UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-01597

Steward Funds, Inc.

(Exact name of registrant as specified in charter)

15375 Memorial Drive

Suite 200

Houston, Texas 77079

(Address of principal executive offices) (Zip code)

John Marten

Vedder Price P.C.

222 North LaSalle Street

Chicago, Illinois 60601

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 260-9000

Date of fiscal year end: April 30

Date of reporting period: April 30, 2022

 

Item 1. Reports to Stockholders.

 

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1):

 

LOGO

CROSSMARKGLOBAL.COM April 30, 2022 STEWARD FUNDS ANNUAL REPORT

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Dear Shareholder:
It is our pleasure to present you with the 2022 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 most recent fiscal year.
Dedicated to widely-held traditional values, our Steward Funds use a proprietary screening methodology that seeks to screen out companies recognized for their material business involvement, through direct participation and/or percentage of revenue, in abortion and abortifacients, adult entertainment, alcohol, embryonic stem cell research, gambling, recreational cannabis, and tobacco. We believe that investors do not need to sacrifice investment returns to align their investments with their values.
In that vein, we are excited to announce that for the eighth consecutive year our Steward Global Equity Income Fund (ticker SGISX) has received multiple Lipper Fund Awards for its performance. Specifically, the Steward Global Equity Income Fund was named the Best Global Equity Income Fund in the ten-year performance category for the period ended November 30, 2021, by Refinitiv. We are proud of this impressive track record.
In addition to receiving recognition for our investment product performance, we are also extremely proud of the recognition we have received related to the corporate culture at Crossmark Global Investments (the investment advisory firm that manages the Funds). As a faith-based 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. We believe that a vibrant, healthy corporate culture contributes substantially to the success of our clients.
During this last year we were honored to receive Houston’s Best and Brightest Companies to Work for Award given by the National Association for Business Resources (the fifth year in a row Crossmark has received this recognition), as well as being named one of the Best Companies to Work for in Texas by the joint efforts of the Texas Association of Business and the Texas Society of Human Resource Management. These awards demonstrate our commitment to creating a positive work environment for our employees where our core philosophy of serving our clients with excellence can thrive.
On behalf of all of the professionals at the Steward Funds and Crossmark Global Investments, we sincerely thank you for the trust you have placed in us. We invite you to learn more about the Steward Funds, Crossmark Global Investments, and the various investment options available by visiting our website at crossmarkglobal.com. Additionally, if you are ever in the Houston, Texas area, we would love to meet you personally. Feel free to stop by our office at any time.
Again, thank you for choosing to invest in the Steward Funds.
Sincerely,
Michael L. Kern, III, CFA
President – Steward Funds, Inc.
President & CEO – Crossmark Global Investments, Inc.
15375 Memorial Drive, Suite 200, Houston, TX 77079 800-262-6631
 crossmarkglobal.com/stewardfund s
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STEWARD COVERED CALL INCOME FUND
Paul Townsen, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the fiscal year ended April 30, 2022, the Steward Covered Call Income Fund returned -0.04%.  Over the same period, the Fund’s primary benchmark—the S&P 500 Index—returned 0.21%, while the Fund’s secondary benchmark—the Cboe S&P 500 BuyWrite Index (BXM)—returned 8.57%.
Positive and Negative Contributors to Performance
With regard to performance attribution for the Fund during the fiscal year ended April 30, 2022, there are several sectors and individual stocks worth highlighting.  From a sector allocation standpoint for the stock portfolio, the sectors contributing the most to relative performance against the S&P 500 were Consumer Discretionary, Consumer Staples, and Utilities (each overweight relative to the sector weights of the S&P 500).  Detracting the most from relative performance were Communication Services (overweight), Information Technology (underweight), and Financials (overweight). Stocks that contributed the most to relative performance were ConocoPhillips (0.52% of total average net assets), Eli Lilly (0.85% of total average net assets) and Exxon Mobil (1.2% of total average net assets).  Stocks detracting the most from relative performance were Adobe (1.9% of total average net assets), Apple (4.6% of total average net assets), and PayPal (1.1% of total average net assets).  When considering the values based screens we apply, the net impact for the Fund of not owning the screened-out companies was -95 bp, with almost all of the negative net impact coming from our Embryonic Stem Cell research screens and Abortion-related screens.
Looking Ahead
As we look to the rest of the 2022 calendar year, volatility will likely remain front and center for markets driven by a tightening Federal Reserve, concerns over inflation, an unsettled war in Ukraine, high global commodity prices, Covid lockdowns in China, and cracks in global supply chains, to name a few factors.  How this continues to play out from an implied volatility vs. realized volatility standpoint (otherwise known as the volatility premium realized by writing covered calls) is yet to be determined. However, we do believe we’ve entered a new regime characterized by higher implied volatility compared to the historically low volatility regime bookended between the Great Financial Crisis of '08/'09 and the start of Covid lockdowns in early 2020. 
Principal Investment Strategy
The Fund’s principal investment strategy is to invest in a portfolio of large-cap, dividend-paying, equity securities that are listed on U.S. exchanges and to write (sell) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund’s portfolio when compared to the broader uncovered large-cap securities market, subject to the limitations of the Fund’s values-based screening policies.
Under normal market circumstances, the Fund will:
•  write (sell) call options on at least 80% of its equity securities
•  invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark
Covered call options may be written on the Fund’s equity securities. A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at a specified exercise price at any time prior
and up to the expiration of the contract.
The covered call strategy used by the Fund is designed to earn extra premium income to moderate the impact of market declines and to reduce the volatility of the Fund’s portfolio. This strategy means that the Fund may be expected to underperform equity
markets during periods of sharply rising prices; conversely, by using this strategy, the Fund would tend to outperform equity markets during periods of flat or declining prices due to the Fund’s receipt of premiums from selling the call options.
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STEWARD EQUITY MARKET NEUTRAL FUND
Robert C. Doll, CFA, Chief Investment Officer, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
From inception (November 15, 2021) to the fiscal year-end of April 30, 2022, the Steward Equity Market Neutral Fund returned 6.08%.  For comparison purposes, the total return of the ICE BofA 3 Month U.S. Treasury Bill Index was 0.06% over the same period.
Positive and Negative Contributors to Performance
Our long positions returned  -12.92% during this period, while our short positions returned 19.67%.  Biggest positive contributors were communication services (+206bp), healthcare (+185bp), industrials (+151bp), information technology (+143bp); biggest detractors were utilities (-112bp) and energy (-106bp).  The largest individual stock contributors were shorts (Wayfair +123bp, Shoals Technologies +103bp, Novavax +102bp, GoHealth +93bp, Unity Software +77bp, and Roku +75bp).  Biggest detractors were also shorts: New Fortress Energy -88bp and GameStop -52bp).  The Fund was hurt by 98bp due to values-based screens with the majority of that coming from our inability to own certain healthcare companies (United Healthcare -25bp, Johnson and Johnson -24bp, Bristol Myers Squibb -12bp, and Merck -10bp).
Looking Ahead
Our view is that the equity market is in a tug of war between a good earnings tailwind and a modest valuation headwind.  Despite a positive earnings picture, the overall macro backdrop has become less favorable for the equity market in 2022.  The combination of elevated market valuations, revenue and earnings growth losing steam, a war and higher oil prices, and rising bond yields point to a more difficult year with more frequent pullbacks and higher volatility.  Valuation will be of paramount importance in positioning equity portfolios in our view.  We believe that it makes sense to lean modestly in favor of value/cyclicals.  2022 is shaping up to be more challenging for investors, as central banks progressively unwind unprecedented monetary accommodation in response to ongoing economic recovery and expansion and elevated inflation pressures.  While we expect decent economic and earnings growth will be a tailwind for equities, rising interest rates and stubborn inflation will be headwinds. This is likely to create volatility and, at times, turbulent churning.
We expect a pause in the cyclical rise in bond yields, as growth concerns have increased and there should be less alarming inflation data ahead, at a point when government bond markets are extremely oversold.  A pause, in turn, should allow the recent risk-off phase to diminish once investors realize that the economic progress remains positive. The foundations under the global economic expansion are still solid in our view, but the liquidity boom is unwinding, and we expect financial market returns will be far less than in recent years, as bond yields move higher over time.
In the near-term, there is room for both stocks and bonds to rebound from an oversold starting point, during which expected ongoing growth worries may favor bonds over stocks.  However, on a 6-12 month horizon, our constructive economic outlook and sticky inflation imply another upleg for global bond yields and therefore that equities will resume outperforming bonds.  Barring a sharper decline in inflation than we anticipate, we believe multi-asset portfolios will struggle to generate positive real returns in the year ahead.
Principal Investment Strategy
The Fund pursues its investment objective utilizing a market neutral strategy, the goal of which is to generate absolute returns that are due primarily to stock selection, rather than the returns and direction of the stock market. Under normal market conditions, the Fund invests at least 80% of its assets in equity securities. The Fund implements its market neutral strategy by establishing long and short positions in a diversified portfolio of equity securities, subject to the limitations of the Fund’s values-based screening policies on long positions.  Substantially all of the equity securities in which the Fund takes long and short positions will be included in the Russell 1000 Index at the time of purchase.  As a result, the Fund will invest significantly in large-capitalization companies.  When the Fund takes a long position in a security, it purchases the security outright.  When the Fund takes a short position, it sells a security that the Fund does not own at the current market price and delivers to the buyer a security that the Fund has borrowed.  The Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund.  The Fund may use all or a portion of the proceeds of its short sales to purchase additional long positions.
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Portfolio management will invest in long positions that are expected to deliver the overall returns of the stock market, plus additional performance unique to the specific stocks purchased by portfolio management.  The short positions selected by portfolio management are expected to deliver the inverse of the overall returns of the stock market, plus additional performance unique to the specific stocks sold short by portfolio management. At any time, the Fund's net long exposure to the stock market (long market value minus short market value) could range between -20% and 40%.
Portfolio management will select securities using an investment process that combines quantitative techniques, fundamental analysis and risk management.  Securities generally are added to the portfolio as long or short positions based both on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities.  In addition, portfolio management will utilize risk management techniques to establish constraints on the amounts invested in individual securities and sectors.  Portfolio management generally will decrease or eliminate a short or long position in a security if the security’s model ranking changes significantly or research reveals a significant change in the company’s fundamentals.
Portfolio management may consider among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. With respect to security rankings provided by the multi-factor quantitative models, the models include a component for ranking companies using values-based characteristics.
STEWARD GLOBAL EQUITY INCOME FUND
John R. Wolf, Managing Director, Portfolio Manager, Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the fiscal year ended April 30, 2022, the Steward Global Equity Income Fund returned 0.02%. The return for the global market as represented by the S&P Global 1200 index was -3.10% for the same period. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 3.51%.
Positive and Negative Contributors to Performance
The Fund’s allocation at the end of the period was 63% U.S. and 37% international with domestic stocks outperforming their international counterparts during the year.
Positive relative performance for the fiscal year was led by the energy sector as U.S. policy on fossil fuels curtailed new oil exploration and development reducing global supply. This combined with the geopolitical instability of Russia invading Ukraine has created further volatility and pressure on energy prices. Russia is the third largest oil and gas producer and the global backlash to the Ukraine invasion has created an aversion to Russian imports.  Shares of holdings Canadian Natural Resources Ltd. (1.91% of total net assets) and Petroleo Brasileiro SA (1.98% of total net assets) jumped 45.00% and 55.06% respectively for the period held. Shares of Cigna Corp. (2.49% of total net assets) rose 14.22% for the period held as revenues have been increasing consistently for the past several years. The health insurance provider has been growing its membership over many quarters and it is expected to continue. Management’s strategy is driven by opportunistic acquisitions and providing high quality products and services. The company has distributed over $9 billion to shareholders in 2021 though dividends and share repurchases. The last dividend payout reflected an increase of 12%.
Negative contributors to relative performance included Companhia Brasileira de Distribuicao, which dropped -41.78% before being sold out of the Fund in February. The Brazil based supermarket and department store retailer posted impressive results during the previous fiscal year that were boosted by increased demand for essentials. The pandemic had led to customers stockpiling supplies and increasing consumption at home. This trend, however, reversed during the current fiscal year as demand dropped impacting the company’s profitability. Shares of SAP SE (1.42% of total net assets), a Germany based provider of enterprise application software and software related services, dropped -26.88% during the period held. Recent weakness in software licenses and support services have weighed on company performance. SAP has also increased investment in enhancing its cloud-based offerings which has been exerting pressure on the company’s profitability. This transition to its cloud business has already been gaining strength and the company’s solid ecosystem continues to support growth across its product line.
Performance of the Fund can also be affected by the values-based investment policies. Compensating for a specific restricted industry or company whose total return deviates dramatically from the overall S&P Global 1200 Index is extremely difficult regardless of its weight within that Index. For the year ended April 30, 2022, the Fund’s values-based investment policies had a slight negative impact on performance.
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Looking Ahead
With the pandemic now largely in the rear view mirror the market has become focused on geopolitical issues involving the Russian invasion of Ukraine and the corresponding impact that will have on the global economy. Inflation which has already been running hot coming into the first quarter has only gotten worse with the added pressure of rising oil prices due to embargoes on Russian crude. Company earnings continue to be strong but near future caution is warranted in our opinion. We believe this is a more favorable environment for a dividend strategy with its lower volatility profile and ability to lessen the impact of potential market gyrations.
Principal Investment Strategy
The Fund pursues its investment objective through investment in U.S. and non-U.S. dividend-paying stocks that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth, subject to the limitations of the Fund’s values-based screening policies. The Fund invests primarily in common stocks of companies that represent a broad spectrum of the global economy and a range of market capitalizations, including large-cap, mid-cap and small-cap. The Fund may also invest in other investment companies and real estate investment trusts. The Fund will invest in dividend-paying securities of issuers throughout the world and the Fund will generally seek to have 30% to 50% of its net assets, and, under normal market conditions, no less than 30% of its net assets, invested in securities of non-U.S. issuers. Under normal market conditions, the Fund will invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in dividend-paying securities. The Fund will also, under normal market conditions, invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in equity securities. (Any such other investment company will also have similar policies to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in (a) dividend-paying securities and (b) equity securities.) The Fund will provide shareholders with at least 60 days’ prior notice of any change in these policies. The Fund may invest up to 80% of its total assets in securities of non-U.S. issuers and no more than 40% of its total assets in securities of companies in emerging market countries.
STEWARD INTERNATIONAL ENHANCED INDEX FUND
John R. Wolf, Managing Director, Portfolio Manager, Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the fiscal year ended April 30, 2022, the total return for the Steward International Enhanced Index Fund was -7.67%.  When compared against the -1.63% total return of the S&P ADR Index (the Fund’s primary benchmark), the Fund underperformed by 604 bp.  The Fund’s dual market strategy – which allocates to both non-U.S. developed market (DM) ADR securities and to emerging market (EM) ADR securities – remained unchanged throughout the year at 85% non-US DM and 15% EM.  These allocation weights continue to represent our relatively neutral outlook between non-US DM and EM going forward.
Positive and Negative Contributors to Performance
The allocation to EM was the biggest driver of Fund underperformance (-380 bp of net impact) during the year ended April 30, 2022, as EM ADRs returned -27.1% representing 2,535 bp of underperformance relative to the primary benchmark.  Much of this underperformance in EM ADRs was due to the exposure from Chinese stocks.  Individual EM ADR stocks in the portfolio that provided the biggest detractions from relative performance versus the primary benchmark included Pinduoduo (-68% total return), Alibaba (-57% total return), Baidu (-41% total return), and NIO Inc. (-58% total return).
Another sub-component affecting the Fund’s net performance relative to the primary benchmark is the Steward Funds values-based screens. For the year ended April 30, 2022, the companies included in the Fund’s values-based screens represented an average of approximately 19% of the primary benchmark’s market capitalization.  Not owning these screened-out companies had a -275 bp net impact on the Fund’s performance relative to the primary benchmark.  Overall, the restriction on stem cell research and abortion-related securities accounted for nearly all of the net negative impact, while the Alcohol screens and Tobacco screen provided a smaller negative net impact.  The recreational cannabis screen was the only values-based screen that contributed positive performance, but the net negative impact was immaterial in comparison to the negative impact from the other screens. 
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Looking Ahead
Going forward, we will continue to carefully examine the rationale of a neutral tilt weighting between non-US developed markets and emerging markets. Much of what we are monitoring are the direction of global interest rates, inflation, commodity prices, Covid-19 lockdowns vs. re-openings, changes in the unprecedented fiscal and monetary responses by governments and global central banks, changing developments in potential regulatory actions by the US on Chinese ADRs, and more recently, the downstream effects of the Russian invasion of Ukraine. 
Principal Investment Strategy
The Fund pursues its objective by seeking to enhance its performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of equity securities of developed market companies and of emerging market companies, and 2) utilizing computer-aided, quantitative analysis of valuation, growth, dividend yield, industry, and other factors to attempt to compensate for the exclusion of certain index securities due to the Fund’s values-based screening policies.
Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s primary benchmark and will invest at least 80% of its assets in the securities of non-U.S. companies. The Fund’s investments are allocated in an attempt to match the characteristics of a blend of the primary benchmark with varied weightings from time to time of a secondary broad-based index that includes only securities of issuers in emerging market countries.
STEWARD LARGE CAP CORE FUND
Robert C. Doll, CFA, Chief Investment Officer, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
From inception (November 15, 2021) to the fiscal year-end of April 30, 2022, the Steward Large Cap Core Fund returned -13.67%.  For comparison purposes, the total return of the Russell 1000 Index was -13.31% over the same period.
Positive and Negative Contributors to Performance
During the stub period in question (November 18, 2021 through April 30, 2022), the Steward Large Cap Core Fund was helped by stock selection and hurt by sector allocation.  In particular, stock selection was exceptionally strong in technology (+265bp) with smaller contributions from consumer discretionary, communication services, and industrials.  The biggest positive technology contributors were HP Inc. (+28bp), underweighting Meta (+28bp), underweighting Nvidia (+28bp), Hewlett Packard Enterprise (+18bp), Western Union (+14bp), Mastercard (+13bp), and Norton LifeLock (+13bp).  Other positive contributors were AmeriSource Bergen (+31bp), Cigna (+25bp), and underweighting Amazon (+21bp).
The biggest sector detractors were underweight energy (-125bp) and consumer staples (-94bp). This was partially offset by underweighting communication services (+58bp). The biggest negative contributors to individual stock performance were Williams Sonoma (-25bp) and underweighting Berkshire Hathaway (-25bp).  The Fund was hurt by 98bp due to values-based screens with the majority of that coming from our inability to own certain healthcare companies (United Healthcare -25bp, Johnson and Johnson -24bp, Bristol Myers Squibb -12bp, and Merck -10bp).
Looking Ahead
Our view is that the equity market is in a tug of war between a good earnings tailwind and a modest valuation headwind. Despite a positive earnings picture, the overall macro backdrop has become less favorable for the equity market in 2022.  The combination of elevated market valuations, revenue and earnings growth losing steam, a war and higher oil prices, and rising bond yields point to a more difficult year with more frequent pullbacks and higher volatility. Valuation will be of paramount importance in positioning equity portfolios in our view.  We believe that it makes sense to lean modestly in favor of value/cyclicals.  2022 is shaping up to be more challenging for investors, as central banks progressively unwind unprecedented monetary accommodation in response to ongoing economic recovery and expansion and elevated inflation pressures.  While we expect decent economic and earnings growth will be a tailwind for equities, rising interest rates and stubborn inflation will be headwinds.  This is likely to create volatility and, at times, turbulent churning.
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We expect a pause in the cyclical rise in bond yields, as growth concerns have increased and there should be less alarming inflation data ahead, at a point when government bond markets are extremely oversold.  A pause, in turn, should allow the recent risk-off phase to diminish once investors realize that the economic progress remains positive. The foundations under the global economic expansion are still solid in our view, but the liquidity boom is unwinding, and we expect financial market returns will be far less than in recent years, as bond yields move higher over time.
In the near-term, there is room for both stocks and bonds to rebound from an oversold starting point, during which expected ongoing growth worries may favor bonds over stocks.  However, on a 6-12 month horizon, our constructive economic outlook and sticky inflation imply another upleg for global bond yields and therefore that equities will resume outperforming bonds. Barring a sharper decline in inflation than we anticipate, we believe multi-asset portfolios will struggle to generate positive real returns in the year ahead.
Principal Investment Strategy
The Fund’s principal investment strategy is to invest in a portfolio of large-cap equity securities, subject to limitations of the Fund’s values-based screening policies. Under normal market conditions, the Fund invests at least 80% of its assets in securities of large-cap companies. The Fund’s benchmark index is the Russell 1000 Index.  Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index at the time of purchase.
Portfolio management will select securities using an investment process that combines quantitative techniques, fundamental analysis and risk management.  Securities generally are added to the portfolio based both on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities.  In addition, portfolio management will utilize risk management techniques to establish constraints on the amounts invested in individual securities and sectors.  Portfolio management will generally sell a security if its model ranking declines significantly or research reveals a significant deterioration of the company’s fundamentals.
Portfolio management may consider among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.  With respect to security rankings provided by the multi-factor quantitative models, the models include a component for ranking companies using values-based characteristics.
STEWARD LARGE CAP GROWTH FUND
Robert C. Doll, CFA, Chief Investment Officer, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
From inception (November 15, 2021) to the fiscal year-end of April 30, 2022, the Steward Large Cap Growth Fund returned -17.24%.  For comparison purposes, the total return of the Russell 1000 Growth Index was -19.57% over the same period.
Positive and Negative Contributors to Performance
During the stub period in question (November 18, 2021 through April 30, 2022), the Steward Large Cap Growth Fund while down in absolute terms, handily outperformed the Russell 1000 Growth benchmark.  The biggest positive contributors came from stock selection (+395bp), especially in information technology (+212bp).  Best performing stocks included underweighting Netflix (+59bp), McKesson (+47bp), CH Robinson (+37bp), Cardinal Health (+36bp), HP Inc. (+35bp), and Iron Mountain (+34bp).  Worst stock contributions were Abbvie (-39bp) and Bath and Body Works (-30bp).  Values-based screening cost the Fund 18bp.
Looking Ahead
Our view is that the equity market is in a tug of war between a good earnings tailwind and a modest valuation headwind.  Despite a positive earnings picture, the overall macro backdrop has become less favorable for the equity market in 2022.  The combination of elevated market valuations, revenue and earnings growth losing steam, a war and higher oil prices, and rising bond yields point to a more difficult year with more frequent pullbacks and higher volatility. Valuation will be of paramount importance in positioning equity portfolios in our view. We believe that it makes sense to lean modestly in favor of value/cyclicals.  2022 is shaping up to be more challenging for investors, as central banks progressively unwind unprecedented monetary accommodation in response to
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ongoing economic recovery and expansion and elevated inflation pressures. While we expect decent economic and earnings growth will be a tailwind for equities, rising interest rates and stubborn inflation will be headwinds. This is likely to create volatility and, at times, turbulent churning.
We expect a pause in the cyclical rise in bond yields, as growth concerns have increased and there should be less alarming inflation data ahead, at a point when government bond markets are extremely oversold.  A pause, in turn, should allow the recent risk-off phase to diminish once investors realize that the economic progress remains positive. The foundations under the global economic expansion are still solid in our view, but the liquidity boom is unwinding, and we expect financial market returns will be far less than in recent years, as bond yields move higher over time.
In the near-term, there is room for both stocks and bonds to rebound from an oversold starting point, during which expected ongoing growth worries may favor bonds over stocks. However, on a 6-12 month horizon, our constructive economic outlook and sticky inflation imply another upleg for global bond yields and therefore that equities will resume outperforming bonds. Barring a sharper decline in inflation than we anticipate, we believe multi-asset portfolios will struggle to generate positive real returns in the year ahead.
Principal Investment Strategy
The Fund’s principal investment strategy is to invest in a portfolio of large-cap growth securities, subject to limitations of the Fund’s values-based screening policies. Under normal market conditions, the Fund invests at least 80% of its assets in securities of large-cap companies. The Fund’s benchmark index is the Russell 1000 Growth Index. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index at the time of purchase.
The Fund invests primarily in securities that are considered by portfolio management to have potential for earnings or revenue growth. Portfolio management will select securities using an investment process that combines quantitative techniques, fundamental analysis and risk management.  Securities generally are added to the portfolio based both on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities. In addition, portfolio management will utilize risk management techniques to establish constraints on the amounts invested in individual securities and sectors. Portfolio management will generally sell a security if its model ranking declines significantly or research reveals a significant deterioration of the company’s fundamentals.
Portfolio management may consider among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. With respect to security rankings provided by the multi-factor quantitative models, the models include a component for ranking companies using values-based characteristics.
STEWARD LARGE CAP VALUE FUND
Robert C. Doll, CFA, Chief Investment Officer, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
From inception (November 15, 2021) to the fiscal year-end of April 30, 2022, the Steward Large Cap Value Fund returned -8.13%. For comparison purposes, the total return of the Russell 1000 Value Index was -5.43% over the same period.
Positive and Negative Contributors to Performance
During the stub period in question (November 18, 2021 through April 30, 2022), the Steward Large Cap Value Fund underperformed noticeably due to poor sector allocations by underweighting energy (-93bp), overweighting information technology (-90bp), overweighting consumer discretionary (-69bp), and underweighting utilities (-58bp). The values-based screening cost the Fund 101bp with nearly all of that coming from our inability to own certain healthcare companies (Johnson and Johnson -34bp, United Healthcare -34bp, Bristol Myers Squibb -21bp, and Merck -13bp.)
The biggest sector weight detractors were underweight energy (-125bp) and consumer staples (-94bp). This was partially offset by underweighting communication services (+58bp). Worst performing stock contributions were Bath and Body Works (-43bp), underweighting Chevron (-36bp), underweighting Exxon Mobile (-34bp), and Janus Henderson (-33bp). This was positively offset by positive stock selection in information technology (+129bp).  Best stock contributors were Marathon Petroleum (+35bp), Conoco Phillips (+27bp), and Amerisource Bergen (+25bp).
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Looking Ahead
Our view is that the equity market is in a tug of war between a good earnings tailwind and a modest valuation headwind. Despite a positive earnings picture, the overall macro backdrop has become less favorable for the equity market in 2022.  The combination of elevated market valuations, revenue and earnings growth losing steam, a war and higher oil prices, and rising bond yields point to a more difficult year with more frequent pullbacks and higher volatility. Valuation will be of paramount importance in positioning equity portfolios in our view. We believe that it makes sense to lean modestly in favor of value/cyclicals.  2022 is shaping up to be more challenging for investors, as central banks progressively unwind unprecedented monetary accommodation in response to ongoing economic recovery and expansion and elevated inflation pressures.  While we expect decent economic and earnings growth will be a tailwind for equities, rising interest rates and stubborn inflation will be headwinds. This is likely to create volatility and, at times, turbulent churning.
We expect a pause in the cyclical rise in bond yields, as growth concerns have increased and there should be less alarming inflation data ahead, at a point when government bond markets are extremely oversold.  A pause, in turn, should allow the recent risk-off phase to diminish once investors realize that the economic progress remains positive. The foundations under the global economic expansion are still solid in our view, but the liquidity boom is unwinding, and we expect financial market returns will be far less than in recent years, as bond yields move higher over time.
In the near-term, there is room for both stocks and bonds to rebound from an oversold starting point, during which expected ongoing growth worries may favor bonds over stocks. However, on a 6-12 month horizon, our constructive economic outlook and sticky inflation imply another upleg for global bond yields and therefore that equities will resume outperforming bonds. Barring a sharper decline in inflation than we anticipate, we believe multi-asset portfolios will struggle to generate positive real returns in the year ahead.
Principal Investment Strategy
The Fund’s principal investment strategy is to invest in a portfolio of large-cap value securities, subject to limitations of the Fund’s values-based screening policies. Under normal market conditions, the Fund invests at least 80% of its assets in securities of large-cap companies. The Fund’s benchmark index is the Russell 1000 Value Index. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index at the time of purchase.
The Fund invests primarily in securities that are considered by portfolio management to be undervalued with good prospects for capital appreciation. Portfolio management will select securities using an investment process that combines quantitative techniques, fundamental analysis and risk management.  Securities generally are added to the portfolio based both on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities. In addition, portfolio management will utilize risk management techniques to establish constraints on the amounts invested in individual securities and sectors. Portfolio management will generally sell a security if its model ranking declines significantly or research reveals a significant deterioration of the company’s fundamentals.
Portfolio management may consider among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. With respect to security rankings provided by the multi-factor quantitative models, the models include a component for ranking companies using values-based characteristics.
STEWARD SELECT BOND FUND
Victoria Fernandez, CFA, Chief Market Strategist, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the twelve-month period ended April 30, 2022, there was tremendous volatility in the fixed income markets resulting in the Steward Select Bond Fund slightly underperforming the Bloomberg U.S Government/Credit Bond Index by 15 bp, returning -8.62% and -8.47%, respectively.  As the market began to shift its inflation outlook from mostly transitory to much more permanent, the belief that the Federal Reserve was significantly behind the curve began to take hold.  We saw yields move up across the curve, but especially in the short-end which
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is most affected by rate hikes from central banks.  In 2022, 2-year yields moved up by 195 bp while the 10-year yields moved higher by 131bp; this is significant movement in a short period of time. In this rising rate environment, the Steward Select Bond Fund has outperformed the Index by 120bp during the first four months of 2022.
Positive and Negative Contributors to Performance
For the Steward Select Bond Fund, the shorter duration positioning as a result of our investment process proved to be the largest positive contributor to the Fund’s performance vs. the Index contributing 372bp to performance.  As yields moved significantly higher over the past few months, a shorter duration assists in limiting the interest rate sensitivity of the Fund.  Along with the duration positioning, the income generated from an overweight to the investment-grade corporate allocation and the selection effect from our choice of corporate issuers were also positive contributors to performance.  The same overweight to the corporate sector that was positive from an income perspective was a drag on performance in regards to overall allocation as corporate spreads widened in addition to the yield curve shifting higher.  The yield curve was the largest negative contributor to performance due to the shorter treasury notes held in the fund.  Even though short duration for the portfolio overall was beneficial, the 2-year part of the curve had the largest move causing the largest price decline. We have about a 4.5% allocation to this part of the curve for treasury notes which caused yield curve placement to be the largest drag on performance for the year.  The worst performers were the longer duration corporate securities like Sherwin Williams, Starbucks and United Parcel Service.  Performance is due to the structure/maturity of the bond and not the individual issuer in this environment. The best individual performers were variable-rate mortgage-backed securities as the coupons adjust with rising rates buffering some of the price decline seen in fixed rate securities.  In addition, our preferred holdings and shorter maturity corporate bonds like CVS and Procter & Gamble were strong individual performers as well.
We have made progress in extending our duration of the Fund closer to neutral as we anticipate that yields are getting toward the top end of their expected trading range.  Inflation and central bank actions could adjust our outlook if we don’t see inflation begin to moderate and these changes would be incorporated into our investment process to help determine the strategy of the Fund which incorporates decisions on duration targets, yield curve placement, sector allocation and security selection. We maintain our focus on investment-grade securities that provide steady cash flow for the Fund which we see as a positive contribution to performance for the Fund over the coming year as volatility continues to dominate markets.
Looking Ahead
We expect the market to continue to be volatile as it deals with the myriad of issues listed earlier. Given the substantial pullback in the market during the first calendar quarter of 2022, we would expect some of the issues to be “priced in” to the market which could allow the market to move higher, albeit with swings in both directions.
Principal Investment Strategy
The Fund invests primarily in fixed-income securities, including, but not limited to, corporate bonds, mortgage-backed securities and government and agency bonds and notes, subject to the limitations of the Fund’s values-based screening policies. The Fund’s investments may include U.S. dollar-denominated instruments issued in the U.S. by foreign banks and branches and foreign corporations. Other security types may include fixed-rate preferred stock and municipal bonds. Normally, the Fund will invest at least 80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in these types of instruments. (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.)
In order to construct the most appropriate portfolio to realize the Fund’s objective, portfolio management will seek to balance three primary portfolio characteristics: duration, yield curve structure and sector allocations. When making investment decisions, portfolio management will also consider a company’s values-based characteristics.
STEWARD SMALL CAP GROWTH FUND
Brent Lium, CFA, Managing Director, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
The Steward Small Cap Growth Fund launched on November 15, 2021.  As of April 30, 2022, the since inception return was -24.77%. The return for the benchmark, Russell 2000 Growth Index, was -29.74%.
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 Positive and Negative Contributors to Performance
The reporting period was quite volatile with the rise and fall of the Covid Omicron variant, the start of the Russia-Ukraine conflict, the Fed ending its overly accommodative phase and increasing the fed funds rate, the dramatic underperformance of high growth stocks, and a slowing economy all amongst other issues.  The volatility within small caps was even more pronounced.  Our focus on high quality, growing businesses with strong balance sheets allowed us to outperform during the tough quarter.
Negative contributors to relative performance included InMode and Health Catalyst.  InMode, a manufacturer of minimally invasive aesthetic medical devices, declined 72.9% during the period.  Despite two strong earnings reports with revenue growth higher than 30% in both quarters and announcing a buyback, the stock traded off all quarter like many other high growth “long duration” stocks.  Health Catalyst, a data and analytics software provider for the healthcare industry, suffered the same fate as InMode. Despite reporting solid fundamentals, it was down 66.2% for the time period.  There is no change to our fundamental investment thesis with either company, so we expect them to recover as we move forward.  Vocera Communications and Renewable Energy were our top positive contributors.  Vocera Communications, a communications and patient monitoring technology service provider for hospitals and healthcare settings, was acquired by Stryker.  It returned 35.8% for the reporting period.  Renewable Energy, who manufactures renewable and bio-diesel, was acquired by Chevron.  It returned 23.5% for the time period.  Despite the acquisition of Renewable Energy, the Fund's long term underweight of the energy sector cost 50 bp of performance during the period.  We generally don’t like commodity investments given the high capital intensity, lack of pricing power, and cyclical nature of their industries.
Looking Ahead
We expect the market to continue to be volatile as it deals with the myriad of issues listed earlier.  Given the substantial pullback in the market during the first calendar quarter of 2022, we would expect some of the issues to be “priced in” to the market which could allow the market to move higher, albeit with swings in both directions.
Principal Investment Strategy
The Fund’s principal investment strategy is to invest in a portfolio of small-cap growth securities, subject to the limitations of the Fund’s values-based screening policies. Under normal market conditions, the Fund invests at least 80% of its assets in securities of small-cap companies. The Fund’s benchmark is the Russell 2000 Growth Index. The Fund invests primarily in equity securities. The Fund may also invest in other investment companies and up to 15% of its net assets in real estate investment trusts.
The Fund invests primarily in securities that are considered by portfolio management to have potential for earnings or revenue growth. The security selection process is based on a three-step process that includes fundamental, valuation and timeliness analysis. Portfolio management considers selling a security if the investment thesis for owning the security is no longer valid, the stock reaches its price target or timeliness factors indicate that the risk/return characteristics of the stock are viewed in the market as no longer attractive.
Portfolio management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. In making investment decisions, portfolio management will also consider a company’s values-based characteristics.
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the fiscal year ended April 30, 2022, the Steward Values-Focused Large Cap Enhanced Index Fund returned 1.45%. For comparison purposes, the return for the S&P 500 Index for the same period was 0.21%. 
Positive and Negative Contributors to Performance
On October 29, 2021, the Fund changed its blended style structure from 60% large-cap core, 30% large-cap growth stocks, and 10% large-cap value stocks to an allocation that is 100% large-cap core. At the same time, the Fund implemented a strategy to upweight companies that rank at the top of portfolio managment's values-focused composite rankings.  At year end, the Fund upweighted 72 companies by 10bp each.
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Prior to October 29, 2021, the Fund utilized a tilting strategy.  During that period, growth outperformed and value underperformed the cap-weighted counterpart, contributing to the Fund’s outperformance.  Overall, the allocation towards value and growth added 292bp to performance when compared to the S&P 500. The tilt towards growth (versus the neutral scenario) added 84bp.
Performance of the Fund can also be affected by the Fund’s values-based screening policies. For the period ended April 30, 2022, the values-based screening policies had a negative performance impact on the Fund, subtracting 100bp. Not owning companies such as General Electric (embryonic stem cell research), down 28.73%, Las Vegas Sands (gambling), down 42.16%, and Penn National (gambling), down 58.97% added 14 bp to performance. Conversely, not owning companies such as Johnson & Johnson (embryonic stem cell research), up 13.73%, UnitedHealth Group (abortion), up 29.26%, and Pfizer (embryonic stem cell research), up 31.52%, negatively impacted performance by 66 bp.
Looking Ahead
While COVID-19 fears have seemed to fade into the background for the market, they have been replaced by even larger fears over rapidly increasing inflation, continued supply chain issues, the Fed raising rates, a slowing economy, and the Russia/Ukraine conflict.  Some of these issues can be resolved or reduced in the near term, in our opinion, while others might drag on for some time.  While we continue to expect the market to remain volatile as it grapples with all the issues, we do expect the market may be able to climb the wall of worry as the issues “peak” or resolve themselves.
Principal Investment Strategy
Effective October 29, 2021, the Fund’s investment strategy was changed, as described below, and the Fund was renamed from Steward Large Cap Enhanced Index Fund to Steward Values-Focused Large Cap Enhanced Index Fund.
Prior Investment Strategy
The Fund pursues its objective by seeking to enhance its performance over that of its primary benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) and 2) utilizing computer-aided, quantitative analysis of valuation, growth, dividend, yield, industry and other factors to attempt to compensate for the exclusion of certain index securities due to the Fund’s values-based screening policies. Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark.
Current Investment Strategy
Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of large-cap companies included in the Fund’s benchmark index that pass the Fund’s values-based screens. The Fund is an actively managed fund. The Fund’s investments are allocated in an attempt to match the weightings of the benchmark index, subject to the limitations of the Fund’s values-based screening policies and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values-based characteristics. Such values-based characteristics include, but are not limited to, companies that support respect for life, traditional family values, fair treatment of employees, respect for the environment, positive engagement with the communities in which they operate and the promotion of justice.
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
Brent Lium, CFA, Managing Director, Portfolio Manager and Ryan Caylor, CFA, Head of Research, Portfolio Manager
Fund and Market Performance
(Institutional Class Shares)
For the fiscal year ended April 30, 2022, the total return for the Steward Values-Focused Small-Mid Cap Enhanced Index Fund was -6.15%.  When compared against the -7.49% total return of the S&P 1000 Index (the Fund’s primary benchmark), the Fund outperformed by 134 basis points.
Positive and Negative Contributors to Performance 
On October 29, 2021, the Fund changed its blended style structure from 60% small/mid-cap core, 30% small/mid-cap growth stocks, and 10% small/mid-cap value stocks to an allocation that is 100% small/mid-cap core. At the same time, the Fund implemented a strategy to upweight companies that rank at the top of portfolio management's values-focused composite rankings.  At year end, the Fund upweighted 30 companies by 10 bp each.
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Prior to October 29, 2021, the Fund utilized a tilting strategy.  During that period, growth outperformed and value underperformed the cap-weighted counterpart, contributing to the Fund’s outperformance.  Overall, the allocation towards value and growth added 127 basis points to performance when compared to the S&P 1000. The tilt towards growth (versus the neutral scenario) detracted 12 basis points.
Performance of the Fund can also be affected by the Fund’s values-based screening policies. For the period ended April 30, 2022, the values-based screening policies had a positive performance impact on the Fund, adding 15 basis points. Not owning companies such as Boston Beer (alcohol), down 69.17%, Brinker International (alcohol), down 45.88%, and Cheesecake Factory (alcohol), down 41.03%, added 28 basis points to performance. Conversely, not owning companies such as Murphy USA (tobacco, alcohol), up 68.69%, Tenet Healthcare (abortion), up 22.36%, and Charles River Labs (embryonic stem cell research), up 11.27%, negatively impacted performance by 18 basis points.
Looking Ahead
The market spent the better part of the last two years focused on COVID-19 and its impacts, but looking forward, the market is focused on more issues.  Some are carryovers like supply chain issues, while others are newer such as inflation, a slowing economy, the Fed raising interest rates, and the Russia/Ukraine conflict.  Moving forward, we expect the market to be volatile as data points scare or assuage the market fears.  Despite the volatility, we believe the market can drift higher as these issues are resolved or at least perceived to peak.  Small and mid-caps have underperformed over the last year on the pullback.  Hopefully, they can recover more as the issues are resolved.
Principal Investment Strategy
Effective October 29, 2021, the Fund’s investment strategy was changed, as described below, and the Fund was renamed from Steward Small-Mid Cap Enhanced Index Fund to Steward Values-Focused Small-Mid Cap Enhanced Index Fund.
Prior Investment Strategy
The Fund pursues its objective by seeking to enhance its performance over that of its benchmark index by 1) changing the relative weighting in the Fund’s portfolio of growth versus value style securities in the index (style tilt) and 2) utilizing computer-aided, quantitative analysis of valuation, growth, dividend, yield, industry and other factors to attempt to compensate for the exclusion of certain index securities due to the Fund’s values-based screening policies. Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund’s benchmark.
Current Investment Strategy
Under normal circumstances, the Fund will invest at least 80% of its assets in the securities of small- to mid-cap companies included in the Fund’s benchmark index that pass the Fund’s values-based screens. The Fund is an actively managed fund. The Fund’s investments are allocated in an attempt to match the weightings of the benchmark index, subject to the limitations of the Fund’s values-based screening policies and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values-based characteristics. Such values-based characteristics include, but are not limited to, companies that support respect for life, traditional family values, fair treatment of employees, respect for the environment, positive engagement with the communities in which they operate and the promotion of justice.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Covered Call Income Fund*, the S&P 500 Index**, and the Cboe S&P 500 BuyWrite Index.*** (Unaudited)
Past performance is no guarantee of future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than original cost. To obtain performance information current to the most recent month end, please call 800-262-6631.
Average Annual Total Return as of April 30, 2022
  One Year   Since Inception****   Expense
Ratio‡
Steward Covered Call Income Fund — Institutional Class
 -0.04%   7.37%   1.00%
S&P 500 Index
 0.21%   12.63%   N/A
Cboe S&P 500 BuyWrite Index
 8.57%   5.14%   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. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower.
**  The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market of 500 stocks representing all major industries. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
***  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. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
****  Effective date of registration and commencement of operations are the same: December 14, 2017. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions.
‡ See the October 29, 2021 prospectus for details. The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through October 28, 2022. Additional information pertaining to the April 30, 2022 expense ratio can be found in the Financial Highlights.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Equity Market Neutral Fund* and the ICE BofA 3 Month U.S. Treasury Bill 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, 2022
  One Year   Since Inception***   Expense
Ratio‡
Steward Equity Market Neutral Fund  —  Institutional  Class
 N/A   6.08%   1.55%
ICE BofA 3 Month U.S. Treasury Bill Index
 N/A   0.06%   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 Equity Market Neutral 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. 
**  The ICE BofA 3 Month U.S. Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
***  Effective date of registration and commencement of operations are the same: November 15, 2021.
‡ See the November 15, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Global Equity Income Fund*, the S&P Global 1200 Index** and the MSCI World High Dividend Yield 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, 2022
  One Year   Five Year   Ten Year   Expense
Ratio‡
Steward Global Equity Income Fund — Institutional Class
 0.02%   9.90%   9.92%   0.98%
S&P Global 1200 Index
 -3.10%   10.64%   10.53%   N/A
MSCI World High Dividend Yield Index
 3.51%   7.19%   7.89%   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. 
**  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). All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
***  The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World High Dividend Yield Index is the Fund's secondary index. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
‡ See the October 29, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class 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, 2022
  One Year   Five Year   Ten Year   Expense
Ratio‡
Steward International Enhanced Index Fund — Institutional Class
 -7.67%   4.72%   3.59%   0.75%
S&P ADR Index
 -1.63%   6.06%   5.29%   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. 
**  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. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
‡ See the October 29, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Large Cap Core Fund* and the Russell 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, 2022
  One Year   Since Inception***   Expense
Ratio‡
Steward Large Cap Core Fund  —  Institutional Class
 N/A   -13.67%   0.75%
Russell 1000 Index
 N/A   -13.31%   N/A
*  The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. The Steward Large Cap Core 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. 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 Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the US market. It is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
***  Effective date of registration and commencement of operations are the same: November 15, 2021.
‡ See the November 15, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Large Cap Growth Fund* and the Russell 1000 Growth 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, 2022
  One Year   Since Inception***   Expense
Ratio‡
Steward Large Cap Growth Fund  —  Institutional  Class
 N/A   -17.24%   0.75%
Russell 1000 Growth Index
 N/A   -19.57%   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 Growth 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. 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 Russell 1000 Growth Index measures the performance of the large cap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.  
***  Effective date of registration and commencement of operations are the same: November 15, 2021.
‡ See the November 15, 2021 prospectus for details.
20

Table of Contents
STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Large Cap Value Fund* and Russell 1000 Value 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, 2022
  One Year   Since Inception***   Expense
Ratio‡
Steward Large Cap Value Fund  —  Institutional  Class
 N/A   -8.13%   0.75%
Russell 1000 Value Index
 N/A   -5.43%   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 Value 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. 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 Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
***  Effective date of registration and commencement of operations are the same: November 15, 2021.
‡ See the November 15, 2021 prospectus for details.
21

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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Select Bond Fund* and the Bloomberg U.S. 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, 2022
  One Year   Five Year   Ten Year   Expense
Ratio‡
Steward Select Bond Fund — Institutional Class
 -8.62%   0.21%   0.91%   0.70%
Bloomberg U.S. Government/Credit Bond Index
 -8.47%   1.45%   1.90%   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.
**  The Bloomberg U.S. 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. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
‡ See the October 29, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Small Cap Growth Fund* and the Russell 2000 Growth 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, 2022
  One Year   Since Inception***   Expense
Ratio‡
Steward Small Cap Growth Fund  —  Institutional  Class
 N/A   -24.77%   1.00%
Russell 2000 Growth Index
 N/A   -29.74%   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 Cap Growth 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. 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 Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
***  Effective date of registration and commencement of operations are the same: November 15, 2021.
‡ See the November 15, 2021 prospectus for details.
23

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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Values-Focused 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, 2022
  One Year   Five Year   Ten Year   Expense
Ratio‡
Steward Values-Focused Large Cap Enhanced Index Fund — Institutional Class
 1.45%   11.87%   12.56%   0.55%
S&P 500 Index
 0.21%   13.66%   13.67%   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 Values-Focused 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. Prior to October 29, 2021, the Fund had a different investment strategy. Performance would have been different if the Fund's current investment strategy had been in effect. 
**  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. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any. 
‡ See the October 29, 2021 prospectus for details.
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STEWARD FUNDS
Comparison of Change in Value of a Hypothetical $10,000 Investment in Institutional Class Shares of the Steward Values-Focused 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, 2022
  One Year   Five Year   Ten Year   Expense
Ratio‡
Steward Values-Focused Small-Mid Cap Enhanced Index Fund — Institutional Class
 -6.15%   7.83%   10.48%   0.57%
S&P 1000 Index
 -7.49%   9.18%   11.53%   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 Values-Focused 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. Prior to October 29, 2021, the Fund had a different investment strategy. Performance would have been different if the Fund's current investment strategy had been in effect.
**  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. All market indices are unmanaged and do not reflect expenses that affect performance results. It is not possible to invest directly in any index. Index returns shown assume the reinvestment of all dividends and distributions, if any.
‡ See the October 29, 2021 prospectus for details.
25

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
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*
Software   7.7%
Semiconductors & Semiconductor Equipment   6.4
Interactive Media & Services   5.5
IT Services   5.2
Technology Hardware, Storage & Peripherals   4.5
Banks   4.1
Electric Utilities   4.0
Oil, Gas & Consumable Fuels   3.6
Internet & Direct Marketing Retail   3.2
Capital Markets   3.1
Aerospace & Defense   3.1
Beverages   3.1
Hotels, Restaurants & Leisure   3.1
Automobiles   2.9
Biotechnology   2.8
Household Products   2.8
Food & Staples Retailing   2.6
Specialty Retail   2.4
Health Care Equipment & Supplies   2.4
Money Market Fund   2.4
Chemicals   2.3
Diversified Financial Services   2.2
Industry Diversification   Percent*
Industrial Conglomerates   2.0%
Insurance   1.6
Entertainment   1.5
Diversified Telecommunication Services   1.4
Life Sciences Tools & Services   1.4
Equity Real Estate Investment Trusts   1.3
Road & Rail   1.2
Communications Equipment   1.2
Air Freight & Logistics   1.2
Media   1.1
Pharmaceuticals   1.1
Consumer Finance   1.0
Food Products   1.0
Textiles, Apparel & Luxury Goods   0.9
Health Care Providers & Services   0.9
Wireless Telecommunication Services   0.9
Electrical Equipment   0.8
Machinery   0.7
Multiline Retail   0.6
Total Investments   101.2%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
26

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
  Shares   Value
COMMON STOCKS (98.8%)
AEROSPACE & DEFENSE (3.1%)
Boeing Co. (The)(a) 700   $ 104,188
General Dynamics Corp. 900   212,877
Lockheed Martin Corp. 400   172,848
Raytheon Technologies Corp. 2,399   227,689
      717,602
AIR FREIGHT & LOGISTICS (1.2%)
FedEx Corp. 500   99,370
United Parcel Service, Inc., Class B 1,000   179,980
      279,350
AUTOMOBILES (2.9%)
Ford Motor Co. 4,900   69,384
General Motors Co.(a) 2,000   75,820
Tesla, Inc.(a) 600   522,456
      667,660
BANKS (4.1%)
Bank of America Corp. 7,300   260,464
Citigroup, Inc. 1,800   86,778
JPMorgan Chase & Co. 2,500   298,400
U.S. Bancorp 3,100   150,536
Wells Fargo & Co. 3,400   148,342
      944,520
BEVERAGES (3.1%)
Coca-Cola Co. (The) 6,000   387,660
PepsiCo, Inc. 2,000   343,420
      731,080
BIOTECHNOLOGY (2.8%)
AbbVie, Inc. 2,000   293,760
Amgen, Inc. 900   209,871
Gilead Sciences, Inc. 2,300   136,482
      640,113
CAPITAL MARKETS (3.1%)
Bank of New York Mellon Corp. (The) 2,200   92,532
BlackRock, Inc. 300   187,404
Charles Schwab Corp. (The) 2,000   132,660
Goldman Sachs Group, Inc. (The) 500   152,745
Morgan Stanley 1,800   145,062
      710,403
  Shares   Value
CHEMICALS (2.3%)
Dow, Inc. 2,400   $ 159,600
DuPont de Nemours, Inc. 1,300   85,709
Linde PLC 900   280,764
      526,073
COMMUNICATIONS EQUIPMENT (1.2%)
Cisco Systems, Inc. 5,600   274,288
CONSUMER FINANCE (1.0%)
American Express Co. 800   139,768
Capital One Financial Corp. 800   99,696
      239,464
DIVERSIFIED FINANCIAL SERVICES (2.2%)
Berkshire Hathaway, Inc., Class B(a) 1,600   516,528
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%)
AT&T, Inc. 4,600   86,756
Verizon Communications, Inc. 5,100   236,130
      322,886
ELECTRIC UTILITIES (4.0%)
Constellation Energy Corp.† 38   2,250
Duke Energy Corp. 2,100   231,336
Exelon Corp. 3,800   177,764
NextEra Energy, Inc. 3,300   234,366
Southern Co. (The) 4,000   293,560
      939,276
ELECTRICAL EQUIPMENT (0.8%)
Emerson Electric Co. 2,100   189,378
ENTERTAINMENT (1.5%)
Netflix, Inc.(a) 700   133,252
Walt Disney Co. (The)(a) 1,800   200,934
Warner Bros Discovery, Inc.†(a) 1,113   20,197
      354,383
EQUITY REAL ESTATE INVESTMENT TRUSTS (1.3%)
American Tower Corp. 800   192,816
Simon Property Group, Inc. 1,000   118,000
      310,816
FOOD & STAPLES RETAILING (2.6%)
Costco Wholesale Corp. 600   319,032
 
See notes to financial statements.
27

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
  Shares   Value
Walgreens Boots Alliance, Inc. 1,200   $ 50,880
Walmart, Inc. 1,600   244,784
      614,696
FOOD PRODUCTS (1.0%)
Kraft Heinz Co. (The)† 900   38,367
Mondelez International, Inc., Class A 3,100   199,888
      238,255
HEALTH CARE EQUIPMENT & SUPPLIES (2.4%)
Abbott Laboratories 2,600   295,100
Medtronic PLC 2,600   271,336
      566,436
HEALTH CARE PROVIDERS & SERVICES (0.9%)
CVS Health Corp. 2,100   201,873
HOTELS, RESTAURANTS & LEISURE (3.1%)
Booking Holdings, Inc.†(a) 100   221,031
McDonald's Corp. 1,200   298,992
Starbucks Corp. 2,700   201,528
      721,551
HOUSEHOLD PRODUCTS (2.8%)
Colgate-Palmolive Co. 2,900   223,445
Procter & Gamble Co. (The) 2,600   417,430
      640,875
INDUSTRIAL CONGLOMERATES (2.0%)
3M Co. 1,400   201,908
Honeywell International, Inc. 1,400   270,914
      472,822
INSURANCE (1.6%)
American International Group, Inc. 2,200   128,722
MetLife, Inc. 3,600   236,448
      365,170
INTERACTIVE MEDIA & SERVICES (5.5%)
Alphabet, Inc., Class A(a) 200   456,438
Alphabet, Inc., Class C†(a) 200   459,866
Meta Platforms, Inc., Class A(a) 1,800   360,846
      1,277,150
INTERNET & DIRECT MARKETING RETAIL (3.2%)
Amazon.com, Inc.(a) 300   745,689
IT SERVICES (5.2%)
Accenture PLC, Class A 1,000   300,360
International Business Machines Corp. 1,000   132,210
  Shares   Value
Mastercard, Inc., Class A 800   $ 290,704
PayPal Holdings, Inc.(a) 1,600   140,688
Visa, Inc., Class A 1,600   341,008
      1,204,970
LIFE SCIENCES TOOLS & SERVICES (1.4%)
Danaher Corp. 1,300   326,469
MACHINERY (0.7%)
Caterpillar, Inc. 800   168,432
MEDIA (1.1%)
Charter Communications, Inc., Class A(a) 200   85,698
Comcast Corp., Class A 4,200   166,992
      252,690
MULTILINE RETAIL (0.6%)
Target Corp. 600   137,190
OIL, GAS & CONSUMABLE FUELS (3.6%)
Chevron Corp. 1,900   297,673
ConocoPhillips 2,100   200,592
Exxon Mobil Corp. 4,100   349,525
      847,790
PHARMACEUTICALS (1.1%)
Eli Lilly & Co. 900   262,917
ROAD & RAIL (1.2%)
Union Pacific Corp. 1,200   281,148
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.4%)
Broadcom, Inc. 700   388,073
Intel Corp. 3,800   165,642
NVIDIA Corp. 2,500   463,675
QUALCOMM, Inc. 1,400   195,566
Texas Instruments, Inc. 1,600   272,400
      1,485,356
SOFTWARE (7.7%)
Adobe, Inc.(a) 800   316,760
Microsoft Corp. 4,000   1,110,080
Oracle Corp. 1,800   132,120
Salesforce, Inc.(a) 1,300   228,722
      1,787,682
SPECIALTY RETAIL (2.4%)
Home Depot, Inc. (The) 1,100   330,440
Lowe’s Cos., Inc. 1,100   217,503
      547,943
 
See notes to financial statements.
28

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
  Shares   Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.5%)
Apple, Inc. 6,700   $ 1,056,255
TEXTILES, APPAREL & LUXURY GOODS (0.9%)
NIKE, Inc., Class B 1,600   199,520
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
T-Mobile U.S., Inc.(a) 1,700   209,338
TOTAL COMMON STOCKS
(COST $25,005,272) 		    22,976,037
MONEY MARKET FUND (2.4%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 546,485   546,485
TOTAL MONEY MARKET FUND
(COST $546,485) 		    546,485
TOTAL INVESTMENTS
(COST $25,551,757) 101.2% 		    23,522,522
    
    Value
WRITTEN CALL OPTIONS -1.8%
(PREMIUMS RECEIVED $(414,098)) 		  $ (409,832)
OTHER ASSETS IN EXCESS OF LIABILITIES 0.6%   135,086
NET ASSETS 100.0%   $ 23,247,776
Securities in this Fund are pledged as collateral for call options written.
    
