, Inc. | 38,180 | 264,587 | |||||||
Toro Co. | 5,970 | 436,706 | |||||||
Trinity Industries, Inc. | 18,050 | 389,158 | |||||||
Wabash National Corp. | 16,450 | 248,066 | |||||||
Watts Water Technologies, Inc., Class A | 1,150 | 98,429 | |||||||
Woodward, Inc. | 4,060 | 442,134 | |||||||
11,162,384 | |||||||||
MARINE (0.3%) | |||||||||
Kirby Corp.(a) | 2,720 | 222,279 | |||||||
Matson, Inc. | 8,640 | 342,230 | |||||||
564,509 | |||||||||
MEDIA (0.9%) | |||||||||
Cable One, Inc. | 224 | 237,559 | |||||||
E.W. Scripps Co. (The), Class A | 12,080 | 275,303 | |||||||
Gannett Company, Inc. | 30,630 | 285,778 | |||||||
Meredith Corp. | 2,220 | 130,980 | |||||||
New Media Investment Group, Inc. | 18,320 | 195,841 | |||||||
New York Times Co. (The), Class A | 15,250 | 505,537 | |||||||
Scholastic Corp. | 2,070 | 82,552 | |||||||
TechTarget(a) | 1,140 | 19,027 | |||||||
TEGNA, Inc. | 14,110 | 224,631 | |||||||
Wiley (John) & Sons, Inc., Class A | 2,750 | 126,995 | |||||||
2,084,203 | |||||||||
METALS & MINING (2.1%) | |||||||||
AK Steel Holding Corp.(a) | 33,160 | 80,247 | |||||||
Allegheny Technologies, Inc.(a) | 19,280 | 480,458 | |||||||
Carpenter Technology Corp. | 5,470 | 271,695 | |||||||
Century Aluminum Co.(a) | 33,720 | 283,585 | |||||||
Commercial Metals Co. | 17,330 | 299,636 | |||||||
Compass Minerals International, Inc. | 1,660 | 95,267 |
Shares | Value | ||||||||
Haynes International, Inc. | 690 | $ | 22,294 | ||||||
Kaiser Aluminum Corp. | 3,050 | 300,120 | |||||||
Materion Corp. | 1,030 | 59,771 | |||||||
Olympic Steel, Inc. | 21,180 | 343,540 | |||||||
Reliance Steel & Aluminum Co. | 5,790 | 532,448 | |||||||
Royal Gold, Inc. | 3,370 | 293,392 | |||||||
Steel Dynamics, Inc. | 15,930 | 504,662 | |||||||
SunCoke Energy, Inc.(a) | 33,780 | 290,846 | |||||||
TimkenSteel Corp.(a) | 29,925 | 303,440 | |||||||
United States Steel Corp. | 27,140 | 423,384 | |||||||
Worthington Industries, Inc. | 4,380 | 175,769 | |||||||
4,760,554 | |||||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.6%) | |||||||||
Apollo Commercial Real Estate Finance, Inc. | 13,230 | 247,930 | |||||||
Armour Residential REIT, Inc. | 3,570 | 68,115 | |||||||
Capstead Mortgage Corp. | 12,450 | 106,945 | |||||||
Granite Point Mortgage Trust, Inc. | 2,090 | 40,191 | |||||||
Invesco Mortgage Capital Inc. | 13,180 | 215,098 | |||||||
New York Mortgage Trust, Inc. | 22,560 | 142,128 | |||||||
Pennymac Mortgage Investment Trust | 9,690 | 203,490 | |||||||
Redwood Trust, Inc. | 16,230 | 265,523 | |||||||
1,289,420 | |||||||||
MULTILINE RETAIL (0.5%) | |||||||||
Big Lots, Inc. | 8,870 | 329,609 | |||||||
Dillard’s, Inc. | 5,880 | 402,486 | |||||||
J.C. Penney Co., Inc.(a) | 157,380 | 215,611 | |||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 2,940 | 281,181 | |||||||
1,228,887 | |||||||||
MULTI-UTILITIES (0.5%) | |||||||||
Avista Corp. | 3,820 | 164,795 | |||||||
Black Hills Corp. | 5,230 | 380,535 | |||||||
MDU Resources Group, Inc. | 11,290 | 295,233 | |||||||
NorthWestern Corp. | 3,010 | 210,249 | |||||||
1,050,812 | |||||||||
OIL, GAS & CONSUMABLE FUELS (3.5%) | |||||||||
Bonanza Creek Energy, Inc.(a) | 1,110 | 26,718 | |||||||
Callon Petroleum Corp.(a) | 41,840 | 314,218 | |||||||
Carrizo Oil & Gas, Inc.(a) | 16,810 | 215,504 | |||||||
Chesapeake Energy Corp.(a) | 70,440 | 204,980 | |||||||
CNX Resources Corp.(a) | 36,560 | 327,578 | |||||||
CONSOL Energy, Inc.(a) | 1,637 | 55,494 | |||||||
Denbury Resources, Inc.(a) | 165,270 | 368,552 | |||||||
EQT Corp. | 20,620 | 421,679 | |||||||
Equitrans Midstream Corp. | 22,400 | 466,592 | |||||||
Green Plains Renewable Energy, Inc. | 23,090 | 401,073 | |||||||
Gulfport Energy Corp.(a) | 27,570 | 180,583 | |||||||
HighPoint Resources Corp.(a) | 106,540 | 291,920 | |||||||
Laredo Petroleum, Inc.(a) | 39,830 | 120,287 | |||||||
Matador Resources Co.(a) | 6,450 | 127,000 | |||||||
Murphy Oil Corp. | 18,190 | 495,496 | |||||||
Oasis Petroleum, Inc.(a) | 32,030 | 195,383 | |||||||
Par Pacific Holdings, Inc.(a) | 14,690 | 287,043 | |||||||
PBF Energy, Inc. | 6,880 | 231,030 |
See notes to financial statements.
29
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
PDC Energy, Inc.(a) | 3,160 | $ | 137,428 | ||||||
Penn Virginia Corp.(a) | 5,720 | 256,828 | |||||||
QEP Resources, Inc.(a) | 46,370 | 348,702 | |||||||
Range Resources Corp. | 26,220 | 237,029 | |||||||
Renewable Energy Group, Inc.(a) | 20,710 | 499,525 | |||||||
REX American Resources Corp.(a) | 1,950 | 164,795 | |||||||
Ring Energy, Inc.(a) | 12,630 | 65,423 | |||||||
SM Energy Co. | 15,090 | 240,384 | |||||||
Southwestern Energy Co.(a) | 30,940 | 122,213 | |||||||
SRC Energy, Inc.(a) | 34,460 | 211,929 | |||||||
Whiting Petroleum Corporation(a) | 4,650 | 127,364 | |||||||
World Fuel Services Corp. | 15,460 | 476,941 | |||||||
WPX Energy, Inc.(a) | 22,140 | 307,525 | |||||||
7,927,216 | |||||||||
PAPER & FOREST PRODUCTS (0.9%) | |||||||||
Boise Cascade Co. | 13,700 | 379,353 | |||||||
Clearwater Paper Corp.(a) | 14,390 | 290,246 | |||||||
Domtar Corp. | 7,870 | 384,843 | |||||||
Louisiana-Pacific Corp. | 8,600 | 215,430 | |||||||
Mercer International, Inc. | 20,370 | 288,439 | |||||||
Neenah Paper, Inc. | 730 | 49,531 | |||||||
P.H. Glatfelter & Co. | 29,000 | 457,620 | |||||||
2,065,462 | |||||||||
PERSONAL PRODUCTS (0.7%) | |||||||||
Avon Products, Inc.(a) | 190,960 | 607,253 | |||||||
Edgewell Personal Care Co.(a) | 3,310 | 136,471 | |||||||
Inter Parfums, Inc. | 4,130 | 299,384 | |||||||
Medifast, Inc. | 2,920 | 428,335 | |||||||
Nu Skin Enterprises, Inc. | 3,030 | 154,136 | |||||||
1,625,579 | |||||||||
PHARMACEUTICALS (1.1%) | |||||||||
Akorn, Inc.(a) | 11,600 | 31,320 | |||||||
Amphastar Pharmaceuticals, Inc.(a) | 6,830 | 147,460 | |||||||
ANI Pharmaceuticals, Inc.(a) | 430 | 30,521 | |||||||
Assertio Therapeutics, Inc.(a) | 27,700 | 115,509 | |||||||
Catalent, Inc.(a) | 8,360 | 374,695 | |||||||
Corcept Therapeutics, Inc.(a) | 15,910 | 196,966 | |||||||
ENDO International PLC(a) | 28,050 | 210,375 | |||||||
Innoviva, Inc.(a) | 19,410 | 272,322 | |||||||
Lannett Co., Inc.(a) | 21,070 | 162,028 | |||||||
Mallinckrodt PLC(a) | 20,330 | 314,302 | |||||||
Phibro Animal Health Corp., Class A | 1,400 | 48,594 | |||||||
Prestige Brands Holdings, Inc.(a) | 3,480 | 102,382 | |||||||
Supernus Pharmaceuticals, Inc.(a) | 10,460 | 384,196 | |||||||
The Medicines Co.(a) | 4,140 | 132,273 | |||||||
2,522,943 | |||||||||
PROFESSIONAL SERVICES (1.4%) | |||||||||
ASGN, Inc.(a) | 5,490 | 346,089 | |||||||
Exponent, Inc. | 5,240 | 296,689 | |||||||
Forrester Research, Inc. | 2,410 | 122,573 | |||||||
FTI Consulting, Inc.(a) | 2,120 | 180,158 | |||||||
Heidrick & Struggles International, Inc. | 1,230 | 44,009 | |||||||
Insperity, Inc. | 3,350 | 400,526 | |||||||
Kelly Services, Inc., Class A | 18,660 | 415,372 |
Shares | Value | ||||||||
Korn/Ferry International, Inc. | 3,660 | $ | 172,093 | ||||||
Manpower, Inc. | 6,350 | 609,854 | |||||||
Navigant Consulting, Inc. | 2,970 | 67,805 | |||||||
Resources Connection, Inc. | 3,150 | 50,589 | |||||||
TrueBlue, Inc.(a) | 9,770 | 236,043 | |||||||
WageWorks, Inc.(a) | 2,290 | 111,729 | |||||||
3,053,529 | |||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.5%) | |||||||||
HFF, Inc., Class A | 2,290 | 108,981 | |||||||
Jones Lang LaSalle, Inc. | 2,874 | 444,234 | |||||||
Marcus & Millichap, Inc.(a) | 4,600 | 198,260 | |||||||
RE/MAX Holdings, Inc. | 1,160 | 50,263 | |||||||
Realogy Holdings Corp. | 25,300 | 329,406 | |||||||
1,131,144 | |||||||||
ROAD & RAIL (1.3%) | |||||||||
ArcBest Corp. | 8,220 | 251,203 | |||||||
Avis Budget Group, Inc.(a) | 10,400 | 369,720 | |||||||
Genesee & Wyoming, Inc., Class A(a) | 2,820 | 249,993 | |||||||
Heartland Express, Inc. | 2,973 | 58,509 | |||||||
Knight-Swift Transportation Holdings, Inc. | 12,460 | 415,541 | |||||||
Landstar System, Inc. | 2,010 | 219,010 | |||||||
Marten Transport Ltd. | 2,936 | 58,074 | |||||||
Old Dominion Freight Line, Inc. | 3,330 | 497,102 | |||||||
Ryder System, Inc. | 8,910 | 561,330 | |||||||
Saia, Inc.(a) | 1,350 | 86,926 | |||||||
Werner Enterprises, Inc. | 4,420 | 148,070 | |||||||
2,915,478 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.1%) | |||||||||
Advanced Energy Industries, Inc.(a) | 1,970 | 113,787 | |||||||
Axcelis Technologies, Inc.(a) | 2,280 | 48,541 | |||||||
Brooks Automation, Inc. | 8,150 | 305,706 | |||||||
Cabot Microelectronics Corp. | 2,940 | 371,175 | |||||||
CEVA, Inc.(a) | 1,520 | 38,289 | |||||||
Cirrus Logic, Inc.(a) | 3,510 | 167,006 | |||||||
Cohu, Inc. | 2,960 | 43,897 | |||||||
Cree, Inc.(a) | 5,670 | 374,730 | |||||||
Cypress Semiconductor Corp. | 27,940 | 480,009 | |||||||
Diodes, Inc.(a) | 2,080 | 75,754 | |||||||
DSP Group, Inc.(a) | 1,120 | 16,005 | |||||||
First Solar, Inc.(a) | 4,110 | 252,888 | |||||||
FormFactor, Inc.(a) | 4,750 | 90,012 | |||||||
Ichor Holdings Ltd.(a) | 8,840 | 222,591 | |||||||
Kopin Corp.(a) | 11,930 | 14,912 | |||||||
Kulicke & Soffa Industries, Inc. | 4,140 | 96,338 | |||||||
Maxlinear, Inc., Class A(a) | 3,840 | 103,334 | |||||||
MKS Instruments, Inc. | 2,690 | 244,817 | |||||||
Monolithic Power Systems, Inc. | 1,950 | 303,635 | |||||||
Nanometrics, Inc.(a) | 12,060 | 359,267 | |||||||
PDF Solutions, Inc.(a) | 1,270 | 16,485 | |||||||
Photronics, Inc.(a) | 19,770 | 184,652 | |||||||
Power Integrations, Inc. | 1,440 | 113,789 | |||||||
Rambus, Inc.(a) | 9,760 | 111,850 | |||||||
Rudolph Technologies, Inc.(a) | 2,150 | 52,009 | |||||||
Semtech Corp.(a) | 7,820 | 421,263 |
See notes to financial statements.
30
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
Silicon Laboratories, Inc.(a) | 2,990 | $ | 321,903 | ||||||
SMART Global Holdings, Inc.(a) | 700 | 15,218 | |||||||
Solaredge Technologies, Inc.(a) | 2,470 | 109,421 | |||||||
Synaptics, Inc.(a) | 1,900 | 71,573 | |||||||
Teradyne, Inc. | 10,000 | 490,000 | |||||||
Ultra Clean Holdings, Inc.(a) | 46,170 | 552,655 | |||||||
Universal Display Corp. | 2,250 | 359,100 | |||||||
Veeco Instruments, Inc.(a) | 3,669 | 44,688 | |||||||
Versum Materials, Inc. | 6,270 | 327,169 | |||||||
Xperi Corp. | 2,950 | 73,308 | |||||||
6,987,776 | |||||||||
SOFTWARE (2.9%) | |||||||||
8x8, Inc.(a) | 10,860 | 259,771 | |||||||
ACI Worldwide, Inc.(a) | 9,060 | 321,811 | |||||||
Agilysys, Inc.(a) | 6,570 | 125,684 | |||||||
Alarm.com Holding, Inc.(a) | 2,040 | 144,595 | |||||||
Blackbaud, Inc. | 2,630 | 208,533 | |||||||
Bottomline Technologies, Inc.(a) | 7,330 | 370,678 | |||||||
CDK Global, Inc. | 7,110 | 428,875 | |||||||
CommVault Systems, Inc.(a) | 5,450 | 286,670 | |||||||
Ebix, Inc. | 1,380 | 69,663 | |||||||
Fair Isaac Corp.(a) | 2,188 | 612,093 | |||||||
J2 Global, Inc. | 4,580 | 401,300 | |||||||
LivePerson, Inc.(a) | 3,270 | 95,909 | |||||||
LogMeIn, Inc. | 2,660 | 219,184 | |||||||
Manhattan Associates, Inc.(a) | 3,830 | 258,334 | |||||||
MicroStrategy, Inc., Class A(a) | 289 | 43,263 | |||||||
Monotype Imaging Holdings, Inc. | 2,060 | 35,514 | |||||||
OneSpan, Inc.(a) | 1,650 | 30,591 | |||||||
Progress Software Corp. | 2,800 | 127,708 | |||||||
PTC, Inc.(a) | 7,310 | 661,336 | |||||||
Qualys, Inc.(a) | 1,870 | 168,786 | |||||||
SPS Commerce, Inc.(a) | 3,720 | 385,913 | |||||||
TIVO Corp. | 13,973 | 130,927 | |||||||
Tyler Technologies, Inc.(a) | 1,963 | 455,239 | |||||||
Ultimate Software Group, Inc.(a) | 1,986 | 656,671 | |||||||
6,499,048 | |||||||||
SPECIALTY RETAIL (5.4%) | |||||||||
Aaron’s, Inc. | 3,950 | 219,975 | |||||||
Abercrombie & Fitch Co., Class A | 14,940 | 446,557 | |||||||
American Eagle Outfitters, Inc. | 10,920 | 259,678 | |||||||
Asbury Automotive Group(a) | 1,030 | 82,585 | |||||||
Ascena Retail Group, Inc.(a) | 170,303 | 202,660 | |||||||
AutoNation, Inc.(a) | 12,590 | 527,899 | |||||||
Barnes & Noble Education, Inc.(a) | 27,800 | 119,540 | |||||||
Barnes & Noble, Inc. | 18,510 | 93,105 | |||||||
Bed Bath & Beyond, Inc. | 40,350 | 674,248 | |||||||
Boot Barn Holdings, Inc.(a) | 410 | 11,804 | |||||||
Caleres, Inc. | 8,635 | 226,496 | |||||||
Cato Corp., Class A | 17,760 | 269,242 | |||||||
Chico’s FAS, Inc. | 59,790 | 209,265 | |||||||
Children’s Place Retail Stores, Inc. | 2,430 | 274,153 | |||||||
Conn’s, Inc.(a) | 10,610 | 274,481 | |||||||
Designer Brands, Inc. | 4,420 | 98,345 | |||||||
Dick’s Sporting Goods, Inc. | 9,780 | 361,860 |
Shares | Value | ||||||||
Express, Inc.(a) | 63,960 | $ | 235,373 | ||||||
Five Below, Inc.(a) | 2,990 | 437,706 | |||||||
GameStop Corp., Class A | 13,810 | 119,456 | |||||||
Genesco, Inc.(a) | 8,100 | 362,961 | |||||||
Group 1 Automotive, Inc. | 7,480 | 585,759 | |||||||
Guess?, Inc. | 16,740 | 340,994 | |||||||
Haverty Furniture Companies, Inc. | 8,640 | 205,805 | |||||||
Hibbett Sports, Inc.(a) | 25,960 | 537,372 | |||||||
Kirkland’s, Inc.(a) | 21,820 | 128,302 | |||||||
Lithia Motors, Inc., Class A | 4,410 | 500,623 | |||||||
Lumber Liquidators Holdings, Inc.(a) | 19,890 | 262,946 | |||||||
MarineMax, Inc.(a) | 12,800 | 221,312 | |||||||
Michaels Companies, Inc. (The)(a) | 6,250 | 70,250 | |||||||
Monro Muffler Brake, Inc. | 3,495 | 292,986 | |||||||
Office Depot, Inc. | 156,666 | 375,998 | |||||||
Rent-A-Center, Inc.(a) | 13,640 | 340,045 | |||||||
Restoration Hardware, Inc.(a) | 990 | 105,643 | |||||||
Sally Beauty Holdings, Inc.(a) | 7,800 | 138,060 | |||||||
Shoe Carnival, Inc. | 7,710 | 274,939 | |||||||
Signet Jewelers Ltd. | 5,450 | 126,331 | |||||||
Sleep Number Corp.(a) | 7,360 | 256,128 | |||||||
Sonic Automotive, Inc., Class A | 28,830 | 583,231 | |||||||
Tailored Brands, Inc. | 22,320 | 181,908 | |||||||
The Buckle, Inc. | 2,025 | 37,422 | |||||||
The Tile Shop Holdings, Inc. | 3,740 | 18,176 | |||||||
Urban Outfitters, Inc.(a) | 12,120 | 360,328 | |||||||
Vitamin Shoppe, Inc.(a) | 43,940 | 275,943 | |||||||
Williams-Sonoma, Inc. | 4,560 | 260,695 | |||||||
Zumiez, Inc.(a) | 10,480 | 279,082 | |||||||
12,267,667 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.3%) | |||||||||
3D Systems Corp.(a) | 19,660 | 209,183 | |||||||
Cray, Inc.(a) | 2,470 | 64,862 | |||||||
Diebold, Inc.(a) | 4,830 | 48,735 | |||||||
Electronics for Imaging, Inc.(a) | 2,570 | 95,578 | |||||||
NCR Corp.(a) | 7,520 | 217,704 | |||||||
636,062 | |||||||||
TEXTILES, APPAREL & LUXURY GOODS (1.0%) | |||||||||
Carter’s, Inc. | 2,360 | 249,948 | |||||||
Crocs, Inc.(a) | 9,170 | 255,384 | |||||||
Deckers Outdoor Corp.(a) | 3,080 | 487,287 | |||||||
Fossil Group, Inc.(a) | 7,970 | 104,168 | |||||||
G-III Apparel Group Ltd.(a) | 5,200 | 224,380 | |||||||
Movado Group, Inc. | 1,320 | 47,058 | |||||||
Oxford Industries, Inc. | 760 | 63,126 | |||||||
Skechers U.S.A., Inc., Class A(a) | 8,070 | 255,496 | |||||||
Steven Madden Ltd. | 5,225 | 189,929 | |||||||
Unifi, Inc.(a) | 5,370 | 108,474 | |||||||
Vera Bradley, Inc.(a) | 10,800 | 132,624 | |||||||
Wolverine World Wide, Inc. | 5,950 | 219,019 | |||||||
2,336,893 |
See notes to financial statements.
31
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SMALL-MID CAP ENHANCED INDEX FUND
Shares | Value | ||||||||
THRIFTS & MORTGAGE FINANCE (0.8%) | |||||||||
Axos Financial, Inc.(a) | 3,480 | $ | 113,866 | ||||||
Dime Community Bancshares, Inc. | 1,490 | 30,023 | |||||||
Flagstar Bancorp, Inc. | 1,300 | 46,475 | |||||||
Homestreet, Inc.(a) | 2,140 | 60,220 | |||||||
LendingTree, Inc.(a) | 932 | 358,652 | |||||||
Meta Financial Group, Inc. | 2,350 | 60,536 | |||||||
New York Community Bancorp, Inc. | 38,440 | 447,057 | |||||||
NMI Holdings, Inc.(a) | 4,000 | 112,320 | |||||||
Northfield Bancorp, Inc. | 4,980 | 74,700 | |||||||
Northwest Bancshares, Inc. | 3,450 | 60,134 | |||||||
Oritani Financial Corp. | 2,820 | 48,927 | |||||||
Provident Financial Services, Inc. | 3,730 | 98,920 | |||||||
TrustCo Bank Corp. | 3,990 | 31,920 | |||||||
Walker & Dunlop, Inc. | 1,500 | 82,425 | |||||||
Washington Federal, Inc. | 6,110 | 202,485 | |||||||
1,828,660 | |||||||||
TRADING COMPANIES & DISTRIBUTORS (0.7%) | |||||||||
Applied Industrial Technologies, Inc. | 1,980 | 118,681 | |||||||
DXP Enterprises, Inc.(a) | 7,370 | 316,099 | |||||||
GATX Corp. | 1,810 | 139,605 | |||||||
Kaman Corp., Class A | 1,690 | 104,628 | |||||||
MSC Industrial Direct Co., Inc., Class A | 2,290 | 191,559 | |||||||
NOW, Inc.(a) | 7,070 | 103,363 | |||||||
Veritiv Corp.(a) | 10,570 | 294,797 | |||||||
Watsco, Inc. | 1,480 | 234,536 | |||||||
1,503,268 | |||||||||
WATER UTILITIES (0.3%) | |||||||||
American States Water Co. | 2,020 | 143,763 | |||||||
Aqua America, Inc. | 9,792 | 382,476 | |||||||
California Water Service Group | 2,820 | 142,100 | |||||||
668,339 |
Shares | Value | ||||||||
WIRELESS TELECOMMUNICATION SERVICES (0.2%) | |||||||||
Spok Holdings, Inc. | 2,630 | $ | 36,426 | ||||||
Telephone & Data Systems, Inc. | 12,290 | 391,805 | |||||||
428,231 | |||||||||
TOTAL COMMON STOCKS (COST $202,520,483) | 224,102,186 | ||||||||
RIGHT (0.0%) | |||||||||
CHEMICALS (0.0%) | |||||||||
Schulman, Inc. CVR(a) | 3,980 | — | |||||||
TOTAL RIGHT (COST $–) | — | ||||||||
TOTAL INVESTMENTS (COST $202,520,483) 99.5% | 224,102,186 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.5% | 1,195,165 | ||||||||
NET ASSETS 100.0% | $ | 225,297,351 |
(a) | Represents non-income producing security. |
Amounts designated as “—” are $0 or have been rounded to $0.
