# EDGAR Filing Document

**Accession Number:** 0000092500
**File Stem:** 0002066578-25-001999
**Filing Date:** 2025-12
**Character Count:** 525225
**Document Hash:** 817b5ccce59b2c83cbc707446f160aa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001999.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0002066578-25-001999

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEWARD FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000092500

**ORGANIZATION NAME:**
- **EIN:** 751281784
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01597
- **FILM NUMBER:** 251617233

**BUSINESS ADDRESS:**
- **STREET 1:** 15375 MEMORIAL DRIVE, SUITE 200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 713-260-9000

**MAIL ADDRESS:**
- **STREET 1:** 15375 MEMORIAL DRIVE, SUITE 200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHRISTIAN STEWARDSHIP FUNDS
- **DATE OF NAME CHANGE:** 20021126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPSTONE CHRISTIAN VALUES FUND INC
- **DATE OF NAME CHANGE:** 20011119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPSTONE FIXED INCOME SERIES INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Steward Values Enhanced Large Cap Fund (Series ID: S000003648)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010134 | Class A             | SEEKX           |
| C000010135 | Institutional Class | SEECX           |
| C000195828 | Class R6            | SEEHX           |

### Steward Select Bond Fund (Series ID: S000003814)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010642 | Institutional Class | SEACX           |
| C000010643 | Class A             | SEAKX           |

### Steward Values Enhanced International Fund (Series ID: S000010863)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000030111 | Class A             | SNTKX           |
| C000030112 | Institutional Class | SNTCX           |
| C000195831 | Class R6            | SNTFX           |

### Steward Global Equity Income Fund (Series ID: S000021424)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000061277 | Class A             | SGIDX           |
| C000061278 | Institutional Class | SGISX           |
| C000195833 | Class C             | SGIFX           |
| C000195834 | Class R6            | SGIGX           |

### Steward Values Enhanced Small-Mid Cap Fund (Series ID: S000056289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000177432 | Class A             | TRDFX           |
| C000177433 | Institutional Class | SCECX           |
| C000195836 | Class R6            | SSMOX           |

### Steward Covered Call Income Fund (Series ID: S000059856)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195823 | Class A             | SCJAX           |
| C000195824 | Class C             | SCJCX           |
| C000195825 | Class R6            | SCJKX           |
| C000195826 | Institutional Class | SCJIX           |

### Steward Equity Market Neutral Fund (Series ID: S000074384)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232243 | Institutional Class | SMNIX           |
| C000232244 | Class A             | SMNAX           |

### Steward Large Cap Core Fund (Series ID: S000074385)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232245 | Class A             | SJCAX           |
| C000232247 | Class R6            | SJCRX           |
| C000232248 | Institutional Class | SJCIX           |

### Steward Large Cap Growth Fund (Series ID: S000074386)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232249 | Institutional Class | SJGIX           |
| C000232251 | Class A             | SJGAX           |

### Steward Large Cap Value Fund (Series ID: S000074387)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232255 | Institutional Class | SJVIX           |
| C000232256 | Class A             | SJVAX           |

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#### 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:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 260-9000

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### October 31, 2025

#### 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):

(b) Not applicable.

### Steward Covered Call Income Fund

### Class A/SCJAX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Covered Call Income Fund<br>(Class A/SCJAX) | $681.25%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106226969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183685.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Covered Call Income Fund

### Class C/SCJCX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Covered Call Income Fund<br>(Class C/SCJCX) | $1082.00%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106226969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183757.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Covered Call Income Fund

### Class R6/SCJKX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of August 28, 2025 (commencement of operations for Class R6) to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund (Class)** |
| Steward Covered Call Income Fund<br>(Class R6/SCJKX)$18<sup>(1)</sup>1.00%<sup>(2)</sup> |

---

 **<sup>(1)</sup>** **Class R6 shares of the Fund commenced operations on August 28, 2025. Had Class R6 shares of the Fund been in operation for a full six-month period, the cost of a $10,000 investment would have been higher.** 

 **<sup>(2)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106226969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3201291.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Covered Call Income Fund

### Institutional Class/SCJIX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Covered Call Income Fund<br>(Institutional Class/SCJIX) | $541.00%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106226969 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183730.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Equity Market Neutral Fund

### Class A/SMNAX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Equity Market Neutral Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund (Class)** |
| Steward Equity Market Neutral Fund<br>(Class A/SMNAX)$127<sup>(1)</sup>2.57%<sup>(1),(2)</sup> |

---

 **<sup>(1)</sup>** **Includes dividend expense and brokerage expense on securities sold short, as applicable.** 

 **<sup>(2)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$102770390 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184554.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Equity Market Neutral Fund

### Institutional Class/SMNIX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Equity Market Neutral Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund (Class)** |
| Steward Equity Market Neutral Fund<br>(Institutional Class/SMNIX)$117<sup>(1)</sup>2.36%<sup>(1),(2)</sup> |

---

 **<sup>(1)</sup>** **Includes dividend expense and brokerage expense on securities sold short, as applicable.** 

 **<sup>(2)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$102770390 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184594.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Global Equity Income Fund

### Class A/SGIDX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Global Equity Income Fund<br> (Class A/SGIDX) | $671.22%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$448682660 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Logitech International SA | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183802.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183797.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Global Equity Income Fund

### Class C/SGIFX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Global Equity Income Fund<br>(Class C/SGIFX) | $1081.99%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$448682660 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Logitech International SA | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183874.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183869.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Global Equity Income Fund

### Class R6/SGIGX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Global Equity Income Fund<br>(Class R6/SGIGX) | $480.88%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$448682660 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Logitech International SA | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183901.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183906.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Global Equity Income Fund

### Institutional Class/SGISX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Global Equity Income Fund<br> (Institutional Class/SGISX) | $540.98%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$448682660 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Logitech International SA | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183829.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183834.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Core Fund

### Class A/SJCAX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Core Fund<br> (Class A/SJCAX) | $551.00%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$186119958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184333.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184338.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Core Fund

### Class R6/SJCRX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Core Fund<br>(Class R6/SJCRX) | $410.75%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$186119958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184621.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184626.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Core Fund

### Institutional Class/SJCIX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Core Fund<br> (Institutional Class/SJCIX) | $410.75%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$186119958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184378.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184373.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Growth Fund

### Class A/SJGAX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Growth Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Growth Fund<br> (Class A/SJGAX) | $561.00%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215563331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184405.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184410.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Growth Fund

### Institutional Class/SJGIX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Growth Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Growth Fund<br>(Institutional Class/SJGIX) | $420.75%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215563331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184450.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184445.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Value Fund

### Class A/SJVAX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Value Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Value Fund<br> (Class A/SJVAX) | $541.00%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$107926639 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184477.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184482.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Large Cap Value Fund

### Institutional Class/SJVIX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Large Cap Value Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Large Cap Value Fund<br> (Institutional Class/SJVIX) | $400.75%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$107926639 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184522.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184517.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Select Bond Fund

### Class A/SEAKX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Select Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Select Bond Fund<br>(Class A/SEAKX) | $500.97%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$200548573 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 02/15/33 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.00%, 11/15/42 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.38%, 05/15/34 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/30 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 06/30/32 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 1.5% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184157.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Select Bond Fund

### Institutional Class/SEACX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Select Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Select Bond Fund<br>(Institutional Class/SEACX) | $360.71%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$200548573 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 02/15/33 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.00%, 11/15/42 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.38%, 05/15/34 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/30 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 06/30/32 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 1.5% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184194.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced International Fund

### Class A/SNTKX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced International Fund ("Fund") (formerly, Steward International Enhanced Index Fund) for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced International Fund<br>(Class A/SNTKX) | $530.97%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$270721938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE, Sponsored ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183946.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183941.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced International Fund

### Class R6/SNTFX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced International Fund ("Fund") (formerly, Steward International Enhanced Index Fund) for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced International Fund<br> (Class R6/SNTFX) | $340.62%<sup>(1)</sup> |

---

 **<sup>(1)</sup>* **Annualized.*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$270721938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE, Sponsored ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184018.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184013.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced International Fund

### Institutional Class/SNTCX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced International Fund ("Fund") (formerly, Steward International Enhanced Index Fund) for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced International Fund<br>(Institutional Class/SNTCX) | $390.71%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$270721938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE, Sponsored ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3183973.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3183978.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Large Cap Fund

### Class A/SEEKX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Large Cap Fund<br>(Class A/SEEKX) | $460.81%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$310586072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184045.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184050.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Large Cap Fund

### Class R6/SEEHX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Large Cap Fund<br>(Class R6/SEEHX) | $260.47%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$310586072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184117.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184122.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Large Cap Fund

### Institutional Class/SEECX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Large Cap Fund<br>(Institutional Class/SEECX) | $320.57%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$310586072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184090.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184085.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Small-Mid Cap Fund

### Class A/TRDFX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Class A/TRDFX) | $460.84%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$170467320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;867 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184234.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184229.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Small-Mid Cap Fund

### Class R6/SSMOX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Class R6/SSMOX) | $290.53%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$170467320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;867 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184306.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184301.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

### Steward Values Enhanced Small-Mid Cap Fund

### Institutional Class/SCECX
![Crossmark Logo](images_7649.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Institutional Class/SCECX) | $350.65%<sup>(1)</sup> |

---

 **<sup>(1)</sup>** **Annualized.** 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$170467320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;867 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, representing the percentage of the net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3184261.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3184266.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information at crossmarkglobal.com/stewardfunds/. You can also request this information by contacting us at 888-845-6910.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-845-6910 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_7654.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at crossmarkglobal.com/stewardfunds/.

Steward Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The schedules of investments are included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img3afac7e41.gif)

CROSSMARKGLOBAL.COM

October 31, 2025

STEWARD FUNDS

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

------

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Schedules of Investments (Unaudited)](#xx_d98aacf3-9f44-4b5a-b11d-916d7005b61e_SOI-FundBookHeader2_1) | 2 |
| [Financial Statements (Unaudited)](#xx_d98aacf3-9f44-4b5a-b11d-916d7005b61e_FS-FundBookHeader3_1) | 50 |
| [Notes to Financial Statements (Unaudited)](#xx_d98aacf3-9f44-4b5a-b11d-916d7005b61e_NTF-NTF-TOC_1) | 77 |
| [Other Information (Unaudited)](#xx_d98aacf3-9f44-4b5a-b11d-916d7005b61e_CID-CIDW-TOC_1) | 88 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)](#xx_d98aacf3-9f44-4b5a-b11d-916d7005b61e_BA-Basis-TOC_1) | 89 |