† Security is not pledged as collateral for call options written.
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
    
PLC — Public Limited Company
 
See notes to financial statements.
29

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
Exchange-traded options written as of April 30, 2022 were as follows:
Description   Type   Number of
Contracts 		  Notional
Amount* 		  Exercise
Price 		  Expiration
Date 		  Value
3M Co.   Call   10   $ (150,000)   $ 150.00   7/15/22   $ (4,025)
Abbott Laboratories   Call   20   (250,000)   125.00   6/17/22   (2,280)
AbbVie, Inc.   Call   15   (255,000)   170.00   6/17/22   (660)
Accenture PLC, Class A   Call   8   (260,000)   325.00   6/17/22   (4,736)
Adobe, Inc.   Call   7   (297,500)   425.00   5/20/22   (4,228)
Alphabet, Inc., Class A   Call   1   (250,000)   2,500.00   6/17/22   (4,512)
Amazon.com, Inc.   Call   1   (315,000)   3,150.00   5/20/22   (260)
American Express Co.   Call   7   (119,000)   170.00   5/20/22   (6,720)
American International Group, Inc.   Call   15   (97,500)   65.00   9/16/22   (3,975)
American Tower Corp.   Call   5   (125,000)   250.00   6/17/22   (3,325)
Amgen, Inc.   Call   5   (125,000)   250.00   5/20/22   (370)
Apple, Inc.   Call   60   (990,000)   165.00   5/20/22   (15,180)
AT&T, Inc.   Call   45   (108,000)   24.00   7/15/22   (3,600)
Bank of America Corp.   Call   5   (2,000)   4.00   6/17/22   (400)
Bank of America Corp.   Call   65   (260,000)   40.00   7/15/22   (4,485)
Bank of New York Mellon Corp. (The)   Call   17   (76,500)   45.00   6/17/22   (1,853)
Berkshire Hathaway, Inc., Class B   Call   10   (1,000)   1.00   6/17/22   (2,800)
BlackRock, Inc.   Call   2   (138,000)   690.00   5/20/22   (500)
Boeing Co. (The)   Call   4   (70,000)   175.00   7/15/22   (1,460)
Broadcom, Inc.   Call   2   (122,000)   610.00   5/20/22   (750)
Capital One Financial Corp.   Call   5   (70,000)   140.00   6/17/22   (963)
Caterpillar, Inc.   Call   5   (115,000)   230.00   7/15/22   (2,725)
Charles Schwab Corp. (The)   Call   10   (75,000)   75.00   6/17/22   (990)
Charter Communications, Inc., Class A   Call   1   (53,000)   530.00   6/17/22   (160)
Chevron Corp.   Call   15   (255,000)   170.00   6/17/22   (4,275)
Cisco Systems, Inc.   Call   50   (262,500)   52.50   7/15/22   (6,250)
Citigroup, Inc.   Call   16   (88,000)   55.00   8/19/22   (2,016)
Coca-Cola Co. (The)   Call   40   (250,000)   62.50   6/17/22   (13,160)
Colgate-Palmolive Co.   Call   22   (170,500)   77.50   5/20/22   (3,740)
Comcast Corp., Class A   Call   35   (157,500)   45.00   7/15/22   (2,100)
ConocoPhillips   Call   15   (150,000)   100.00   7/15/22   (8,212)
Costco Wholesale Corp.   Call   5   (287,500)   575.00   5/20/22   (1,275)
CVS Health Corp.   Call   15   (157,500)   105.00   5/20/22   (915)
Danaher Corp.   Call   10   (270,000)   270.00   6/17/22   (5,200)
Dow, Inc.   Call   17   (106,250)   62.50   5/20/22   (8,313)
Duke Energy Corp.   Call   10   (110,000)   110.00   7/15/22   (4,300)
DuPont de Nemours, Inc.   Call   8   (60,000)   75.00   7/15/22   (920)
Eli Lilly & Co.   Call   5   (150,000)   300.00   6/17/22   (4,805)
Emerson Electric Co.   Call   15   (142,500)   95.00   6/17/22   (3,000)
Exelon Corp.   Call   30   (144,000)   48.00   7/15/22   (4,350)
Exxon Mobil Corp.   Call   35   (288,750)   82.50   5/20/22   (15,400)
FedEx Corp.   Call   3   (66,000)   220.00   6/17/22   (818)
Ford Motor Co.   Call   30   (48,000)   16.00   6/17/22   (1,110)
General Dynamics Corp.   Call   3   (66,000)   220.00   5/20/22   (5,460)
General Motors Co.   Call   15   (61,500)   41.00   6/17/22   (1,965)
See notes to financial statements.
30

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
Description   Type   Number of
Contracts 		  Notional
Amount* 		  Exercise
Price 		  Expiration
Date 		  Value
Gilead Sciences, Inc.   Call   16   $ (100,000)   $ 62.50   6/17/22   $ (1,544)
Goldman Sachs Group, Inc. (The)   Call   2   (66,000)   330.00   5/20/22   (400)
Home Depot, Inc. (The)   Call   5   (155,000)   310.00   5/20/22   (3,565)
Honeywell International, Inc.   Call   5   (100,000)   200.00   6/17/22   (2,500)
Intel Corp.   Call   36   (189,000)   52.50   7/15/22   (1,152)
International Business Machines Corp.   Call   5   (65,000)   130.00   5/20/22   (2,090)
JPMorgan Chase & Co.   Call   18   (234,000)   130.00   6/17/22   (3,366)
Linde PLC   Call   5   (155,000)   310.00   7/15/22   (9,425)
Lockheed Martin Corp.   Call   2   (93,000)   465.00   5/20/22   (590)
Lowe’s Cos., Inc.   Call   6   (132,000)   220.00   6/17/22   (1,950)
Mastercard, Inc., Class A   Call   6   (210,000)   350.00   5/20/22   (13,635)
McDonald's Corp.   Call   4   (96,000)   240.00   6/17/22   (5,640)
Medtronic PLC   Call   19   (209,000)   110.00   5/20/22   (1,653)
Meta Platforms, Inc., Class A   Call   11   (220,000)   200.00   5/20/22   (11,165)
MetLife, Inc.   Call   30   (210,000)   70.00   6/17/22   (3,570)
Microsoft Corp.   Call   25   (775,000)   310.00   7/15/22   (11,875)
Mondelez International, Inc., Class A   Call   25   (156,250)   62.50   6/17/22   (8,875)
Morgan Stanley   Call   15   (135,000)   90.00   7/15/22   (2,933)
Netflix, Inc.   Call   3   (64,500)   215.00   5/20/22   (960)
NextEra Energy, Inc.   Call   30   (240,000)   80.00   9/16/22   (4,800)
NIKE, Inc., Class B   Call   11   (148,500)   135.00   6/17/22   (2,915)
NVIDIA Corp.   Call   15   (315,000)   210.00   5/20/22   (5,550)
Oracle Corp.   Call   13   (104,000)   80.00   6/17/22   (1,866)
PayPal Holdings, Inc.   Call   5   (52,500)   105.00   7/15/22   (1,640)
PepsiCo, Inc.   Call   15   (247,500)   165.00   6/17/22   (14,925)
Procter & Gamble Co. (The)   Call   20   (310,000)   155.00   7/15/22   (20,300)
QUALCOMM, Inc.   Call   10   (140,000)   140.00   6/17/22   (9,100)
Raytheon Technologies Corp.   Call   13   (123,500)   95.00   5/20/22   (3,289)
Salesforce, Inc.   Call   6   (111,000)   185.00   5/20/22   (2,460)
Simon Property Group, Inc.   Call   4   (54,000)   135.00   7/15/22   (840)
Southern Co. (The)   Call   10   (70,000)   70.00   6/17/22   (4,350)
Southern Co. (The)   Call   22   (148,500)   67.50   5/20/22   (13,420)
Starbucks Corp.   Call   25   (212,500)   85.00   7/15/22   (2,800)
Target Corp.   Call   5   (115,000)   230.00   7/15/22   (6,937)
Tesla, Inc.   Call   3   (261,000)   870.00   5/20/22   (18,330)
Texas Instruments, Inc.   Call   11   (198,000)   180.00   5/20/22   (1,903)
T-Mobile U.S., Inc.   Call   10   (130,000)   130.00   6/17/22   (3,400)
U.S. Bancorp   Call   20   (110,000)   55.00   9/16/22   (2,900)
Union Pacific Corp.   Call   5   (120,000)   240.00   5/20/22   (2,230)
United Parcel Service, Inc., Class B   Call   3   (60,000)   200.00   6/17/22   (471)
Verizon Communications, Inc.   Call   45   (236,250)   52.50   7/15/22   (1,125)
Visa, Inc., Class A   Call   13   (286,000)   220.00   6/17/22   (9,262)
Walmart, Inc.   Call   10   (140,000)   140.00   5/20/22   (13,450)
Walt Disney Co. (The)   Call   10   (125,000)   125.00   6/17/22   (2,240)
See notes to financial statements.
31

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD COVERED CALL INCOME FUND
Description   Type   Number of
Contracts 		  Notional
Amount* 		  Exercise
Price 		  Expiration
Date 		  Value
Wells Fargo & Co.   Call   25   $ (118,750)   $ 47.50   7/15/22   $ (3,900)
Total (Premiums received $414,098)                       $ (409,832)
    
* Notional amount is expressed as the number of contracts multiplied by the strike price multiplied by 100.
See notes to financial statements.
32

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND

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

    
Industry Diversification   Percent ^,*
Health Care Providers & Services   4.9%
Specialty Retail   4.7
Equity Real Estate Investment Trusts   4.7
Capital Markets   4.2
Technology Hardware, Storage & Peripherals   4.1
Insurance   3.4
Banks   2.9
Textiles, Apparel & Luxury Goods   2.8
Communications Equipment   2.7
Software   2.6
Air Freight & Logistics   2.4
IT Services   2.1
Real Estate Management & Development   1.8
Biotechnology   1.8
Diversified Telecommunication Services   1.4
Road & Rail   1.3
Auto Components   1.2
Food & Staples Retailing   1.2
Professional Services   1.2
Diversified Consumer Services   1.1
Automobiles   1.0
Machinery   1.0
Electronic Equipment, Instruments
& Components 		  0.8
Household Durables   0.7
Distributors   0.7
Beverages   0.5
Consumer Finance   0.4
Food Products   0.4
Media   0.2
Trading Companies & Distributors   0.2
Multiline Retail   0.1
Industry Diversification   Percent ^,*
Containers & Packaging   0.0**%
Building Products   (0.1)
Leisure Products   (0.2)
Health Care Technology   (0.5)
Life Sciences Tools & Services   (0.7)
Industrial Conglomerates   (0.7)
Health Care Equipment & Supplies   (0.8)
Pharmaceuticals   (0.8)
Wireless Telecommunication Services   (0.9)
Construction & Engineering   (0.9)
Energy Equipment & Services   (0.9)
Commercial Services & Supplies   (0.9)
Gas Utilities   (1.0)
Oil, Gas & Consumable Fuels   (1.1)
Water Utilities   (1.1)
Electrical Equipment   (1.3)
Internet & Direct Marketing Retail   (1.4)
Entertainment   (1.5)
Electric Utilities   (1.6)
Semiconductors & Semiconductor Equipment   (1.7)
Independent Power and Renewable Electricity Producers   (1.7)
Multi-Utilities   (1.8)
Household Products   (1.9)
Airlines   (2.5)
Thrifts & Mortgage Finance   (2.8)
Chemicals   (2.9)
Interactive Media & Services   (3.2)
Aerospace & Defense   (4.7)
Hotels, Restaurants & Leisure   (4.9)
Total Investments   14.0%
    
 
^ Percentages indicated are net of Common Stocks and Common Stocks Sold Short.
* Percentages indicated are based on net assets as of April 30, 2022.
** Amount rounds to less than 0.1%.
See notes to financial statements.
33

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
COMMON STOCKS (100.7%)
AEROSPACE & DEFENSE (0.2%)
Huntington Ingalls Industries, Inc. 200   $ 42,548
AIR FREIGHT & LOGISTICS (2.4%)
C.H. Robinson Worldwide, Inc.(a) 3,000   318,450
Expeditors International of Washington, Inc.(a) 3,100   307,117
      625,567
AUTO COMPONENTS (1.2%)
BorgWarner, Inc.(a) 8,300   305,689
AUTOMOBILES (1.0%)
Harley-Davidson, Inc.(a) 7,400   269,730
BANKS (2.9%)
Bank of America Corp.(a) 5,000   178,400
Comerica, Inc.(a) 2,500   204,750
KeyCorp (a) 9,600   185,376
Regions Financial Corp.(a) 10,100   209,272
      777,798
BEVERAGES (1.1%)
Keurig Dr Pepper, Inc.(a) 8,000   299,200
BIOTECHNOLOGY (2.2%)
Biogen, Inc.(a)(b) 1,400   290,416
Gilead Sciences, Inc.(a) 4,900   290,766
      581,182
BUILDING PRODUCTS (1.3%)
Allegion PLC(a) 100   11,424
Owens Corning(a) 3,600   327,348
      338,772
CAPITAL MARKETS (4.2%)
Ameriprise Financial, Inc.(a) 1,000   265,490
Bank of New York Mellon Corp. (The)(a) 6,000   252,360
Janus Henderson Group PLC(a) 8,100   246,888
Morgan Stanley(a) 2,400   193,416
Northern Trust Corp.(a) 1,400   144,270
      1,102,424
COMMUNICATIONS EQUIPMENT (3.0%)
Arista Networks, Inc.(a)(b) 2,600   300,482
Juniper Networks, Inc.(a) 7,500   236,400
Lumentum Holdings, Inc.(a)(b) 3,200   259,872
      796,754
  Shares   Value
CONSUMER FINANCE (0.9%)
Ally Financial, Inc.(a) 1,200   $ 47,952
American Express Co.(a) 1,100   192,181
      240,133
CONTAINERS & PACKAGING (1.0%)
Westrock Co. 5,200   257,556
DISTRIBUTORS (0.7%)
Genuine Parts Co.(a) 1,500   195,075
DIVERSIFIED CONSUMER SERVICES (1.1%)
Grand Canyon Education, Inc.(a)(b) 3,000   287,910
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%)
Lumen Technologies, Inc.(a) 25,000   251,500
Verizon Communications, Inc.(a) 2,400   111,120
      362,620
ELECTRICAL EQUIPMENT (1.1%)
Acuity Brands, Inc.(a) 1,700   293,216
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (1.6%)
Jabil, Inc.(a) 3,500   202,055
Keysight Technologies, Inc.(a)(b) 1,600   224,432
      426,487
EQUITY REAL ESTATE INVESTMENT TRUSTS (4.7%)
Brixmor Property Group, Inc.(a) 11,100   281,718
Iron Mountain, Inc.(a) 4,600   247,158
Prologis, Inc.(a) 1,800   288,522
Simon Property Group, Inc.(a) 1,000   118,000
Weyerhaeuser Co.(a) 7,300   300,906
      1,236,304
FOOD & STAPLES RETAILING (2.2%)
Kroger Co. (The)(a) 5,400   291,384
Walgreens Boots Alliance, Inc.(a) 6,700   284,080
      575,464
FOOD PRODUCTS (1.2%)
General Mills, Inc.(a) 4,400   311,212
HEALTH CARE EQUIPMENT & SUPPLIES (2.1%)
Hologic, Inc.(a)(b) 4,100   295,159
Quidel Corp.(a)(b) 2,500   251,550
      546,709
 
See notes to financial statements.
34

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
HEALTH CARE PROVIDERS & SERVICES (7.1%)
AmerisourceBergen Corp.(a) 1,900   $ 287,451
Cardinal Health, Inc.(a) 2,100   121,905
Cigna Corp.(a) 1,200   296,136
CVS Health Corp.(a) 2,700   259,551
Henry Schein, Inc.(a)(b) 1,700   137,870
Laboratory Corporation of America Holdings(a)(b) 1,100   264,308
McKesson Corp.(a) 700   216,727
Quest Diagnostics, Inc.(a) 2,100   281,064
      1,865,012
HEALTH CARE TECHNOLOGY (1.2%)
Cerner Corp.(a) 3,300   309,012
HOUSEHOLD DURABLES (1.1%)
Newell Brands, Inc.(a) 12,800   296,320
INSURANCE (5.2%)
Aflac, Inc.(a) 2,100   120,288
Allstate Corp. (The)(a) 2,100   265,734
First American Financial Corp.(a) 3,100   180,761
Hartford Financial Services Group, Inc. (The)(a) 4,100   286,713
Marsh & McLennan Cos., Inc.(a) 1,700   274,890
MetLife, Inc.(a) 3,900   256,152
      1,384,538
INTERACTIVE MEDIA & SERVICES (0.9%)
Alphabet, Inc., Class A(a)(b) 100   228,219
IT SERVICES (4.9%)
Gartner, Inc.(a)(b) 1,000   290,550
Genpact Ltd.(a) 2,700   108,729
Mastercard, Inc., Class A(a) 1,100   399,718
Paychex, Inc.(a) 100   12,673
Visa, Inc., Class A(a) 1,400   298,382
Western Union Co. (The)(a) 10,700   179,332
      1,289,384
MACHINERY (2.1%)
Oshkosh Corp.(a) 3,000   277,320
Otis Worldwide Corp.(a) 3,900   284,076
      561,396
MEDIA (1.0%)
Interpublic Group of Cos., Inc. (The)(a) 8,300   270,746
MULTILINE RETAIL (1.1%)
Kohl's Corp.(a) 5,200   300,976
  Shares   Value
OIL, GAS & CONSUMABLE FUELS (1.5%)
Kinder Morgan, Inc.(a) 15,000   $ 272,250
Phillips 66(a) 1,500   130,140
      402,390
PHARMACEUTICALS (1.0%)
Zoetis, Inc.(a) 1,500   265,875
PROFESSIONAL SERVICES (2.1%)
ManpowerGroup, Inc.(a) 3,100   279,620
Robert Half International, Inc.(a) 2,700   265,437
      545,057
REAL ESTATE MANAGEMENT & DEVELOPMENT (2.0%)
CBRE Group, Inc., Class A(a)(b) 3,500   290,640
Jones Lang LaSalle, Inc.(a)(b) 1,100   240,603
      531,243
ROAD & RAIL (2.9%)
CSX Corp.(a) 8,500   291,890
J.B. Hunt Transport Services, Inc.(a) 1,000   170,850
Landstar System, Inc.(a) 2,000   309,800
      772,540
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.2%)
Applied Materials, Inc.(a) 2,600   286,910
Intel Corp.(a) 6,000   261,540
Micron Technology, Inc.(a) 2,900   197,751
QUALCOMM, Inc.(a) 800   111,752
      857,953
SOFTWARE (10.0%)
Aspen Technology, Inc.(a)(b) 1,800   285,372
Cadence Design Systems, Inc.(a)(b) 2,000   301,700
Dolby Laboratories, Inc., Class A(a) 3,600   278,892
Dropbox, Inc., Class A(a)(b) 14,100   306,675
Fair Isaac Corp.(a)(b) 400   149,404
Microsoft Corp.(a) 1,100   305,272
NortonLifeLock, Inc. 2,000   50,080
Palo Alto Networks, Inc.(a)(b) 200   112,256
Synopsys, Inc.(a)(b) 1,000   286,790
Teradata Corp.(a)(b) 7,000   289,450
VMware, Inc., Class A(a) 2,600   280,904
      2,646,795
SPECIALTY RETAIL (7.0%)
AutoZone, Inc.(a)(b) 100   195,547
Dick's Sporting Goods, Inc.(a) 2,100   202,482
 
See notes to financial statements.
35

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
Home Depot, Inc. (The)(a) 900   $ 270,360
Lowe’s Cos., Inc.(a) 1,300   257,049
O'Reilly Automotive, Inc.(a)(b) 300   181,965
TJX Cos., Inc. (The)(a) 2,400   147,072
Tractor Supply Co.(a) 1,400   282,030
Ulta Beauty, Inc.(a)(b) 800   317,440
      1,853,945
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.1%)
Apple, Inc.(a) 200   31,530
Dell Technologies, Inc., Class C(a) 6,400   300,864
Hewlett Packard Enterprise Co.(a) 14,200   218,822
NetApp, Inc.(a) 4,000   293,000
Xerox Holdings Corp.(a) 13,900   241,860
      1,086,076
TEXTILES, APPAREL & LUXURY GOODS (3.8%)
Carter's, Inc. 2,200   185,328
Columbia Sportswear Co.(a) 2,900   238,264
Hanesbrands, Inc.(a) 14,800   196,248
Ralph Lauren Corp.(a) 2,800   292,152
Tapestry, Inc.(a) 2,500   82,300
      994,292
TRADING COMPANIES & DISTRIBUTORS (1.0%)
Univar Solutions, Inc.(a)(b) 9,400   273,728
TOTAL COMMON STOCKS
(COST $28,637,285) 		    26,607,847
TOTAL INVESTMENTS
(COST $28,637,285) 100.7% 		    26,607,847
COMMON STOCKS SOLD SHORT ((86.7)%)
AEROSPACE & DEFENSE (4.9%)
Boeing Co. (The) (b) (1,100)   (163,724)
HEICO Corp., Class A (1,600)   (186,624)
Howmet Aerospace, Inc. (7,000)   (238,840)
Huntington Ingalls Industries, Inc. (200)   (42,548)
Mercury Systems, Inc. (b) (4,000)   (223,160)
Spirit AeroSystems Holdings, Inc., Class A (5,100)   (214,404)
TransDigm Group, Inc. (b) (400)   (237,924)
      (1,307,224)
AIRLINES (2.5%)
American Airlines Group, Inc. (b) (13,100)   (245,887)
JetBlue Airways Corp. (b) (14,900)   (164,049)
United Airlines Holdings, Inc. (b) (5,200)   (262,600)
      (672,536)
  Shares   Value
BEVERAGES (0.6%)
Boston Beer Co., Inc. (The), Class A(b) (400)   $ (150,000)
BIOTECHNOLOGY (0.4%)
Novavax, Inc.(b) (2,100)   (94,647)
BUILDING PRODUCTS (1.4%)
Advanced Drainage Systems, Inc. (2,000)   (204,920)
Hayward Holdings, Inc. (b) (10,700)   (170,130)
      (375,050)
CHEMICALS (2.9%)
Albemarle Corp. (1,200)   (231,396)
RPM International, Inc. (3,200)   (265,280)
Scotts Miracle-Gro Co. (The) (2,600)   (270,218)
      (766,894)
COMMERCIAL SERVICES & SUPPLIES (0.9%)
Stericycle, Inc.(b) (4,900)   (245,931)
COMMUNICATIONS EQUIPMENT (0.3%)
ViaSat, Inc.(b) (2,200)   (80,982)
CONSTRUCTION & ENGINEERING (0.9%)
Valmont Industries, Inc. (1,000)   (248,810)
CONSUMER FINANCE (0.5%)
Upstart Holdings, Inc.(b) (1,700)   (127,534)
CONTAINERS & PACKAGING (1.0%)
Westrock Co. (5,200)   (257,556)
ELECTRIC UTILITIES (1.6%)
Edison International (1,000)   (68,790)
Evergy, Inc. (1,600)   (108,560)
OGE Energy Corp. (6,000)   (232,080)
      (409,430)
ELECTRICAL EQUIPMENT (2.4%)
Generac Holdings, Inc. (b) (600)   (131,628)
Plug Power, Inc. (b) (7,900)   (166,058)
Shoals Technologies Group, Inc., Class A (b) (17,600)   (175,648)
Vertiv Holdings Co. (13,100)   (164,143)
      (637,477)
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (0.8%)
Teledyne Technologies, Inc.(b) (500)   (215,775)
 
See notes to financial statements.
36

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
ENERGY EQUIPMENT & SERVICES (0.9%)
NOV, Inc. (13,100)   $ (237,503)
ENTERTAINMENT (1.5%)
Madison Square Garden Sports Corp. (b) (1,600)   (259,376)
Roku, Inc. (b) (1,400)   (130,060)
      (389,436)
FOOD & STAPLES RETAILING (1.0%)
Grocery Outlet Holding Corp.(b) (8,100)   (272,727)
FOOD PRODUCTS (0.8%)
Seaboard Corp. (50)   (211,250)
GAS UTILITIES (1.0%)
Atmos Energy Corp. (2,300)   (260,820)
HEALTH CARE EQUIPMENT & SUPPLIES (2.9%)
Novocure Ltd. (b) (700)   (53,606)
STERIS PLC (1,100)   (246,455)
Stryker Corp. (900)   (217,134)
Zimmer Holdings, Inc. (2,100)   (253,575)
Zimvie, Inc. (b) (10)   (225)
      (770,995)
HEALTH CARE PROVIDERS & SERVICES (2.2%)
agilon health, Inc. (b) (6,400)   (113,728)
Guardant Health, Inc. (b) (3,400)   (209,780)
Oak Street Health, Inc. (b) (1,500)   (27,135)
Universal Health Services, Inc., Class B (1,800)   (220,554)
      (571,197)
HEALTH CARE TECHNOLOGY (1.7%)
Certara, Inc. (b) (11,900)   (218,365)
Change Healthcare, Inc. (b) (9,300)   (219,108)
      (437,473)
HOTELS, RESTAURANTS & LEISURE (4.9%)
Aramark (6,900)   (250,125)
DraftKings, Inc., Class A (b) (3,800)   (51,984)
Las Vegas Sands Corp. (b) (3,900)   (138,177)
Norwegian Cruise Line Holdings Ltd. (b) (4,800)   (96,144)
Penn National Gaming, Inc. (b) (7,200)   (263,304)
Royal Caribbean Cruises Ltd. (b) (3,000)   (233,190)
Wynn Resorts Ltd. (b) (3,600)   (253,728)
      (1,286,652)
  Shares   Value
HOUSEHOLD DURABLES (0.4%)
Leggett & Platt, Inc. (2,700)   $ (96,201)
HOUSEHOLD PRODUCTS (1.9%)
Reynolds Consumer Products, Inc. (8,400)   (248,556)
Spectrum Brands Holdings, Inc. (3,100)   (263,717)
      (512,273)
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
PRODUCERS (1.7%)
Brookfield Renewable Corp., Class A (5,800)   (208,220)
Vistra Corp. (10,000)   (250,200)
      (458,420)
INDUSTRIAL CONGLOMERATES (0.7%)
General Electric Co. (2,500)   (186,375)
INSURANCE (1.8%)
GoHealth, Inc., Class A (b) (74,400)   (55,592)
Kemper Corp. (4,700)   (216,952)
White Mountains Insurance Group Ltd. (200)   (209,604)
      (482,148)
INTERACTIVE MEDIA & SERVICES (4.1%)
IAC/InterActiveCorp (b) (3,000)   (248,640)
Match Group, Inc. (b) (1,700)   (134,555)
Pinterest, Inc., Class A (b) (1,700)   (34,884)
TripAdvisor, Inc. (b) (10,200)   (261,834)
Twitter, Inc. (b) (5,000)   (245,100)
Vimeo, Inc. (b) (16,700)   (170,173)
      (1,095,186)
INTERNET & DIRECT MARKETING RETAIL (1.4%)
Amazon.com, Inc. (b) (50)   (124,281)
Wayfair, Inc., Class A (b) (3,100)   (238,514)
      (362,795)
IT SERVICES (2.8%)
Cloudflare, Inc., Class A (b) (2,100)   (180,894)
Fastly, Inc., Class A (b) (5,800)   (92,220)
Sabre Corp. (b) (24,600)   (257,562)
Shift4 Payments, Inc., Class A (b) (4,000)   (209,840)
      (740,516)
LEISURE PRODUCTS (0.2%)
Peloton Interactive, Inc., Class A(b) (2,300)   (40,388)
 
See notes to financial statements.
37

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
LIFE SCIENCES TOOLS & SERVICES (0.7%)
Sotera Health Co.(b) (9,400)   $ (191,572)
MACHINERY (1.1%)
Graco, Inc. (800)   (49,616)
ITT, Inc. (3,600)   (252,792)
      (302,408)
MEDIA (0.8%)
Liberty Broadband Corp., Class A(b) (1,900)   (204,554)
MULTILINE RETAIL (1.0%)
Ollie's Bargain Outlet Holdings, Inc.(b) (5,500)   (264,275)
MULTI-UTILITIES (1.8%)
Ameren Corp. (2,500)   (232,250)
CenterPoint Energy, Inc. (8,100)   (247,941)
      (480,191)
OIL, GAS & CONSUMABLE FUELS (2.6%)
Coterra Energy, Inc. (8,800)   (253,352)
Devon Energy Corp. (600)   (34,902)
EQT Corp. (1,900)   (75,525)
New Fortress Energy, Inc. (5,200)   (201,656)
Pioneer Natural Resources Co. (500)   (116,235)
      (681,670)
PHARMACEUTICALS (1.8%)
Catalent, Inc. (b) (500)   (45,280)
Elanco Animal Health, Inc. (b) (8,000)   (202,480)
Royalty Pharma PLC, Class A (5,500)   (234,190)
      (481,950)
PROFESSIONAL SERVICES (0.9%)
Dun & Bradstreet Holdings, Inc.(b) (15,800)   (249,482)
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.2%)
Zillow Group, Inc., Class A(b) (1,700)   (65,705)
ROAD & RAIL (1.6%)
Lyft, Inc., Class A (b) (8,000)   (260,800)
Uber Technologies, Inc. (b) (5,000)   (157,400)
      (418,200)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.9%)
Analog Devices, Inc. (1,600)   (247,008)
Enphase Energy, Inc. (b) (1,200)   (193,680)
Entegris, Inc. (2,000)   (222,780)
  Shares   Value
Microchip Technology, Inc. (2,600)   $ (169,520)
Monolithic Power Systems, Inc. (600)   (235,344)
Wolfspeed, Inc. (b) (2,600)   (238,446)
      (1,306,778)
SOFTWARE (7.4%)
Alteryx, Inc., Class A (b) (3,900)   (250,380)
C3.ai, Inc., Class A (b) (10,700)   (181,793)
Ceridian HCM Holding, Inc. (b) (2,100)   (117,873)
Datto Holding Corp. (b) (7,400)   (256,780)
DoubleVerify Holdings, Inc. (b) (6,800)   (147,900)
Everbridge, Inc. (b) (2,500)   (107,750)
Five9, Inc. (b) (1,600)   (176,160)
Mandiant, Inc. (b) (12,000)   (263,760)
Palantir Technologies, Inc., Class A (b) (12,300)   (127,920)
Pegasystems, Inc. (2,000)   (153,180)
Unity Software, Inc. (b) (2,400)   (159,384)
      (1,942,880)
SPECIALTY RETAIL (2.3%)
Floor & Decor Holdings, Inc. (b) (1,700)   (135,524)
GameStop Corp., Class A (b) (1,400)   (175,098)
Leslie's, Inc. (b) (9,500)   (186,200)
Petco Health & Wellness Co., Inc. (b) (5,100)   (98,226)
      (595,048)
TEXTILES, APPAREL & LUXURY GOODS (1.0%)
Skechers USA, Inc., Class A(b) (6,700)   (256,610)
THRIFTS & MORTGAGE FINANCE (2.8%)
Rocket Cos., Inc., Class A (30,400)   (269,040)
TFS Financial Corp. (17,000)   (254,830)
UWM Holdings Corp. (55,800)   (207,018)
      (730,888)
TRADING COMPANIES & DISTRIBUTORS (0.8%)
Air Lease Corp. (5,100)   (205,428)
WATER UTILITIES (1.1%)
American Water Works Co., Inc. (1,200)   (184,896)
Essential Utilities, Inc. (2,400)   (107,424)
      (292,320)
 
See notes to financial statements.
38

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD EQUITY MARKET NEUTRAL FUND
  Shares   Value
WIRELESS TELECOMMUNICATION SERVICES (0.9%)
T-Mobile U.S., Inc.(b) (1,900)   $ (233,966)
TOTAL COMMON STOCKS SOLD SHORT
(COST $(26,913,407)) 		    (22,906,126)
TOTAL SECURITIES SOLD SHORT
(PROCEEDS $(26,913,407)) (86.1)% 		    (22,906,126)
OTHER ASSETS IN EXCESS OF LIABILITIES 86.0%     22,721,750
NET ASSETS 100.0%     $ 26,423,471
 
(a) All or portion of the shares have been pledged as collateral for open short positions.
(b) Represents non-income producing security.
    
PLC — Public Limited Company
 
See notes to financial statements.
39

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
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   63.0%
Canada   18.3
Taiwan   3.9
Brazil   3.3
Japan   3.2
Ireland (Republic of)   1.6
Sweden   1.4
Germany   1.4
United Kingdom   1.3
China   1.2
Switzerland   1.1
Total Investments   99.7%
    
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
40

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD GLOBAL EQUITY INCOME FUND
  Shares   Value
COMMON STOCKS (96.2%)
AEROSPACE & DEFENSE (1.1%)
General Dynamics Corp. 14,350   $ 3,394,205
AIR FREIGHT & LOGISTICS (1.8%)
C.H. Robinson Worldwide, Inc. 51,340   5,449,741
BANKS (9.0%)
Bank of Nova Scotia (The) 58,840   3,725,749
Canadian Imperial Bank of Commerce 37,700   4,167,735
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR 899,760   5,218,608
Mizuho Financial Group, Inc., ADR 1,774,200   4,240,338
Royal Bank of Canada 38,630   3,902,789
Toronto-Dominion Bank (The) 74,710   5,397,050
      26,652,269
BEVERAGES (2.2%)
PepsiCo, Inc. 37,670   6,468,316
BIOTECHNOLOGY (1.8%)
Amgen, Inc. 22,250   5,188,477
CHEMICALS (0.9%)
Air Products and Chemicals, Inc. 12,060   2,822,884
COMMERCIAL SERVICES & SUPPLIES (1.5%)
Ritchie Bros Auctioneers, Inc. 79,900   4,401,691
COMMUNICATIONS EQUIPMENT (3.0%)
Cisco Systems, Inc. 94,970   4,651,630
Telefonaktiebolaget LM Ericsson, Sponsored ADR 529,510   4,214,900
      8,866,530
ELECTRIC UTILITIES (2.9%)
Entergy Corp. 28,150   3,345,627
Fortis, Inc. 106,780   5,194,847
      8,540,474
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.1%)
Crown Castle International Corp. 26,280   4,867,319
Iron Mountain, Inc. 81,200   4,362,876
      9,230,195
FOOD PRODUCTS (1.0%)
General Mills, Inc. 43,440   3,072,511
HEALTH CARE EQUIPMENT & SUPPLIES (3.3%)
Abbott Laboratories 44,700   5,073,450
Medtronic PLC 44,880   4,683,677
      9,757,127
  Shares   Value
HEALTH CARE PROVIDERS & SERVICES (7.4%)
Cardinal Health, Inc. 93,900   $ 5,450,895
Cigna Corp. 29,760   7,344,173
Encompass Health Corp. 50,500   3,475,915
Quest Diagnostics, Inc. 42,370   5,670,801
      21,941,784
HOTELS, RESTAURANTS & LEISURE (2.6%)
McDonald's Corp. 30,400   7,574,464
HOUSEHOLD DURABLES (2.5%)
Garmin Ltd. 30,350   3,330,609
Leggett & Platt, Inc. 50,090   1,784,707
Whirlpool Corp. 12,470   2,263,554
      7,378,870
HOUSEHOLD PRODUCTS (2.0%)
Procter & Gamble Co. (The) 36,810   5,909,845
INDUSTRIAL CONGLOMERATES (0.9%)
3M Co. 18,850   2,718,547
INSURANCE (2.7%)
China Life Insurance Co. Ltd., ADR 513,000   3,678,210
Sun Life Financial, Inc. 85,100   4,233,725
      7,911,935
IT SERVICES (5.0%)
Amdocs Ltd. 49,930   3,978,922
Cognizant Technology Solutions Corp., Class A 51,220   4,143,698
Paychex, Inc. 51,500   6,526,595
      14,649,215
MACHINERY (2.8%)
Cummins, Inc. 23,410   4,428,938
Snap-on, Inc. 17,930   3,809,946
      8,238,884
MEDIA (5.4%)
Nexstar Media Group, Inc., Class A 25,690   4,069,810
Omnicom Group, Inc. 45,480   3,462,392
TEGNA, Inc. 243,530   5,369,837
ViacomCBS, Inc., Class B 110,660   3,222,419
      16,124,458
METALS & MINING (3.9%)
Pan American Silver Corp. 174,200   4,314,934
Ternium SA, Sponsored ADR 77,420   3,321,318
Yamana Gold, Inc. 706,460   3,892,595
      11,528,847
 
See notes to financial statements.
41

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD GLOBAL EQUITY INCOME FUND
  Shares   Value
OIL, GAS & CONSUMABLE FUELS (3.9%)
Canadian Natural Resources, Ltd. 90,810   $ 5,618,415
Petroleo Brasileiro SA, Sponsored ADR 430,820   5,846,227
      11,464,642
PERSONAL PRODUCTS (1.3%)
Unilever PLC, Sponsored ADR 80,270   3,713,290
PROFESSIONAL SERVICES (1.6%)
Thomson Reuters Corp. 48,030   4,801,079
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (10.6%)
Analog Devices, Inc. 35,740   5,517,541
ChipMOS Technologies, Inc., ADR 75,360   2,348,971
Intel Corp. 88,520   3,858,587
Silicon Motion Technology Corp. ADR 47,510   3,607,434
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR 57,970   5,387,152
Texas Instruments, Inc. 39,290   6,689,123
United Microelectronics Corp., Sponsored ADR 477,960   3,804,562
      31,213,370
SOFTWARE (4.2%)
Open Text Corp. 109,300   4,377,465
Oracle Corp. 52,170   3,829,278
SAP SE, Sponsored ADR 41,640   4,197,312
      12,404,055
SPECIALTY RETAIL (3.4%)
Advance Auto Parts, Inc. 20,900   4,172,267
Best Buy Co., Inc. 21,290   1,914,610
Home Depot, Inc. (The) 13,410   4,028,364
      10,115,241
  Shares   Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (4.4%)
HP, Inc. 186,940   $ 6,847,612
NetApp, Inc. 82,740   6,060,705
      12,908,317
TOTAL COMMON STOCKS
(COST $256,291,735) 		    284,441,263
MONEY MARKET FUND (2.2%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(a) 6,585,623   6,585,623
TOTAL MONEY MARKET FUND
(COST $6,585,623) 		    6,585,623
PREFERRED STOCKS (1.3%)
ELECTRIC UTILITIES (1.3%)
Cia Energetica de Minas Gerais, Sponsored ADR, 9.65%(b) 1,250,800   3,789,924
TOTAL PREFERRED STOCKS
(COST $3,085,194) 		    3,789,924
TOTAL INVESTMENTS
(COST $265,962,552) 99.7% 		    294,816,810
OTHER ASSETS IN EXCESS OF LIABILITIES 0.3%     792,405
NET ASSETS 100.0%     $ 295,609,215
 
    
(a) 7-day current yield as of April 30, 2022 is disclosed.
(b) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
ADR — American Depositary Receipt
PLC — Public Limited Company
 
See notes to financial statements.
42

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
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   28.9%
United Kingdom   13.7
United States   11.1
Taiwan   7.3
Netherlands   6.7
Japan   5.0
Brazil   3.7
Switzerland   3.1
India   3.0
Australia   2.9
Germany   2.2
France   2.0
Mexico   1.6
Republic of Korea (South)   1.5
Spain   1.4
Ireland (Republic of)   0.9
Jersey   0.8
China   0.6
South Africa   0.6
Norway   0.6
Denmark   0.6
Chile   0.5
Italy   0.5
Sweden   0.4
Finland   0.4
Indonesia   0.4
Colombia   0.2
Total Investments   100.6%
    
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
43

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD INTERNATIONAL ENHANCED INDEX FUND
  Shares   Value
COMMON STOCKS (96.9%)
AEROSPACE & DEFENSE (0.1%)
CAE, Inc.(a) 7,590   $ 180,490
AIR FREIGHT & LOGISTICS (0.2%)
ZTO Express Cayman, Inc., ADR 14,960   411,550
AIRLINES (0.2%)
Ryanair Holdings PLC, Sponsored ADR(a) 3,928   342,993
AUTO COMPONENTS (0.3%)
Magna International, Inc., ADR 11,060   666,586
AUTOMOBILES (2.1%)
Ferrari N.V. 5,960   1,250,050
Honda Motor Co. Ltd., Sponsored ADR 55,620   1,460,025
NIO, Inc., ADR(a) 30,350   506,845
Stellantis N.V. 65,150   871,056
Tata Motors Ltd., Sponsored ADR(a) 11,270   317,927
      4,405,903
BANKS (17.2%)
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR 165,860   860,813
Banco de Chile, ADR 9,259   185,921
Banco Santander Chile, ADR 4,084   79,393
Banco Santander SA, Sponsored ADR 411,595   1,185,394
Bank of Montreal 22,310   2,365,752
Bank of Nova Scotia (The) 41,940   2,655,641
Barclays PLC, Sponsored ADR 97,189   724,058
Canadian Imperial Bank of Commerce 16,640   1,839,552
Credicorp Ltd. 2,157   299,586
HDFC Bank Ltd., ADR 36,720   2,027,311
HSBC Holdings PLC, Sponsored ADR 117,111   3,631,612
ICICI Bank Ltd., Sponsored ADR 69,360   1,320,614
ING Groep N.V., Sponsored ADR 103,570   967,344
KB Financial Group, Inc., ADR 22,160   1,017,587
Lloyds Banking Group PLC, ADR 425,905   949,768
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR 320,870   1,861,046
Mizuho Financial Group, Inc., ADR 315,100   753,089
Natwest Group PLC, Sponsored ADR 67,028   363,292
Royal Bank of Canada 48,330   4,882,780
Shinhan Financial Group Co. Ltd., ADR 29,360   960,366
Sumitomo Mitsui Financial Group, Inc., Sponsored ADR 182,750   1,094,672
  Shares   Value
Toronto-Dominion Bank (The) 57,760   $ 4,172,582
Westpac Banking Corp., Sponsored ADR 96,905   1,376,051
Woori Financial Group, Inc., Sponsored ADR 5,490   190,064
      35,764,288
BEVERAGES (0.6%)
Fomento Economico Mexicano SAB de CV, Sponsored ADR 16,190   1,210,041
BIOTECHNOLOGY (1.1%)
Argenx SE, ADR(a) 2,770   795,876
BeiGene Ltd., ADR(a) 2,000   320,000
Genmab A/S, Sponsored ADR(a) 32,930   1,158,478
      2,274,354
CAPITAL MARKETS (1.5%)
Credit Suisse Group, Sponsored ADR 60,759   407,085
Deutsche Bank AG(a) 52,930   522,948
Nomura Holdings, Inc., Sponsored ADR 85,620   323,644
UBS Group AG 109,380   1,841,959
      3,095,636
CHEMICALS (1.0%)
Nutrien Ltd. 17,043   1,674,475
Sasol Ltd., Sponsored ADR(a) 16,360   396,893
      2,071,368
COMMERCIAL SERVICES & SUPPLIES (1.3%)
Waste Connections, Inc. 19,250   2,655,922
COMMUNICATIONS EQUIPMENT (0.8%)
Nokia Oyj, Sponsored ADR 167,640   844,906
Telefonaktiebolaget LM Ericsson, Sponsored ADR 110,090   876,316
      1,721,222
CONSTRUCTION MATERIALS (0.9%)
CEMEX SAB de CV, Sponsored ADR(a) 55,045   242,198
CRH PLC, Sponsored ADR 27,110   1,073,014
James Hardie Industries PLC, Sponsored ADR 16,740   480,270
      1,795,482
DIVERSIFIED FINANCIAL SERVICES (0.4%)
ORIX Corp., Sponsored ADR 8,890   807,301
DIVERSIFIED TELECOMMUNICATION SERVICES (4.3%)
BCE, Inc. 49,085   2,609,849
 