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.
32
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD INTERNATIONAL ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward International Enhanced Index Fund investments by Country.
Country Diversification | Percent* | |||
Canada | 22.1 | % | ||
United Kingdom | 20.2 | |||
Japan | 6.5 | |||
China | 6.2 | |||
Netherlands | 5.9 | |||
Taiwan, Province of China | 5.8 | |||
Brazil | 5.1 | |||
Germany | 3.1 | |||
France | 2.7 | |||
Hong Kong | 2.4 | |||
Australia | 2.3 | |||
India | 2.2 | |||
Spain | 2.1 | |||
Switzerland | 2.0 | |||
Republic of Korea (South) | 1.8 | |||
Mexico | 1.6 | |||
Ireland (Republic of) | 1.1 | |||
Italy | 1.1 | |||
Chile | 0.7 | |||
Sweden | 0.5 | |||
Norway | 0.4 | |||
Finland | 0.4 | |||
Bermuda | 0.4 | |||
South Africa | 0.4 | |||
Colombia | 0.3 | |||
Luxembourg | 0.3 | |||
United States | 0.3 | |||
Indonesia | 0.2 | |||
Cayman Islands | 0.2 | |||
Total Investments | 98.3 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
33
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
COMMON STOCKS (98.3%) | |||||||||
AEROSPACE & DEFENSE (0.1%) | |||||||||
Embraer SA, Sponsored ADR | 5,060 | $ | 101,251 | ||||||
AIR FREIGHT & LOGISTICS (0.1%) | |||||||||
ZTO Express Cayman, Inc., Sponsored ADR | 8,450 | 168,408 | |||||||
AIRLINES (0.3%) | |||||||||
LATAM Airlines Group SA, Sponsored ADR | 14,110 | 138,560 | |||||||
Ryanair Holdings PLC, Sponsored ADR(a) | 3,738 | 290,219 | |||||||
428,779 | |||||||||
AUTO COMPONENTS (0.3%) | |||||||||
Magna International, Inc., Class A, ADR | 8,320 | 462,925 | |||||||
AUTOMOBILES (3.9%) | |||||||||
Ferrari N.V. | 2,940 | 399,928 | |||||||
Fiat Chrysler Automobiles N.V. | 22,820 | 351,656 | |||||||
Honda Motor Co. Ltd., Sponsored ADR | 41,160 | 1,147,953 | |||||||
Toyota Motor Corp., Sponsored ADR | 30,310 | 3,746,316 | |||||||
5,645,853 | |||||||||
BANKS (21.2%) | |||||||||
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 130,110 | 792,370 | |||||||
Banco Bradesco SA, Sponsored ADR | 161,515 | 1,463,326 | |||||||
Banco de Chile, Sponsored ADR | 8,109 | 238,405 | |||||||
Banco Santander Central Hispano SA, Sponsored ADR | 310,085 | 1,547,324 | |||||||
Banco Santander Chile SA, Sponsored ADR | 8,404 | 235,312 | |||||||
Bancolombia SA, Sponsored ADR | 5,200 | 263,744 | |||||||
Bank of Montreal | 17,320 | 1,367,760 | |||||||
Bank of Nova Scotia | 30,100 | 1,657,306 | |||||||
Barclays PLC, Sponsored ADR | 75,009 | 642,077 | |||||||
Canadian Imperial Bank of Commerce | 12,480 | 1,051,066 | |||||||
Credicorp Ltd. | 2,197 | 520,469 | |||||||
HDFC Bank Ltd., Sponsored ADR | 13,180 | 1,511,087 | |||||||
HSBC Holdings PLC, Sponsored ADR | 94,181 | 4,103,466 | |||||||
ICICI Bank Ltd., Sponsored ADR | 39,470 | 451,932 | |||||||
ING Groep N.V., Sponsored ADR | 81,040 | 1,034,070 | |||||||
Itau Unibanco Banco Multiplo SA, Sponsored ADR | 190,347 | 1,646,502 | |||||||
KB Financial Group, Inc., Sponsored ADR | 17,040 | 673,591 | |||||||
Lloyds Banking Group PLC, Sponsored ADR | 305,785 | 993,801 | |||||||
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 258,040 | 1,279,878 | |||||||
Mizuho Financial Group, Inc., Sponsored ADR | 225,180 | 707,065 | |||||||
Royal Bank of Canada | 36,900 | 2,940,561 | |||||||
Royal Bank of Scotland Group PLC, Sponsored ADR | 33,078 | 211,368 | |||||||
Shinhan Financial Group Co. Ltd., Sponsored ADR | 20,340 | 770,886 | |||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 139,440 | 1,016,518 | |||||||
The Toronto-Dominion Bank | 43,790 | 2,494,716 | |||||||
Westpac Banking Corp., Sponsored ADR | 76,595 | 1,494,369 | |||||||
31,108,969 |
Shares | Value | ||||||||
BEVERAGES (0.7%) | |||||||||
Fomento Economico, Sponsored ADR | 11,150 | $ | 1,088,128 | ||||||
BIOTECHNOLOGY (0.1%) | |||||||||
BeiGene Ltd., Sponsored ADR(a) | 1,180 | 146,591 | |||||||
CAPITAL MARKETS (2.5%) | |||||||||
Brookfield Asset Management, Inc., Class A | 25,048 | 1,207,063 | |||||||
Credit Suisse Group, Sponsored ADR | 52,549 | 698,902 | |||||||
Deutsche Bank AG | 39,530 | 327,309 | |||||||
Nomura Holdings, Inc., Sponsored ADR | 71,390 | 271,282 | |||||||
UBS Group AG | 87,360 | 1,174,118 | |||||||
3,678,674 | |||||||||
CHEMICALS (0.9%) | |||||||||
Nutrien Ltd. | 15,213 | 824,240 | |||||||
Sasol Ltd., Sponsored ADR | 13,370 | 441,210 | |||||||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR | 2,990 | 106,564 | |||||||
1,372,014 | |||||||||
COMMERCIAL SERVICES & SUPPLIES (1.0%) | |||||||||
Waste Connections, Inc. | 15,770 | 1,462,983 | |||||||
COMMUNICATIONS EQUIPMENT (0.9%) | |||||||||
Nokia Oyj, Sponsored ADR | 113,670 | 600,178 | |||||||
Telefonektiebolaget LM Ericsson, Sponsored ADR | 67,640 | 669,636 | |||||||
1,269,814 | |||||||||
CONSTRUCTION MATERIALS (0.8%) | |||||||||
CEMEX SA de CV, Sponsored ADR(a) | 64,255 | 295,573 | |||||||
CRH PLC, Sponsored ADR | 20,600 | 693,190 | |||||||
James Hardie Industries PLC, Sponsored ADR | 12,330 | 168,798 | |||||||
1,157,561 | |||||||||
DIVERSIFIED CONSUMER SERVICES (0.3%) | |||||||||
New Oriental Education & Technology Group, Sponsored ADR(a) | 2,540 | 242,468 | |||||||
TAL Education Group, Sponsored ADR(a) | 6,970 | 268,136 | |||||||
510,604 | |||||||||
DIVERSIFIED FINANCIAL SERVICES (0.4%) | |||||||||
ORIX Corp., Sponsored ADR | 7,560 | 529,956 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (4.1%) | |||||||||
BCE, Inc. | 25,995 | 1,163,016 | |||||||
BT Group PLC, Sponsored ADR | 42,040 | 634,384 | |||||||
China Telecom Corp. Ltd., Sponsored ADR | 5,230 | 271,123 | |||||||
China Unicom Ltd., Sponsored ADR | 18,935 | 224,758 | |||||||
Chunghwa Telecom Co. Ltd., Sponsored ADR | 22,135 | 797,745 | |||||||
Orange SA, Sponsored ADR | 52,010 | 809,276 | |||||||
PT Telekomunikasi Indonesia, Sponsored ADR | 13,090 | 350,158 | |||||||
Telecom Italia S.p.A., Sponsored ADR(a) | 22,020 | 121,550 | |||||||
Telecom Italia S.p.A., Sponsored ADR | 8,920 | 45,760 | |||||||
Telefonica Brasil SA, Sponsored ADR | 8,720 | 103,768 | |||||||
Telefonica SA, Sponsored ADR | 95,313 | 791,098 | |||||||
TELUS Corp. | 20,090 | 740,116 | |||||||
6,052,752 |
See notes to financial statements.
34
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
ELECTRIC UTILITIES (0.5%) | |||||||||
Companhia Energetica de Minas Gerais, Sponsored ADR | 21,315 | $ | 78,866 | ||||||
Enel Chile SA, Sponsored ADR | 10,540 | 53,016 | |||||||
Enersis SA, Sponsored ADR | 36,730 | 321,020 | |||||||
Korea Electric Power Corp., Sponsored ADR(a) | 18,400 | 223,928 | |||||||
676,830 | |||||||||
ELECTRICAL EQUIPMENT (0.7%) | |||||||||
ABB Ltd., Sponsored ADR | 48,820 | 1,008,621 | |||||||
ENERGY EQUIPMENT & SERVICES (0.1%) | |||||||||
Tenaris SA, Sponsored ADR | 5,750 | 159,505 | |||||||
ENTERTAINMENT (0.3%) | |||||||||
NetEase, Inc., Sponsored ADR | 1,483 | 421,958 | |||||||
FOOD PRODUCTS (0.2%) | |||||||||
BRF-Brasil Foods SA, Sponsored ADR(a) | 30,790 | 241,086 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES (1.4%) | |||||||||
Koninklijke Royal Philips Electronics N.V., Sponsored NYS | 29,124 | 1,252,332 | |||||||
Smith & Nephew PLC, Sponsored ADR | 22,110 | 863,395 | |||||||
2,115,727 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (0.5%) | |||||||||
Fresenius Medical Care AG & Co., Sponsored ADR | 17,600 | 742,368 | |||||||
HOTELS, RESTAURANTS & LEISURE (1.2%) | |||||||||
Carnival PLC, Sponsored ADR | 8,680 | 468,893 | |||||||
InterContinental Hotels Group PLC, Sponsored ADR | 10,683 | 706,253 | |||||||
Restaurant Brands International, Inc. | 9,215 | 601,187 | |||||||
1,776,333 | |||||||||
INSURANCE (3.1%) | |||||||||
Aegon N.V., Sponsored NYS | 31,745 | 165,074 | |||||||
China Life Insurance Co. Ltd., Sponsored ADR | 68,940 | 976,190 | |||||||
Manulife Financial Corp. | 53,680 | 988,249 | |||||||
Prudential PLC, Sponsored ADR | 32,900 | 1,501,885 | |||||||
Sun Life Financial, Inc. | 21,040 | 873,791 | |||||||
4,505,189 | |||||||||
INTERACTIVE MEDIA & SERVICES (0.8%) | |||||||||
58.com, Inc., Sponsored ADR(a) | 1,920 | 137,837 | |||||||
Autohome, Inc., Sponsored ADR(a) | 1,290 | 148,982 | |||||||
Baidu, Inc., Sponsored ADR(a) | 5,383 | 894,816 | |||||||
1,181,635 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (3.5%) | |||||||||
Alibaba Group Holding Ltd., Sponsored ADR(a) | 23,080 | 4,282,956 | |||||||
Ctrip.com International Ltd., Sponsored ADR(a) | 8,360 | 368,258 | |||||||
JD.com, Inc., Sponsored ADR(a) | 15,450 | 467,671 | |||||||
5,118,885 |
Shares | Value | ||||||||
IT SERVICES (1.5%) | |||||||||
CGI, Inc.(a) | 14,370 | $ | 1,032,197 | ||||||
Infosys Technologies Ltd., Sponsored ADR | 103,580 | 1,114,521 | |||||||
Wipro Ltd., Sponsored ADR | 23,293 | 106,449 | |||||||
2,253,167 | |||||||||
LIFE SCIENCES TOOLS & SERVICES (0.6%) | |||||||||
QIAGEN N.V.(a) | 20,634 | 803,901 | |||||||
MACHINERY (0.1%) | |||||||||
CNH Industrial N.V. | 18,220 | 198,598 | |||||||
MEDIA (0.9%) | |||||||||
Grupo Televisa SA, Sponsored ADR | 22,200 | 225,108 | |||||||
Pearson PLC, Sponsored ADR | 21,370 | 231,651 | |||||||
Shaw Communications, Inc., Class B | 18,740 | 379,485 | |||||||
WPP PLC, Sponsored ADR | 7,260 | 452,298 | |||||||
1,288,542 | |||||||||
METALS & MINING (6.4%) | |||||||||
Agnico-Eagle Mines Ltd. | 7,570 | 313,474 | |||||||
AngloGold Ashanti Ltd., Sponsored ADR | 7,090 | 83,662 | |||||||
Arcelor Mittal, Class A, Sponsored NYS | 11,383 | 248,605 | |||||||
Barrick Gold Corp., ADR | 43,483 | 553,104 | |||||||
BHP Billiton Ltd., Sponsored ADR | 35,730 | 1,891,903 | |||||||
BHP Billiton PLC, Sponsored ADR | 24,330 | 1,146,673 | |||||||
Franco Nevada Corp. | 6,120 | 438,682 | |||||||
Gerdau SA, Sponsored ADR | 7,250 | 25,955 | |||||||
Kinross Gold Corp.(a) | 19,510 | 62,042 | |||||||
Newmont Mining Corp. | 5,889 | 182,912 | |||||||
POSCO, Sponsored ADR | 12,220 | 674,177 | |||||||
Rio Tinto PLC, Sponsored ADR | 25,812 | 1,520,327 | |||||||
Southern Copper Corp. | 2,653 | 101,928 | |||||||
Teck Resources Ltd. | 9,743 | 230,422 | |||||||
Vale SA, Sponsored ADR | 123,450 | 1,577,691 | |||||||
Wheaton Precious Metals Corp. | 12,050 | 261,244 | |||||||
9,312,801 | |||||||||
MULTI-UTILITIES (0.9%) | |||||||||
National Grid PLC, Sponsored ADR | 24,749 | 1,354,265 | |||||||
OIL, GAS & CONSUMABLE FUELS (17.4%) | |||||||||
BP PLC, Sponsored ADR | 76,362 | 3,339,310 | |||||||
Cameco Corp. | 7,730 | 85,339 | |||||||
Canadian Natural Resources Ltd. | 24,190 | 725,216 | |||||||
Cenovus Energy, Inc. | 15,050 | 149,145 | |||||||
China Petroleum & Chemical Corp., Sponsored ADR | 11,396 | 874,529 | |||||||
CNOOC Ltd., Sponsored ADR | 6,250 | 1,135,500 | |||||||
Ecopetrol SA, Sponsored ADR | 11,150 | 206,164 | |||||||
Enbridge, Inc. | 48,510 | 1,791,959 | |||||||
Encana Corp. | 13,890 | 96,258 | |||||||
ENI S.p.A., Sponsored ADR | 30,050 | 1,019,596 | |||||||
Equinor ASA, Sponsored ADR | 26,367 | 585,084 | |||||||
Imperial Oil Ltd. | 7,320 | 212,866 | |||||||
Pembina Pipeline Corp. | 15,160 | 542,122 | |||||||
PetroChina Co. Ltd., Sponsored ADR | 9,775 | 618,660 | |||||||
Petroleo Brasileiro SA, Sponsored ADR | 77,180 | 1,065,084 | |||||||
Petroleo Brasileiro SA, Class A, Sponsored ADR | 57,670 | 878,314 |
See notes to financial statements.
35
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD INTERNATIONAL ENHANCED INDEX FUND
Shares | Value | ||||||||
Royal Dutch Shell PLC, Sponsored ADR | 51,845 | $ | 3,293,713 | ||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 46,570 | 3,021,927 | |||||||
Suncor Energy, Inc. | 37,548 | 1,239,084 | |||||||
Total SA, Sponsored ADR | 56,750 | 3,159,273 | |||||||
TransCanada Corp. | 27,350 | 1,306,236 | |||||||
Ultrapar Participacoes SA, Sponsored ADR | 31,020 | 166,267 | |||||||
25,511,646 | |||||||||
PAPER & FOREST PRODUCTS (0.1%) | |||||||||
Suzano Papel e Celulose SA, Sponsored ADR | 6,590 | 136,018 | |||||||
PERSONAL PRODUCTS (3.8%) | |||||||||
Unilever N.V., Sponsored NYS | 51,970 | 3,144,705 | |||||||
Unilever PLC, Sponsored ADR | 40,834 | 2,482,707 | |||||||
5,627,412 | |||||||||
PHARMACEUTICALS (0.1%) | |||||||||
Bausch Health Companies, Inc.(a) | 9,228 | 213,074 | |||||||
PROFESSIONAL SERVICES (1.5%) | |||||||||
RELX PLC, Sponsored ADR | 59,693 | 1,369,357 | |||||||
Thomson Reuters Corp. | 12,944 | 800,457 | |||||||
2,169,814 | |||||||||
ROAD & RAIL (1.8%) | |||||||||
Canadian National Railway Co. | 18,260 | 1,694,163 | |||||||
Canadian Pacific Railway Ltd. | 4,060 | 909,724 | |||||||
2,603,887 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.2%) | |||||||||
ASE Industrial Holding Co. Ltd., ADR | 55,075 | 250,591 | |||||||
ASML Holding N.V., Sponsored NYS | 9,737 | 2,033,281 | |||||||
STMicroelectronics N.V., Sponsored NYS | 14,260 | 261,671 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 148,378 | 6,501,924 | |||||||
9,047,467 |
Shares | Value | ||||||||
SOFTWARE (2.8%) | |||||||||
BlackBerry Ltd.(a) | 12,850 | $ | 117,963 | ||||||
Open Text Corp. | 13,560 | 521,382 | |||||||
SAP AG, Sponsored ADR | 26,490 | 3,413,501 | |||||||
4,052,846 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.6%) | |||||||||
CANON, Inc., Sponsored ADR | 31,380 | 868,598 | |||||||
TEXTILES, APPAREL & LUXURY GOODS (0.3%) | |||||||||
Gildan Activewear, Inc. | 10,540 | 388,610 | |||||||
WIRELESS TELECOMMUNICATION SERVICES (3.4%) | |||||||||
America Movil SA, Sponsored ADR | 50,320 | 743,226 | |||||||
China Mobile Ltd., Sponsored ADR | 46,140 | 2,199,494 | |||||||
Rogers Communications, Inc., Class B | 14,850 | 747,252 | |||||||
SK Telecom Co. Ltd., Sponsored ADR | 10,340 | 244,024 | |||||||
Vodafone Group PLC, Sponsored ADR | 59,669 | 1,105,070 | |||||||
5,039,066 | |||||||||
TOTAL COMMON STOCKS (COST $136,014,540) | 144,003,111 | ||||||||
TOTAL INVESTMENTS (COST $136,014,540) 98.3% | 144,003,111 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.7% | 2,424,652 | ||||||||
NET ASSETS 100.0% | $ | 146,427,763 |
(a) | Represents non-income producing security. |
ADR – American Depositary Receipt
NYS – New York Shares
PLC – Public Limited Company
See notes to financial statements.
36
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SELECT BOND FUND
The table below sets forth the diversification of the Steward Select Bond Fund investments by Industry.