---

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS**<sup>\*</sup> **- 104.3%** |  |  |
| ***AEROSPACE & DEFENSE - 3.4%*** |  |  |
| Boeing Co. (The)<sup>(a)</sup> <br>| 2600 | $522652 |
| General Dynamics Corp. | 1600 | 551840 |
| General Electric Co. | 3600 | 1112220 |
| Lockheed Martin Corp. | 1200 | 590256 |
| RTX Corp.<sup>†</sup> <br>| 4900 | 874650 |
|  |  | 3651618 |
| ***AIR FREIGHT & LOGISTICS - 1.0%*** |  |  |
| FedEx Corp. | 2400 | 609168 |
| United Parcel Service, Inc., Class B | 5000 | 482100 |
|  |  | 1091268 |
| ***AUTOMOBILES - 2.9%*** |  |  |
| General Motors Co. | 4500 | 310905 |
| Tesla, Inc.<sup>(a)</sup> <br>| 6000 | 2739360 |
|  |  | 3050265 |
| ***BANKS - 5.0%*** |  |  |
| Bank of America Corp. | 20100 | 1074345 |
| Citigroup, Inc. | 6500 | 657995 |
| JPMorgan Chase & Co. | 7100 | 2208952 |
| U.S. Bancorp | 10100 | 471468 |
| Wells Fargo & Co. | 9800 | 852306 |
|  |  | 5265066 |
| ***BEVERAGES - 2.1%*** |  |  |
| Coca-Cola Co. (The) | 19800 | 1364220 |
| PepsiCo, Inc. | 6200 | 905758 |
|  |  | 2269978 |
| ***BIOTECHNOLOGY - 2.4%*** |  |  |
| AbbVie, Inc. | 4000 | 872160 |
| Amgen, Inc. | 2900 | 865447 |
| Gilead Sciences, Inc. | 6400 | 766656 |
|  |  | 2504263 |
| ***BROADLINE RETAIL - 4.8%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 21100 | 5153042 |
| ***CAPITAL MARKETS - 4.2%*** |  |  |
| Bank of New York Mellon Corp. (The) | 5900 | 636787 |
| Blackrock, Inc. | 800 | 866248 |
| Charles Schwab Corp. (The) | 6700 | 633284 |
| Goldman Sachs Group, Inc. (The) | 1700 | 1341929 |
| Morgan Stanley | 5700 | 934800 |
|  |  | 4413048 |
| ***CHEMICALS - 1.2%*** |  |  |
| Linde PLC | 3000 | 1254900 |
| Solstice Advanced Materials, Inc.<sup>†(a)</sup> <br>| 925 | 41690 |
|  |  | 1296590 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.3%***<br>|  |  |
| Cisco Systems, Inc. | 18600 | $1359846 |
| ***CONSUMER FINANCE - 2.0%*** |  |  |
| American Express Co. | 3600 | 1298628 |
| Capital One Financial Corp. | 4000 | 879960 |
|  |  | 2178588 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 2.9%***<br>|  |  |
| Costco Wholesale Corp. | 1500 | 1367175 |
| Target Corp. | 3200 | 296704 |
| Walmart, Inc. | 14300 | 1446874 |
|  |  | 3110753 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.7%***<br>|  |  |
| AT&T, Inc.<sup>†</sup> <br>| 15400 | 381150 |
| Verizon Communications, Inc. | 8800 | 349712 |
|  |  | 730862 |
| ***ELECTRIC UTILITIES - 2.6%*** |  |  |
| Duke Energy Corp. | 7400 | 919820 |
| NextEra Energy, Inc. | 8500 | 691900 |
| Southern Co. (The) | 12100 | 1137884 |
|  |  | 2749604 |
| ***ELECTRICAL EQUIPMENT - 0.8%*** |  |  |
| Emerson Electric Co. | 6200 | 865334 |
| ***ENTERTAINMENT - 1.7%*** |  |  |
| Netflix, Inc.<sup>(a)</sup> <br>| 1100 | 1230746 |
| Walt Disney Co. (The) | 5400 | 608148 |
|  |  | 1838894 |
| ***FINANCIAL SERVICES - 5.4%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>†(a)</sup> <br>| 4500 | 2148930 |
| Mastercard, Inc., Class A | 2600 | 1435174 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 4900 | 339423 |
| Visa, Inc., Class A | 5200 | 1771848 |
|  |  | 5695375 |
| ***FOOD PRODUCTS - 0.5%*** |  |  |
| Mondelez International, Inc., Class A | 10000 | 574600 |
| ***GROUND TRANSPORTATION - 1.4%*** |  |  |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| 7000 | 675500 |
| Union Pacific Corp. | 3600 | 793332 |
|  |  | 1468832 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.3%***<br>|  |  |
| Abbott Laboratories | 6800 | 840616 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| 2100 | $1121988 |
| Medtronic PLC | 4800 | 435360 |
|  |  | 2397964 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 0.2%***<br>|  |  |
| CVS Health Corp. | 2300 | 179745 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 2.2%***<br>|  |  |
| Booking Holdings, Inc. | 200 | 1015548 |
| McDonald's Corp. | 3000 | 895290 |
| Starbucks Corp. | 5900 | 477133 |
|  |  | 2387971 |
| ***HOUSEHOLD PRODUCTS - 1.6%*** |  |  |
| Colgate-Palmolive Co. | 6600 | 508530 |
| Procter & Gamble Co. (The) | 8000 | 1202960 |
|  |  | 1711490 |
| ***INDUSTRIAL CONGLOMERATES -*** <br> ***1.4%***<br>|  |  |
| 3M Co. | 4400 | 732600 |
| Honeywell International, Inc. | 3700 | 744921 |
|  |  | 1477521 |
| ***INSURANCE - 1.4%*** |  |  |
| American International Group, Inc. | 8300 | 655368 |
| MetLife, Inc. | 10400 | 830128 |
|  |  | 1485496 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 8.5%***<br>|  |  |
| Alphabet, Inc., Class A<sup>†</sup> <br>| 12400 | 3486756 |
| Alphabet, Inc., Class C<sup>†</sup> <br>| 8800 | 2480016 |
| Meta Platforms, Inc., Class A | 4700 | 3047245 |
|  |  | 9014017 |
| ***IT SERVICES - 1.5%*** |  |  |
| Accenture PLC, Class A | 2900 | 725290 |
| International Business Machines Corp. | 3000 | 922230 |
|  |  | 1647520 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 0.9%***<br>|  |  |
| Danaher Corp. | 4300 | 926134 |
| ***MACHINERY - 1.8%*** |  |  |
| Caterpillar, Inc. | 2300 | 1327698 |
| Deere & Co. | 1300 | 600119 |
|  |  | 1927817 |
| ***MEDIA - 0.4%*** |  |  |
| Comcast Corp., Class A | 13500 | 375772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***3.0%***<br>|  |  |
| Chevron Corp. | 6200 | $977864 |
| ConocoPhillips | 8400 | 746424 |
| Exxon Mobil Corp. | 12600 | 1440936 |
|  |  | 3165224 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.6%***<br>|  |  |
| Simon Property Group, Inc. | 3700 | 650312 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***12.6%***<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| 4700 | 1203764 |
| Broadcom, Inc. | 10500 | 3881115 |
| Intel Corp.<sup>(a)</sup> <br>| 14200 | 567858 |
| NVIDIA Corp. | 27700 | 5608973 |
| QUALCOMM, Inc. | 6700 | 1212030 |
| Texas Instruments, Inc. | 5800 | 936468 |
|  |  | 13410208 |
| ***SOFTWARE - 10.8%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 2000 | 680620 |
| Intuit, Inc. | 1300 | 867815 |
| Microsoft Corp. | 9700 | 5022757 |
| Oracle Corp. | 4600 | 1208006 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| 5900 | 1182773 |
| Salesforce, Inc. | 4600 | 1197886 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| 1400 | 1286992 |
|  |  | 11446849 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.4%***<br>|  |  |
| American Tower Corp.<sup>†</sup> <br>| 2100 | 375858 |
| ***SPECIALTY RETAIL - 2.0%*** |  |  |
| Home Depot, Inc. (The) | 3800 | 1442442 |
| Lowe's Cos., Inc. | 3000 | 714390 |
|  |  | 2156832 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***5.1%***<br>|  |  |
| Apple, Inc. | 20000 | 5407400 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 0.4%***<br>|  |  |
| NIKE, Inc., Class B | 6700 | 432753 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 0.9%***<br>|  |  |
| T-Mobile U.S., Inc. | 4400 | $924220 |
| **TOTAL COMMON STOCKS** <br> **(COST $101,430,601)**<br>|  | 110768929 |
| <br>**MONEY MARKET FUND - 1.1%** | <br>**MONEY MARKET FUND - 1.1%** | <br>**MONEY MARKET FUND - 1.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(b)</sup> <br>| 1222530 | 1222530 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $1,222,530)**<br>|  | 1222530 |
| **TOTAL INVESTMENTS** <br> **(COST $102,653,131) - 105.4%**<br>|  | 111991459 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **WRITTEN CALL OPTIONS -** <br> **(5.6)%** <br> **(PREMIUMS RECEIVED** <br> **($3705678))**<br>| $(5902787)<br>|
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.2%**<br>| 138297 |
| **NET ASSETS - 100.0%** | $106226969 |

---

---

| | |
|:---|:---|
| \* | Securities in this Fund are pledged as collateral for call options written. <br> The total market value of securities pledged at October 31, 2025 is <br> $102,202,409.<br>|
| † | Security is not pledged as collateral for call options written. |
| <sup>(a)</sup> <br>| Non-income producing security. |
| <sup>(b)</sup> <br>| 7-day current yield as of October 31, 2025. |

---

PLC — Public Limited Company<br>

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD COVERED CALL INCOME FUND**

------

Exchange-traded options written as of October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br> **Contracts**<br>| **Notional** <br> **Amount\***<br>| **Exercise** <br> **Price**<br>| **Expiration** <br> **Date**<br>| **Value** |
| 3M Co.<br> Call | 40 | $(640000)<br>| $160.00 | 11/21/25 | $(34240)<br>|
| Abbott Laboratories<br> Call | 65 | (877500)<br>| 135.00 | 1/16/26 | (7085)<br>|
| AbbVie, Inc.<br> Call | 35 | (840000)<br>| 240.00 | 1/16/26 | (9135)<br>|
| Accenture PLC, Class A<br> Call | 25 | (662500)<br>| 265.00 | 11/21/25 | (6550)<br>|
| Adobe, Inc.<br> Call | 15 | (600000)<br>| 400.00 | 12/19/25 | (9300)<br>|
| Advanced Micro Devices, Inc.<br> Call | 45 | (832500)<br>| 185.00 | 12/19/25 | (336712)<br>|
| Amazon.com, Inc.<br> Call | 190 | (4370000)<br>| 230.00 | 11/21/25 | (330980)<br>|
| American Express Co.<br> Call | 30 | (1020000)<br>| 340.00 | 12/19/25 | (86325)<br>|
| American International Group, Inc.<br> Call | 75 | (618750)<br>| 82.50 | 1/16/26 | (12375)<br>|
| Amgen, Inc.<br> Call | 25 | (750000)<br>| 300.00 | 12/19/25 | (25750)<br>|
| Apple, Inc.<br> Call | 194 | (4268000)<br>| 220.00 | 11/21/25 | (994250)<br>|
| Bank of America Corp.<br> Call | 175 | (875000)<br>| 50.00 | 11/21/25 | (70000)<br>|
| Bank of New York Mellon Corp. (The)<br> Call | 55 | (632500)<br>| 115.00 | 12/19/25 | (7095)<br>|
| BlackRock, Inc.<br> Call | 5 | (560000)<br>| 1120.00 | 11/21/25 | (5700)<br>|
| Boeing Co. (The)<br> Call | 20 | (450000)<br>| 225.00 | 1/16/26 | (8600)<br>|
| Booking Holdings, Inc.<br> Call | 1 | (550000)<br>| 5500.00 | 1/16/26 | (11065)<br>|
| Broadcom, Inc.<br> Call | 95 | (3325000)<br>| 350.00 | 11/21/25 | (278920)<br>|
| Capital One Financial Corp.<br> Call | 35 | (770000)<br>| 220.00 | 11/21/25 | (23975)<br>|
| Caterpillar, Inc.<br> Call | 20 | (900000)<br>| 450.00 | 11/21/25 | (257850)<br>|
| Charles Schwab Corp. (The)<br> Call | 60 | (600000)<br>| 100.00 | 12/19/25 | (9000)<br>|
| Chevron Corp.<br> Call | 55 | (880000)<br>| 160.00 | 11/21/25 | (11330)<br>|
| Cisco Systems, Inc.<br> Call | 170 | (1190000)<br>| 70.00 | 11/21/25 | (74800)<br>|
| Citigroup, Inc.<br> Call | 60 | (630000)<br>| 105.00 | 12/19/25 | (16980)<br>|
| Coca-Cola Co. (The)<br> Call | 190 | (1330000)<br>| 70.00 | 12/19/25 | (21850)<br>|
| Colgate-Palmolive Co.<br> Call | 60 | (495000)<br>| 82.50 | 1/16/26 | (7500)<br>|
| Comcast Corp., Class A<br> Call | 125 | (406250)<br>| 32.50 | 1/16/26 | (5125)<br>|
| ConocoPhillips<br> Call | 80 | (780000)<br>| 97.50 | 1/16/26 | (15120)<br>|
| Costco Wholesale Corp.<br> Call | 14 | (1351000)<br>| 965.00 | 12/19/25 | (21434)<br>|
| CVS Health Corp.<br> Call | 20 | (175000)<br>| 87.50 | 1/16/26 | (2790)<br>|
| Danaher Corp.<br> Call | 35 | (735000)<br>| 210.00 | 11/21/25 | (31500)<br>|
| Deere & Co.<br> Call | 10 | (480000)<br>| 480.00 | 12/19/25 | (14580)<br>|
| Duke Energy Corp.<br> Call | 67 | (837500)<br>| 125.00 | 12/19/25 | (19899)<br>|
| Emerson Electric Co.<br> Call | 55 | (797500)<br>| 145.00 | 12/19/25 | (22220)<br>|
| Exxon Mobil Corp.<br> Call | 110 | (1265000)<br>| 115.00 | 11/21/25 | (22440)<br>|
| FedEx Corp.<br> Call | 20 | (500000)<br>| 250.00 | 11/21/25 | (18780)<br>|
| General Dynamics Corp.<br> Call | 15 | (510000)<br>| 340.00 | 11/21/25 | (14775)<br>|
| General Electric Co.<br> Call | 30 | (870000)<br>| 290.00 | 11/21/25 | (65550)<br>|
| General Motors Co.<br> Call | 35 | (210000)<br>| 60.00 | 1/16/26 | (35980)<br>|
| Gilead Sciences, Inc.<br> Call | 60 | (660000)<br>| 110.00 | 11/21/25 | (60000)<br>|
| Goldman Sachs Group, Inc. (The)<br> Call | 15 | (1230000)<br>| 820.00 | 11/21/25 | (15375)<br>|
| Home Depot, Inc. (The)<br> Call | 35 | (1400000)<br>| 400.00 | 11/21/25 | (12740)<br>|
| Honeywell International, Inc.<br> Call | 35 | (770000)<br>| 220.00 | 12/19/25 | (17850)<br>|
| Intel Corp.<br> Call | 140 | (336000)<br>| 24.00 | 11/21/25 | (224140)<br>|
| International Business Machines Corp.<br> Call | 25 | (662500)<br>| 265.00 | 12/19/25 | (108875)<br>|
| Intuit, Inc.<br> Call | 9 | (639000)<br>| 710.00 | 12/19/25 | (16785)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount\***<br>| **Exercise**<br> **Price**<br>| **Expiration**<br> **Date**<br>| **Value** |
| Intuitive Surgical, Inc.<br> Call | 15 | $(750000)<br>| $500.00 | 12/19/25 | $(69075)<br>|
| JPMorgan Chase & Co.<br> Call | 65 | (1950000)<br>| 300.00 | 12/19/25 | (122720)<br>|
| Linde PLC<br> Call | 25 | (1150000)<br>| 460.00 | 1/16/26 | (10000)<br>|
| Lockheed Martin Corp.<br> Call | 10 | (475000)<br>| 475.00 | 12/19/25 | (26600)<br>|
| Lowe's Cos., Inc.<br> Call | 25 | (625000)<br>| 250.00 | 11/21/25 | (8125)<br>|
| Mastercard, Inc., Class A<br> Call | 20 | (1200000)<br>| 600.00 | 12/19/25 | (8420)<br>|
| McDonald's Corp.<br> Call | 30 | (975000)<br>| 325.00 | 12/19/25 | (4635)<br>|
| Medtronic PLC<br> Call | 40 | (400000)<br>| 100.00 | 12/19/25 | (1720)<br>|
| Meta Platforms, Inc., Class A<br> Call | 40 | (3000000)<br>| 750.00 | 12/19/25 | (34120)<br>|
| MetLife, Inc.<br> Call | 95 | (783750)<br>| 82.50 | 1/16/26 | (22325)<br>|
| Microsoft Corp.<br> Call | 90 | (4860000)<br>| 540.00 | 12/19/25 | (88830)<br>|
| Mondelez International, Inc., Class A<br> Call | 95 | (593750)<br>| 62.50 | 1/16/26 | (7410)<br>|
| Morgan Stanley<br> Call | 50 | (850000)<br>| 170.00 | 1/16/26 | (31375)<br>|
| Netflix, Inc.<br> Call | 8 | (976000)<br>| 1220.00 | 12/19/25 | (15136)<br>|
| NextEra Energy, Inc.<br> Call | 80 | (600000)<br>| 75.00 | 11/21/25 | (56560)<br>|
| NIKE, Inc., Class B<br> Call | 50 | (350000)<br>| 70.00 | 12/19/25 | (9500)<br>|
| NVIDIA Corp.<br> Call | 275 | (4400000)<br>| 160.00 | 11/21/25 | (1204500)<br>|
| Oracle Corp.<br> Call | 40 | (1040000)<br>| 260.00 | 12/19/25 | (96000)<br>|
| Palantir Technologies, Inc., Class A<br> Call | 50 | (950000)<br>| 190.00 | 11/21/25 | (98500)<br>|
| PayPal Holdings, Inc.<br> Call | 40 | (290000)<br>| 72.50 | 12/19/25 | (10640)<br>|
| PepsiCo, Inc.<br> Call | 50 | (750000)<br>| 150.00 | 1/16/26 | (20600)<br>|
| Procter & Gamble Co. (The)<br> Call | 75 | (1200000)<br>| 160.00 | 1/16/26 | (15338)<br>|
| QUALCOMM, Inc.<br> Call | 60 | (990000)<br>| 165.00 | 12/19/25 | (126000)<br>|
| Raytheon Technologies Corp.<br> Call | 45 | (742500)<br>| 165.00 | 11/21/25 | (66150)<br>|
| Salesforce, Inc.<br> Call | 40 | (1080000)<br>| 270.00 | 12/19/25 | (51560)<br>|
| ServiceNow, Inc.<br> Call | 10 | (1000000)<br>| 1000.00 | 12/19/25 | (19750)<br>|
| Simon Property Group, Inc.<br> Call | 35 | (647500)<br>| 185.00 | 1/16/26 | (11725)<br>|
| Southern Co. (The)<br> Call | 110 | (1045000)<br>| 95.00 | 11/21/25 | (14300)<br>|
| Starbucks Corp.<br> Call | 55 | (495000)<br>| 90.00 | 1/16/26 | (8580)<br>|
| Target Corp.<br> Call | 25 | (237500)<br>| 95.00 | 1/16/26 | (14875)<br>|
| Tesla, Inc.<br> Call | 50 | (2500000)<br>| 500.00 | 11/21/25 | (51750)<br>|
| Texas Instruments, Inc.<br> Call | 45 | (855000)<br>| 190.00 | 1/16/26 | (9473)<br>|
| T-Mobile U.S., Inc.<br> Call | 40 | (920000)<br>| 230.00 | 1/16/26 | (13520)<br>|
| U.S. Bancorp<br> Call | 90 | (427500)<br>| 47.50 | 12/19/25 | (13230)<br>|
| Uber Technologies, Inc.<br> Call | 60 | (660000)<br>| 110.00 | 12/19/25 | (11340)<br>|
| Union Pacific Corp.<br> Call | 30 | (690000)<br>| 230.00 | 12/19/25 | (10650)<br>|
| United Parcel Service, Inc., Class B<br> Call | 45 | (427500)<br>| 95.00 | 1/16/26 | (22725)<br>|
| Verizon Communications, Inc.<br> Call | 80 | (360000)<br>| 45.00 | 1/16/26 | (1520)<br>|
| Visa, Inc., Class A<br> Call | 45 | (1620000)<br>| 360.00 | 11/21/25 | (6615)<br>|
| Walmart, Inc.<br> Call | 130 | (1365000)<br>| 105.00 | 12/19/25 | (34970)<br>|
| Walt Disney Co. (The)<br> Call | 45 | (540000)<br>| 120.00 | 1/16/26 | (17550)<br>|
| Wells Fargo & Co.<br> Call | 90 | (810000)<br>| 90.00 | 1/16/26 | (31050)<br>|
| (Premiums received $3,705,678) |  |  |  |  | $(5902787)<br>|