See notes to financial statements.
44

Table of Contents
STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD INTERNATIONAL ENHANCED INDEX FUND
  Shares   Value
Chunghwa Telecom Co. Ltd., Sponsored ADR 40,595   $ 1,778,873
Orange SA, Sponsored ADR 80,550   946,463
Telefonica SA, Sponsored ADR(a) 169,980   812,504
Telkom Indonesia Persero Tbk PT, ADR 23,690   753,816
TELUS Corp. 76,570   1,915,016
      8,816,521
ELECTRIC UTILITIES (1.0%)
Enel Americas SA, ADR 37,710   200,617
Fortis, Inc. 37,920   1,844,808
      2,045,425
ELECTRICAL EQUIPMENT (0.9%)
ABB Ltd., Sponsored ADR 63,290   1,890,472
ENTERTAINMENT (1.0%)
Bilibili, Inc., Sponsored ADR(a) 4,390   106,853
NetEase, Inc., ADR 20,265   1,931,862
      2,038,715
FOOD PRODUCTS (0.0%)
BRF SA, ADR(a) 30,790   86,212
HEALTH CARE EQUIPMENT & SUPPLIES (1.6%)
Alcon, Inc. 23,270   1,657,056
Koninklijke Philips N.V., Sponsored NYS 34,065   878,196
Smith & Nephew PLC, Sponsored ADR 26,130   846,612
      3,381,864
HEALTH CARE PROVIDERS & SERVICES (0.3%)
Fresenius Medical Care AG & Co. KGaA, ADR 20,720   640,870
HOTELS, RESTAURANTS & LEISURE (0.8%)
Huazhu Group Ltd. ADR 2,410   72,878
InterContinental Hotels Group PLC, ADR 7,853   508,953
Restaurant Brands International, Inc. 13,705   782,419
Trip.com Group Ltd., ADR(a) 9,500   224,675
      1,588,925
HOUSEHOLD DURABLES (1.5%)
Sony Group Corp., Sponsored ADR 36,050   3,102,102
INSURANCE (2.3%)
Aegon N.V., Sponsored NYS 40,717   209,285
China Life Insurance Co. Ltd., ADR 66,430   476,303
Manulife Financial Corp. 80,270   1,570,081
Prudential PLC, ADR 40,400   1,014,040
Sun Life Financial, Inc. 30,610   1,522,848
      4,792,557
  Shares   Value
INTERACTIVE MEDIA & SERVICES (0.8%)
Baidu, Inc., Sponsored ADR(a) 14,043   $ 1,743,719
INTERNET & DIRECT MARKETING RETAIL (5.9%)
Alibaba Group Holding Ltd., Sponsored ADR(a) 90,350   8,772,082
JD.com, Inc., ADR(a) 47,950   2,956,597
Pinduoduo, Inc., ADR(a) 10,380   447,274
      12,175,953
IT SERVICES (2.5%)
CGI, Inc.(a) 14,860   1,184,788
GDS Holdings Ltd., ADR(a) 2,050   64,411
Infosys Ltd., Sponsored ADR 103,910   2,064,692
Pagseguro Digital Ltd., Class A(a) 3,280   48,249
Shopify, Inc., Class A(a) 3,000   1,280,460
StoneCo Ltd., Class A(a) 770   7,253
Wipro Ltd., ADR 71,143   458,161
      5,108,014
LIFE SCIENCES TOOLS & SERVICES (0.5%)
QIAGEN N.V.(a) 23,114   1,048,682
MACHINERY (0.2%)
CNH Industrial N.V. 29,960   425,132
Iveco Group N.V.(a) 5,992   35,703
      460,835
MEDIA (1.0%)
Grupo Televisa SAB, Sponsored ADR 23,020   212,475
Pearson PLC, Sponsored ADR 31,390   304,169
Shaw Communications, Inc., Class B 32,290   961,596
WPP PLC, Sponsored ADR 9,660   597,954
      2,076,194
METALS & MINING (8.4%)
Agnico-Eagle Mines Ltd. 14,998   873,333
AngloGold Ashanti Ltd., Sponsored ADR 12,980   265,052
ArcelorMittal SA, Sponsored NYS 16,233   474,653
Barrick Gold Corp., ADR 61,623   1,374,809
BHP Group Ltd., Sponsored ADR 69,940   4,684,581
Franco Nevada Corp. 7,400   1,118,584
Gold Fields Ltd., Sponsored ADR 24,090   323,529
Kinross Gold Corp. 44,170   224,384
POSCO, Sponsored ADR 15,710   890,914
Rio Tinto PLC, Sponsored ADR 30,152   2,144,410
Sibanye Stillwater Ltd., ADR 17,340   238,252
Southern Copper Corp. 4,933   307,178
Teck Resources Ltd., Class B 12,873   507,968
 
See notes to financial statements.
45

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD INTERNATIONAL ENHANCED INDEX FUND
  Shares   Value
Vale SA, Sponsored ADR 191,700   $ 3,237,813
Wheaton Precious Metals Corp. 19,060   855,032
      17,520,492
MULTI-UTILITIES (1.5%)
Algonquin Power & Utilities Corp. 62,170   898,357
National Grid PLC, Sponsored ADR 30,859   2,288,503
      3,186,860
OIL, GAS & CONSUMABLE FUELS (12.6%)
BP PLC, Sponsored ADR 90,282   2,592,899
Cameco Corp. 8,320   214,739
Canadian Natural Resources, Ltd. 31,870   1,971,797
Cenovus Energy, Inc. 32,150   594,132
China Petroleum & Chemical Corp., ADR 9,016   439,079
Ecopetrol SA, Sponsored ADR 10,700   173,661
Enbridge, Inc. 69,980   3,053,927
Eni S.p.A., Sponsored ADR 36,120   1,004,497
Equinor ASA, Sponsored ADR 34,797   1,185,882
Imperial Oil Ltd. 8,160   409,142
Pembina Pipeline Corp. 17,070   646,100
PetroChina Co. Ltd., ADR 7,760   367,979
Petroleo Brasileiro SA, Sponsored ADR 94,420   1,281,280
Shell PLC, ADR 105,595   5,641,941
Suncor Energy, Inc. 39,088   1,404,823
TC Energy Corp. 34,830   1,842,507
TotalEnergies SE, Sponsored ADR 66,800   3,253,828
      26,078,213
PAPER & FOREST PRODUCTS (0.1%)
Suzano SA, Sponsored ADR 23,870   241,087
PERSONAL PRODUCTS (2.0%)
Natura & Co. Holding SA, ADR 21,670   162,958
Unilever PLC, Sponsored ADR 87,904   4,066,439
      4,229,397
PHARMACEUTICALS (0.2%)
Bausch Health Cos., Inc.(a) 16,868   320,661
PROFESSIONAL SERVICES (1.7%)
RELX PLC, Sponsored ADR 73,793   2,173,204
Thomson Reuters Corp. 13,844   1,383,846
      3,557,050
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.3%)
FirstService Corp. 4,040   504,556
KE Holdings, Inc.(a) 11,590   164,346
      668,902
  Shares   Value
ROAD & RAIL (2.2%)
Canadian National Railway Co. 19,900   $ 2,340,638
Canadian Pacific Railway, Ltd. 30,640   2,243,461
      4,584,099
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (10.1%)
ASE Industrial Holding Co. Ltd., ADR 49,515   318,877
ASML Holding N.V., Sponsored NYS 11,437   6,447,837
STMicroelectronics N.V., Sponsored NYS 26,980   988,008
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR 130,410   12,119,001
United Microelectronics Corp., Sponsored ADR 124,460   990,702
      20,864,425
SOFTWARE (2.1%)
Open Text Corp. 21,210   849,460
SAP SE, Sponsored ADR 34,130   3,440,304
      4,289,764
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.7%)
Canon, Inc., Sponsored ADR 42,400   974,352
Logitech International SA 8,420   549,826
      1,524,178
TEXTILES, APPAREL & LUXURY GOODS (0.2%)
Gildan Activewear, Inc. 9,810   332,363
TRADING COMPANIES & DISTRIBUTORS (0.5%)
Ferguson PLC 8,580   1,070,012
TRANSPORTATION INFRASTRUCTURE (0.1%)
Grupo Aeroportuario del Pacifico SAB de CV, ADR(a) 1,920   295,277
WIRELESS TELECOMMUNICATION SERVICES (1.9%)
America Movil SAB de CV, Class L, Sponsored ADR 74,410   1,445,786
Rogers Communications, Inc., Class B 21,780   1,186,139
SK Telecom Co. Ltd., Sponsored ADR 6,350   158,877
Vodafone Group PLC, Sponsored ADR 74,399   1,130,121
      3,920,923
TOTAL COMMON STOCKS
(COST $201,837,751) 		    201,083,899
MASTER LIMITED PARTNERSHIPS (0.5%)
MULTI-UTILITIES (0.5%)
Brookfield Infrastructure Partners LP 16,380   1,022,603
TOTAL MASTER LIMITED PARTNERSHIPS
(COST $836,245) 		    1,022,603
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD INTERNATIONAL ENHANCED INDEX FUND
  Shares   Value
MONEY MARKET FUND (1.5%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 3,265,752   $ 3,265,752
TOTAL MONEY MARKET FUND
(COST $3,265,752) 		    3,265,752
PREFERRED STOCKS (1.7%)
BANKS (0.6%)
Bancolombia SA, Sponsored ADR, 7.55%(c) 5,350   207,420
Itau Unibanco Holding SA, Sponsored ADR, 0.66%(c) 222,437   1,065,473
      1,272,893
CHEMICALS (0.3%)
Sociedad Quimica y Minera de Chile SA, Sponsored ADR, 0.48%(c) 8,170   602,946
METALS & MINING (0.1%)
Gerdau SA, Sponsored ADR, 2.84%(c) 36,060   204,460
OIL, GAS & CONSUMABLE FUELS (0.7%)
Petroleo Brasileiro SA, Sponsored ADR, 9.39%(c) 114,030   1,399,148
  Shares   Value
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.0%)
Brookfield Property Preferred LP, 6.25% 448   $ 9,350
TOTAL PREFERRED STOCKS
(COST $3,116,484) 		    3,488,797
TOTAL INVESTMENTS
(COST $209,056,232) 100.6% 		    208,861,051
LIABILITIES IN EXCESS OF OTHER ASSETS (0.6)%     (1,326,375)
NET ASSETS 100.0%     $ 207,534,676
 
    
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
ADR — American Depositary Receipt
LP — Limited Partnership
NYS — New York Shares
PLC — Public Limited Company
 
See notes to financial statements.
47

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP CORE FUND

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

    
Industry Diversification   Percent*
Software   14.0%
Technology Hardware, Storage & Peripherals   9.0
Capital Markets   7.0
Specialty Retail   6.4
IT Services   6.3
Health Care Providers & Services   5.6
Insurance   5.2
Banks   3.9
Semiconductors & Semiconductor Equipment   3.7
Equity Real Estate Investment Trusts   3.4
Communications Equipment   3.2
Interactive Media & Services   3.1
Textiles, Apparel & Luxury Goods   2.9
Road & Rail   2.7
Building Products   2.4
Consumer Finance   2.0
Real Estate Management & Development   1.9
Internet & Direct Marketing Retail   1.8
Beverages   1.7
Biotechnology   1.5
Industry Diversification   Percent*
Food Products   1.1%
Electronic Equipment, Instruments
& Components 		  1.1
Health Care Equipment & Supplies   1.0
Media   0.9
Food & Staples Retailing   0.9
Electrical Equipment   0.9
Automobiles   0.9
Professional Services   0.9
Auto Components   0.8
Multiline Retail   0.8
Thrifts & Mortgage Finance   0.7
Commercial Services & Supplies   0.7
Diversified Financial Services   0.5
Pharmaceuticals   0.5
Diversified Telecommunication Services   0.5
Money Market Fund   0.1
Total Investments   100.0%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
48

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP CORE FUND
  Shares   Value
COMMON STOCKS (99.9%)
AUTO COMPONENTS (0.8%)
BorgWarner, Inc. 14,600   $ 537,718
AUTOMOBILES (0.9%)
Tesla, Inc.(a) 700   609,532
BANKS (3.9%)
Bank of America Corp. 18,800   670,784
Comerica, Inc. 7,200   589,680
PNC Financial Services Group, Inc. (The) 5,000   830,500
Regions Financial Corp. 29,300   607,096
      2,698,060
BEVERAGES (1.7%)
Coca-Cola Co. (The) 17,900   1,156,519
BIOTECHNOLOGY (1.5%)
Biogen, Inc.(a) 1,100   228,184
Gilead Sciences, Inc. 14,100   836,694
      1,064,878
BUILDING PRODUCTS (2.4%)
Carrier Global Corp. 14,900   570,223
Johnson Controls International PLC 8,000   478,960
Owens Corning 7,100   645,603
      1,694,786
CAPITAL MARKETS (7.0%)
Ameriprise Financial, Inc. 2,500   663,725
Bank of New York Mellon Corp. (The) 15,300   643,518
BlackRock, Inc. 800   499,744
CME Group, Inc. 4,000   877,360
Intercontinental Exchange, Inc. 7,200   833,832
Janus Henderson Group PLC 19,400   591,312
Morgan Stanley 9,800   789,782
      4,899,273
COMMERCIAL SERVICES & SUPPLIES (0.7%)
Waste Management, Inc. 2,800   460,432
COMMUNICATIONS EQUIPMENT (3.2%)
Arista Networks, Inc.(a) 5,700   658,749
Cisco Systems, Inc. 19,900   974,702
Lumentum Holdings, Inc.(a) 7,400   600,954
      2,234,405
  Shares   Value
CONSUMER FINANCE (2.0%)
Ally Financial, Inc. 11,900   $ 475,524
American Express Co. 5,300   925,963
      1,401,487
DIVERSIFIED FINANCIAL SERVICES (0.5%)
Berkshire Hathaway, Inc., Class B(a) 1,200   387,396
DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%)
Lumen Technologies, Inc. 34,000   342,040
ELECTRICAL EQUIPMENT (0.9%)
Acuity Brands, Inc. 3,800   655,424
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (1.1%)
Jabil, Inc. 9,100   525,343
Keysight Technologies, Inc.(a) 1,900   266,513
      791,856
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.4%)
Prologis, Inc. 5,700   913,653
Simon Property Group, Inc. 5,400   637,200
Weyerhaeuser Co. 20,000   824,400
      2,375,253
FOOD & STAPLES RETAILING (0.9%)
Walgreens Boots Alliance, Inc. 15,500   657,200
FOOD PRODUCTS (1.1%)
General Mills, Inc. 10,500   742,665
HEALTH CARE EQUIPMENT & SUPPLIES (1.0%)
Hologic, Inc.(a) 9,300   669,507
HEALTH CARE PROVIDERS & SERVICES (5.6%)
AmerisourceBergen Corp. 4,900   741,321
Cigna Corp. 3,400   839,052
CVS Health Corp. 9,300   894,009
Laboratory Corporation of America Holdings(a) 2,800   672,784
Quest Diagnostics, Inc. 5,500   736,120
      3,883,286
INSURANCE (5.2%)
Aon PLC, Class A 500   143,995
Chubb Ltd. 4,300   887,735
First American Financial Corp. 7,600   443,156
 
See notes to financial statements.
49

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP CORE FUND
  Shares   Value
Hartford Financial Services Group, Inc. (The) 8,700   $ 608,391
Marsh & McLennan Cos., Inc. 4,900   792,330
MetLife, Inc. 11,100   729,048
      3,604,655
INTERACTIVE MEDIA & SERVICES (3.1%)
Alphabet, Inc., Class A(a) 900   2,053,971
Meta Platforms, Inc., Class A(a) 700   140,329
      2,194,300
INTERNET & DIRECT MARKETING RETAIL (1.8%)
Amazon.com, Inc.(a) 500   1,242,815
IT SERVICES (6.3%)
Cognizant Technology Solutions Corp., Class A 3,900   315,510
Genpact Ltd. 16,700   672,509
International Business Machines Corp. 6,700   885,807
Mastercard, Inc., Class A 2,400   872,112
Visa, Inc., Class A 5,500   1,172,215
Western Union Co. (The) 30,600   512,856
      4,431,009
MEDIA (0.9%)
Interpublic Group of Cos., Inc. (The) 20,400   665,448
MULTILINE RETAIL (0.8%)
Kohl's Corp. 10,300   596,164
PHARMACEUTICALS (0.5%)
Zoetis, Inc. 1,800   319,050
PROFESSIONAL SERVICES (0.9%)
Robert Half International, Inc. 6,400   629,184
REAL ESTATE MANAGEMENT & DEVELOPMENT (1.9%)
CBRE Group, Inc., Class A(a) 8,000   664,320
Jones Lang LaSalle, Inc.(a) 2,900   634,317
      1,298,637
ROAD & RAIL (2.7%)
CSX Corp. 24,900   855,066
Landstar System, Inc. 700   108,430
Norfolk Southern Corp. 2,500   644,700
Union Pacific Corp. 1,100   257,719
      1,865,915
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.7%)
Applied Materials, Inc. 200   22,070
  Shares   Value
Cirrus Logic, Inc.(a) 8,300   $ 629,140
Intel Corp. 22,700   989,493
NVIDIA Corp. 700   129,829
QUALCOMM, Inc. 5,700   796,233
      2,566,765
SOFTWARE (14.0%)
Cadence Design Systems, Inc.(a) 5,400   814,590
Dolby Laboratories, Inc., Class A 7,800   604,266
Dropbox, Inc., Class A(a) 22,700   493,725
Microsoft Corp. 16,300   4,523,576
NortonLifeLock, Inc. 25,200   631,008
Oracle Corp. 8,100   594,540
Synopsys, Inc.(a) 2,800   803,012
Teradata Corp.(a) 12,600   521,010
VMware, Inc., Class A 7,100   767,084
      9,752,811
SPECIALTY RETAIL (6.4%)
AutoZone, Inc.(a) 400   782,188
Dick's Sporting Goods, Inc. 5,600   539,952
Home Depot, Inc. (The) 1,000   300,400
Lowe’s Cos., Inc. 4,800   949,104
O'Reilly Automotive, Inc.(a) 1,100   667,205
Tractor Supply Co. 3,200   644,640
Ulta Beauty, Inc.(a) 1,500   595,200
      4,478,689
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (9.0%)
Apple, Inc. 23,600   3,720,540
Dell Technologies, Inc., Class C 12,100   568,821
Hewlett Packard Enterprise Co. 47,600   733,516
HP, Inc. 21,000   769,230
NetApp, Inc. 6,900   505,425
      6,297,532
TEXTILES, APPAREL & LUXURY GOODS (2.9%)
Carter's, Inc. 1,500   126,360
Hanesbrands, Inc. 37,500   497,250
PVH Corp. 4,300   312,954
Ralph Lauren Corp. 6,600   688,644
Tapestry, Inc. 12,600   414,792
      2,040,000
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP CORE FUND
  Shares   Value
THRIFTS & MORTGAGE FINANCE (0.7%)
MGIC Investment Corp. 38,600   $ 504,116
TOTAL COMMON STOCKS
(COST $77,683,199) 		    69,748,807
MONEY MARKET FUND (0.1%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 37,171   37,171
TOTAL MONEY MARKET FUND
(COST $37,171) 		    37,171
TOTAL INVESTMENTS
(COST $77,720,370) 100.0% 		    69,785,978
  Shares   Value
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0%     $ 14,307
NET ASSETS 100.0%     $ 69,800,285
 
    
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
    
PLC — Public Limited Company
 
See notes to financial statements.
51

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP GROWTH FUND

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

    
Industry Diversification   Percent*
Software   21.2%
Technology Hardware, Storage & Peripherals   15.1
IT Services   8.9
Specialty Retail   8.7
Interactive Media & Services   6.8
Semiconductors & Semiconductor Equipment   5.6
Equity Real Estate Investment Trusts   5.0
Internet & Direct Marketing Retail   4.6
Textiles, Apparel & Luxury Goods   3.1
Automobiles   2.8
Air Freight & Logistics   2.4
Health Care Providers & Services   2.2
Electronic Equipment, Instruments
& Components 		  2.1
Road & Rail   1.4
Industry Diversification   Percent*
Consumer Finance   1.1%
Capital Markets   1.1
Communications Equipment   1.1
Professional Services   1.1
Real Estate Management & Development   1.0
Insurance   1.0
Paper & Forest Products   1.0
Building Products   1.0
Biotechnology   0.5
Multiline Retail   0.4
Food & Staples Retailing   0.3
Diversified Consumer Services   0.3
Money Market Fund   0.1
Total Investments   99.9%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP GROWTH FUND
  Shares   Value
COMMON STOCKS (99.8%)
AIR FREIGHT & LOGISTICS (2.4%)
C.H. Robinson Worldwide, Inc. 4,100   $ 435,215
Expeditors International of Washington, Inc. 5,100   505,257
GXO Logistics, Inc.(a) 1,600   94,704
      1,035,176
AUTOMOBILES (2.8%)
Tesla, Inc.(a) 1,400   1,219,064
BIOTECHNOLOGY (0.5%)
AbbVie, Inc. 1,300   190,944
BUILDING PRODUCTS (1.0%)
Carrier Global Corp. 10,600   405,662
CAPITAL MARKETS (1.1%)
Ameriprise Financial, Inc. 1,800   477,882
COMMUNICATIONS EQUIPMENT (1.1%)
Arista Networks, Inc.(a) 4,000   462,280
CONSUMER FINANCE (1.1%)
American Express Co. 200   34,942
Synchrony Financial 12,200   449,082
      484,024
DIVERSIFIED CONSUMER SERVICES (0.3%)
H&R Block, Inc. 5,600   145,992
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (2.1%)
Jabil, Inc. 8,300   479,159
Keysight Technologies, Inc.(a) 3,000   420,810
      899,969
EQUITY REAL ESTATE INVESTMENT TRUSTS (5.0%)
American Tower Corp. 2,800   674,856
Equinix, Inc. 700   503,356
Iron Mountain, Inc. 8,600   462,078
Simon Property Group, Inc. 4,300   507,400
      2,147,690
FOOD & STAPLES RETAILING (0.3%)
Costco Wholesale Corp. 200   106,344
HEALTH CARE PROVIDERS & SERVICES (2.2%)
Cardinal Health, Inc. 8,200   476,010
McKesson Corp. 1,500   464,415
      940,425
  Shares   Value
INSURANCE (1.0%)
Lincoln National Corp. 1,200   $ 72,180
Marsh & McLennan Cos., Inc. 2,300   371,910
      444,090
INTERACTIVE MEDIA & SERVICES (6.8%)
Alphabet, Inc., Class A(a) 1,000   2,282,190
Meta Platforms, Inc., Class A(a) 3,100   621,457
      2,903,647
INTERNET & DIRECT MARKETING RETAIL (4.6%)
Amazon.com, Inc.(a) 800   1,988,504
IT SERVICES (8.9%)
Gartner, Inc.(a) 1,800   522,990
Genpact Ltd. 11,100   446,997
Mastercard, Inc., Class A 3,200   1,162,816
Visa, Inc., Class A 6,000   1,278,780
Western Union Co. (The) 23,600   395,536
      3,807,119
MULTILINE RETAIL (0.4%)
Target Corp. 800   182,920
PAPER & FOREST PRODUCTS (1.0%)
Louisiana-Pacific Corp. 6,600   425,832
PROFESSIONAL SERVICES (1.1%)
Robert Half International, Inc. 4,600   452,226
REAL ESTATE MANAGEMENT & DEVELOPMENT (1.0%)
CBRE Group, Inc., Class A(a) 5,400   448,416
ROAD & RAIL (1.4%)
J.B. Hunt Transport Services, Inc. 800   136,680
Landstar System, Inc. 3,000   464,700
      601,380
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.6%)
Applied Materials, Inc. 6,000   662,100
Broadcom, Inc. 200   110,878
Micron Technology, Inc. 6,800   463,692
NVIDIA Corp. 3,300   612,051
QUALCOMM, Inc. 4,100   572,729
      2,421,450
SOFTWARE (21.2%)
Cadence Design Systems, Inc.(a) 3,700   558,145
Dropbox, Inc., Class A(a) 22,100   480,675
Fair Isaac Corp.(a) 1,100   410,861
 
See notes to financial statements.
53

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP GROWTH FUND
  Shares   Value
Microsoft Corp. 18,700   $ 5,189,624
NortonLifeLock, Inc. 18,400   460,736
Oracle Corp. 8,400   616,560
Synopsys, Inc.(a) 1,700   487,543
Teradata Corp.(a) 10,900   450,715
VMware, Inc., Class A 4,400   475,376
      9,130,235
SPECIALTY RETAIL (8.7%)
AutoZone, Inc.(a) 200   391,094
Best Buy Co., Inc. 1,100   98,923
Home Depot, Inc. (The) 3,600   1,081,440
Lowe’s Cos., Inc. 3,800   751,374
Tractor Supply Co. 2,400   483,480
Ulta Beauty, Inc.(a) 1,200   476,160
Victoria's Secret & Co.(a) 9,900   466,488
      3,748,959
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (15.1%)
Apple, Inc. 32,300   5,092,095
Dell Technologies, Inc., Class C 10,100   474,801
HP, Inc. 12,900   472,527
NetApp, Inc. 6,300   461,475
      6,500,898
TEXTILES, APPAREL & LUXURY GOODS (3.1%)
Columbia Sportswear Co. 5,200   427,232
Hanesbrands, Inc. 32,800   434,928
Tapestry, Inc. 14,000   460,880
      1,323,040
TOTAL COMMON STOCKS
(COST $48,889,343) 		    42,894,168
MONEY MARKET FUND (0.1%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 61,633   61,633
TOTAL MONEY MARKET FUND
(COST $61,633) 		    61,633
TOTAL INVESTMENTS
(COST $48,950,976) 99.9% 		    42,955,801
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1%     22,501
NET ASSETS 100.0%     $ 42,978,302
 
    
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP VALUE FUND
The table below sets forth the diversification of the Steward Large Cap Value Fund investments by Industry.

    
Industry Diversification   Percent*
Health Care Providers & Services   10.3%
Insurance   7.9
Banks   7.8
Capital Markets   6.8
Oil, Gas & Consumable Fuels   5.7
Equity Real Estate Investment Trusts   4.8
IT Services   4.4
Diversified Telecommunication Services   4.1
Software   3.8
Biotechnology   3.4
Communications Equipment   3.4
Semiconductors & Semiconductor Equipment   3.3
Textiles, Apparel & Luxury Goods   3.3
Technology Hardware, Storage & Peripherals   3.2
Specialty Retail   2.8
Food & Staples Retailing   2.5
Diversified Financial Services   2.1
Real Estate Management & Development   2.1
Consumer Finance   1.9
Road & Rail   1.4
Pharmaceuticals   1.4
Industry Diversification   Percent*
Food Products   1.3%
Health Care Technology   1.2
Auto Components   1.1
Building Products   1.1
Beverages   1.1
Media   1.0
Household Products   1.0
Multiline Retail   1.0
Professional Services   0.9
Chemicals   0.9
Electrical Equipment   0.8
Electronic Equipment, Instruments
& Components 		  0.8
Thrifts & Mortgage Finance   0.7
Money Market Fund   0.4
Household Durables   0.3
Health Care Equipment & Supplies   0.2
Aerospace & Defense   0.1
Entertainment   0.0**
Total Investments   100.3%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
** Amount rounds to less than 0.1%.
See notes to financial statements.
55

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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP VALUE FUND
  Shares   Value
COMMON STOCKS (99.9%)
AEROSPACE & DEFENSE (0.1%)
Northrop Grumman Corp. 100   $ 43,940
AUTO COMPONENTS (1.1%)
BorgWarner, Inc. 17,700   651,891
BANKS (7.8%)
Bank of America Corp. 38,700   1,380,816
Comerica, Inc. 7,100   581,490
JPMorgan Chase & Co. 4,300   513,248
PNC Financial Services Group, Inc. (The) 4,800   797,280
Popular, Inc. 5,800   452,342
Regions Financial Corp. 26,000   538,720
Wells Fargo & Co. 10,400   453,752
      4,717,648
BEVERAGES (1.1%)
Keurig Dr Pepper, Inc. 18,400   688,160
BIOTECHNOLOGY (3.4%)
Amgen, Inc. 2,100   489,699
Biogen, Inc.(a) 3,500   726,040
Gilead Sciences, Inc. 14,100   836,694
      2,052,433
BUILDING PRODUCTS (1.1%)
Owens Corning 7,300   663,789
CAPITAL MARKETS (6.8%)
Ameriprise Financial, Inc. 2,300   610,627
Bank of New York Mellon Corp. (The) 15,200   639,312
CME Group, Inc. 3,700   811,558
Franklin Resources, Inc. 12,300   302,457
Intercontinental Exchange, Inc. 2,500   289,525
Janus Henderson Group PLC 18,300   557,784
Morgan Stanley 11,700   942,903
      4,154,166
CHEMICALS (0.9%)
Dow, Inc. 8,600   571,900
COMMUNICATIONS EQUIPMENT (3.4%)
Arista Networks, Inc.(a) 4,800   554,736
Cisco Systems, Inc. 25,500   1,248,990
Lumentum Holdings, Inc.(a) 3,100   251,751
      2,055,477
  Shares   Value
CONSUMER FINANCE (1.9%)
Ally Financial, Inc. 11,200   $ 447,552
American Express Co. 4,000   698,840
      1,146,392
DIVERSIFIED FINANCIAL SERVICES (2.1%)
Berkshire Hathaway, Inc., Class B(a) 3,900   1,259,037
DIVERSIFIED TELECOMMUNICATION SERVICES (4.1%)
AT&T, Inc. 50,300   948,658
Lumen Technologies, Inc. 39,600   398,376
Verizon Communications, Inc. 24,700   1,143,610
      2,490,644
ELECTRICAL EQUIPMENT (0.8%)
Acuity Brands, Inc. 2,900   500,192
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (0.8%)
Jabil, Inc. 8,000   461,840
ENTERTAINMENT (0.0%)
Warner Bros Discovery, Inc.(a) 0 (b)   5
EQUITY REAL ESTATE INVESTMENT TRUSTS (4.8%)
Iron Mountain, Inc. 11,000   591,030
Prologis, Inc. 6,200   993,798
Simon Property Group, Inc. 5,200   613,600
Weyerhaeuser Co. 17,400   717,228
      2,915,656
FOOD & STAPLES RETAILING (2.5%)
Kroger Co. (The) 13,600   733,856
Walgreens Boots Alliance, Inc. 16,800   712,320
Walmart, Inc. 400   61,196
      1,507,372
FOOD PRODUCTS (1.3%)
General Mills, Inc. 10,900   770,957
HEALTH CARE EQUIPMENT & SUPPLIES (0.2%)
Hologic, Inc.(a) 1,700   122,383
HEALTH CARE PROVIDERS & SERVICES (10.3%)
AmerisourceBergen Corp. 4,400   665,676
Anthem, Inc. 1,700   853,281
Cardinal Health, Inc. 10,400   603,720
Cigna Corp. 3,400   839,052
CVS Health Corp. 10,400   999,752
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP VALUE FUND
  Shares   Value
Henry Schein, Inc.(a) 7,300   $ 592,030
Laboratory Corporation of America Holdings(a) 2,600   624,728
McKesson Corp. 1,300   402,493
Quest Diagnostics, Inc. 5,100   682,584
      6,263,316
HEALTH CARE TECHNOLOGY (1.2%)
Cerner Corp. 7,700   721,028
HOUSEHOLD DURABLES (0.3%)
Newell Brands, Inc. 7,300   168,995
HOUSEHOLD PRODUCTS (1.0%)
Procter & Gamble Co. (The) 3,600   577,980
INSURANCE (7.9%)
Aflac, Inc. 12,600   721,728
Chubb Ltd. 3,900   805,155
First American Financial Corp. 6,900   402,339
Hartford Financial Services Group, Inc. (The) 8,200   573,426
MetLife, Inc. 11,700   768,456
Prudential Financial, Inc. 6,800   737,868
Travelers Cos., Inc. (The) 4,400   752,664
      4,761,636
IT SERVICES (4.4%)
Cognizant Technology Solutions Corp., Class A 7,000   566,300
Genpact Ltd. 15,900   640,293
International Business Machines Corp. 7,300   965,133
Western Union Co. (The) 31,000   519,560
      2,691,286
MEDIA (1.0%)
Interpublic Group of Cos., Inc. (The) 17,800   580,636
MULTILINE RETAIL (1.0%)
Kohl's Corp. 10,400   601,952
OIL, GAS & CONSUMABLE FUELS (5.7%)
Chevron Corp. 2,300   360,341
ConocoPhillips 10,200   974,304
Exxon Mobil Corp. 6,000   511,500
Kinder Morgan, Inc. 100   1,815
Marathon Petroleum Corp. 9,400   820,244
Phillips 66 9,200   798,192
      3,466,396
  Shares   Value
PHARMACEUTICALS (1.4%)
Organon & Co. 5,800   $ 187,514
Zoetis, Inc. 3,600   638,100
      825,614
PROFESSIONAL SERVICES (0.9%)
Robert Half International, Inc. 5,700   560,367
REAL ESTATE MANAGEMENT & DEVELOPMENT (2.1%)
CBRE Group, Inc., Class A(a) 8,200   680,928
Jones Lang LaSalle, Inc.(a) 2,700   590,571
      1,271,499
ROAD & RAIL (1.4%)
CSX Corp. 25,400   872,236
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.3%)
Intel Corp. 26,300   1,146,417
Micron Technology, Inc. 12,300   838,737
      1,985,154
SOFTWARE (3.8%)
NortonLifeLock, Inc. 22,000   550,880
Synopsys, Inc.(a) 2,100   602,259
Teradata Corp.(a) 11,900   492,065
VMware, Inc., Class A 6,300   680,652
      2,325,856
SPECIALTY RETAIL (2.8%)
AutoZone, Inc.(a) 300   586,641
Dick's Sporting Goods, Inc. 4,800   462,816
O'Reilly Automotive, Inc.(a) 1,100   667,205
      1,716,662
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (3.2%)
Dell Technologies, Inc., Class C 13,000   611,130
Hewlett Packard Enterprise Co. 42,000   647,220
HP, Inc. 19,100   699,633
      1,957,983
TEXTILES, APPAREL & LUXURY GOODS (3.3%)
Carter's, Inc. 7,100   598,104
Hanesbrands, Inc. 31,000   411,060
Ralph Lauren Corp. 5,800   605,172
Tapestry, Inc. 11,800   388,456
      2,002,792
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD LARGE CAP VALUE FUND
  Shares   Value
THRIFTS & MORTGAGE FINANCE (0.7%)
MGIC Investment Corp. 33,600   $ 438,816
TOTAL COMMON STOCKS
(COST $64,761,712) 		    60,564,086
MONEY MARKET FUND (0.4%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(c) 250,469   250,469
TOTAL MONEY MARKET FUND
(COST $250,469) 		    250,469
TOTAL INVESTMENTS
(COST $65,012,181) 100.3% 		    60,814,555
  Shares   Value
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3)%     $ (172,103)
NET ASSETS 100.0%     $ 60,642,452
 
    
(a) Represents non-income producing security.
(b) Amount rounds to less than 1 share.
(c) 7-day current yield as of April 30, 2022 is disclosed.
    
PLC — Public Limited Company
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
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   19.7%
Semiconductors & Semiconductor Equipment   5.3
Software   5.2
U.S. Government Agency Mortgage-Backed Obligations   5.2
IT Services   4.5
Food & Staples Retailing   3.9
Money Market Fund   3.6
Municipal Bonds   3.4
Aerospace & Defense   3.2
Hotels, Restaurants & Leisure   3.2
U.S. Treasury Obligations   3.0
Textiles, Apparel & Luxury Goods   2.9
Health Care Providers & Services   2.7
Specialty Retail   2.6
Oil, Gas & Consumable Fuels   2.6
Air Freight & Logistics   2.6
Capital Markets   2.3
Internet & Direct Marketing Retail   2.0
Media   2.0
Industry Diversification   Percent*
Technology Hardware, Storage & Peripherals   1.7%
Banks   1.6
Household Products   1.3
Health Care Equipment & Supplies   1.3
Multiline Retail   1.3
Communications Equipment   1.3
Consumer Finance   1.3
Commercial Services & Supplies   1.3
Food Products   1.3
Insurance   1.3
Machinery   1.3
Industrial Conglomerates   1.3
Entertainment   1.3
Chemicals   1.2
Biotechnology   1.0
Diversified Financial Services   0.8
Thrifts & Mortgage Finance   0.1
Total Investments   100.6%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SELECT BOND FUND
  Principal
Amount 		  Value
ASSET-BACKED SECURITIES (0.1%)
THRIFTS & MORTGAGE FINANCE (0.1%)
Opteum Mortgage Acceptance Corp., Class 2AD2, 5.85%, 12/25/35(a) $ 65,397   $ 65,297
TOTAL ASSET-BACKED SECURITIES
(COST $65,724) 		    65,297
CORPORATE BONDS (65.6%)
AEROSPACE & DEFENSE (3.2%)
General Dynamics Corp., 3.75%, 5/15/28, (Callable 2/15/28 @ 100) 2,000,000   1,992,131
Lockheed Martin Corp., 3.55%, 1/15/26 1,000,000   1,007,531
Raytheon Technologies Corp., 3.75%, 11/1/46 2,000,000   1,768,829
      4,768,491
AIR FREIGHT & LOGISTICS (2.6%)
United Parcel Service, Inc., 3.05%, 11/15/27, (Callable 8/15/27 @ 100) 1,000,000   971,658
United Parcel Service, Inc., 3.75%, 11/15/47, (Callable 5/15/47 @ 100) 1,000,000   914,550
United Parcel Service, Inc., 3.90%, 4/1/25, (Callable 3/1/25 @ 100) 2,000,000   2,023,954
      3,910,162
BANKS (1.6%)
U.S. Bank NA/Cincinnati OH, 2.80%, 1/27/25, (Callable 12/27/24 @ 100) 2,500,000   2,470,843
BIOTECHNOLOGY (1.0%)
AbbVie, Inc., 4.50%, 5/14/35, (Callable 11/14/34 @ 100) 1,500,000   1,481,949
CAPITAL MARKETS (2.3%)
Charles Schwab Corp. (The), 2.00%, 3/20/28, (Callable 1/20/28 @ 100) 2,000,000   1,804,980
Goldman Sachs Group, Inc. (The), 5.95%, 1/15/27 1,500,000   1,592,740
      3,397,720
CHEMICALS (1.2%)
Sherwin-Williams Co. (The), 2.95%, 8/15/29, (Callable 5/15/29 @ 100) 1,000,000   919,090
Sherwin-Williams Co. (The), 3.80%, 8/15/49, (Callable 2/15/49 @ 100) 1,000,000   855,432
      1,774,522
COMMERCIAL SERVICES & SUPPLIES (1.3%)
Waste Management, Inc., 3.15%, 11/15/27, (Callable 8/15/27 @ 100) 2,000,000   1,940,809
  Principal
Amount 		  Value
COMMUNICATIONS EQUIPMENT (1.3%)
Cisco Systems, Inc., 2.50%, 9/20/26, (Callable 6/20/26 @ 100) $ 2,000,000   $ 1,934,991
CONSUMER FINANCE (1.3%)
American Express Co., 3.40%, 2/22/24, (Callable 1/22/24 @ 100) 1,000,000   1,002,584
American Express Credit Corp., 3.30%, 5/3/27, (Callable 4/3/27 @ 100) 1,000,000   976,477
      1,979,061
DIVERSIFIED FINANCIAL SERVICES (0.8%)
Citigroup, Inc., 6.63%, 6/15/32 1,000,000   1,123,061
ENTERTAINMENT (1.3%)
Walt Disney Co. (The), 3.80%, 3/22/30 2,000,000   1,961,881
FOOD & STAPLES RETAILING (3.9%)
Sysco Corp., 3.25%, 7/15/27, (Callable 4/15/27 @ 100) 2,000,000   1,923,246
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, (Callable 5/18/34 @ 100) 2,000,000   1,918,866
Walmart, Inc., 3.25%, 7/8/29, (Callable 4/8/29 @ 100) 2,000,000   1,955,869
      5,797,981
FOOD PRODUCTS (1.3%)
General Mills, Inc., 4.20%, 4/17/28, (Callable 1/17/28 @ 100) 2,000,000   2,014,790
HEALTH CARE EQUIPMENT & SUPPLIES (1.3%)
Abbott Laboratories, 2.95%, 3/15/25, (Callable 12/15/24 @ 100) 2,000,000   1,989,312
HEALTH CARE PROVIDERS & SERVICES (2.7%)
CVS Health Corp., 1.75%, 8/21/30, (Callable 5/21/30 @ 100) 1,320,000   1,074,650
CVS Health Corp., 4.00%, 12/5/23, (Callable 9/5/23 @ 100) 2,000,000   2,028,060
Evernorth Health, Inc., 4.50%, 2/25/26, (Callable 11/27/25 @ 100) 1,000,000   1,017,640
      4,120,350
HOTELS, RESTAURANTS & LEISURE (3.2%)
McDonald's Corp., 3.60%, 7/1/30, (Callable 4/1/30 @ 100) 1,000,000   959,765
McDonald's Corp., 3.63%, 9/1/49 2,500,000   2,090,500
Starbucks Corp., 3.75%, 12/1/47, (Callable 6/1/47 @ 100) 2,000,000   1,689,447
      4,739,712
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SELECT BOND FUND
  Principal
Amount 		  Value
HOUSEHOLD PRODUCTS (1.3%)
Procter & Gamble Co. (The), 3.00%, 3/25/30 $ 1,000,000   $ 949,297
Procter & Gamble Co. (The), 3.10%, 8/15/23 1,000,000   1,008,776
      1,958,073
INDUSTRIAL CONGLOMERATES (1.3%)
3M Co., 2.88%, 10/15/27, (Callable 7/15/27 @ 100) 2,000,000   1,932,070
INSURANCE (1.3%)
Prudential Financial, Inc., 5.88% (US0003M + 418 bp), 9/15/42, (Callable 9/15/22 @ 100)(a) 2,000,000   1,995,000
INTERNET & DIRECT MARKETING RETAIL (2.0%)
Amazon.com, Inc., 3.80%, 12/5/24, (Callable 9/5/24 @ 100) 3,000,000   3,049,294
IT SERVICES (4.5%)
Fiserv, Inc., 4.20%, 10/1/28, (Callable 7/1/28 @ 100) 1,000,000   984,620
Mastercard, Inc., 3.38%, 4/1/24 2,000,000   2,017,237
PayPal Holdings, Inc., 2.85%, 10/1/29, (Callable 7/1/29 @ 100) 2,000,000   1,831,210
Visa, Inc., 4.30%, 12/14/45, (Callable 6/14/45 @ 100) 2,000,000   2,008,096
      6,841,163
MACHINERY (1.3%)
John Deere Capital Corp., 3.45%, 3/13/25 2,000,000   2,012,248
MEDIA (2.0%)
Comcast Corp., 3.70%, 4/15/24, (Callable 3/15/24 @ 100) 3,000,000   3,030,345
MULTILINE RETAIL (1.3%)
Target Corp., 3.50%, 7/1/24 2,000,000   2,021,433
OIL, GAS & CONSUMABLE FUELS (2.6%)
ConocoPhillips Co., 4.95%, 3/15/26, (Callable 12/15/25 @ 100) 1,000,000   1,051,634
Valero Energy Corp., 4.00%, 4/1/29, (Callable 1/1/29 @ 100) 3,000,000   2,913,233
      3,964,867
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.3%)
Intel Corp., 4.00%, 12/15/32 2,000,000   1,977,583
NVIDIA Corp., 2.85%, 4/1/30, (Callable 1/1/30 @ 100) 2,000,000   1,862,200
Qualcomm, Inc., 4.65%, 5/20/35, (Callable 11/20/34 @ 100) 4,000,000   4,158,318
      7,998,101
SOFTWARE (5.2%)
Adobe, Inc., 3.25%, 2/1/25, (Callable 11/1/24 @ 100) 3,000,000   3,010,306
  Principal
Amount 		  Value
Microsoft Corp., 3.45%, 8/8/36, (Callable 2/8/36 @ 100) $ 2,000,000   $ 1,909,185
Oracle Corp., 3.25%, 11/15/27, (Callable 8/15/27 @ 100) 2,000,000   1,860,526
Salesforce, Inc., 3.70%, 4/11/28, (Callable 1/11/28 @ 100) 1,000,000   996,961
      7,776,978
SPECIALTY RETAIL (2.6%)
Home Depot, Inc. (The), 3.75%, 2/15/24, (Callable 11/15/23 @ 100) 2,000,000   2,028,564
Lowe's Cos., Inc., 3.65%, 4/5/29, (Callable 1/5/29 @ 100) 2,000,000   1,930,380
      3,958,944
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (1.7%)
Apple, Inc., 1.65%, 5/11/30, (Callable 2/11/30 @ 100) 2,000,000   1,720,230
Apple, Inc., 3.45%, 2/9/45 1,000,000   892,885
      2,613,115
TEXTILES, APPAREL & LUXURY GOODS (2.9%)
NIKE, Inc., 2.85%, 3/27/30, (Callable 12/27/29 @ 100) 3,000,000   2,792,714
Ralph Lauren Corp., 2.95%, 6/15/30, (Callable 3/15/30 @ 100) 1,000,000   910,940
Tapestry, Inc., 4.13%, 7/15/27, (Callable 4/15/27 @ 100) 689,000   674,479
      4,378,133
TOTAL CORPORATE BONDS
(COST $108,041,937) 		    98,935,399
MUNICIPAL BONDS (3.4%)
California State University Taxable Revenue Refunding Bonds, Series B, 1.79%, 11/1/30 500,000   423,318
Connecticut State Taxable G.O. Unlimited Bonds, Series A, 1.50%, 6/1/27 200,000   180,237
Frisco Taxable Certificates G.O. Limited Bonds, Series B, 1.75%, 2/15/30 995,000   897,522
Houston Utility System First Lien Taxable Revenue Refunding Bonds, Series B, 1.93%, 11/15/31 1,240,000   1,047,349
Leander Independent School District Taxable G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.), 1.99%, 8/15/33 895,000   752,976
Louisiana State Highway Improvement Taxable Revenue Refunding Bonds, Series A, 1.59%, 6/15/30 100,000   84,057
Metropolitan Government Nashville & Davidson County Water & Sewer Taxable Revenue Refunding Bonds, Series B, Green Bond, 2.13%, 7/1/32, (Callable 7/1/31 @ 100) 1,215,000   1,068,052
North Texas Tollway Authority Taxable Revenue Refunding Bonds, Series 2021A, 2.08%, 1/1/31 100,000   87,392
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SELECT BOND FUND
  Principal
Amount 		  Value
Northwest Independent School District Taxable G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), 1.97%, 2/15/34, (Callable 2/15/30 @ 100) $ 600,000   $ 488,349
Uptown Development Authority Contract Tax Allocation Increment Revenue Bonds, Series B (AGM Insured), 2.58%, 9/1/31 100,000   88,452
TOTAL MUNICIPAL BONDS
(COST $6,007,985) 		    5,117,704
U.S. GOVERNMENT AGENCIES (19.7%)
Federal Farm Credit Bank, 3.00%, 11/25/30 1,000,000   987,192
Federal Home Loan Bank      
0.63%, 7/29/26, (Callable 1/29/22 @ 100) (b) 1,000,000   940,012
0.65%, 9/30/26, (Callable 12/30/21 @ 100) (b) 2,000,000   1,859,498
0.70%, 3/30/26, (Callable 12/30/21 @ 100) (b) 1,000,000   940,645
0.70%, 4/13/26, (Callable 1/13/22 @ 100) (b) 1,000,000   939,847
0.75%, 8/25/28, (Callable 8/25/22 @ 100) (b) 1,350,000   1,237,565
0.75%, 9/30/27, (Callable 12/30/21 @ 100) (b) 800,000   733,776
0.80%, 3/8/27, (Callable 11/15/21 @ 100) 1,000,000   908,003
0.85%, 2/26/26, (Callable 11/26/21 @ 100) 1,000,000   929,906
0.88%, 3/23/26, (Callable 12/23/21 @ 100) 1,000,000   928,247
0.90%, 12/1/27, (Callable 11/15/21 @ 100) 2,000,000   1,796,172
1.00%, 4/29/31, (Callable 1/29/22 @ 100) (b) 730,769   670,638
1.00%, 7/29/26, (Callable 1/29/22 @ 100) 1,000,000   927,235
1.00%, 3/16/27, (Callable 3/16/22 @ 100) 2,000,000   1,824,551
1.07%, 1/25/30, (Callable 1/25/22 @ 100) 1,000,000   858,570
1.50%, 10/27/23(b) 1,000,000   998,549
1.75%, 3/10/27(b) 1,000,000   977,311
2.75%, 2/22/34 1,000,000   914,950
3.00%, 2/24/37 1,000,000   896,678
5/10/27 (c) 1,000,000   994,619
5/24/27 (b)(c) 1,000,000   998,186
      21,274,958
Federal Home Loan Mortgage Corp.      
0.80%, 10/27/26, (Callable 1/27/22 @ 100) 1,000,000   904,713
1.05%, 7/21/28, (Callable 1/21/22 @ 100) 1,000,000   891,117
2.00%, 12/24/24 1,000,000   978,242
      2,774,072
Federal National Mortgage Association      
  Principal
Amount 		  Value
0.40%, 10/29/24, (Callable 4/29/22 @ 100) $ 1,000,000   $ 940,555
0.55%, 8/19/25, (Callable 8/19/22 @ 100) 1,000,000   925,998
0.56%, 10/28/25, (Callable 10/28/22 @ 100) 1,000,000   921,715
0.58%, 8/25/25, (Callable 2/25/22 @ 100) 1,000,000   926,242
0.60%, 8/28/25, (Callable 2/28/22 @ 100) 1,000,000   926,900
      4,641,410
TOTAL U.S. GOVERNMENT AGENCIES
(COST $31,863,733) 		    29,677,632
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
OBLIGATIONS (5.2%)
Federal Home Loan Mortgage Corp.      
2.04% (US0012M + 179 bp), 10/1/37(a) 8,138   8,105
2.38% (H15T1Y + 225 bp), 5/1/36(a) 17,331   17,379
3.00%, 7/15/41 1,156,728   1,145,436
3.50%, 2/1/34 216,229   217,733
3.50%, 10/1/49 294,195   286,537
3.50%, 12/15/48 470,207   464,511
4.00%, 12/15/25 2,500,000   2,535,797
5.00%, 11/1/37 5,304   5,522
6.00%, 3/1/38 17,632   19,505
      4,700,525
Federal National Mortgage Association      
1.09% (US0001M + 42 bp), 11/25/36(a) 26,806   26,839
1.50%, 11/25/44 1,704,437   1,561,809
2.20% (US0012M + 182 bp), 5/1/36(a) 46,954   48,972
2.29% (US0012M + 204 bp), 10/1/36(a) 15,643   15,592
3.50%, 2/1/43 157,280   155,493
3.50%, 4/1/48 459,472   453,406
4.00%, 9/1/33 141,937   144,696
4.00%, 10/1/46 316,948   319,834
6.00%, 6/1/36 175,800   183,502
6.00%, 9/1/36 34,696   35,904
6.00%, 5/1/37 24,049   25,394
      2,971,441
Government National Mortgage Association      
2.00% (H15T1Y + 150 bp), 1/20/39(a) 9,037   9,016
4.50%, 6/15/40 71,671   75,483
4.50%, 8/20/38 32,294   32,520
5.00%, 5/20/40 33,300   34,642
5.50%, 12/20/38 4,292   4,501
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SELECT BOND FUND
  Principal
Amount 		  Value
6.00%, 10/15/37 $ 19,791   $ 21,962
6.00%, 6/15/37 21,032   23,072
6.50%, 10/20/38 1,727   1,782
      202,978
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS
(COST $8,158,609) 		    7,874,944
U.S. TREASURY OBLIGATIONS (3.0%)
U.S. Treasury Bond, 1.13%, 5/15/40 2,000,000   1,441,016
U.S. Treasury Inflationary Index Note, 0.38%, 1/15/27 1,174,520   1,221,561
U.S. Treasury Notes      
1.63%, 11/30/26 1,000,000   943,203
1.75%, 11/15/29 1,000,000   921,875
      1,865,078
TOTAL U.S. TREASURY OBLIGATIONS
(COST $5,149,715) 		    4,527,655
    
  Shares   Value
MONEY MARKET FUND (3.6%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(d) 5,408,091   $ 5,408,091
TOTAL MONEY MARKET FUND
(COST $5,408,091) 		    5,408,091
TOTAL INVESTMENTS
(COST $164,695,794) 100.6% 		    151,606,722
  Shares   Value
LIABILITIES IN EXCESS OF OTHER ASSETS (0.6)%     $ (888,210)
NET ASSETS 100.0%     $ 150,718,512
 
    
(a) Variable rate security. The interest rate shown represents the rate in effect at April 30, 2022. 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, 2022.
(c) When-Issued Security. Coupon rate is not in effect at April 30, 2022.
(d) 7-day current yield as of April 30, 2022 is disclosed.
    