Industry Diversification | Percent* | |||
U.S. Government Agencies | 13.2 | % | ||
U.S. Treasury Obligations | 12.4 | |||
U.S. Government Agency Mortgage-Backed Obligations | 4.3 | |||
Municipal Bonds | 2.3 | |||
Banks | 8.0 | |||
Semiconductors & Semiconductor Equipment | 5.3 | |||
Biotechnology | 4.7 | |||
Oil, Gas & Consumable Fuels | 3.9 | |||
Food Products | 3.8 | |||
Aerospace & Defense | 3.2 | |||
Chemicals | 3.2 | |||
Capital Markets | 2.8 | |||
Software | 2.8 | |||
Specialty Retail | 2.6 | |||
Beverages | 2.1 | |||
IT Services | 2.0 | |||
Consumer Finance | 1.9 | |||
Insurance | 1.9 | |||
Road & Rail | 1.3 | |||
Diversified Telecommunication Services | 1.3 | |||
Health Care Providers & Services | 1.3 | |||
Air Freight & Logistics | 1.3 | |||
Industrial Conglomerates | 1.3 | |||
Technology Hardware, Storage & Peripherals | 1.2 | |||
Hotels, Restaurants & Leisure | 0.9 | |||
Electric Utilities | 0.9 | |||
Machinery | 0.9 | |||
Communications Equipment | 0.8 | |||
Multiline Retail | 0.6 | |||
Household Durables | 0.6 | |||
Electronic Equipment, Instruments & Components | 0.6 | |||
Food & Staples Retailing | 0.6 | |||
Pharmaceuticals | 0.5 | |||
Equity Real Estate Investment Trusts | 0.2 | |||
Internet & Direct Marketing Retail | 0.2 | |||
Thrifts & Mortgage Finance | 0.2 | |||
Commercial Services & Supplies | 0.2 | |||
Total Investments | 95.3 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
37
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SELECT BOND FUND
Principal Amount | Value | |||||||
CORPORATE BONDS (61.7%) | ||||||||
AEROSPACE & DEFENSE (3.2%) | ||||||||
Alcoa, Inc., 5.87%, 2/23/22 | $ | 2,000,000 | $ | 2,097,895 | ||||
General Dynamics Corp., 3.75%, 5/15/28, (Callable 2/15/28 @ 100) | 1,000,000 | 1,050,540 | ||||||
United Technologies Corp., 3.10%, 6/1/22 | 1,000,000 | 1,006,921 | ||||||
United Technologies Corp., 4.13%, 11/16/28, (Callable 8/16/28 @ 100) | 1,000,000 | 1,043,183 | ||||||
5,198,539 | ||||||||
AIR FREIGHT & LOGISTICS (1.3%) | ||||||||
FedEx Corp., 4.00%, 1/15/24 | 2,000,000 | 2,097,798 | ||||||
BANKS (7.8%) | ||||||||
Bank of America Corp., 5.63%, 7/1/20 | 1,500,000 | 1,550,355 | ||||||
Citigroup, Inc., 6.63%, 6/15/32 | 1,000,000 | 1,239,955 | ||||||
HSBC Bank USA, NA, 4.88%, 8/24/20 | 2,000,000 | 2,052,357 | ||||||
JPMorgan Chase & Co., 4.95%, 3/25/20 | 2,000,000 | 2,039,970 | ||||||
KeyCorp, 5.10%, 3/24/21 | 2,000,000 | 2,085,836 | ||||||
Manufacturers & Traders Trust Co., 3.27% (US0003M + 64 bps), 12/1/21, (Callable 6/6/19 @ 100)(a) | 1,150,000 | 1,146,868 | ||||||
US Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) | 2,500,000 | 2,485,580 | ||||||
12,600,921 | ||||||||
BEVERAGES (2.1%) | ||||||||
PepsiCo, Inc., 3.00%, 8/25/21 | 3,435,000 | 3,473,074 | ||||||
BIOTECHNOLOGY (4.7%) | ||||||||
AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) | 1,500,000 | 1,467,283 | ||||||
Amgen, Inc., 3.88%, 11/15/21, (Callable 8/15/21 @ 100) | 4,000,000 | 4,095,654 | ||||||
Celgene Corp., 3.88%, 8/15/25, (Callable 5/15/25 @ 100) | 1,000,000 | 1,031,239 | ||||||
Gilead Sciences, Inc., 4.40%, 12/1/21, (Callable 9/1/21 @ 100) | 1,000,000 | 1,038,030 | ||||||
7,632,206 | ||||||||
CAPITAL MARKETS (2.8%) | ||||||||
Charles Schwab Corp., 4.45%, 7/22/20 | 1,250,000 | 1,278,273 | ||||||
Goldman Sachs Group, Inc., 5.95%, 1/15/27 | 1,500,000 | 1,704,607 | ||||||
Morgan Stanley, 5.75%, 1/25/21 | 1,500,000 | 1,571,895 | ||||||
4,554,775 | ||||||||
CHEMICALS (3.2%) | ||||||||
Dow Chemical Co., 4.25%, 11/15/20, (Callable 8/15/20 @ 100) | 3,000,000 | 3,055,429 | ||||||
Ecolab, Inc., 4.35%, 12/8/21 | 2,000,000 | 2,080,137 | ||||||
5,135,566 | ||||||||
COMMUNICATIONS EQUIPMENT (0.8%) | ||||||||
Cisco Systems, Inc., 4.45%, 1/15/20 | 500,000 | 506,223 | ||||||
Tyco Electronics Group SA, 4.88%, 1/15/21 | 750,000 | 775,434 | ||||||
1,281,657 | ||||||||
CONSUMER FINANCE (1.9%) | ||||||||
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) | 1,000,000 | 1,014,481 | ||||||
Capital One Financial Corp., 4.75%, 7/15/21 | 2,000,000 | 2,083,668 | ||||||
3,098,149 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.3%) | ||||||||
Verizon Communications, Inc., 4.60%, 4/1/21 | 2,000,000 | 2,072,134 | ||||||
ELECTRIC UTILITIES (0.9%) | ||||||||
Entergy Gulf States Louisiana LLC, 3.95%, 10/1/20, (Callable 7/1/20 @ 100) | 1,500,000 | 1,520,665 |
See notes to financial statements.
38
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
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 | $ | 1,016,441 | ||||
FOOD & STAPLES RETAILING (0.6%) | ||||||||
Walmart, Inc., 4.25%, 4/15/21 | 1,000,000 | 1,035,625 | ||||||
FOOD PRODUCTS (3.8%) | ||||||||
General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) | 2,000,000 | 2,090,541 | ||||||
J.M. Smucker Co. (The), 3.50%, 10/15/21 | 500,000 | 507,347 | ||||||
Kraft Food Group, Inc., 5.38%, 2/10/20 | 1,500,000 | 1,527,422 | ||||||
Tyson Foods, Inc., 4.50%, 6/15/22, (Callable 3/15/22 @ 100) | 2,000,000 | 2,089,180 | ||||||
6,214,490 | ||||||||
HEALTH CARE PROVIDERS & SERVICES (1.3%) | ||||||||
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) | 1,000,000 | 1,023,952 | ||||||
Express Scripts Holding Co., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) | 1,000,000 | 1,045,218 | ||||||
2,069,170 | ||||||||
HOTELS, RESTAURANTS & LEISURE (0.9%) | ||||||||
McDonald’s Corp., 3.70%, 1/30/26, (Callable 10/30/25 @ 100) | 1,500,000 | 1,542,865 | ||||||
HOUSEHOLD DURABLES (0.6%) | ||||||||
Newell Rubbermaid, Inc., 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,000,000 | 997,227 | ||||||
INDUSTRIAL CONGLOMERATES (1.3%) | ||||||||
Honeywell International Inc., 4.25%, 3/1/21 | 2,000,000 | 2,062,639 | ||||||
INSURANCE (1.6%) | ||||||||
MetLife, Inc., 4.75%, 2/8/21 | 400,000 | 414,902 | ||||||
Prudential Financial, Inc., 5.87% (US0003M + 418 bps), 9/15/42, (Callable 9/15/22 @ 100)(a) | 2,000,000 | 2,124,000 | ||||||
2,538,902 | ||||||||
IT SERVICES (2.0%) | ||||||||
Fiserv, Inc., 4.20%, 10/1/28, (Callable 7/1/28 @ 100) | 1,000,000 | 1,033,485 | ||||||
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) | 2,000,000 | 2,181,725 | ||||||
3,215,210 | ||||||||
MACHINERY (0.6%) | ||||||||
Caterpillar, Inc., 3.90%, 5/27/21 | 1,000,000 | 1,026,829 | ||||||
MULTILINE RETAIL (0.6%) | ||||||||
Target Corp., 3.50%, 7/1/24 | 1,000,000 | 1,035,951 | ||||||
OIL, GAS & CONSUMABLE FUELS (3.9%) | ||||||||
Apache Corp., 3.25%, 4/15/22, (Callable 1/15/22 @ 100) | 724,000 | 727,661 | ||||||
ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) | 1,000,000 | 1,109,806 | ||||||
Gulf South Pipeline Company LP, 4.00%, 6/15/22, (Callable 3/15/22 @ 100) | 1,500,000 | 1,514,627 | ||||||
Occidental Petroleum Corp., 3.13%, 2/15/22, (Callable 11/15/21 @ 100) | 1,000,000 | 1,005,600 | ||||||
Valero Energy Corp., 4.00%, 4/1/29, (Callable 1/1/29 @ 100) | 2,000,000 | 2,028,432 | ||||||
6,386,126 | ||||||||
PHARMACEUTICALS (0.5%) | ||||||||
Teva Pharmaceutical Finance, 3.65%, 11/10/21 | 901,000 | 885,233 | ||||||
ROAD & RAIL (1.3%) | ||||||||
Union Pacific Corp., 4.16%, 7/15/22, (Callable 4/15/22 @ 100) | 2,000,000 | 2,078,415 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.3%) | ||||||||
Applied Materials, Inc., 4.30%, 6/15/21 | 1,000,000 | 1,035,880 | ||||||
Intel Corp., 4.00%, 12/15/32 | 2,000,000 | 2,161,496 |
See notes to financial statements.
39
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SELECT BOND FUND
Principal Amount | Value | |||||||
NVIDIA Corp., 3.20%, 9/16/26, (Callable 6/16/26 @ 100) | $ | 1,000,000 | $ | 997,884 | ||||
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) | 4,000,000 | 4,330,131 | ||||||
8,525,391 | ||||||||
SOFTWARE (2.8%) | ||||||||
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) | 2,000,000 | 1,988,028 | ||||||
Oracle Corp., 5.00%, 7/8/19 | 1,500,000 | 1,506,420 | ||||||
Salesforce.com, Inc., 3.70%, 4/11/28, (Callable 1/11/28 @ 100) | 1,000,000 | 1,047,303 | ||||||
4,541,751 | ||||||||
SPECIALTY RETAIL (2.6%) | ||||||||
Lowe’s Companies, Inc., 3.80%, 11/15/21, (Callable 8/15/21 @ 100) | 1,000,000 | 1,023,588 | ||||||
The Home Depot, Inc., 3.75%, 2/15/24, (Callable 11/15/23 @ 100) | 2,000,000 | 2,090,597 | ||||||
The Home Depot, Inc., 4.40%, 4/1/21, (Callable 1/1/21 @ 100) | 1,000,000 | 1,030,646 | ||||||
4,144,831 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.2%) | ||||||||
Western Digital Corp., 4.75%, 2/15/26, (Callable 11/15/25 @ 100) | 1,000,000 | 965,000 | ||||||
Xerox Corp., 4.50%, 5/15/21 | 1,000,000 | 1,011,000 | ||||||
1,976,000 | ||||||||
THRIFTS & MORTGAGE FINANCE (0.2%) | ||||||||
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35, (Callable 1/25/20 @ 100)(a) | 343,400 | 349,649 | ||||||
TOTAL CORPORATE BONDS (COST $100,138,080) | 100,308,229 | |||||||
MUNICIPAL BONDS (2.3%) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, 5.72%, 5/1/30, (Callable 5/1/20 @ 100) | 1,500,000 | 1,549,260 | ||||||
North Carolina State Turnpike Authority Triangle Expressway Systems Revenue, Build America Bonds, 5.13%, 1/1/20 | 450,000 | 456,660 | ||||||
Oklahoma Development Finance Authority Lease Revenue, 5.65%, 6/1/41, (Callable 6/1/21 @ 100) | 150,000 | 155,592 | ||||||
The City of New York, Build America Bonds, GO, 5.68%, 10/1/34, (Callable 10/1/19 @ 100) | 1,000,000 | 1,011,590 | ||||||
The University of Texas System Revenue, Build America Bonds, 6.28%, 8/15/41, (Callable 8/15/19 @ 100) | 625,000 | 631,112 | ||||||
TOTAL MUNICIPAL BONDS (COST $3,903,089) | 3,804,214 | |||||||
U.S. GOVERNMENT AGENCIES (13.2%) | ||||||||
Federal Farm Credit Bank | ||||||||
1.08%, 8/15/19 | 1,000,000 | 996,222 | ||||||
2.96%, 11/17/25 | 1,000,000 | 999,996 | ||||||
3.00%, 11/25/30 | 1,000,000 | 1,004,909 | ||||||
3.53%, 5/14/25 | 500,000 | 500,165 | ||||||
3,501,292 | ||||||||
Federal Home Loan Bank | ||||||||
1.63%, 6/29/22(a) | 1,000,000 | 995,541 | ||||||
2.24%, 11/29/22 | 1,000,000 | 993,562 | ||||||
2.25%, 7/26/27(a) | 1,000,000 | 992,098 | ||||||
2.50%, 5/23/22(a)(b) | 1,000,000 | 1,005,525 | ||||||
2.94%, 4/15/26 | 2,000,000 | 2,000,080 | ||||||
3.50%, 7/29/21 | 2,000,000 | 2,050,555 | ||||||
8,037,361 | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
1.50%, 7/27/21(a) | 500,000 | 496,297 | ||||||
2.00%, 8/17/21(a)(b) | 1,000,000 | 989,927 | ||||||
2.00%, 12/29/22(a) | 1,000,000 | 998,499 | ||||||
2.25%, 2/28/22 | 1,000,000 | 992,947 | ||||||
2.50%, 4/15/24(a) | 1,000,000 | 998,945 | ||||||
2.50%, 10/15/20 | 1,000,000 | 1,000,129 | ||||||
2.50%, 1/30/23 | 500,000 | 500,090 |
See notes to financial statements.
40
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SELECT BOND FUND
Principal Amount | Value | |||||||
2.50%, 3/29/22(a)(b) | $ | 1,000,000 | $ | 1,005,846 | ||||
2.75%, 2/28/24(a) | 1,000,000 | 1,000,005 | ||||||
7,982,685 | ||||||||
Federal National Mortgage Association | ||||||||
1.51%, 9/30/21 | 1,000,000 | 981,042 | ||||||
1.53%, 4/12/22 | 1,000,000 | 976,462 | ||||||
1,957,504 | ||||||||
TOTAL U.S. GOVERNMENT AGENCIES (COST $21,525,486) | 21,478,842 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (4.3%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
1.50%, 2/26/21(a) | 500,000 | 497,047 | ||||||
3.50%, 2/1/34 | 1,448,938 | 1,482,076 | ||||||
4.00%, 12/15/25 | 2,500,000 | 2,602,382 | ||||||
4.16% (H15T1Y + 225 bps), 5/1/36(a) | 58,796 | 62,106 | ||||||
4.65% (US0012M + 179 bps), 10/1/37(a) | 62,217 | 65,258 | ||||||
5.00%, 11/1/37 | 15,314 | 16,034 | ||||||
6.00%, 3/1/38 | 35,456 | 39,420 | ||||||
4,764,323 | ||||||||
Federal National Mortgage Association | ||||||||
2.90% (US0001M + 42 bps), 11/25/36(a) | 76,426 | 76,585 | ||||||
4.00%, 9/1/33 | 897,278 | 924,423 | ||||||
4.25% (H15T1Y + 213 bps), 7/1/36(a) | 20,971 | 21,065 | ||||||
4.44% (US0012M + 182 bps), 5/1/36(a) | 109,643 | 115,342 | ||||||
4.91% (US0012M + 204 bps), 10/1/36(a) | 17,890 | 17,990 | ||||||
5.00%, 1/1/35 | 34,190 | 35,402 | ||||||
5.50%, 9/1/36 | 10,304 | 10,416 | ||||||
6.00%, 6/1/36 | 182,643 | 192,386 | ||||||
6.00%, 9/1/36 | 62,683 | 67,648 | ||||||
6.00%, 5/1/37 | 32,599 | 35,232 | ||||||
1,496,489 | ||||||||
Government National Mortgage Association | ||||||||
3.38% (H15T1Y + 150 bps), 1/20/39(a) | 10,147 | 10,208 | ||||||
4.25%, 10/20/38 | 87,968 | 88,804 | ||||||
4.50%, 8/20/38 | 113,111 | 118,319 | ||||||
4.50%, 5/20/39 | 71,544 | 71,819 | ||||||
4.50%, 6/15/40 | 180,693 | 190,272 | ||||||
5.00%, 5/20/40 | 79,730 | 82,419 | ||||||
5.50%, 12/20/38 | 13,397 | 13,883 | ||||||
6.00%, 6/15/37 | 42,686 | 47,291 | ||||||
6.00%, 10/15/37 | 37,661 | 41,770 | ||||||
6.50%, 10/20/38 | 7,346 | 7,689 | ||||||
672,474 | ||||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (COST $6,739,649) | 6,933,286 | |||||||
U.S. TREASURY OBLIGATIONS (12.4%) | ||||||||
U.S. Treasury Notes | ||||||||
0.38%, 1/15/27 (TIPS) | 1,046,440 | 1,035,290 | ||||||
1.63%, 11/15/22 | 2,150,000 | 2,104,229 | ||||||
2.00%, 11/30/20 | 2,000,000 | 1,989,922 | ||||||
2.00%, 11/15/21 | 5,000,000 | 4,970,312 | ||||||
2.00%, 2/15/22 | 7,000,000 | 6,955,703 | ||||||
3.13%, 5/15/19 | 3,000,000 | 3,000,764 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $20,137,685) | 20,056,220 |
See notes to financial statements.
41
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD SELECT BOND FUND
Shares | Value | |||||||
PREFERRED STOCKS (1.4%) | ||||||||
BANKS (0.2%) | ||||||||
JPMorgan Chase & Co. – Preferred | 15,000 | $ | 393,450 | |||||
COMMERCIAL SERVICES & SUPPLIES (0.2%) | ||||||||
Pitney Bowes, Inc. – Preferred | 15,000 | 359,700 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (0.2%) | ||||||||
Public Storage – Preferred | 15,000 | 372,300 | ||||||
INSURANCE (0.3%) | ||||||||
Torchmark Corp. – Preferred | 15,000 | 398,400 | ||||||
INTERNET & DIRECT MARKETING RETAIL (0.2%) | ||||||||
eBay, Inc. – Preferred | 15,000 | 389,100 | ||||||
MACHINERY (0.3%) | ||||||||
Stanley Black & Decker, Inc. – Preferred | 15,000 | 378,150 | ||||||
TOTAL PREFERRED STOCKS (COST $2,362,372) | 2,291,100 | |||||||
TOTAL INVESTMENTS (COST $154,806,361) 95.3% | 154,871,891 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 4.7% | 7,599,008 | |||||||
NET ASSETS 100.0% | $ | 162,470,899 |
(a) | Variable rate security. The interest rate shown represents the rate in effect at April 30, 2019. For securities based on published reference rate and spread, the reference rate and spread are indicated in the description. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Step bond. Coupon rate is set for an initial period and then adjusted at a specified date. The rate shown represents the rate as of April 30, 2019. |
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
TIPS – Treasury Inflation-Protected Security
US0001M – 1 Month US Dollar LIBOR
US0003M – 3 Month US Dollar LIBOR
US0012M – 12 Month US Dollar LIBOR
See notes to financial statements.
42
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
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 | 57.2 | % | ||
Canada | 9.9 | |||
United Kingdom | 5.9 | |||
Netherlands | 5.7 | |||
Ireland (Republic of) | 5.4 | |||
Japan | 4.5 | |||
Taiwan, Province of China | 2.3 | |||
India | 1.9 | |||
Spain | 1.4 | |||
Switzerland | 1.4 | |||
China | 1.3 | |||
Italy | 1.2 | |||
Luxembourg | 1.1 | |||
Total Investments | 99.2 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
43
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | ||||||||
COMMON STOCKS (99.2%) | |||||||||
AEROSPACE & DEFENSE (4.1%) | |||||||||
Raytheon Co. | 36,770 | $ | 6,529,984 | ||||||
The Boeing Co. | 17,170 | 6,484,938 | |||||||
13,014,922 | |||||||||
AUTO COMPONENTS (1.4%) | |||||||||
Magna International, Inc., Class A, ADR | 79,150 | 4,403,906 | |||||||
AUTOMOBILES (2.7%) | |||||||||
Honda Motor Co. Ltd., Sponsored ADR | 138,740 | 3,869,459 | |||||||
Toyota Motor Corp., Sponsored ADR | 38,500 | 4,758,600 | |||||||
8,628,059 | |||||||||
BANKS (10.5%) | |||||||||
Bank of Nova Scotia | 70,610 | 3,887,787 | |||||||
Canadian Imperial Bank of Commerce | 55,820 | 4,701,160 | |||||||
Huntington Bancshares, Inc. | 286,350 | 3,985,992 | |||||||
Lloyds Banking Group PLC, Sponsored ADR | 952,660 | 3,096,145 | |||||||
People’s United Financial, Inc. | 185,650 | 3,209,889 | |||||||
Royal Bank of Canada | 60,060 | 4,786,181 | |||||||
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR | 773,250 | 5,636,993 | |||||||
Wells Fargo & Co. | 79,220 | 3,835,040 | |||||||
33,139,187 | |||||||||
BEVERAGES (2.3%) | |||||||||
PepsiCo, Inc. | 55,770 | 7,141,349 | |||||||
BIOTECHNOLOGY (2.5%) | |||||||||
AbbVie, Inc. | 44,780 | 3,555,084 | |||||||
Grifols SA, Sponsored ADR | 227,760 | 4,359,327 | |||||||
7,914,411 | |||||||||
CONSTRUCTION MATERIALS (1.6%) | |||||||||
CRH PLC, Sponsored ADR | 153,060 | 5,150,469 | |||||||
DISTRIBUTORS (1.3%) | |||||||||
Genuine Parts Co. | 39,480 | 4,048,279 | |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (4.4%) | |||||||||
Telecom Italia S.p.A., Sponsored ADR | 757,480 | 3,885,873 | |||||||
TELUS Corp. | 117,410 | 4,325,384 | |||||||
Verizon Communications, Inc. | 101,090 | 5,781,337 | |||||||
13,992,594 | |||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (1.4%) | |||||||||
TE Connectivity Ltd. | 46,110 | 4,410,422 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.3%) | |||||||||
EPR Properties | 44,220 | 3,487,189 | |||||||
Extra Space Storage, Inc. | 39,740 | 4,120,640 | |||||||
LTC Properties, Inc. | 63,110 | 2,843,737 | |||||||
10,451,566 | |||||||||
FOOD PRODUCTS (1.1%) | |||||||||
General Mills, Inc. | 64,320 | 3,310,550 |
Shares | Value | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (7.5%) | |||||||||
Koninklijke Royal Philips Electronics N.V., Sponsored NYS | 107,990 | $ | 4,643,570 | ||||||
Medtronic PLC | 66,480 | 5,904,089 | |||||||
ResMed, Inc. | 54,540 | 5,699,975 | |||||||
Smith & Nephew PLC, Sponsored ADR | 186,260 | 7,273,453 | |||||||
23,521,087 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (3.9%) | |||||||||
Encompass Health Corp. | 93,810 | 6,046,054 | |||||||
Quest Diagnostics, Inc. | 66,370 | 6,396,741 | |||||||
12,442,795 | |||||||||
HOTELS, RESTAURANTS & LEISURE (4.9%) | |||||||||
Carnival PLC, Sponsored ADR | 42,920 | 2,318,539 | |||||||
Dunkin’ Brands Group, Inc. | 58,760 | 4,385,259 | |||||||
McDonald’s Corp. | 45,027 | 8,895,984 | |||||||
15,599,782 | |||||||||
HOUSEHOLD DURABLES (0.9%) | |||||||||
Leggett & Platt, Inc. | 74,150 | 2,918,544 | |||||||
HOUSEHOLD PRODUCTS (1.8%) | |||||||||
Clorox Co. | 13,690 | 2,186,703 | |||||||
Procter & Gamble Co. | 32,360 | 3,445,693 | |||||||
5,632,396 | |||||||||
INDUSTRIAL CONGLOMERATES (1.7%) | |||||||||
3M Co. | 27,932 | 5,293,393 | |||||||
INSURANCE (3.2%) | |||||||||
Aegon N.V., Sponsored NYS | 1,082,941 | 5,631,293 | |||||||
Principal Financial Group, Inc. | 79,380 | 4,537,361 | |||||||
10,168,654 | |||||||||
IT SERVICES (5.5%) | |||||||||
Accenture PLC, Class A | 39,731 | 7,257,662 | |||||||
Infosys Technologies Ltd., Sponsored ADR | 559,000 | 6,014,840 | |||||||
Sabre Corp. | 193,740 | 4,022,042 | |||||||
17,294,544 | |||||||||
MACHINERY (1.4%) | |||||||||
Snap-on, Inc. | 26,540 | 4,466,151 | |||||||
MEDIA (2.9%) | |||||||||
Interpublic Group of Companies, Inc. | 192,410 | 4,425,430 | |||||||
WPP PLC, Sponsored ADR | 73,010 | 4,548,523 | |||||||
8,973,953 | |||||||||
METALS & MINING (1.1%) | |||||||||
Ternium SA, Sponsored ADR | 138,120 | 3,404,658 | |||||||
MULTI-UTILITIES (2.3%) | |||||||||
Dominion Resources, Inc. | 51,360 | 3,999,403 | |||||||
WEC Energy Group | 42,870 | 3,362,294 | |||||||
7,361,697 |
See notes to financial statements.