---

\* Notional amount is expressed as the number of contracts multiplied by the exercise price multiplied by 100.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 88.8%** |  |  |
| ***AIR FREIGHT & LOGISTICS - 0.9%*** |  |  |
| C.H. Robinson Worldwide, Inc.<sup>(a)</sup> <br>| 6300 | $970137 |
| ***AUTOMOBILE COMPONENTS - 2.0%*** |  |  |
| Aptiv PLC<sup>(b)</sup> <br>| 12000 | 973200 |
| BorgWarner, Inc. | 24000 | 1031040 |
|  |  | 2004240 |
| ***AUTOMOBILES - 0.9%*** |  |  |
| Harley-Davidson, Inc. | 33000 | 890340 |
| ***BANKS - 5.8%*** |  |  |
| Citigroup, Inc. | 10000 | 1012300 |
| Citizens Financial Group, Inc.<sup>(a)</sup> <br>| 5000 | 254350 |
| Comerica, Inc.<sup>(a)</sup> <br>| 9000 | 688500 |
| First Hawaiian, Inc.<sup>(a)</sup> <br>| 7000 | 171710 |
| M&T Bank Corp. | 2000 | 367740 |
| Popular, Inc.<sup>(a)</sup> <br>| 8800 | 980936 |
| Synovus Financial Corp.<sup>(a)</sup> <br>| 20600 | 919584 |
| U.S. Bancorp<sup>(a)</sup> <br>| 12700 | 592836 |
| Webster Financial Corp.<sup>(a)</sup> <br>| 17300 | 986792 |
|  |  | 5974748 |
| ***BIOTECHNOLOGY - 2.7%*** |  |  |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> <br>| 17000 | 910690 |
| Gilead Sciences, Inc.<sup>(a)</sup> <br>| 7900 | 946341 |
| Incyte Corp.<sup>(b)</sup> <br>| 10300 | 962844 |
|  |  | 2819875 |
| ***BROADLINE RETAIL - 2.4%*** |  |  |
| eBay, Inc.<sup>(a)</sup> <br>| 10100 | 821231 |
| Etsy, Inc.<sup>(a)(b)</sup> <br>| 13000 | 806000 |
| Macy's, Inc.<sup>(a)</sup> <br>| 44800 | 873152 |
|  |  | 2500383 |
| ***CAPITAL MARKETS - 5.7%*** |  |  |
| Bank of New York Mellon Corp. (The)<sup>(a)</sup> <br>| 9000 | 971370 |
| Charles Schwab Corp. (The) | 6000 | 567120 |
| Janus Henderson Group PLC | 20600 | 897336 |
| Lazard, Inc.<sup>(a)</sup> <br>| 17100 | 834480 |
| Nasdaq, Inc.  | 10000 | 854900 |
| Northern Trust Corp.<sup>(a)</sup> <br>| 6000 | 772020 |
| State Street Corp.<sup>(a)</sup> <br>| 8100 | 936846 |
|  |  | 5834072 |
| ***CHEMICALS - 0.9%*** |  |  |
| Corteva, Inc.<sup>(a)</sup> <br>| 15400 | 946176 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 0.9%***<br>|  |  |
| Tetra Tech, Inc.<sup>(a)</sup> <br>| 28400 | $908232 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.8%***<br>|  |  |
| Cisco Systems, Inc. | 13200 | 965052 |
| F5, Inc.<sup>(a)(b)</sup> <br>| 3300 | 835065 |
|  |  | 1800117 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***1.8%***<br>|  |  |
| AECOM<sup>(a)</sup> <br>| 7400 | 994190 |
| EMCOR Group, Inc. | 1300 | 878514 |
|  |  | 1872704 |
| ***CONSUMER FINANCE - 2.0%*** |  |  |
| OneMain Holdings, Inc. | 16400 | 970716 |
| Synchrony Financial | 14000 | 1041320 |
|  |  | 2012036 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 1.8%***<br>|  |  |
| Dollar General Corp.<sup>(a)</sup> <br>| 9000 | 887940 |
| Dollar Tree, Inc.<sup>(a)(b)</sup> <br>| 9600 | 951552 |
|  |  | 1839492 |
| ***CONTAINERS & PACKAGING - 0.9%*** |  |  |
| Crown Holdings, Inc. | 9600 | 932928 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 2.7%***<br>|  |  |
| ADT, Inc.<sup>(a)</sup> <br>| 117000 | 1034280 |
| Grand Canyon Education, Inc.<sup>(b)</sup> <br>| 4500 | 847350 |
| H&R Block, Inc. | 18200 | 905268 |
|  |  | 2786898 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 2.6%***<br>|  |  |
| Iridium Communications, Inc.<sup>(a)</sup> <br>| 50900 | 974735 |
| Liberty Global Ltd., Class A<sup>(a)(b)</sup> <br>| 87700 | 964700 |
| Verizon Communications, Inc. | 17700 | 703398 |
|  |  | 2642833 |
| ***ELECTRICAL EQUIPMENT - 0.9%*** |  |  |
| Sensata Technologies Holding PLC | 29500 | 938985 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 3.9%***<br>|  |  |
| Arrow Electronics, Inc.<sup>(b)</sup> <br>| 2000 | $223100 |
| Avnet, Inc. | 17800 | 862410 |
| Flex Ltd.<sup>(b)</sup> <br>| 14800 | 925296 |
| Jabil, Inc.<sup>(a)</sup> <br>| 4500 | 994005 |
| Vontier Corp.<sup>(a)</sup> <br>| 25700 | 989450 |
|  |  | 3994261 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 1.9%***<br>|  |  |
| TechnipFMC PLC | 23500 | 971725 |
| Weatherford International PLC<sup>(a)</sup> <br>| 13600 | 1002184 |
|  |  | 1973909 |
| ***ENTERTAINMENT - 3.0%*** |  |  |
| Electronic Arts, Inc. | 4700 | 940282 |
| Roku, Inc.<sup>(a)(b)</sup> <br>| 10000 | 1061300 |
| Warner Bros Discovery, Inc.<sup>(b)</sup> <br>| 49800 | 1118010 |
|  |  | 3119592 |
| ***FINANCIAL SERVICES - 2.8%*** |  |  |
| Mastercard, Inc., Class A<sup>(a)</sup> <br>| 1700 | 938383 |
| Visa, Inc., Class A | 3000 | 1022220 |
| WEX, Inc.<sup>(a)(b)</sup> <br>| 6500 | 948220 |
|  |  | 2908823 |
| ***FOOD PRODUCTS - 0.9%*** |  |  |
| Kraft Heinz Co. (The)<sup>(a)</sup> <br>| 37400 | 924902 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.8%***<br>|  |  |
| Envista Holdings Corp.<sup>(a)(b)</sup> <br>| 46900 | 954415 |
| ResMed, Inc.<sup>(a)</sup> <br>| 3700 | 913456 |
|  |  | 1867871 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.9%***<br>|  |  |
| Cardinal Health, Inc. | 5200 | 992004 |
| McKesson Corp. | 1200 | 973608 |
| Premier, Inc., Class A | 34600 | 972952 |
|  |  | 2938564 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.8%***<br>|  |  |
| Booking Holdings, Inc. | 200 | 1015548 |
| Travel + Leisure Co. | 13800 | 866364 |
|  |  | 1881912 |
| ***HOUSEHOLD PRODUCTS - 0.3%*** |  |  |
| Colgate-Palmolive Co. | 4200 | 323610 |
| ***INSURANCE - 5.2%*** |  |  |
| American International Group, Inc.<sup>(a)</sup> <br>| 12200 | 963312 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Axis Capital Holdings Ltd.<sup>(a)</sup> <br>| 10200 | $955332 |
| Globe Life, Inc.<sup>(a)</sup> <br>| 3800 | 499738 |
| Hartford Insurance Group, Inc. (The) | 8000 | 993440 |
| Howard Hughes Holdings, Inc.<sup>(a)(b)</sup> <br>| 11900 | 943432 |
| Unum Group | 12800 | 939776 |
|  |  | 5295030 |
| ***IT SERVICES - 0.9%*** |  |  |
| VeriSign, Inc.<sup>(a)</sup> <br>| 3900 | 935220 |
| ***LEISURE PRODUCTS - 1.8%*** |  |  |
| Hasbro, Inc.<sup>(a)</sup> <br>| 12700 | 969137 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> <br>| 27100 | 921129 |
|  |  | 1890266 |
| ***MACHINERY - 3.6%*** |  |  |
| AGCO Corp.<sup>(a)</sup> <br>| 9000 | 928440 |
| Oshkosh Corp.<sup>(a)</sup> <br>| 6900 | 850701 |
| Pentair PLC | 8700 | 925245 |
| Toro Co. (The)<sup>(a)</sup> <br>| 12800 | 956544 |
|  |  | 3660930 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***0.9%***<br>|  |  |
| HF Sinclair Corp.<sup>(a)</sup> <br>| 17500 | 903000 |
| ***PROFESSIONAL SERVICES - 2.4%*** |  |  |
| Automatic Data Processing, Inc. | 3000 | 780900 |
| Concentrix Corp. | 18000 | 725580 |
| Genpact Ltd. | 22000 | 839300 |
| Jacobs Solutions, Inc.<sup>(a)</sup> <br>| 1000 | 155810 |
|  |  | 2501590 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 1.8%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)(b)</sup> <br>| 6300 | 960309 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> <br>| 3000 | 915270 |
|  |  | 1875579 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***4.2%***<br>|  |  |
| Cirrus Logic, Inc.<sup>(a)(b)</sup> <br>| 7500 | 994875 |
| KLA Corp. | 800 | 966992 |
| Lam Research Corp. | 3000 | 472380 |
| QUALCOMM, Inc. | 5100 | 922590 |
| Skyworks Solutions, Inc.<sup>(a)</sup> <br>| 12700 | 987044 |
|  |  | 4343881 |
| ***SOFTWARE - 7.3%*** |  |  |
| Autodesk, Inc.<sup>(a)(b)</sup> <br>| 3100 | 934154 |
| DocuSign, Inc.<sup>(a)(b)</sup> <br>| 13500 | 987390 |
| Dolby Laboratories, Inc., Class A<sup>(a)</sup> <br>| 3600 | 238752 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dropbox, Inc., Class A<sup>(b)</sup> <br>| 31000 | $899000 |
| Gen Digital, Inc.<sup>(a)</sup> <br>| 37600 | 991136 |
| Informatica, Inc., Class A<sup>(a)(b)</sup> <br>| 36400 | 905268 |
| Intuit, Inc. | 700 | 467285 |
| PTC, Inc.<sup>(a)(b)</sup> <br>| 4700 | 933138 |
| Teradata Corp.<sup>(b)</sup> <br>| 8000 | 166800 |
| Zoom Communications, Inc.<sup>(b)</sup> <br>| 11600 | 1011868 |
|  |  | 7534791 |
| ***SPECIALTY RETAIL - 1.0%*** |  |  |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> <br>| 1900 | 987772 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 1.8%***<br>|  |  |
| Crocs, Inc.<sup>(a)(b)</sup> <br>| 11000 | 898590 |
| Ralph Lauren Corp. | 2900 | 927014 |
|  |  | 1825604 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 0.9%***<br>|  |  |
| Ferguson Enterprises, Inc.<sup>(a)</sup> <br>| 3900 | 969150 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.0%***<br>|  |  |
| Millicom International Cellular SA<sup>(a)</sup> <br>| 21000 | 989310 |
| **TOTAL COMMON STOCKS** <br> **(COST $84,625,466)**<br>|  | 91319763 |
| <br>**MONEY MARKET FUND - 5.2%** | <br>**MONEY MARKET FUND - 5.2%** | <br>**MONEY MARKET FUND - 5.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(c)</sup> <br>| 5304839 | 5304839 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $5,304,839)**<br>|  | 5304839 |
| **TOTAL INVESTMENTS** <br> **(COST $89,930,305) - 94.0%**<br>|  | 96624602 |
| **COMMON STOCKS SOLD SHORT - (94.3)%** | **COMMON STOCKS SOLD SHORT - (94.3)%** | **COMMON STOCKS SOLD SHORT - (94.3)%** |
| ***AEROSPACE & DEFENSE - (4.9)%*** | ***AEROSPACE & DEFENSE - (4.9)%*** | ***AEROSPACE & DEFENSE - (4.9)%*** |
| ATI, Inc.  | (10000)<br>| (989700)<br>|
| Axon Enterprise, Inc.  | (1000)<br>| (732230)<br>|
| Boeing Co. (The)  | (5000)<br>| (1005100)<br>|
| Karman Holdings, Inc.  | (4000)<br>| (336960)<br>|
| Loar Holdings, Inc.  | (13000)<br>| (1028690)<br>|
| Spirit AeroSystems Holdings, Inc., <br> Class A <br>| (27000)<br>| (990630)<br>|
|  |  | (5083310)<br>|
| ***AUTOMOBILE COMPONENTS - (1.1)%*** | ***AUTOMOBILE COMPONENTS - (1.1)%*** | ***AUTOMOBILE COMPONENTS - (1.1)%*** |
| QuantumScape Corp. | (62000)<br>| (1143280)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***AUTOMOBILES - (0.9)%*** | ***AUTOMOBILES - (0.9)%*** | ***AUTOMOBILES - (0.9)%*** |
| Tesla, Inc. | (2000)<br>| $(913120)<br>|
| ***BANKS - (0.8)%*** | ***BANKS - (0.8)%*** | ***BANKS - (0.8)%*** |
| Flagstar Bank NA | (70433)<br>| (804345)<br>|
| ***BEVERAGES - (0.8)%*** | ***BEVERAGES - (0.8)%*** | ***BEVERAGES - (0.8)%*** |
| Brown-Forman Corp., Class B  | (23000)<br>| (626290)<br>|
| Primo Brands Corp.  | (9000)<br>| (197730)<br>|
|  |  | (824020)<br>|
| ***BIOTECHNOLOGY - (4.3)%*** | ***BIOTECHNOLOGY - (4.3)%*** | ***BIOTECHNOLOGY - (4.3)%*** |
| Apellis Pharmaceuticals, Inc.  | (34000)<br>| (729980)<br>|
| Exact Sciences Corp.  | (16000)<br>| (1035040)<br>|
| Natera, Inc.  | (5000)<br>| (994650)<br>|
| Roivant Sciences Ltd.  | (53000)<br>| (1059470)<br>|
| Viking Therapeutics, Inc.  | (16000)<br>| (609280)<br>|
|  |  | (4428420)<br>|
| ***BUILDING PRODUCTS - (2.6)%*** | ***BUILDING PRODUCTS - (2.6)%*** | ***BUILDING PRODUCTS - (2.6)%*** |
| AAON, Inc.  | (10000)<br>| (983900)<br>|
| Builders FirstSource, Inc.  | (8000)<br>| (929360)<br>|