AGM — Assured Guarantee Municipal Corporation
bp — Basis Points
G.O. — General Obligation
Gtd. — Guaranteed
H15T1Y — 1 Year Treasury Constant Maturity Rate
PSF — Permanent School Fund
US0001M — 1 Month US Dollar LIBOR
US0003M — 3 Month US Dollar LIBOR
US0012M — 12 Month US Dollar LIBOR
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SMALL CAP GROWTH FUND

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

    
Industry Diversification   Percent*
Software   17.7%
Health Care Providers & Services   5.5
Diversified Consumer Services   5.2
Semiconductors & Semiconductor Equipment   4.7
Health Care Equipment & Supplies   4.6
Food Products   4.3
Equity Real Estate Investment Trusts   4.0
Biotechnology   3.7
Pharmaceuticals   3.4
Hotels, Restaurants & Leisure   3.3
Health Care Technology   3.3
Machinery   3.1
Life Sciences Tools & Services   2.8
Independent Power and Renewable Electricity Producers   2.8
Electrical Equipment   2.4
Media   2.3
Chemicals   2.1
Capital Markets   2.0
Trading Companies & Distributors   1.9
Building Products   1.7
Industry Diversification   Percent*
Road & Rail   1.7%
Entertainment   1.6
Money Market Fund   1.6
Insurance   1.5
Commercial Services & Supplies   1.5
Real Estate Management & Development   1.4
Specialty Retail   1.3
IT Services   1.2
Diversified Telecommunication Services   1.1
Textiles, Apparel & Luxury Goods   1.0
Professional Services   1.0
Banks   1.0
Metals & Mining   0.8
Oil, Gas & Consumable Fuels   0.7
Auto Components   0.7
Household Durables   0.7
Electronic Equipment, Instruments
& Components 		  0.5
Total Investments   100.1%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SMALL CAP GROWTH FUND
  Shares   Value
COMMON STOCKS (98.5%)
AUTO COMPONENTS (0.7%)
Visteon Corp.(a) 2,000   $ 209,420
BANKS (1.0%)
Silvergate Capital Corp., Class A(a) 2,590   302,926
BIOTECHNOLOGY (3.7%)
Arrowhead Pharmaceuticals, Inc.(a) 2,300   94,553
Bioxcel Therapeutics, Inc.(a) 12,000   157,320
Halozyme Therapeutics, Inc.(a) 13,250   528,675
Intellia Therapeutics, Inc.(a) 2,630   128,949
Natera, Inc.(a) 5,260   184,731
Twist Bioscience Corp.(a) 2,340   67,486
      1,161,714
BUILDING PRODUCTS (1.7%)
Simpson Manufacturing Co., Inc. 5,080   526,644
CAPITAL MARKETS (2.0%)
Cboe Global Markets, Inc. 4,590   518,578
Open Lending Corp., Class A(a) 7,670   104,619
      623,197
CHEMICALS (2.1%)
Aspen Aerogels, Inc.(a) 6,950   150,120
Sensient Technologies Corp. 6,150   520,290
      670,410
COMMERCIAL SERVICES & SUPPLIES (1.5%)
Casella Waste Systems, Inc., Class A(a) 5,640   463,834
DIVERSIFIED CONSUMER SERVICES (5.2%)
Bright Horizons Family Solutions, Inc.(a) 2,210   252,471
Carriage Services, Inc. 9,600   411,744
Chegg, Inc.(a) 15,690   388,171
Frontdoor, Inc.(a) 7,430   229,661
Grand Canyon Education, Inc.(a) 3,690   354,129
      1,636,176
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%)
Iridium Communications, Inc.(a) 10,000   357,100
ELECTRICAL EQUIPMENT (2.4%)
Bloom Energy Corp., Class A(a) 11,340   210,470
  Shares   Value
Plug Power, Inc.(a) 13,860   $ 291,337
Vertiv Holdings Co. 20,260   253,858
      755,665
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (0.5%)
908 Devices, Inc.(a) 8,690   154,247
ENTERTAINMENT (1.6%)
World Wrestling Entertainment, Inc., Class A 8,470   494,563
EQUITY REAL ESTATE INVESTMENT TRUSTS (4.0%)
DigitalBridge Group, Inc.(a) 81,560   567,658
National Storage Affiliates Trust 11,920   674,672
      1,242,330
FOOD PRODUCTS (4.3%)
Calavo Growers, Inc. 10,620   384,869
Lamb Weston Holdings, Inc. 7,180   474,598
Lancaster Colony Corp. 3,200   496,576
      1,356,043
HEALTH CARE EQUIPMENT & SUPPLIES (4.6%)
Inmode Ltd.(a) 7,400   185,814
Omnicell, Inc.(a) 3,650   398,471
Outset Medical, Inc.(a) 10,430   363,798
Shockwave Medical, Inc.(a) 3,170   479,082
      1,427,165
HEALTH CARE PROVIDERS & SERVICES (5.5%)
HealthEquity, Inc.(a) 10,290   641,273
Joint Corp. (The)(a) 6,830   208,452
LHC Group, Inc.(a) 2,000   331,700
R1 RCM, Inc.(a) 24,020   540,930
      1,722,355
HEALTH CARE TECHNOLOGY (3.3%)
Doximity, Inc., Class A(a) 3,600   143,532
Health Catalyst, Inc.(a) 14,630   243,443
Inspire Medical Systems, Inc.(a) 2,120   436,211
NextGen Healthcare, Inc.(a) 12,000   226,200
      1,049,386
HOTELS, RESTAURANTS & LEISURE (3.3%)
Choice Hotels International, Inc. 3,310   464,923
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SMALL CAP GROWTH FUND
  Shares   Value
First Watch Restaurant Group, Inc.(a) 17,550   $ 228,150
Papa John's International, Inc. 3,850   350,542
      1,043,615
HOUSEHOLD DURABLES (0.7%)
Lovesac (The), Co.(a) 4,760   208,678
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
PRODUCERS (2.8%)
Clearway Energy, Inc., Class C 15,620   476,879
Vistra Corp. 16,000   400,320
      877,199
INSURANCE (1.5%)
Goosehead Insurance, Inc., Class A 3,340   192,017
Trupanion, Inc.(a) 4,450   283,109
      475,126
IT SERVICES (1.2%)
BigCommerce Holdings, Inc. - Series 1(a) 7,540   134,740
DigitalOcean Holdings, Inc.(a) 6,400   252,352
      387,092
LIFE SCIENCES TOOLS & SERVICES (2.8%)
Medpace Holdings, Inc.(a) 3,140   419,410
NeoGenomics, Inc.(a) 9,610   90,814
Sotera Health Co.(a) 17,550   357,669
      867,893
MACHINERY (3.1%)
Donaldson Co., Inc. 6,470   317,289
ESCO Technologies, Inc. 4,980   311,001
John Bean Technologies Corp. 3,000   353,670
      981,960
MEDIA (2.3%)
TechTarget, Inc.(a) 5,660   380,975
WideOpenWest, Inc.(a) 16,390   328,619
      709,594
METALS & MINING (0.8%)
MP Materials Corp.(a) 6,500   247,260
OIL, GAS & CONSUMABLE FUELS (0.7%)
Renewable Energy Group, Inc.(a) 3,600   219,816
PHARMACEUTICALS (3.4%)
Amphastar Pharmaceuticals, Inc.(a) 7,500   266,025
  Shares   Value
Intra-Cellular Therapies, Inc.(a) 5,600   $ 283,416
Pacira BioSciences, Inc.(a) 6,250   466,062
Reata Pharmaceuticals, Inc., Class A(a) 2,500   63,450
      1,078,953
PROFESSIONAL SERVICES (1.0%)
Upwork, Inc.(a) 14,710   308,469
REAL ESTATE MANAGEMENT & DEVELOPMENT (1.4%)
Tricon Residential, Inc. 29,790   431,657
ROAD & RAIL (1.7%)
Landstar System, Inc. 3,404   527,280
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.7%)
Lattice Semiconductor Corp.(a) 6,900   331,476
Navitas Semiconductor Corp.(a) 35,000   240,100
Power Integrations, Inc. 1,800   144,000
Silicon Laboratories, Inc.(a) 3,500   472,185
Synaptics, Inc.(a) 1,830   271,645
      1,459,406
SOFTWARE (17.7%)
Appian Corp.(a) 8,840   422,552
Blackline, Inc.(a) 4,990   334,580
Box, Inc., Class A(a) 21,500   658,330
Five9, Inc.(a) 4,640   510,864
KnowBe4, Inc., Class A(a) 18,460   439,348
Manhattan Associates, Inc.(a) 2,690   351,180
Q2 Holdings, Inc.(a) 6,400   331,072
Qualys, Inc.(a) 5,030   685,488
Rapid7, Inc.(a) 5,250   501,480
Sprout Social, Inc., Class A(a) 4,580   280,662
Varonis Systems, Inc.(a) 13,350   576,720
Workiva, Inc.(a) 4,640   447,806
      5,540,082
SPECIALTY RETAIL (1.3%)
Academy Sports & Outdoors, Inc. 11,230   419,553
TEXTILES, APPAREL & LUXURY GOODS (1.0%)
Under Armour, Inc., Class A(a) 19,670   302,131
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD SMALL CAP GROWTH FUND
  Shares   Value
TRADING COMPANIES & DISTRIBUTORS (1.9%)
Karat Packaging, Inc.(a) 16,756   $ 307,473
SiteOne Landscape Supply, Inc.(a) 2,080   293,342
      600,815
TOTAL COMMON STOCKS
(COST $39,393,868) 		    30,839,754
MONEY MARKET FUND (1.6%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 515,801   515,801
TOTAL MONEY MARKET FUND
(COST $515,801) 		    515,801
TOTAL INVESTMENTS
(COST $39,909,669) 100.1% 		    31,355,555
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)%     (34,581)
NET ASSETS 100.0%     $ 31,320,974
 
    
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
The table below sets forth the diversification of the Steward Values-Focused Large Cap Enhanced Index Fund investments by Industry.

    
Industry Diversification   Percent*
Software   9.2%
Technology Hardware, Storage & Peripherals   7.1
Semiconductors & Semiconductor Equipment   5.3
Interactive Media & Services   4.9
IT Services   4.5
Oil, Gas & Consumable Fuels   3.6
Banks   3.5
Equity Real Estate Investment Trusts   3.4
Health Care Equipment & Supplies   3.3
Capital Markets   3.0
Internet & Direct Marketing Retail   3.0
Health Care Providers & Services   2.5
Specialty Retail   2.4
Insurance   2.2
Automobiles   2.2
Electric Utilities   2.1
Life Sciences Tools & Services   2.0
Biotechnology   1.9
Chemicals   1.8
Household Products   1.8
Beverages   1.8
Food & Staples Retailing   1.7
Diversified Financial Services   1.6
Food Products   1.6
Hotels, Restaurants & Leisure   1.6
Machinery   1.5
Aerospace & Defense   1.5
Entertainment   1.3
Pharmaceuticals   1.3
Diversified Telecommunication Services   1.1
Multi-Utilities   1.1
Road & Rail   1.0
Electronic Equipment, Instruments
& Components 		  1.0
Industry Diversification   Percent*
Communications Equipment   1.0%
Money Market Fund   1.0
Media   0.9
Air Freight & Logistics   0.8
Building Products   0.7
Multiline Retail   0.7
Textiles, Apparel & Luxury Goods   0.7
Consumer Finance   0.6
Industrial Conglomerates   0.6
Containers & Packaging   0.6
Electrical Equipment   0.5
Metals & Mining   0.5
Commercial Services & Supplies   0.5
Professional Services   0.4
Trading Companies & Distributors   0.3
Energy Equipment & Services   0.3
Airlines   0.3
Distributors   0.3
Auto Components   0.2
Real Estate Management & Development   0.2
Household Durables   0.2
Personal Products   0.2
Wireless Telecommunication Services   0.2
Gas Utilities   0.1
Health Care Technology   0.1
Water Utilities   0.1
Leisure Products   0.1
Construction Materials   0.1
Independent Power and Renewable Electricity Producers   0.0**
Construction & Engineering   0.0**
Total Investments   100.0%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
** Amount rounds to less than 0.1%.
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
COMMON STOCKS (99.0%)
AEROSPACE & DEFENSE (1.5%)
Boeing Co. (The)(a) 3,034   $ 451,581
General Dynamics Corp. 1,484   351,011
Howmet Aerospace, Inc. 2,863   97,686
Huntington Ingalls Industries, Inc. 92   19,572
L3Harris Technologies, Inc. 1,178   273,602
Lockheed Martin Corp. 1,559   673,675
Northrop Grumman Corp. 897   394,142
Raytheon Technologies Corp. 9,051   859,030
Textron, Inc. 1,100   76,175
TransDigm Group, Inc.(a) 208   123,720
      3,320,194
AIR FREIGHT & LOGISTICS (0.8%)
C.H. Robinson Worldwide, Inc. 2,770   294,036
Expeditors International of Washington, Inc. 3,360   332,875
FedEx Corp. 1,316   261,542
United Parcel Service, Inc., Class B 4,430   797,311
      1,685,764
AIRLINES (0.3%)
Alaska Air Group, Inc.(a) 480   26,107
American Airlines Group, Inc.(a) 5,650   106,051
Delta Air Lines, Inc.(a) 4,500   193,635
Southwest Airlines Co.(a) 4,040   188,749
United Airlines Holdings, Inc.(a) 1,020   51,510
      566,052
AUTO COMPONENTS (0.2%)
Aptiv PLC(a) 2,940   312,816
BorgWarner, Inc. 1,280   47,142
      359,958
AUTOMOBILES (2.2%)
Ford Motor Co. 26,960   381,754
General Motors Co.(a) 8,190   310,483
Tesla, Inc.(a) 4,820   4,197,063
      4,889,300
BANKS (3.5%)
Bank of America Corp. 45,059   1,607,705
Citigroup, Inc. 11,190   539,470
Citizens Financial Group, Inc. 2,290   90,226
Comerica, Inc. 420   34,398
Fifth Third Bancorp 5,090   191,028
First Republic Bank 760   113,407
Huntington Bancshares, Inc. 12,350   162,403
  Shares   Value
JPMorgan Chase & Co. 17,094   $ 2,040,340
KeyCorp 7,900   152,549
M&T Bank Corp. 750   124,980
PNC Financial Services Group, Inc. (The) 2,204   366,084
Regions Financial Corp. 7,892   163,522
Signature Bank 280   67,830
SVB Financial Group(a) 237   115,571
Truist Financial Corp. 8,047   389,072
U.S. Bancorp 8,680   421,501
Wells Fargo & Co. 23,148   1,009,947
Zions Bancorp 730   41,252
      7,631,285
BEVERAGES (1.8%)
Coca-Cola Co. (The) 28,460   1,838,801
Monster Beverage Corp.(a) 3,240   277,603
PepsiCo, Inc. 11,071   1,901,001
      4,017,405
BIOTECHNOLOGY (1.9%)
AbbVie, Inc. 11,740   1,724,371
Amgen, Inc. 4,228   985,927
Biogen, Inc.(a) 1,134   235,237
Gilead Sciences, Inc. 11,640   690,718
Incyte Corp.(a) 2,910   218,134
Moderna, Inc.(a) 2,190   294,358
      4,148,745
BUILDING PRODUCTS (0.7%)
A.O. Smith Corp. 1,000   58,430
Allegion PLC 403   46,039
Carrier Global Corp. 10,756   411,632
Fortune Brands Home & Security, Inc. 620   44,175
Johnson Controls International PLC 8,141   487,402
Masco Corp. 2,370   124,875
Trane Technologies PLC 2,900   405,681
      1,578,234
CAPITAL MARKETS (3.0%)
Ameriprise Financial, Inc. 606   160,887
Bank of New York Mellon Corp. (The) 5,421   228,007
BlackRock, Inc. 856   534,726
Cboe Global Markets, Inc. 860   97,163
Charles Schwab Corp. (The) 9,230   612,226
CME Group, Inc. 2,310   506,675
FactSet Research Systems, Inc. 310   125,082
Franklin Resources, Inc. 2,300   56,557
Goldman Sachs Group, Inc. (The) 1,822   556,603
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
Intercontinental Exchange, Inc. 3,715   $ 430,234
Invesco Ltd. 2,500   45,950
MarketAxess Holdings, Inc. 250   65,903
Moody's Corp. 1,738   550,042
Morgan Stanley 8,536   687,916
MSCI, Inc. 472   198,830
Nasdaq, Inc. 890   140,059
Northern Trust Corp. 1,290   132,935
Raymond James Financial, Inc. 1,290   125,723
S&P Global, Inc. 2,152   810,228
State Street Corp. 2,217   148,473
T. Rowe Price Group, Inc. 2,520   310,061
      6,524,280
CHEMICALS (1.8%)
Air Products and Chemicals, Inc. 1,223   286,268
Albemarle Corp. 610   117,626
Celanese Corp. 590   86,695
CF Industries Holdings, Inc. 1,170   113,291
Corteva, Inc. 5,125   295,661
Dow, Inc. 4,892   325,318
DuPont de Nemours, Inc. 3,035   200,098
Eastman Chemical Co. 320   32,854
Ecolab, Inc. 1,416   239,785
FMC Corp. 500   66,270
International Flavors & Fragrances, Inc. 1,480   179,524
Linde PLC 3,713   1,158,307
LyondellBasell Industries N.V., Class A 1,530   162,226
Mosaic Co. (The) 2,380   148,560
PPG Industries, Inc. 1,408   180,210
Sherwin-Williams Co. (The) 1,473   405,016
      3,997,709
COMMERCIAL SERVICES & SUPPLIES (0.5%)
Cintas Corp. 504   200,219
Copart, Inc.(a) 1,330   151,155
Republic Services, Inc. 1,716   230,407
Rollins, Inc. 2,895   97,098
Waste Management, Inc. 2,860   470,299
      1,149,178
COMMUNICATIONS EQUIPMENT (1.0%)
Arista Networks, Inc.(a) 1,454   168,039
Cisco Systems, Inc. 31,940   1,564,421
F5, Inc.(a) 270   45,201
Juniper Networks, Inc. 2,860   90,147
Motorola Solutions, Inc. 1,951   416,909
      2,284,717
  Shares   Value
CONSTRUCTION & ENGINEERING (0.0%)
Quanta Services, Inc. 340   $ 39,433
CONSTRUCTION MATERIALS (0.1%)
Martin Marietta Materials, Inc. 256   90,680
Vulcan Materials Co. 783   134,903
      225,583
CONSUMER FINANCE (0.6%)
American Express Co. 3,710   648,174
Capital One Financial Corp. 2,268   282,638
Discover Financial Services 1,740   195,681
Synchrony Financial 4,120   151,657
      1,278,150
CONTAINERS & PACKAGING (0.6%)
Amcor PLC 31,380   372,167
Avery Dennison Corp. 540   97,524
Ball Corp. 5,080   412,293
International Paper Co. 3,890   180,029
Packaging Corp. of America 890   143,441
Sealed Air Corp. 1,390   89,252
Westrock Co. 2,099   103,963
      1,398,669
DISTRIBUTORS (0.3%)
Genuine Parts Co. 850   110,543
LKQ Corp. 6,480   321,602
Pool Corp. 710   287,706
      719,851
DIVERSIFIED FINANCIAL SERVICES (1.6%)
Berkshire Hathaway, Inc., Class B(a) 10,787   3,482,367
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%)
AT&T, Inc. 50,620   954,693
Lumen Technologies, Inc. 8,539   85,903
Verizon Communications, Inc. 28,210   1,306,123
      2,346,719
ELECTRIC UTILITIES (2.1%)
Alliant Energy Corp. 2,090   122,913
American Electric Power Co., Inc. 3,530   349,858
Constellation Energy Corp. 2,519   149,150
Duke Energy Corp. 5,124   564,460
Edison International 2,390   164,408
Entergy Corp. 960   114,096
Evergy, Inc. 1,840   124,844
Eversource Energy 3,070   268,318
 
See notes to financial statements.
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STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
Exelon Corp. 7,559   $ 353,610
FirstEnergy Corp. 4,259   184,457
NextEra Energy, Inc. 12,186   865,450
NRG Energy, Inc. 2,260   81,134
Pinnacle West Capital Corp. 510   36,312
PPL Corp. 7,780   220,252
Southern Co. (The) 8,430   618,678
Xcel Energy, Inc. 4,420   323,809
      4,541,749
ELECTRICAL EQUIPMENT (0.5%)
AMETEK, Inc. 1,590   200,753
Eaton Corp. PLC 2,500   362,550
Emerson Electric Co. 3,930   354,407
Generac Holdings, Inc.(a) 350   76,783
Rockwell Automation, Inc. 686   173,332
      1,167,825
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (1.0%)
Amphenol Corp., Class A 4,350   311,025
CDW Corp. 1,790   292,092
Corning, Inc. 5,970   210,084
IPG Photonics Corp.(a) 100   9,448
Keysight Technologies, Inc.(a) 2,550   357,689
TE Connectivity Ltd. 1,950   243,321
Teledyne Technologies, Inc.(a) 151   65,164
Trimble, Inc.(a) 4,690   312,823
Zebra Technologies Corp., Class A(a) 780   288,335
      2,089,981
ENERGY EQUIPMENT & SERVICES (0.3%)
Baker Hughes Co. 6,429   199,428
Halliburton Co. 4,920   175,250
Schlumberger N.V. 9,074   353,977
      728,655
ENTERTAINMENT (1.3%)
Activision Blizzard, Inc. 4,970   375,732
Electronic Arts, Inc. 3,770   445,049
Live Nation, Inc.(a) 740   77,611
Netflix, Inc.(a) 2,530   481,611
Walt Disney Co. (The)(a) 10,640   1,187,743
Warner Bros Discovery, Inc.(a) 15,947   289,435
      2,857,181
EQUITY REAL ESTATE INVESTMENT TRUSTS (3.4%)
Alexandria Real Estate Equities, Inc. 820   149,371
  Shares   Value
American Tower Corp. 3,569   $ 860,200
AvalonBay Communities, Inc. 699   159,009
Boston Properties, Inc. 470   55,272
Crown Castle International Corp. 3,840   711,206
Digital Realty Trust, Inc. 1,690   246,943
Duke Realty Corp. 3,580   196,005
Equinix, Inc. 843   606,184
Equity Residential 3,540   288,510
Essex Property Trust, Inc. 307   101,086
Extra Space Storage, Inc. 820   155,800
Federal Realty Investment Trust 160   18,730
Host Hotels & Resorts, Inc. 6,193   126,028
Iron Mountain, Inc. 2,059   110,630
Kimco Realty Corp. 5,150   130,449
Mid-America Apartment Communities, Inc. 670   131,776
Prologis, Inc. 6,082   974,884
Public Storage 986   366,299
Realty Income Corp. 3,880   269,117
Regency Centers Corp. 2,400   165,192
SBA Communications Corp. 601   208,613
Simon Property Group, Inc. 1,760   207,680
UDR, Inc. 2,330   123,979
Vornado Realty Trust 825   31,936
Welltower, Inc. 5,140   466,763
Weyerhaeuser Co. 11,729   483,469
      7,345,131
FOOD & STAPLES RETAILING (1.7%)
Costco Wholesale Corp. 2,776   1,476,055
Kroger Co. (The) 4,910   264,944
Sysco Corp. 3,220   275,245
Walgreens Boots Alliance, Inc. 4,870   206,488
Walmart, Inc. 9,420   1,441,166
      3,663,898
FOOD PRODUCTS (1.6%)
Archer-Daniels-Midland Co. 4,000   358,240
Campbell Soup Co. 2,700   127,494
Conagra Brands, Inc. 4,970   173,602
General Mills, Inc. 6,660   471,062
Hershey Co. (The) 1,340   302,532
Hormel Foods Corp. 4,450   233,135
J.M. Smucker Co. (The) 870   119,129
Kellogg Co. 3,850   263,725
Kraft Heinz Co. (The) 6,176   263,283
Lamb Weston Holdings, Inc. 1,000   66,100
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
McCormick & Co., Inc. 2,270   $ 228,294
Mondelez International, Inc., Class A 11,090   715,083
Tyson Foods, Inc., Class A 2,210   205,884
      3,527,563
GAS UTILITIES (0.1%)
Atmos Energy Corp. 1,280   145,152
HEALTH CARE EQUIPMENT & SUPPLIES (3.3%)
Abbott Laboratories 12,022   1,364,497
ABIOMED, Inc.(a) 333   95,431
Align Technology, Inc.(a) 457   132,489
Baxter International, Inc. 4,920   349,615
Becton Dickinson and Co. 2,166   535,414
Boston Scientific Corp.(a) 12,567   529,196
Cooper Cos., Inc. (The) 390   140,806
DENTSPLY SIRONA, Inc. 2,410   96,376
DexCom, Inc.(a) 600   245,148
Edwards Lifesciences Corp.(a) 4,631   489,867
Embecta Corp.(a) 441   13,420
Hologic, Inc.(a) 2,270   163,417
IDEXX Laboratories, Inc.(a) 590   253,983
Intuitive Surgical, Inc.(a) 2,317   554,458
Medtronic PLC 9,023   941,640
ResMed, Inc. 1,090   217,967
STERIS PLC 890   199,405
Stryker Corp. 2,484   599,290
Teleflex, Inc. 357   101,966
Zimmer Holdings, Inc. 1,620   195,615
      7,220,000
HEALTH CARE PROVIDERS & SERVICES (2.5%)
AmerisourceBergen Corp. 2,110   319,222
Anthem, Inc. 2,810   1,410,423
Cardinal Health, Inc. 3,640   211,302
Cigna Corp. 2,650   653,967
CVS Health Corp. 9,147   879,301
DaVita, Inc.(a) 770   83,445
Henry Schein, Inc.(a) 1,470   119,217
Humana, Inc. 1,517   674,398
Laboratory Corporation of America Holdings(a) 770   185,016
McKesson Corp. 1,335   413,329
Molina Healthcare, Inc.(a) 860   269,567
Quest Diagnostics, Inc. 1,130   151,239
      5,370,426
HEALTH CARE TECHNOLOGY (0.1%)
Cerner Corp. 3,060   286,538
  Shares   Value
HOTELS, RESTAURANTS & LEISURE (1.6%)
Booking Holdings, Inc.(a) 236   $ 521,633
Carnival Corp.(a) 6,190   107,087
Chipotle Mexican Grill, Inc.(a) 131   190,685
Domino's Pizza, Inc. 180   60,840
Expedia Group, Inc.(a) 845   147,664
Hilton Worldwide Holdings, Inc.(a) 1,590   246,911
Marriott International, Inc., Class A(a) 1,636   290,423
McDonald's Corp. 4,431   1,104,028
Norwegian Cruise Line Holdings Ltd.(a) 2,830   56,685
Royal Caribbean Cruises Ltd.(a) 1,110   86,280
Starbucks Corp. 6,790   506,806
Yum! Brands, Inc. 1,950   228,169
      3,547,211
HOUSEHOLD DURABLES (0.2%)
D.R. Horton, Inc. 956   66,528
Garmin Ltd. 960   105,350
Lennar Corp., Class A 120   9,179
Mohawk Industries, Inc.(a) 34   4,796
Newell Brands, Inc. 13,360   309,284
PulteGroup, Inc. 325   13,572
Whirlpool Corp. 192   34,852
      543,561
HOUSEHOLD PRODUCTS (1.8%)
Church & Dwight Co., Inc. 2,740   267,314
Clorox Co. (The) 1,010   144,905
Colgate-Palmolive Co. 8,480   653,384
Kimberly-Clark Corp. 3,000   416,490
Procter & Gamble Co. (The) 15,801   2,536,851
      4,018,944
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
PRODUCERS (0.0%)
AES Corp. (The) 5,250   107,205
INDUSTRIAL CONGLOMERATES (0.6%)
3M Co. 3,894   561,593
Honeywell International, Inc. 4,022   778,297
      1,339,890
INSURANCE (2.2%)
Aflac, Inc. 5,020   287,546
Allstate Corp. (The) 1,750   221,445
American International Group, Inc. 5,084   297,465
Aon PLC, Class A 1,301   374,675
Arthur J. Gallagher & Co. 1,360   229,146
Assurant, Inc. 190   34,557
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
Brown & Brown, Inc. 2,240   $ 138,835
Chubb Ltd. 2,601   536,977
Cincinnati Financial Corp. 822   100,827
Globe Life, Inc. 367   35,995
Hartford Financial Services Group, Inc. (The) 2,460   172,028
Lincoln National Corp. 486   29,233
Loews Corp. 880   55,299
Marsh & McLennan Cos., Inc. 3,210   519,057
MetLife, Inc. 8,680   570,102
Principal Financial Group, Inc. 1,760   119,926
Progressive Corp. (The) 4,070   436,955
Prudential Financial, Inc. 1,895   205,627
Travelers Cos., Inc. (The) 1,610   275,407
W.R. Berkley Corp. 345   22,939
Willis Towers Watson PLC 677   145,460
      4,809,501
INTERACTIVE MEDIA & SERVICES (4.9%)
Alphabet, Inc., Class A(a) 1,735   3,959,600
Alphabet, Inc., Class C(a) 1,609   3,699,622
Match Group, Inc.(a) 1,590   125,848
Meta Platforms, Inc., Class A(a) 13,268   2,659,836
Twitter, Inc.(a) 5,020   246,080
      10,690,986
INTERNET & DIRECT MARKETING RETAIL (3.0%)
Amazon.com, Inc.(a) 2,520   6,263,788
eBay, Inc. 4,020   208,718
Etsy, Inc.(a) 690   64,301
      6,536,807
IT SERVICES (4.5%)
Accenture PLC, Class A 4,517   1,356,726
Akamai Technologies, Inc.(a) 1,050   117,894
Automatic Data Processing, Inc. 3,560   776,721
Broadridge Financial Solutions, Inc. 540   77,830
Cognizant Technology Solutions Corp., Class A 3,450   279,105
DXC Technology Co.(a) 1,677   48,130
EPAM Systems, Inc.(a) 280   74,197
Fidelity National Information Services, Inc. 3,376   334,730
Fiserv, Inc.(a) 3,670   359,366
FleetCor Technologies, Inc.(a) 290   72,361
Gartner, Inc.(a) 430   124,937
Global Payments, Inc. 1,467   200,950
International Business Machines Corp. 7,246   957,994
Jack Henry & Associates, Inc. 520   98,582
Mastercard, Inc., Class A 5,032   1,828,528
  Shares   Value
Paychex, Inc. 2,190   $ 277,539
PayPal Holdings, Inc.(a) 6,630   582,976
VeriSign, Inc.(a) 592   105,784
Visa, Inc., Class A 9,734   2,074,607
      9,748,957
LEISURE PRODUCTS (0.1%)
Hasbro, Inc. 3,080   271,225
LIFE SCIENCES TOOLS & SERVICES (2.0%)
Agilent Technologies, Inc. 5,010   597,543
Bio-Rad Laboratories, Inc., Class A(a) 280   143,377
Danaher Corp. 4,500   1,130,085
Illumina, Inc.(a) 1,757   521,214
IQVIA Holdings, Inc.(a) 1,860   405,461
Mettler-Toledo International, Inc.(a) 413   527,620
PerkinElmer, Inc. 1,290   189,127
Waters Corp.(a) 1,427   432,410
West Pharmaceutical Services, Inc. 1,290   406,427
      4,353,264
MACHINERY (1.5%)
Caterpillar, Inc. 3,280   690,571
Cummins, Inc. 617   116,730
Deere & Co. 1,693   639,192
Dover Corp. 870   115,971
Fortive Corp. 2,460   141,450
IDEX Corp. 390   74,030
Illinois Tool Works, Inc. 2,004   395,008
Ingersoll Rand, Inc. 2,638   115,966
Otis Worldwide Corp. 2,903   211,455
PACCAR, Inc. 2,215   183,956
Parker-Hannifin Corp. 608   164,659
Pentair PLC 540   27,405
Snap-on, Inc. 170   36,123
Stanley Black & Decker, Inc. 812   97,562
Westinghouse Air Brake Technologies Corp. 820   73,726
Xylem, Inc. 3,310   266,455
      3,350,259
MEDIA (0.9%)
Charter Communications, Inc., Class A(a) 650   278,518
Comcast Corp., Class A 28,230   1,122,425
DISH Network Corp., Class A(a) 1,770   50,463
Fox Corp., Class A 1,460   52,326
Fox Corp., Class B 2,640   87,754
Interpublic Group of Cos., Inc. (The) 3,130   102,101
News Corp., Class A 2,690   53,423
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
News Corp., Class B 1,680   $ 33,449
Omnicom Group, Inc. 1,340   102,014
ViacomCBS, Inc., Class B 3,950   115,024
      1,997,497
METALS & MINING (0.5%)
Freeport-McMoRan, Inc. 9,248   375,007
Newmont Corp. 5,540   403,589
Nucor Corp. 1,690   261,578
      1,040,174
MULTILINE RETAIL (0.7%)
Dollar General Corp. 1,440   342,043
Dollar Tree, Inc.(a) 1,432   232,629
Target Corp. 3,960   905,454
      1,480,126
MULTI-UTILITIES (1.1%)
Ameren Corp. 2,350   218,315
CenterPoint Energy, Inc. 5,180   158,560
CMS Energy Corp. 3,130   215,000
Consolidated Edison, Inc. 2,760   255,962
Dominion Energy, Inc. 5,852   477,757
DTE Energy Co. 1,320   172,973
NiSource, Inc. 4,370   127,254
Public Service Enterprise Group, Inc. 4,276   297,866
Sempra Energy 1,860   300,130
WEC Energy Group, Inc. 2,545   254,627
      2,478,444
OIL, GAS & CONSUMABLE FUELS (3.6%)
APA Corp. 2,110   86,362
Chevron Corp. 11,303   1,770,841
ConocoPhillips 7,447   711,338
Coterra Energy, Inc. 4,790   137,904
Devon Energy Corp. 3,610   209,994
Diamondback Energy, Inc. 680   85,836
EOG Resources, Inc. 3,154   368,261
Exxon Mobil Corp. 25,600   2,182,400
Hess Corp. 1,080   111,316
Kinder Morgan, Inc. 18,540   336,501
Marathon Oil Corp. 5,800   144,536
Marathon Petroleum Corp. 3,268   285,166
Occidental Petroleum Corp. 5,383   296,550
ONEOK, Inc. 2,580   163,391
Phillips 66 2,469   214,210
Pioneer Natural Resources Co. 1,096   254,787
  Shares   Value
Valero Energy Corp. 2,360   $ 263,093
Williams Cos., Inc. (The) 9,900   339,471
      7,961,957
PERSONAL PRODUCTS (0.2%)
Estee Lauder Cos., Inc., (The) Class A 1,368   361,234
PHARMACEUTICALS (1.3%)
Catalent, Inc.(a) 2,000   181,120
Eli Lilly & Co. 5,210   1,521,997
Organon & Co. 3,400   109,922
Zoetis, Inc. 5,280   935,880
      2,748,919
PROFESSIONAL SERVICES (0.4%)
Equifax, Inc. 620   126,182
Jacobs Engineering Group, Inc. 560   77,588
Nielsen Holdings PLC 3,850   103,219
Robert Half International, Inc. 2,880   283,133
Verisk Analytics, Inc. 930   189,766
      779,888
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.2%)
CBRE Group, Inc., Class A(a) 4,460   370,358
ROAD & RAIL (1.0%)
CSX Corp. 17,120   587,901
J.B. Hunt Transport Services, Inc. 480   82,008
Norfolk Southern Corp. 1,418   365,674
Old Dominion Freight Line, Inc. 630   176,475
Union Pacific Corp. 3,855   903,188
      2,115,246
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.3%)
Advanced Micro Devices, Inc.(a) 9,585   819,709
Analog Devices, Inc. 2,948   455,112
Applied Materials, Inc. 7,180   792,313
Broadcom, Inc. 2,392   1,326,101
Enphase Energy, Inc.(a) 740   119,436
Intel Corp. 29,180   1,271,956
KLA Corp. 830   264,986
Lam Research Corp. 1,196   557,049
Microchip Technology, Inc. 3,030   197,556
Micron Technology, Inc. 6,630   452,100
Monolithic Power Systems, Inc. 210   82,370
NVIDIA Corp. 15,268   2,831,756
NXP Semiconductors N.V. 1,290   220,461
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  Shares   Value
Qorvo, Inc.(a) 230   $ 26,169
QUALCOMM, Inc. 6,570   917,763
Skyworks Solutions, Inc. 780   88,374
SolarEdge Technologies, Inc.(a) 280   70,115
Teradyne, Inc. 950   100,187
Texas Instruments, Inc. 6,570   1,118,543
      11,712,056
SOFTWARE (9.2%)
Adobe, Inc.(a) 3,251   1,287,233
ANSYS, Inc.(a) 1,153   317,871
Autodesk, Inc.(a) 2,250   425,880
Cadence Design Systems, Inc.(a) 3,240   488,754
Ceridian HCM Holding, Inc.(a) 660   37,046
Citrix Systems, Inc. 2,900   290,290
Fortinet, Inc.(a) 800   231,208
Intuit, Inc. 2,152   901,150
Microsoft Corp. 44,220   12,271,934
NortonLifeLock, Inc. 13,682   342,597
Oracle Corp. 9,591   703,979
Paycom Software, Inc.(a) 240   67,553
PTC, Inc.(a) 570   65,100
Roper Technologies, Inc. 606   284,772
Salesforce, Inc.(a) 6,840   1,203,430
ServiceNow, Inc.(a) 1,560   745,836
Synopsys, Inc.(a) 1,570   450,260
Tyler Technologies, Inc.(a) 170   67,101
      20,181,994
SPECIALTY RETAIL (2.4%)
Advance Auto Parts, Inc. 296   59,090
AutoZone, Inc.(a) 121   236,612
Bath & Body Works, Inc. 1,710   90,442
Best Buy Co., Inc. 3,630   326,446
CarMax, Inc.(a) 670   57,473
Home Depot, Inc. (The) 6,889   2,069,455
Lowe’s Cos., Inc. 5,110   1,010,400
O'Reilly Automotive, Inc.(a) 412   249,899
Ross Stores, Inc. 1,790   178,588
TJX Cos., Inc. (The) 7,860   481,661
Tractor Supply Co. 1,760   354,552
Ulta Beauty, Inc.(a) 251   99,597
      5,214,215
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (7.1%)
Apple, Inc. 89,564   14,119,765
  Shares   Value
Hewlett Packard Enterprise Co. 30,870   $ 475,707
HP, Inc. 14,350   525,640
NetApp, Inc. 1,540   112,805
Seagate Technology Holdings PLC 1,320   108,293
Western Digital Corp.(a) 1,891   100,355
      15,442,565
TEXTILES, APPAREL & LUXURY GOODS (0.7%)
NIKE, Inc., Class B 7,430   926,521
PVH Corp. 2,470   179,767
Tapestry, Inc. 1,650   54,318
Under Armour, Inc., Class A(a) 1,620   24,883
Under Armour, Inc., Class C(a) 1,024   14,530
VF Corp. 5,235   272,220
      1,472,239
TRADING COMPANIES & DISTRIBUTORS (0.3%)
Fastenal Co. 4,700   259,957
United Rentals, Inc.(a) 200   63,304
W.W. Grainger, Inc. 748   374,022
      697,283
WATER UTILITIES (0.1%)
American Water Works Co., Inc. 1,220   187,978
WIRELESS TELECOMMUNICATION SERVICES (0.2%)
T-Mobile U.S., Inc.(a) 4,120   507,337
TOTAL COMMON STOCKS
(COST $198,639,295) 		    216,655,012
MONEY MARKET FUND (1.0%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(b) 2,185,313   2,185,313
TOTAL MONEY MARKET FUND
(COST $2,185,313) 		    2,185,313
TOTAL INVESTMENTS
(COST $200,824,608) 100.0% 		    218,840,325
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0%     77,736
NET ASSETS 100.0%     $ 218,918,061
 
    
(a) Represents non-income producing security.
(b) 7-day current yield as of April 30, 2022 is disclosed.
    