44
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD GLOBAL EQUITY INCOME FUND
Shares | Value | ||||||||
OIL, GAS & CONSUMABLE FUELS (6.4%) | |||||||||
China Petroleum & Chemical Corp., Sponsored ADR | 54,220 | $ | 4,160,843 | ||||||
Exxon Mobil Corp. | 78,020 | 6,263,446 | |||||||
Pembina Pipeline Corp. | 141,740 | 5,068,622 | |||||||
Valero Energy Corp. | 53,270 | 4,829,458 | |||||||
20,322,369 | |||||||||
PERSONAL PRODUCTS (2.5%) | |||||||||
Unilever N.V., Sponsored NYS | 127,910 | 7,739,834 | |||||||
PROFESSIONAL SERVICES (1.9%) | |||||||||
RELX PLC, Sponsored ADR | 260,620 | 5,978,623 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (8.7%) | |||||||||
Analog Devices, Inc. | 54,120 | 6,290,909 | |||||||
Intel Corp. | 134,950 | 6,887,848 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 167,610 | 7,344,670 | |||||||
Texas Instruments, Inc. | 59,750 | 7,040,342 | |||||||
27,563,769 |
Shares | Value | ||||||||
SOFTWARE (6.0%) | |||||||||
J2 Global, Inc. | 53,120 | $ | 4,654,374 | ||||||
Microsoft Corp. | 78,570 | 10,261,242 | |||||||
Open Text Corp. | 103,760 | 3,989,572 | |||||||
18,905,188 | |||||||||
TOTAL COMMON STOCKS (COST $274,008,725) | 313,193,151 | ||||||||
TOTAL INVESTMENTS (COST $274,008,725) 99.2% | 313,193,151 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% | 2,566,110 | ||||||||
NET ASSETS 100.0% | $ | 315,759,261 |
ADR – American Depositary Receipt
NYS – New York Shares
PLC – Public Limited Company
See notes to financial statements.
45
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD COVERED CALL INCOME FUND
The table below sets forth the diversification of the Steward Covered Call Income Fund investments by Industry.
Industry Diversification | Percent* | |||
IT Services | 8.1 | % | ||
Banks | 7.4 | |||
Software | 7.1 | |||
Interactive Media & Services | 6.1 | |||
Aerospace & Defense | 5.1 | |||
Oil, Gas & Consumable Fuels | 5.0 | |||
Health Care Equipment & Supplies | 4.2 | |||
Technology Hardware, Storage & Peripherals | 4.1 | |||
Semiconductors & Semiconductor Equipment | 3.9 | |||
Electric Utilities | 3.9 | |||
Biotechnology | 3.2 | |||
Capital Markets | 3.1 | |||
Beverages | 3.0 | |||
Diversified Financial Services | 2.6 | |||
Specialty Retail | 2.6 | |||
Food & Staples Retailing | 2.5 | |||
Household Products | 2.3 | |||
Industrial Conglomerates | 2.2 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Insurance | 2.0 | |||
Communications Equipment | 1.8 | |||
Entertainment | 1.8 | |||
Air Freight & Logistics | 1.7 | |||
Pharmaceuticals | 1.6 | |||
Consumer Finance | 1.5 | |||
Chemicals | 1.4 | |||
Internet & Direct Marketing Retail | 1.3 | |||
Diversified Telecommunication Services | 1.3 | |||
Road & Rail | 1.2 | |||
Food Products | 1.2 | |||
Automobiles | 1.1 | |||
Electrical Equipment | 1.0 | |||
Textiles, Apparel & Luxury Goods | 1.0 | |||
Equity Real Estate Investment Trusts | 1.0 | |||
Machinery | 0.9 | |||
Energy Equipment & Services | 0.7 | |||
Multiline Retail | 0.6 | |||
Health Care Providers & Services | 0.6 | |||
Media | 0.6 | |||
Total Investments | 102.7 | % |
* | Percentages indicated are based on net assets as of April 30, 2019. |
See notes to financial statements.
46
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD COVERED CALL INCOME FUND
Shares | Value | ||||||||
COMMON STOCKS (102.7%) | |||||||||
AEROSPACE & DEFENSE (5.1%) | |||||||||
General Dynamics Corp. | 1,100 | $ | 196,592 | ||||||
Lockheed Martin Corp. | 1,100 | 366,663 | |||||||
Raytheon Co. | 1,400 | 248,626 | |||||||
The Boeing Co. | 900 | 339,921 | |||||||
United Technologies Corp. | 2,200 | 313,742 | |||||||
1,465,544 | |||||||||
AIR FREIGHT & LOGISTICS (1.7%) | |||||||||
FedEx Corp. | 1,400 | 265,244 | |||||||
United Parcel Service, Inc., Class B | 2,200 | 233,684 | |||||||
498,928 | |||||||||
AUTOMOBILES (1.1%) | |||||||||
Ford Motor Co. | 16,900 | 176,605 | |||||||
General Motors Co. | 3,900 | 151,905 | |||||||
328,510 | |||||||||
BANKS (7.4%) | |||||||||
Bank of America Corp. | 14,800 | 452,584 | |||||||
Citigroup, Inc. | 4,800 | 339,360 | |||||||
JPMorgan Chase & Co. | 6,300 | 731,115 | |||||||
U.S. Bancorp | 5,600 | 298,592 | |||||||
Wells Fargo & Co. | 6,400 | 309,824 | |||||||
2,131,475 | |||||||||
BEVERAGES (3.0%) | |||||||||
Coca-Cola Co. (The) | 8,200 | 402,292 | |||||||
PepsiCo, Inc. | 3,600 | 460,980 | |||||||
863,272 | |||||||||
BIOTECHNOLOGY (3.2%) | |||||||||
AbbVie, Inc. | 2,500 | 198,475 | |||||||
Amgen, Inc. | 1,900 | 340,708 | |||||||
Biogen Idec, Inc.(a) | 800 | 183,392 | |||||||
Gilead Sciences, Inc. | 3,300 | 214,632 | |||||||
937,207 | |||||||||
CAPITAL MARKETS (3.1%) | |||||||||
Bank of New York Mellon Corp. | 3,500 | 173,810 | |||||||
BlackRock, Inc., Class A | 500 | 242,620 | |||||||
Goldman Sachs Group, Inc. | 1,000 | 205,920 | |||||||
Morgan Stanley | 5,600 | 270,200 | |||||||
892,550 | |||||||||
CHEMICALS (1.4%) | |||||||||
Dow, Inc.(a) | 2,533 | 143,697 | |||||||
DowDuPont, Inc. | 6,600 | 253,770 | |||||||
397,467 | |||||||||
COMMUNICATIONS EQUIPMENT (1.8%) | |||||||||
Cisco Systems, Inc. | 9,400 | 525,930 | |||||||
CONSUMER FINANCE (1.5%) | |||||||||
American Express Co. | 1,800 | 211,014 | |||||||
Capital One Financial Corp. | 2,400 | 222,792 | |||||||
433,806 |
Shares | Value | ||||||||
DIVERSIFIED FINANCIAL SERVICES (2.6%) | |||||||||
Berkshire Hathaway, Inc., Class B(a) | 3,400 | $ | 736,814 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES (1.3%) | |||||||||
Verizon Communications, Inc. | 6,800 | 388,892 | |||||||
ELECTRIC UTILITIES (3.9%) | |||||||||
Duke Energy Corp. | 3,800 | 346,256 | |||||||
Exelon Corp. | 4,600 | 234,370 | |||||||
NextEra Energy, Inc. | 1,900 | 369,436 | |||||||
Southern Co. | 3,500 | 186,270 | |||||||
1,136,332 | |||||||||
ELECTRICAL EQUIPMENT (1.0%) | |||||||||
Emerson Electric Co. | 4,000 | 283,960 | |||||||
ENERGY EQUIPMENT & SERVICES (0.7%) | |||||||||
Schlumberger Ltd. | 4,600 | 196,328 | |||||||
ENTERTAINMENT (1.8%) | |||||||||
The Walt Disney Co. | 3,700 | 506,789 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (1.0%) | |||||||||
Simon Property Group, Inc. | 1,600 | 277,920 | |||||||
FOOD & STAPLES RETAILING (2.5%) | |||||||||
Costco Wholesale Corp. | 1,300 | 319,189 | |||||||
Walgreens Boots Alliance, Inc. | 2,300 | 123,211 | |||||||
Walmart, Inc. | 2,600 | 267,384 | |||||||
709,784 | |||||||||
FOOD PRODUCTS (1.2%) | |||||||||
Mondelez International, Inc., Class A | 4,400 | 223,740 | |||||||
The Kraft Heinz Co. | 4,000 | 132,960 | |||||||
356,700 | |||||||||
HEALTH CARE EQUIPMENT & SUPPLIES (4.2%) | |||||||||
Abbott Laboratories | 6,000 | 477,360 | |||||||
Danaher Corp. | 2,200 | 291,368 | |||||||
Medtronic PLC | 4,900 | 435,169 | |||||||
1,203,897 | |||||||||
HEALTH CARE PROVIDERS & SERVICES (0.6%) | |||||||||
CVS Health Corp. | 3,300 | 179,454 | |||||||
HOTELS, RESTAURANTS & LEISURE (2.0%) | |||||||||
McDonald’s Corp. | 1,700 | 335,869 | |||||||
Starbucks Corp. | 3,000 | 233,040 | |||||||
568,909 | |||||||||
HOUSEHOLD PRODUCTS (2.3%) | |||||||||
Colgate-Palmolive Co. | 3,000 | 218,370 | |||||||
Procter & Gamble Co. | 4,200 | 447,216 | |||||||
665,586 | |||||||||
INDUSTRIAL CONGLOMERATES (2.2%) | |||||||||
3M Co. | 1,400 | 265,314 | |||||||
Honeywell International, Inc. | 2,200 | 381,986 | |||||||
647,300 |
See notes to financial statements.
47
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD COVERED CALL INCOME FUND
Shares | Value | ||||||||
INSURANCE (2.0%) | |||||||||
American International Group, Inc. | 3,300 | $ | 156,981 | ||||||
MetLife, Inc. | 4,300 | 198,359 | |||||||
The Allstate Corp. | 2,200 | 217,932 | |||||||
573,272 | |||||||||
INTERACTIVE MEDIA & SERVICES (6.1%) | |||||||||
Alphabet, Inc., Class A†(a) | 400 | 479,584 | |||||||
Alphabet, Inc., Class C(a) | 500 | 594,240 | |||||||
Facebook, Inc.(a) | 3,500 | 676,900 | |||||||
1,750,724 | |||||||||
INTERNET & DIRECT MARKETING RETAIL (1.3%) | |||||||||
Booking Holdings, Inc.(a) | 200 | 370,998 | |||||||
IT SERVICES (8.1%) | |||||||||
Accenture PLC, Class A | 2,100 | 383,607 | |||||||
International Business Machines Corp. | 2,000 | 280,540 | |||||||
Mastercard, Inc., Class A | 2,500 | 635,600 | |||||||
PayPal Holdings, Inc.(a) | 2,700 | 304,479 | |||||||
Visa, Inc., Class A | 4,500 | 739,935 | |||||||
2,344,161 | |||||||||
MACHINERY (0.9%) | |||||||||
Caterpillar, Inc. | 1,800 | 250,956 | |||||||
MEDIA (0.6%) | |||||||||
Charter Communications, Inc., Class A(a) | 500 | 185,595 | |||||||
MULTILINE RETAIL (0.6%) | |||||||||
Target Corp. | 2,200 | 170,324 | |||||||
OIL, GAS & CONSUMABLE FUELS (5.0%) | |||||||||
Chevron Corp. | 3,300 | 396,198 | |||||||
ConocoPhillips | 2,700 | 170,424 | |||||||
Exxon Mobil Corp. | 6,400 | 513,792 | |||||||
Kinder Morgan, Inc. | 8,400 | 166,908 | |||||||
Occidental Petroleum Corp. | 3,600 | 211,968 | |||||||
1,459,290 | |||||||||
PHARMACEUTICALS (1.6%) | |||||||||
Allergan PLC | 900 | 132,300 | |||||||
Eli Lilly & Co. | 2,800 | 327,712 | |||||||
460,012 |
Shares | Value | ||||||||
ROAD & RAIL (1.2%) | |||||||||
Union Pacific Corp. | 2,000 | $ | 354,080 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.9%) | |||||||||
Intel Corp. | 7,100 | 362,384 | |||||||
NVIDIA Corp. | 1,200 | 217,200 | |||||||
Qualcomm, Inc. | 2,700 | 232,551 | |||||||
Texas Instruments, Inc. | 2,700 | 318,141 | |||||||
1,130,276 | |||||||||
SOFTWARE (7.1%) | |||||||||
Adobe Systems, Inc.(a) | 1,600 | 462,800 | |||||||
Microsoft Corp. | 9,700 | 1,266,820 | |||||||
Oracle Corp. | 6,000 | 331,980 | |||||||
2,061,600 | |||||||||
SPECIALTY RETAIL (2.6%) | |||||||||
Home Depot, Inc. | 2,600 | 529,620 | |||||||
Lowe’s Companies, Inc. | 2,000 | 226,280 | |||||||
755,900 | |||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.1%) | |||||||||
Apple, Inc. | 5,900 | 1,183,953 | |||||||
TEXTILES, APPAREL & LUXURY GOODS (1.0%) | |||||||||
Nike, Inc., Class B | 3,400 | 298,622 | |||||||
TOTAL COMMON STOCKS (COST $28,997,416) | 29,683,117 | ||||||||
TOTAL INVESTMENTS (COST $28,997,416) 102.7% | 29,683,117 | ||||||||
WRITTEN CALL OPTIONS -3.7% (PREMIUMS RECEIVED $496,581) | (1,062,508 | ) | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.0% | 294,789 | ||||||||
NET ASSETS 100.0% | $ | 28,915,398 |
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. |
PLC – Public Limited Company
See notes to financial statements.
48
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of April 30, 2019 were as follows:
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||||||||||||||
3M Co. | Call | 14 | $ | (294,000 | ) | $ | 210.00 | 5/17/19 | $ | (56 | ) | |||||||||||||
Abbott Laboratories | Call | 56 | (434,000 | ) | 77.50 | 5/17/19 | (14,896 | ) | ||||||||||||||||
AbbVie, Inc. | Call | 25 | (212,500 | ) | 85.00 | 8/16/19 | (4,125 | ) | ||||||||||||||||
Accenture PLC | Call | 21 | (357,000 | ) | 170.00 | 5/17/19 | (26,586 | ) | ||||||||||||||||
Adobe Systems, Inc. | Call | 16 | (440,000 | ) | 275.00 | 6/21/19 | (33,680 | ) | ||||||||||||||||
Allergan PLC | Call | 8 | (124,000 | ) | 155.00 | 5/17/19 | (840 | ) | ||||||||||||||||
Alphabet, Inc. | Call | 5 | (625,000 | ) | 1,250.00 | 5/17/19 | (1,000 | ) | ||||||||||||||||
American Express Co. | Call | 18 | (216,000 | ) | 120.00 | 7/19/19 | (4,482 | ) | ||||||||||||||||
American International Group, Inc. | Call | 31 | (133,300 | ) | 43.00 | 5/17/19 | (15,190 | ) | ||||||||||||||||
Amgen, Inc. | Call | 15 | (315,000 | ) | 210.00 | 6/21/19 | (270 | ) | ||||||||||||||||
Apple, Inc. | Call | 59 | (1,268,500 | ) | 215.00 | 6/21/19 | (13,983 | ) | ||||||||||||||||
Bank of America Corp. | Call | 141 | (437,100 | ) | 31.00 | 6/21/19 | (10,011 | ) | ||||||||||||||||
Bank of New York Mellon Corp. | Call | 31 | (170,500 | ) | 55.00 | 6/21/19 | (279 | ) | ||||||||||||||||
Berkshire Hathaway, Inc. | Call | 25 | (550,000 | ) | 220.00 | 6/21/19 | (9,400 | ) | ||||||||||||||||
Biogen Idec, Inc. | Call | 6 | (159,000 | ) | 265.00 | 6/21/19 | (846 | ) | ||||||||||||||||
BlackRock, Inc. | Call | 5 | (250,000 | ) | 500.00 | 7/19/19 | (4,470 | ) | ||||||||||||||||
Booking Holdings, Inc. | Call | 2 | (390,000 | ) | 1,950.00 | 5/17/19 | (4,400 | ) | ||||||||||||||||
Capital One Financial Corp. | Call | 18 | (157,500 | ) | 87.50 | 6/21/19 | (10,692 | ) | ||||||||||||||||
Caterpillar, Inc. | Call | 16 | (224,000 | ) | 140.00 | 5/17/19 | (4,272 | ) | ||||||||||||||||
Charter Communications, Inc. | Call | 5 | (192,500 | ) | 385.00 | 6/21/19 | (2,500 | ) | ||||||||||||||||
Chevron Corp. | Call | 29 | (362,500 | ) | 125.00 | 6/21/19 | (3,132 | ) | ||||||||||||||||
Cisco Systems, Inc. | Call | 90 | (495,000 | ) | 55.00 | 5/17/19 | (18,000 | ) | ||||||||||||||||
Citigroup, Inc. | Call | 46 | (299,000 | ) | 65.00 | 6/21/19 | (27,600 | ) | ||||||||||||||||
Coca-Cola Co. (The) | Call | 67 | (314,900 | ) | 47.00 | 6/21/19 | (16,147 | ) | ||||||||||||||||
Colgate-Palmolive Co. | Call | 30 | (217,500 | ) | 72.50 | 8/16/19 | (9,000 | ) | ||||||||||||||||
ConocoPhillips | Call | 25 | (181,250 | ) | 72.50 | 5/17/19 | (125 | ) | ||||||||||||||||
Costco Wholesale Corp. | Call | 13 | (299,000 | ) | 230.00 | 5/17/19 | (18,720 | ) | ||||||||||||||||
CVS Health Corp. | Call | 28 | (161,000 | ) | 57.50 | 6/21/19 | (3,668 | ) | ||||||||||||||||
Danaher Corp. | Call | 21 | (283,500 | ) | 135.00 | 6/21/19 | (5,418 | ) | ||||||||||||||||
Dow, Inc. | Call | 25 | (150,000 | ) | 60.00 | 9/20/19 | (4,125 | ) | ||||||||||||||||
DowDuPont, Inc. | Call | 50 | (300,000 | ) | 60.00 | 6/21/19 | (3,500 | ) | ||||||||||||||||
Duke Energy Corp. | Call | 38 | (351,500 | ) | 92.50 | 7/19/19 | (5,510 | ) | ||||||||||||||||
Eli Lilly & Co. | Call | 27 | (364,500 | ) | 135.00 | 7/19/19 | (405 | ) | ||||||||||||||||
Emerson Electric Co. | Call | 37 | (268,250 | ) | 72.50 | 6/21/19 | (4,366 | ) | ||||||||||||||||
Exelon Corp. | Call | 46 | (230,000 | ) | 50.00 | 7/19/19 | (8,786 | ) | ||||||||||||||||
Exxon Mobil Corp. | Call | 61 | (503,250 | ) | 82.50 | 7/19/19 | (6,771 | ) | ||||||||||||||||
Facebook, Inc. | Call | 34 | (595,000 | ) | 175.00 | 5/17/19 | (61,812 | ) | ||||||||||||||||
FedEx Corp. | Call | 13 | (247,000 | ) | 190.00 | 5/17/19 | (4,680 | ) | ||||||||||||||||
Ford Motor Co. | Call | 160 | (144,000 | ) | 9.00 | 6/21/19 | (25,440 | ) | ||||||||||||||||
General Dynamics Corp. | Call | 11 | (192,500 | ) | 175.00 | 6/21/19 | (7,645 | ) | ||||||||||||||||
General Motors Co. | Call | 39 | (163,800 | ) | 42.00 | 6/21/19 | (819 | ) | ||||||||||||||||
Gilead Sciences, Inc. | Call | 24 | (162,000 | ) | 67.50 | 6/21/19 | (3,384 | ) | ||||||||||||||||
Goldman Sachs Group, Inc. | Call | 9 | (189,000 | ) | 210.00 | 5/17/19 | (1,665 | ) | ||||||||||||||||
Home Depot, Inc. | Call | 25 | (500,000 | ) | 200.00 | 5/17/19 | (13,125) |
See notes to financial statements.
49
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2019
STEWARD COVERED CALL INCOME FUND
Description | Type | Number of Contracts | Notional Amount* | Exercise Price | Expiration Date | Value | ||||||||||||||||||
Honeywell International, Inc. | Call | 22 | $ | (363,000 | ) | $ | 165.00 | 6/21/19 | $ | (22,484 | ) | |||||||||||||
Intel Corp. | Call | 68 | (391,000 | ) | 57.50 | 7/19/19 | (2,244 | ) | ||||||||||||||||
International Business Machines Corp. | Call | 20 | (290,000 | ) | 145.00 | 7/19/19 | (4,600 | ) | ||||||||||||||||
JPMorgan Chase & Co. | Call | 60 | (630,000 | ) | 105.00 | 6/21/19 | (69,540 | ) | ||||||||||||||||
Kinder Morgan, Inc. | Call | 80 | (160,000 | ) | 20.00 | 6/21/19 | (4,080 | ) | ||||||||||||||||
Lockheed Martin Corp. | Call | 10 | (325,000 | ) | 325.00 | 6/21/19 | (13,260 | ) | ||||||||||||||||
Lowe’s Companies, Inc. | Call | 20 | (220,000 | ) | 110.00 | 7/19/19 | (13,600 | ) | ||||||||||||||||
Mastercard, Inc. | Call | 25 | (637,500 | ) | 255.00 | 6/21/19 | (16,000 | ) | ||||||||||||||||
McDonald’s Corp. | Call | 17 | (323,000 | ) | 190.00 | 5/17/19 | (13,974 | ) | ||||||||||||||||
Medtronic PLC | Call | 46 | (448,500 | ) | 97.50 | 6/21/19 | (1,334 | ) | ||||||||||||||||
MetLife, Inc. | Call | 38 | (180,500 | ) | 47.50 | 9/20/19 | (5,586 | ) | ||||||||||||||||
Microsoft Corp. | Call | 96 | (1,152,000 | ) | 120.00 | 5/17/19 | (93,888 | ) | ||||||||||||||||
Mondelez International, Inc. | Call | 44 | (220,000 | ) | 50.00 | 6/21/19 | (8,624 | ) | ||||||||||||||||
Morgan Stanley | Call | 44 | (198,000 | ) | 45.00 | 7/19/19 | (18,744 | ) | ||||||||||||||||
NextEra Energy, Inc. | Call | 16 | (312,000 | ) | 195.00 | 6/21/19 | (5,344 | ) | ||||||||||||||||
Nike, Inc. | Call | 34 | (306,000 | ) | 90.00 | 7/19/19 | (8,704 | ) | ||||||||||||||||
NVIDIA Corp. | Call | 12 | (246,000 | ) | 205.00 | 6/21/19 | (3,648 | ) | ||||||||||||||||
Occidental Petroleum Corp. | Call | 23 | (161,000 | ) | 70.00 | 5/17/19 | (115 | ) | ||||||||||||||||
Oracle Corp. | Call | 60 | (330,000 | ) | 55.00 | 6/21/19 | (11,220 | ) | ||||||||||||||||
PayPal Holdings, Inc. | Call | 27 | (310,500 | ) | 115.00 | 7/19/19 | (10,665 | ) | ||||||||||||||||
PepsiCo, Inc. | Call | 36 | (432,000 | ) | 120.00 | 6/21/19 | (30,780 | ) | ||||||||||||||||
Procter & Gamble Co. | Call | 42 | (462,000 | ) | 110.00 | 9/20/19 | (10,920 | ) | ||||||||||||||||
Qualcomm, Inc. | Call | 27 | (155,250 | ) | 57.50 | 5/17/19 | (77,976 | ) | ||||||||||||||||
Raytheon Co. | Call | 13 | (247,000 | ) | 190.00 | 5/17/19 | (143 | ) | ||||||||||||||||
Schlumberger Ltd. | Call | 29 | (137,750 | ) | 47.50 | 6/21/19 | (696 | ) | ||||||||||||||||
Simon Property Group, Inc. | Call | 14 | (259,000 | ) | 185.00 | 7/19/19 | (1,442 | ) | ||||||||||||||||
Southern Co. | Call | 35 | (171,500 | ) | 49.00 | 5/17/19 | (13,825 | ) | ||||||||||||||||
Starbucks Corp. | Call | 28 | (210,000 | ) | 75.00 | 6/21/19 | (9,940 | ) | ||||||||||||||||
Target Corp. | Call | 22 | (170,500 | ) | 77.50 | 7/19/19 | (8,030 | ) | ||||||||||||||||
Texas Instruments, Inc. | Call | 27 | (324,000 | ) | 120.00 | 6/21/19 | (6,426 | ) | ||||||||||||||||
The Allstate Corp. | Call | 22 | (220,000 | ) | 100.00 | 8/16/19 | (8,140 | ) | ||||||||||||||||
The Boeing Co. | Call | 9 | (364,500 | ) | 405.00 | 6/21/19 | (3,168 | ) | ||||||||||||||||
The Kraft Heinz Co. | Call | 40 | (140,000 | ) | 35.00 | 7/19/19 | (3,600 | ) | ||||||||||||||||
The Walt Disney Co. | Call | 34 | (408,000 | ) | 120.00 | 5/17/19 | (58,480 | ) | ||||||||||||||||
U.S. Bancorp | Call | 56 | (280,000 | ) | 50.00 | 6/21/19 | (19,600 | ) | ||||||||||||||||
Union Pacific Corp. | Call | 20 | (340,000 | ) | 170.00 | 6/21/19 | (18,000 | ) | ||||||||||||||||
United Parcel Service, Inc. | Call | 22 | (242,000 | ) | 110.00 | 6/21/19 | (2,596 | ) | ||||||||||||||||
United Technologies Corp. | Call | 21 | (283,500 | ) | 135.00 | 5/17/19 | (17,010 | ) | ||||||||||||||||
Verizon Communications, Inc. | Call | 65 | (390,000 | ) | 60.00 | 6/21/19 | (1,820 | ) | ||||||||||||||||
Visa, Inc. | Call | 45 | (742,500 | ) | 165.00 | 6/21/19 | (15,525 | ) | ||||||||||||||||
Walgreens Boots Alliance, Inc. | Call | 20 | (135,000 | ) | 67.50 | 7/19/19 | (220 | ) | ||||||||||||||||
Walmart, Inc. | Call | 26 | (273,000 | ) | 105.00 | 6/21/19 | (4,680 | ) | ||||||||||||||||
Wells Fargo & Co. | Call | 64 | (320,000 | ) | 50.00 | 7/19/19 | (6,016 | ) | ||||||||||||||||
Total (Premiums received $496,581) | $ | (1,062,508 | ) |
* | Notional amount is expressed as the number of contracts multiplied by the exercise price multiplied by 100. |
See notes to financial statements.