| Trex Co., Inc.  | (16000)<br>| (773120)<br>|
|  |  | (2686380)<br>|
| ***CAPITAL MARKETS - (3.5)%*** | ***CAPITAL MARKETS - (3.5)%*** | ***CAPITAL MARKETS - (3.5)%*** |
| Blue Owl Capital, Inc.  | (47000)<br>| (741190)<br>|
| Coinbase Global, Inc., Class A  | (3000)<br>| (1031340)<br>|
| Hamilton Lane, Inc., Class A  | (7000)<br>| (797720)<br>|
| KKR & Co., Inc.  | (5000)<br>| (591650)<br>|
| TPG, Inc.  | (7000)<br>| (385280)<br>|
|  |  | (3547180)<br>|
| ***CHEMICALS - (3.0)%*** | ***CHEMICALS - (3.0)%*** | ***CHEMICALS - (3.0)%*** |
| Air Products and Chemicals, Inc.  | (4000)<br>| (970360)<br>|
| Albemarle Corp.  | (3500)<br>| (343805)<br>|
| LyondellBasell Industries N.V., Class A  | (20000)<br>| (928400)<br>|
| Westlake Corp.  | (12000)<br>| (825720)<br>|
|  |  | (3068285)<br>|
| ***CONSTRUCTION MATERIALS - (2.0)%*** | ***CONSTRUCTION MATERIALS - (2.0)%*** | ***CONSTRUCTION MATERIALS - (2.0)%*** |
| Eagle Materials, Inc.  | (4000)<br>| (849280)<br>|
| Martin Marietta Materials, Inc.  | (2000)<br>| (1226200)<br>|
|  |  | (2075480)<br>|
| ***CONSUMER FINANCE - (0.9)%*** | ***CONSUMER FINANCE - (0.9)%*** | ***CONSUMER FINANCE - (0.9)%*** |
| Credit Acceptance Corp. | (2000)<br>| (894680)<br>|
| ***CONTAINERS & PACKAGING - (2.7)%*** | ***CONTAINERS & PACKAGING - (2.7)%*** | ***CONTAINERS & PACKAGING - (2.7)%*** |
| International Paper Co.  | (27000)<br>| (1043280)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Packaging Corp. of America  | (5000)<br>| $(978800)<br>|
| Silgan Holdings, Inc.  | (19000)<br>| (733780)<br>|
|  |  | (2755860)<br>|
| ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** | ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** | ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** |
| Mister Car Wash, Inc. | (123600)<br>| (690924)<br>|
| ***ELECTRIC UTILITIES - (0.9)%*** | ***ELECTRIC UTILITIES - (0.9)%*** | ***ELECTRIC UTILITIES - (0.9)%*** |
| IDACORP, Inc. | (7000)<br>| (903140)<br>|
| ***ELECTRONIC EQUIPMENT, INSTRUMENTS*** <br> ***& COMPONENTS - (4.0)%*** | ***ELECTRONIC EQUIPMENT, INSTRUMENTS*** <br> ***& COMPONENTS - (4.0)%*** | ***ELECTRONIC EQUIPMENT, INSTRUMENTS*** <br> ***& COMPONENTS - (4.0)%*** |
| Coherent Corp.  | (8000)<br>| (1055680)<br>|
| Crane NXT Co.  | (15000)<br>| (948750)<br>|
| Ingram Micro Holding Corp.  | (47000)<br>| (1079120)<br>|
| IPG Photonics Corp.  | (12000)<br>| (1021440)<br>|
|  |  | (4104990)<br>|
| ***ENTERTAINMENT - (1.0)%*** | ***ENTERTAINMENT - (1.0)%*** | ***ENTERTAINMENT - (1.0)%*** |
| Madison Square Garden Sports Corp. | (5000)<br>| (1071950)<br>|
| ***FINANCIAL SERVICES - (3.8)%*** | ***FINANCIAL SERVICES - (3.8)%*** | ***FINANCIAL SERVICES - (3.8)%*** |
| Block, Inc.  | (13000)<br>| (987220)<br>|
| Rocket Cos., Inc., Class A  | (65000)<br>| (1082900)<br>|
| Shift4 Payments, Inc., Class A  | (12000)<br>| (829200)<br>|
| UWM Holdings Corp.  | (184000)<br>| (1035920)<br>|
|  |  | (3935240)<br>|
| ***FOOD PRODUCTS - (1.3)%*** | ***FOOD PRODUCTS - (1.3)%*** | ***FOOD PRODUCTS - (1.3)%*** |
| Freshpet, Inc.  | (7000)<br>| (344470)<br>|
| Kellanova  | (12000)<br>| (996720)<br>|
|  |  | (1341190)<br>|
| ***GAS UTILITIES - (1.0)%*** | ***GAS UTILITIES - (1.0)%*** | ***GAS UTILITIES - (1.0)%*** |
| Atmos Energy Corp. | (6000)<br>| (1030320)<br>|
| ***GROUND TRANSPORTATION - (4.8)%*** | ***GROUND TRANSPORTATION - (4.8)%*** | ***GROUND TRANSPORTATION - (4.8)%*** |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| (17000)<br>| (767040)<br>|
| Old Dominion Freight Line, Inc.  | (7000)<br>| (982940)<br>|
| Saia, Inc.  | (4000)<br>| (1170000)<br>|
| U-Haul Holding Co.  | (19000)<br>| (1010040)<br>|
| XPO, Inc.  | (7000)<br>| (1007090)<br>|
|  |  | (4937110)<br>|
| ***HEALTH CARE EQUIPMENT & SUPPLIES - (4.0)%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - (4.0)%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - (4.0)%*** |
| Baxter International, Inc.  | (43000)<br>| (794210)<br>|
| Cooper Cos., Inc. (The)  | (14000)<br>| (978740)<br>|
| Enovis Corp.  | (31000)<br>| (968440)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Inspire Medical Systems, Inc.  | (4000)<br>| $(288320)<br>|
| Novocure Ltd.  | (8200)<br>| (105042)<br>|
| Solventum Corp.  | (14000)<br>| (966560)<br>|
| Tandem Diabetes Care, Inc.  | (1900)<br>| (26600)<br>|
|  |  | (4127912)<br>|
| ***HEALTH CARE PROVIDERS & SERVICES - (1.7)%*** | ***HEALTH CARE PROVIDERS & SERVICES - (1.7)%*** | ***HEALTH CARE PROVIDERS & SERVICES - (1.7)%*** |
| Acadia Healthcare Co., Inc.  | (42000)<br>| (903000)<br>|
| Guardant Health, Inc.  | (9500)<br>| (883690)<br>|
|  |  | (1786690)<br>|
| ***HOTELS, RESTAURANTS & LEISURE - (5.3)%*** | ***HOTELS, RESTAURANTS & LEISURE - (5.3)%*** | ***HOTELS, RESTAURANTS & LEISURE - (5.3)%*** |
| Cava Group, Inc.  | (13000)<br>| (698490)<br>|
| Dutch Bros., Inc., Class A  | (13000)<br>| (722020)<br>|
| Light & Wonder, Inc.  | (14000)<br>| (1017800)<br>|
| Norwegian Cruise Line Holdings Ltd.  | (40000)<br>| (896800)<br>|
| Starbucks Corp.  | (11000)<br>| (889570)<br>|
| Texas Roadhouse, Inc.  | (6000)<br>| (981480)<br>|
| Wingstop, Inc.  | (1000)<br>| (216630)<br>|
|  |  | (5422790)<br>|
| ***HOUSEHOLD DURABLES - (3.4)%*** | ***HOUSEHOLD DURABLES - (3.4)%*** | ***HOUSEHOLD DURABLES - (3.4)%*** |
| Lennar Corp., Class A  | (8000)<br>| (990160)<br>|
| Newell Brands, Inc.  | (218000)<br>| (741200)<br>|
| SharkNinja, Inc.  | (9000)<br>| (769500)<br>|
| Somnigroup International, Inc.  | (12000)<br>| (952080)<br>|
|  |  | (3452940)<br>|
| ***INDEPENDENT POWER AND RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - (0.8)%*** | ***INDEPENDENT POWER AND RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - (0.8)%*** | ***INDEPENDENT POWER AND RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - (0.8)%*** |
| Talen Energy Corp. | (2000)<br>| (799560)<br>|
| ***INDUSTRIAL CONGLOMERATES - (0.8)%*** | ***INDUSTRIAL CONGLOMERATES - (0.8)%*** | ***INDUSTRIAL CONGLOMERATES - (0.8)%*** |
| 3M Co. | (5000)<br>| (832500)<br>|
| ***INSURANCE - (1.9)%*** | ***INSURANCE - (1.9)%*** | ***INSURANCE - (1.9)%*** |
| Ryan Specialty Holdings, Inc.  | (19000)<br>| (1041200)<br>|
| White Mountains Insurance Group Ltd.  | (500)<br>| (952280)<br>|
|  |  | (1993480)<br>|
| ***INTERACTIVE MEDIA & SERVICES - (0.9)%*** | ***INTERACTIVE MEDIA & SERVICES - (0.9)%*** | ***INTERACTIVE MEDIA & SERVICES - (0.9)%*** |
| Trump Media & Technology Group <br> Corp.<br>| (58000)<br>| (888850)<br>|
| ***LIFE SCIENCES TOOLS & SERVICES - (3.7)%*** | ***LIFE SCIENCES TOOLS & SERVICES - (3.7)%*** | ***LIFE SCIENCES TOOLS & SERVICES - (3.7)%*** |
| Bruker Corp.  | (26000)<br>| (1012440)<br>|
| Danaher Corp.  | (3000)<br>| (646140)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tempus AI, Inc.  | (11000)<br>| $(988350)<br>|
| Thermo Fisher Scientific, Inc.  | (2000)<br>| (1134780)<br>|
|  |  | (3781710)<br>|
| ***MEDIA - (1.5)%*** | ***MEDIA - (1.5)%*** | ***MEDIA - (1.5)%*** |
| Liberty Broadband Corp., Class A  | (18000)<br>| (962820)<br>|
| Trade Desk (The), Inc., Class A  | (12000)<br>| (603360)<br>|
|  |  | (1566180)<br>|
| ***METALS & MINING - (2.6)%*** | ***METALS & MINING - (2.6)%*** | ***METALS & MINING - (2.6)%*** |
| Cleveland-Cliffs, Inc.  | (62000)<br>| (770660)<br>|
| MP Materials Corp.  | (13000)<br>| (820170)<br>|
| Nucor Corp.  | (7000)<br>| (1050350)<br>|
|  |  | (2641180)<br>|
| ***MULTI-UTILITIES - (3.8)%*** | ***MULTI-UTILITIES - (3.8)%*** | ***MULTI-UTILITIES - (3.8)%*** |
| CMS Energy Corp.  | (13000)<br>| (956150)<br>|
| Dominion Energy, Inc.  | (16000)<br>| (939040)<br>|
| Sempra  | (11000)<br>| (1011340)<br>|
| WEC Energy Group, Inc.  | (9000)<br>| (1005570)<br>|
|  |  | (3912100)<br>|
| ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** | ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** | ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** |
| Diamondback Energy, Inc.  | (7000)<br>| (1002330)<br>|
| Targa Resources Corp.  | (7000)<br>| (1078280)<br>|
| Viper Energy, Inc., Class A  | (27000)<br>| (1014120)<br>|
|  |  | (3094730)<br>|
| ***PASSENGER AIRLINES - (1.4)%*** | ***PASSENGER AIRLINES - (1.4)%*** | ***PASSENGER AIRLINES - (1.4)%*** |
| American Airlines Group, Inc.  | (80000)<br>| (1050400)<br>|
| JetBlue Airways Corp.  | (93500)<br>| (392700)<br>|
|  |  | (1443100)<br>|
| ***PERSONAL CARE PRODUCTS - (1.0)%*** | ***PERSONAL CARE PRODUCTS - (1.0)%*** | ***PERSONAL CARE PRODUCTS - (1.0)%*** |
| elf Beauty, Inc. | (8000)<br>| (977120)<br>|
| ***PROFESSIONAL SERVICES - (1.0)%*** | ***PROFESSIONAL SERVICES - (1.0)%*** | ***PROFESSIONAL SERVICES - (1.0)%*** |
| Amentum Holdings, Inc. | (48000)<br>| (1075680)<br>|
| ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.9)%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.9)%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.9)%*** |
| Astera Labs, Inc.  | (5000)<br>| (933400)<br>|
| Entegris, Inc.  | (6600)<br>| (604362)<br>|
| First Solar, Inc.  | (4000)<br>| (1067760)<br>|
| MACOM Technology Solutions <br> Holdings, Inc. <br>| (3000)<br>| (444390)<br>|
| Onto Innovation, Inc.  | (7000)<br>| (944720)<br>|
|  |  | (3994632)<br>|
| ***SOFTWARE - (3.8)%*** | ***SOFTWARE - (3.8)%*** | ***SOFTWARE - (3.8)%*** |
| C3.ai, Inc., Class A  | (10700)<br>| (188106)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fair Isaac Corp.  | (500)<br>| $(829765)<br>|
| nCino, Inc.  | (9000)<br>| (240120)<br>|
| SailPoint, Inc.  | (44000)<br>| (953920)<br>|
| SentinelOne, Inc., Class A  | (51000)<br>| (910350)<br>|
| Strategy, Inc.  | (3000)<br>| (808530)<br>|
|  |  | (3930791)<br>|
| ***SPECIALTY RETAIL - (1.4)%*** | ***SPECIALTY RETAIL - (1.4)%*** | ***SPECIALTY RETAIL - (1.4)%*** |
| Floor & Decor Holdings, Inc.  | (6500)<br>| (406120)<br>|
| RH  | (6000)<br>| (1034940)<br>|
|  |  | (1441060)<br>|
| ***TEXTILES, APPAREL & LUXURY GOODS - (2.0)%*** | ***TEXTILES, APPAREL & LUXURY GOODS - (2.0)%*** | ***TEXTILES, APPAREL & LUXURY GOODS - (2.0)%*** |
| Amer Sports, Inc.  | (28000)<br>| (874440)<br>|
| On Holding AG, Class A  | (5000)<br>| (185750)<br>|
| Under Armour, Inc., Class A  | (227000)<br>| (1046470)<br>|
|  |  | (2106660)<br>|
| ***TRADING COMPANIES & DISTRIBUTORS - (1.4)%*** | ***TRADING COMPANIES & DISTRIBUTORS - (1.4)%*** | ***TRADING COMPANIES & DISTRIBUTORS - (1.4)%*** |
| FTAI Aviation Ltd.  | (6000)<br>| (1037400)<br>|
| Watsco, Inc.  | (1000)<br>| (368010)<br>|
|  |  | (1405410)<br>|
| **TOTAL COMMON STOCKS SOLD** <br> **SHORT** <br> **(PROCEEDS ($93220261))**<br>|  | (96914299)<br>|
| **TOTAL SECURITIES SOLD** <br> **SHORT** <br> **(PROCEEDS ($93220261)) -** <br> **(94.3)%**<br>|  | (96914299)<br>|
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 100.3%**<br>|  | 103060087 |
| **NET ASSETS - 100.0%** |  | $102770390 |