MSCI — Morgan Stanley Capital International
PLC — Public Limited Company
S&P — Standard & Poor's
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND

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

    
Industry Diversification   Percent*
Equity Real Estate Investment Trusts   9.0%
Banks   7.3
Electronic Equipment, Instruments
& Components 		  4.5
Machinery   4.1
Insurance   3.6
Specialty Retail   3.5
Software   3.5
Oil, Gas & Consumable Fuels   3.5
Semiconductors & Semiconductor Equipment   3.2
Health Care Equipment & Supplies   3.1
Metals & Mining   3.0
Chemicals   2.6
Health Care Providers & Services   2.5
Building Products   2.3
IT Services   2.1
Professional Services   2.0
Textiles, Apparel & Luxury Goods   1.9
Household Durables   1.8
Commercial Services & Supplies   1.7
Food Products   1.7
Hotels, Restaurants & Leisure   1.7
Biotechnology   1.6
Capital Markets   1.6
Road & Rail   1.5
Construction & Engineering   1.4
Money Market Fund   1.4
Auto Components   1.3
Electrical Equipment   1.3
Aerospace & Defense   1.2
Gas Utilities   1.2
Trading Companies & Distributors   1.1
Life Sciences Tools & Services   1.0
Communications Equipment   1.0
Industry Diversification   Percent*
Leisure Products   1.0%
Energy Equipment & Services   1.0
Thrifts & Mortgage Finance   1.0
Diversified Consumer Services   0.9
Pharmaceuticals   0.9
Media   0.8
Electric Utilities   0.8
Containers & Packaging   0.8
Food & Staples Retailing   0.8
Multiline Retail   0.7
Consumer Finance   0.7
Real Estate Management & Development   0.6
Water Utilities   0.6
Personal Products   0.5
Mortgage Real Estate Investment Trusts   0.4
Air Freight & Logistics   0.4
Multi-Utilities   0.4
Automobiles   0.4
Airlines   0.3
Paper & Forest Products   0.3
Diversified Telecommunication Services   0.3
Interactive Media & Services   0.3
Health Care Technology   0.2
Technology Hardware, Storage & Peripherals   0.2
Entertainment   0.2
Beverages   0.2
Household Products   0.2
Construction Materials   0.2
Marine   0.2
Diversified Financial Services   0.2
Internet & Direct Marketing Retail   0.1
Wireless Telecommunication Services   0.1
Total Investments   99.9%
    
 
* Percentages indicated are based on net assets as of April 30, 2022.
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
COMMON STOCKS (98.5%)
AEROSPACE & DEFENSE (1.2%)
AAR Corp.(a) 2,140   $ 100,537
Aerojet Rocketdyne Holdings, Inc.(a) 4,800   191,904
AeroVironment, Inc.(a) 1,350   108,432
Axon Enterprise, Inc.(a) 3,870   434,214
Curtiss-Wright Corp. 2,200   314,402
Hexcel Corp. 4,860   264,189
Kaman Corp. 1,770   69,048
Mercury Systems, Inc.(a) 3,440   191,918
Moog, Inc., Class A 1,540   123,000
National Presto Industries, Inc. 230   16,360
Park Aerospace Corp. 770   9,009
Triumph Group, Inc.(a) 3,570   80,468
Woodward, Inc. 3,620   399,937
      2,303,418
AIR FREIGHT & LOGISTICS (0.4%)
Atlas Air Worldwide Holdings, Inc.(a) 1,620   111,683
Forward Air Corp. 1,560   151,273
GXO Logistics, Inc.(a) 5,850   346,262
Hub Group, Inc., Class A(a) 2,050   137,678
      746,896
AIRLINES (0.3%)
Allegiant Travel Co.(a) 866   134,395
Hawaiian Holdings, Inc.(a) 3,750   63,600
JetBlue Airways Corp.(a) 20,350   224,053
SkyWest, Inc.(a) 3,220   93,863
      515,911
AUTO COMPONENTS (1.3%)
Adient PLC(a) 5,520   188,453
American Axle & Manufacturing Holdings, Inc.(a) 7,490   49,584
Dana, Inc. 9,280   137,437
Dorman Products, Inc.(a) 1,650   162,888
Fox Factory Holding Corp.(a) 2,460   201,425
Gentex Corp. 14,770   433,499
Gentherm, Inc.(a) 1,960   132,143
Goodyear Tire & Rubber Co. (The)(a) 17,412   231,928
LCI Industries 1,420   138,194
Lear Corp. 3,380   432,437
Motorcar Parts of America, Inc.(a) 1,240   18,860
Patrick Industries, Inc. 1,265   78,746
Standard Motor Products, Inc. 1,160   49,509
  Shares   Value
Visteon Corp.(a) 1,590   $ 166,489
XPEL, Inc.(a) 880   38,078
      2,459,670
AUTOMOBILES (0.4%)
Harley-Davidson, Inc. 9,030   329,143
Thor Industries, Inc. 3,230   247,257
Winnebago Industries, Inc. 2,000   106,360
      682,760
BANKS (7.3%)
Allegiance Bancshares, Inc. 1,040   42,494
Ameris Bancorp 4,182   174,389
Associated Banc-Corp 9,708   193,675
Banc of California, Inc. 2,870   51,775
BancFirst Corp. 1,180   96,465
Bancorp, Inc. (The)(a) 3,340   75,785
Bank of Hawaii Corp. 2,090   155,371
Bank OZK 7,440   285,845
BankUnited, Inc. 5,330   200,088
Banner Corp. 1,760   94,512
Berkshire Hills Bancorp, Inc. 2,910   71,993
Brookline Bancorp, Inc. 6,100   88,206
Cadence Bank 12,182   305,037
Cathay General Bancorp 4,090   163,968
Central Pacific Financial Corp. 1,180   28,532
Citizens Financial Group, Inc. 3,799   149,666
City Holding Co. 390   30,178
Columbia Banking System, Inc. 4,560   128,045
Commerce Bancshares, Inc. 6,609   451,857
Community Bank System, Inc. 3,040   195,776
Cullen/Frost Bankers, Inc. 3,090   408,776
Customers Bancorp, Inc.(a) 1,740   73,202
CVB Financial Corp. 7,580   174,492
Dime Community Bancshares, Inc., Class B 2,282   71,746
Eagle Bancorp, Inc. 1,710   86,098
East West Bancorp, Inc. 8,090   576,817
F.N.B. Corp. 22,340   257,357
FB Financial Corp. 2,273   87,579
First Bancorp 1,870   70,050
First BanCorp 13,232   180,088
First Commonwealth Financial Corp. 4,960   66,861
First Financial Bancorp 4,760   97,342
First Financial Bankshares, Inc. 8,050   321,839
First Hawaiian, Inc. 7,410   174,950
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
First Horizon Corp. 29,630   $ 663,119
Fulton Financial Corp. 11,140   168,994
Glacier Bancorp, Inc. 6,540   299,270
Hancock Whitney Corp. 5,019   234,739
Hanmi Financial Corp. 2,091   48,407
Heritage Financial Corp. 1,430   34,635
Hilltop Holdings, Inc. 3,990   101,705
Home Bancshares, Inc. 9,712   209,973
HomeStreet, Inc. 1,280   51,955
Hope Bancorp, Inc. 8,372   119,720
Independent Bank Corp. 2,610   201,388
Independent Bank Group, Inc. 2,090   141,702
International Bancshares Corp. 3,500   139,265
Lakeland Financial Corp. 1,410   102,676
Meta Financial Group, Inc. 1,850   80,752
National Bank Holdings Corp., Class A 1,950   71,195
NBT Bancorp, Inc. 2,040   71,808
Northwest Bancshares, Inc. 4,090   51,861
OFG Bancorp 2,890   76,816
Old National Bancorp 18,573   281,567
Pacific Premier Bancorp, Inc. 5,652   177,247
PacWest Bancorp 6,950   228,585
Park National Corp. 530   62,461
Pinnacle Financial Partners, Inc. 4,250   329,587
Preferred Bank 660   44,299
Prosperity Bancshares, Inc. 5,111   334,157
Renasant Corp. 3,450   102,775
S&T Bancorp, Inc. 1,690   47,759
Seacoast Banking Corp. of Florida 3,510   114,075
ServisFirst Bancshares, Inc. 2,850   228,912
Simmons First National Corp., Class A 7,060   168,522
Southside Bancshares, Inc. 1,884   73,834
Synovus Financial Corp. 8,672   360,235
Texas Capital Bancshares, Inc.(a) 2,880   147,917
Tompkins Financial Corp. 220   16,060
Triumph Bancorp, Inc.(a) 1,380   95,827
Trustmark Corp. 3,420   95,350
UMB Financial Corp. 2,260   203,807
Umpqua Holdings Corp. 13,870   229,410
United Bankshares, Inc. 8,243   274,162
United Community Banks, Inc. 5,632   169,748
Valley National Bancorp 19,464   233,179
Veritex Holdings, Inc. 2,803   92,079
Washington Federal, Inc. 4,240   129,023
Webster Financial Corp. 10,330   516,397
  Shares   Value
Westamerica BanCorp 1,460   $ 86,023
Wintrust Financial Corp. 3,180   277,678
      13,621,509
BEVERAGES (0.2%)
Celsius Holdings, Inc.(a) 2,380   123,760
Coca-Cola Consolidated, Inc. 271   119,647
National Beverage Corp. 1,500   66,120
      309,527
BIOTECHNOLOGY (1.6%)
Anika Therapeutics, Inc.(a) 870   18,731
Arrowhead Pharmaceuticals, Inc.(a) 6,300   258,993
Avid Bioservices, Inc.(a) 3,940   53,032
Coherus Biosciences, Inc.(a) 4,740   42,850
Cytokinetics, Inc.(a) 5,050   201,344
Emergent BioSolutions, Inc.(a) 3,000   97,140
Enanta Pharmaceuticals, Inc.(a) 1,200   77,280
Exelixis, Inc.(a) 19,430   434,066
Halozyme Therapeutics, Inc.(a) 8,710   347,529
iTeos Therapeutics, Inc.(a) 1,000   26,690
Ligand Pharmaceuticals, Inc.(a) 970   90,074
Myriad Genetics, Inc.(a) 4,900   100,450
Neurocrine Biosciences, Inc.(a) 5,600   504,168
Organogenesis Holdings, Inc.(a) 4,190   26,984
REGENXBIO, Inc.(a) 2,560   71,066
uniQure N.V.(a) 2,070   30,926
United Therapeutics Corp.(a) 2,633   467,515
Vanda Pharmaceuticals, Inc.(a) 3,970   39,382
Vericel Corp.(a) 2,940   83,790
Xencor, Inc.(a) 3,800   94,924
      3,066,934
BUILDING PRODUCTS (2.3%)
AAON, Inc. 2,608   127,114
American Woodmark Corp.(a) 830   38,886
Apogee Enterprises, Inc. 1,580   69,520
Builders FirstSource, Inc.(a) 11,280   694,510
Carlisle Cos., Inc. 2,980   772,893
Gibraltar Industries, Inc.(a) 2,010   76,058
Griffon Corp. 3,400   63,614
Insteel Industries, Inc. 960   40,723
Lennox International, Inc. 1,899   404,848
Owens Corning 7,930   721,075
PGT Innovations, Inc.(a) 4,020   71,435
Quanex Building Products Corp. 2,335   44,879
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Resideo Technologies, Inc.(a) 8,810   $ 198,137
Simpson Manufacturing Co., Inc. 2,490   258,138
Trex Co., Inc.(a) 6,780   394,528
UFP Industries, Inc. 3,650   282,400
      4,258,758
CAPITAL MARKETS (1.6%)
Affiliated Managers Group, Inc. 2,290   287,555
B. Riley Financial, Inc. 1,020   46,063
Blucora, Inc.(a) 3,150   63,787
Brightsphere Investment Group, Inc. 2,520   50,501
Donnelley Financial Solutions, Inc.(a) 1,891   55,350
Evercore, Inc., Class A 2,240   236,880
Federated Hermes, Inc. 5,930   168,886
Greenhill & Co., Inc. 1,360   16,470
Interactive Brokers Group, Inc., Class A 5,360   319,242
Janus Henderson Group PLC 10,310   314,249
Jefferies Financial Group, Inc. 12,530   385,423
Piper Sandler Cos. 790   90,834
SEI Investments Co. 6,780   377,782
Stifel Financial Corp. 6,137   379,573
StoneX Group, Inc.(a) 1,040   70,491
Virtus Investment Partners, Inc. 367   65,018
WisdomTree Investments, Inc. 6,910   40,285
      2,968,389
CHEMICALS (2.6%)
AdvanSix, Inc. 1,690   75,273
American Vanguard Corp. 1,350   28,890
Ashland Global Holdings, Inc. 3,230   339,053
Avient Corp. 5,620   276,729
Balchem Corp. 1,885   232,232
Cabot Corp. 3,240   213,354
Chemours Co. (The) 9,910   327,724
FutureFuel Corp. 1,390   13,219
GCP Applied Technologies, Inc.(a) 3,440   107,913
H.B. Fuller Co. 3,080   205,436
Hawkins, Inc. 960   35,789
Ingevity Corp.(a) 2,240   134,176
Innospec, Inc. 1,260   120,091
Koppers Holdings, Inc. 1,350   32,751
Livent Corp.(a) 9,970   212,959
Minerals Technologies, Inc. 1,820   115,770
NewMarket Corp. 329   106,797
Olin Corp. 8,470   486,178
Quaker Chemical Corp. 740   120,405
Rayonier Advanced Materials, Inc.(a) 4,493   23,049
  Shares   Value
RPM International, Inc. 7,600   $ 630,040
Scotts Miracle-Gro Co. (The) 2,350   244,235
Sensient Technologies Corp. 2,450   207,270
Stepan Co. 1,180   120,490
Tredegar Corp. 2,040   23,358
Trinseo PLC 2,230   105,813
Valvoline, Inc. 11,176   337,850
      4,876,844
COMMERCIAL SERVICES & SUPPLIES (1.7%)
ABM Industries, Inc. 4,130   199,355
Brady Corp., Class A 2,820   126,195
Brink's Co. (The) 2,940   173,313
Clean Harbors, Inc.(a) 3,000   314,790
Corecivic, Inc.(a) 7,688   95,562
Deluxe Corp. 2,730   73,928
Geo Group, Inc. (The)(a) 8,224   53,703
Harsco Corp.(a) 5,250   53,655
Healthcare Services Group, Inc. 4,472   76,426
HNI Corp. 2,680   95,515
IAA, Inc.(a) 8,280   303,462
Interface, Inc. 3,860   48,983
KAR Auction Services, Inc.(a) 7,650   112,149
Matthews International Corp., Class A 2,160   64,390
MillerKnoll, Inc. 4,520   143,420
MSA Safety, Inc. 2,150   259,483
Pitney Bowes, Inc. 11,310   59,604
Stericycle, Inc.(a) 5,370   269,520
Tetra Tech, Inc. 3,170   441,518
U.S. Ecology, Inc.(a) 1,750   83,983
UniFirst Corp. 800   137,840
Viad Corp.(a) 1,420   46,505
      3,233,299
COMMUNICATIONS EQUIPMENT (1.0%)
ADTRAN, Inc. 2,480   43,127
CalAmp Corp.(a) 4,110   22,482
Calix, Inc.(a) 3,320   132,501
Ciena Corp.(a) 9,240   509,771
Comtech Telecommunications Corp. 1,710   23,256
Digi International, Inc.(a) 2,130   40,299
Extreme Networks, Inc.(a) 8,160   78,336
Harmonic, Inc.(a) 6,990   58,017
Lumentum Holdings, Inc.(a) 4,265   346,361
NETGEAR, Inc.(a) 1,810   39,277
NetScout Systems, Inc.(a) 4,450   137,060
Plantronics, Inc.(a) 2,730   108,818
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
ViaSat, Inc.(a) 4,330   $ 159,387
Viavi Solutions, Inc.(a) 15,250   218,685
      1,917,377
CONSTRUCTION & ENGINEERING (1.4%)
AECOM 8,332   587,906
Arcosa, Inc. 2,773   148,439
Comfort Systems USA, Inc. 2,140   180,659
Dycom Industries, Inc.(a) 1,720   146,045
EMCOR Group, Inc. 3,050   324,764
Fluor Corp.(a) 8,500   210,375
Granite Construction, Inc. 2,780   82,427
MasTec, Inc.(a) 3,340   240,513
MDU Resources Group, Inc. 12,060   310,666
MYR Group, Inc.(a) 900   71,181
NV5 Global, Inc.(a) 680   81,464
Valmont Industries, Inc. 1,140   283,643
      2,668,082
CONSTRUCTION MATERIALS (0.2%)
Eagle Materials, Inc. 2,270   279,936
CONSUMER FINANCE (0.7%)
Encore Capital Group, Inc.(a) 1,520   87,871
Enova International, Inc.(a) 2,333   87,254
EZCORP, Inc., Class A(a) 4,470   31,290
FirstCash Holdings, Inc. 2,508   200,088
Green Dot Corp., Class A(a) 3,400   90,032
LendingTree, Inc.(a) 662   52,576
Navient Corp. 9,950   158,106
PRA Group, Inc.(a) 2,770   116,423
PROG Holdings, Inc.(a) 3,630   96,086
SLM Corp. 18,200   304,486
World Acceptance Corp.(a) 230   43,404
      1,267,616
CONTAINERS & PACKAGING (0.8%)
AptarGroup, Inc. 5,380   617,786
Greif, Inc., Class A 1,570   95,268
Myers Industries, Inc. 1,870   41,009
O-I Glass, Inc.(a) 9,590   129,273
Silgan Holdings, Inc. 5,620   249,359
Sonoco Products Co. 5,980   370,222
      1,502,917
DIVERSIFIED CONSUMER SERVICES (0.9%)
Adtalem Global Education, Inc.(a) 3,560   104,344
American Public Education, Inc.(a) 1,300   25,272
Graham Holdings Co., Class B 217   128,544
  Shares   Value
Grand Canyon Education, Inc.(a) 2,540   $ 243,764
H&R Block, Inc. 11,620   302,933
Perdoceo Education Corp.(a) 5,420   60,596
Service Corp. International 10,080   661,349
Strategic Education, Inc. 1,449   93,605
WW International, Inc.(a) 3,710   36,321
      1,656,728
DIVERSIFIED FINANCIAL SERVICES (0.2%)
Voya Financial, Inc. 6,430   405,990
DIVERSIFIED TELECOMMUNICATION SERVICES (0.3%)
ATN International, Inc. 680   26,860
Cogent Communications Holdings, Inc. 2,710   158,535
Consolidated Communications Holdings, Inc.(a) 6,340   37,723
Iridium Communications, Inc.(a) 8,000   285,680
      508,798
ELECTRIC UTILITIES (0.8%)
ALLETE, Inc. 3,210   190,481
Hawaiian Electric Industries, Inc. 6,820   280,370
IDACORP, Inc. 3,030   318,696
OGE Energy Corp. 12,900   498,972
PNM Resources, Inc. 5,510   257,097
      1,545,616
ELECTRICAL EQUIPMENT (1.3%)
Acuity Brands, Inc. 1,970   339,785
AZZ, Inc. 1,470   67,091
Encore Wire Corp. 1,110   125,219
EnerSys 2,310   151,213
Hubbell, Inc. 3,000   586,080
nVent Electric PLC 9,720   328,342
Powell Industries, Inc. 740   14,282
Regal Rexnord Corp. 3,900   496,236
Sunrun, Inc.(a) 12,190   243,556
Vicor Corp.(a) 1,310   79,281
      2,431,085
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS (4.5%)
Advanced Energy Industries, Inc. 2,180   166,814
Arlo Technologies, Inc.(a) 5,581   43,197
Arrow Electronics, Inc.(a) 3,950   465,547
Avnet, Inc. 10,950   478,077
Badger Meter, Inc. 3,640   293,712
Belden, Inc. 2,600   134,238
Benchmark Electronics, Inc. 2,340   55,598
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Cognex Corp. 13,230   $ 894,745
Coherent, Inc.(a) 2,164   579,736
CTS Corp. 7,800   275,886
ePlus, Inc.(a) 1,520   85,850
Fabrinet (a) 2,170   213,072
FARO Technologies, Inc.(a) 1,130   38,748
II-VI, Inc.(a) 6,221   380,787
Insight Enterprises, Inc.(a) 3,910   388,537
Itron, Inc.(a) 6,000   286,680
Jabil, Inc. 8,550   493,591
Knowles Corp.(a) 5,710   105,749
Littelfuse, Inc. 1,305   299,171
Methode Electronics, Inc. 6,790   302,902
National Instruments Corp. 13,265   479,397
OSI Systems, Inc.(a) 3,320   262,612
PC Connection, Inc. 730   36,128
Plexus Corp.(a) 3,910   317,257
Rogers Corp.(a) 1,100   297,792
Sanmina Corp.(a) 3,930   160,698
ScanSource, Inc.(a) 1,530   52,387
TD SYNNEX Corp. 2,498   250,025
TTM Technologies, Inc.(a) 7,740   107,973
Vishay Intertechnology, Inc. 8,280   154,256
Vontier Corp. 10,470   268,241
      8,369,403
ENERGY EQUIPMENT & SERVICES (1.0%)
Archrock, Inc. 10,770   93,807
Bristow Group, Inc.(a) 1,320   39,362
ChampionX Corp. 12,220   257,842
Core Laboratories N.V. 2,630   68,380
DMC Global, Inc.(a) 1,040   20,790
Dril-Quip, Inc.(a) 1,350   38,988
Helix Energy Solutions Group, Inc.(a) 12,550   51,580
Helmerich & Payne, Inc. 5,770   265,593
Nabors Industries Ltd.(a) 338   52,262
NOV, Inc. 21,080   382,180
Oceaneering International, Inc.(a) 5,950   67,413
Oil States International, Inc.(a) 5,450   36,842
Patterson-UTI Energy, Inc. 13,040   214,378
ProPetro Holding Corp.(a) 6,670   94,314
RPC, Inc.(a) 9,800   101,332
U.S. Silica Holdings, Inc.(a) 4,660   86,583
      1,871,646
ENTERTAINMENT (0.2%)
Cinemark Holdings, Inc.(a) 6,810   108,007
  Shares   Value
Marcus Corp. (The)(a) 1,710   $ 26,898
World Wrestling Entertainment, Inc., Class A 2,760   161,156
      296,061
EQUITY REAL ESTATE INVESTMENT TRUSTS (9.0%)
Acadia Realty Trust 5,897   123,365
Agree Realty Corp. 4,690   318,545
Alexander & Baldwin, Inc. 4,923   104,368
American Assets Trust, Inc. 3,540   129,564
American Campus Communities, Inc. 8,800   569,096
Apartment Income REIT Corp. 9,750   479,407
Armada Hoffler Properties, Inc. 4,940   66,937
Brandywine Realty Trust 8,970   104,680
Brixmor Property Group, Inc. 19,130   485,519
Camden Property Trust 6,220   975,856
CareTrust REIT, Inc. 5,808   94,148
Centerspace 940   86,724
Chatham Lodging Trust(a) 2,050   29,438
Corporate Office Properties Trust 7,210   192,435
DiamondRock Hospitality Co.(a) 14,060   149,317
Diversified Healthcare Trust 20,840   46,890
Douglas Emmett, Inc. 11,530   339,674
Easterly Government Properties, Inc. 5,040   96,012
EastGroup Properties, Inc. 2,500   468,750
EPR Properties 4,440   233,189
Essential Properties Realty Trust, Inc. 7,610   182,640
First Industrial Realty Trust, Inc. 8,570   497,060
Four Corners Property Trust, Inc. 5,927   162,755
Franklin Street Properties Corp. 3,260   16,822
Getty Realty Corp. 2,470   66,468
Global Net Lease, Inc. 5,720   80,252
Healthcare Realty Trust, Inc. 10,150   274,862
Hersha Hospitality Trust(a) 2,750   26,895
Highwoods Properties, Inc. 6,990   285,472
Hudson Pacific Properties, Inc. 9,340   217,435
Independence Realty Trust, Inc. 7,950   216,717
Industrial Logistics Properties Trust 4,080   65,933
Innovative Industrial Properties, Inc. 1,470   212,547
iStar, Inc. 4,860   81,842
JBG Smith Properties 7,540   198,754
Kilroy Realty Corp. 9,310   651,700
Kite Realty Group Trust 13,285   296,255
Lamar Advertising Co., Class A 5,120   565,299
Life Storage, Inc. 5,110   677,024
LTC Properties, Inc. 2,760   91,080
LXP Industrial Trust 15,915   199,733
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Macerich Co. (The) 25,299   $ 317,502
National Retail Properties, Inc. 11,250   493,200
National Storage Affiliates Trust 5,340   302,244
NexPoint Residential Trust, Inc. 1,586   141,408
Office Properties Income Trust 3,047   65,876
Omega Healthcare Investors, Inc. 15,226   387,958
Orion Office REIT, Inc. 3,380   45,360
Park Hotels & Resorts, Inc. 14,674   289,225
Pebblebrook Hotel Trust 8,486   207,228
PotlatchDeltic Corp. 4,162   230,533
PS Business Parks, Inc. 1,290   241,488
Rayonier, Inc. 8,920   385,344
Retail Opportunity Investments Corp. 8,910   165,993
Rexford Industrial Realty, Inc. 9,670   754,647
RPT Realty 4,060   53,957
Sabra Health Care REIT, Inc. 12,749   148,908
Safehold, Inc. 970   41,759
Saul Centers, Inc. 970   50,062
Service Properties Trust 8,860   71,943
SITE Centers Corp. 11,650   185,235
SL Green Realty Corp. 3,940   272,727
Spirit Realty Capital, Inc. 8,000   347,600
STORE Capital Corp. 16,090   457,439
Summit Hotel Properties, Inc.(a) 8,030   79,256
Tanger Factory Outlet Centers, Inc. 6,800   109,684
Uniti Group, Inc. 15,294   189,493
Urban Edge Properties 6,590   123,167
Urstadt Biddle Properties, Inc., Class A 2,370   41,120
Veris Residential, Inc.(a) 5,020   80,370
Washington Real Estate Investment Trust 5,140   123,823
Whitestone REIT 1,040   12,636
Xenia Hotels & Resorts, Inc.(a) 7,450   143,711
      16,722,355
FOOD & STAPLES RETAILING (0.8%)
Andersons, Inc. (The) 2,005   100,711
BJ's Wholesale Club Holdings, Inc.(a) 8,270   532,174
Chefs' Warehouse, Inc. (The)(a) 2,200   80,520
Grocery Outlet Holding Corp.(a) 5,650   190,236
PriceSmart, Inc. 1,540   122,353
SpartanNash Co. 2,424   83,095
Sprouts Farmers Market, Inc.(a) 7,460   222,308
United Natural Foods, Inc.(a) 3,380   145,103
      1,476,500
FOOD PRODUCTS (1.7%)
B&G Foods, Inc. 4,180   112,567
Calavo Growers, Inc. 1,180   42,763
  Shares   Value
Cal-Maine Foods, Inc. 2,600   $ 139,698
Darling Ingredients, Inc.(a) 9,540   700,141
Flowers Foods, Inc. 12,403   328,928
Fresh Del Monte Produce, Inc. 2,440   63,562
Hain Celestial Group, Inc. (The)(a) 5,670   190,172
Ingredion, Inc. 3,910   332,780
J & J Snack Foods Corp. 880   131,736
John B. Sanfilippo & Son, Inc. 500   38,820
Lancaster Colony Corp. 1,150   178,457
Pilgrim's Pride Corp.(a) 3,660   103,761
Post Holdings, Inc.(a) 3,485   259,249
Sanderson Farms, Inc. 1,240   234,819
Seneca Foods Corp., Class A(a) 440   23,870
Simply Good Foods Co. (The)(a) 5,330   221,994
Tootsie Roll Industries, Inc. 1,046   36,622
TreeHouse Foods, Inc.(a) 3,450   108,675
      3,248,614
GAS UTILITIES (1.2%)
Chesapeake Utilities Corp. 990   123,918
National Fuel Gas Co. 5,340   374,494
New Jersey Resources Corp. 6,230   268,887
Northwest Natural Holding Co. 1,440   68,875
ONE Gas, Inc. 3,260   275,046
South Jersey Industries, Inc. 6,750   230,783
Southwest Gas Holdings, Inc. 3,330   293,406
Spire, Inc. 3,050   221,888
UGI Corp. 12,880   441,784
      2,299,081
HEALTH CARE EQUIPMENT & SUPPLIES (3.1%)
AngioDynamics, Inc.(a) 2,440   51,362
Artivion, Inc.(a) 2,660   53,971
Avanos Medical, Inc.(a) 3,140   91,562
BioLife Solutions, Inc.(a) 1,960   24,833
Cardiovascular Systems, Inc.(a) 2,550   47,685
CONMED Corp. 1,760   234,010
Cutera, Inc.(a) 1,020   55,396
Enovis Corp.(a) 2,743   177,960
Envista Holdings Corp.(a) 9,830   389,465
Glaukos Corp.(a) 2,840   134,304
Globus Medical, Inc., Class A(a) 4,900   324,478
Haemonetics Corp.(a) 3,030   153,530
Heska Corp.(a) 630   69,199
ICU Medical, Inc.(a) 1,194   255,504
Inogen, Inc.(a) 1,300   32,864
Integer Holdings Corp.(a) 2,010   151,092
Integra LifeSciences Holdings Corp.(a) 4,790   292,956
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Lantheus Holdings, Inc.(a) 4,155   $ 275,934
LeMaitre Vascular, Inc. 1,310   56,605
LivaNova PLC(a) 3,180   243,779
Masimo Corp.(a) 2,980   336,651
Meridian Bioscience, Inc.(a) 2,800   71,652
Merit Medical Systems, Inc.(a) 3,325   206,183
Mesa Laboratories, Inc. 280   59,816
Natus Medical, Inc.(a) 2,130   70,865
Neogen Corp.(a) 6,678   176,299
NuVasive, Inc.(a) 3,220   165,637
Omnicell, Inc.(a) 2,640   288,209
OraSure Technologies, Inc.(a) 3,830   23,516
Orthofix Medical, Inc.(a) 1,110   34,410
Penumbra, Inc.(a) 2,070   357,199
Quidel Corp.(a) 2,240   225,389
STAAR Surgical Co.(a) 2,870   163,848
Surmodics, Inc.(a) 870   33,634
Tactile Systems Technology, Inc.(a) 1,420   23,970
Tandem Diabetes Care, Inc.(a) 3,850   371,448
Varex Imaging Corp.(a) 2,360   46,846
Zynex, Inc. 2,013   12,823
      5,784,884
HEALTH CARE PROVIDERS & SERVICES (2.5%)
Acadia Healthcare Co., Inc.(a) 5,540   376,055
Addus HomeCare Corp.(a) 1,040   87,651
Amedisys, Inc.(a) 1,949   248,790
AMN Healthcare Services, Inc.(a) 2,830   276,632
Apollo Medical Holdings, Inc.(a) 2,330   84,998
Chemed Corp. 891   437,828
CorVel Corp.(a) 620   96,150
Covetrus, Inc.(a) 6,590   90,942
Cross Country Healthcare, Inc.(a) 2,380   44,601
Encompass Health Corp. 6,190   426,058
Ensign Group, Inc. (The) 3,320   266,696
Fulgent Genetics, Inc.(a) 1,210   66,405
Hanger, Inc.(a) 2,770   45,539
HealthEquity, Inc.(a) 5,030   313,470
Joint Corp. (The)(a) 940   28,689
LHC Group, Inc.(a) 1,920   318,432
ModivCare, Inc.(a) 760   79,017
Option Care Health, Inc.(a) 9,030   269,816
Owens & Minor, Inc. 4,565   162,012
Patterson Cos., Inc. 5,780   177,851
Pennant Group, Inc. (The)(a) 1,955   32,042
Progyny, Inc.(a) 4,350   167,258
R1 RCM, Inc.(a) 9,020   203,130
  Shares   Value
RadNet, Inc.(a) 3,160   $ 61,620
Select Medical Holdings Corp. 7,470   168,897
Tivity Health, Inc.(a) 2,553   82,028
U.S. Physical Therapy, Inc. 820   85,091
      4,697,698
HEALTH CARE TECHNOLOGY (0.2%)
Allscripts Healthcare Solutions, Inc.(a) 7,896   163,131
Computer Programs and Systems, Inc.(a) 890   28,409
HealthStream, Inc.(a) 1,710   32,661
NextGen Healthcare, Inc.(a) 4,380   82,563
OptimizeRx Corp.(a) 1,210   34,013
Simulations Plus, Inc. 1,100   51,326
      392,103
HOTELS, RESTAURANTS & LEISURE (1.7%)
Choice Hotels International, Inc. 2,220   311,821
Cracker Barrel Old Country Store, Inc. 1,510   167,595
Dine Brands Global, Inc. 1,190   85,311
El Pollo Loco Holdings, Inc.(a) 2,780   29,607
Fiesta Restaurant Group, Inc.(a) 1,990   13,532
Jack in the Box, Inc. 1,460   120,830
Marriott Vacations Worldwide Corp. 2,576   384,674
Papa John's International, Inc. 2,090   190,294
Shake Shack, Inc., Class A(a) 2,540   146,888
Six Flags Entertainment Corp.(a) 5,010   191,733
Texas Roadhouse, Inc. 3,860   317,794
Travel + Leisure Co. 5,660   314,017
Wendy's Co. (The) 13,320   263,203
Wingstop, Inc. 1,860   170,674
Wyndham Hotels & Resorts, Inc. 6,010   528,639
      3,236,612
HOUSEHOLD DURABLES (1.8%)
Cavco Industries, Inc.(a) 490   115,763
Century Communities, Inc. 1,870   98,586
Ethan Allen Interiors, Inc. 1,690   40,121
Helen of Troy Ltd.(a) 1,410   302,459
Installed Building Products, Inc. 1,490   119,900
iRobot Corp.(a) 1,580   80,027
KB Home 5,740   186,148
La-Z-Boy, Inc. 2,770   72,796
Leggett & Platt, Inc. 8,050   286,822
LGI Homes, Inc.(a) 1,310   122,760
M.D.C Holdings, Inc. 4,213   155,502
M/I Homes, Inc.(a) 1,960   86,789
Meritage Homes Corp.(a) 2,240   184,912
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Taylor Morrison Home Corp.(a) 8,022   $ 210,096
Tempur Sealy International, Inc. 11,940   323,693
Toll Brothers, Inc. 7,240   335,719
TopBuild Corp.(a) 1,960   355,034
Tri Pointe Homes, Inc.(a) 7,910   163,500
Tupperware Brands Corp.(a) 3,130   55,025
Universal Electronics, Inc.(a) 870   25,665
      3,321,317
HOUSEHOLD PRODUCTS (0.2%)
Central Garden & Pet Co.(a) 490   21,457
Central Garden & Pet Co., Class A(a) 2,790   115,450
Energizer Holdings, Inc. 4,160   126,007
WD-40 Co. 792   145,712
      408,626
INSURANCE (3.6%)
Alleghany Corp.(a) 737   616,500
Ambac Financial Group, Inc.(a) 3,130   24,195
American Equity Investment Life Holding Co. 5,410   204,065
American Financial Group, Inc. 3,890   538,687
AMERISAFE, Inc. 960   44,496
Assured Guaranty Ltd. 4,070   224,460
Brighthouse Financial, Inc.(a) 4,590   235,742
CNO Financial Group, Inc. 8,370   202,052
eHealth, Inc.(a) 1,790   14,410
Employers Holdings, Inc. 1,790   70,419
First American Financial Corp. 6,480   377,849
Genworth Financial, Inc., Class A(a) 32,420   120,278
Hanover Insurance Group, Inc. (The) 1,950   286,299
HCI Group, Inc. 520   33,327
Horace Mann Educators Corp. 2,710   107,993
James River Group Holdings Ltd. 2,340   55,481
Kemper Corp. 3,592   165,807
Kinsale Capital Group, Inc. 1,280   283,763
Mercury General Corp. 1,810   91,278
Old Republic International Corp. 18,870   415,329
Palomar Holdings, Inc.(a) 1,510   82,219
Primerica, Inc. 2,250   291,510
ProAssurance Corp. 3,130   76,904
Reinsurance Group of America, Inc. 3,860   414,255
RenaissanceRe Holdings Ltd. 2,540   364,541
RLI Corp. 2,410   276,620
Safety Insurance Group, Inc. 790   67,972
Selective Insurance Group, Inc. 3,530   290,731
Selectquote, Inc.(a) 7,030   14,482
  Shares   Value
SiriusPoint Ltd.(a) 12,150   $ 76,302
Stewart Information Services Corp. 1,620   83,592
Trupanion, Inc.(a) 2,050   130,421
United Fire Group, Inc. 1,750   51,258
Universal Insurance Holdings, Inc. 2,360   29,642
Unum Group 12,610   384,857
      6,747,736
INTERACTIVE MEDIA & SERVICES (0.3%)
Cars.com, Inc.(a) 3,830   42,590
QuinStreet, Inc.(a) 3,500   33,285
TripAdvisor, Inc.(a) 6,380   163,775
Yelp, Inc.(a) 4,470   145,409
Ziff Davis, Inc.(a) 2,860   252,709
      637,768
INTERNET & DIRECT MARKETING RETAIL (0.1%)
Liquidity Services, Inc.(a) 1,830   26,389
PetMed Express, Inc. 1,470   32,193
Shutterstock, Inc. 1,410   106,765
      165,347
IT SERVICES (2.1%)
Alliance Data Systems Corp. 2,880   157,824
Concentrix Corp. 2,548   401,259
CSG Systems International, Inc. 2,130   130,931
Euronet Worldwide, Inc.(a) 2,910   354,002
EVERTEC, Inc. 4,250   167,450
ExlService Holdings, Inc.(a) 2,000   272,300
Genpact Ltd. 11,100   446,997
Kyndryl Holdings, Inc.(a) 11,070   131,622
LiveRamp Holdings, Inc.(a) 4,070   127,472
MAXIMUS, Inc. 3,740   272,571
Perficient, Inc.(a) 1,980   196,832
Sabre Corp.(a) 18,980   198,721
TTEC Holdings, Inc. 1,230   90,786
Unisys Corp.(a) 4,120   58,545
Western Union Co. (The) 23,700   397,212
WEX, Inc.(a) 2,602   432,557
      3,837,081
LEISURE PRODUCTS (1.0%)
Brunswick Corp. 4,500   340,245
Callaway Golf Co.(a) 7,640   167,622
Mattel, Inc.(a) 21,560   524,124
Polaris, Inc. 3,330   316,150
Sturm Ruger & Co., Inc. 1,030   70,194
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Vista Outdoor, Inc.(a) 3,530   $ 124,362
YETI Holdings, Inc.(a) 5,560   271,717
      1,814,414
LIFE SCIENCES TOOLS & SERVICES (1.0%)
Azenta, Inc. 4,340   325,326
Bruker Corp. 6,250   359,312
Medpace Holdings, Inc.(a) 1,710   228,405
NeoGenomics, Inc.(a) 7,740   73,143
Repligen Corp.(a) 3,050   479,582
Syneos Health, Inc.(a) 6,140   448,773
      1,914,541
MACHINERY (4.1%)
AGCO Corp. 3,510   447,174
Alamo Group, Inc. 370   46,783
Albany International Corp., Class A 1,870   146,271
Astec Industries, Inc. 1,290   50,439
Barnes Group, Inc. 2,990   100,404
Chart Industries, Inc.(a) 2,080   351,146
CIRCOR International, Inc.(a) 1,050   20,633
Crane Co. 2,870   276,180
Donaldson Co., Inc. 7,660   375,646
Enerpac Tool Group Corp. 3,220   64,658
EnPro Industries, Inc. 1,120   104,395
Esab Corp.(a) 2,743   128,937
ESCO Technologies, Inc. 1,470   91,802
Federal Signal Corp. 3,710   126,251
Flowserve Corp. 8,180   267,568
Franklin Electric Co., Inc. 2,340   163,660
Graco, Inc. 10,220   633,844
Greenbrier Cos., Inc. (The) 1,910   81,576
Hillenbrand, Inc. 4,550   185,731
ITT, Inc. 4,950   347,589
John Bean Technologies Corp. 1,805   212,791
Kennametal, Inc. 5,110   131,480
Lincoln Electric Holdings, Inc. 3,310   445,956
Lindsay Corp. 540   72,981
Meritor, Inc.(a) 4,300   154,413
Middleby Corp. (The)(a) 3,240   498,604
Mueller Industries, Inc. 3,460   187,359
Oshkosh Corp. 3,790   350,348
Proto Labs, Inc.(a) 1,640   69,880
SPX Corp.(a) 2,730   114,387
Standex International Corp. 600   56,424
Tennant Co. 980   63,288
Terex Corp. 4,240   144,160
  Shares   Value
Timken Co. (The) 4,270   $ 246,123
Titan International, Inc.(a) 3,580   49,619
Toro Co. (The) 6,180   495,203
Trinity Industries, Inc. 5,430   150,628
Wabash National Corp. 3,350   47,939
Watts Water Technologies, Inc., Class A 1,560   198,838
      7,701,108
MARINE (0.2%)
Kirby Corp.(a) 3,490   227,548
Matson, Inc. 2,470   212,469
      440,017
MEDIA (0.8%)
AMC Networks, Inc., Class A(a) 1,770   57,755
Cable One, Inc. 284   331,201
EW Scripps Co. (The), Class A(a) 4,230   69,626
Gannett Co., Inc.(a) 9,232   37,020
John Wiley & Sons, Inc., Class A 2,810   143,001
Loyalty Ventures, Inc.(a) 1,512   19,338
New York Times Co. (The), Class A 10,110   387,415
Scholastic Corp. 2,000   73,700
TechTarget, Inc.(a) 1,660   111,735
TEGNA, Inc. 13,770   303,628
Thryv Holdings, Inc.(a) 1,120   28,930
      1,563,349
METALS & MINING (3.0%)
Alcoa Corp. 10,780   730,884
Allegheny Technologies, Inc.(a) 7,680   208,742
Arconic Corp.(a) 6,430   161,779
Carpenter Technology Corp. 2,900   110,722
Century Aluminum Co.(a) 3,330   56,177
Cleveland-Cliffs, Inc.(a) 27,858   710,100
Commercial Metals Co. 7,210   295,610
Compass Minerals International, Inc. 2,030   120,034
Haynes International, Inc. 650   25,402
Kaiser Aluminum Corp. 750   72,375
Materion Corp. 1,200   102,180
Olympic Steel, Inc. 700   24,031
Reliance Steel & Aluminum Co. 3,440   681,980
Royal Gold, Inc. 5,040   657,619
Steel Dynamics, Inc. 10,910   935,533
SunCoke Energy, Inc. 6,340   52,749
TimkenSteel Corp.(a) 2,885   59,633
United States Steel Corp. 15,480   471,985
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Warrior Met Coal, Inc. 3,140   $ 106,980
Worthington Industries, Inc. 2,010   95,616
      5,680,131
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (0.4%)
Apollo Commercial Real Estate Finance, Inc. 9,200   110,768
Armour Residential REIT, Inc. 3,580   26,277
Ellington Financial, Inc. 2,800   45,332
Franklin BSP Realty Trust, Inc. 2,986   39,594
Granite Point Mortgage Trust, Inc. 3,550   34,542
Invesco Mortgage Capital, Inc. 14,479   25,194
KKR Real Estate Finance Trust, Inc. 3,250   61,750
New York Mortgage Trust, Inc. 22,570   72,675
Pennymac Mortgage Investment Trust 6,300   96,642
Ready Capital Corp. 4,730   68,916
Redwood Trust, Inc. 7,420   71,974
Two Harbors Investment Corp. 16,750   80,568
      734,232
MULTILINE RETAIL (0.7%)
Big Lots, Inc. 2,030   62,727
Kohl's Corp. 8,270   478,668
Macy's, Inc. 18,230   440,619
Nordstrom, Inc. 7,120   182,984
Ollie's Bargain Outlet Holdings, Inc.(a) 3,760   180,668
      1,345,666
MULTI-UTILITIES (0.4%)
Avista Corp. 4,270   173,234
Black Hills Corp. 3,920   287,101
NorthWestern Corp. 3,350   189,911
Unitil Corp. 900   45,900
      696,146
OIL, GAS & CONSUMABLE FUELS (3.5%)
Antero Midstream Corp. 20,950   215,156
Callon Petroleum Co.(a) 2,735   140,223
Civitas Resources, Inc. 4,160   243,859
CNX Resources Corp.(a) 12,620   259,341
CONSOL Energy, Inc.(a) 2,007   95,433
Dorian LPG Ltd. 1,410   20,755
DT Midstream, Inc. 5,800   311,750
EQT Corp. 17,990   715,102
Equitrans Midstream Corp. 24,280   190,841
Green Plains, Inc.(a) 3,320   93,192
HF Sinclair Corp.(a) 9,240   351,305
Laredo Petroleum, Inc.(a) 827   58,891
  Shares   Value
Matador Resources Co. 6,410   $ 312,936
Murphy Oil Corp. 8,700   331,296
Par Pacific Holdings, Inc.(a) 3,510   51,492
PBF Energy, Inc., Class A(a) 6,220   180,753
PDC Energy, Inc. 5,438   379,246
Range Resources Corp.(a) 15,010   449,399
Ranger Oil Corp., Class A(a) 1,250   39,813
Renewable Energy Group, Inc.(a) 3,000   183,180
REX American Resources Corp.(a) 220   18,619
SM Energy Co. 7,100   252,263
Southwestern Energy Co.(a) 57,540   431,550
Talos Energy, Inc.(a) 3,750   68,138
Targa Resources Corp. 13,360   980,758
World Fuel Services Corp. 3,790   91,794
      6,467,085
PAPER & FOREST PRODUCTS (0.3%)
Clearwater Paper Corp.(a) 1,050   34,766
Glatfelter Corp. 3,040   33,440
Louisiana-Pacific Corp. 5,120   330,342
Mercer International, Inc. 4,510   72,205
Neenah, Inc. 950   33,630
Sylvamo Corp.(a) 2,360   105,374
      609,757
PERSONAL PRODUCTS (0.5%)
BellRing Brands, Inc.(a) 4,418   94,678
Coty, Inc., Class A(a) 20,900   169,499
Edgewell Personal Care Co. 3,380   128,913
elf Beauty, Inc.(a) 2,700   65,691
Inter Parfums, Inc. 1,130   92,355
Medifast, Inc. 690   123,068
Nu Skin Enterprises, Inc., Class A 3,130   133,463
USANA Health Sciences, Inc.(a) 700   53,662
      861,329
PHARMACEUTICALS (0.9%)
Amphastar Pharmaceuticals, Inc.(a) 3,210   113,859
ANI Pharmaceuticals, Inc.(a) 800   23,608
Cara Therapeutics, Inc.(a) 2,880   25,113
Collegium Pharmaceutical, Inc.(a) 2,440   39,284
Harmony Biosciences Holdings, Inc.(a) 1,420   63,957
Innoviva, Inc.(a) 4,480   76,429
Jazz Pharmaceuticals PLC(a) 3,590   575,190
Nektar Therapeutics(a) 10,740   44,356
Pacira BioSciences, Inc.(a) 2,760   205,813
Perrigo Co. PLC 8,050   276,115
 
See notes to financial statements.
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SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Phibro Animal Health Corp., Class A 1,400   $ 25,186
Prestige Consumer Healthcare, Inc.(a) 3,180   173,819
Supernus Pharmaceuticals, Inc.(a) 3,490   97,371
      1,740,100
PROFESSIONAL SERVICES (2.0%)
ASGN, Inc.(a) 3,030   343,754
CACI International, Inc., Class A(a) 1,337   354,706
Exponent, Inc. 3,060   293,179
Forrester Research, Inc.(a) 780   43,438
FTI Consulting, Inc.(a) 2,040   321,728
Heidrick & Struggles International, Inc. 1,020   32,599
Insperity, Inc. 2,160   229,068
KBR, Inc. 8,540   420,424
Kelly Services, Inc., Class A 12,280   236,881
Korn Ferry 3,280   201,523
ManpowerGroup, Inc. 4,930   444,686
ManTech International Corp., Class A 1,680   134,971
Resources Connection, Inc. 2,440   41,944
Science Applications International Corp. 3,464   288,309
TrueBlue, Inc.(a) 9,870   252,376
      3,639,586
REAL ESTATE MANAGEMENT & DEVELOPMENT (0.6%)
Douglas Elliman, Inc. 2,230   13,514
Jones Lang LaSalle, Inc.(a) 3,758   821,987
Marcus & Millichap, Inc. 1,880   84,205
RE/MAX Holdings, Inc., Class A 930   21,818
Realogy Holdings Corp.(a) 7,430   81,433
St Joe Co. (The) 2,250   119,722
      1,142,679
ROAD & RAIL (1.5%)
ArcBest Corp. 1,500   108,240
Avis Budget Group, Inc.(a) 2,340   626,348
Heartland Express, Inc. 2,983   41,165
Knight-Swift Transportation Holdings, Inc. 9,840   471,237
Landstar System, Inc. 2,140   331,486
Marten Transport Ltd. 5,189   90,185
Ryder System, Inc. 5,560   388,644
Saia, Inc.(a) 1,530   315,119
Werner Enterprises, Inc. 4,020   159,313
XPO Logistics, Inc.(a) 5,970   321,126
      2,852,863
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.2%)
Amkor Technology, Inc. 6,260   117,751
Axcelis Technologies, Inc.(a) 1,920   104,544
  Shares   Value
CEVA, Inc.(a) 1,400   $ 50,876
Cirrus Logic, Inc.(a) 3,300   250,140
CMC Materials, Inc. 1,620   289,834
Cohu, Inc.(a) 3,030   80,477
Diodes, Inc.(a) 2,580   188,417
First Solar, Inc.(a) 5,790   422,844
FormFactor, Inc.(a) 4,660   177,593
Ichor Holdings Ltd.(a) 1,700   49,487
Kulicke & Soffa Industries, Inc. 3,640   168,932
Lattice Semiconductor Corp.(a) 8,080   388,163
MaxLinear, Inc.(a) 4,270   204,405
MKS Instruments, Inc. 3,100   353,338
Onto Innovation, Inc.(a) 2,839   201,966
PDF Solutions, Inc.(a) 1,850   43,013
Photronics, Inc.(a) 3,790   56,812
Power Integrations, Inc. 3,490   279,200
Rambus, Inc.(a) 6,750   168,143
Semtech Corp.(a) 3,800   226,480
Silicon Laboratories, Inc.(a) 2,190   295,453
SiTime Corp.(a) 890   150,027
SMART Global Holdings, Inc.(a) 2,820   63,901
SunPower Corp.(a) 5,220   86,182
Synaptics, Inc.(a) 2,280   338,443
Ultra Clean Holdings, Inc.(a) 2,670   83,224
Universal Display Corp. 3,710   473,878
Veeco Instruments, Inc.(a) 3,049   69,883
Wolfspeed, Inc.(a) 7,080   649,307
      6,032,713
SOFTWARE (3.5%)
8x8, Inc.(a) 7,020   64,373
ACI Worldwide, Inc.(a) 7,240   199,969
Agilysys, Inc.(a) 1,330   48,957
Alarm.com Holdings, Inc.(a) 2,900   177,132
Aspen Technology, Inc.(a) 3,910   619,891
Blackbaud, Inc.(a) 2,560   148,506
Bottomline Technologies DE, Inc.(a) 2,490   140,984
CDK Global, Inc. 7,320   398,281
Cerence, Inc.(a) 2,290   67,555
CommVault Systems, Inc.(a) 2,770   168,970
Consensus Cloud Solution, Inc.(a) 950   50,084
Digital Trubine, Inc.(a) 5,390   170,594
Ebix, Inc. 1,630   48,574
Envestnet, Inc.(a) 3,330   265,201
Fair Isaac Corp.(a) 1,548   578,193
InterDigital, Inc. 1,830   104,036
LivePerson, Inc.(a) 4,190   94,778
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Manhattan Associates, Inc.(a) 3,710   $ 484,341
Mimecast Ltd.(a) 3,830   305,174
NCR Corp.(a) 7,910   277,087
OneSpan, Inc.(a) 2,560   36,173
Paylocity Holding Corp.(a) 2,330   441,838
Progress Software Corp. 2,750   131,945
Qualys, Inc.(a) 2,010   273,923
Sailpoint Technologies Holdings, Inc.(a) 5,850   373,406
SPS Commerce, Inc.(a) 2,140   256,008
Teradata Corp.(a) 6,380   263,813
Vonage Holdings Corp.(a) 15,540   310,178
Xperi Holding Corp. 6,239   97,328
      6,597,292
SPECIALTY RETAIL (3.5%)
Aaron's Co., Inc. (The) 2,165   44,447
Abercrombie & Fitch Co., Class A(a) 3,810   131,750
Academy Sports & Outdoors, Inc. 4,430   165,505
American Eagle Outfitters, Inc. 9,910   149,740
America's Car-Mart, Inc.(a) 380   30,723
Asbury Automotive Group, Inc.(a) 1,380   253,520
AutoNation, Inc.(a) 2,470   286,298
Barnes & Noble Education, Inc.(a) 2,970   9,029
Bed Bath & Beyond, Inc.(a) 6,050   82,340
Boot Barn Holdings, Inc.(a) 1,790   161,207
Buckle, Inc. (The) 2,055   63,828
Caleres, Inc. 2,455   56,293
Cato Corp. (The), Class A 1,420   19,241
Chico's FAS, Inc.(a) 8,030   42,559
Children's Place, Inc. (The)(a) 800   37,064
Conn's, Inc.(a) 1,590   24,884
Designer Brands, Inc., Class A 4,540   62,743
Dick's Sporting Goods, Inc. 3,770   363,503
Five Below, Inc.(a) 3,330   523,143
Foot Locker, Inc. 5,630   165,015
GameStop Corp., Class A(a) 3,640   455,255
Gap, Inc. (The) 20,330   252,499
Genesco, Inc.(a) 810   50,244
Group 1 Automotive, Inc. 1,030   179,364
Guess?, Inc. 2,710   60,894
Haverty Furniture Cos., Inc. 1,190   29,548
Hibbett, Inc. 930   40,157
Lithia Motors, Inc., Class A 1,790   506,803
Lumber Liquidators Holdings, Inc.(a) 2,090   28,863
MarineMax, Inc.(a) 1,410   57,697
Monro, Inc. 2,265   103,578
ODP Corp. (The)(a) 2,878   123,840
  Shares   Value
Rent-A-Center, Inc. 3,950   $ 95,274
RH (a) 1,040   349,565
Sally Beauty Holdings, Inc.(a) 7,200   108,864
Shoe Carnival, Inc. 1,370   41,360
Signet Jewelers Ltd. 3,130   219,726
Sleep Number Corp.(a) 1,460   59,218
Sonic Automotive, Inc., Class A 1,620   68,931
Urban Outfitters, Inc.(a) 4,430   105,434
Victoria's Secret & Co.(a) 4,430   208,742
Williams-Sonoma, Inc. 5,510   718,945
Zumiez, Inc.(a) 1,460   53,480
      6,591,113
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.2%)
3D Systems Corp.(a) 7,700   87,318
Diebold Nixdorf, Inc.(a) 5,640   23,124
Xerox Holdings Corp. 9,210   160,254
      270,696
TEXTILES, APPAREL & LUXURY GOODS (1.9%)
Capri Holdings Ltd.(a) 8,820   420,714
Carter's, Inc. 2,450   206,388
Columbia Sportswear Co. 4,300   353,288
Crocs, Inc.(a) 3,490   231,841
Deckers Outdoor Corp.(a) 2,230   592,622
Fossil Group, Inc.(a) 19,380   191,474
G-III Apparel Group Ltd.(a) 2,890   76,527
Hanesbrands, Inc. 25,140   333,356
Kontoor Brands, Inc. 3,020   119,985
Movado Group, Inc. 6,130   220,496
Oxford Industries, Inc. 890   79,744
Skechers USA, Inc., Class A(a) 8,210   314,443
Steven Madden Ltd. 4,875   200,168
Unifi, Inc.(a) 1,130   16,577
Vera Bradley, Inc.(a) 2,520   15,498
Wolverine World Wide, Inc. 5,130   101,677
      3,474,798
THRIFTS & MORTGAGE FINANCE (1.0%)
Axos Financial, Inc.(a) 3,410   129,171
Capitol Federal Financial, Inc. 6,050   58,261
Essent Group Ltd. 6,580   266,687
Flagstar Bancorp, Inc. 3,150   111,195
MGIC Investment Corp. 19,610   256,107
Mr. Cooper Group, Inc.(a) 4,490   201,915
New York Community Bancorp, Inc. 27,620   255,209
NMI Holdings, Inc., Class A(a) 5,270   96,863
 
See notes to financial statements.
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STEWARD FUNDS
SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2022
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  Shares   Value
Northfield Bancorp, Inc. 4,010   $ 52,491
Provident Financial Services, Inc. 3,730   82,545
TrustCo Bank Corp. NY 800   24,920
Walker & Dunlop, Inc. 1,710   204,790
WSFS Financial Corp. 3,730   149,461
      1,889,615
TRADING COMPANIES & DISTRIBUTORS (1.1%)
Applied Industrial Technologies, Inc. 2,180   228,224
Boise Cascade Co. 2,300   173,834
DXP Enterprises, Inc.(a) 1,150   27,175
GATX Corp. 2,040   210,916
GMS, Inc.(a) 2,540   121,793
MSC Industrial Direct Co., Inc., Class A 2,730   226,208
NOW, Inc.(a) 7,140   77,826
Univar Solutions, Inc.(a) 10,530   306,634
Veritiv Corp.(a) 810   113,837
Watsco, Inc. 1,830   488,207
      1,974,654
WATER UTILITIES (0.6%)
American States Water Co. 2,340   184,065
California Water Service Group 3,190   165,465
Essential Utilities, Inc. 14,582   652,690
Middlesex Water Co. 1,080   96,066
      1,098,286
WIRELESS TELECOMMUNICATION SERVICES (0.1%)
Shenandoah Telecommunications Co. 2,630   53,126
Telephone and Data Systems, Inc. 6,680   122,378
      175,504
TOTAL COMMON STOCKS
(COST $172,781,050) 		    184,048,566
  Shares   Value
RIGHT (0.0%)
BIOTECHNOLOGY (0.0%)
Progenics Pharmaceuticals, Inc.(a)(b) 7,180   $ —
TOTAL RIGHT
(COST $—) 		    —
MONEY MARKET FUND (1.4%)
Northern Institutional Treasury Portfolio (Premier Class), 0.18%(c) 2,597,221   2,597,221
TOTAL MONEY MARKET FUND
(COST $2,597,221) 		    2,597,221
TOTAL INVESTMENTS
(COST $175,378,271) 99.9% 		    186,645,787
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1%     126,736
NET ASSETS 100.0%     $ 186,772,523
Amounts designated as ‘‘—’’ are $0 or have been rounded to $0.
    