50
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2019
Steward Large Cap Enhanced Index Fund | Steward Small-Mid Cap Enhanced Index Fund | Steward International Enhanced Index Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $338,918,784, $202,520,483 and $136,014,540, respectively) | $ | 421,866,941 | $ | 224,102,186 | $ | 144,003,111 | ||||||
Cash | 3,587,181 | 1,320,756 | 2,075,431 | |||||||||
Interest and dividend receivable | 344,649 | 83,323 | 411,887 | |||||||||
Receivable for capital shares issued | 426,320 | 39,845 | 15,011 | |||||||||
Reclaims receivable | — | — | 85,141 | |||||||||
Other receivable | 1,000 | 2,000 | 1,300 | |||||||||
Prepaid expenses and other assets | 18,836 | 19,326 | 19,505 | |||||||||
Total assets | 426,244,927 | 225,567,436 | 146,611,386 | |||||||||
Liabilities: | ||||||||||||
Payable for capital shares redeemed | 342,917 | 156,407 | 100,973 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 51,769 | 28,156 | 35,852 | |||||||||
Consulting service fees | 19,626 | 11,349 | 5,574 | |||||||||
Compliance service fees | 7,268 | 4,019 | 2,397 | |||||||||
Administration fees | 16,383 | 9,606 | 4,750 | |||||||||
Distribution fees – Class A | 8,571 | 14,701 | 6,068 | |||||||||
Sub-Accounting services fees – Class A | 3,338 | 3,328 | 2,325 | |||||||||
Sub-Accounting services fees – Institutional Class | 11,725 | 5,791 | 3,906 | |||||||||
Fund accounting and sub-administration fees | 20,051 | 13,012 | 6,866 | |||||||||
Transfer agent fees | 6,323 | 6,998 | 3,538 | |||||||||
Custodian fees | 4,152 | 2,421 | 1,424 | |||||||||
Directors fees | 4,581 | 2,583 | 1,587 | |||||||||
Printing fees | 11,183 | 6,306 | 3,875 | |||||||||
Professional fees | 6,351 | 3,581 | 2,201 | |||||||||
Other accrued liabilities | 2,987 | 1,827 | 2,287 | |||||||||
Total liabilities | 517,225 | 270,085 | 183,623 | |||||||||
Net Assets | $ | 425,727,702 | $ | 225,297,351 | $ | 146,427,763 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 336,247,467 | 196,751,002 | 139,446,762 | |||||||||
Total distributable earnings | 89,480,235 | 28,546,349 | 6,981,001 | |||||||||
Net Assets | $ | 425,727,702 | $ | 225,297,351 | $ | 146,427,763 | ||||||
Class A | ||||||||||||
Net Assets | $ | 41,400,560 | $ | 71,718,832 | $ | 29,733,730 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 956,531 | 5,145,961 | 1,351,153 | |||||||||
Net asset value, offering and redemption price per share | $ | 43.28 | $ | 13.94 | $ | 22.01 | ||||||
Class C | ||||||||||||
Net Assets | $ | 11 | $ | 10 | $ | 10 | ||||||
Shares authorized | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 1 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.74 | $ | 6.82 | $ | 9.73 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 55,923,570 | $ | 2,609 | $ | 10 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 6,544,131 | 384 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 8.55 | $ | 6.78 | $ | 9.71 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 328,403,561 | $ | 153,575,900 | $ | 116,694,013 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 7,608,792 | 10,822,272 | 5,284,645 | |||||||||
Net asset value, offering and redemption price per share | $ | 43.16 | $ | 14.19 | $ | 22.08 |
(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.
51
STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2019
Steward Select Bond Fund | Steward Global Equity Income Fund | Steward Covered Call Income Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value (cost $154,806,361, $274,008,725 and $28,997,416, respectively) | $ | 154,871,891 | $ | 313,193,151 | $ | 29,683,117 | ||||||
Cash | 6,211,401 | 1,716,742 | 284,280 | |||||||||
Interest and dividend receivable | 1,521,484 | 876,029 | 31,172 | |||||||||
Receivable for investments sold | 313 | — | — | |||||||||
Receivable for capital shares issued | 6,880 | 356,380 | 801 | |||||||||
Reclaims receivable | — | 59,153 | — | |||||||||
Other receivable | 1,000 | 6,525 | — | |||||||||
Prepaid expenses and other assets | 14,458 | 24,174 | 28,425 | |||||||||
Total assets | 162,627,427 | 316,232,154 | 30,027,795 | |||||||||
Liabilities: | ||||||||||||
Payable for capital shares redeemed | 71,726 | 283,211 | 39,322 | |||||||||
Written options at fair value (premiums received $0, $0 and $496,581, respectively) | — | — | 1,062,508 | |||||||||
Accrued expenses and other payables: | ||||||||||||
Investment advisory fees | 33,233 | 77,378 | 183 | |||||||||
Consulting service fees | 8,135 | 15,223 | 1,364 | |||||||||
Compliance service fees | 2,863 | 5,486 | 510 | |||||||||
Administration fees | 6,983 | 13,010 | 1,171 | |||||||||
Distribution fees – Class A | 2,107 | 14,789 | 6 | |||||||||
Distribution fees – Class C | — | 303 | 56 | |||||||||
Sub-Accounting services fees – Class A | 830 | 5,748 | 2 | |||||||||
Sub-Accounting services fees – Institutional Class | 6,718 | 8,883 | 244 | |||||||||
Fund accounting and sub-administration fees | 9,824 | 15,292 | 2,091 | |||||||||
Transfer agent fees | 3,669 | 8,317 | 2,705 | |||||||||
Custodian fees | 1,595 | 3,058 | 276 | |||||||||
Directors fees | 1,787 | 3,382 | 314 | |||||||||
Printing fees | 4,363 | 8,257 | 767 | |||||||||
Professional fees | 2,478 | 4,690 | 435 | |||||||||
Other accrued liabilities | 217 | 5,866 | 443 | |||||||||
Total liabilities | 156,528 | 472,893 | 1,112,397 | |||||||||
Net Assets | $ | 162,470,899 | $ | 315,759,261 | $ | 28,915,398 | ||||||
Composition of Net Assets: | ||||||||||||
Capital (par value and paid-in surplus) | 164,304,236 | 271,340,485 | 29,105,150 | |||||||||
Total distributable earnings/(accumulated deficit) | (1,833,337 | ) | 44,418,776 | (189,752 | ) | |||||||
Net Assets | $ | 162,470,899 | $ | 315,759,261 | $ | 28,915,398 | ||||||
Class A | ||||||||||||
Net Assets | $ | 10,115,119 | $ | 72,351,170 | $ | 30,760 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 415,183 | 2,307,340 | 3,149 | |||||||||
Net asset value, offering and redemption price per share | $ | 24.36 | $ | 31.36 | $ | 9.77 | ||||||
Class C | ||||||||||||
Net Assets | $ | 10 | $ | 372,168 | $ | 78,929 | ||||||
Shares authorized | 13,000,000 | 15,000,000 | 15,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 69,649 | 8,018 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.71 | $ | 5.34 | $ | 9.84 | ||||||
Class R6 | ||||||||||||
Net Assets | $ | 10 | $ | 6,258 | $ | 11 | ||||||
Shares authorized | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 1 | 1,240 | 1 | |||||||||
Net asset value, offering and redemption price per share(a) | $ | 9.66 | $ | 5.05 | $ | 9.80 | ||||||
Institutional Class | ||||||||||||
Net Assets | $ | 152,355,760 | $ | 243,029,665 | $ | 28,805,698 | ||||||
Shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||
Shares issued and outstanding ($0.001 par value) | 6,281,670 | 7,727,773 | 2,953,047 | |||||||||
Net asset value, offering and redemption price per share | $ | 24.25 | $ | 31.45 | $ | 9.75 |
(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.
52
STEWARD FUNDS
STATEMENTS OF OPERATIONS — April 30, 2019
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, $1,368 and $335,407, respectively) | $ | 7,709,451 | $ | 3,287,317 | $ | 4,793,579 | ||||||
Total investment income | 7,709,451 | 3,287,317 | 4,793,579 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 615,138 | 360,092 | 418,205 | |||||||||
Consulting service fees | 226,393 | 132,851 | 76,175 | |||||||||
Compliance service fees | 85,556 | 50,107 | 29,009 | |||||||||
Administration fees | 194,992 | 114,555 | 65,683 | |||||||||
Distribution fees – Class A | 113,160 | 194,611 | 69,338 | |||||||||
Sub-Accounting services fees – Class A | 44,857 | 49,765 | 26,861 | |||||||||
Sub-Accounting services fees – Institutional Class | 177,620 | 65,456 | 51,479 | |||||||||
Fund accounting and sub-administration fees | 257,780 | 178,629 | 100,016 | |||||||||
Transfer agent fees | 87,368 | 87,174 | 45,438 | |||||||||
Custodian fees | 44,899 | 27,055 | 15,268 | |||||||||
Registration fees | 77,764 | 74,951 | 77,053 | |||||||||
Directors fees | 31,691 | 19,555 | 10,920 | |||||||||
Professional fees | 139,393 | 82,570 | 49,480 | |||||||||
Printing fees | 28,697 | 20,002 | 11,825 | |||||||||
Miscellaneous fees | 52,485 | 33,377 | 25,410 | |||||||||
Total expenses | 2,177,793 | 1,490,750 | 1,072,160 | |||||||||
Net investment income | 5,531,658 | 1,796,567 | 3,721,419 | |||||||||
Realized and unrealized gain/(loss) from investment transactions: | ||||||||||||
Net realized gains from investment transactions and foreign currency transactions | 13,263,367 | 16,065,934 | 1,742,848 | |||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | 20,743,984 | (9,759,239 | ) | (7,704,352 | ) | |||||||
Net realized and unrealized gains/(losses) from investment transactions and foreign currency translations | 34,007,351 | 6,306,695 | (5,961,504 | ) | ||||||||
Change in net assets resulting from operations | $ | 39,539,009 | $ | 8,103,262 | $ | (2,240,085 | ) |
See notes to financial statements.
53
STEWARD FUNDS
STATEMENTS OF OPERATIONS — April 30, 2019
Steward Select Bond Fund | Steward Global Equity Income Fund | Steward Covered Call Income Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 4,533,859 | $ | — | $ | — | ||||||
Dividends (net of foreign withholding tax of $0, $347,766 and $0, respectively) | 224,774 | 9,654,677 | 554,935 | |||||||||
Total investment income | 4,758,633 | 9,654,677 | 554,935 | |||||||||
Expenses: | ||||||||||||
Investment advisory fees | 405,097 | 921,310 | 118,647 | |||||||||
Consulting service fees | 89,858 | 169,920 | 14,577 | |||||||||
Compliance service fees | 33,852 | 64,109 | 5,511 | |||||||||
Administration fees | 77,508 | 146,541 | 12,574 | |||||||||
Distribution fees – Class A | 26,833 | 186,819 | 55 | |||||||||
Distribution fees – Class C | — | 1,938 | 141 | |||||||||
Sub-Accounting services fees – Class A | 10,699 | 72,400 | 23 | |||||||||
Sub-Accounting services fees – Class C | — | 32 | — | |||||||||
Sub-Accounting services fees – Institutional Class | 82,107 | 112,963 | 797 | |||||||||
Fund accounting and sub-administration fees | 129,282 | 191,585 | 35,586 | |||||||||
Transfer agent fees | 47,900 | 102,152 | 32,353 | |||||||||
Custodian fees | 17,411 | 34,424 | 3,167 | |||||||||
Registration fees | 73,184 | 80,453 | 53,672 | |||||||||
Directors fees | 12,517 | 25,016 | 2,480 | |||||||||
Professional fees | 56,079 | 105,950 | 11,700 | |||||||||
Printing fees | 12,317 | 25,862 | 4,767 | |||||||||
Miscellaneous fees | 24,241 | 44,221 | 5,748 | |||||||||
Total expenses before contractual fee reductions | 1,098,885 | 2,285,695 | 301,798 | |||||||||
Fees contractually waived/reimbursed by the Adviser | — | — | (37,844 | ) | ||||||||
Net expenses | 1,098,885 | 2,285,695 | 263,954 | |||||||||
Net investment income | 3,659,748 | 7,368,982 | 290,981 | |||||||||
Realized and unrealized gain/(loss) from investment transactions: | ||||||||||||
Net realized gains/(losses) from investment transactions and foreign currency transactions | (430,387 | ) | 8,648,160 | (252,046 | ) | |||||||
Net realized gains from options transactions | — | — | 1,245,020 | |||||||||
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations | 3,072,357 | (2,681,619 | ) | 1,750,909 | ||||||||
Change in unrealized depreciation on options transactions | — | — | (644,301 | ) | ||||||||
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions | 2,641,970 | 5,966,541 | 2,099,582 | |||||||||
Change in net assets resulting from operations | $ | 6,301,718 | $ | 13,335,523 | $ | 2,390,563 |
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 LARGE CAP ENHANCED INDEX FUND | STEWARD SMALL-MID CAP ENHANCED INDEX FUND | |||||||||||||||
For the Year Ended April 30, 2019 | For the Year Ended April 30, 2018 | For the Year Ended April 30, 2019 | For the Year Ended April 30, 2018 | |||||||||||||
Change in net assets from operations: | ||||||||||||||||
Net investment income | $ | 5,531,658 | $ | 4,952,685 | $ | 1,796,567 | $ | 1,905,081 | ||||||||
Net realized gains from investment transactions | 13,263,367 | 22,353,884 | 16,065,934 | 19,741,794 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | 20,743,984 | 21,548,000 | (9,759,239 | ) | (1,211,690 | ) | ||||||||||
Change in net assets resulting from operations | 39,539,009 | 48,854,569 | 8,103,262 | 20,435,185 | ||||||||||||
Distributions to shareholders from(a): | ||||||||||||||||
Class A | (2,014,273 | ) | (486,243 | ) | (8,799,268 | ) | (5,609,287 | ) | ||||||||
Class C | (1 | ) | — | (2 | ) | (1 | ) | |||||||||
Class R6 | (9,586,866 | ) | — | (2 | ) | (1 | ) | |||||||||
Institutional Class | (15,279,233 | ) | (4,030,989 | ) | (18,759,267 | ) | (11,206,400 | ) | ||||||||
Change in net assets from shareholder distributions | (26,880,373 | ) | (4,517,232 | ) | (27,558,539 | ) | (16,815,689 | ) | ||||||||
Capital Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 7,754,531 | $ | 12,059,042 | $ | 19,564,483 | $ | 16,952,435 | ||||||||
Dividends reinvested | 1,982,781 | 464,558 | 8,419,050 | 5,347,743 | ||||||||||||
Cost of shares redeemed | (18,263,079 | ) | (17,267,011 | ) | (26,586,844 | ) | (15,110,839 | ) | ||||||||
Change in Class A from capital transactions | (8,525,767 | ) | (4,743,411 | ) | 1,396,689 | 7,189,339 | ||||||||||
Class C(b) | ||||||||||||||||
Proceeds from shares issued | — | 10 | — | 10 | ||||||||||||
Dividends reinvested | 1 | — | 2 | 1 | ||||||||||||
Change in Class C from capital transactions | 1 | 10 | 2 | �� | 11 | |||||||||||
Class R6(b) | ||||||||||||||||
Proceeds from shares issued | 53,577,121 | 10 | 2,590 | 10 | ||||||||||||
Dividends reinvested | 9,586,866 | — | 2 | 1 | ||||||||||||
Cost of shares redeemed | (4,480,083 | ) | — | (3 | ) | — | ||||||||||
Change in Class R6 from capital transactions | 58,683,904 | 10 | 2,589 | 11 | ||||||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 71,969,137 | 66,082,672 | 49,462,162 | 34,030,235 | ||||||||||||
Dividends reinvested | 14,990,805 | 3,926,896 | 17,195,877 | 10,608,694 | ||||||||||||
Cost of shares redeemed | (117,568,644 | ) | (82,366,202 | ) | (55,507,119 | ) | (22,962,839 | ) | ||||||||
Change in Institutional Class from capital transactions | (30,608,702 | ) | (12,356,634 | ) | 11,150,920 | 21,676,090 | ||||||||||
Change in net assets from capital transactions | $ | 19,549,436 | $ | (17,100,025 | ) | $ | 12,550,200 | $ | 28,865,451 | |||||||
Change in net assets | 32,208,072 | 27,237,312 | (6,905,077 | ) | 32,484,947 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 393,519,630 | 366,282,318 | 232,202,428 | 199,717,481 | ||||||||||||
End of period | $ | 425,727,702 | $ | 393,519,630 | $ | 225,297,351 | $ | 232,202,428 | ||||||||
Share Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 184,630 | 299,093 | 1,237,165 | 1,065,222 | ||||||||||||
Reinvested | 53,674 | 11,398 | 725,090 | 339,342 | ||||||||||||
Redeemed | (438,391 | ) | (429,283 | ) | (1,735,066 | ) | (954,494 | ) | ||||||||
Change in Class A | (200,087 | ) | (118,792 | ) | 227,189 | 450,070 | ||||||||||
Class C(b) | ||||||||||||||||
Issued | — | 1 | — | 1 | ||||||||||||
Reinvested | — | — | — | — | ||||||||||||
Change in Class C | — | 1 | — | 1 | ||||||||||||
Class R6(b) | ||||||||||||||||
Issued | 5,789,916 | 1 | 383 | 1 | ||||||||||||
Reinvested | 1,320,420 | — | — | — | ||||||||||||
Redeemed | (566,206 | ) | — | — | — | |||||||||||
Change in Class R6 | 6,544,130 | 1 | 383 | 1 | ||||||||||||
Institutional Class | ||||||||||||||||
Issued | 1,735,250 | 1,636,928 | 3,259,054 | 2,124,700 | ||||||||||||
Reinvested | 403,576 | 97,250 | 1,451,150 | 663,966 | ||||||||||||
Redeemed | (2,887,564 | ) | (2,070,833 | ) | (3,615,271 | ) | (1,414,456 | ) | ||||||||
Change in Institutional Class | (748,738 | ) | (336,655 | ) | 1,094,933 | 1,374,210 |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 3 in the Notes to Financial Statements. |
(b) | Class C and Class R6 commenced operations on December 14, 2017. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
55
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD INTERNATIONAL ENHANCED INDEX FUND | STEWARD SELECT BOND FUND | |||||||||||||||
For the Year Ended April 30, 2019 | For the Year Ended April 30, 2018 | For the Year Ended April 30, 2019 | For the Year Ended April 30, 2018 | |||||||||||||
Change in net assets from operations: | ||||||||||||||||
Net investment income | $ | 3,721,419 | $ | 3,087,610 | $ | 3,659,748 | $ | 3,183,260 | ||||||||
Net realized gains/(losses) from investment transactions and foreign currency transactions | 1,742,848 | 2,898,810 | (430,387 | ) | 20,071 | |||||||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | (7,704,352 | ) | 13,604,411 | 3,072,357 | (4,145,990 | ) | ||||||||||
Change in net assets resulting from operations | (2,240,085 | ) | 19,590,831 | 6,301,718 | (942,659 | ) | ||||||||||
Distributions to shareholders from(a): | ||||||||||||||||
Class A | (664,893 | ) | (436,748 | ) | (212,204 | ) | (193,329 | ) | ||||||||
Institutional Class | (2,981,081 | ) | (2,741,957 | ) | (3,461,119 | ) | (3,055,166 | ) | ||||||||
Change in net assets from shareholder distributions | (3,645,974 | ) | (3,178,705 | ) | (3,673,323 | ) | (3,248,495 | ) | ||||||||
Capital Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 7,555,284 | $ | 11,285,695 | $ | 1,035,977 | $ | 1,980,677 | ||||||||
Dividends reinvested | 641,544 | 423,773 | 211,109 | 191,718 | ||||||||||||
Cost of shares redeemed | (4,405,021 | ) | (4,924,765 | ) | (2,434,466 | ) | (1,409,412 | ) | ||||||||
Change in Class A from capital transactions | 3,791,807 | 6,784,703 | (1,187,380 | ) | 762,983 | |||||||||||
Class C(b) | ||||||||||||||||
Proceeds from shares issued | — | 10 | — | 10 | ||||||||||||
Change in Class C from capital transactions | — | 10 | — | 10 | ||||||||||||
Class R6(b) | ||||||||||||||||
Proceeds from shares issued | — | 10 | — | 10 | ||||||||||||
Change in Class R6 from capital transactions | — | 10 | — | 10 | ||||||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 19,515,477 | 14,577,840 | 18,710,976 | 18,273,275 | ||||||||||||
Dividends reinvested | 2,859,249 | 2,668,008 | 3,419,141 | 3,047,879 | ||||||||||||
Cost of shares redeemed | (13,462,006 | ) | (33,335,613 | ) | (23,826,562 | ) | (13,783,435 | ) | ||||||||
Change in Institutional Class from capital transactions | 8,912,720 | (16,089,765 | ) | (1,696,445 | ) | 7,537,719 | ||||||||||
Change in net assets from capital transactions | $ | 12,704,527 | $ | (9,305,042 | ) | $ | (2,883,825 | ) | $ | 8,300,722 | ||||||
Change in net assets | 6,818,468 | 7,107,084 | (255,430 | ) | 4,109,568 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 139,609,295 | 132,502,211 | 162,726,329 | 158,616,761 | ||||||||||||