---

<sup>(a)</sup> All or portion of the shares have been pledged as collateral for open short positions. The total market value of the securities pledged at October 31, 2025 is $28,457,002. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| AG — Aktiengesellschaft |
| N.V. — Naamloze Vennootschap |
| PLC — Public Limited Company |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | |
|:---|:---|
| **Country Diversification** | **Percent\*** |
| United States | 53.9<br> %<br>|
| Canada | 13.8 |
| Ireland (Republic of) | 5.9 |
| United Kingdom | 5.0 |
| China | 4.9 |
| Taiwan | 4.2 |
| Brazil | 2.7 |
| Spain | 2.1 |
| Switzerland | 2.0 |
| Mexico | 1.6 |
| India | 1.6 |
| Netherlands | 1.3 |
| Philippines | 1.1 |
| Total Investments | 100.1<br> %<br>|

---

\* Percentages are based on net assets as of October 31, 2025.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.9%** |  |  |
| ***AEROSPACE & DEFENSE - 1.1%*** |  |  |
| General Dynamics Corp. | 14489 | $4997256 |
| ***AIR FREIGHT & LOGISTICS - 1.6%*** |  |  |
| ZTO Express Cayman, Inc., ADR | 378672 | 7039512 |
| ***BANKS - 14.0%*** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, <br> Sponsored ADR<br>| 464174 | 9343823 |
| Bank of Nova Scotia (The) | 63084 | 4138310 |
| Canadian Imperial Bank of Commerce | 84078 | 6967544 |
| HSBC Holdings PLC, Sponsored ADR | 113565 | 7957499 |
| Lloyds Banking Group PLC, ADR | 1980584 | 9328551 |
| Regions Financial Corp. | 242829 | 5876462 |
| Royal Bank of Canada | 43326 | 6347259 |
| Toronto-Dominion Bank (The) | 83664 | 6871324 |
| U.S. Bancorp | 128947 | 6019246 |
|  |  | 62850018 |
| ***BEVERAGES - 3.1%*** |  |  |
| Coca-Cola Co. (The) | 98582 | 6792300 |
| Coca-Cola Femsa SAB de CV, Class F, <br> Sponsored ADR<br>| 83066 | 7139522 |
|  |  | 13931822 |
| ***BIOTECHNOLOGY - 1.9%*** |  |  |
| Gilead Sciences, Inc. | 71063 | 8512637 |
| ***BROADLINE RETAIL - 1.7%*** |  |  |
| MINISO Group Holding Ltd., ADR | 365512 | 7789061 |
| ***BUILDING PRODUCTS - 1.7%*** |  |  |
| Johnson Controls International PLC | 66616 | 7620204 |
| ***CHEMICALS - 0.7%*** |  |  |
| Air Products and Chemicals, Inc. | 13226 | 3208495 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.7%***<br>|  |  |
| Cisco Systems, Inc. | 105424 | 7707549 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 1.5%***<br>|  |  |
| Sysco Corp. | 89993 | 6684680 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***ELECTRIC UTILITIES - 1.5%*** |  |  |
| Fortis, Inc. | 129073 | $6483337 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 4.6%***<br>|  |  |
| Avnet, Inc. | 102961 | 4988460 |
| CDW Corp. | 43243 | 6891637 |
| TE Connectivity PLC | 36255 | 8955348 |
|  |  | 20835445 |
| ***ENTERTAINMENT - 2.8%*** |  |  |
| NetEase, Inc., ADR | 51777 | 7253958 |
| Warner Music Group Corp., Class A | 165558 | 5291233 |
|  |  | 12545191 |
| ***FOOD PRODUCTS - 0.6%*** |  |  |
| General Mills, Inc. | 59788 | 2786719 |
| ***GROUND TRANSPORTATION - 1.3%*** |  |  |
| Canadian National Railway Co. | 60686 | 5820394 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.7%***<br>|  |  |
| Abbott Laboratories | 62468 | 7722294 |
| Medtronic PLC | 47363 | 4295824 |
|  |  | 12018118 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.9%***<br>|  |  |
| Cigna Group (The) | 32585 | 7964100 |
| Elevance Health, Inc. | 16215 | 5143398 |
|  |  | 13107498 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 2.2%***<br>|  |  |
| McDonald's Corp. | 33358 | 9955028 |
| ***INSURANCE - 1.3%*** |  |  |
| Sun Life Financial, Inc. | 94864 | 5773423 |
| ***IT SERVICES - 7.6%*** |  |  |
| Accenture PLC, Class A | 21710 | 5429671 |
| Amdocs Ltd. | 75252 | 6340734 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 57290 | 4175295 |
| Infosys Ltd., Sponsored ADR | 429561 | 7117826 |
| International Business Machines Corp. | 36281 | 11153142 |
|  |  | 34216668 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***MACHINERY - 1.4%*** |  |  |
| Snap-on, Inc. | 18427 | $6183180 |
| ***MEDIA - 2.4%*** |  |  |
| Comcast Corp., Class A | 110877 | 3086262 |
| Interpublic Group of Cos., Inc. (The) | 155276 | 3984382 |
| Omnicom Group, Inc. | 50906 | 3818968 |
|  |  | 10889612 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***4.0%***<br>|  |  |
| Canadian Natural Resources, Ltd. | 201369 | 6447835 |
| Shell PLC, ADR | 71988 | 5393341 |
| Suncor Energy, Inc. | 157462 | 6268562 |
|  |  | 18109738 |
| ***PROFESSIONAL SERVICES - 2.8%*** |  |  |
| Broadridge Financial Solutions, Inc. | 27823 | 6132189 |
| Paychex, Inc. | 55297 | 6471408 |
|  |  | 12603597 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.6%***<br>|  |  |
| Tanger, Inc. | 213328 | 6945960 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***12.5%***<br>|  |  |
| Analog Devices, Inc. | 31198 | 7304388 |
| Broadcom, Inc. | 43778 | 16181662 |
| NXP Semiconductors N.V. | 27536 | 5758328 |
| QUALCOMM, Inc. | 42528 | 7693315 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., Sponsored ADR<br>| 63280 | 19011211 |
|  |  | 55948904 |
| ***SOFTWARE - 1.6%*** |  |  |
| Open Text Corp. | 181599 | 6964322 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| Rayonier, Inc. | 170111 | 3754350 |
| ***SPECIALTY RETAIL - 6.1%*** |  |  |
| Gap, Inc. (The) | 410271 | 9374692 |
| Home Depot, Inc. (The) | 15031 | 5705617 |
| Signet Jewelers Ltd. | 122382 | 12097461 |
|  |  | 27177770 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***6.4%***<br>|  |  |
| Hewlett Packard Enterprise Co. | 313319 | $7651250 |
| HP, Inc. | 206901 | 5724951 |
| Logitech International SA | 73101 | 8813056 |
| NetApp, Inc. | 55791 | 6571064 |
|  |  | 28760321 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 2.8%***<br>|  |  |
| PLDT, Inc., ADR | 255645 | 4954400 |
| TIM SA, ADR | 336059 | 7591573 |
|  |  | 12545973 |
| **TOTAL COMMON STOCKS** <br> **(COST $341,560,737)**<br>|  | 443766782 |
| <br>**MONEY MARKET FUND - 0.2%** | <br>**MONEY MARKET FUND - 0.2%** | <br>**MONEY MARKET FUND - 0.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(a)</sup> <br>| 831738 | 831738 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $831,738)**<br>|  | 831738 |
| **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** |
| ***ELECTRIC UTILITIES - 1.0%*** | ***ELECTRIC UTILITIES - 1.0%*** | ***ELECTRIC UTILITIES - 1.0%*** |
| Cia Energetica de Minas Gerais, <br> Sponsored ADR, 2.78%<sup>(b)</sup> <br>| 2187541 | 4571961 |
| **TOTAL PREFERRED STOCKS** <br> **(COST $4,332,839)**<br>|  | 4571961 |
| **TOTAL INVESTMENTS** <br> **(COST $346,725,314) - 100.1%**<br>|  | 449170481 |
| **LIABILITIES IN EXCESS OF** <br> **OTHER ASSETS - (0.1)%**<br>|  | (487821)<br>|
| **NET ASSETS - 100.0%** |  | $448682660 |

---

<sup>(a)</sup> 7-day current yield as of October 31, 2025.

<sup>(b)</sup> Current yield. Dividends are calculated based on a percentage of the issuer's net income. 