(a) Represents non-income producing security.
(b) Security was fair valued based upon procedures approved by the Board of Trustees. This security has zero value and is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)
(c) 7-day current yield as of April 30, 2022 is disclosed.
    
PLC — Public Limited Company
REIT — Real Estate Investment Trust
 
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2022
  Steward Covered Call Income Fund   Steward Equity Market Neutral Fund   Steward Global Equity Income Fund
Assets:          
Investments, at value (cost $25,551,757, $28,637,285 and $265,962,552, respectively) $ 23,522,522   $ 26,607,847   $ 294,816,810
Interest and dividend receivable 35,946   21,396   922,973
Receivable for investments sold —   601,608   —
Receivable for capital shares issued 126,406   137,517   380,281
Reclaims receivable —   —   83,764
Prepaid investment advisory fees 19,282   —   —
Prepaid expenses and other assets 6,258   5,484   10,203
Cash Held at Broker —   24,254,296   —
Total assets 23,710,414   51,628,148   296,214,031
Liabilities:          
Payable for capital shares redeemed 8,339   10,630   288,991
Short positions at fair value (proceeds $0, $26,913,407 and $0, respectively) —   22,906,126   —
Written options at fair value (premiums received $414,098, $0 and $0, respectively) 409,832   —   —
Accrued expenses and other payables:          
Investment advisory fees 10,441   21,107   157,794
Administration fees 1,253   1,583   18,935
Distribution fees - Class A 31   130   7,179
Distribution fees - Class C 366   —   1,334
Sub-accounting service fees - Class A 3   —   1,602
Sub-accounting service fees - Class C 28   —   127
Sub-accounting service fees - Institutional Class 2,764   4,336   23,661
Fund accounting and sub-administration fees 10,667   10,667   27,790
Transfer agent fees 5,000   1,250   5,000
Custodian fees 5,798   954   10,018
Printing fees 2,729   2,777   5,327
Professional fees 3,554   4,494   55,225
Other accrued liabilities 1,833   12,545   1,833
Due to Broker —   2,228,078   —
Total liabilities 462,638   25,204,677   604,816
Net Assets $ 23,247,776   $ 26,423,471   $ 295,609,215
Composition of Net Assets:          
Capital (par value and paid-in surplus) 25,125,166   24,988,242   253,025,029
Total distributable earnings/(accumulated deficit) (1,877,390)   1,435,229   42,584,186
Net Assets $ 23,247,776   $ 26,423,471   $ 295,609,215
Class A          
Net Assets $ 93,319   $ 341,934   $ 19,324,856
Shares authorized 16,000,000   16,000,000   16,000,000
Shares issued and outstanding ($0.001 par value) 11,978   12,918   600,244
Net asset value, offering and redemption price per share(a) $ 7.79   $ 26.47   $ 32.19
Class C          
Net Assets $ 201,981   —   $ 811,900
Shares authorized 15,000,000   —   15,000,000
Shares issued and outstanding ($0.001 par value) 25,979   —   23,922
Net asset value, offering and redemption price per share(a) $ 7.77   —   $ 33.94
Class R6          
Net Assets $ 927   —   $ 309,509
Shares authorized 16,000,000   —   16,000,000
Shares issued and outstanding ($0.001 par value) 118   —   10,287
Net asset value, offering and redemption price per share(a) $ 7.85   —   $ 30.09
Institutional Class          
Net Assets $ 22,951,549   $ 26,081,537   $ 275,162,950
Shares authorized 20,000,000   20,000,000   20,000,000
Shares issued and outstanding ($0.001 par value) 2,916,706   983,594   8,537,613
Net asset value, offering and redemption price per share(a) $ 7.87   $ 26.52   $ 32.23
Amounts designated as "—" are $0 or have been rounded to $0.
   
(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2022
  Steward International Enhanced Index Fund   Steward Large Cap Core Fund   Steward Large Cap Growth Fund
Assets:          
Investments, at value (cost $209,056,232, $77,720,370 and $48,950,976, respectively) $ 208,861,051   $ 69,785,978   $ 42,955,801
Interest and dividend receivable 743,318   47,871   12,826
Receivable for investments sold —   218,430   99,195
Receivable for capital shares issued 88,281   1,966,283   89,843
Reclaims receivable 120,530   —   —
Prepaid expenses and other assets 3,627   15,970   12,070
Total assets 209,816,807   72,034,532   43,169,735
Liabilities:          
Payable for investments purchased 1,831,508   202,739   122,744
Payable for capital shares redeemed 286,522   1,959,673   14,973
Accrued expenses and other payables:          
Investment advisory fees 65,655   29,495   18,735
Administration fees 13,491   4,424   2,810
Distribution fees - Class A 2,388   189   62
Sub-accounting service fees - Class A 217   —   —
Sub-accounting service fees - Institutional Class 5,716   —   —
Fund accounting and sub-administration fees 18,714   10,667   10,667
Transfer agent fees 5,000   1,250   1,250
Custodian fees 6,183   2,225   1,572
Printing fees 4,569   3,231   2,984
Professional fees 40,335   13,347   8,634
Other accrued liabilities 1,833   7,007   7,002
Total liabilities 2,282,131   2,234,247   191,433
Net Assets $ 207,534,676   $ 69,800,285   $ 42,978,302
Composition of Net Assets:          
Capital (par value and paid-in surplus) 204,966,558   79,534,635   50,915,313
Total distributable earnings/(accumulated deficit) 2,568,118   (9,734,350)   (7,937,011)
Net Assets $ 207,534,676   $ 69,800,285   $ 42,978,302
Class A          
Net Assets $ 5,158,538   $ 312,851   $ 189,299
Shares authorized 16,000,000   16,000,000   16,000,000
Shares issued and outstanding ($0.001 par value) 234,829   14,524   9,166
Net asset value, offering and redemption price per share(a) $ 21.97   $ 21.54   $ 20.65
Class C          
Net Assets $ 900   —   —
Shares authorized 15,000,000   —   —
Shares issued and outstanding ($0.001 par value) 50   —   —
Net asset value, offering and redemption price per share(a) $ 17.92   —   —
Class R6          
Net Assets $ 605,754   —   —
Shares authorized 16,000,000   —   —
Shares issued and outstanding ($0.001 par value) 33,049   —   —
Net asset value, offering and redemption price per share(a) $ 18.33   —   —
Institutional Class          
Net Assets $ 201,769,484   $ 69,487,434   $ 42,789,003
Shares authorized 20,000,000   20,000,000   20,000,000
Shares issued and outstanding ($0.001 par value) 9,180,400   3,223,324   2,069,581
Net asset value, offering and redemption price per share(a) $ 21.98   $ 21.56   $ 20.68
Amounts designated as "—" are $0 or have been rounded to $0.
   
(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2022
  Steward Large Cap Value Fund   Steward Select Bond Fund   Steward Small Cap Growth Fund
Assets:          
Investments, at value (cost $65,012,181, $164,695,794 and $39,909,669, respectively) $ 60,814,555   $ 151,606,722   $ 31,355,555
Interest and dividend receivable 77,192   1,080,415   64
Receivable for investments sold 503,754   —   —
Receivable for capital shares issued 24,900   248,030   15,463
Prepaid expenses and other assets 16,544   2,637   14,266
Total assets 61,436,945   152,937,804   31,385,348
Liabilities:          
Payable for investments purchased 709,382   —   —
Payable for when-issued securities —   1,997,250   —
Payable for capital shares redeemed 19,027   102,490   11,006
Accrued expenses and other payables:          
Investment advisory fees 26,080   39,742   20,991
Administration fees 3,912   9,463   2,099
Distribution fees - Class A 106   1,799   57
Sub-accounting service fees - Class A —   295   11
Sub-accounting service fees - Institutional Class —   7,692   —
Fund accounting and sub-administration fees 10,667   16,418   10,667
Transfer agent fees 1,250   5,000   1,250
Custodian fees 2,242   4,973   849
Printing fees 3,145   3,854   3,871
Professional fees 11,667   27,292   6,449
Other accrued liabilities 7,015   3,024   7,124
Total liabilities 794,493   2,219,292   64,374
Net Assets $ 60,642,452   $ 150,718,512   $ 31,320,974
Composition of Net Assets:          
Capital (par value and paid-in surplus) 65,663,499   165,825,037   40,233,392
Total accumulated deficit (5,021,047)   (15,106,525)   (8,912,418)
Net Assets $ 60,642,452   $ 150,718,512   $ 31,320,974
Class A          
Net Assets $ 328,202   $ 3,831,713   $ 166,568
Shares authorized 16,000,000   16,000,000   16,000,000
Shares issued and outstanding ($0.001 par value) 14,338   169,625   8,867
Net asset value, offering and redemption price per share(a) $ 22.89   $ 22.59   $ 18.78
Class C          
Net Assets —   $ 3,989   —
Shares authorized —   13,000,000   —
Shares issued and outstanding ($0.001 par value) —   156   —
Net asset value, offering and redemption price per share(a) —   $ 25.62   —
Class R6          
Net Assets —   $ 924   —
Shares authorized —   16,000,000   —
Shares issued and outstanding ($0.001 par value) —   37   —
Net asset value, offering and redemption price per share(a) —   $ 25.10   —
Institutional Class          
Net Assets $ 60,314,250   $ 146,881,886   $ 31,154,406
Shares authorized 20,000,000   20,000,000   20,000,000
Shares issued and outstanding ($0.001 par value) 2,632,006   6,541,232   1,657,024
Net asset value, offering and redemption price per share(a) $ 22.92   $ 22.45   $ 18.80
Amounts designated as "—" are $0 or have been rounded to $0.
   
(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2022
  Steward Values-Focused Large Cap Enhanced Index Fund   Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Assets:      
Investments, at value (cost $200,824,608 and $175,378,271, respectively) $ 218,840,325   $ 186,645,787
Interest and dividend receivable 178,480   72,959
Receivable for capital shares issued 172,861   240,644
Prepaid expenses and other assets 5,903   7,886
Total assets 219,197,569   186,967,276
Liabilities:      
Payable for capital shares redeemed 107,256   39,202
Accrued expenses and other payables:      
Investment advisory fees 41,150   34,514
Administration fees 14,355   12,040
Distribution fees - Class A 3,915   14,468
Distribution fees - Class C 7   —
Sub-accounting service fees - Class A 1,178   1,579
Sub-accounting service fees - Institutional Class 25,851   13,846
Fund accounting and sub-administration fees 22,601   19,691
Transfer agent fees 5,000   5,000
Custodian fees 8,574   12,115
Printing fees 4,633   4,295
Professional fees 43,155   36,170
Other accrued liabilities 1,833   1,833
Total liabilities 279,508   194,753
Net Assets $ 218,918,061   $ 186,772,523
Composition of Net Assets:      
Capital (par value and paid-in surplus) 133,605,735   142,258,113
Total distributable earnings 85,312,326   44,514,410
Net Assets $ 218,918,061   $ 186,772,523
Class A      
Net Assets $ 11,639,913   $ 47,598,759
Shares authorized 16,000,000   16,000,000
Shares issued and outstanding ($0.001 par value) 288,486   3,321,296
Net asset value, offering and redemption price per share(a) $ 40.35   $ 14.33
Class C      
Net Assets $ 3,017   $ 869
Shares authorized 15,000,000   15,000,000
Shares issued and outstanding ($0.001 par value) 87   68
Net asset value, offering and redemption price per share(a) $ 34.56   $ 12.88
Class R6      
Net Assets $ 528,427   $ 401,693
Shares authorized 16,000,000   16,000,000
Shares issued and outstanding ($0.001 par value) 15,041   30,287
Net asset value, offering and redemption price per share(a) $ 35.13   $ 13.26
Institutional Class      
Net Assets $ 206,746,704   $ 138,771,202
Shares authorized 20,000,000   20,000,000
Shares issued and outstanding ($0.001 par value) 5,145,453   9,461,649
Net asset value, offering and redemption price per share(a) $ 40.18   $ 14.67
Amounts designated as "—" are $0 or have been rounded to $0.
   
(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2022
  Steward Covered Call Income Fund   Steward Equity Market Neutral Fund(1)   Steward Global Equity Income Fund
Investment Income:          
Dividends (net of foreign witholding tax of $0, $0 and $587,365, respectively) $ 412,000   $ 157,951   $ 8,834,451
Interest 173   694   1,150
Total investment income 412,173   158,645   8,835,601
Expenses:          
Dividends on securities sold short —   92,756   —
Brokerage expense on securities sold short —   58,810   —
Investment advisory fees 175,917   108,807   2,094,332
Administration fees 21,110   8,161   251,320
Distribution fees - Class A 81   196   76,842
Distribution fees - Class C 2,309   —   15,852
Sub-accounting services fees - Class A 41   19   32,566
Sub-accounting services fees - Class C 339   —   1,418
Sub-accounting services fees - Institutional Class 26,046   13,524   318,508
Fund accounting and sub-administration fees 64,038   29,333   151,242
Transfer agent fees 30,000   3,438   30,000
Custodian fees 31,457   3,145   56,494
Registration fees 67,752   3,023   85,762
Directors fees 5,348   1,519   62,959
Professional fees 10,735   5,802   132,637
Printing fees 7,825   2,826   33,852
Miscellaneous fees 14,575   7,242   78,676
Total expenses 457,573   338,601   3,422,460
Fees waived/reimbursed by the Adviser (173,717)   —   —
Net expenses 283,856   338,601   3,422,460
Net investment income 128,317   (179,956)   5,413,141
Realized and Unrealized Gain/(Loss):          
Net realized gains/(losses) from investment transactions and foreign currency translation 5,636,366   (770,238)   41,099,633
Net realized gains on investment securities sold short —   229,517   —
Net realized gains on options transactions 1,497,226   —   —
Change in unrealized depreciation on investment transactions and foreign currency transactions (6,065,248)   (2,029,438)   (45,042,441)
Change in unrealized appreciation on investment securities sold short —   4,007,281   —
Change in unrealized appreciation on options transactions 495,599   —   —
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions 1,563,943   1,437,122   (3,942,808)
Change in net assets resulting from operations $ 1,692,260   $ 1,257,166   $ 1,470,333
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2022
  Steward International Enhanced Index Fund   Steward Large Cap Core Fund(1)   Steward Large Cap Growth Fund(1)
Investment Income:          
Dividends (net of foreign witholding tax of $730,172, $56 and $0, respectively) $ 6,162,612   $ 428,890   $ 175,131
Interest 647   117   13
Total investment income 6,163,259   429,007   175,144
Expenses:          
Investment advisory fees 722,985   149,715   97,054
Administration fees 148,559   22,457   14,558
Distribution fees - Class A 18,618   206   88
Sub-accounting services fees - Class A 6,446   10   11
Sub-accounting services fees - Institutional Class 195,905   17,199   14,914
Fund accounting and sub-administration fees 106,342   29,333   29,333
Transfer agent fees 29,999   3,438   3,438
Custodian fees 32,743   6,532   4,809
Registration fees 74,245   6,295   3,670
Directors fees 37,079   4,171   2,652
Professional fees 82,894   16,902   10,993
Printing fees 20,029   3,363   3,076
Miscellaneous fees 52,422   8,958   8,056
Total expenses 1,528,266   268,579   192,652
Fees waived/reimbursed by the Adviser —   (43,800)   (46,983)
Net expenses 1,528,266   224,779   145,669
Net investment income 4,634,993   204,228   29,475
Realized and Unrealized Gain/(Loss):          
Net realized gains/(losses) from investment transactions and foreign currency translation 5,893,363   (1,943,247)   (1,950,529)
Change in unrealized depreciation on investment transactions and foreign currency transactions (28,658,785)   (7,934,392)   (5,995,175)
Net realized and unrealized losses from investment transactions, foreign currency translations and options transactions (22,765,422)   (9,877,639)   (7,945,704)
Change in net assets resulting from operations $ (18,130,429)   $ (9,673,411)   $ (7,916,229)
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2022
  Steward Large Cap Value Fund(1)   Steward Select Bond Fund   Steward Small Cap Growth Fund(1)
Investment Income:          
Dividends (net of foreign witholding tax of $0, $0 and $736, respectively) $ 590,412   $ 10,209   $ 94,658
Interest —   3,627,531   123
Total investment income 590,412   3,637,740   94,781
Expenses:          
Investment advisory fees 128,636   564,732   108,253
Administration fees 19,296   134,461   10,825
Distribution fees - Class A 138   14,696   80
Distribution fees - Class C —   43   —
Sub-accounting services fees - Class A 9   3,106   21
Sub-accounting services fees - Class C —   9   —
Sub-accounting services fees - Institutional Class 12,857   176,665   7,539
Fund accounting and sub-administration fees 29,333   101,365   29,333
Transfer agent fees 3,438   30,000   3,438
Custodian fees 6,641   29,985   3,141
Registration fees 3,734   72,668   3,449
Directors fees 3,539   33,934   1,962
Professional fees 14,703   68,324   8,214
Printing fees 3,259   20,303   5,442
Miscellaneous fees 8,614   49,099   7,613
Total expenses 234,197   1,299,390   189,310
Fees waived/reimbursed by the Adviser (41,105)   —   (44,894)
Net expenses 193,092   1,299,390   144,416
Net investment income 397,320   2,338,350   (49,635)
Realized and Unrealized Gain/(Loss):          
Net realized gains/(losses) from investment transactions and foreign currency translation (1,110,138)   261,429   (305,173)
Change in unrealized depreciation on investment transactions and foreign currency transactions (4,197,626)   (17,076,687)   (8,554,114)
Net realized and unrealized losses from investment transactions, foreign currency translations and options transactions (5,307,764)   (16,815,258)   (8,859,287)
Change in net assets resulting from operations $ (4,910,444)   $ (14,476,908)   $ (8,908,922)
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
    
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF OPERATIONS — For the year ended April 30, 2022
  Steward Values-Focused Large Cap Enhanced Index Fund   Steward Values-Focused Small-Mid Cap Enhanced Index Fund
Investment Income:      
Dividends (net of foreign witholding tax of $643 and $191, respectively) $ 4,144,125   $ 2,866,515
Interest 372   464
Total investment income 4,144,497   2,866,979
Expenses:      
Investment advisory fees 730,678   522,203
Administration fees 254,889   182,165
Distribution fees - Class A 48,655   144,741
Distribution fees - Class C 29   1
Sub-accounting services fees - Class A 21,523   25,567
Sub-accounting services fees - Class C 2   —
Sub-accounting services fees - Institutional Class 328,799   187,421
Fund accounting and sub-administration fees 156,450   128,601
Transfer agent fees 30,000   30,000
Custodian fees 54,762   58,826
Registration fees 78,226   76,569
Directors fees 65,219   46,686
Professional fees 128,227   94,186
Printing fees 42,311   24,437
Miscellaneous fees 86,848   64,507
Total expenses 2,026,618   1,585,910
Net investment income 2,117,879   1,281,069
Realized and Unrealized Gain/(Loss):      
Net realized gains from investment transactions and foreign currency translation 127,032,512   57,304,128
Change in unrealized depreciation on investment transactions and foreign currency transactions (101,563,727)   (66,681,904)
Net realized and unrealized gains/(losses) from investment transactions, foreign currency translations and options transactions 25,468,785   (9,377,776)
Change in net assets resulting from operations $ 27,586,664   $ (8,096,707)
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD COVERED CALL INCOME FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 128,317   $ 225,414
Net realized gain from investment transactions, foreign currency transactions and option transactions 7,133,592   1,554,889
Net change in unrealized appreciation/(depreciation) on investment transactions, foreign currency transactions and option transactions (5,569,649)   7,146,731
Change in net assets resulting from operations 1,692,260   8,927,034
Distributions to shareholders from:      
Class A (3,005)   (1,275)
Class C (46,169)   (26,063)
Class R6 (210)   (2)
Institutional Class (3,185,783)   (4,420,248)
Total distributions to shareholders (3,235,167)   (4,447,588)
Capital Transactions:      
Class A      
Proceeds from shares issued 111,974   5,206
Dividends reinvested 3,005   1,275
Cost of shares redeemed (23,578)   (5,520)
Change in Class A from capital transactions 91,401   961
Class C      
Proceeds from shares issued 137,055   15
Dividends reinvested 46,169   22,553
Cost of shares redeemed (131,769)   (170,071)
Change in Class C from capital transactions 51,455   (147,503)
Class R6      
Proceeds from shares issued 1,000   —
Dividends reinvested 210   2
Change in Class R6 from capital transactions 1,210   2
Institutional Class      
Proceeds from shares issued 15,293,238   6,798,116
Dividends reinvested 3,179,417   4,416,213
Cost of shares redeemed (30,218,252)   (6,805,114)
Change in Institutional Class from capital transactions (11,745,597)   4,409,215
Change in net assets from capital transactions (11,601,531)   4,262,675
Change in net assets (13,144,438)   8,742,121
Net Assets:      
Beginning of year 36,392,214   27,650,093
End of year $ 23,247,776   $ 36,392,214
Shares Transactions:      
Class A      
Issued 13,227   548
Reinvested 357   143
Redeemed (2,714)   (579)
Change in Class A 10,870   112
Class C      
Issued 13,659   —
Reinvested 5,441   2,507
Redeemed (12,832)   (17,415)
Change in Class C 6,268   (14,908)
Class R6      
Issued 92   —
Reinvested 25   —
Change in Class R6 117   —
Institutional Class      
Issued 1,762,737   719,227
Reinvested 371,223   492,152
Redeemed (2,866,461)   (722,305)
Change in Institutional Class (732,501)   489,074
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD EQUITY MARKET NEUTRAL FUND
  For the Period
November 15,
2021(1) through April 30, 2022
Change in net assets resulting from operations:  
Net investment loss $ (179,956)
Net realized loss from investment transactions and foreign currency transactions (540,721)
Net change in unrealized appreciation on investments and foreign currency transactions 1,977,843
Change in net assets resulting from operations 1,257,166
Distributions to shareholders from:  
Class A —
Institutional Class —
Total distributions to shareholders —
Capital Transactions:  
Class A  
Proceeds from shares issued 513,222
Dividends reinvested —
Cost of shares redeemed (163,334)
Change in Class A from capital transactions 349,888
Institutional Class  
Proceeds from shares issued 26,355,294
Dividends reinvested —
Cost of shares redeemed (1,538,877)
Change in Institutional Class from capital transactions 24,816,417
Change in net assets from capital transactions 25,166,305
Change in net assets 26,423,471
Net Assets:  
Beginning of period —
End of period $ 26,423,471
Shares Transactions:  
Class A  
Issued 19,199
Reinvested —
Redeemed (6,281)
Change in Class A 12,918
Institutional Class  
Issued 1,042,669
Reinvested —
Redeemed (59,075)
Change in Institutional Class 983,594
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD GLOBAL EQUITY INCOME FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 5,413,141   $ 5,786,630
Net realized gain from investment transactions and foreign currency transactions 41,099,633   20,757,692
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions (45,042,441)   88,915,096
Change in net assets resulting from operations 1,470,333   115,459,418
Distributions to shareholders from:      
Class A (3,150,494)   (1,301,291)
Class C (131,145)   (93,570)
Class R6 (42,415)   (7,194)
Institutional Class (40,510,185)   (8,635,038)
Total distributions to shareholders (43,834,239)   (10,037,093)
Capital Transactions:      
Class A      
Proceeds from shares issued 7,749,742   11,753,111
Dividends reinvested 2,913,423   1,288,584
Cost of shares redeemed (36,136,421)   (33,530,552)
Change in Class A from capital transactions (25,473,256)   (20,488,857)
Class C      
Proceeds from shares issued 158,085   1,507,147
Dividends reinvested 131,145   93,528
Cost of shares redeemed (3,293,521)   (1,582,290)
Change in Class C from capital transactions (3,004,291)   18,385
Class R6      
Proceeds from shares issued 118,012   126,474
Dividends reinvested 42,415   7,194
Cost of shares redeemed (45,860)   (77,180)
Change in Class R6 from capital transactions 114,567   56,488
Institutional Class      
Proceeds from shares issued 104,631,017   63,187,035
Dividends reinvested 40,331,603   8,395,695
Cost of shares redeemed (123,465,165)   (81,504,930)
Change in Institutional Class from capital transactions 21,497,455   (9,922,200)
Change in net assets from capital transactions (6,865,525)   (30,336,184)
Change in net assets (49,229,431)   75,086,141
Net Assets:      
Beginning of year 344,838,646   269,752,505
End of year $ 295,609,215   $ 344,838,646
Shares Transactions:      
Class A      
Issued 208,536   371,788
Reinvested 86,344   40,353
Redeemed (961,381)   (1,127,822)
Change in Class A (666,501)   (715,681)
Class C      
Issued 4,147   52,576
Reinvested 3,693   2,808
Redeemed (83,087)   (42,617)
Change in Class C (75,247)   12,767
Class R6      
Issued 3,464   4,105
Reinvested 1,349   231
Redeemed (1,295)   (2,393)
Change in Class R6 3,518   1,943
Institutional Class      
Issued 2,858,776   1,999,743
Reinvested 1,196,827   256,955
Redeemed (3,349,955)   (2,539,631)
Change in Institutional Class 705,648   (282,933)
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD INTERNATIONAL ENHANCED INDEX FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 4,634,993   $ 2,908,763
Net realized gain from investment transactions and foreign currency transactions 5,893,363   4,458,867
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions (28,658,785)   51,387,146
Change in net assets resulting from operations (18,130,429)   58,754,776
Distributions to shareholders from:      
Class A (275,412)   (393,830)
Class C (45)   —
Class R6 (32,211)   (29,454)
Institutional Class (8,297,705)   (5,976,777)
Total distributions to shareholders (8,605,373)   (6,400,061)
Capital Transactions:      
Class A      
Proceeds from shares issued 1,377,181   947,159
Dividends reinvested 265,254   383,904
Cost of shares redeemed (4,501,594)   (24,915,204)
Change in Class A from capital transactions (2,859,159)   (23,584,141)
Class C      
Proceeds from shares issued 1,000   —
Dividends reinvested 45   —
Change in Class C from capital transactions 1,045   —
Class R6      
Proceeds from shares issued 180,045   231,745
Dividends reinvested 32,211   29,454
Cost of shares redeemed (160,512)   (295,121)
Change in Class R6 from capital transactions 51,744   (33,922)
Institutional Class      
Proceeds from shares issued 73,833,932   44,363,825
Dividends reinvested 8,202,279   5,907,762
Cost of shares redeemed (25,552,480)   (25,348,828)
Change in Institutional Class from capital transactions 56,483,731   24,922,759
Change in net assets from capital transactions 53,677,361   1,304,696
Change in net assets 26,941,559   53,659,411
Net Assets:      
Beginning of year 180,593,117   126,933,706
End of year $ 207,534,676   $ 180,593,117
Shares Transactions:      
Class A      
Issued 55,918   44,854
Reinvested 11,204   17,981
Redeemed (183,225)   (1,304,325)
Change in Class A (116,103)   (1,241,490)
Class C      
Issued 47   —
Reinvested 2   —
Change in Class C 49   —
Class R6      
Issued 8,553   12,422
Reinvested 1,635   1,583
Redeemed (7,515)   (15,399)
Change in Class R6 2,673   (1,394)
Institutional Class      
Issued 2,984,321   2,205,226
Reinvested 348,082   266,480
Redeemed (1,037,869)   (1,161,675)
Change in Institutional Class 2,294,534   1,310,031
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP CORE FUND
  For the Period
November 15,
2021(1) through April 30, 2022
Change in net assets resulting from operations:  
Net investment income $ 204,228
Net realized loss from investment transactions and foreign currency transactions (1,943,247)
Net change in unrealized depreciation on investments and foreign currency transactions (7,934,392)
Change in net assets resulting from operations (9,673,411)
Distributions to shareholders from:  
Class A (1)
Institutional Class (60,583)
Total distributions to shareholders (60,584)
Capital Transactions:  
Class A  
Proceeds from shares issued 2,338,319
Dividends reinvested 1
Cost of shares redeemed (1,939,631)
Change in Class A from capital transactions 398,689
Institutional Class  
Proceeds from shares issued 83,086,361
Dividends reinvested 60,583
Cost of shares redeemed (4,011,353)
Change in Institutional Class from capital transactions 79,135,591
Change in net assets from capital transactions 79,534,280
Change in net assets 69,800,285
Net Assets:  
Beginning of period —
End of period $ 69,800,285
Shares Transactions:  
Class A  
Issued 104,568
Reinvested —
Redeemed (90,044)
Change in Class A 14,524
Institutional Class  
Issued 3,388,850
Reinvested 2,477
Redeemed (168,003)
Change in Institutional Class 3,223,324
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP GROWTH FUND
  For the Period
November 15,
2021(1) through April 30, 2022
Change in net assets resulting from operations:  
Net investment income $ 29,475
Net realized loss from investment transactions and foreign currency transactions (1,950,529)
Net change in unrealized depreciation on investments and foreign currency transactions (5,995,175)
Change in net assets resulting from operations (7,916,229)
Distributions to shareholders from:  
Class A —
Institutional Class (20,782)
Total distributions to shareholders (20,782)
Capital Transactions:  
Class A  
Proceeds from shares issued 205,150
Dividends reinvested —
Cost of shares redeemed (717)
Change in Class A from capital transactions 204,433
Institutional Class  
Proceeds from shares issued 53,399,897
Dividends reinvested 20,782
Cost of shares redeemed (2,709,799)
Change in Institutional Class from capital transactions 50,710,880
Change in net assets from capital transactions 50,915,313
Change in net assets 42,978,302
Net Assets:  
Beginning of period —
End of period $ 42,978,302
Shares Transactions:  
Class A  
Issued 9,196
Reinvested —
Redeemed (30)
Change in Class A 9,166
Institutional Class  
Issued 2,186,054
Reinvested 856
Redeemed (117,329)
Change in Institutional Class 2,069,581
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD LARGE CAP VALUE FUND
  For the Period
November 15,
2021(1) through April 30, 2022
Change in net assets resulting from operations:  
Net investment income $ 397,320
Net realized loss from investment transactions and foreign currency transactions (1,110,138)
Net change in unrealized depreciation on investments and foreign currency transactions (4,197,626)
Change in net assets resulting from operations (4,910,444)
Distributions to shareholders from:  
Class A (2)
Institutional Class (105,357)
Total distributions to shareholders (105,359)
Capital Transactions:  
Class A  
Proceeds from shares issued 348,652
Dividends reinvested 2
Cost of shares redeemed (800)
Change in Class A from capital transactions 347,854
Institutional Class  
Proceeds from shares issued 69,037,284
Dividends reinvested 105,357
Cost of shares redeemed (3,832,240)
Change in Institutional Class from capital transactions 65,310,401
Change in net assets from capital transactions 65,658,255
Change in net assets 60,642,452
Net Assets:  
Beginning of period —
End of period $ 60,642,452
Shares Transactions:  
Class A  
Issued 14,371
Reinvested —
Redeemed (33)
Change in Class A 14,338
Institutional Class  
Issued 2,783,170
Reinvested 4,274
Redeemed (155,438)
Change in Institutional Class 2,632,006
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SELECT BOND FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 2,338,350   $ 2,552,279
Net realized gain from investment transactions and foreign currency transactions 261,429   50,747
Net change in unrealized depreciation on investments and foreign currency transactions (17,076,687)   (2,585,111)
Change in net assets resulting from operations (14,476,908)   17,915
Distributions to shareholders from:      
Class A (67,530)   (72,836)
Class C (11)   (9)
Class R6 (7)   —
Institutional Class (2,326,303)   (2,792,973)
Total distributions to shareholders (2,393,851)   (2,865,818)
Capital Transactions:      
Class A      
Proceeds from shares issued 1,470,544   3,625,108
Dividends reinvested 67,148   72,681
Cost of shares redeemed (3,163,624)   (6,848,510)
Change in Class A from capital transactions (1,625,932)   (3,150,721)
Class C      
Proceeds from shares issued 5   4,503
Dividends reinvested 11   9
Change in Class C from capital transactions 16   4,512
Class R6      
Proceeds from shares issued 1,000   —
Dividends reinvested 7   —
Change in Class R6 from capital transactions 1,007   —
Institutional Class      
Proceeds from shares issued 23,815,641   64,285,949
Dividends reinvested 2,324,421   2,791,483
Cost of shares redeemed (44,198,562)   (25,465,310)
Change in Institutional Class from capital transactions (18,058,500)   41,612,122
Change in net assets from capital transactions (19,683,409)   38,465,913
Change in net assets (36,554,168)   35,618,010
Net Assets:      
Beginning of year 187,272,680   151,654,670
End of year $ 150,718,512   $ 187,272,680
Shares Transactions:      
Class A      
Issued 59,650   141,925
Reinvested 2,707   2,856
Redeemed (131,814)   (269,448)
Change in Class A (69,457)   (124,667)
Class C      
Issued —   154
Reinvested 1   —
Change in Class C 1   154
Class R6      
Issued 36   —
Reinvested —   —
Change in Class R6 36   —
Institutional Class      
Issued 971,016   2,538,759
Reinvested 94,285   110,211
Redeemed (1,804,027)   (1,003,236)
Change in Institutional Class (738,726)   1,645,734
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD SMALL CAP GROWTH FUND
  For the Period
November 15,
2021(1) through April 30, 2022
Change in net assets resulting from operations:  
Net investment loss $ (49,635)
Net realized loss from investment transactions and foreign currency transactions (305,173)
Net change in unrealized depreciation on investments and foreign currency transactions (8,554,114)
Change in net assets resulting from operations (8,908,922)
Distributions to shareholders from:  
Class A —
Institutional Class (10,843)
Total distributions to shareholders (10,843)
Capital Transactions:  
Class A  
Proceeds from shares issued 181,467
Dividends reinvested —
Cost of shares redeemed (726)
Change in Class A from capital transactions 180,741
Institutional Class  
Proceeds from shares issued 42,030,129
Dividends reinvested 10,843
Cost of shares redeemed (1,980,974)
Change in Institutional Class from capital transactions 40,059,998
Change in net assets from capital transactions 40,240,739
Change in net assets 31,320,974
Net Assets:  
Beginning of period —
End of period $ 31,320,974
Shares Transactions:  
Class A  
Issued 8,900
Reinvested —
Redeemed (33)
Change in Class A 8,867
Institutional Class  
Issued 1,749,903
Reinvested 476
Redeemed (93,355)
Change in Institutional Class 1,657,024
Amounts designated as "—" are $0 or have been rounded to $0.
   
(1) For the period November 15, 2021 (commencement of operations) through April 30, 2022.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD VALUES-FOCUSED LARGE CAP ENHANCED INDEX FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 2,117,879   $ 4,173,163
Net realized gain from investment transactions and foreign currency transactions 127,032,512   54,670,535
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions (101,563,727)   104,040,813
Change in net assets resulting from operations 27,586,664   162,884,511
Distributions to shareholders from:      
Class A (4,284,340)   (2,136,505)
Class C (943)   (1)
Class R6 (154,723)   (5,862,155)
Institutional Class (67,506,360)   (29,587,525)
Total distributions to shareholders (71,946,366)   (37,586,186)
Capital Transactions:      
Class A      
Proceeds from shares issued 3,057,252   5,643,539
Dividends reinvested 3,685,445   2,094,344
Cost of shares redeemed (21,111,872)   (26,456,395)
Change in Class A from capital transactions (14,369,175)   (18,718,512)
Class C      
Proceeds from shares issued 3,004   —
Dividends reinvested 943   1
Change in Class C from capital transactions 3,947   1
Class R6      
Proceeds from shares issued 147,650   8,384,888
Dividends reinvested 154,723   5,862,155
Cost of shares redeemed (145,495)   (76,721,797)
Change in Class R6 from capital transactions 156,878   (62,474,754)
Institutional Class      
Proceeds from shares issued 65,264,595   70,180,378
Dividends reinvested 66,592,675   29,296,352
Cost of shares redeemed (252,342,695)   (141,221,982)
Change in Institutional Class from capital transactions (120,485,425)   (41,745,252)
Change in net assets from capital transactions (134,693,775)   (122,938,517)
Change in net assets (179,053,477)   2,359,808
Net Assets:      
Beginning of year 397,971,538   395,611,730
End of year $ 218,918,061   $ 397,971,538
Shares Transactions:      
Class A      
Issued 59,464   123,119
Reinvested 81,343   44,716
Redeemed (393,608)   (621,155)
Change in Class A (252,801)   (453,320)
Class C      
Issued 62   —
Reinvested 24   —
Change in Class C 86   —
Class R6      
Issued 3,330   203,202
Reinvested 3,926   138,240
Redeemed (3,050)   (1,716,031)
Change in Class R6 4,206   (1,374,589)
Institutional Class      
Issued 1,273,509   1,563,002
Reinvested 1,476,625   626,366
Redeemed (4,567,634)   (3,049,002)
Change in Institutional Class (1,817,500)   (859,634)
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
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STEWARD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STEWARD VALUES-FOCUSED SMALL-MID CAP ENHANCED INDEX FUND
  For the Year Ended April 30, 2022   For the Year Ended April 30, 2021
Change in net assets resulting from operations:      
Net investment income $ 1,281,069   $ 1,072,687
Net realized gain from investment transactions and foreign currency transactions 57,304,128   15,835,699
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions (66,681,904)   109,285,221
Change in net assets resulting from operations (8,096,707)   126,193,607
Distributions to shareholders from:      
Class A (7,138,148)   (2,097,853)
Class C (133)   —
Class R6 (14,790)   (4,590)
Institutional Class (20,181,854)   (7,168,235)
Total distributions to shareholders (27,334,925)   (9,270,678)
Capital Transactions:      
Class A      
Proceeds from shares issued 3,207,439   8,766,909
Dividends reinvested 6,477,306   1,998,977
Cost of shares redeemed (16,814,731)   (24,204,534)
Change in Class A from capital transactions (7,129,986)   (13,438,648)
Class C      
Proceeds from shares issued 1,000   —
Dividends reinvested 133   —
Change in Class C from capital transactions 1,133   —
Class R6      
Proceeds from shares issued 348,495   73,687
Dividends reinvested 14,790   4,590
Cost of shares redeemed (42,528)   (36,939)
Change in Class R6 from capital transactions 320,757   41,338
Institutional Class      
Proceeds from shares issued 44,680,673   34,424,594
Dividends reinvested 17,411,342   6,433,567
Cost of shares redeemed (106,707,033)   (62,241,118)
Change in Institutional Class from capital transactions (44,615,018)   (21,382,957)
Change in net assets from capital transactions (51,423,114)   (34,780,267)
Change in net assets (86,854,746)   82,142,662
Net Assets:      
Beginning of year 273,627,269   191,484,607
End of year $ 186,772,523   $ 273,627,269
Shares Transactions:      
Class A      
Issued 180,929   644,627
Reinvested 413,377   137,561
Redeemed (982,455)   (1,878,446)
Change in Class A (388,149)   (1,096,258)
Class C      
Issued 58   —
Reinvested 9   —
Change in Class C 67   —
Class R6      
Issued 24,196   5,251
Reinvested 1,021   337
Redeemed (2,593)   (2,593)
Change in Class R6 22,624   2,995
Institutional Class      
Issued 2,586,807   2,494,426
Reinvested 1,085,860   434,814
Redeemed (5,877,857)   (4,367,860)
Change in Institutional Class (2,205,190)   (1,438,620)
Amounts designated as "—" are $0 or have been rounded to $0.
See notes to financial statements.
108

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STEWARD FUNDS
FINANCIAL HIGHLIGHTS
The following table sets forth the per share operating performance data for a share of capital stock outstanding, total return, ratios to average net assets and other supplemental data for the period indicated.
    Investment Operations:
  Net Asset
Value,
Beginning
of Period 		Net
Investment
Income/(Loss) 		Net Realized and
Unrealized Gain/(Loss) from
Investments 		Total from
Investment
Operations
Steward Covered Call Income Fund        
Class A        
Year ended April 30, 2022 $ 9.88 $ 0.02(d) $ 0.14 $ 0.16
Year ended April 30, 2021 8.64 0.05 (d) 2.59 2.64
Year ended April 30, 2020 9.77 0.08 (d) (0.54) (0.46)
Year ended April 30, 2019 9.92 0.04 0.71 0.75
Period ended April 30, 2018(f) 10.00 0.03 (0.09) (0.06)
Class C        
Year ended April 30, 2022 $ 9.91 $(0.05) (d) $ 0.12 $ 0.07
Year ended April 30, 2021 8.70 (0.02) (d)(g) 2.60 2.58
Year ended April 30, 2020 9.84 — (d) (0.53) (0.53)
Year ended April 30, 2019 9.95 0.01 0.71 0.72
Period ended April 30, 2018(f) 10.00 — (h) (0.05) (0.05)
Class R6        
Year ended April 30, 2022 $ 9.89 $ 0.04(d) $ 0.16 $ 0.20
Year ended April 30, 2021 8.64 — (d) 2.65 2.65
Year ended April 30, 2020 9.80 — (d)(h) (0.49) (0.49)
Year ended April 30, 2019 9.92 — (h) 0.69 0.69
Period ended April 30, 2018(f) 10.00 — (h) (0.05) (0.05)
Institutional Class        
Year ended April 30, 2022 $ 9.92 $ 0.05(d) $ 0.12 $ 0.17
Year ended April 30, 2021 8.65 0.07 (d) 2.61 2.68
Year ended April 30, 2020 9.75 0.10 (d) (0.53) (0.43)
Year ended April 30, 2019 9.92 0.11 0.65 0.76
Period ended April 30, 2018(f) 10.00 0.03 (0.08) (0.05)
Steward Equity Market Neutral Fund        
Class A        
Period ended April 30, 2022(i) $25.00 $(0.14) $ 1.61 $ 1.47
Institutional Class        
Period ended April 30, 2022(i) $25.00 $(0.18) $ 1.70 $ 1.52
Amounts designated as "—" are $0 or have been rounded to $0.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(d) Calculated based on average shares outstanding.
(e) During the year, additional fees were voluntary waived or reimbursed. Had these fees not been waived or reimbursed, the net expense ratio for each class would have been 0.34% higher.
(f) For the period December 14, 2017 (commencement of operations) through April 30, 2018.
(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.
(h) Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class.
(i)  For the period November 15, 2021 (commencement of operations) through April 30, 2022.
(j) For the period ended April 30, 2022, the ratio for the Equity Market Neutral Fund includes the effect of dividend expense on securities sold short and brokerage expense on securities sold short, which increased the ratio by 1.56% and 1.39% for Class A and Institutional Class, respectively.
See notes to financial statements.
109

Table of Contents

    
Distributions:     Supplemental data and ratios:
Net
Investment
Income 		Capital
Gains 		Total
Distributions 		Net Asset
Value, End
of Period 		Total
Return(a) 		Net Assets,
End of Period
(000's) 		Ratio of
Expenses to
Average Net
Assets Prior to
Waivers(b) 		Ratio of
Expenses to
Average Net
Assets Net of
Waivers(b) 		Ratio of Net
Investment Income/(Loss)
to Average
Net Assets(b) 		Portfolio
Turnover
Rate(a)(c)
                   
                   
$(0.08) $(2.17) $(2.25) $ 7.79 (0.18)% $ 93 2.37% 1.25% 0.21% 130%
(0.07) (1.33) (1.40) 9.88 32.27 11 2.42 1.25 (e) 0.51 156
(0.10) (0.57) (0.67) 8.64 (5.45) 9 1.65 1.25 0.85 135
(0.09) (0.81) (0.90) 9.77 8.91 31 1.44 1.25 0.79 117
(0.02) — (0.02) 9.92 (0.56) 3 1.42 1.25 0.81 29
                   
$(0.04) $(2.17) $(2.21) $ 7.77 (0.96)% $ 202 2.82% 2.00% (0.55)% 130%
(0.04) (1.33) (1.37) 9.91 31.33 195 2.96 2.00 (e) (0.18) 156
(0.04) (0.57) (0.61) 8.70 (6.10) 301 2.48 2.00 0.02 135
(0.02) (0.81) (0.83) 9.84 8.52 79 2.23 2.00 0.05 117
— — — 9.95 (0.50) — — (h) — (h) — (h) 29
                   
$(0.07) $(2.17) $(2.24) $ 7.85 0.31% $ 1 2.11% 0.90% 0.44% 130%
(0.07) (1.33) (1.40) 9.89 32.48 — — (h) — (h) — (h) 156
(0.10) (0.57) (0.67) 8.64 (5.81) — — (h) — (h) — (h) 135
— (0.81) (0.81) 9.80 8.27 — — (h) — (h) — (h) 117
(0.03) — (0.03) 9.92 (0.55) — — (h) — (h) — (h) 29
                   