End of period | $ | 146,427,763 | $ | 139,609,295 | $ | 162,470,899 | $ | 162,726,329 | ||||||||
Share Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 348,489 | 501,563 | 43,207 | 80,786 | ||||||||||||
Reinvested | 29,948 | 19,475 | 8,832 | 7,843 | ||||||||||||
Redeemed | (204,302 | ) | (220,464 | ) | (101,513 | ) | (57,732 | ) | ||||||||
Change in Class A | 174,135 | 300,574 | (49,474 | ) | 30,897 | |||||||||||
Class C(b) | ||||||||||||||||
Issued | — | 1 | — | 1 | ||||||||||||
Change in Class C | — | 1 | — | 1 | ||||||||||||
Class R6(b) | ||||||||||||||||
Issued | — | 1 | — | 1 | ||||||||||||
Change in Class R6 | — | 1 | — | 1 | ||||||||||||
Institutional Class | ||||||||||||||||
Issued | 906,073 | 654,655 | 782,568 | 749,612 | ||||||||||||
Reinvested | 133,295 | 122,556 | 143,749 | 125,320 | ||||||||||||
Redeemed | (628,952 | ) | (1,490,302 | ) | (999,925 | ) | (565,902 | ) | ||||||||
Change in Institutional Class | 410,416 | (713,091 | ) | (73,608 | ) | 309,030 |
(a) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 3 in the Notes to Financial Statements. |
(b) | Class C and Class R6 commenced operations on December 14, 2017. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
56
STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD GLOBAL EQUITY INCOME FUND | STEWARD COVERED CALL INCOME FUND | |||||||||||||||
For the Year Ended April 30, 2019 | For the Year Ended April 30, 2018 | For the Year Ended April 30, 2019 | For the Period December 14, 2017(a) through April 30, 2018 | |||||||||||||
Change in net assets from operations: | ||||||||||||||||
Net investment income | $ | 7,368,982 | $ | 5,512,985 | $ | 290,981 | $ | 80,396 | ||||||||
Net realized gains from investment and option transactions and foreign currency transactions | 8,648,160 | 29,603,349 | 992,974 | 753,944 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investments and option transactions and foreign currency translation | (2,681,619 | ) | 1,514,942 | 1,106,608 | (986,834 | ) | ||||||||||
Change in net assets resulting from operations | 13,335,523 | 36,631,276 | 2,390,563 | (152,494 | ) | |||||||||||
Distributions to shareholders from(b): | ||||||||||||||||
Class A | (6,378,338 | ) | (4,611,790 | ) | (1,313 | ) | (5 | ) | ||||||||
Class C | (107,534 | ) | (2 | ) | (82 | ) | — | |||||||||
Class R6 | (30,885 | ) | (2 | ) | (1 | ) | — | |||||||||
Institutional Class | (21,200,600 | ) | (15,180,846 | ) | (2,373,826 | ) | (67,662 | ) | ||||||||
Change in net assets from shareholder distributions | (27,717,357 | ) | (19,792,640 | ) | (2,375,222 | ) | (67,667 | ) | ||||||||
Capital Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 37,450,498 | $ | 26,031,485 | $ | 54,311 | $ | 3,110 | ||||||||
Dividends reinvested | 6,319,136 | 4,568,285 | 1,313 | 5 | ||||||||||||
Cost of shares redeemed | (34,477,167 | ) | (28,071,527 | ) | (28,103 | ) | (29 | ) | ||||||||
Change in Class A from capital transactions | 9,292,467 | 2,528,243 | 27,521 | 3,086 | ||||||||||||
Class C(c) | ||||||||||||||||
Proceeds from shares issued | 374,091 | 10 | 75,000 | 10 | ||||||||||||
Dividends reinvested | 106,893 | 2 | 1 | — | ||||||||||||
Cost of shares redeemed | (18,374 | ) | — | — | — | |||||||||||
Change in Class C from capital transactions | 462,610 | 12 | 75,001 | 10 | ||||||||||||
Class R6(c) | ||||||||||||||||
Proceeds from shares issued | 532,778 | 10 | — | 10 | ||||||||||||
Dividends reinvested | 30,885 | 2 | 1 | — | ||||||||||||
Cost of shares redeemed | (482,382 | ) | — | — | — | |||||||||||
Change in Class R6 from capital transactions | 81,281 | 12 | 1 | 10 | ||||||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 72,171,525 | 66,059,404 | 5,410,121 | 26,662,459 | ||||||||||||
Dividends reinvested | 21,117,291 | 15,153,656 | 2,373,826 | 67,662 | ||||||||||||
Cost of shares redeemed | (60,348,392 | ) | (55,796,748 | ) | (4,406,934 | ) | (1,092,545 | ) | ||||||||
Change in Institutional Class from capital transactions | 32,940,424 | 25,416,312 | 3,377,013 | 25,637,576 | ||||||||||||
Change in net assets from capital transactions | $ | 42,776,782 | $ | 27,944,579 | $ | 3,479,536 | $ | 25,640,682 | ||||||||
Change in net assets | 28,394,948 | 44,783,215 | 3,494,877 | 25,420,521 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 287,364,313 | 242,581,098 | 25,420,521 | — | ||||||||||||
End of period | $ | 315,759,261 | $ | 287,364,313 | $ | 28,915,398 | $ | 25,420,521 | ||||||||
Share Transactions: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 1,148,364 | 788,159 | 5,512 | 311 | ||||||||||||
Reinvested | 225,889 | 139,608 | 153 | 1 | ||||||||||||
Redeemed | (1,099,933 | ) | (858,426 | ) | (2,828 | ) | — | |||||||||
Change in Class A | 274,320 | 69,341 | 2,837 | 312 | ||||||||||||
Class C(c) | ||||||||||||||||
Issued | 51,032 | 1 | 8,017 | 1 | ||||||||||||
Reinvested | 22,492 | — | — | — | ||||||||||||
Redeemed | (3,876 | ) | — | — | — | |||||||||||
Change in Class C | 69,648 | 1 | 8,017 | 1 | ||||||||||||
Class R6(c) | ||||||||||||||||
Issued | 66,649 | 1 | — | 1 | ||||||||||||
Reinvested | 3,982 | — | — | — | ||||||||||||
Redeemed | (69,392 | ) | — | — | — | |||||||||||
Change in Class R6 | 1,239 | 1 | — | 1 | ||||||||||||
Institutional Class | ||||||||||||||||
Issued | 2,269,313 | 2,018,316 | 565,316 | 2,665,495 | ||||||||||||
Reinvested | 753,068 | 462,106 | 277,710 | 6,660 | ||||||||||||
Redeemed | (1,936,300 | ) | (1,688,689 | ) | (453,432 | ) | (108,702 | ) | ||||||||
Change in Institutional Class | 1,086,081 | 791,733 | 389,594 | 2,563,453 |
(a) | Commencement of operations. |
(b) | Prior year distribution character information and accumulated net investment income/(distributions in excess of net investment income) has been modified or removed to conform with current year Regulation S-X presentation changes. See Note 3 in the Notes to Financial Statements. |
(c) | Class C and Class R6 commenced operations on December 14, 2017. |
Amounts designated as “—” are $0 or have been rounded to $0.
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 Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2019 | $ | 41.50 | $ | 0.47 | $ | 3.24 | $ | 3.71 | ||||||||
Year ended April 30, 2018 | 36.89 | 0.41 | 4.60 | 5.01 | ||||||||||||
Year ended April 30, 2017 | 32.25 | 0.39 | 4.63 | 5.02 | ||||||||||||
Year ended April 30, 2016 | 38.89 | 0.46 | (1.31 | ) | (0.85 | ) | ||||||||||
Year ended April 30, 2015 | 37.46 | 0.36 | 3.86 | 4.22 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 9.79 | — | (f) | 0.46 | 0.46 | |||||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.02 | ) | (0.02 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 9.76 | 0.04 | 0.46 | 0.50 | ||||||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.01 | 0.01 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 41.34 | 0.60 | 3.23 | 3.83 | ||||||||||||
Year ended April 30, 2018 | 36.72 | 0.53 | 4.57 | 5.10 | ||||||||||||
Year ended April 30, 2017 | 32.07 | 0.48 | 4.63 | 5.11 | ||||||||||||
Year ended April 30, 2016 | 38.70 | 0.62 | (1.34 | ) | (0.72 | ) | ||||||||||
Year ended April 30, 2015 | 37.30 | 0.47 | 3.86 | 4.33 | ||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2019 | 15.70 | 0.09 | 0.03 | (h) | 0.12 | |||||||||||
Year ended April 30, 2018 | 15.44 | 0.11 | 1.37 | 1.48 | ||||||||||||
Year ended April 30, 2017 | 13.26 | 0.06 | 2.64 | 2.70 | ||||||||||||
Year ended April 30, 2016 | 15.33 | 0.08 | (0.51 | ) | (0.43 | ) | ||||||||||
Year ended April 30, 2015 | 16.04 | 0.08 | 1.41 | 1.49 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 8.76 | — | (f) | (0.16 | ) | (0.16 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 8.74 | — | (f) | (0.18 | ) | (0.18 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | (0.04 | ) | (0.04 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 15.93 | 0.13 | 0.04 | (h) | 0.17 | |||||||||||
Year ended April 30, 2018 | 15.65 | 0.15 | 1.39 | 1.54 | ||||||||||||
Year ended April 30, 2017 | 13.43 | 0.11 | 2.67 | 2.78 | ||||||||||||
Year ended April 30, 2016 | 15.51 | 0.12 | (0.52 | ) | (0.40 | ) | ||||||||||
Year ended April 30, 2015 | 16.20 | 0.12 | 1.43 | 1.55 | ||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2019 | 23.01 | 0.53 | (1.01 | ) | (0.48 | ) | ||||||||||
Year ended April 30, 2018 | 20.45 | 0.43 | 2.59 | 3.02 | ||||||||||||
Year ended April 30, 2017 | 18.65 | 0.36 | 1.81 | 2.17 | ||||||||||||
Year ended April 30, 2016 | 22.22 | 0.40 | (g) | (3.27 | ) | (2.87 | ) | |||||||||
Year ended April 30, 2015 | 23.06 | 0.41 | (0.71 | ) | (0.30 | ) | ||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 10.08 | — | (f) | (0.35 | ) | (0.35 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 10.05 | — | (f) | (0.34 | ) | (0.34 | ) | |||||||||
Period ended April 30, 2018(e) | 10.00 | — | (f) | 0.23 | 0.23 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 23.09 | 0.59 | (1.01 | ) | (0.42 | ) | ||||||||||
Year ended April 30, 2018 | 20.51 | 0.51 | 2.59 | 3.10 | ||||||||||||
Year ended April 30, 2017 | 18.70 | 0.43 | 1.81 | 2.24 | ||||||||||||
Year ended April 30, 2016 | 22.28 | 0.57 | (g) | (3.38 | ) | (2.81 | ) | |||||||||
Year ended April 30, 2015 | 23.11 | 0.44 | (0.65 | ) | (0.21 | ) |
(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. |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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 | 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 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | $ | (0.42 | ) | $ | (1.51 | ) | $ | — | $ | (1.93 | ) | $ | 43.28 | 9.78 | % | $ | 41,401 | 0.80 | % | 1.09 | % | 27 | % | |||||||||||||||||
Year ended April 30, 2018 | (0.40 | ) | — | — | (0.40 | ) | 41.50 | 13.61 | % | 47,998 | 0.84 | % | 1.02 | % | 23 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.38 | ) | — | — | (0.38 | ) | 36.89 | 15.63 | % | 47,052 | 0.82 | % | 1.10 | % | 25 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.49 | ) | (4.26 | ) | (1.04 | ) | (5.79 | ) | 32.25 | (2.01 | )% | 52,151 | 0.82 | % | 1.30 | % | 91%(d) | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.34 | ) | (2.45 | ) | — | (2.79 | ) | 38.89 | 11.35 | % | 50,747 | 0.86 | % | 0.97 | % | 33 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | (1.51 | ) | — | (1.51 | ) | 8.74 | 8.13 | % | — | — | %(f) | — | %(f) | 27 | % | ||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.19 | ) | — | — | (0.19 | ) | 9.79 | (0.27 | )% | — | — | %(f) | — | %(f) | 23 | % | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.20 | ) | (1.51 | ) | — | (1.71 | ) | 8.55 | 8.70 | % | 55,924 | 0.46 | % | 1.20 | % | 27 | % | |||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.25 | ) | — | — | (0.25 | ) | 9.76 | 0.02 | % | — | — | %(f) | — | %(f) | 23 | % | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.50 | ) | (1.51 | ) | — | (2.01 | ) | 43.16 | 10.13 | % | 328,404 | 0.50 | % | 1.39 | % | 27 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.48 | ) | — | — | (0.48 | ) | 41.34 | 13.93 | % | 345,522 | 0.54 | % | 1.32 | % | 23 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.46 | ) | — | — | (0.46 | ) | 36.72 | 16.02 | % | 319,230 | 0.50 | % | 1.40 | % | 25 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.61 | ) | (4.26 | ) | (1.04 | ) | (5.91 | ) | 32.07 | (1.67 | )% | 253,302 | 0.48 | % | 1.66 | % | 91 | %(d) | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.48 | ) | (2.45 | ) | — | (2.93 | ) | 38.70 | 11.71 | % | 292,898 | 0.50 | % | 1.30 | % | 33 | % | |||||||||||||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.10 | ) | (1.78 | ) | — | (1.88 | ) | 13.94 | 3.18 | % | 71,719 | 0.81 | % | 0.56 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.08 | ) | (1.14 | ) | — | (1.22 | ) | 15.70 | 9.59 | % | 77,227 | 0.83 | % | 0.69 | % | 29 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.07 | ) | (0.45 | ) | — | (0.52 | ) | 15.44 | 20.44 | % | 69,001 | 0.87 | % | 0.43 | % | 36 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.09 | ) | (1.55 | ) | — | (1.64 | ) | 13.26 | (2.39 | )% | 55,445 | 0.85 | % | 0.59 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.08 | ) | (2.12 | ) | — | (2.20 | ) | 15.33 | 9.85 | % | 60,408 | 0.84 | % | 0.50 | % | 37 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | (1.78 | ) | — | (1.78 | ) | 6.82 | 2.55 | % | — | — | %(f) | — | %(f) | 33 | % | ||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.06 | ) | (1.14 | ) | — | (1.20 | ) | 8.76 | (0.48 | )% | — | — | %(f) | — | %(f) | 29 | % | |||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | (1.78 | ) | — | (1.78 | ) | 6.78 | 2.27 | % | 3 | — | %(f) | — | %(f) | 33 | % | ||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.08 | ) | (1.14 | ) | — | (1.22 | ) | 8.74 | (0.56 | )% | — | — | %(f) | — | %(f) | 29 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.13 | ) | (1.78 | ) | — | (1.91 | ) | 14.19 | 3.51 | % | 153,576 | 0.53 | % | 0.84 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2018 | (0.12 | ) | (1.14 | ) | — | (1.26 | ) | 15.93 | 9.87 | % | 154,975 | 0.57 | % | 0.95 | % | 29 | % | |||||||||||||||||||||||
Year ended April 30, 2017 | (0.11 | ) | (0.45 | ) | — | (0.56 | ) | 15.65 | 20.80 | % | 130,717 | 0.58 | % | 0.72 | % | 36 | % | |||||||||||||||||||||||
Year ended April 30, 2016 | (0.13 | ) | (1.55 | ) | — | (1.68 | ) | 13.43 | (2.15 | )% | 101,597 | 0.57 | % | 0.87 | % | 33 | % | |||||||||||||||||||||||
Year ended April 30, 2015 | (0.12 | ) | (2.12 | ) | — | (2.24 | ) | 15.51 | 10.19 | % | 93,821 | 0.56 | % | 0.78 | % | 37 | % | |||||||||||||||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.52 | ) | — | — | (0.52 | ) | 22.01 | (1.99 | )% | 29,734 | 1.01 | % | 2.43 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.46 | ) | — | — | (0.46 | ) | 23.01 | 14.92 | % | 27,085 | 1.02 | % | 1.88 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.37 | ) | — | — | (0.37 | ) | 20.45 | 11.85 | % | 17,922 | 1.01 | % | 1.88 | % | 16 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.70 | ) | — | — | (0.70 | ) | 18.65 | (13.10 | )% | 16,268 | 1.00 | % | 2.14 | % | 11 | %(d) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.54 | ) | — | — | (0.54 | ) | 22.22 | (1.41 | )% | 15,520 | 1.02 | % | 1.84 | % | 12 | % | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | — | — | — | 9.73 | (3.47 | )% | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.15 | ) | — | — | (0.15 | ) | 10.08 | 2.32 | % | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | — | — | — | 9.71 | (3.38 | )% | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||||
Period ended April 30, 2018(e) | (0.18 | ) | — | — | (0.18 | ) | 10.05 | 2.32 | % | — | — | %(f) | — | %(f) | 10 | % | ||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.59 | ) | — | — | (0.59 | ) | 22.08 | (1.74 | )% | 116,694 | 0.71 | % | 2.73 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2018 | (0.52 | ) | — | — | (0.52 | ) | 23.09 | 15.29 | % | 112,524 | 0.71 | % | 2.28 | % | 10 | % | ||||||||||||||||||||||||
Year ended April 30, 2017 | (0.43 | ) | — | — | (0.43 | ) | 20.51 | 12.24 | % | 114,580 | 0.67 | % | 2.22 | % | 16 | % | ||||||||||||||||||||||||
Year ended April 30, 2016 | (0.77 | ) | — | — | (0.77 | ) | 18.70 | (12.82 | )% | 104,190 | 0.65 | % | 2.93 | % | 11 | %(d) | ||||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | — | — | (0.62 | ) | 22.28 | (1.01 | )% | 286,947 | 0.64 | % | 1.95 | % | 12 | % |
See notes to financial statements.
59
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 | ||||||||||||||||
Year ended April 30, 2019 | $ | 23.96 | $ | 0.49 | $ | 0.39 | $ | 0.88 | ||||||||
Year ended April 30, 2018 | 24.58 | 0.40 | (0.60 | ) | (0.20 | ) | ||||||||||
Year ended April 30, 2017 | 24.99 | 0.43 | (0.40 | ) | 0.03 | |||||||||||
Year ended April 30, 2016 | 24.97 | 0.46 | — | 0.46 | ||||||||||||
Year ended April 30, 2015 | 24.72 | 0.46 | 0.25 | 0.71 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 9.57 | — | (e) | 0.14 | 0.14 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.22 | ) | (0.22 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 9.52 | — | (e) | 0.14 | 0.14 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.23 | ) | (0.23 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 23.85 | 0.55 | 0.40 | 0.95 | ||||||||||||
Year ended April 30, 2018 | 24.47 | 0.48 | (0.61 | ) | (0.13 | ) | ||||||||||
Year ended April 30, 2017 | 24.87 | 0.51 | (0.39 | ) | 0.12 | |||||||||||
Year ended April 30, 2016 | 24.85 | 0.53 | 0.01 | 0.54 | ||||||||||||
Year ended April 30, 2015 | 24.61 | 0.54 | 0.25 | 0.79 | ||||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2019 | 33.06 | 0.70 | (f) | 0.43 | 1.13 | |||||||||||
Year ended April 30, 2018 | 31.00 | 0.60 | 3.87 | 4.47 | ||||||||||||
Year ended April 30, 2017 | 28.72 | 0.51 | 3.72 | 4.23 | ||||||||||||
Year ended April 30, 2016 | 30.11 | 0.60 | 0.18 | 0.78 | ||||||||||||
Year ended April 30, 2015 | 29.82 | 0.63 | 1.32 | 1.95 | ||||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 8.02 | 0.07 | (f) | (0.09 | )(g) | (0.02 | ) | |||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.07 | 0.07 | |||||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 7.99 | 0.21 | (f) | (0.21 | )(g) | — | ||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | 0.08 | 0.08 | |||||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 33.15 | 0.79 | (f) | 0.44 | 1.23 | |||||||||||
Year ended April 30, 2018 | 31.06 | 0.71 | 3.88 | 4.59 | ||||||||||||
Year ended April 30, 2017 | 28.77 | 0.63 | 3.70 | 4.33 | ||||||||||||
Year ended April 30, 2016 | 30.16 | 0.71 | 0.16 | 0.87 | ||||||||||||
Year ended April 30, 2015 | 29.86 | 0.75 | 1.32 | 2.07 | ||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Year ended April 30, 2019 | 9.92 | 0.04 | 0.71 | 0.75 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.09 | ) | (0.06 | ) | ||||||||||
Class C | ||||||||||||||||
Year ended April 30, 2019 | 9.95 | 0.01 | 0.71 | 0.72 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Class R6 | ||||||||||||||||
Year ended April 30, 2019 | 9.92 | — | (e) | 0.69 | 0.69 | |||||||||||
Period ended April 30, 2018(d) | 10.00 | — | (e) | (0.05 | ) | (0.05 | ) | |||||||||
Institutional Class | ||||||||||||||||
Year ended April 30, 2019 | 9.92 | 0.11 | 0.65 | 0.76 | ||||||||||||
Period ended April 30, 2018(d) | 10.00 | 0.03 | (0.08 | ) | (0.05 | ) |
(a) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(d) | For the period December 14, 2017 (commencement of operations) through April 30, 2018. |
(e) | Expressed as “—” as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class. |
(f) | Calculated based on average shares outstanding. |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
Amounts designated as “—” are $0 or have been rounded to $0.
See notes to financial statements.