---

| |
|:---|
| ADR — American Depositary Receipt |
| N.V. — Naamloze Vennootschap |
| PLC — Public Limited Company |
| SA — Societe Anonyme |
| SAB de CV — Sociedad Anónima Bursátil de Capital Variable |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%** |  |  |
| ***AUTOMOBILE COMPONENTS - 2.1%*** |  |  |
| Aptiv PLC<sup>(a)</sup> <br>| 24000 | $1946400 |
| BorgWarner, Inc. | 46000 | 1976160 |
|  |  | 3922560 |
| ***AUTOMOBILES - 1.1%*** |  |  |
| General Motors Co. | 4000 | 276360 |
| Tesla, Inc.<sup>(a)</sup> <br>| 4000 | 1826240 |
|  |  | 2102600 |
| ***BANKS - 7.3%*** |  |  |
| Bank of America Corp. | 48000 | 2565600 |
| Citigroup, Inc. | 25000 | 2530750 |
| Citizens Financial Group, Inc. | 20000 | 1017400 |
| JPMorgan Chase & Co. | 3000 | 933360 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 11000 | 2008050 |
| Popular, Inc. | 17000 | 1894990 |
| U.S. Bancorp | 42000 | 1960560 |
| Webster Financial Corp. | 12000 | 684480 |
|  |  | 13595190 |
| ***BIOTECHNOLOGY - 1.3%*** |  |  |
| Gilead Sciences, Inc. | 20000 | 2395800 |
| ***BROADLINE RETAIL - 4.6%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 20000 | 4884400 |
| eBay, Inc. | 22000 | 1788820 |
| Macy's, Inc. | 97000 | 1890530 |
|  |  | 8563750 |
| ***CAPITAL MARKETS - 7.7%*** |  |  |
| Ameriprise Financial, Inc. | 4000 | 1811080 |
| Bank of New York Mellon Corp. (The) | 20000 | 2158600 |
| Charles Schwab Corp. (The) | 25000 | 2363000 |
| Goldman Sachs Group, Inc. (The) | 3000 | 2368110 |
| Janus Henderson Group PLC | 44000 | 1916640 |
| Northern Trust Corp. | 4000 | 514680 |
| State Street Corp. | 12000 | 1387920 |
| XP, Inc., Class A | 103000 | 1876660 |
|  |  | 14396690 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***CHEMICALS - 1.1%*** |  |  |
| Corteva, Inc. | 32000 | $1966080 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***2.2%***<br>|  |  |
| Cisco Systems, Inc. | 36000 | 2631960 |
| F5, Inc.<sup>(a)</sup> <br>| 6000 | 1518300 |
|  |  | 4150260 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***2.2%***<br>|  |  |
| AECOM | 15000 | 2015250 |
| EMCOR Group, Inc. | 3000 | 2027340 |
|  |  | 4042590 |
| ***CONSUMER FINANCE - 1.1%*** |  |  |
| Synchrony Financial | 27000 | 2008260 |
| ***CONTAINERS & PACKAGING - 0.2%*** |  |  |
| Crown Holdings, Inc. | 3000 | 291540 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 2.9%***<br>|  |  |
| ADT, Inc. | 220000 | 1944800 |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 9000 | 1694700 |
| H&R Block, Inc. | 35000 | 1740900 |
|  |  | 5380400 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 1.6%***<br>|  |  |
| Iridium Communications, Inc. | 71000 | 1359650 |
| Verizon Communications, Inc. | 43000 | 1708820 |
|  |  | 3068470 |
| ***ELECTRICAL EQUIPMENT - 1.0%*** |  |  |
| Sensata Technologies Holding PLC | 58000 | 1846140 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 3.1%***<br>|  |  |
| Avnet, Inc. | 16000 | 775200 |
| Flex Ltd.<sup>(a)</sup> <br>| 31000 | 1938120 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Jabil, Inc. | 8000 | $1767120 |
| Vontier Corp. | 35000 | 1347500 |
|  |  | 5827940 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 1.1%***<br>|  |  |
| TechnipFMC PLC | 48000 | 1984800 |
| ***FINANCIAL SERVICES - 5.2%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 2000 | 955080 |
| Mastercard, Inc., Class A | 6000 | 3311940 |
| Visa, Inc., Class A | 11000 | 3748140 |
| WEX, Inc.<sup>(a)</sup> <br>| 11000 | 1604680 |
|  |  | 9619840 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 0.5%***<br>|  |  |
| ResMed, Inc. | 4000 | 987520 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 3.1%***<br>|  |  |
| Cardinal Health, Inc. | 11000 | 2098470 |
| McKesson Corp. | 3000 | 2434020 |
| Premier, Inc., Class A | 45000 | 1265400 |
|  |  | 5797890 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.4%***<br>|  |  |
| Booking Holdings, Inc. | 500 | 2538870 |
| ***HOUSEHOLD PRODUCTS - 0.7%*** |  |  |
| Colgate-Palmolive Co. | 17000 | 1309850 |
| ***INSURANCE - 2.1%*** |  |  |
| Hartford Insurance Group, Inc. (The) | 16000 | 1986880 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> <br>| 4000 | 317120 |
| Lincoln National Corp. | 39000 | 1638000 |
|  |  | 3942000 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 5.2%***<br>|  |  |
| Alphabet, Inc., Class A | 25000 | 7029750 |
| Meta Platforms, Inc., Class A | 4000 | 2593400 |
|  |  | 9623150 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***IT SERVICES - 0.5%*** |  |  |
| VeriSign, Inc. | 4000 | $959200 |
| ***LEISURE PRODUCTS - 0.9%*** |  |  |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 52000 | 1767480 |
| ***MACHINERY - 1.0%*** |  |  |
| AGCO Corp. | 18000 | 1856880 |
| ***MEDIA - 1.2%*** |  |  |
| Comcast Corp., Class A | 77000 | 2143295 |
| ***PROFESSIONAL SERVICES - 2.9%*** |  |  |
| Automatic Data Processing, Inc. | 7000 | 1822100 |
| Concentrix Corp. | 44000 | 1773640 |
| Genpact Ltd. | 46000 | 1754900 |
|  |  | 5350640 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 2.0%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 13000 | 1981590 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 6000 | 1830540 |
|  |  | 3812130 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***13.3%***<br>|  |  |
| Broadcom, Inc. | 9000 | 3326670 |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 14000 | 1857100 |
| KLA Corp. | 2000 | 2417480 |
| Lam Research Corp. | 16000 | 2519360 |
| NVIDIA Corp. | 60000 | 12149400 |
| QUALCOMM, Inc. | 14000 | 2532600 |
|  |  | 24802610 |
| ***SOFTWARE - 11.3%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 6000 | 2041860 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 4000 | 1205360 |
| Dolby Laboratories, Inc., Class A | 22000 | 1459040 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 60000 | 1740000 |
| Gen Digital, Inc. | 74000 | 1950640 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Intuit, Inc. | 1000 | $667550 |
| Microsoft Corp. | 23000 | 11909630 |
|  |  | 20974080 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***5.4%***<br>|  |  |
| Apple, Inc. | 37000 | 10003690 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 1.5%***<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> <br>| 11000 | 898590 |
| Ralph Lauren Corp. | 6000 | 1917960 |
|  |  | 2816550 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.0%***<br>|  |  |
| Millicom International Cellular SA | 41000 | 1931510 |
| **TOTAL COMMON STOCKS** <br> **(COST $152,444,478)**<br>|  | 185780255 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(b)</sup> <br>| 121361 | $121361 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $121,361)**<br>|  | 121361 |
| **TOTAL INVESTMENTS** <br> **(COST $152,565,839) - 99.9%**<br>|  | 185901616 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.1%**<br>|  | 218342 |
| **NET ASSETS - 100.0%** |  | $186119958 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| PLC — Public Limited Company |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%** |  |  |
| ***AUTOMOBILES - 3.0%*** |  |  |
| Tesla, Inc.<sup>(a)</sup> <br>| 14000 | $6391840 |
| ***BANKS - 0.9%*** |  |  |
| Popular, Inc. | 18000 | 2006460 |
| ***BEVERAGES - 0.3%*** |  |  |
| Monster Beverage Corp.<sup>(a)</sup> <br>| 8000 | 534640 |
| ***BIOTECHNOLOGY - 2.4%*** |  |  |
| AbbVie, Inc. | 3000 | 654120 |
| Exelixis, Inc.<sup>(a)</sup> <br>| 54000 | 2088180 |
| Incyte Corp.<sup>(a)</sup> <br>| 25000 | 2337000 |
|  |  | 5079300 |
| ***BROADLINE RETAIL - 3.4%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 30000 | 7326600 |
| ***CAPITAL MARKETS - 4.1%*** |  |  |
| Ameriprise Financial, Inc. | 4000 | 1811080 |
| Interactive Brokers Group, Inc., Class A | 30000 | 2110800 |
| Lazard, Inc. | 41000 | 2000800 |
| Moody's Corp. | 6000 | 2881800 |
|  |  | 8804480 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 1.9%***<br>|  |  |
| Tetra Tech, Inc. | 69000 | 2206620 |
| Veralto Corp. | 20000 | 1973600 |
|  |  | 4180220 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***0.9%***<br>|  |  |
| EMCOR Group, Inc. | 3000 | 2027340 |
| ***CONSUMER FINANCE - 0.5%*** |  |  |
| Synchrony Financial | 15300 | 1138014 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 1.0%***<br>|  |  |
| Costco Wholesale Corp. | 600 | 546870 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| 19000 | 1500240 |
|  |  | 2047110 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 1.6%***<br>|  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 11000 | 2071300 |
| H&R Block, Inc. | 26000 | 1293240 |
|  |  | 3364540 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 1.1%***<br>|  |  |
| Iridium Communications, Inc. | 129000 | $2470350 |
| ***ELECTRIC UTILITIES - 1.0%*** |  |  |
| NRG Energy, Inc. | 13000 | 2234180 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 1.0%***<br>|  |  |
| Jabil, Inc. | 10000 | 2208900 |
| ***ENTERTAINMENT - 1.7%*** |  |  |
| Netflix, Inc.<sup>(a)</sup> <br>| 1000 | 1118860 |
| Roku, Inc.<sup>(a)</sup> <br>| 23000 | 2440990 |
|  |  | 3559850 |
| ***FINANCIAL SERVICES - 5.8%*** |  |  |
| Mastercard, Inc., Class A | 9000 | 4967910 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 21000 | 1454670 |
| Visa, Inc., Class A | 18000 | 6133320 |
|  |  | 12555900 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.0%***<br>|  |  |
| ResMed, Inc. | 9000 | 2221920 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.5%***<br>|  |  |
| Cardinal Health, Inc. | 12000 | 2289240 |
| Cigna Group (The) | 4000 | 977640 |
| DaVita, Inc.<sup>(a)</sup> <br>| 11000 | 1309220 |
| McKesson Corp. | 1000 | 811340 |
|  |  | 5387440 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.4%***<br>|  |  |
| Booking Holdings, Inc. | 600 | 3046644 |
| ***INSURANCE - 1.7%*** |  |  |
| Allstate Corp. (The) | 10000 | 1915200 |
| Progressive Corp. (The) | 8000 | 1648000 |
|  |  | 3563200 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 9.3%***<br>|  |  |
| Alphabet, Inc., Class A | 36000 | 10122840 |
| Meta Platforms, Inc., Class A | 12000 | 7780200 |
| Pinterest, Inc., Class A<sup>(a)</sup> <br>| 64000 | 2118400 |
|  |  | 20021440 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***IT SERVICES - 1.8%*** |  |  |
| Okta, Inc.<sup>(a)</sup> <br>| 25000 | $2288250 |
| VeriSign, Inc. | 7000 | 1678600 |
|  |  | 3966850 |
| ***MEDIA - 2.0%*** |  |  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> <br>| 192000 | 2184960 |
| Nexstar Media Group, Inc. | 11000 | 2153030 |
|  |  | 4337990 |
| ***METALS & MINING - 1.0%*** |  |  |
| Anglogold Ashanti PLC | 32000 | 2176000 |
| ***PROFESSIONAL SERVICES - 1.7%*** |  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> <br>| 57000 | 2228700 |
| Genpact Ltd. | 34000 | 1297100 |
| Verisk Analytics, Inc. | 1000 | 218760 |
|  |  | 3744560 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 1.7%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 9400 | 1432842 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 7000 | 2135630 |
|  |  | 3568472 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***20.5%***<br>|  |  |
| Broadcom, Inc. | 24000 | 8871120 |
| KLA Corp. | 3000 | 3626220 |
| Lam Research Corp. | 10000 | 1574600 |
| NVIDIA Corp. | 136000 | 27538640 |
| QUALCOMM, Inc. | 14000 | 2532600 |
|  |  | 44143180 |
| ***SOFTWARE - 14.7%*** |  |  |
| Autodesk, Inc.<sup>(a)</sup> <br>| 9000 | 2712060 |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| 6000 | 2032140 |
| DocuSign, Inc.<sup>(a)</sup> <br>| 33000 | 2413620 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 62000 | 1798000 |
| Gen Digital, Inc. | 60000 | 1581600 |
| Intuit, Inc. | 5000 | 3337750 |
| Microsoft Corp. | 23000 | 11909630 |
| Oracle Corp. | 3000 | 787830 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| 4000 | 801880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pegasystems, Inc. | 33000 | $2100450 |
| PTC, Inc.<sup>(a)</sup> <br>| 11000 | 2183940 |
|  |  | 31658900 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.7%***<br>|  |  |
| American Tower Corp. | 9000 | 1610820 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***6.7%***<br>|  |  |
| Apple, Inc. | 51000 | 13788870 |
| NetApp, Inc. | 3000 | 353340 |
| Pure Storage, Inc., Class A<sup>(a)</sup> <br>| 3000 | 296100 |
|  |  | 14438310 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 2.5%***<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> <br>| 12000 | 980280 |
| Ralph Lauren Corp. | 7000 | 2237620 |
| Tapestry, Inc. | 20000 | 2196400 |
|  |  | 5414300 |
| **TOTAL COMMON STOCKS** <br> **(COST $173,954,078)**<br>|  | 215229750 |
| <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(b)</sup> <br>| 118527 | 118527 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $118,527)**<br>|  | 118527 |
| **TOTAL INVESTMENTS** <br> **(COST $174,072,605) - 99.9%**<br>|  | 215348277 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.1%**<br>|  | 215054 |
| **NET ASSETS - 100.0%** |  | $215563331 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 7-day current yield as of October 31, 2025.