$(0.05) $(2.17) $(2.22) $ 7.87 (0.04)% $22,952 1.61% 1.00% 0.46% 130%
(0.08) (1.33) (1.41) 9.92 32.73 36,186 2.00 1.00 (e) 0.75 156
(0.10) (0.57) (0.67) 8.65 (5.15) 27,340 1.32 1.00 1.08 135
(0.12) (0.81) (0.93) 9.75 9.06 28,806 1.14 1.00 1.10 117
(0.03) — (0.03) 9.92 (0.54) 25,417 1.16 1.00 0.84 29
                   
                   
$ — $ — $ — $26.47 5.88% $ 342 3.81 (j)% 3.81 (j)% (2.26)% 111%
                   
$ — $ — $ — $26.52 6.08% $26,082 3.11 (j)% 3.11 (j)% (1.65)% 111%
    
See notes to financial statements.
110

Table of Contents
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
    Investment Operations:
  Net Asset
Value,
Beginning
of Period 		Net
Investment
Income/(Loss) 		Net Realized and
Unrealized Gain/(Loss) from
Investments 		Total from
Investment
Operations
Steward Global Equity Income Fund        
Class A        
Year ended April 30, 2022 $ 37.39 $0.50 (d) $ (0.39) $ 0.11
Year ended April 30, 2021 26.39 0.53 (d) 11.40 11.93
Year ended April 30, 2020 31.36 0.59 (d) (3.16) (2.57)
Year ended April 30, 2019 33.06 0.70 (d) 0.43 1.13
Year ended April 30, 2018 31.00 0.60 3.87 4.47
Class C        
Year ended April 30, 2022 $ 39.17 $0.23 (d) $ (0.38) $ (0.15)
Year ended April 30, 2021 27.65 0.32 (d) 11.92 12.24
Year ended April 30, 2020(e) 53.40 0.31 (d) (23.63) (23.32)
Year ended April 30, 2019(e) 80.20 0.70 (d) (0.90) (f) (0.20)
Period ended April 30, 2018(e)(g) 100.00 — (h) 0.70 0.70
Class R6        
Year ended April 30, 2022 $ 35.30 $0.61 (d) $ (0.36) $ 0.25
Year ended April 30, 2021 25.00 0.62 (d) 10.79 11.41
Year ended April 30, 2020(e) 50.50 0.59 (d) (23.57) (22.98)
Year ended April 30, 2019(e) 79.90 2.10 (d) (2.10) (f) —
Period ended April 30, 2018(e)(g) 100.00 — (h) 0.80 0.80
Institutional Class        
Year ended April 30, 2022 $ 37.46 $0.60 (d) $ (0.40) $ 0.20
Year ended April 30, 2021 26.48 0.62 (d) 11.45 12.07
Year ended April 30, 2020 31.45 0.68 (d) (3.16) (2.48)
Year ended April 30, 2019 33.15 0.79 (d) 0.44 1.23
Year ended April 30, 2018 31.06 0.71 3.88 4.59
Steward International Enhanced Index Fund        
Class A        
Year ended April 30, 2022 $ 24.85 $0.52 (d) $ (2.41) $ (1.89)
Year ended April 30, 2021 17.59 0.37 (d) 7.65 8.02
Year ended April 30, 2020 22.01 0.46 (d) (4.40) (3.94)
Year ended April 30, 2019 23.01 0.53 (1.01) (0.48)
Year ended April 30, 2018 20.45 0.43 2.59 3.02
Class C        
Year ended April 30, 2022 $ 20.65 $0.46 (d) $ (2.14) $ (1.68)
Year ended April 30, 2021 14.90 — (d)(h) 6.48 6.48
Year ended April 30, 2020(i) 19.46 — (d)(h) (4.12) (4.12)
Year ended April 30, 2019(i) 20.16 — (h) (0.70) (0.70)
Period ended April 30, 2018(g)(i) 20.00 — (h) 0.46 0.46
Class R6        
Year ended April 30, 2022 $ 20.91 $0.51 (d) $ (2.02) $ (1.51)
Year ended April 30, 2021 14.95 0.36 (d) 6.50 6.86
Year ended April 30, 2020(i) 19.42 0.37 (d) (4.28) (3.91)
Year ended April 30, 2019(i) 20.10 — (h) (0.68) (0.68)
Period ended April 30, 2018(g)(i) 20.00 — (h) 0.46 0.46
Institutional Class        
Year ended April 30, 2022 $ 24.87 $0.58 (d) $ (2.42) $ (1.84)
Year ended April 30, 2021 17.66 0.40 (d) 7.70 8.10
Year ended April 30, 2020 22.08 0.53 (d) (4.40) (3.87)
Year ended April 30, 2019 23.09 0.59 (1.01) (0.42)
Year ended April 30, 2018 20.51 0.51 2.59 3.10
Amounts designated as "—" are $0 or have been rounded to $0.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(d) Calculated based on average shares outstanding.
(e) Effective March 9, 2020, the share class had a one-for-ten reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-ten stock split.
(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(g) For the period December 14, 2017 (commencement of operations) through April 30, 2018.
(h) Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class.
(i) Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split.
See notes to financial statements.
111

Table of Contents

    
Distributions:     Supplemental data and ratios:
Net
Investment
Income 		Capital
Gains 		Total
Distributions 		Net Asset
Value, End
of Period 		Total
Return(a) 		Net Assets,
End of Period
(000's) 		Ratio of
Expenses to
Average
Net Assets(b) 		Ratio of Net
Investment Income/(Loss)
to Average
Net Assets(b) 		Portfolio
Turnover
Rate(a)(c) 		 
                   
                   
$(0.56) $ (4.75) $ (5.31) $32.19 (0.20)% $ 19,325 1.23% 1.36% 73%  
(0.48) (0.45) (0.93) 37.39 45.81 47,363 1.26 1.71 67  
(0.58) (1.82) (2.40) 26.39 (9.41) 52,326 1.21 1.91 48  
(0.67) (2.16) (2.83) 31.36 4.61 72,351 0.97 2.18 28  
(0.59) (1.82) (2.41) 33.06 14.58 67,213 0.99 1.80 59  
                   
$(0.33) $ (4.75) $ (5.08) $33.94 (0.88)% $ 812 1.96% 0.59% 73%  
(0.27) (0.45) (0.72) 39.17 44.75 3,885 1.98 0.95 67  
(0.61) (1.82) (2.43) 27.65 (10.12) 2,389 2.08 0.95 48  
(5.00) (21.60) (26.60) 53.40 4.52 372 1.64 1.24 28  
(2.30) (18.20) (20.50) 80.20 0.83 — — (h) — (h) 59  
                   
$(0.71) $ (4.75) $ (5.46) $30.09 0.15% $ 309 0.90% 1.79% 73%  
(0.66) (0.45) (1.11) 35.30 46.35 239 0.87 2.03 67  
(0.70) (1.82) (2.52) 25.00 (9.09) 121 0.90 1.72 48  
(7.80) (21.60) (29.40) 50.50 5.04 6 0.61 2.75 28  
(2.70) (18.20) (20.90) 79.90 0.86 — — (h) — (h) 59  
                   
$(0.68) $ (4.75) $ (5.43) $32.23 0.02% $275,163 0.99% 1.65% 73%  
(0.64) (0.45) (1.09) 37.46 46.24 293,352 0.98 1.95 67  
(0.67) (1.82) (2.49) 26.48 (9.09) 214,917 0.88 2.22 48  
(0.77) (2.16) (2.93) 31.45 4.90 243,030 0.67 2.47 28  
(0.68) (1.82) (2.50) 33.15 14.96 220,152 0.68 2.12 59  
                   
                   
$(0.38) $ (0.61) $ (0.99) $21.97 (7.86)% $ 5,159 0.99% 2.08% 14%  
(0.25) (0.51) (0.76) 24.85 46.20 8,721 1.00 1.81 14  
(0.48) — (0.48) 17.59 (18.18) 28,007 1.06 2.20 15  
(0.52) — (0.52) 22.01 (1.99) 29,734 1.01 2.43 10  
(0.46) — (0.46) 23.01 14.92 27,085 1.02 1.88 10  
                   
$(0.44) $ (0.61) $ (1.05) $17.92 (8.42)% $ 1 0.55% 2.37% 14%  
(0.22) (0.51) (0.73) 20.65 44.09 — — (h) — (h) 14  
(0.44) — (0.44) 14.90 (19.85) — — (h) — (h) 15  
— — — 19.46 (3.47) — — (h) — (h) 10  
(0.30) — (0.30) 20.16 2.32 — — (h) — (h) 10  
                   
$(0.46) $ (0.61) $ (1.07) $18.33 (7.57)% $ 606 0.66% 2.45% 14%  
(0.39) (0.51) (0.90) 20.91 46.71 635 0.64 1.98 14  
(0.56) — (0.56) 14.95 (18.52) 475 0.68 2.14 15  
— — — 19.42 (3.38) — — (h) — (h) 10  
(0.36) — (0.36) 20.10 2.32 — — (h) — (h) 10  
                   
$(0.44) $ (0.61) $ (1.05) $21.98 (7.67)% $201,769 0.76% 2.35% 14%  
(0.38) (0.51) (0.89) 24.87 46.56 171,237 0.76 1.86 14  
(0.55) — (0.55) 17.66 (17.87) 98,451 0.72 2.55 15  
(0.59) — (0.59) 22.08 (1.74) 116,694 0.71 2.73 10  
(0.52) — (0.52) 23.09 15.29 112,524 0.71 2.28 10  
    
See notes to financial statements.
112

Table of Contents
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
    Investment Operations:
  Net Asset
Value,
Beginning
of Period 		Net
Investment
Income/(Loss) 		Net Realized and
Unrealized Gain/(Loss) from
Investments 		Total from
Investment
Operations
Steward Large Cap Core Fund        
Class A        
Period ended April 30, 2022(d) $25.00 $ 0.05 $(3.49) $(3.44)
Institutional Class        
Period ended April 30, 2022(d) $25.00 $ 0.07 $(3.48) $(3.41)
Steward Large Cap Growth Fund        
Class A        
Period ended April 30, 2022(d) $25.00 $ —(e)(f) $(4.34) $(4.34)
Institutional Class        
Period ended April 30, 2022(d) $25.00 $ 0.02(e) $(4.33) $(4.31)
Steward Large Cap Value Fund        
Class A        
Period ended April 30, 2022(d) $25.00 $ 0.09 $(2.15) $(2.06)
Institutional Class        
Period ended April 30, 2022(d) $25.00 $ 0.16 $(2.19) $(2.03)
Steward Select Bond Fund        
Class A        
Year ended April 30, 2022 $25.05 $ 0.28 $(2.46) $(2.18)
Year ended April 30, 2021 25.38 0.34 (e) (0.33) 0.01
Year ended April 30, 2020 24.36 0.47 (e) 1.03 1.50
Year ended April 30, 2019 23.96 0.49 0.39 0.88
Year ended April 30, 2018 24.58 0.40 (0.60) (0.20)
Class C        
Year ended April 30, 2022 $28.38 $ 0.06 $(2.75) $(2.69)
Year ended April 30, 2021 28.84 0.24 (e) (0.50) (0.26)
Year ended April 30, 2020(g) 29.13 — (e)(f) 0.12 0.12
Year ended April 30, 2019(g) 28.71 — (f) 0.42 0.42
Period ended April 30, 2018(g)(h) 30.00 — (f) (0.66) (0.66)
Class R6        
Year ended April 30, 2022 $27.97 $ 0.34 $(2.86) $(2.52)
Year ended April 30, 2021 28.72 — (e)(f) (0.29) (0.29)
Year ended April 30, 2020(g) 28.98 — (e)(f) 0.31 0.31
Year ended April 30, 2019(g) 28.56 — (f) 0.42 0.42
Period ended April 30, 2018(g)(h) 30.00 — (f) (0.69) (0.69)
Institutional Class        
Year ended April 30, 2022 $24.90 $ 0.32 $(2.44) $(2.12)
Year ended April 30, 2021 25.28 0.39 (e) (0.32) 0.07
Year ended April 30, 2020 24.25 0.55 (e) 1.03 1.58
Year ended April 30, 2019 23.85 0.55 0.40 0.95
Year ended April 30, 2018 24.47 0.48 (0.61) (0.13)
Steward Small Cap Growth Fund        
Class A        
Period ended April 30, 2022(d) $25.00 $(0.03) $(6.19) $(6.22)
Institutional Class        
Period ended April 30, 2022(d) $25.00 $(0.02) $(6.17) $(6.19)
Amounts designated as "—" are $0 or have been rounded to $0.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(d)  For the period November 15, 2021 (commencement of operations) through April 30, 2022.
(e) Calculated based on average shares outstanding.
(f) Expressed as ‘‘—’’ as the income and/or expenses accrued for the class were considered immaterial for presentation purposes relative to the size of the class.
(g) Effective March 9, 2020, the share class had a one-for-three reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-three stock split.
(h) For the period December 14, 2017 (commencement of operations) through April 30, 2018.
See notes to financial statements.
113

Table of Contents
Distributions:     Supplemental data and ratios:
Net
Investment
Income 		Total
Distributions 		Net Asset
Value, End
of Period 		Total
Return(a) 		Net Assets,
End of Period
(000's) 		Ratio of
Expenses to
Average Net
Assets Prior to
Waivers(b) 		Ratio of
Expenses to
Average Net
Assets Net of
Waivers(b) 		Ratio of Net
Investment Income/(Loss)
to Average
Net Assets(b) 		Portfolio
Turnover
Rate(a)(c)
                 
                 
$(0.02) $(0.02) $21.54 (13.81)% $ 313 1.73% 1.00% 0.61% 35%
                 
$(0.03) $(0.03) $21.56 (13.67)% $ 69,487 0.89% 0.75% 0.68% 35%
                 
                 
$(0.01) $(0.01) $20.65 (17.38)% $ 189 2.49% 1.00% (0.12)% 37%
                 
$(0.01) $(0.01) $20.68 (17.24)% $ 42,789 0.99% 0.75% 0.15% 37%
                 
                 
$(0.05) $(0.05) $22.89 (8.27)% $ 328 2.01% 1.00% 1.13% 62%
                 
$(0.05) $(0.05) $22.92 (8.13)% $ 60,314 0.91% 0.75% 1.55% 62%
                 
                 
$(0.28) $(0.28) $22.59 (8.79)% $ 3,832 0.92% 0.92% 1.12% 20%
(0.34) (0.34) 25.05 0.04 5,989 0.94 0.94 1.34 24
(0.48) (0.48) 25.38 6.21 9,234 0.99 0.99 1.87 22
(0.48) (0.48) 24.36 3.72 10,115 0.95 0.95 1.97 25
(0.42) (0.42) 23.96 (0.82) 11,134 0.96 0.96 1.67 5
                 
$(0.07) $(0.07) $25.62 (9.49)% $ 4 1.83% 1.83% 0.22% 20%
(0.20) (0.20) 28.38 (0.90) 5 1.12 1.12 0.85 24
(0.41) (0.41) 28.84 2.08 — — (f) — (f) — (f) 22
— — 29.13 1.46 — — (f) — (f) — (f) 25
(0.63) (0.63) 28.71 (2.27) — — (f) — (f) — (f) 5
                 
$(0.35) $(0.35) $25.10 (9.11)% $ 1 0.74% 0.74% 1.26% 20%
(0.46) (0.46) 27.97 (1.04) — — (f) — (f) — (f) 24
(0.57) (0.57) 28.72 3.34 — — (f) — (f) — (f) 22
— — 28.98 1.47 — — (f) — (f) — (f) 25
(0.75) (0.75) 28.56 (2.30) — — (f) — (f) — (f) 5
                 
$(0.33) $(0.33) $22.45 (8.62)% $146,882 0.72% 0.72% 1.31% 20%
(0.45) (0.45) 24.90 0.26 181,279 0.70 0.70 1.54 24
(0.55) (0.55) 25.28 6.60 142,421 0.65 0.65 2.24 22
(0.55) (0.55) 24.25 4.05 152,356 0.66 0.66 2.28 25
(0.49) (0.49) 23.85 (0.54) 151,593 0.66 0.66 1.98 5
                 
                 
$ — $ — $18.78 (24.83)% $ 167 2.88% 1.25% (0.90)% 25%
                 
$(0.01) $(0.01) $18.80 (24.77)% $ 31,154 1.31% 1.00% (0.34)% 25%
    
See notes to financial statements.
114

Table of Contents
STEWARD FUNDS
FINANCIAL HIGHLIGHTS
    Investment Operations:
  Net Asset
Value,
Beginning
of Period 		Net
Investment
Income/(Loss) 		Net Realized and
Unrealized Gain/(Loss) from
Investments 		Total from
Investment
Operations
Steward Values-Focused Large Cap Enhanced Index Fund        
Class A        
Year ended April 30, 2022 $53.12 $ 0.20(d) $ 2.06 $ 2.26
Year ended April 30, 2021 39.31 0.35 (d) 17.55 17.90
Year ended April 30, 2020 43.28 0.51 (d) (3.41) (2.90)
Year ended April 30, 2019 41.50 0.47 3.24 3.71
Year ended April 30, 2018 36.89 0.41 4.60 5.01
Class C        
Year ended April 30, 2022 $47.63 $(0.13) (d) $ 2.00 $ 1.87
Year ended April 30, 2021 35.97 — (d)(e) 15.64 15.64
Year ended April 30, 2020(f) 43.70 — (d)(e) (6.69) (g) (6.69)
Year ended April 30, 2019(f) 48.95 — (e) 2.30 2.30
Period ended April 30, 2018(f)(h) 50.00 — (e) (0.10) (0.10)
Class R6        
Year ended April 30, 2022 $47.97 $ 0.36(d) $ 2.02 $ 2.38
Year ended April 30, 2021 35.83 0.51 (d) 15.92 16.43
Year ended April 30, 2020(f) 42.75 0.66 (d) (6.40) (5.74)
Year ended April 30, 2019(f) 48.80 0.20 2.30 2.50
Period ended April 30, 2018(f)(h) 50.00 — (e) 0.05 0.05
Institutional Class        
Year ended April 30, 2022 $52.95 $ 0.33(d) $ 2.07 $ 2.40
Year ended April 30, 2021 39.23 0.45 (d) 17.54 17.99
Year ended April 30, 2020 43.16 0.65 (d) (3.42) (2.77)
Year ended April 30, 2019 41.34 0.60 3.23 3.83
Year ended April 30, 2018 36.72 0.53 4.57 5.10
Steward Values-Focused Small-Mid Cap Enhanced Index Fund        
Class A        
Year ended April 30, 2022 $17.52 $ 0.07 $ (0.99) $ (0.92)
Year ended April 30, 2021 10.54 0.04 (d) 7.49 7.53
Year ended April 30, 2020 13.94 0.07 (d) (2.91) (2.84)
Year ended April 30, 2019 15.70 0.09 0.03 (g) 0.12
Year ended April 30, 2018 15.44 0.11 1.37 1.48
Class C        
Year ended April 30, 2022 $16.14 $ 0.04 $ (1.00) $ (0.96)
Year ended April 30, 2021 9.84 — (d)(e) 6.81 6.81
Year ended April 30, 2020(i) 13.64 — (d)(e) (3.27) (3.27)
Year ended April 30, 2019(i) 17.52 — (e) (0.32) (0.32)
Period ended April 30, 2018(h)(i) 20.00 — (e) (0.08) (0.08)
Class R6        
Year ended April 30, 2022 $16.37 $ 0.13 $ (0.93) $ (0.80)
Year ended April 30, 2021 9.87 0.08 (d) 7.01 7.09
Year ended April 30, 2020(i) 13.56 0.14 (d) (3.24) (3.10)
Year ended April 30, 2019(i) 17.48 — (e) (0.36) (0.36)
Period ended April 30, 2018(h)(i) 20.00 — (e) (0.08) (0.08)
Institutional Class        
Year ended April 30, 2022 $17.87 $ 0.12 $ (1.02) $ (0.90)
Year ended April 30, 2021 10.74 0.07 (d) 7.65 7.72
Year ended April 30, 2020 14.19 0.11 (d) (2.98) (2.87)
Year ended April 30, 2019 15.93 0.13 0.04 (g) 0.17
Year ended April 30, 2018 15.65 0.15 1.39 1.54
Amounts designated as "—" are $0 or have been rounded to $0.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(d) Calculated based on average shares outstanding.
(e) 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) Effective March 9, 2020, the share class had a one-for-five reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-five stock split.
(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.
(h) For the period December 14, 2017 (commencement of operations) through April 30, 2018.
(i) Effective March 9, 2020, the share class had a one-for-two reverse stock split. Share amounts for the periods have been adjusted to give effect to the one-for-two stock split.
See notes to financial statements.
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Distributions:     Supplemental data and ratios:
Net
Investment
Income 		Capital
Gains 		Total
Distributions 		Net Asset
Value, End
of Period 		Total
Return(a) 		Net Assets,
End of Period
(000's) 		Ratio of
Expenses to
Average
Net Assets(b) 		Ratio of Net
Investment Income/(Loss)
to Average
Net Assets(b) 		Portfolio
Turnover
Rate(a)(c) 		 
                   
                   
$(0.19) $(14.84) $(15.03) $40.35 1.19% $ 11,640 0.84% 0.38% 35%  
(0.35) (3.74) (4.09) 53.12 47.01 28,751 0.82 0.75 32  
(0.40) (0.67) (1.07) 39.31 (6.91) 39,094 0.84 1.18 32  
(0.42) (1.51) (1.93) 43.28 9.78 41,401 0.80 1.09 27  
(0.40) — (0.40) 41.50 13.61 47,998 0.84 1.02 23  
                   
$(0.10) $(14.84) $(14.94) $34.56 0.43% $ 3 1.54% (0.29)% 35%  
(0.24) (3.74) (3.98) 47.63 44.88 — — (e) — (e) 32  
(0.37) (0.67) (1.04) 35.97 (9.02) — — (e) — (e) 32  
— (7.55) (7.55) 43.70 8.13 — — (e) — (e) 27  
(0.95) — (0.95) 48.95 (0.27) — — (e) — (e) 23  
                   
$(0.38) $(14.84) $(15.22) $35.13 1.55% $ 528 0.49% 0.79% 35%  
(0.55) (3.74) (4.29) 47.97 47.55 520 0.45 1.23 32  
(0.51) (0.67) (1.18) 35.83 (6.63) 49,643 0.46 1.60 32  
(1.00) (7.55) (8.55) 42.75 8.70 55,924 0.46 1.20 27  
(1.25) — (1.25) 48.80 0.02 — — (e) — (e) 23  
                   
$(0.33) $(14.84) $(15.17) $40.18 1.45% $206,747 0.58% 0.64% 35%  
(0.53) (3.74) (4.27) 52.95 47.40 368,701 0.55 0.97 32  
(0.49) (0.67) (1.16) 39.23 (6.61) 306,875 0.52 1.51 32  
(0.50) (1.51) (2.01) 43.16 10.13 328,404 0.50 1.39 27  
(0.48) — (0.48) 41.34 13.93 345,522 0.54 1.32 23  
                   
                   
$(0.09) $ (2.18) $ (2.27) $14.33 (6.35)% $ 47,599 0.80% 0.39% 33%  
(0.06) (0.49) (0.55) 17.52 72.56 64,997 0.78 0.31 36  
(0.10) (0.46) (0.56) 10.54 (21.24) 50,646 0.81 0.58 28  
(0.10) (1.78) (1.88) 13.94 3.18 71,719 0.81 0.56 33  
(0.08) (1.14) (1.22) 15.70 9.59 77,227 0.83 0.69 29  
                   
$(0.12) $ (2.18) $ (2.30) $12.88 (7.20)% $ 1 0.89% 0.46% 33%  
(0.01) (0.50) (0.51) 16.14 70.10 — — (e) — (e) 36  
(0.07) (0.46) (0.53) 9.84 (22.17) — — (e) — (e) 28  
— (3.56) (3.56) 13.64 2.55 — — (e) — (e) 33  
(0.12) (2.28) (2.40) 17.52 (0.48) — — (e) — (e) 29  
                   
$(0.13) $ (2.18) $ (2.31) $13.26 (6.09)% $ 402 0.53% 0.67% 33%  
(0.10) (0.49) (0.59) 16.37 73.12 125 0.47 0.52 36  
(0.13) (0.46) (0.59) 9.87 (20.85) 46 0.50 1.11 28  
— (3.56) (3.56) 13.56 2.27 3 — (e) — (e) 33  
(0.16) (2.28) (2.44) 17.48 (0.56) — — (e) — (e) 29  
                   
$(0.12) $ (2.18) $ (2.30) $14.67 (6.15)% $138,771 0.61% 0.57% 33%  
(0.09) (0.50) (0.59) 17.87 73.00 208,505 0.57 0.51 36  
(0.12) (0.46) (0.58) 10.74 (21.05) 140,792 0.55 0.86 28  
(0.13) (1.78) (1.91) 14.19 3.51 153,576 0.53 0.84 33  
(0.12) (1.14) (1.26) 15.93 9.87 154,975 0.57 0.95 29  
See notes to financial statements.
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STEWARD FUNDS
NOTES TO FINANCIAL STATEMENTS — April 30, 2022
Note 1 — Organization:
Steward Funds, Inc. (‘‘SFI’’), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’), as a diversified open-end management investment company. As of April 30, 2022, SFI is composed of eleven separate operational funds, each a series of SFI (each a ‘‘Fund’’ and collectively the ‘‘Funds’’). The accompanying financial statements are presented for the following eleven Funds:
Steward Covered Call Income Fund
Steward Equity Market Neutral Fund*
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Core Fund*
Steward Large Cap Growth Fund*
Steward Large Cap Value Fund*
Steward Select Bond Fund
Steward Small Cap Growth Fund*
Steward Values-Focused Large Cap Enhanced Index Fund (formerly, Steward Large Cap Enhanced Index Fund)
Steward Values-Focused Small-Mid Cap Enhanced Index Fund (formerly, Steward Small-Mid Cap Enhanced Index Fund)
Each Fund currently offers four classes of shares: ‘‘Class A’’, ‘‘Class C’’, ‘‘Class R6’’, and ‘‘Institutional Class’’ (each a ‘‘Class’’ and collectively the ‘‘Classes’’).** Each Class of shares has equal rights as to earnings, assets and voting privileges, except that each Class has a different expense structure. Each Class of shares has exclusive voting rights with respect to matters that affect just that Class or on which the interests of the Class differ from the interests of the other Classes. Income and realized and unrealized gains and losses on investments are allocated to each Class of shares based on its relative net assets.
*Inception date November 15, 2021
**Class C shares and Class R6 shares of the Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund are not currently available for purchase.
Note 2 — Investment Objectives and Strategies:
Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund’s portfolio when compared to the broader uncovered large capitalization securities market.
Steward Equity Market Neutral Fund seeks to provide long-term capital appreciation independent of the U.S. equity market. The Fund invests primarily in long and short positions in equity securities of large capitalization companies.
Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in U.S. and non-U.S. dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund’s non-U.S. investments will be primarily in the form of depositary receipts (‘‘DRs’’) or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.
Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.
Steward Large Cap Core Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization companies.
Steward Large Cap Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization growth companies.
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Steward Large Cap Value Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization value companies.
Steward Select Bond Fund seeks to provide high current income with capital appreciation. The Fund invests primarily in fixed income securities, such as corporate bonds, mortgage-backed securities and government and agency bonds and notes.
Steward Small Cap Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of small capitalization growth companies.
Steward Values-Focused Large Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of large capitalization companies that represent a broad spectrum of the United States economy. The Fund’s investments are allocated in an attempt to match the weightings of the Fund’s benchmark index, subject to the application of the Fund’s values-based screens and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values-based characteristics.
Steward Values-Focused Small-Mid Cap Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in common stocks of small and medium capitalization companies that represent a broad spectrum of the United States economy. The Fund’s investments are allocated in an attempt to match the weightings of the Fund’s benchmark index, subject to the application of the Fund’s values-based screens and the reallocation of a portion of each screened security’s weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values-based characteristics.
In pursuing their investment objectives, the Funds apply a comprehensive set of values-based screens to all of their portfolio investments.
Note 3 — Significant Accounting Policies:
SFI follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) Topic 946 Financial Services — Investment Companies. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (‘‘GAAP’’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates. The following summarizes the significant accounting policies of the Funds.
Portfolio Valuation: Fund investments are recorded at fair value. In determining fair value, the Funds use various valuation approaches. Equity securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the mean between the last reported bid and asked prices as of the close of trading. Equity securities traded on The NASDAQ Stock Market LLC (‘‘NASDAQ’’) use the official closing price, if available, and otherwise, use the last reported sale price, or the mean between the last reported bid and asked prices if there was no sale on that day. Equity securities that are traded in the over-the-counter market only, but that are not included on NASDAQ, are valued at the last sale price on the day of valuation. Debt securities (other than short-term debt obligations), including listed issues, are valued at the bid price. These prices will be obtained by the Funds’ accounting services agent from approved independent pricing sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Short-term debt obligations (those with remaining maturities of 60 days or less) are valued at amortized cost. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded options are valued (i) at the last reported sale price, or, (ii) if there is no last sale price, at the most recent bid for long options and the most recent ask for short options. Each of these valuation methods has been determined in good faith by the Funds’ Board of Directors (the “Board”) to represent fair value for the affected securities. If securities or other assets held by the Funds cannot be valued as set forth above or if a market price or quotation for a security or other asset is not readily available, or cannot be determined, or if any market price or quotation is deemed to be unreliable or inaccurate by the Funds’ investment adviser, the security will be priced at its fair value in accordance with procedures approved by the Board.
GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
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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.
The following table presents a summary of inputs used to value the Funds’ investments as of April 30, 2022:
    Investments in Securities
Fund   LEVEL 1   LEVEL 2   LEVEL 3   Total
Steward Covered Call Income Fund                
Assets:                
Security Type                
Common Stocks*
   $ 22,976,037   $ —   $ —   $ 22,976,037
Money Market Fund
   546,485   —   —   546,485
Total Assets - Investments
   $ 23,522,522   $  —   $  —   $ 23,522,522
    
   
               
               
Liabilities:              
Other Financial Instruments^              
Written Call Options
 $ (409,832)   $ —   $ —   $ (409,832)
Total Liabilities - Other Financial Instruments
 $ (409,832)   $  —   $  —   $ (409,832)
    
   
               
Steward Equity Market Neutral Fund              
Assets:              
Security Type              
Common Stocks*
 $ 26,607,847   $ —   $ —   $ 26,607,847
Total Assets - Investments
 $ 26,607,847   $  —   $  —   $ 26,607,847
    
   
               
               
Liabilities:              
Security Type              
Common Stocks Sold Short*
 $ (22,906,126)   $ —   $ —   $ (22,906,126)
Total Liabilities - Securities Sold Short
 $ (22,906,126)   $  —   $  —   $ (22,906,126)
    
   
               
Steward Global Equity Income Fund              
Assets:              
Security Type              
Common Stocks*
 $ 284,441,263   $ —   $ —   $ 284,441,263
Money Market Fund
 6,585,623   —   —   6,585,623
Preferred Stocks*
 3,789,924   —   —   3,789,924
Total Assets - Investments
 $ 294,816,810   $  —   $  —   $ 294,816,810
    
   
               
Steward International Enhanced Index Fund              
Assets:              
Security Type              
Common Stocks*
 $ 199,707,848   $ 1,376,051   $ —   $ 201,083,899
Master Limited Partnerships*
 1,022,603   —   —   1,022,603
Money Market Fund
 3,265,752   —   —   3,265,752
Preferred Stocks*
 3,488,797   —   —   3,488,797
Total Assets - Investments
 $ 207,485,000   $ 1,376,051   $  —   $ 208,861,051
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    Investments in Securities
Fund   LEVEL 1   LEVEL 2   LEVEL 3   Total
Steward Large Cap Core Fund                
Assets:                
Security Type                
Common Stocks*
   $ 69,748,807   $ —   $ —   $ 69,748,807
Money Market Fund
   37,171   —   —   37,171
Total Assets - Investments
   $ 69,785,978   $  —   $  —   $ 69,785,978
    
   
               
Steward Large Cap Growth Fund              
Assets:              
Security Type              
Common Stocks*
 $ 42,894,168   $ —   $ —   $ 42,894,168
Money Market Fund
 61,633   —   —   61,633
Total Assets - Investments
 $ 42,955,801   $  —   $  —   $ 42,955,801
    
   
               
Steward Large Cap Value Fund              
Assets:              
Security Type              
Common Stocks*
 $ 60,564,086   $ —   $ —   $ 60,564,086
Money Market Fund
 250,469   —   —   250,469
Total Assets - Investments
 $ 60,814,555   $  —   $  —   $ 60,814,555
    
   
               
Steward Select Bond Fund              
Assets:              
Security Type              
Asset-backed securities
 $ —   $ 65,297   $ —   $ 65,297
Corporate Bonds*
 —   98,935,399   —   98,935,399
Money Market Fund
 5,408,091   —   —   5,408,091
Municipal Bonds
 —   5,117,704   —   5,117,704
U.S. Government Agencies
 —   29,677,632   —   29,677,632
U.S. Government Agency Mortgage-Backed Obligations
 —   7,874,944   —   7,874,944
U.S. Treasury Obligations
 —   4,527,655   —   4,527,655
Total Assets - Investments
 $ 5,408,091   $ 146,198,631   $  —   $ 151,606,722
    
   
               
Steward Small Cap Growth Fund              
Assets:              
Security Type              
Common Stocks*
 $ 30,839,754   $ —   $ —   $ 30,839,754
Money Market Fund
 515,801   —   —   515,801
Total Assets - Investments
 $ 31,355,555   $  —   $  —   $ 31,355,555
    
   
               
Steward Values-Focused Large Cap Enhanced Index Fund              
Assets:              
Security Type              
Common Stocks*
 $ 216,655,012   $ —   $ —   $ 216,655,012
Money Market Fund
 2,185,313   —   —   2,185,313
Total Assets - Investments
 $ 218,840,325   $  —   $  —   $ 218,840,325
    
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    Investments in Securities
Fund   LEVEL 1   LEVEL 2   LEVEL 3   Total
Steward Values-Focused Small-Mid Cap Enhanced Index Fund                
Assets:                
Security Type                
Common Stocks*
   $ 184,048,566   $ —   $  —   $ 184,048,566
Money Market Fund
   2,597,221   —   —   2,597,221
Right*
   —   —   —**   —
Total Assets - Investments
   $ 186,645,787   $  —   $  —   $ 186,645,787
    
* Please refer to the Schedule of Portfolio Investments to view investments and securities sold short.
** Level 3 security has zero value.
^ Other Financial Instruments would include any derivative instruments, such as written options contracts. These investments are recorded in the financial statements at fair value.
As of April 30, 2022, there were no significant Level 3 holdings for the fund.
Securities Transactions and Investment Income: Portfolio security transactions are recorded on the trade date. Net realized gains or losses on sales of securities are determined by the identified cost method. Interest income, adjusted for accretion of discounts and amortization of premiums, is recorded on the accrual basis. Debt obligations may be placed in non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful as identified by the Funds’ investment adviser. The treatment of such interest income may be different for federal income tax purposes. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Dividend income is recorded on the ex-dividend date, or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Income and capital gains on some foreign securities may be subject to foreign withholdings taxes, which are accrued as applicable, and have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations.
Dividends and Distributions to Shareholders: Effective August 25, 2021, dividends from net investment income, if any, from Steward International Enhanced Index Fund, Steward Values-Focused Large Cap Enhanced Index Fund and Steward Values-Focused Small-Mid Cap Enhanced Index Fund are declared and paid annually and dividends from net investment income, if any, from Steward Covered Call Income Fund, Steward Global Equity Income Fund and Steward Select Bond Fund are declared and paid quarterly. Prior to August 25, 2021, dividends from net investment income, if any, from all Funds were declared and paid quarterly. Funds which commenced operations November 15, 2021 (Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund, Steward Small Cap Growth Fund) declare and pay dividends from net investment income, if any, annually. All net realized long-term or short-term capital gains, if any, are declared and distributed at least annually.
Income dividends and capital gains distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by the Funds, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Funds. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Written Options Contracts: Steward Covered Call Income Fund may write (sell) covered call options. Premiums received from written options contracts are recorded as liabilities and are marked-to-market to reflect the current value of the options written. When writing an option, the Fund bears the market risk of unfavorable changes in the price of the underlying instrument.
The notional amount of written options outstanding at April 30, 2022 was $15,157,750. The twelve month average notional amount for written options contracts for the year ended April 30, 2022 was $21,698,777. The net rebates are recognized as a component of investment income on the Statements of Operations.
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Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of April 30, 2022, 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   $(409,832)
    
        Realized Gain/(Loss) on
Derivatives Recognized
as a Result from
Operations 		  Change in Unrealized
Appreciation/(Depreciation) on
Derivatives Recognized as
a Result from Operations
Fund   Primary Risk Exposure   Net realized gains on
options transactions 		  Change in unrealized
appreciation on options
transactions
Steward Covered Call Income Fund
  
Equity Risk
   $1,497,226   $495,599
Federal Income Taxes: The Funds intend to continue to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
As of and during the year ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. For all open tax years, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Further, management of the Funds is not aware of any tax positions for which it is reasonably possible that the total amounts of any unrecognized tax benefits will significantly change over the next fiscal year.
Allocation of Expenses: Expenses directly attributable to a Fund or Class are charged directly to that Fund or Class, while expenses that are attributable to more than one Fund or Class are allocated among the respective Funds and their Classes based upon relative net assets or some other reasonable method.
Foreign Securities: Investments in securities of issuers in foreign countries involve risks not associated with domestic investments. These risks include, but are not limited to: (1) political and financial instability; (2) currency exchange rate fluctuations; (3) greater price volatility and less liquidity in particular securities and in certain foreign markets; (4) lack of uniform accounting, auditing and financial reporting standards; (5) less government regulation and supervision of some foreign stock exchanges, brokers and listed companies; (6) delays in transaction settlement in certain foreign markets; and (7) less availability of information. Securities of issuers in emerging and developing countries raise additional risks relative to investments in developed country issuers, including exposure to less mature and diversified economies and to less stable market and political systems, as well as to possible currency transfer restrictions, delays and disruptions in settlement of transactions, and higher volatility than found in developed countries.
Affiliated Securities Transactions: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments, 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, 2022, the Funds did not engage in any Rule 17a-7 transactions.
Short Sales: When Steward Equity Market Neutral Fund takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market and returns it to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest, which accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold.
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When-Issued Securities: Steward Select Bond Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., ‘‘when issued”) consistent with the Fund's ability to manage its investment portfolio. No interest will be earned by the Fund on such purchases until the securities are delivered, however, the market value may change prior to delivery. When the Fund makes a commitment to purchase a security on a forward commitment basis, cash or liquid securities equal to the amount of such Fund’s commitments will be reserved for payment of the commitment.
Note 4 — Investment Advisory and Other Agreements:
Crossmark Global Investments, a wholly-owned subsidiary of Crossmark Global Holdings, Inc. (‘‘Crossmark Global Holdings’’), serves as investment adviser to the Funds. Crossmark Global Investments provides investment advisory services to investment companies, pension and profit sharing accounts, corporations and individuals. Subject to the authority of the Board, the Adviser provides the Funds with continuous investment advisory services in accordance with an investment advisory agreement between the Adviser and SFI, on behalf of the Funds. Crossmark Global Investments receives compensation for its services as investment adviser. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. Pursuant to the terms of the investment advisory agreement, Crossmark Global Investments has full discretion to manage the assets of the Funds in accordance with their investment objectives.
As compensation for its services as investment adviser, each Fund pays Crossmark Global Investments, on a monthly basis, an investment advisory fee calculated daily, based on the average daily net assets of the Fund, at the following annual rates:
Steward Covered Call Income Fund Steward Large Cap Value Fund
— 0.625% of the first $1 billion — 0.50% of the first $1 billion
— 0.5625% of assets over $1 billion — 0.45% of the next $1 billion
  — 0.40% of assets over $2 billion
Steward Equity Market Neutral Fund Steward Select Bond Fund
— 1.00% of the first $1 billion — 0.315% of the first $1 billion
— 0.90% of the next $1 billion — 0.2835% of assets over $1 billion
— 0.80% of assets over $2 billion  
Steward Global Equity Income Fund Steward Small Cap Growth Fund
— 0.625% of the first $1 billion — 0.75% of the first $1 billion
— 0.5625% of assets over $1 billion — 0.70% of the next $1 billion
  — 0.65% of assets over $2 billion
Steward International Enhanced Index Fund Steward Values-Focused Large Cap
Enhanced Index Fund
— 0.365% of the first $1 billion — 0.215% of the first $1 billion
— 0.3285% of assets over $1 billion — 0.1935% of assets over $1 billion
Steward Large Cap Core Fund Steward Values-Focused Small-Mid Cap
Enhanced Index Fund
— 0.50% of the first $1 billion — 0.215% of the first $1 billion
— 0.45% of the next $1 billion — 0.1935% of assets over $1 billion
— 0.40% of assets over $2 billion  
Steward Large Cap Growth Fund  
— 0.50% of the first $1 billion  
— 0.45% of the next $1 billion  
— 0.40% of assets over $2 billion  
With respect to each Fund listed below, Crossmark Global Investments has entered into an expense limitation agreement. Under the terms of the agreement, to the extent that ordinary operating expenses incurred by each Class of a Fund in any fiscal year exceed the expense limit for such Class of the Fund, such excess amount will be the liability of the Adviser. Brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying
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investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of April 30, 2022, the contractual expense limitations were as follows:
    In effect through November 14, 2022
Fund   Class A   Class C   Class R6   Institutional Class
Steward Covered Call Income Fund
   1.25%   2.00%   0.90%   1.00%
Steward Equity Market Neutral Fund*
   2.25%   N/A   N/A   2.00%
Steward Large Cap Core Fund*
   1.00%   N/A   N/A   0.75%
Steward Large Cap Growth Fund*
   1.00%   N/A   N/A   0.75%
Steward Large Cap Value Fund*
   1.00%   N/A   N/A   0.75%
Steward Small Cap Growth Fund*
   1.25%   N/A   N/A   1.00%
                 
    
* Class C and Class R6 shares of the Funds are not currently available for purchase.
Steward Covered Call Income Fund, Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund and Steward Small Cap Growth Fund have agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three 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 the time of the waiver or reimbursement or any expense limitation agreement in place at the time of repayment, whichever is lower. Any amounts repaid by the Fund and recouped by the Adviser during the year are reflected on the Statements of Operations as ‘‘Recoupment of prior expenses reimbursed by the Adviser.’’
From time to time, the Adviser may voluntarily waive fees or reimburse expenses of a Fund. These voluntary waivers or reimbursements may be terminated at any time at the option of the Adviser. For the fiscal year ended April 30, 2022, the Adviser did not voluntarily waive or reimburse expenses of a Fund.
As of April 30, 2022, the amounts subject to repayment by the Funds in subsequent years under the expense limitation agreement and for voluntary waivers or reimbursements subject to recoupment were as follows:
Fund   Expires April 30, 2023   Expires April 30, 2024   Expires April 30, 2025
Steward Covered Call Income Fund
   $96,611   $314,550   $173,717
Steward Equity Market Neutral Fund
   N/A   N/A   —
Steward Large Cap Core Fund
   N/A   N/A   43,800
Steward Large Cap Growth Fund
   N/A   N/A   46,983
Steward Large Cap Value Fund
   N/A   N/A   41,105
Steward Small Cap Growth Fund
   N/A   N/A   44,894
Crossmark Global Investments serves as the administrator of the Funds. For its administration and compliance services, Crossmark Global Investments receives a monthly fee from each Fund calculated at the annual rate of 0.075% of the first $1 billion of the average daily net assets of that Fund and 0.0675% of assets over $1 billion.
Crossmark Distributors, Inc. (‘‘Crossmark Distributors’’) serves as the distributor of the Funds’ shares. Crossmark Distributors is an affiliate of Crossmark Global Investments, and both are wholly-owned subsidiaries of Crossmark Global Holdings.
Each of the Funds has adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan allows each Fund, out of assets attributable to Class A shares, to compensate Crossmark Distributors at an annual rate of 0.25% for its services in connection with the sale and distribution of Class A shares and for services to Class A shareholders. The Plan allows each Fund, out of assets attributable to Class C shares, to compensate Crossmark Distributors at an annual rate of 1.00% for its services in connection with the sale and distribution of Class C shares and for services to Class C shareholders. Because these fees are paid out of Class A and Class C assets on an ongoing basis over time these fees will increase the cost of your investment in Class A and Class C shares and may cost you more than paying other types of sales charges. Institutional Class and Class R6 shares are not subject to the Plan.
Each of the Funds has also adopted a Sub-Accounting Services Plan with respect to its Class A, Class C and Institutional Class shares, which provides that each Fund shall reimburse Crossmark Distributors out of the assets of the Fund attributable to the applicable Class for payments by Crossmark Distributors to certain third party providers that assist in the servicing of certain group
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accounts in which Fund shareholders of the applicable Class participate. For asset-based fee arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, 0.20% of the average daily net assets of the applicable Class of the Fund. For per-account arrangements between Crossmark Distributors and third party providers, the amounts payable to Crossmark Distributors may not exceed, on an annual basis, $20 per account. These fees are in addition to fees payable under the Service and Distribution Plan. Class R6 shares are not subject to the Sub-Accounting Services Plan.
Certain officers and directors of the Funds are also officers and/or directors of Crossmark Global Investments and/or Crossmark Distributors.
The Northern Trust Company (‘‘Northern Trust’’) acts as fund accounting and sub-administration services provider for each Fund. Under the terms of the Fund Administration and Accounting Services Agreement, Northern Trust is paid annual class fees which shall apply to each additional class of shares of each Fund that has more than a single share class, and is entitled to receive a monthly fee from each Fund calculated at the annual rate of 0.05% on the first $500 million of the Funds’ aggregate average daily net assets. The rate then declines to 0.04% on the next $500 million of aggregate average daily net assets, and to 0.03% on the next $1 billion of aggregate average daily net assets, and to 0.02% on aggregate average daily net assets over $2 billion thereafter subject to certain minimums and additional fees. Northern Trust receives additional fees for sub-administration services and reimbursement of certain expenses. Northern Trust also serves as the Funds’ transfer agent and is paid annual class and per account fees.
Note 5 — Purchases and Sales of Securities:
Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the year ended April 30, 2022, were as follows:
Fund   Purchases   Sales
Steward Covered Call Income Fund
   $ 36,867,933   $ 50,026,608
Steward Equity Market Neutral Fund
   50,316,880   48,052,182
Steward Global Equity Income Fund
   238,652,592   286,050,989
Steward International Enhanced Index Fund
   77,166,392   26,611,338
Steward Large Cap Core Fund
   103,722,888   24,095,767
Steward Large Cap Growth Fund
   67,047,630   16,203,757
Steward Large Cap Value Fund
   102,030,991   36,157,009
Steward Select Bond Fund
   18,263,528   27,474,673
Steward Small Cap Growth Fund
   47,742,423   8,036,282
Steward Values-Focused Large Cap Enhanced Index Fund
   114,592,281   318,045,262
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   79,038,130   155,959,693
Purchases and sales of U.S. government securities for the year ended April 30, 2022, were as follows:
Fund   Purchases   Sales
Steward Select Bond Fund
   $ 16,135,707   $ 20,634,178
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Note 6 — Federal Income Tax Information:
As of April 30, 2022, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options, for federal income tax purposes, were as follows:
Fund   Tax Cost of
Securities 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Net
Unrealized
Appreciation/(Depreciation)
Steward Covered Call Income Fund
   $ 26,237,029   $ 527,665   $ (3,652,004)   $ (3,124,339)
Steward Equity Market Neutral Fund
   1,965,183   5,063,449   (3,326,911)   1,736,538
Steward Global Equity Income Fund
   266,328,457   43,973,481   (15,485,128)   28,488,353
Steward International Enhanced Index Fund
   210,035,426   27,738,335   (28,912,710)   (1,174,375)
Steward Large Cap Core Fund
   77,995,936   772,722   (8,982,680)   (8,209,958)
Steward Large Cap Growth Fund
   49,176,615   440,602   (6,661,416)   (6,220,814)
Steward Large Cap Value Fund
   65,139,915   1,517,634   (5,842,994)   (4,325,360)
Steward Select Bond Fund
   164,695,794   167,476   (13,256,548)   (13,089,072)
Steward Small Cap Growth Fund
   39,909,669   629,623   (9,183,737)   (8,554,114)
Steward Values-Focused Large Cap Enhanced Index Fund
   202,209,938   31,017,075   (14,386,688)   16,630,387
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   176,041,677   28,687,399   (18,083,289)   10,604,110
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, 2022, was as follows:
    Distributions Paid From    
Fund   Ordinary
Income 		  Net
Long-Term
Capital
Gains 		  Total
Distribution
Paid
Steward Covered Call Income Fund
   $ 2,177,626   $ 1,057,541   $ 3,235,167
Steward Equity Market Neutral Fund
   —   —   —
Steward Global Equity Income Fund
   18,666,571   25,167,668   43,834,239
Steward International Enhanced Index Fund
   3,719,850   4,885,523   8,605,373
Steward Large Cap Core Fund
   60,584   —   60,584
Steward Large Cap Growth Fund
   20,782   —   20,782
Steward Large Cap Value Fund
   105,359   —   105,359
Steward Select Bond Fund
   2,393,851   —   2,393,851
Steward Small Cap Growth Fund
   10,843   —   10,843
Steward Values-Focused Large Cap Enhanced Index Fund
   7,882,401   64,063,965   71,946,366
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   7,799,214   19,535,711   27,334,925
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The tax character of distributions paid during the fiscal year ended April 30, 2021, was as follows:
    Distributions Paid From    
Fund   Ordinary
Income 		  Net
Long-Term
Capital
Gains 		  Total
Distribution
Paid
Steward Covered Call Income Fund
   $ 4,447,588   $ —   $ 4,447,588
Steward Global Equity Income Fund
   6,364,964   3,672,129   10,037,093
Steward International Enhanced Index Fund
   2,962,781   3,437,280   6,400,061
Steward Select Bond Fund
   2,865,818   —   2,865,818
Steward Values-Focused Large Cap Enhanced Index Fund
   10,913,675   26,672,511   37,586,186
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   2,713,061   6,557,617   9,270,678
In addition to the Ordinary and Capital Gains distribution, during the fiscal year ended April 30, 2022, the following Funds utilized equalization for tax purposes whereby a portion of redemption payments were treated as distributions as noted below:
Fund   Ordinary Income   Short-term Capital Gain   Long-term Capital Gain   Total
Equalization
Steward Covered Call Income Fund
   $ 4,436   $ 672,974   $ 145,164   $ 822,574
Steward Global Equity Income Fund
   747,095   2,323,358   6,354,866   9,425,319
Steward International Enhanced Index Fund
   170,280   —   234,735   405,015
Steward Large Cap Core Fund
   355   —   —   355
Steward Large Cap Value Fund
   5,244   —   —   5,244
Steward Values-Focused Large Cap Enhanced Index Fund
   168,716   5,052,484   36,840,606   42,061,806
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   —   1,518,129   11,633,754   13,151,883
As of April 30, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:
Fund   Undistributed
Ordinary
Income 		  Undistributed
Long-Term
Capital Gains 		  Distributable
Earnings 		  Accumulated
Capital and
Other Losses 		  Unrealized
Appreciation/(Depreciation) 		  Total
Distributable
Earnings/(Accumulated
Deficit)
Steward Covered Call Income Fund
   $ 1,028,764   $ 220,456   $ 1,249,220   $ (2,271)   $ (3,124,339)   $ (1,877,390)
Steward Equity Market Neutral Fund
   —   —   —   (301,309)   1,736,538   1,435,229
Steward Global Equity Income Fund
   4,591,948   9,503,884   14,095,832   —   28,488,353   42,584,185
Steward International Enhanced Index Fund
   1,573,452   2,169,041   3,742,493   —   (1,174,375)   2,568,118
Steward Large Cap Core Fund
   143,289   —   143,289   (1,667,681)   (8,209,958)   (9,734,350)
Steward Large Cap Growth Fund
   8,693   —   8,693   (1,724,890)   (6,220,814)   (7,937,011)
Steward Large Cap Value Fund
   286,717   —   286,717   (982,404)   (4,325,360)   (5,021,047)
Steward Select Bond Fund
   326,890   —   326,890   (2,344,343)   (13,089,072)   (15,106,525)
Steward Small Cap Growth Fund
   —   —   —   (358,304)   (8,554,114)   (8,912,418)
Steward Values-Focused Large Cap Enhanced Index Fund
   8,525,601   60,156,338   68,681,939   —   16,630,387   85,312,326
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   3,914,283   29,996,017   33,910,300   —   10,604,110   44,514,410
As of the end of the fiscal year ended April 30, 2022, the following Funds had capital loss carry forwards (‘‘CLCFs’’) as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset.
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CLCFs not subject to expiration:
Fund   Short-Term
Amount 		  Long-Term
Amount 		  Total
Steward Covered Call Income Fund
   $ —   $ —   $ —
Steward Equity Market Neutral Fund
   301,309   —   301,309
Steward Global Equity Income Fund
   —   —   —
Steward International Enhanced Index Fund
   —   —   —
Steward Large Cap Core Fund
   1,667,681   —   1,667,681
Steward Large Cap Growth Fund
   1,724,890   —   1,724,890
Steward Large Cap Value Fund
   982,404   —   982,404
Steward Select Bond Fund
   116,206   2,228,137   2,344,343
Steward Small Cap Growth Fund
   305,173   —   305,173
Steward Values-Focused Large Cap Enhanced Index Fund
   —   —   —
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   —   —   —
During the tax year ended April 30, 2022, the Fund utilized capital loss carryforwards as follows:
Fund   Total
Steward Select Bond Fund
   $ 171,599
Under the current tax law, capital/late year and ordinary losses realized after October 31 and December 31, respectively, of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund's deferred losses are as follows:
Fund   Late-Year Ordinary
Loss Deferred
Steward Small Cap Growth Fund
   $ 53,131
     