60
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 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | $ | (0.48 | ) | $ | — | $ | (0.48 | ) | $ | 24.36 | 3.72 | % | $ | 10,115 | 0.95 | % | 0.95 | % | 1.97 | % | 25 | % | ||||||||||||||||||
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 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | — | — | 9.71 | 1.46 | % | — | — | %(e) | — | %(e) | — | %(e) | 25 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.21 | ) | — | (0.21 | ) | 9.57 | (2.27 | )% | — | — | %(e) | — | %(e) | — | %(e) | 5 | % | |||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | — | — | 9.66 | 1.47 | % | — | — | %(e) | — | %(e) | — | %(e) | 25 | % | |||||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.25 | ) | — | (0.25 | ) | 9.52 | (2.30 | )% | — | — | %(e) | — | %(e) | — | %(e) | 5 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.55 | ) | — | (0.55 | ) | 24.25 | 4.05 | % | 152,356 | 0.66 | % | 0.66 | % | 2.28 | % | 25 | % | |||||||||||||||||||||||
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 | % | |||||||||||||||||||||||
Steward Global Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.67 | ) | (2.16 | ) | (2.83 | ) | 31.36 | 4.61 | % | 72,351 | 0.97 | % | 0.97 | % | 2.18 | % | 28 | % | ||||||||||||||||||||||
Year ended April 30, 2018 | (0.59 | ) | (1.82 | ) | (2.41 | ) | 33.06 | 14.58 | % | 67,213 | 0.99 | % | 0.99 | % | 1.80 | % | 59 | % | ||||||||||||||||||||||
Year ended April 30, 2017 | (0.56 | ) | (1.39 | ) | (1.95 | ) | 31.00 | 15.22 | % | 60,865 | 0.99 | % | 0.99 | % | 1.78 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2016 | (0.62 | ) | (1.55 | ) | (2.17 | ) | 28.72 | 2.94 | % | 40,254 | 0.98 | % | 0.98 | % | 2.12 | % | 54 | % | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.62 | ) | (1.04 | ) | (1.66 | ) | 30.11 | 6.57 | % | 27,698 | 1.01 | % | 1.01 | % | 2.11 | % | 48 | % | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.50 | ) | (2.16 | ) | (2.66 | ) | 5.34 | 4.52 | % | 372 | 1.64 | % | 1.64 | % | 1.24 | % | 28 | % | ||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.23 | ) | (1.82 | ) | (2.05 | ) | 8.02 | 0.83 | % | — | — | %(e) | — | %(e) | — | %(e) | 59 | % | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.78 | ) | (2.16 | ) | (2.94 | ) | 5.05 | 5.04 | % | 6 | 0.61 | % | 0.61 | % | 2.75 | % | 28 | % | ||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.27 | ) | (1.82 | ) | (2.09 | ) | 7.99 | 0.86 | % | — | — | %(e) | — | %(e) | — | %(e) | 59 | % | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.77 | ) | (2.16 | ) | (2.93 | ) | 31.45 | 4.90 | % | 243,030 | 0.67 | % | 0.67 | % | 2.47 | % | 28 | % | ||||||||||||||||||||||
Year ended April 30, 2018 | (0.68 | ) | (1.82 | ) | (2.50 | ) | 33.15 | 14.96 | % | 220,152 | 0.68 | % | 0.68 | % | 2.12 | % | 59 | % | ||||||||||||||||||||||
Year ended April 30, 2017 | (0.65 | ) | (1.39 | ) | (2.04 | ) | 31.06 | 15.58 | % | 181,716 | 0.66 | % | 0.66 | % | 2.11 | % | 48 | % | ||||||||||||||||||||||
Year ended April 30, 2016 | (0.71 | ) | (1.55 | ) | (2.26 | ) | 28.77 | 3.26 | % | 134,080 | 0.64 | % | 0.64 | % | 2.47 | % | 54 | % | ||||||||||||||||||||||
Year ended April 30, 2015 | (0.73 | ) | (1.04 | ) | (1.77 | ) | 30.16 | 6.97 | % | 140,285 | 0.66 | % | 0.66 | % | 2.46 | % | 48 | % | ||||||||||||||||||||||
Steward Covered Call Income Fund | ||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.09 | ) | (0.81 | ) | (0.90 | ) | 9.77 | 8.91 | % | 31 | 1.44 | % | 1.25 | % | 0.79 | % | 117 | % | ||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.02 | ) | — | (0.02 | ) | 9.92 | (0.56 | )% | 3 | 1.42 | % | 1.25 | % | 0.81 | % | 29 | % | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.02 | ) | (0.81 | ) | (0.83 | ) | 9.84 | 8.52 | % | 79 | 2.23 | % | 2.00 | % | 0.05 | % | 117 | % | ||||||||||||||||||||||
Period ended April 30, 2018(d) | — | — | — | 9.95 | (0.50 | )% | — | — | %(e) | — | %(e) | — | %(e) | 29 | % | |||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | — | (0.81 | ) | (0.81 | ) | 9.80 | 8.27 | % | — | — | %(e) | — | %(e) | — | %(e) | 117 | % | |||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.55 | )% | — | — | %(e) | — | %(e) | — | %(e) | 29 | % | |||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||
Year ended April 30, 2019 | (0.12 | ) | (0.81 | ) | (0.93 | ) | 9.75 | 9.06 | % | 28,806 | 1.14 | % | 1.00 | % | 1.10 | % | 117 | % | ||||||||||||||||||||||
Period ended April 30, 2018(d) | (0.03 | ) | — | (0.03 | ) | 9.92 | (0.54 | )% | 25,417 | 1.16 | % | 1.00 | % | 0.84 | % | 29 | % |
See notes to financial statements.
61
STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — April 30, 2019
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 April 30, 2019, SFI is composed of six separate operational funds, each a series of SFI (each a “Fund” and collectively the “Funds”). The accompanying financial statements are presented for the following six Funds:
Steward 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.
62
Note 3 — Significant Accounting Policies:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds.
Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various valuation approaches. Equity securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on The NASDAQ Stock Market LLC (“NASDAQ”) use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. These prices will be obtained by the Funds' accounting agent from an approved pricing source. Debt securities (other than short-term obligations), including listed issues, are valued at the bid price as obtained from an approved pricing source. Short-term obligations (those with remaining maturities of 60 days or less) are valued at amortized cost. Open-end mutual funds, including money market funds, are valued at net asset value per share. Exchange-traded options are valued (i) at the last reported sale price, or, (ii) if there is no last sale price, at the most recent bid for long options and the most recent ask for short options. Each of these methods has been determined in good faith by the Funds’ Board of Directors (the “Board”) to represent fair value for the affected securities. If securities or other assets held by the Funds cannot be valued as set forth above or if a market price or quotation for a security or other asset is not readily available, or cannot be determined, or if any market price or quotation is deemed to be unreliable or inaccurate by the Funds' investment adviser, the security will be priced at its fair value in accordance with procedures approved by the Board.
GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 — Quoted prices in active markets for identical securities and net asset values for money market funds.
Level 2 — Other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks).
Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
Pursuant to these valuation policies, equity securities and written options contracts are generally categorized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2). Debt securities are generally categorized as Level 2 securities in the fair value hierarchy, except that U.S. Treasury debt securities may be categorized as Level 1. Money market funds are generally categorized as Level 1 securities in the fair value hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy.
63
The following table presents a summary of inputs used to value the Funds’ investments as of April 30, 2019:
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* | $ | 421,866,941 | $ | — | $ | — | $ | 421,866,941 | ||||||||
Total Investments | $ | 421,866,941 | $ | — | $ | — | $ | 421,866,941 | ||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 224,102,186 | $ | — | $ | — | $ | 224,102,186 | ||||||||
Rights* | — | — | — | — | ||||||||||||
Total Investments | $ | 224,102,186 | $ | — | $ | — | $ | 224,102,186 | ||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 144,003,111 | $ | — | $ | — | $ | 144,003,111 | ||||||||
Total Investments | $ | 144,003,111 | $ | — | $ | — | $ | 144,003,111 | ||||||||
Steward Select Bond Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 100,308,229 | $ | — | $ | 100,308,229 | ||||||||
Municipal Bonds | — | 3,804,214 | — | 3,804,214 | ||||||||||||
U.S. Government Agencies | — | 21,478,842 | — | 21,478,842 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 6,933,286 | — | 6,933,286 | ||||||||||||
U.S. Treasury Obligations | 19,020,930 | 1,035,290 | — | 20,056,220 | ||||||||||||
Preferred Stocks* | 2,291,100 | — | — | 2,291,100 | ||||||||||||
Total Investments | $ | 21,312,030 | $ | 133,559,861 | $ | — | $ | 154,871,891 | ||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 313,193,151 | $ | — | $ | — | $ | 313,193,151 | ||||||||
Total Investments | $ | 313,193,151 | $ | — | $ | — | $ | 313,193,151 | ||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Security Type | ||||||||||||||||
Common Stocks* | $ | 29,683,117 | $ | — | $ | — | $ | 29,683,117 | ||||||||
Total Investment Securities | 29,683,117 | — | — | 29,683,117 | ||||||||||||
Other Financial Instruments:ˆ | ||||||||||||||||
Written Options Contracts | (1,062,508 | ) | — | — | (1,062,508 | ) | ||||||||||
Total Investments | $ | 28,620,609 | $ | — | $ | — | $ | 28,620,609 |
* | Please refer to the Schedule of Portfolio Investments to view common stocks, rights, 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 recorded in the financial statements at fair value. |
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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 withholding 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 and the month-end average notional amount for April 30, 2019 was $27,835,850. The twelve month average notional amount for written options contracts for the year ended April 30, 2019 was $25,273,085.
Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of April 30, 2019, are:
Liability Derivatives | ||||||||||||
Fund | Primary Risk Exposure | Statements of Asset and Liabilities Location | Total Fair Value | |||||||||
Steward Covered Call Income Fund | Equity Risk | |||||||||||
Options Contracts | Written options at fair value | $ | 1,062,508 |
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 | $ | 1,245,020 | $ | (644,301 | ) |
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Federal Income Taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter 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 make sufficient distributions of net investment income and net realized capital gains.
As of and during the year ended April 30, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense 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 year ended April 30, 2019, the Funds did not engage in any Rule 17a-7 transactions.
Recent Accounting Pronouncements: In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date for purchased non-contingently callable debt securities. For public business entities, ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management does not believe that adoption of ASU 2017-08 will materially impact the Funds’ financial statements.
In August 2018, FASB issued Accounting Standards Update No. 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. In addition, the amendments clarify that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for any eliminated or modified disclosures upon issuance of ASU 2018-13. The Funds have early adopted certain provisions of ASU 2018-13 as permitted and eliminated or modified disclosures within the financial statements. Management does not believe that final adoption of all provisions of ASU 2018-13 will materially impact the Funds’ financial statements.
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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 |
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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 |
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, as noted below, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of April 30, 2019, 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 April 30, 2019, 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 | $ | 37,844 |
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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. The annual rates are applied to the average daily net assets of all Funds in the aggregate. 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 set forth in the table below. The annual rates are applied to the average daily net assets of all Funds in the aggregate.
First | $ | 500,000,000 | 0.08 | % | ||||
Next | $ | 500,000,000 | 0.05 | % | ||||
Over | $ | 1,000,000,000 | 0.02 | % |
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. Institutional Class and Class R6 shares are not subject to the Service and Distribution Plan.
Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to its Class A, Class C, and Institutional Class shares for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group accounts in which Fund shareholders of each Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of each Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per account. These fees are in addition to fees payable under the Service and Distribution Plan. Class R6 shares are not subject to the Sub-Accounting Services Plan. Prior to April 1, 2019, the amounts payable to Crossmark Distributors could not exceed, on an annual basis, 0.10% of the average daily net assets of the applicable Class of each Fund.
Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments, Crossmark Distributors and/or Crossmark Consulting.
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 Ohio receives additional fees for sub-administration services and reimbursement of certain expenses. Prior to April 29, 2019, under a transfer agency agreement assigned from Citi Ohio, FIS Investor Services, LLC served as the Funds’ transfer agent and was paid annual
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class and per account fees. These fees were allocated among the Funds based on their relative daily net assets. Effective April 29, 2019, The Northern Trust Company (“Northern Trust”) serves as the Funds’ transfer agent.
Note 5 — Purchases and Sales of Securities:
Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the year ended April 30, 2019, were as follows:
Fund | Purchases | Sales | ||||||
Steward Large Cap Enhanced Index Fund | $ | 112,505,109 | $ | 110,752,219 | ||||
Steward Small-Mid Cap Enhanced Index Fund | 78,640,190 | 90,061,257 | ||||||
Steward International Enhanced Index Fund | 26,270,826 | 13,583,686 | ||||||
Steward Select Bond Fund | 27,573,445 | 23,201,422 | ||||||
Steward Global Equity Income Fund | 106,978,947 | 85,734,598 | ||||||
Steward Covered Call Income Fund | 34,078,677 | 31,360,644 |
Purchases and sales of U.S. government securities for the year ended April 30, 2019, were as follows:
Fund | Purchases | Sales | ||||||
Steward Select Bond Fund | $ | 11,011,923 | $ | 19,066,803 |
Note 6 — Federal Income Tax Information:
As of April 30, 2019, 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 | $ | 342,223,350 | $ | 94,737,125 | $ | (15,093,534 | ) | $ | 79,643,591 | |||||||
Steward Small-Mid Cap Enhanced Index Fund | 202,796,993 | 40,051,180 | (18,745,987 | ) | 21,305,193 | |||||||||||
Steward International Enhanced Index Fund | 137,222,578 | 20,470,517 | (13,689,984 | ) | 6,780,533 | |||||||||||
Steward Select Bond Fund | 154,806,361 | 1,273,390 | (1,207,860 | ) | 65,530 | |||||||||||
Steward Global Equity Income Fund | 274,493,716 | 47,198,393 | (8,498,958 | ) | 38,699,435 | |||||||||||
Steward Covered Call Income Fund | 29,745,696 | 1,929,359 | (3,054,446 | ) | (1,125,087 | ) |
The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales, adjustments to income on certain securities and other temporary differences.
The tax character of distributions paid during the fiscal year ended April 30, 2019, were as follows:
Distributions paid from | ||||||||||||
Fund | Ordinary Income | Net Long-Term Capital Gains | Total Distributions Paid | |||||||||
Steward Large Cap Enhanced Index Fund | $ | 5,748,102 | $ | 21,132,271 | $ | 26,880,373 | ||||||
Steward Small-Mid Cap Enhanced Index Fund | 3,329,833 | 24,228,706 | 27,558,539 | |||||||||
Steward International Enhanced Index Fund | 3,645,974 | — | 3,645,974 | |||||||||
Steward Select Bond Fund | 3,673,323 | — | 3,673,323 | |||||||||
Steward Global Equity Income Fund | 10,280,699 | 17,436,658 | 27,717,357 | |||||||||
Steward Covered Call Income Fund | 2,375,222 | — | 2,375,222 |
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The tax character of distributions paid during the 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 April 30, 2019, the components of distributable earnings/(accumulated 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 Distributable Earnings/ (Accumulated Deficit) | ||||||||||||||||||
Steward Large Cap Enhanced Index Fund | $ | — | $ | 9,836,643 | $ | 9,836,643 | $ | — | $ | 79,643,591 | $ | 89,480,234 | ||||||||||||
Steward Small-Mid Cap Enhanced Index Fund | — | 7,241,156 | 7,241,156 | — | 21,305,193 | 28,546,349 | ||||||||||||||||||
Steward International Enhanced Index Fund | 405,422 | — | 405,422 | (204,953 | ) | 6,780,533 | 6,981,002 | |||||||||||||||||
Steward Select Bond Fund | 456,318 | — | 456,318 | (2,355,185 | ) | 65,530 | (1,833,337 | ) | ||||||||||||||||
Steward Global Equity Income Fund | 673,022 | 5,046,319 | 5,719,341 | — | 38,699,435 | 44,418,776 | ||||||||||||||||||
Steward Covered Call Income Fund | 935,336 | — | 935,336 | — | (1,125,087 | ) | (189,751 | ) |
As of the end of the fiscal year ended April 30, 2019, the following Funds have capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short term or long term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset or expires.
CLCFs not subject to expiration:
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 | 84,995 | 2,089,045 | 2,174,040 | |||||||||
Steward Global Equity Income Fund | — | — | — | |||||||||
Steward Covered Call Income Fund | — | — | — |
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Under the current tax law, capital losses realized after October 31 and December 31, respectively, of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year tax purposes. The following Funds' deferred losses are as follows:
Fund | Post-October Loss Deferred | |||
Steward International Enhanced Index Fund | $ | 204,953 | ||
Steward Select Bond Fund | 181,145 |
For the fiscal year ended April 30, 2019, Steward International Enhanced Index Fund and Steward Select Bond Fund had expiring CLCFs of $4,553,057 and $760,671, respectively. Steward International Enhanced Index Fund utilized capital loss carryforward of $1,787,926 in the current year.
Note 7 — Reclassifications:
In accordance with GAAP, the Funds have made reclassifications among their capital accounts. These reclassifications are intended to adjust the components of the Funds’ net assets to reflect the tax character of permanent book/tax differences (e.g. CLCF Expiration) and have no impact on the net assets or the net asset value of the Funds. As of April 30, 2019, the Funds made reclassifications to increase or (decrease) the components of the net assets, detailed below:
Fund | Distributed Earnings* | Capital | ||||||
Steward Large Cap Enhanced Index Fund | $ | 2 | $ | (2 | ) | |||
Steward Small-Mid Cap Enhanced Index Fund | 2 | (2 | ) | |||||
Steward International Enhanced Index Fund | 4,553,057 | (4,553,057 | ) | |||||
Steward Select Bond Fund | 760,671 | (760,671 | ) | |||||
Steward Global Equity Income Fund | — | — | ||||||
Steward Covered Call Income Fund | — | — |
* | This component of capital is presented as “Total distributable earnings/(accumulated deficit)” on the Statements of Assets and Liabilities. |
Note 8 — Control Ownership:
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2019, AG Financial Solutions, 3900 S. Overland Ave., Springfield, MO 65807, the parent company of Crossmark Global Holdings, Inc., through its subsidiary, Steward Financial Holdings, Inc., has effective voting control over each of the Funds and SFI.
Percent Owned | ||||
Steward Large Cap Enhanced Index Fund – Class A | National Financial Services LLC | 55% | ||
Steward Large Cap Enhanced Index Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Large Cap Enhanced Index Fund – Class R6 | National Financial Services LLC | 100% | ||
Steward Large Cap Enhanced Index Fund – Institutional Class | TD Ameritrade Trust Co. | 50% | ||
Steward Large Cap Enhanced Index Fund – Institutional Class | National Financial Services LLC | 32% | ||
Steward Small-Mid Cap Enhanced Index Fund – Class C | Crossmark Global Investments, Inc.(1) | 100% | ||
Steward Small-Mid Cap Enhanced Index Fund – Class R6 | Voya Retirement Insurance & Annuity Co. | 100% | ||
Steward Small-Mid Cap Enhanced Index Fund – Institutional Class | TD Ameritrade Trust Co. | 43% | ||
Steward Small-Mid Cap Enhanced Index Fund – Institutional Class | National Financial Services LLC | 27% | ||
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 | TD Ameritrade Trust Co. | 52% | ||
Steward International Enhanced Index Fund – Institutional Class | National Financial Services LLC | 38% |
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Percent Owned | ||||
Steward Select Bond Fund – Class A | National Financial Services LLC | 87% | ||
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. | 52% | ||
Steward Select Bond Fund – Institutional Class | National Financial Services LLC | 45% | ||
Steward Global Equity Income Fund – Class A | Charles Schwab & Co., Inc. | 51% | ||
Steward Global Equity Income Fund – Class A | National Financial Services LLC | 41% | ||
Steward Global Equity Income Fund – Class C | Raymond James Financial Services, Inc. | 82% | ||
Steward Global Equity Income Fund – Class R6 | Voya Retirement Insurance & Annuity Co. | 54% | ||
Steward Global Equity Income Fund – Class R6 | Pershing LLC | 46% | ||
Steward Global Equity Income Fund – Institutional Class | TD Ameritrade Trust Co. | 43% | ||
Steward Global Equity Income Fund – Institutional Class | National Financial Services LLC | 31% | ||
Steward Covered Call Income Fund – Class A | Charles Schwab & Co., Inc. | 92% | ||
Steward Covered Call Income Fund – Class C | National Financial Services LLC | 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. | 92% |
(1) | Crossmark Global Investments Inc. owns one share each of Class C and Class R6. |
Note 9 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
Distributions
On June 16, 2019, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:
Fund | Amount | |||
Steward Large Cap Enhanced Index Fund | $ | 1,047,781 | ||
Steward Small-Mid Cap Enhanced Index Fund | 259,654 | |||
Steward International Enhanced Index Fund | 1,181,021 | |||
Steward Select Bond Fund | 871,245 | |||
Steward Global Equity Income Fund | 2,096,579 | |||
Steward Covered Call Income Fund | 74,856 |
Board of Directors
Richard J. Rossi was appointed by the Board as an independent Director on May 16, 2019.
Retention of The Northern Trust Company
Effective May 1, 2019, Northern Trust serves as the fund administration, accounting services, and custodian provider to the Funds.
Approval of New Agreements
On May 16, 2019, the Funds’ Board approved a new investment advisory agreement between SFI, on behalf of each Fund, and Crossmark Global Investments (the “New Advisory Agreement”) that will be submitted to shareholders for approval, as well as a new administration agreement between SFI, on behalf of each Fund, and Crossmark Global Investments (the “New Administration Agreement” and together with the New Advisory Agreement, the “New Agreements”). If approved by shareholders, the New Advisory Agreement will go into effect on August 1, 2019 or the most practicable date following shareholder approval. The New Administration Agreement is not subject to shareholder approval and will go into effect on August 1, 2019.
The Funds’ Board approved the New Agreements as part of a proposal by Crossmark Global Investments to restructure and consolidate the Funds’ current agreements with Crossmark Global Investments and its affiliate, Crossmark Consulting, and to reset the fees thereunder, in connection with Crossmark Global Investments’ reorientation of the Funds’ business seeking to
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expand the Funds’ shareholder base to include a broader group of both retail and institutional investors and, in light of this reorientation, to provide the resources needed for Crossmark Global Investments to continue to provide high quality services to the Funds at current asset levels and if assets grow. Under the proposal, Crossmark Global Investments recommends that the Funds’ four current agreements with Crossmark Global Investments and Crossmark Consulting for advisory, values-based screening, administration and compliance services (the “Current Agreements”) be replaced with the New Agreements, which would cover the same services currently provided to the Funds under the Current Agreements. In connection with the New Agreements, Crossmark Global Investments also proposes to reset the fees for its services, including (1) materially increasing the advisory fees charged to Steward Global Equity Income Fund and Steward Covered Call Income Fund and (2) revising the fee breakpoint schedules for all Funds under the New Agreements.
A special shareholder meeting of the Funds to vote on the proposal to approve the New Advisory Agreement is expected to be held in the second half of 2019. Any solicitation of proxies made in connection with this shareholder meeting will only be made pursuant to proxy materials filed with the SEC under applicable federal securities laws. There can be no assurance that the shareholders of the Funds will vote to approve the New Advisory Agreement. The foregoing is not a solicitation of any proxy.
Expense Limitation Agreement
The expense limitation agreement between SFI, on behalf of Steward Covered Call Income Fund, and Crossmark Global Investments, as described in Note 4, has been agreed to through August 30, 2020, such agreement to take effect upon the effectiveness of the New Advisory Agreement.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of
Steward Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Steward Funds, Inc., comprising Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund, Steward Global Equity Income Fund, and Steward Covered Call Income Fund (the “Funds”), as of April 30, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended for Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund, and Steward Global Equity Income Fund, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two periods in the period then ended, including the related notes, for Steward Covered Call Income Fund (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of April 30, 2019, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2007.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
June 27, 2019
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General Information (Unaudited)
Federal Income Tax Information:
For the fiscal year ended April 30, 2019, the following percentage of the total ordinary income distributions paid by the Funds qualify for the distributions received deduction available to corporate shareholders.