PLC — Public Limited Company<br>

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.9%** |  |  |
| ***AIR FREIGHT & LOGISTICS - 0.3%*** |  |  |
| C.H. Robinson Worldwide, Inc. | 1900 | $292581 |
| ***AUTOMOBILE COMPONENTS - 2.1%*** |  |  |
| Aptiv PLC<sup>(a)</sup> <br>| 14000 | 1135400 |
| BorgWarner, Inc. | 25100 | 1078296 |
|  |  | 2213696 |
| ***AUTOMOBILES - 0.8%*** |  |  |
| Harley-Davidson, Inc. | 32200 | 868756 |
| ***BANKS - 12.1%*** |  |  |
| Bank of America Corp. | 43000 | 2298350 |
| Citigroup, Inc. | 16000 | 1619680 |
| JPMorgan Chase & Co. | 11000 | 3422320 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 7000 | 1277850 |
| Popular, Inc. | 10000 | 1114700 |
| U.S. Bancorp | 27000 | 1260360 |
| Wells Fargo & Co. | 24000 | 2087280 |
|  |  | 13080540 |
| ***BIOTECHNOLOGY - 2.2%*** |  |  |
| Gilead Sciences, Inc. | 12100 | 1449459 |
| Incyte Corp.<sup>(a)</sup> <br>| 10300 | 962844 |
|  |  | 2412303 |
| ***BROADLINE RETAIL - 3.2%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 5000 | 1221100 |
| eBay, Inc. | 13000 | 1057030 |
| Macy's, Inc. | 60000 | 1169400 |
|  |  | 3447530 |
| ***CAPITAL MARKETS - 9.1%*** |  |  |
| Bank of New York Mellon Corp. (The) | 12000 | 1295160 |
| Charles Schwab Corp. (The) | 17000 | 1606840 |
| Goldman Sachs Group, Inc. (The) | 2300 | 1815551 |
| Janus Henderson Group PLC | 26000 | 1132560 |
| Morgan Stanley | 8000 | 1312000 |
| Northern Trust Corp. | 1000 | 128670 |
| S&P Global, Inc. | 3000 | 1461630 |
| XP, Inc., Class A | 60000 | 1093200 |
|  |  | 9845611 |
| ***CHEMICALS - 1.1%*** |  |  |
| Corteva, Inc. | 19000 | 1167360 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***2.8%***<br>|  |  |
| Cisco Systems, Inc. | 30000 | $2193300 |
| F5, Inc.<sup>(a)</sup> <br>| 3300 | 835065 |
|  |  | 3028365 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***0.7%***<br>|  |  |
| AECOM | 6000 | 806100 |
| ***CONSUMER FINANCE - 2.4%*** |  |  |
| American Express Co. | 4000 | 1442920 |
| Synchrony Financial | 16000 | 1190080 |
|  |  | 2633000 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 0.4%***<br>|  |  |
| Walmart, Inc. | 4000 | 404720 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 2.0%***<br>|  |  |
| ADT, Inc. | 125000 | 1105000 |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 3000 | 564900 |
| H&R Block, Inc. | 10300 | 512322 |
|  |  | 2182222 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 3.7%***<br>|  |  |
| AT&T, Inc. | 69000 | 1707750 |
| Iridium Communications, Inc. | 29100 | 557265 |
| Verizon Communications, Inc. | 43000 | 1708820 |
|  |  | 3973835 |
| ***ELECTRICAL EQUIPMENT - 0.9%*** |  |  |
| Sensata Technologies Holding PLC | 29100 | 926253 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 2.8%***<br>|  |  |
| Avnet, Inc. | 17800 | 862410 |
| Flex Ltd.<sup>(a)</sup> <br>| 19000 | 1187880 |
| Jabil, Inc. | 4300 | 949827 |
|  |  | 3000117 |
| ***ENTERTAINMENT - 2.3%*** |  |  |
| Electronic Arts, Inc. | 6000 | 1200360 |
| Walt Disney Co. (The) | 11300 | 1272606 |
|  |  | 2472966 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***FINANCIAL SERVICES - 3.0%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 4400 | $2101176 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 11000 | 761970 |
| Western Union Co. (The) | 39200 | 365736 |
|  |  | 3228882 |
| ***FOOD PRODUCTS - 0.6%*** |  |  |
| General Mills, Inc. | 13500 | 629235 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.3%***<br>|  |  |
| Medtronic PLC | 16000 | 1451200 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 6.2%***<br>|  |  |
| Cardinal Health, Inc. | 6000 | 1144620 |
| Cigna Group (The) | 4000 | 977640 |
| CVS Health Corp. | 18000 | 1406700 |
| Elevance Health, Inc. | 3000 | 951600 |
| McKesson Corp. | 1500 | 1217010 |
| Premier, Inc., Class A | 36900 | 1037628 |
|  |  | 6735198 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 0.9%***<br>|  |  |
| Booking Holdings, Inc. | 200 | 1015548 |
| ***HOUSEHOLD PRODUCTS - 1.1%*** |  |  |
| Colgate-Palmolive Co. | 11300 | 870665 |
| Procter & Gamble Co. (The) | 2000 | 300740 |
|  |  | 1171405 |
| ***INSURANCE - 5.1%*** |  |  |
| Aflac, Inc. | 8300 | 889677 |
| Hartford Insurance Group, Inc. (The) | 10000 | 1241800 |
| MetLife, Inc. | 12000 | 957840 |
| Primerica, Inc. | 2700 | 701649 |
| Progressive Corp. (The) | 7000 | 1442000 |
| Unum Group | 3800 | 278996 |
|  |  | 5511962 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 3.8%***<br>|  |  |
| Alphabet, Inc., Class A | 10000 | 2811900 |
| Meta Platforms, Inc., Class A | 2000 | 1296700 |
|  |  | 4108600 |
| ***IT SERVICES - 2.0%*** |  |  |
| International Business Machines Corp. | 7000 | 2151870 |
| ***LEISURE PRODUCTS - 0.8%*** |  |  |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 24000 | 815760 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***MACHINERY - 2.4%*** |  |  |
| AGCO Corp. | 10000 | $1031600 |
| Parker-Hannifin Corp. | 2000 | 1545660 |
|  |  | 2577260 |
| ***MEDIA - 1.3%*** |  |  |
| Comcast Corp., Class A | 51000 | 1419585 |
| ***METALS & MINING - 1.3%*** |  |  |
| Newmont Corp. | 17000 | 1376490 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***4.3%***<br>|  |  |
| Antero Midstream Corp. | 10300 | 177675 |
| Chevron Corp. | 300 | 47316 |
| ConocoPhillips | 17000 | 1510620 |
| Exxon Mobil Corp. | 25000 | 2859000 |
|  |  | 4594611 |
| ***PROFESSIONAL SERVICES - 2.8%*** |  |  |
| Automatic Data Processing, Inc. | 3500 | 911050 |
| Concentrix Corp. | 21000 | 846510 |
| Genpact Ltd. | 29000 | 1106350 |
| Robert Half, Inc. | 6400 | 167616 |
|  |  | 3031526 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 2.1%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 8000 | 1219440 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 3300 | 1006797 |
|  |  | 2226237 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***2.5%***<br>|  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 8000 | 1061200 |
| QUALCOMM, Inc. | 9000 | 1628100 |
|  |  | 2689300 |
| ***SOFTWARE - 2.6%*** |  |  |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 31100 | 901900 |
| Gen Digital, Inc. | 42000 | 1107120 |
| Salesforce, Inc. | 3000 | 781230 |
|  |  | 2790250 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.1%***<br>|  |  |
| American Tower Corp. | 700 | 125286 |
| ***SPECIALTY RETAIL - 0.8%*** |  |  |
| Gap, Inc. (The) | 39700 | 907145 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***1.2%***<br>|  |  |
| Dell Technologies, Inc., Class C | 8000 | $1296080 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 1.8%***<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> <br>| 8700 | 710703 |
| PVH Corp. | 10300 | 806799 |
| Ralph Lauren Corp. | 1300 | 415558 |
|  |  | 1933060 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.0%***<br>|  |  |
| Millicom International Cellular SA | 23000 | 1083530 |
| **TOTAL COMMON STOCKS** <br> **(COST $94,280,655)**<br>|  | 105625975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(b)</sup> <br>| 115745 | $115745 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $115,745)**<br>|  | 115745 |
| **TOTAL INVESTMENTS** <br> **(COST $94,396,400) - 98.0%**<br>|  | 105741720 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 2.0%**<br>|  | 2184919 |
| **NET ASSETS - 100.0%** |  | $107926639 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| PLC — Public Limited Company |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **CORPORATE BONDS - 58.6%** | **CORPORATE BONDS - 58.6%** | **CORPORATE BONDS - 58.6%** |
| ***AEROSPACE & DEFENSE - 3.3%*** | ***AEROSPACE & DEFENSE - 3.3%*** | ***AEROSPACE & DEFENSE - 3.3%*** |
| General Dynamics Corp., 3.75%, 5/15/28 | $2000000 | $1997170 |
| L3Harris Technologies, Inc., 5.40%, <br> 7/31/33<br>| 3000000 | 3128251 |
| Raytheon Technologies Corp., 3.75%, <br> 11/1/46, (Callable 5/1/46 @ 100)<br>| 2000000 | 1574979 |
|  |  | 6700400 |
| ***AIR FREIGHT & LOGISTICS - 1.9%*** | ***AIR FREIGHT & LOGISTICS - 1.9%*** | ***AIR FREIGHT & LOGISTICS - 1.9%*** |
| FedEx Corp., 5.10%, 1/15/44 | 1000000 | 918040 |
| Union Pacific Corp., 4.50%, 1/20/33 | 2000000 | 2012789 |
| United Parcel Service, Inc., 3.75%, <br> 11/15/47<br>| 1000000 | 785745 |
|  |  | 3716574 |
| ***BANKS - 2.2%*** | ***BANKS - 2.2%*** | ***BANKS - 2.2%*** |
| Bank of America Corp., 4.45%, 3/3/26 | 2000000 | 2001664 |
| Bank of America Corp., 5.00%, 1/21/44 | 2000000 | 1955982 |
| JPMorgan Chase & Co, 4.25%, 10/1/27 | 500000 | 502617 |
|  |  | 4460263 |
| ***BEVERAGES - 0.5%*** | ***BEVERAGES - 0.5%*** | ***BEVERAGES - 0.5%*** |
| PepsiCo, Inc., 3.90%, 7/18/32 | 1000000 | 981867 |
| ***BIOTECHNOLOGY - 2.5%*** | ***BIOTECHNOLOGY - 2.5%*** | ***BIOTECHNOLOGY - 2.5%*** |
| Amgen, Inc., 4.20%, 3/1/33, (Callable <br> 12/1/32 @ 100)<br>| 2000000 | 1950304 |
| Gilead Sciences, Inc., 4.60%, 9/1/35, <br> (Callable 3/1/35 @ 100)<br>| 1000000 | 990568 |
| Gilead Sciences, Inc., 5.25%, 10/15/33 | 2000000 | 2101543 |
|  |  | 5042415 |
| ***CAPITAL MARKETS - 1.3%*** | ***CAPITAL MARKETS - 1.3%*** | ***CAPITAL MARKETS - 1.3%*** |
| Charles Schwab Corp. (The), 5.00% <br> (H15T5Y + 326 bps), 6/1/27<sup>(a)</sup> <br>| 1000000 | 1000339 |
| Goldman Sachs Group, Inc. (The), <br> 5.95%, 1/15/27<br>| 1500000 | 1533216 |
|  |  | 2533555 |
| ***CHEMICALS - 0.4%*** | ***CHEMICALS - 0.4%*** | ***CHEMICALS - 0.4%*** |
| Sherwin-Williams Co. (The), 3.80%, <br> 8/15/49<br>| 1000000 | 767530 |
| ***CONSUMER FINANCE - 0.5%*** | ***CONSUMER FINANCE - 0.5%*** | ***CONSUMER FINANCE - 0.5%*** |
| American Express Co., 4.05%, 5/3/29 | 1000000 | 1003391 |
| ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.0%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.0%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.0%*** |
| Kroger Co. (The), 4.50%, 1/15/29 | 1000000 | 1010873 |
| Sysco Corp., 3.25%, 7/15/27 | 1000000 | 987276 |
| Target Corp., 4.50%, 9/15/34, (Callable <br> 6/15/34 @ 100)<br>| 2000000 | 1973285 |
| Walmart, Inc., 4.10%, 4/15/33 | 2000000 | 1990746 |
|  |  | 5962180 |
| ***DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%*** | ***DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%*** | ***DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%*** |
| Verizon Communications, Inc., 4.50%, <br> 8/10/33<br>| 2000000 | 1965108 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***ELECTRIC UTILITIES - 2.0%*** | ***ELECTRIC UTILITIES - 2.0%*** | ***ELECTRIC UTILITIES - 2.0%*** |
| Duke Energy Corp., 4.50%, 8/15/32 | $2000000 | $1990633 |
| Exelon Corp., 5.30%, 3/15/33 | 2000000 | 2078732 |
|  |  | 4069365 |
| ***ENTERTAINMENT - 1.5%*** | ***ENTERTAINMENT - 1.5%*** | ***ENTERTAINMENT - 1.5%*** |
| Walt Disney Co. (The), 3.80%, 3/22/30 | 3000000 | 2973462 |
| ***FINANCIAL SERVICES - 2.0%*** | ***FINANCIAL SERVICES - 2.0%*** | ***FINANCIAL SERVICES - 2.0%*** |
| Citigroup, Inc., 6.63%, 6/15/32 | 1000000 | 1109390 |
| PayPal Holdings, Inc., 4.40%, 6/1/32 | 3000000 | 2993310 |
|  |  | 4102700 |
| ***FOOD PRODUCTS - 2.5%*** | ***FOOD PRODUCTS - 2.5%*** | ***FOOD PRODUCTS - 2.5%*** |
| General Mills, Inc., 4.20%, 4/17/28 | 2000000 | 2001359 |
| General Mills, Inc., 4.95%, 3/29/33 | 2000000 | 2028966 |
| The Campbell's Co., 4.15%, 3/15/28 | 1000000 | 998800 |
|  |  | 5029125 |
| ***HEALTH CARE PROVIDERS & SERVICES - 3.1%*** | ***HEALTH CARE PROVIDERS & SERVICES - 3.1%*** | ***HEALTH CARE PROVIDERS & SERVICES - 3.1%*** |
| Cigna Group (The), 5.40%, 3/15/33 | 2000000 | 2090682 |
| CVS Health Corp., 5.13%, 2/21/30 | 1000000 | 1026938 |
| Elevance Health, Inc., 4.75%, 2/15/33, <br> (Callable 11/15/32 @ 100)<br>| 2000000 | 2008386 |
| Evernorth Health, Inc., 4.50%, 2/25/26, <br> (Callable 11/27/25 @ 100)<br>| 1000000 | 999854 |
|  |  | 6125860 |
| ***HOTELS, RESTAURANTS & LEISURE - 2.2%*** | ***HOTELS, RESTAURANTS & LEISURE - 2.2%*** | ***HOTELS, RESTAURANTS & LEISURE - 2.2%*** |
| McDonald's Corp., 3.60%, 7/1/30, <br> (Callable 4/1/30 @ 100)<br>| 1000000 | 976344 |
| McDonald's Corp., 3.63%, 9/1/49, <br> (Callable 3/1/49 @ 100)<br>| 2500000 | 1868053 |
| Starbucks Corp., 3.75%, 12/1/47 | 2000000 | 1531665 |
|  |  | 4376062 |
| ***HOUSEHOLD PRODUCTS - 3.0%*** | ***HOUSEHOLD PRODUCTS - 3.0%*** | ***HOUSEHOLD PRODUCTS - 3.0%*** |
| Clorox Co. (The), 4.60%, 5/1/32, <br> (Callable 2/1/32 @ 100)<br>| 1000000 | 1007576 |
| Kimberly-Clark Corp., 4.50%, 2/16/33, <br> (Callable 11/16/32 @ 100)<br>| 2000000 | 2026663 |
| Procter & Gamble Co. (The), 3.00%, <br> 3/25/30<br>| 1000000 | 961079 |
| Procter & Gamble Co. (The), 4.05%, <br> 1/26/33<br>| 2000000 | 2001237 |
|  |  | 5996555 |
| ***INSURANCE - 2.3%*** | ***INSURANCE - 2.3%*** | ***INSURANCE - 2.3%*** |
| Aflac, Inc., 3.60%, 4/1/30 | 1000000 | 980268 |
| MetLife, Inc., 6.40%, 12/15/36, (Callable <br> 12/15/31 @ 100)<br>| 2000000 | 2110192 |
| Prudential Financial, Inc., 5.13% <br> (H15T5Y + 316 bps), 3/1/52<sup>(a)</sup> <br>| 1500000 | 1494184 |
|  |  | 4584644 |
| ***IT SERVICES - 2.3%*** | ***IT SERVICES - 2.3%*** | ***IT SERVICES - 2.3%*** |
| Fiserv, Inc., 4.20%, 10/1/28 | 1000000 | 990500 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| Visa, Inc., 4.15%, 12/14/35, (Callable <br> 6/14/35 @ 100)<br>| $1000000 | $969265 |
| Visa, Inc., 4.30%, 12/14/45, (Callable <br> 6/14/45 @ 100)<br>| 3000000 | 2655178 |
|  |  | 4614943 |
| ***MACHINERY - 2.0%*** | ***MACHINERY - 2.0%*** | ***MACHINERY - 2.0%*** |
| Cummins, Inc., 5.15%, 2/20/34 | 2000000 | 2073112 |
| John Deere Capital Corp., 4.50%, <br> 1/16/29<br>| 2000000 | 2030001 |
|  |  | 4103113 |
| ***OIL, GAS & CONSUMABLE FUELS - 3.4%*** | ***OIL, GAS & CONSUMABLE FUELS - 3.4%*** | ***OIL, GAS & CONSUMABLE FUELS - 3.4%*** |
| Exxon Mobil Corp., 4.11%, 3/1/46, <br> (Callable 9/1/45 @ 100)<br>| 2000000 | 1703829 |
| Marathon Oil Corp., 6.60%, 10/1/37 | 2000000 | 2163889 |
| Valero Energy Corp., 4.00%, 4/1/29 | 3000000 | 2975788 |
|  |  | 6843506 |
| ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%*** |
| Intel Corp., 4.00%, 12/15/32 | 2000000 | 1907960 |
| Lam Research Corp., 4.00%, 3/15/29 | 1000000 | 998922 |
| NVIDIA Corp., 3.50%, 4/1/40 | 2000000 | 1716980 |
| QUALCOMM, Inc., 4.65%, 5/20/35, <br> (Callable 11/20/34 @ 100)<br>| 4000000 | 4014267 |
|  |  | 8638129 |
| ***SOFTWARE - 3.2%*** | ***SOFTWARE - 3.2%*** | ***SOFTWARE - 3.2%*** |
| Adobe, Inc., 4.95%, 4/4/34 | 2000000 | 2066235 |
| Microsoft Corp., 3.45%, 8/8/36, (Callable <br> 2/8/36 @ 100)<br>| 2000000 | 1828187 |
| Oracle Corp., 3.25%, 11/15/27 | 1000000 | 981313 |
| Oracle Corp., 4.90%, 2/6/33 | 500000 | 496667 |
| Salesforce, Inc., 3.70%, 4/11/28 | 1000000 | 996621 |
|  |  | 6369023 |
| ***SPECIALTY RETAIL - 4.1%*** | ***SPECIALTY RETAIL - 4.1%*** | ***SPECIALTY RETAIL - 4.1%*** |
| Home Depot, Inc. (The), 4.50%, 9/15/32 | 2000000 | 2027965 |
| Home Depot, Inc. (The), 5.88%, <br> 12/16/36<br>| 2000000 | 2172352 |
| Lowe's Cos., Inc., 3.65%, 4/5/29 | 2000000 | 1966868 |
| O'Reilly Automotive, Inc., 4.70%, <br> 6/15/32<br>| 1000000 | 1006143 |
| Tractor Supply Co., 5.25%, 5/15/33 | 1000000 | 1035032 |
|  |  | 8208360 |
| ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%*** |
| Apple, Inc., 1.65%, 5/11/30 | 1000000 | 905546 |
| Apple, Inc., 3.45%, 2/9/45 | 1000000 | 790476 |
|  |  | 1696022 |
| ***TEXTILES, APPAREL & LUXURY GOODS - 2.4%*** | ***TEXTILES, APPAREL & LUXURY GOODS - 2.4%*** | ***TEXTILES, APPAREL & LUXURY GOODS - 2.4%*** |
| NIKE, Inc., 2.85%, 3/27/30 | 3000000 | 2854488 |
| Ralph Lauren Corp., 2.95%, 6/15/30, <br> (Callable 3/15/30 @ 100)<br>| 1000000 | 945351 |
| Tapestry, Inc., 5.10%, 3/11/30 | 1000000 | 1024313 |
|  |  | 4824152 |
| ***TRADING COMPANIES & DISTRIBUTORS - 0.9%*** | ***TRADING COMPANIES & DISTRIBUTORS - 0.9%*** | ***TRADING COMPANIES & DISTRIBUTORS - 0.9%*** |
| WW Grainger, Inc., 4.60%, 6/15/45, <br> (Callable 12/15/44 @ 100)<br>| 2000000 | 1827094 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| **TOTAL CORPORATE BONDS** <br> **(COST $120,744,458)**<br>|  | 117515398 |
| **MUNICIPAL BONDS - 2.5%** | **MUNICIPAL BONDS - 2.5%** | **MUNICIPAL BONDS - 2.5%** |
| ***CALIFORNIA - 0.2%*** |  |  |
| California State University Taxable <br> Revenue Refunding Bonds, Series B, <br> 1.79%, 11/1/30 <br>| $500000 | $452167 |
| ***LOUISIANA - 0.1%*** |  |  |
| Louisiana State Highway Improvement <br> Taxable Revenue Refunding Bonds, <br> Series A, 1.59%, 6/15/30 <br>| 100000 | 89953 |
| ***TENNESSEE - 0.5%*** |  |  |
| Metropolitan Government Nashville & <br> Davidson County Water & Sewer <br> Taxable Revenue Refunding Bonds, <br> Series B, Green Bond, 2.13%, 7/1/32 <br>| 1215000 | 1067365 |
| ***TEXAS - 1.7%*** |  |  |
| Frisco Taxable Certificates G.O. Limited <br> Bonds, Series B, 1.75%, 2/15/30 <br>| 995000 | 913728 |
| Houston Utility System First Lien <br> Taxable Revenue Refunding Bonds, <br> Series B, 1.93%, 11/15/31 <br>| 1240000 | 1101339 |
| Leander Independent School District <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.), 1.99%, <br> 8/15/33 <br>| 895000 | 760484 |
| North Texas Tollway Authority Taxable <br> Revenue Refunding Bonds, 2.08%, <br> 1/1/31 <br>| 100000 | 90959 |
| Northwest Independent School District <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series A (PSF, Gtd.), 1.97%, <br> 2/15/34 (Callable 2/15/30 @ 100)<br>| 600000 | 503638 |
| Uptown Development Authority Contract <br> Tax Allocation Increment Revenue <br> Bonds, Series B (AGM Insured), <br> 2.58%, 9/1/31 <br>| 100000 | 90763 |
|  |  | 3460911 |
| **TOTAL MUNICIPAL BONDS** <br> **(COST $5,787,041)**<br>|  | 5070396 |
| **U.S. GOVERNMENT AGENCIES - 6.7%** | **U.S. GOVERNMENT AGENCIES - 6.7%** | **U.S. GOVERNMENT AGENCIES - 6.7%** |
| Federal Farm Credit Bank, 3.00%, <br> 11/25/30<br>| 1000000 | 960567 |
| Federal Home Loan Bank |  |  |
| 1.00%, 3/16/27 | 2000000 | 1924594 |
| 1.07%, 1/25/30 | 1000000 | 894774 |
| 1.75%, 7/29/26 | 1000000 | 985073 |
| 1.75%, 8/25/28 | 1350000 | 1280288 |
| 1.75%, 9/30/26<sup>(b)</sup> <br>| 2000000 | 1966165 |
| 2.25%, 4/29/31, (Callable 10/29/26 @ <br> 100)<sup>(b)</sup> <br>| 730769 | 700498 |
| 2.75%, 2/22/34 | 1000000 | 891464 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 3.00%, 2/24/37, (Callable 11/7/25 @ <br> 100)<br>| $1000000 | $858541 |
| 4.50%, 12/12/25 | 1015000 | 1015060 |
| 4.75%, 3/10/34 | 1000000 | 1040597 |
|  |  | 11557054 |
| Federal Home Loan Mortgage Corp., <br> 1.05%, 7/21/28<br>| 1000000 | 931829 |
| **TOTAL U.S. GOVERNMENT** <br> **AGENCIES** <br> **(COST $14,117,934)**<br>|  | 13449450 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.3%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.3%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.3%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 7/15/41 | 170444 | 169221 |
| 3.50%, 2/1/34 | 101896 | 100566 |
| 3.50%, 10/1/49 | 175865 | 163912 |
| 3.50%, 12/15/48 | 281445 | 274631 |
| 4.00%, 12/15/25 | 240 | 240 |
| 6.00%, 3/1/38 | 10469 | 11053 |
|  |  | 719623 |
| Federal National Mortgage Association |  |  |
| 1.50%, 11/25/44 | 1197492 | 1047916 |
| 3.50%, 2/1/43 | 109510 | 104161 |
| 3.50%, 4/1/48 | 293932 | 277796 |
| 4.00%, 9/1/33 | 66192 | 66149 |
| 4.00%, 10/1/46 | 221161 | 214008 |
| 6.00%, 6/1/36 | 68258 | 69313 |
| 6.57% (RFUCCT1Y + 182 bps), <br> 5/1/36<sup>(a)</sup> <br>| 26861 | 27573 |
|  |  | 1806916 |
| Government National Mortgage <br> Association<br>|  |  |
| 4.50%, 6/15/40 | 49353 | 49115 |
| 4.50%, 8/20/38 | 17498 | 17464 |
| 5.00%, 5/20/40 | 28631 | 28729 |
| 6.00%, 10/15/37 | 11560 | 12180 |
| 6.00%, 6/15/37 | 13489 | 14011 |
|  |  | 121499 |
| **TOTAL U.S. GOVERNMENT** <br> **AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS** <br> **(COST $2,936,942)**<br>|  | 2648038 |
| **U.S. TREASURY OBLIGATIONS - 28.7%** | **U.S. TREASURY OBLIGATIONS - 28.7%** | **U.S. TREASURY OBLIGATIONS - 28.7%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/40 | 2000000 | 1286406 |
| 4.00%, 11/15/42 | 4000000 | 3727969 |
| 4.25%, 5/15/39 | 2000000 | 1979687 |
| 4.38%, 2/15/38 | 1000000 | 1014766 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 4.50%, 8/15/39 | $2000000 | $2025625 |
| 4.50%, 2/15/44 | 2000000 | 1971563 |
|  |  | 12006016 |
| U.S. Treasury Notes |  |  |
| 1.38%, 7/15/33 | 1066740 | 1049720 |
| 2.13%, 1/15/35 | 1026580 | 1056361 |
| 3.50%, 2/15/33 | 4000000 | 3896406 |
| 3.63%, 9/30/31 | 1000000 | 990625 |
| 3.75%, 8/31/31 | 2000000 | 1995000 |
| 3.88%, 8/31/32 | 1000000 | 999688 |
| 4.00%, 10/31/29 | 2000000 | 2024844 |
| 4.00%, 7/31/30 | 3000000 | 3037969 |
| 4.00%, 2/15/34 | 2000000 | 2001328 |
| 4.00%, 4/30/32 | 1000000 | 1008398 |
| 4.00%, 6/30/32 | 3000000 | 3023320 |
| 4.00%, 7/31/32 | 1000000 | 1007227 |
| 4.13%, 10/31/27 | 1000000 | 1010000 |
| 4.13%, 11/15/32 | 2000000 | 2028984 |
| 4.13%, 8/31/30 | 2000000 | 2035859 |
| 4.13%, 3/31/31 | 1000000 | 1017930 |
| 4.13%, 7/31/31 | 2000000 | 2034766 |
| 4.13%, 2/29/32 | 2000000 | 2031875 |
| 4.25%, 2/28/31 | 2000000 | 2048203 |
| 4.25%, 11/15/34 | 2000000 | 2030312 |
| 4.25%, 8/15/35 | 2000000 | 2025000 |
| 4.38%, 11/30/28 | 1000000 | 1021914 |
| 4.38%, 5/15/34 | 3000000 | 3079102 |
| 4.50%, 11/15/25 | 2000000 | 2000278 |
| 4.50%, 7/15/26 | 1000000 | 1004829 |
|  |  | 45459938 |
| **TOTAL U.S. TREASURY** <br> **OBLIGATIONS** <br> **(COST $57,521,543)**<br>|  | 57465954 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| <br>**MONEY MARKET FUND - 1.2%** | <br>**MONEY MARKET FUND - 1.2%** | <br>**MONEY MARKET FUND - 1.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(c)</sup> <br>| 2433652 | $2433652 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $2,433,652)**<br>|  | 2433652 |
| **TOTAL INVESTMENTS** <br> **(COST $203,541,570) - 99.0%**<br>|  | 198582888 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 1.0%**<br>|  | 1965685 |
| **NET ASSETS - 100.0%** |  | $200548573 |