     
Note 7 — Reclassifications:
In accordance with GAAP, the Funds will make reclassifications, if applicable, among their capital accounts. These reclassifications are intended to adjust the components of the Funds’ net assets to reflect the tax character of permanent book/tax differences (e.g., Foreign Currency Gain/Loss, return of capital basis adjustments sold, paydown gain/loss) and have no impact on the net assets or the net asset value of the Funds. As of April 30, 2022, the following reclassifications were made between the capital accounts and distributable earnings:
Fund   Distributable
Earnings 		  Capital
Steward Covered Call Income Fund
   $ (822,574)   $ 822,574
Steward Equity Market Neutral Fund
   178,064   (178,064)
Steward Global Equity Income Fund
   (9,425,319)   9,425,319
Steward International Enhanced Index Fund
   (405,015)   405,015
Steward Large Cap Core Fund
   (355)   355
Steward Large Cap Growth Fund
   —   —
Steward Large Cap Value Fund
   (5,244)   5,244
Steward Select Bond Fund
   —   —
Steward Small Cap Growth Fund
   7,347   (7,347)
Steward Values-Focused Large Cap Enhanced Index Fund
   (42,061,806)   42,061,806
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   (13,151,883)   13,151,883
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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, 2022, Assemblies of God Financial Services Group DBA AGFinancial, the parent company of Crossmark Global Holdings, through its subsidiary, Steward Financial Holdings, Inc., had effective voting control over each of the Funds and SFI. In addition, as of April 30, 2022, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership.
        Percent
Owned
Steward Covered Call Income Fund   MSCS Financial Services, LLC   43%
Steward Covered Call Income Fund   National Financial Services LLC   40%
         
Steward Equity Market Neutral Fund   MSCS Financial Services, LLC   86%
         
Steward Global Equity Income Fund   MSCS Financial Services, LLC   26%
Steward Global Equity Income Fund   National Financial Services LLC   30%
         
Steward International Enhanced Index Fund   MSCS Financial Services, LLC   40%
Steward International Enhanced Index Fund   National Financial Services LLC   35%
         
Steward Large Cap Core Fund   MSCS Financial Services, LLC   69%
Steward Large Cap Core Fund   National Financial Services LLC   27%
         
Steward Large Cap Growth Fund   MSCS Financial Services, LLC   78%
         
Steward Large Cap Value Fund   MSCS Financial Services, LLC   75%
         
Steward Select Bond Fund   MSCS Financial Services, LLC   68%
Steward Select Bond Fund   National Financial Services LLC   37%
         
Steward Small Cap Growth Fund   MSCS Financial Services, LLC   82%
         
Steward Values-Focused Large Cap Enhanced Index Fund   MSCS Financial Services, LLC   38%
Steward Values-Focused Large Cap Enhanced Index Fund   National Financial Services LLC   29%
         
Steward Values-Focused Small-Mid Cap Enhanced Index Fund   MSCS Financial Services, LLC   25%
Steward Values-Focused Small-Mid Cap Enhanced Index Fund   National Financial Services LLC   26%
         
Note 9 — LIBOR Transition:
Certain of Steward Select Bond Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate (“LIBOR”). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform Topic 848 (“ASU 2020-04”), “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The Financial Conduct Authority and Intercontinental Exchange Benchmark Administration have since announced that most LIBOR settings will no longer be published after December 31, 2021 and the remaining U.S. dollar LIBOR settings will cease publication after June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management is currently evaluating the impact, if any, of applying ASU 2020-04.
Note 10 — Coronavirus Disease 2019 (COVID-19):
The outbreak of COVID-19, including new variants, has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 pandemic and government responses are creating near-term disruption in global supply chains and adversely affecting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of COVID-19. Nevertheless, COVID-19 presents material uncertainty and risk with respect to each Fund, its performance, and its financial results.
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Note 11 — Subsequent Events:
Management has evaluated subsequent events through the date these financial statements were issued.
Portfolio Management Changes: Effective May 31, 2022, Rob Botard replaced Ryan Caylor as a co-portfolio manager for Steward Global Equity Income Fund. Mr. Botard is a Managing Director and Portfolio Manager of Crossmark Global Investments.
Distributions
On June 10, 2022, the Funds declared and paid, respectively, a distribution from ordinary income for the following amounts:
Fund   Amount
Steward Covered Call Income Fund
   $ 44,968
Steward Equity Market Neutral Fund
   —
Steward Global Equity Income Fund
   1,194,483
Steward International Enhanced Index Fund
   —
Steward Large Cap Core Fund
   —
Steward Large Cap Growth Fund
   —
Steward Large Cap Value Fund
   —
Steward Select Bond Fund
   236,579
Steward Small Cap Growth Fund
   —
Steward Values-Focused Large Cap Enhanced Index Fund
   —
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   —
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LOGO

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 the funds listed below (the “Funds”) as of April 30, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

 

Fund Name

  

Statements of

Operations

  

Statement(s) of

Changes in Net

Assets

  

Financial Highlights

Steward Global Equity Income Fund, Steward International Enhanced Index Fund, Steward Select Bond Fund, Steward Values-Focused Large Cap Enhanced Index Fund (formerly, Steward Large Cap Enhanced Index Fund), and Steward Values-Focused Small-Mid Cap Enhanced Index Fund (formerly, Steward Small-Mid Cap Enhanced Index Fund)   For the year ended April 30, 2022   For the years ended April 30, 2022 and 2021   For the years ended April 30, 2022, 2021, 2020, 2019, and 2018
Steward Covered Call Income Fund   For the year ended April 30, 2022   For the years ended April 30, 2022 and 2021   For the years ended April 30, 2022, 2021, 2020, 2019 and for the period from December 14, 2017 (commencement of operations) through April 30, 2018
Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund, and Steward Small Cap Growth Fund   For the period from November 15, 2021 (commencement of operations) through April 30, 2022

C O H E N  &  C O M P A N Y ,  L T D .

800.229.1099 | 866.818.4538 FAX | cohencpa.com

Registered with the Public Company Accounting Oversight Board

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 included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers. 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.

 

LOGO

COHEN & COMPANY, LTD.

Chicago, Illinois

June 28, 2022

Table of Contents
General Information (Unaudited)
Federal Income Tax Information:
For the fiscal year ended April 30, 2022, the following percentages of the total ordinary income distributions paid by the Funds qualify for the dividends received deduction available to corporate shareholders.
Fund   Dividends
Received Deduction
Steward Covered Call Income Fund
   0.65%
Steward Equity Market Neutral Fund
   —%
Steward Global Equity Income Fund
   8.52%
Steward International Enhanced Index Fund
   0.25%
Steward Large Cap Core Fund
   100.00%
Steward Large Cap Growth Fund
   100.00%
Steward Large Cap Value Fund
   100.00%
Steward Select Bond Fund
   0.42%
Steward Small Cap Growth Fund
   100.00%
Steward Values-Focused Large Cap Enhanced Index Fund
   4.81%
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   5.14%
For the fiscal year ended April 30, 2022, 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 2022 Form 1099-DIV.
For the taxable year ended April 30, 2022, the percentages of Qualified Dividend Income are as follows:
Fund   Qualified
Dividend Income
Steward Covered Call Income Fund
   0.67%
Steward Equity Market Neutral Fund
   —%
Steward Global Equity Income Fund
   18.42%
Steward International Enhanced Index Fund
   94.46%
Steward Large Cap Core Fund
   100.00%
Steward Large Cap Growth Fund
   100.00%
Steward Large Cap Value Fund
   100.00%
Steward Select Bond Fund
   0.42%
Steward Small Cap Growth Fund
   100.00%
Steward Values-Focused Large Cap Enhanced Index Fund
   5.02%
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   5.79%
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The Funds declared long-term distributions of realized gains as follows:
Fund   Long-Term
Capital Gains
Steward Covered Call Income Fund
   $ 1,057,541
Steward Equity Market Neutral Fund
   —
Steward Global Equity Income Fund
   25,167,668
Steward International Enhanced Index Fund
   4,885,523
Steward Large Cap Core Fund
   —
Steward Large Cap Growth Fund
   —
Steward Large Cap Value Fund
   —
Steward Select Bond Fund
   —
Steward Small Cap Growth Fund
   —
Steward Values-Focused Large Cap Enhanced Index Fund
   64,063,965
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   19,535,711
The Funds declared short-term distributions of realized gains as follows:
Fund   Short-Term
Capital Gains
Steward Covered Call Income Fund
   $ 2,058,856
Steward Equity Market Neutral Fund
   —
Steward Global Equity Income Fund
   12,895,568
Steward International Enhanced Index Fund
   205,932
Steward Large Cap Core Fund
   —
Steward Large Cap Growth Fund
   —
Steward Large Cap Value Fund
   —
Steward Select Bond Fund
   —
Steward Small Cap Growth Fund
   —
Steward Values-Focused Large Cap Enhanced Index Fund
   6,208,022
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
   6,445,252
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, 2022 were as follows:
Fund   Foreign
Source Income 		  Foreign
Tax Expense
Steward International Enhanced Index Fund
   $0.57   $0.08
Proxy Voting Policy and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies and information regarding how each Fund voted proxies during the most recent 12 month-period ended June 30, is available without charge, (i) by calling 1-888-845-6910, or (ii) on the SEC’s website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Portfolio holdings information included with Form N-PORT for the third month of each relevant fiscal quarter will be publicly available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund’s Forms N-PORT and Forms N-CSR are available on the SEC’s website listed above.
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Board Considerations Regarding Approval of Investment Advisory Agreement
The Board of Directors (the “Board”) of Steward Funds, Inc. (“SFI”), including the Independent Directors, approved the Investment Advisory Agreement (the “Agreement”) with Crossmark Global Investments, Inc. (the “Adviser” and together with its affiliates, “Crossmark”), on behalf of the following five series of SFI (each a “Fund” and collectively, the “Funds”):
Steward Equity Market Neutral Fund
Steward Large Cap Core Fund
Steward Large Cap Growth Fund
Steward Large Cap Value Fund
Steward Small Cap Growth Fund
The Board approved the Agreement for each Fund at a meeting held on August 25, 2021 (the “August 25th Meeting”).  The Board determined for each Fund that the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided by the Adviser and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements.
In connection with meetings of the Board held on June 10, 2021 and August 10, 2021 and the August 25th Meeting (collectively, the “Meetings”), Crossmark provided, and reviewed with the Board, extensive materials and information that, among other things, outlined:  the investment advisory, administration, compliance and other services to be provided by Crossmark to each Fund (including the relevant personnel responsible for these services and their experience); the proposed advisory fee rate payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Adviser; the estimated expense ratio of each Fund’s Institutional Class as compared to expense ratios of the funds in the Fund’s Expense Group; the nature of expenses to be incurred in providing services to each Fund and the potential for the Adviser to realize economies of scale, if any; profitability and other financial data for Crossmark; and any other benefits to Crossmark from the Adviser’s relationship with the Funds. The Board noted that, in connection with the 2021 annual contract review process conducted at the meeting of the Board held on May 12, 2021 (the “May Meeting”), Crossmark provided, and reviewed with the Board, extensive materials and information, responding to requests for information from SFI counsel on behalf of the Independent Directors, that supported the Board’s decision to renew the Agreement for the other series of SFI (collectively, the “Contract Review Materials”). The Board considered that the materials provided by Crossmark, and reviewed with the Board, at the Meetings affirmed the information in the Contract Review Materials and provided updates, as applicable, for purposes of the Board’s evaluation of the Agreement for each Fund.
In considering the renewal of the Agreement for each Fund, the Independent Directors met with SFI counsel independent of management and of the interested Directors to review and discuss the materials received from Crossmark. The Board asked questions and applied its business judgment to determine whether the arrangement between SFI and the Adviser is 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 had received sufficient information to approve the Agreement for each Fund.
Nature, Extent and Quality of Services.  The Board considered the nature, extent and quality of the services expected to be provided by the Adviser to each Fund under the Agreement. The Board considered that the Adviser will be responsible for investment advice, portfolio management, including the implementation of each Fund’s values-based screening policies, and brokerage allocation, among other services, under the Agreement. The Board also noted that the Adviser will provide administration and compliance services, including maintaining the Funds’ compliance program, under a separate Administration Agreement. The Board considered the background and experience of the Crossmark employees who will be responsible for providing the investment advisory, values-based screening, administration, legal, compliance and other services to the Funds. At the Meetings, the Board received presentations from the lead portfolio managers for the Funds and were able to ask questions about the portfolio management teams and the proposed investment strategies for the Funds. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement are expected to be satisfactory.
Fees and Expenses.  The Board considered the proposed advisory fee rate payable by each Fund under the Agreement for the services provided. The Board received and reviewed information showing the advisory fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory fee rates charged by the Adviser to other clients. The Board noted that, with respect to
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comparing the Funds’ proposed advisory fee rates under the Agreement to the advisory fee rates of the peer funds in the Expense Groups, Broadridge included the fee rates for administration and compliance services to be provided under the Administration Agreement in the advisory fee rates for the Funds. Based on the information provided, the Board noted that the proposed advisory fee rate for each Fund, except for Steward Small Cap Growth Fund, was below the median advisory fee rate of its Expense Group and that, although the proposed advisory fee rate for Steward Small Cap Growth Fund was above the median advisory fee rate of its Expense Group, such Fund’s proposed advisory fee rate was within a reasonable range of the Expense Group median. With respect to the Expense Groups, the Board, at the August 25th Meeting, discussed with the Adviser limitations in creating peer groups for the Funds. The Board also considered information provided by the Adviser regarding advisory fee rates charged to other clients with similar investment objectives and policies as the Funds, noting the Adviser’s discussion at the August 25th Meeting of the differences in services, as well as legal, compliance and operational resources and risks, associated with sponsoring and managing the Funds as compared to such other clients, among other differences identified by the Adviser that limit the comparability of the fees charged to such other clients. For each Fund, the Board considered that the Adviser would contractually agree to waive fees and/or reimburse expenses to limit total annual operating expenses for the Fund, subject to the ability to recapture previously waived fees and/or reimbursed expenses under certain circumstances for a three-year period. On the basis of the information provided, the Board concluded that the proposed advisory fee rate for each Fund is reasonable and appropriate in light of the nature, extent and quality of the services expected to be provided by the Adviser to each Fund under the Agreement.
Profitability.  The Board received the financial statements of Crossmark in connection with the May Meeting and the August 25th Meeting and information regarding the estimated profitability to Crossmark under the Agreement for each Fund. The Board considered the proposed advisory fee rate for each Fund, that each Fund was newly organized and had no operating history and the Adviser’s agreement to limit each Fund’s total annual operating expenses.  The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Adviser’s estimated profitability level for the Funds was not unreasonable
Economies of Scale.  The Board considered whether there are any potential economies of scale with respect to the management of each Fund under the Agreement and whether each Fund may benefit from any economies of scale under the Agreement. The Board noted that each Fund’s proposed advisory fee rate schedule includes breakpoints that offer reasonable economies of scale that may benefit the Fund if and as assets grow. Based upon the information considered, the Board concluded that the proposed advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may exist in the management of the Fund at reasonably foreseeable future asset levels.
Other Benefits to the Adviser and Its Affiliates.  The Board considered the character and amount of other benefits, incidental or otherwise, expected to be received by Crossmark as a result of the Adviser’s relationship with the Funds. The Board noted that Crossmark Distributors, Inc. (“Crossmark Distributors”), an affiliate of the Adviser, will serve as each Fund’s principal underwriter and distributor and may receive payments from the Funds under the Funds’ Rule 12b-1 plan for distribution services. The Board also noted that, under the Administration Agreement, the Adviser will provide administration and compliance services to the Funds and receive payments from the Funds for such services. In addition, the Board considered anticipated benefits to the Adviser related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker-dealers. The Board considered these direct and indirect benefits in reaching its conclusion that each Fund’s proposed advisory fee rate under the Agreement is reasonable.
Conclusion.  Based upon all the information considered and the conclusions reached, the Board, including the Independent Directors, unanimously determined that the terms of the Agreement are fair and reasonable and that approval of the Agreement for each Fund is in the best interests of each Fund.  No single factor was determinative in the Board’s analysis.
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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, 2021 through April 30, 2022.
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
11/1/21 		  Ending
Account Value
4/30/22 		  Expenses Paid
During Period
11/1/21 – 4/30/22 		  Expense Ratio
During Period
11/1/21 – 4/30/22
Steward Covered Call Income Fund                
Class A
   $1,000.00   $ 922.90   $ 5.96   1.25%
Class C
   1,000.00   919.80   9.52   2.00%
Class R6
   1,000.00   924.60   4.29   0.90%
Institutional Class
   1,000.00   924.00   4.77   1.00%
Steward Equity Market Neutral Fund(1)                
Class A
   1,000.00   1,058.80   10.53   2.25%
Institutional Class
   1,000.00   1,060.80   8.06   1.72%
Steward Global Equity Income Fund                
Class A
   1,000.00   974.30   5.87   1.20%
Class C
   1,000.00   971.30   8.65   1.77%
Class R6
   1,000.00   975.50   4.56   0.93%
Institutional Class
   1,000.00   974.70   5.14   1.05%
Steward International Enhanced Index Fund                
Class A
   1,000.00   900.20   4.52   0.96%
Class C
   1,000.00   900.10   2.59   0.55%
Class R6
   1,000.00   901.10   3.21   0.68%
Institutional Class
   1,000.00   900.70   3.72   0.79%
Steward Large Cap Core Fund(1)                
Class A
   1,000.00   861.90   4.23   1.00%
Institutional Class
   1,000.00   863.30   3.18   0.75%
Steward Large Cap Growth Fund(1)                
Class A
   1,000.00   826.20   4.15   1.00%
Institutional Class
   1,000.00   827.60   3.12   0.75%
Steward Large Cap Value Fund(1)                
Class A
   1,000.00   917.30   4.36   1.00%
Institutional Class
   1,000.00   918.70   3.27   0.75%
Steward Select Bond Fund                
Class A
   1,000.00   910.40   4.45   0.94%
Class C
   1,000.00   906.10   9.40   1.99%
Class R6
   1,000.00   910.00   3.55   0.75%
Institutional Class
   1,000.00   911.00   3.60   0.76%
Steward Small Cap Growth Fund(1)                
Class A
   1,000.00   751.70   4.98   1.25%
Institutional Class
   1,000.00   752.30   3.98   1.00%
Steward Values-Focused Large Cap Enhanced Index Fund                
Class A
   1,000.00   896.30   4.00   0.85%
Class C
   1,000.00   892.80   7.88   1.68%
Class R6
   1,000.00   897.60   2.49   0.53%
Institutional Class
   1,000.00   896.90   3.01   0.64%
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EXPENSE EXAMPLES (Unaudited)
Fund   Beginning
Account Value
11/1/21 		  Ending
Account Value
4/30/22 		  Expenses Paid
During Period
11/1/21 – 4/30/22 		  Expense Ratio
During Period
11/1/21 – 4/30/22
Steward Values-Focused Small-Mid Cap Enhanced Index Fund                
Class A
   $1,000.00   $896.60   $3.95   0.84%
Class C
   1,000.00   894.70   4.18   0.89%
Class R6
   1,000.00   897.70   2.73   0.58%
Institutional Class
   1,000.00   897.70   3.20   0.68%
    
(1) Inception date 11/15/2021.
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Hypothetical Example for Comparison Purposes (Unaudited)
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Transactional costs, if any, such as sales charges (front or back end loads) or exchange fees, are not shown in the table. Therefore, this table is useful only in comparing ongoing costs and will not help you determine the relative costs of owning different funds.
Fund   Beginning
Account Value
11/1/21 		  Ending
Account Value
4/30/22 		  Expenses Paid
During Period
11/1/21 – 4/30/22 		  Expense Ratio
During Period
11/1/21 – 4/30/22
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
   1,000.00   1,020.33   4.51   0.90%
Institutional Class
   1,000.00   1,019.84   5.01   1.00%
Steward Equity Market Neutral Fund(1)                
Class A
   1,000.00   1,012.51   10.30   2.25%
Institutional Class
   1,000.00   1,014.92   7.88   1.72%
Steward Global Equity Income Fund                
Class A
   1,000.00   1,018.84   6.01   1.20%
Class C
   1,000.00   1,016.02   8.85   1.77%
Class R6
   1,000.00   1,020.18   4.66   0.93%
Institutional Class
   1,000.00   1,019.59   5.26   1.05%
Steward International Enhanced Index Fund                
Class A
   1,000.00   1,020.03   4.81   0.96%
Class C
   1,000.00   1,022.07   2.76   0.55%
Class R6
   1,000.00   1,021.42   3.41   0.68%
Institutional Class
   1,000.00   1,020.88   3.96   0.79%
Steward Large Cap Core Fund(1)                
Class A
   1,000.00   1,018.19   4.59   1.00%
Institutional Class
   1,000.00   1,019.33   3.44   0.75%
Steward Large Cap Growth Fund(1)                
Class A
   1,000.00   1,018.19   4.59   1.00%
Institutional Class
   1,000.00   1,019.33   3.44   0.75%
Steward Large Cap Value Fund(1)                
Class A
   1,000.00   1,018.19   4.59   1.00%
Institutional Class
   1,000.00   1,019.33   3.44   0.75%
Steward Select Bond Fund                
Class A
   1,000.00   1,020.13   4.71   0.94%
Class C
   1,000.00   1,014.93   9.94   1.99%
Class R6
   1,000.00   1,021.08   3.76   0.75%
Institutional Class
   1,000.00   1,021.03   3.81   0.76%
Steward Small Cap Growth Fund(1)                
Class A
   1,000.00   1,017.05   5.73   1.25%
Institutional Class
   1,000.00   1,018.19   4.59   1.00%
Steward Values-Focused Large Cap Enhanced Index Fund                
Class A
   1,000.00   1,020.58   4.26   0.85%
Class C
   1,000.00   1,016.46   8.40   1.68%
Class R6
   1,000.00   1,022.17   2.66   0.53%
Institutional Class
   1,000.00   1,021.62   3.21   0.64%
Steward Values-Focused Small-Mid Cap Enhanced Index Fund                
Class A
   1,000.00   1,020.63   4.21   0.84%
Class C
   1,000.00   1,020.38   4.46   0.89%
Class R6
   1,000.00   1,021.92   2.91   0.58%
Institutional Class
   1,000.00   1,021.42   3.41   0.68%
    
(1) Inception date 11/15/2021.
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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 1-888-845-6910.
Name, Address, Age   Position(s)
Held with
Fund 		  Term of Office(1)
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(2)
c/o 15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1973 		  Chairman of the Board; Director   Indefinite Term
Since 2017 		  President, CEO and Treasurer,
Crossmark Global Holdings, Inc.
(May 2015 - Present); President,
CEO and Treasurer, Crossmark
Global Investments, Inc. and
Crossmark Distributors, Inc.
(2016 - Present); Chief
Compliance Officer, Crossmark
Distributors, Inc. (August 1, 2017
- December 11, 2017); Secretary,
Crossmark Global Investments,
Inc. and Crossmark Distributors,
Inc. (2016 - 2018) 		  11   Stratford Cambridge
Group Investments –
Advisory Board
(2011 - 2017);
Foundation Capital
Resources (2015 -Present); GSV Fund
Management Company
(2020 - Present)
Kyle A. Dana CRPC(3)
c/o 15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1978 		  Director   Indefinite
Term
Since 2017 		  Senior Vice President, Retirement
& Investment Solutions of
AGFinancial(4) (2000 − Present) 		  11   N/A
Independent Directors          
Mark H. Barineau
c/o 15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1968 		  Director   Indefinite
Term
Since 2017 		  President of Lionsmark
Investment Group(5) (since April
2016); Co-Founder and
Managing Member, Starboard
Star Venture Capital LLC
(2021 - Present); President &
Owner of Radney Management
& Investments, Inc.(6)
(1996 – 2016) 		  11   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 SLR Investment
Corp., SLR Senior Investment
Corp. (May 2012 - Present)
and SCP Private Credit Income
BDC LLC (2018 - Present)
and SLR HC BDC LLC (2020 - Present)(7) 		  11   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) 		  11   N/A
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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 		  Number of
Portfolios in
Fund Complex
Overseen by
Director or
Nominee 		  Other Directorships
Held by Director or
Nominee During
the Past 5 Years
Independent Directors (continued)          
Richard J. Rossi
c/o 15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1956 		  Director;
Lead Independent
Director as of
May 14, 2020 		  Indefinite
Term
Since 2019 		  Retired; President and Co–Chief
Operating Officer, Eagle Asset
Management, President, Eagle
Mutual Funds and Eagle Fund
Distributors (2000 – 2017) 		  11   N/A
(1)  Each Director serves on the Board from the time of his or her election or appointment until the election of Directors next succeeding his or her election or appointment and until his or her successor is elected and qualified. Because the Funds do not hold regular annual meetings of shareholders to elect Directors, each Director serves for an indefinite period.
(2)  Mr. Kern is an ‘‘interested person’’ of SFI, as defined in the 1940 Act, because of his position with the Funds’ investment adviser, administrator and distributor.
(3)  Mr. Dana is an ‘‘interested person’’ of SFI, as defined in the 1940 Act, because of his position with AGFinancial, which is an affiliate of the Funds’ investment adviser, administrator and distributor.
(4)  AGFinancial is an affiliate of SFI’s investment adviser, administrator and distributor specializing in delivering financial products and services that align with faith and values.
(5)  Lionsmark Investment Group is a private real estate investment and management company that Mr. Barineau formed in 2016. Its primary business is the acquisition, development and management of multi-family assets and other active and passive real estate investments.
(6)  Radney Management & Investments, Inc. was established in 1982 and is an ACCREDITED MANAGEMENT ORGANIZATION(R) specializing in multi-family property management.
(7)  SLR Investment Corp., SLR Senior Investment Corp. and SCP Private Credit Income BDC LLC and SLR HC 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.
141

Table of Contents
DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Name, Address and 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
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1973 		  President and
Treasurer 		  Since 2016   President, CEO and Treasurer, Crossmark Global Holdings, Inc. (May 2015 − Present); President, CEO and Treasurer, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − Present); Chief Compliance Officer, Crossmark Distributors, Inc. (August 1, 2017 − December 11, 2017); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2016 − 2018)   Stratford
Cambridge Group
Investments −
Advisory Board
(2011 − 2017);
Foundation
Capital Resources
(2015 − Present); GSV
Fund Management
Company (2020 -Present)
Robert C. Doll, CFA
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1954 		  Executive Vice
President 		  Since 2021   Chief Investment Officer, Crossmark
Global Investments, Inc. (2021 - Present);
Chief Equity Strategist and Senior
Portfolio Manager, Nuveen (November
2012 - March 2021) 		  N/A
John R. Wolf
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1961 		  Executive Vice
President 		  Since 2004   Managing Director, Crossmark Global Investments, Inc. (2019 – Present); Managing Director – Equity Investments, Crossmark Global Investments, Inc. (1996 – 2019)   N/A
Brent Lium, CFA
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1969 		  Executive Vice
President 		  Since 2019   Managing Director - Head of Equity Investments, Crossmark Global Investments, Inc. (February 2021 -Present); Managing Director, Crossmark
Global Investments, Inc. (2019 – February
2021); Portfolio Manager,
Invesco Ltd. (2001 − 2019) 		  N/A
Rob Botard, CFA
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1970 		  Executive Vice
President 		  Since 2022   Managing Director and Portfolio Manager,
Crossmark Global Investments, Inc. (April
2022 - Present); Portfolio Manager,
Invesco Ltd. (April 2011- April 2022) 		  N/A
Victoria Fernandez, CFA
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1973 		  Executive Vice
President 		  Since 2014   Chief Market Strategist, Crossmark
Global Investments, Inc. (2018 − Present);
Managing Director – Fixed Income
Investments, Crossmark Global
Investments, Inc. (2012 – 2018) 		  N/A
Paul Townsen
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1971 		  Executive Vice
President 		  Since 2017   Managing Director − Head of Trading & Investment Operations, Crossmark Global Investments, Inc. (2021 − Present); Managing Director, Crossmark Global
Investments, Inc. (2017 − 2021); Senior
Vice President, Crossmark Global
Investments, Inc. (2015 − 2017) 		  N/A
Ryan Caylor, CFA
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1988 		  Executive Vice
President 		  Since 2020   Portfolio Manager, Crossmark Global
Investments, Inc. (2020 − Present);
Head of Research, Crossmark Global
Investments, Inc. (2019 – Present);
Senior Research Analyst, Crossmark
Global Investments Inc. (2016 – 2019);
Associate, Tudor, Pickering, Holt & Co.
(2013 – 2016) 		  N/A
142

Table of Contents
DIRECTORS AND EXECUTIVE OFFICERS (Unaudited)
Name, Address and 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 (continued)        
Heather Lindsey
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1973 		  Executive Vice
President 		  Since 2022   Managing Director – Head of Distributions
Crossmark Global Investments, Inc.
(August 2021 – Present); Senior Vice President, Head of Strategic Accounts,
Invesco Ltd. (March 2018 –
March 2020); Senior Director - Retirement
& Insurance Platforms, Invesco Ltd.
(April 2008 - February 2018). 		  N/A
Patrick N. Garboden
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1957 		  Executive Vice
President and
Liquidity Risk
Management
Program
Administrator 		  Since 2018   Senior Portfolio Manager, Crossmark
Global Investments, Inc.
(October 2008 – Present) 		  N/A
Jim A. Coppedge
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1968 		  Executive Vice
President, Chief
Compliance
Officer, Secretary
and Assistant Treasurer 		  Since 2017   General Counsel and Chief Compliance Officer, Crossmark Global Investments, Inc. (2017 − Present); General Counsel and Chief Compliance Officer, Crossmark Distributors, Inc. (December 11, 2017 − Present); Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2018 − Present)   N/A
Jessica Gunter
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1987 		  Assistant Secretary and Assistant Treasurer   Since 2020   Senior Compliance Officer and Associate General Counsel, Crossmark Global Investments, Inc. (2020 - Present); Teacher, St. Laurence Catholic School (2015-2020)   N/A
Patricia Mims
15375 Memorial Drive,
Suite 200
Houston, TX 77079
Birth Year: 1960 		  Assistant Treasurer   Since 2021   Financial Operations Principal, Crossmark Distributors, Inc. (2018 - Present); Senior Compliance Officer, Crossmark Global Investments, Inc. (October 2018 - 2020); Assistant Secretary, Crossmark Global Investments, Inc. and Crossmark Distributors, Inc. (2018 - 2020); Senior Compliance Associate, Crossmark Global Investments, Inc. (April 2013 - October 2018)   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.
143

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(b)

Not applicable.

 

Item 2. Code of Ethics.

 

(a)

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an exhibit.

 

(c)

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR.

 

(d)

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no waivers granted from a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 of Form N-CSR.

Item 3. Audit Committee Financial Expert.

 

(a)

(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

 

(a)

(2) The audit committee financial expert is Richard L. Peteka, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

 

     2022                                2021                            

(a)  Audit Fees

    $170,750       $91,750   

(b)  Audit-Related Fees

    $-       $-   

(c)  Tax Fees

    $35,750       $18,000   

(d)  All Other Fees

    $-       $-   

The audit fees are paid for professional services rendered by the auditor for the audit of the Funds’ annual financial statements or services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. The tax fees are paid for professional services rendered by the auditor for tax compliance, tax advice and tax planning.

 

1

(e)

(1) The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the auditor to the Funds and certain non-audit services to be rendered by the auditor to the Funds’ investment adviser which require pre-approval by the Audit Committee. In connection with such pre-approvals, the auditor, or a Fund officer, with the assistance of the auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.

 

(e)

(2) For the fiscal years ended April 30, 2022 and 2021, 0% of the fees disclosed in paragraphs (b)-(d) of Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)

Not applicable.

 

(g)

For the fiscal year ended April 30, 2022, Cohen and Company, Ltd. billed $35,750.

  

For the fiscal year ended April 30, 2021, Cohen and Company, Ltd. billed $18,000.

 

(h)

Not applicable.

 

(i)

Not applicable.

 

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

 

(a)

The schedules of investments are included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

 

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

2

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-2(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

 

(a)  (1)   The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.
(a)  (2)   Certifications for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) are attached hereto.
(a)  (3)   Not applicable.
(a)  (4)   Not applicable.

(b)   Certifications pursuant to Rule 30a-2(b) are furnished herewith.

 

 

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Steward Funds, Inc.

 

By:   /s/ Michael L. Kern, III                    
 

Michael L. Kern, III

President and Treasurer

(Principal Executive Officer and Principal Financial Officer)

Date: July 1, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Michael L. Kern, III                    
 

Michael L. Kern, III

President and Treasurer

(Principal Executive Officer and Principal Financial Officer)

Date: July 1, 2022

 

 

1

EX-99.CODE

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Steward Funds, Inc.

Supplemental Code of Ethics under the Sarbanes-Oxley Act

 

I.

INTRODUCTION

The Board of Directors of Steward Funds, Inc. (SFI) has established this Code of Ethics (the Code) in accordance with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. This Code does not supersede or otherwise affect the separate code of ethics that SFI and its investment adviser and principal underwriter have adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the 1940 Act).

This Code is designed to deter wrongdoing and promote:

 

  ●  

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

  ●  

full, fair, accurate, timely, and understandable disclosure in reports and documents that SFI files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by SFI;

 

  ●  

compliance with applicable governmental laws, rules, and regulations;

 

  ●  

the prompt internal reporting of violations of the Code to an appropriate person or persons; and

 

  ●  

accountability for adherence to the Code.

The Code applies to SFI’s chief executive officer, chief financial officer and chief accounting officer, or persons performing equivalent functions (collectively, the Covered Officers, each of whom is identified in Exhibit A). The Code assigns a role to a Compliance Officer. The Compliance Officer is also identified in Exhibit A.

 

II.

PRINCIPLES OF HONEST AND ETHICAL CONDUCT

 

  A.

General Objectives

SFI expects its Covered Officers to adhere to the highest possible standards of honest and ethical conduct. All Covered Officers are expected to handle actual or apparent conflicts of interest between personal and professional relationships in a manner that is above reproach, and to place the interests of SFI above their own personal interests.

 

3700 W. Sam Houston Parkway S., Suite 250, Houston, Texas 77407    800-262-6631                                                                                  crossmarkglobal.com

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  B.

Conflicts of Interest

Each Covered Officer should be scrupulous in avoiding a conflict of interest with regard to SFI. A conflict of interest occurs when a Covered Officer’s private interest interferes in any way—or even appears to interfere—with the interests of SFI. A conflict situation can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her work for SFI objectively and effectively. Conflicts of interest also arise when a Covered Officer, or a member of his or her family, receives improper benefits as a result of his or her position with SFI, whether such benefits are received from SFI or a third party. Any conflict of interest that arises in a specific situation or transaction must be disclosed by the Covered Officer and resolved before taking any action.

Conflicts of interest may not always be evident, and Covered Officers should consult with the Compliance Officer or SFI’s legal counsel if they are uncertain about any situation.

Examples of possible conflicts of interest include:

 

  1.

Outside Employment or Activities

A Covered Officer may not engage in any outside employment or activity that interferes with his or her performance or responsibilities to SFI or is otherwise in conflict with or prejudicial to SFI. A Covered Officer must disclose to the Compliance Officer any outside employment or activity that may constitute a conflict of interest and obtain the Compliance Officer’s approval before engaging in any such employment or activity.

 

  2.

Gifts

Covered Officers may not accept gifts or other items of more than de minimis value from any person or entity that does business with or on behalf of SFI.

 

  3.

Other Situations

Because other conflicts of interest may arise, it would be impractical to attempt to list all possible situations in this Code. If a proposed transaction or situation raises any questions or doubts, a Covered Officer should consult with the Compliance Officer or SFI’s counsel before engaging in the transaction or activity.

 

  C.

Corporate Opportunities

A Covered Officer may not exploit for his or her own personal gain, or for the personal gain of his or her family members or relatives, opportunities that are discovered through the use of SFI property, information, or position, unless the opportunity is first disclosed fully in writing to the Board of Directors and the Board declines to pursue such opportunity.

 

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III.

FULL, FAIR, ACCURATE, TIMELY, AND UNDERSTANDABLE DISCLOSURE IN SFI DISCLOSURE AND REPORTING DOCUMENTS

As a registered investment company, it is of critical importance that SFI’s public communications, reports, and SEC filings contain full, fair, accurate, timely, and understandable disclosure. Accordingly, SFI’s Covered Officers are expected to consider it central to their roles as officers of SFI to promote full, fair, accurate, timely, and understandable disclosure in SFI’s public communications and reports, and in the documents that SFI files with, or submits to, the SEC.

Depending on his or her position with SFI, a Covered Officer may be called upon to provide necessary information to make SFI’s public reports, communications, and SEC filings and submissions complete, fair, and understandable. SFI expects its Covered Officers to take this responsibility seriously and to provide prompt and accurate answers to inquiries related to SFI’s public disclosure requirements. Covered Officers may be asked to certify the accuracy of all responses and information provided for inclusion in SFI’s public reports, communications, and SEC filings and submissions.

 

IV.

COMPLIANCE WITH APPLICABLE GOVERNMENTAL RULES AND REGULATIONS

SFI is subject to regulation by the SEC as a registered investment company and must comply with federal securities laws and regulations, as well as other applicable laws. SFI insists on strict compliance with the spirit and the letter of these laws and regulations. Each Covered Officer shall cooperate with SFI counsel, SFI’s independent accountants, and SFI’s other service providers with the goal of maintaining SFI’s material compliance with applicable governmental rules and regulations.

SFI expects its Covered Officers to comply with all laws, rules, and regulations applicable to SFI’s operations and business. Covered Officers should seek guidance whenever they are in doubt as to the applicability of any law, rule, or regulation, or regarding any contemplated course of action. Covered Officers should also make use of the various guidelines which SFI and its service providers have prepared on specific laws and regulations. When in doubt on a course of action, a good guideline is “always ask first, act later” if you are unsure of what to do in any situation, seek guidance before you act.

Upon obtaining knowledge of any material violation of any applicable law, rule, or regulation by SFI or a person acting with or on behalf of SFI, a Covered Officer shall report such violation to the Compliance Officer, SFI’s counsel, or both. (See Section VI of the Code for a discussion of reporting Code violations.). Each Covered Officer shall cooperate or take such steps as may be necessary or appropriate to remedy any such material violation.

 

V.

CONFIDENTIALITY

SFI’s Covered Officers must maintain the confidentiality of information entrusted to them by SFI, except when disclosure is authorized by SFI’s legal counsel or required by laws or regulations. Whenever possible, Covered Officers should consult with SFI’s counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes all non-public information that might be of use to competitors, or harmful to SFI or its shareholders, if disclosed. The obligation to preserve confidential information continues even after employment as a Covered Officer ends.

 

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VI.

PROMPT INTERNAL REPORTING OF VIOLATIONS OF THE CODE; EVALUATION OF POSSIBLE VIOLATIONS; DETERMINATION OF SANCTIONS

 

  A.

Reporting to Compliance Officer. SFI’s Covered Officers shall promptly report knowledge of, or information concerning, any material violation of this Code to the Compliance Officer. Any such report by a Covered Officer shall describe in reasonable detail the conduct that such Covered Officer believes is in violation of the Code. The Compliance Officer shall also have the authority to report a suspected material violation of the Code, if no report is made by a Covered Officer.

 

  B.

Evaluation of Reports. The Compliance Officer shall then consult with SFI’s counsel to the extent necessary to determine whether the reported conduct actually violates the Code. If it is determined that there has been a violation of the Code, the Compliance Officer will determine (in consultation with SFI’s counsel) whether the violation has had or may have, in the reasonable judgment of the Compliance Officer, a material adverse impact on SFI.

 

  1.

No Material Adverse Impact on SFI. If the Compliance Officer determines that the violation has not caused a material adverse impact on SFI, the Compliance Officer shall determine what sanctions, if any, may be appropriate for the violation.

 

  2.

Material Adverse Impact on SFI. If the Compliance Officer determines that the violation has caused a material adverse impact on SFI, the Compliance Officer shall promptly notify the Board of such violation. The Board shall be entitled to consult with independent legal counsel to determine whether the violation actually has had a material adverse impact on SFI; to formulate sanctions, if any, appropriate for the violation; or for any other purpose that the Board, in its business judgment, determines to be necessary or advisable.

 

  C.

Reports by Compliance Officer to Board of Directors. The Compliance Officer shall report to the Board at the next regularly scheduled Board meeting (or sooner, if necessary) any violations of this Code with respect to SFI (whether or not they caused a material adverse impact on SFI) and any sanctions imposed.

 

VII.

WAIVERS OF PROVISIONS OF THE CODE

 

  A.

Waivers. A Covered Officer may request a waiver of a provision of this Code if there is a reasonable likelihood that a contemplated action would be a material departure from a provision of the Code. Waivers will not be granted except under extraordinary or special circumstances.

The process of requesting a waiver shall consist of the following steps:

 

  a.

The Covered Officer shall set forth a request for waiver in writing and submit such request to the Compliance Officer.

 

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  b.

The request shall describe the conduct, activity, or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for engaging in the conduct, activity, or transaction.

 

  c.

The determination with respect to the waiver shall be made in a timely fashion by the Compliance Officer, in consultation with SFI counsel, and submitted to the Board for ratification.

 

  d.

The decision with respect to the waiver request shall be documented and kept in SFI’s records for the appropriate period mandated by applicable law or regulation.

 

  B.

Disclosure of Waivers. To the extent required by applicable law, waivers (including implicit waivers) shall be publicly disclosed on a timely basis. An implicit waiver is defined as SFI’s failure to act within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of SFI. For this purpose, an executive officer is SFI’s President or Chief Executive Officer, Vice President (who is in charge of a principal policymaking function), or any other person who performs similar policymaking functions for SFI.

For the purpose of determining whether an implicit waiver has occurred, if a material departure from a provision of the Code is known only by the Covered Officer who has caused the material departure, the material departure will not be considered to have been made known to an executive officer of SFI.

 

VIII.

ACCOUNTABILITY FOR ADHERENCE TO THE CODE

The matters covered in this Code are of the utmost importance to SFI and its shareholders, and are essential to SFI’s ability to conduct its business in accordance with its stated values. SFI’s Covered Officers are

expected to adhere to these rules in carrying out their duties for SFI.

SFI will, if appropriate, act against any of its Covered Officers whose actions are found to violate this Code. Sanctions for violations of the Code may include, among other things, a requirement that the violator undergo training related to the violation, a letter of sanction, the imposition of a monetary penalty, and/or suspension or termination of the employment of the violator. Where SFI has suffered a loss because of violations of this Code or applicable laws, regulations, or rules, it may pursue its remedies against the individuals or entities responsible.

 

IX.

RECORDKEEPING

 

  A.

General. SFI requires accurate recording and reporting of information in order to make responsible business decisions. SFI’s books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect SFI’s transactions, and must conform both to applicable legal requirements and to SFI’s system of internal controls.

 

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  B.

Code of Ethics Records. A copy of this Code, any amendments hereto, and any reports or other records created in relation to waivers of or amendments to provisions of this Code shall be kept as records of SFI for six years from the end of the fiscal year in which such document was created. Such records shall be furnished to the SEC or its staff upon request.

 

X.

AMENDMENTS TO THE CODE

The Covered Officers and the Compliance Officer are encouraged to recommend improvements to this Code to the Board of Directors. SFI’s Board may amend the Code in its discretion with respect to SFI. In connection with any amendment to the Code, the Compliance Officer shall prepare a brief description of the amendment, in order that this description may be disclosed in accordance with applicable law and regulations.

DATED: August 28, 2018.

 

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Exhibit A

Covered Officers

Michael L. Kern, III, CFA, President and Principal Financial Officer

Compliance Officer

Jim Coppedge

 

7

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATIONS BY PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER OF

STEWARD FUNDS, INC.

PURSUANT TO RULE 30a-2 OF

THE INVESTMENT COMPANY ACT OF 1940

I, Michael L. Kern, III, certify that:

 

1.

I have reviewed this report on Form N-CSR of Steward Funds, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

           Date: July 1, 2022       /s/ Michael L. Kern, III                    
        Michael L. Kern, III
        President and Treasurer
        (Principal Executive Officer and Principal Financial Officer)

 

EX-99.906CERT

EXHIBIT 99.906CERT

CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER OF

STEWARD FUNDS, INC.

PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant’s Annual Report on Form N-CSR for the period ended April 30, 2022 (the “Report”).

I, Michael L. Kern, III, the Principal Executive Officer and Principal Financial Officer of Steward Funds, Inc. (the “Registrant”) certify that to the best of my knowledge:

 

  1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 1, 2022

/s/ Michael L. Kern, III                

Michael L. Kern, III

President and Treasurer

(Principal Executive Officer and Principal Financial Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.