Fund | Distributions Received Deduction | |||
Steward Large Cap Enhanced Index Fund | 100.00 | % | ||
Steward Small-Mid Cap Enhanced Index Fund | 89.95 | % | ||
Steward International Enhanced Index Fund | 0.12 | % | ||
Steward Select Bond Fund | 3.13 | % | ||
Steward Global Equity Income Fund | 49.27 | % | ||
Steward Covered Call Income Fund | 20.04 | % |
For the fiscal year ended April 30, 2019, distributions paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.
For the taxable year ended April 30, 2019, the percentages of Qualified Dividend Income are as follows:
Fund | Qualified Dividend Income | |||
Steward Large Cap Enhanced Index Fund | 100.00 | % | ||
Steward Small-Mid Cap Enhanced Index Fund | 91.23 | % | ||
Steward International Enhanced Index Fund | 100.00 | % | ||
Steward Select Bond Fund | 3.12 | % | ||
Steward Global Equity Income Fund | 86.40 | % | ||
Steward Covered Call Income Fund | 19.92 | % |
The Funds declared long-term distributions of realized gains as follows:
Fund | Long-Term Capital Gains | |||
Steward Large Cap Enhanced Index Fund | $ | 21,132,271 | ||
Steward Small-Mid Cap Enhanced Index Fund | 24,228,706 | |||
Steward International Enhanced Index Fund | — | |||
Steward Select Bond Fund | — | |||
Steward Global Equity Income Fund | 17,436,658 | |||
Steward Covered Call Income Fund | — |
The Funds declared short-term distributions of realized gains as follows:
Fund | Short-Term Capital Gains | |||
Steward Large Cap Enhanced Index Fund | $ | — | ||
Steward Small-Mid Cap Enhanced Index Fund | 1,418,964 | |||
Steward International Enhanced Index Fund | — | |||
Steward Select Bond Fund | — | |||
Steward Global Equity Income Fund | 3,084,222 | |||
Steward Covered Call Income Fund | 2,067,222 |
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The Steward International Enhanced Index Fund intends to elect to pass-through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on April 30, 2019 were as follows:
Fund | Foreign Source Income | Foreign Tax Expense | ||||||
Steward International Enhanced Index Fund | $ | 0.77 | $ | 0.04 |
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the Steward Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-800-262-6631, or (ii) on the Securities and Exchange Commission’s (“SEC”) website athttp://www.sec.gov.
Availability of Quarterly Portfolio Schedule
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Portfolio holdings information included with Form N-PORT for the third month of each relevant fiscal quarter will be publicly available on the SEC’s website atwww.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
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DISCUSSION OF ANNUAL REVIEW AND APPROVAL OF
ADVISORY AGREEMENT FOR THE SERIES OF THE STEWARD FUNDS (Unaudited)
The Board of Directors (the “Board”) of Steward Funds, Inc. (the “Company”), including the Independent Directors, approved the renewal of the Amended and Restated Investment Advisory Agreement (the “Agreement”) between the Company, on behalf of each of Steward Large Cap Enhanced Index Fund, Steward Small-Mid Cap Enhanced Index Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund, Steward Global Equity Income Fund and Steward Covered Call Income Fund, each a series of the Company (each a “Fund” and collectively, the “Funds”), and the Funds’ investment adviser, Crossmark Global Investments, Inc. (the “Adviser”), at an in-person meeting on February 27, 2019 (the “Meeting”). The Board determined that the continuation of the Agreement is in the best interests of each Fund in light of the nature, quality and extent of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.
To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving investment advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to investment advisory agreements and their compensation under such agreements; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. In advance of and during the Meeting, the Board, including the Independent Directors, reviewed materials provided by the Adviser and its affiliates responding to requests for information from Company counsel that, among other things, outlined the investment advisory, administrative, compliance and other services provided by the Adviser and its affiliates to the Funds (including the relevant personnel responsible for these services and their experience); the investment performance of each Fund as compared to a peer universe of funds provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider (the “Performance Universe”), and as compared to the performance of relevant market benchmark indices; the investment advisory fee(s) charged to each Fund by the Adviser as compared to a peer group of funds provided by Broadridge (the “Expense Group”), and as compared to fees charged to other clients of the Adviser with similar investment objectives and policies as the Funds; expenses of each Fund as compared to the Expense Group; the nature of expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and its affiliates; and any other incidental or “fall out” benefits to the Adviser and its affiliates, Crossmark Consulting, LLC (“Crossmark Consulting”) and Crossmark Distributors, Inc. (“Crossmark Distributors” and with the Adviser and Crossmark Consulting, collectively “Crossmark”).
In considering the renewal of the Agreement for each Fund, the Independent Directors met independently of management and of the interested Directors to review and discuss the materials received from the Adviser and its affiliates. The Board applied its business judgment to determine whether the arrangement between the Company and the Adviser continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board, in its judgment, had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Funds knowing that the Adviser manages the Funds and knowing the relevant Fund’s investment advisory fee(s). In determining to renew the Agreement for each Fund, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together, including the factors set forth below.
Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by the Adviser to each Fund under the Agreement. The Board considered that the Adviser is responsible for investment advice, portfolio management and brokerage allocation, among other services under the Agreement. The Board also considered that the Adviser manages each Fund’s investments while also incorporating a customized values-based approach to investing. The Board noted that, pursuant to a separate agreement, Crossmark Consulting develops and maintains a values-based approach that produces a list of securities that are not eligible for investment by the Funds. The Board also noted that Crossmark Consulting provides various administrative and compliance services, including maintaining the Funds’ compliance program, under separate agreements. The Board considered the background and experience of the Crossmark employees responsible for providing the investment advisory, administrative, compliance and other services to the Funds.
At the Meeting, the Board met with the portfolio managers responsible for the day-to-day management of each Fund’s investments and discussed each Fund’s performance with the portfolio managers. The Board noted that it also meets with the portfolio managers to discuss investment performance at each quarterly Board meeting. The Board considered each Fund’s (other than Steward Covered Call Income Fund which commenced operations on December 14, 2017) investment performance (Institutional Class shares) over the one-, three-, five- and ten-year periods ended December 31, 2018 and Steward Covered Call Income Fund’s investment performance (Institutional Class shares) over the one-year period ended December 31, 2018, and compared each Fund’s performance to the performance of relevant market benchmarks and its Performance Universe. The Board
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took into account that the Funds utilize customized criteria for a values-based approach to investing and discussed with the portfolio managers the impact of the values-based approach to investing on the Funds’ performance.
In light of the information presented and the considerations made, the Board concluded that the nature, quality and extent of the services provided to each Fund by the Adviser under the Agreement have been and are expected to remain satisfactory.
Fees and Expenses. The Board considered the investment advisory fee(s) for each Fund as compared to the investment advisory fees for the Expense Group. The Board also reviewed the expense ratio of each Fund as compared to the expense ratios of the Expense Group. The Board considered information provided by Broadridge on how it selected the peer funds included in the Expense Group for each Fund and considered certain limitations on the data provided. The Board noted that, with respect to comparing the Funds’ investment advisory fee(s) to the Expense Group, Broadridge included the fees for values-based screening, administrative and compliance services in the investment advisory fee(s) for the Funds. Based on the information provided, the Board noted that the investment advisory fee(s) charged to each Fund, except for Steward International Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund, was below the median investment advisory fee of its Expense Group and that, although the investment advisory fees(s) charged to Steward International Enhanced Index Fund and Steward Small-Mid Cap Enhanced Index Fund was above the median of its applicable Expense Group, such fee(s) was within a reasonable range of the applicable median. For Steward Covered Call Income Fund, the Board considered that the Adviser had contractually agreed to waive fees and/or reimburse expenses through at least December 13, 2019 to limit total annual operating expenses for the Fund, subject to the ability to recapture previously waived fees and/or reimbursed expenses under certain circumstances for a three-year period. The Board also considered information provided by the Adviser regarding fees currently charged to other clients with similar investment objectives and policies as the Funds, noting that the investment advisory fee(s) for each Fund was similar to the standard fees charged to the Adviser’s other clients. On the basis of the information provided, the Board concluded that the investment advisory fee(s) for each Fund continues to be reasonable and appropriate in light of the nature, quality and extent of the services provided by the Adviser to the Funds under the Agreement.
Profitability. The Board received the financial statements of Crossmark and, at the Meeting, discussed with management the estimated profitability to Crossmark for each Fund. Based upon the information provided, the Board concluded that any profits realized by Crossmark in connection with the Funds were not unreasonable.
Economies of Scale. The Board considered whether it was appropriate to consider any further economies of scale that may be had with respect to the management of each Fund. The Board reviewed the net assets of each Fund in addition to the above noted Fees and Expenses and Profitability of Crossmark when considering the current level of each Fund’s investment advisory fee(s) and noted that, except for Steward Covered Call Income Fund, given its size, each Fund’s current investment advisory fee schedule included breakpoints that already offered reasonable economies of scale that may benefit the Fund as assets grow. Based upon the information considered, the Board concluded that the investment advisory fee schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may exist in the management of the Funds.
Other Benefits to the Adviser and Its Affiliates. The Board considered the character and amount of other benefits, incidental or otherwise, received by the Adviser and its affiliates as a result of the Adviser’s relationship to the Funds. The Board noted that Crossmark Distributors serves as the Company’s distributor and Crossmark Consulting provides administrative, compliance, class action and values-based screening services, among others, to the Funds. The Board considered payments under the Funds’ Rule 12b-1 Plan to Crossmark Distributors for distribution services as well as payments to Crossmark Consulting under its agreements with the Funds for various administrative, compliance and other services. The Board also noted that Crossmark Distributors does not execute portfolio transactions on behalf of the Funds. Additionally, the Board considered benefits to the Adviser related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers. The Board considered these direct and indirect benefits in reaching its conclusion that each Fund’s investment advisory fee(s) was reasonable.
Conclusion. Based upon all the information considered and the conclusions reached, the Board unanimously determined that the terms of the Agreement continue to be fair and reasonable and that continuation of the Agreement for each Fund is in the best interests of each Fund.
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EXPENSE EXAMPLES (Unaudited)
As a shareholder of the Funds, you may incur transaction costs, including contingent deferred sales charges on the lesser of the purchase price or redemption proceeds of Class C shares. You will also incur ongoing costs, including management fees; 12b-1 fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2018 through April 30, 2019.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Fund | Beginning Account Value 11/1/18 | Ending Account Value 4/30/19 | Expenses Paid During Period* 11/1/18 – 4/30/19 | Expense Ratio During Period 11/1/18 – 4/30/19** | ||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,087.80 | $ | 4.14 | 0.80 | % | ||||||||
Class C(1) | 1,000.00 | 1,082.40 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,088.10 | 2.38 | 0.46 | % | |||||||||||
Institutional Class | 1,000.00 | 1,089.50 | 2.59 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,042.10 | 4.15 | 0.82 | % | |||||||||||
Class C(1) | 1,000.00 | 1,048.30 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,044.20 | 3.09 | 0.61 | % | |||||||||||
Institutional Class | 1,000.00 | 1,043.20 | 2.74 | 0.54 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,080.30 | 5.21 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 1,074.00 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,074.10 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,081.60 | 3.61 | 0.70 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,034.70 | 4.79 | 0.95 | % | |||||||||||
Class C(1) | 1,000.00 | 1,025.30 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,025.50 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,036.40 | 3.33 | 0.66 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,083.60 | 5.01 | 0.97 | % | |||||||||||
Class C | 1,000.00 | 1,079.00 | 8.45 | 1.64 | % | |||||||||||
Class R6 | 1,000.00 | 1,086.10 | 3.10 | 0.60 | % | |||||||||||
Institutional Class | 1,000.00 | 1,085.00 | 3.46 | 0.67 | % | |||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,069.70 | 6.41 | 1.25 | % | |||||||||||
Class C | 1,000.00 | 1,067.00 | 10.25 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 1,064.50 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,070.30 | 5.13 | 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). |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended April 30, 2019. |
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Hypothetical Example for Comparison Purposes (Unaudited)
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 11/1/18 | Ending Account Value 4/30/19 | Expenses Paid During Period* 11/1/18 – 4/30/19 | Expense Ratio During Period 11/1/18 – 4/30/19** | ||||||||||||
Steward Large Cap Enhanced Index Fund | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.83 | $ | 4.01 | 0.80 | % | ||||||||
Class C(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,022.51 | 2.31 | 0.46 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.32 | 2.51 | 0.50 | % | |||||||||||
Steward Small-Mid Cap Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.73 | 4.11 | 0.82 | % | |||||||||||
Class C(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Class R6 | 1,000.00 | 1,021.77 | 3.06 | 0.61 | % | |||||||||||
Institutional Class | 1,000.00 | 1,022.12 | 2.71 | 0.54 | % | |||||||||||
Steward International Enhanced Index Fund | ||||||||||||||||
Class A | 1,000.00 | 1,019.79 | 5.06 | 1.01 | % | |||||||||||
Class C(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.32 | 3.51 | 0.70 | % | |||||||||||
Steward Select Bond Fund | ||||||||||||||||
Class A | 1,000.00 | 1,020.08 | 4.76 | 0.95 | % | |||||||||||
Class C(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Class R6(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.52 | 3.31 | 0.66 | % | |||||||||||
Steward Global Equity Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,019.98 | 4.86 | 0.97 | % | |||||||||||
Class C | 1,000.00 | 1,016.66 | 8.20 | 1.64 | % | |||||||||||
Class R6 | 1,000.00 | 1,021.82 | 3.01 | 0.60 | % | |||||||||||
Institutional Class | 1,000.00 | 1,021.47 | 3.36 | 0.67 | % | |||||||||||
Steward Covered Call Income Fund | ||||||||||||||||
Class A | 1,000.00 | 1,018.60 | 6.26 | 1.25 | % | |||||||||||
Class C | 1,000.00 | 1,014.88 | 9.99 | 2.00 | % | |||||||||||
Class R6(1) | 1,000.00 | 1,024.79 | — | — | % | |||||||||||
Institutional Class | 1,000.00 | 1,019.84 | 5.01 | 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). |
** | The Expense Ratio for each class of Steward Covered Call Income Fund (other than Class R6) reflects an expense limitation. See Note 4 in the Notes to Financial Statements. |
(1) | Expense Paid and Expense Ratio are expressed as — and —%, respectively, because the class is too small to accrue income and expenses during the period ended April 30, 2019. |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
The business and affairs of the Funds are managed under the direction of the Funds’ Board of Directors and the Funds’ officers appointed by the Board of Directors. The tables below list the Directors and executive officers of the Funds and their principal occupations during the past five years, other directorships held by the Directors and their affiliations, if any, with Crossmark Global Investments, Inc. and Crossmark Distributors, Inc.
The Funds' statement of additional information includes additional information about the Funds' Directors and is available, without charge, upon request, by calling 1-800-262-6631.
Name, Address, Age | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director or Nominee | Other Directorships Held by Director or Nominee During the Past 5 Years | |||||
Interested Directors | ||||||||||
Michael L. Kern, III, CFA(1) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Chairman of the Board; Director | Indefinite Term Since 2017 | President, CEO & Treasurer of Crossmark Global Holdings, Inc. (May 2015 – Present); President, CEO & Treasurer of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – Present); CCO of Crossmark Distributors, Inc. (August 1, 2017 – December 11, 2017); Secretary of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – 2018); President of Stout Risius Ross, Inc. (2008 – 2015) | 6 | Stratford Cambridge Group Investments – Advisory Board (2011 – 2017); Foundation Capital Resources (2015 - Present); Stout Risius Ross, Inc. (2008 – 2015) | |||||
Kyle A. Dana, CRPC(2) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1978 | Director | Indefinite Term Since 2017 | Senior Vice President, Retirement & Investment Solutions of AG Financial Solutions)(3) (2000 – Present) | 6 | N/A | |||||
Independent Directors | ||||||||||
Mark H. Barineau c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Director | Indefinite Term Since 2017 | President of Lionsmark Investment Group(4) (since April 2016); President & Owner of Radney Management & Investments, Inc.(5) (1996 – 2016) | 6 | N/A | |||||
Richard L. Peteka c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1961 | Director | Indefinite Term Since 2017 | Chief Financial Officer and Secretary of Solar Capital Ltd., Solar Senior Capital Ltd. (May 2012 – Present) and SCP Private Credit Income BDC LLC(6) (2018 – Present) | 6 | N/A | |||||
Adriana R. Posada c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1954 | Director | Indefinite Term Since 2017 | Retired; Sr. Portfolio Manager of American Beacon Advisors, Inc. (September 1998 – March 2016) | 6 | Trustee of Irving Firemen’s Relief and Retirement Plan (April 2009 – October 2015) |
(1) | Mr. Kern is an “interested person” of SFI, as defined in the 1940 Act, because of his position with the Funds’ investment adviser, administrator and distributor. |
(2) | Mr. Dana is an “interested person” of SFI, as defined in the 1940 Act, because of his position with AG Financial Solutions, which is an affiliate of the Funds’ investment adviser, administrator and distributor. |
(3) | AG Financial Solutions is an affiliate of SFI’s investment adviser, administrator and distributor specializing in delivering financial products and services that align with faith and values. |
(4) | Lionsmark Investment Group is a private real estate investment and management company that Mr. Barineau formed in 2016. Its primary business is the acquisition, development and management of multi-family assets and other active and passive real estate investments. |
(5) | Radney Management & Investments, Inc. was established in 1982 and is an ACCREDITED MANAGEMENT ORGANIZATION® specializing in multi-family property management. |
(6) | Solar Capital Ltd., Solar Senior Capital Ltd. and SCP Private Credit Income BDC LLC are business development companies that invest primarily in senior secured loans of private middle-market companies to generate current income that is distributed to shareholders across economic cycles. |
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DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Name, Address, Age | Position(s) Held with Fund | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Director or Nominee During the Past 5 Years | ||||
Executive Officers | ||||||||
Michael L. Kern, III, CFA(1) c/o 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | President & Treasurer | Since 2016 | President, CEO & Treasurer, of Crossmark Global Holdings, Inc. (May 2015 – Present); President, CEO & Treasurer of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – Present); CCO of Crossmark Distributors, Inc. (August 1, 2017 – December 11, 2017); Secretary of Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2016 – 2018); President of Stout Risius Ross, Inc. (2008 – 2015) | Stratford Cambridge Group Investments – Advisory Board (2011 – 2017); Foundation Capital Resources (2015 – Present) | ||||
Arthur G. Smith 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1962 | Executive Vice President | Since 2018 | Managing Director of Distribution and Marketing of Crossmark Global Investments, Inc. (2018 – Present); Managing Director of Bank of Tokyo Mitsubishi UFJ (2010 – 2017) | N/A | ||||
John R. Wolf 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1961 | Executive Vice President | SLCEIF since 2004 SSMCEIF since 1998 SIEIF since 2006 SSBF since 2004 SGEIF since 2008 SCCIF since 2017 | Managing Director – Equity Investments of Crossmark Global Investments, Inc. (1996 – Present) and Sr. Vice President of Crossmark Consulting, LLC. (1996 – 2016) | N/A | ||||
Melville Cody 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1954 | Executive Vice President | Since 2012 | Senior Portfolio Manager of Crossmark Global Investments, Inc. (2009 – Present); Co-Chairman, CFO & Portfolio Manager/Analyst of Roger H. Jenswold & Company, Inc. (2005 – 2012) | N/A | ||||
Victoria Fernandez 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1973 | Executive Vice President | Since 2014 | Chief Market Strategist of Crossmark Global Investments, Inc. (2018 – Present); Managing Director – Fixed Income Investments of Crossmark Global Investments, Inc. (2012 – 2018); Associate, Fayez Sarofim & Co. (1994 – 2012) | N/A | ||||
Paul Townsen 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1971 | Executive Vice President | Since 2017 | Managing Director – Crossmark Global Investments, Inc. (2017 – Present); Senior Vice President – Crossmark Global Investments, Inc. (2015 – 2017); Vice President – Crossmark Global Investments, Inc. (1994 – 2015) | N/A | ||||
Zachary Wehner, JD 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1988 | Vice President | SLCEIF since 2016 SSMCEIF since 2016 SIEIF since 2016 SGEIF since 2018 SCCIF since 2017 | Portfolio Manager of Crossmark Global Investments, Inc. (2015 – Present); Investment Analyst & Equity & Derivatives Trader of Crossmark Global Investments, Inc. (2014) | N/A |
83
DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Name, Address, Age | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Director or Nominee During the Past 5 Years | ||||
Executive Officers (continued) | ||||||||
Jim A. Coppedge 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1968 | Executive Vice President, Chief Compliance Officer, Assistant Secretary | Since 2017 | General Counsel & Chief Compliance Officer of Crossmark Global Investments, Inc. (2017 – Present); Chief Compliance Officer of Crossmark Distributors, Inc. (December 11, 2017 – Present); Secretary, Crossmark Global Investments, Inc., Crossmark Distributors, Inc. and Crossmark Consulting, LLC (2018 – Present); Deputy General Counsel of American International Group (2007 – 2015) | N/A | ||||
Patricia Mims 15375 Memorial Drive, Suite 200 Houston, TX 77079 Birth Year: 1960 | Secretary | Since 2016 | Sr. Compliance Officer, Crossmark Global Investments, Inc. (October 2018 – Present); Sr. Compliance Associate, Crossmark Global Investments, Inc. (April 2013 – October 2018); Assistant Secretary, Crossmark Global Investments, Inc., Crossmark Distributors, Inc., and Crossmark Consulting, LLC (2018 – Present); Office Manager, Mims Insurance (April 1999 – May 2010) | N/A |
(1) | SFI officers are elected by the Board annually and hold office until the next annual Board meeting at which officers are elected and until his or her successor is elected and qualified. |
Fund Name Abbreviations | ||||
Steward Large Cap Enhanced Index Fund | (SLCEIF) | |||
Steward Small-Mid Cap Enhanced Index Fund | (SSMCEIF) | |||
Steward International Enhanced Index Fund | (SIEIF) | |||
Steward Select Bond Fund | (SSBF) | |||
Steward Global Equity Income Fund | (SGEIF) | |||
Steward Covered Call Income Fund | (SCCIF) |
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Visit us online at:
crossmarkglobal.com
STEWARD FUNDS
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
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.
(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.
(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
Item 3. Audit Committee Financial Expert.
3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.
3(a)(2) The audit committee financial expert is Richard L. Peteka, who is “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Current Year | Previous Year | |||||||
(a)Audit Fees | $ | 86,000 | $ | 83,000 | ||||
(b)Audit-Related Fees | $ | - | $ | - | ||||
(c)Tax Fees | $ | 18,000 | $ | 18,000 | ||||
(d)All Other Fees | $ | - | $ | - |
The audit fees are paid for professional services rendered by the auditor for the audit of the Funds’ annual financial statements or services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. The tax fees are paid for professional services rendered by the auditor for tax compliance, tax advice and tax planning.
(e)(1)
The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the auditor to the Funds and certain non-audit services to be rendered by the auditor to the Funds’ investment adviser which require pre-approval by the Audit Committee. In connection with such pre-approvals, the auditor, or a Fund officer, with the assistance of the auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.
(2)
For the fiscal years ended April 30, 2019 and 2018, 100% of all the fees in paragraph (b) through (d) were approved by the Audit Committee.
(f)
Not applicable.
(g)
For the fiscal year ended April 30, 2019, Cohen and Company, Ltd. billed $18,000.
For the fiscal year ended April 30, 2018, Cohen and Company, Ltd. billed $18,000.
(h)
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)The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.
(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 6/28/19
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 6/28/19