---

<sup>(a)</sup> Variable rate security. Rate in effect at October 31, 2025. For securities based on published reference rate and spread, the reference rate and spread are indicated. 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. As a result, no reference rate or spread is included. 

<sup>(b)</sup> Step Bond. Coupon rate is set for an initial period and then adjusted at a specified date. The rate shown represents the rate as of October 31, 2025. 

<sup>(c)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| AGM — Assured Guarantee Municipal Corporation |
| bps — Basis Points |
| G.O. — General Obligation |
| Gtd. — Guaranteed |
| H15T5Y — 5 Year Treasury Constant Maturity Rate |
| PSF — Permanent School Fund |
| RFUCCT1Y — 1 Year Refinitiv US Dollar IBOR Consumer Cash Fallback |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED INTERNATIONAL FUND**

------

---

| | |
|:---|:---|
| **Country Diversification** | **Percent\*** |
| United Kingdom | 29.3<br> %<br>|
| Japan | 13.3 |
| Netherlands | 10.7 |
| Germany | 6.8 |
| China | 6.7 |
| Taiwan | 5.4 |
| Spain | 4.9 |
| India | 3.3 |
| Switzerland | 2.9 |
| France | 2.8 |
| Australia | 2.5 |
| Brazil | 2.3 |
| Mexico | 1.3 |
| Singapore | 1.0 |
| Israel | 0.8 |
| Finland | 0.7 |
| Italy | 0.6 |
| Sweden | 0.5 |
| Denmark | 0.5 |
| United States | 0.5 |
| Norway | 0.5 |
| Ireland (Republic of) | 0.4 |
| Indonesia | 0.4 |
| Belgium | 0.4 |
| Republic of Korea (South) | 0.3 |
| Luxembourg | 0.3 |
| Jersey | 0.2 |
| Hong Kong | 0.2 |
| South Africa | 0.1 |
| Total Investments | 99.6<br> %<br>|

---

\* Percentages are based on net assets as of October 31, 2025.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED INTERNATIONAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.1%** |  |  |
| ***AIR FREIGHT & LOGISTICS - 0.1%*** |  |  |
| ZTO Express Cayman, Inc., ADR | 16627 | $309096 |
| ***AUTOMOBILES - 1.6%*** |  |  |
| Honda Motor Co. Ltd., Sponsored ADR | 111053 | 3387117 |
| Li Auto, Inc., ADR<sup>(a)</sup> <br>| 21898 | 456573 |
| NIO, Inc., ADR<sup>(a)</sup> <br>| 26351 | 191045 |
| XPeng, Inc., ADR<sup>(a)</sup> <br>| 9078 | 213242 |
|  |  | 4247977 |
| ***BANKS - 20.3%*** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, <br> Sponsored ADR<br>| 267055 | 5375817 |
| Banco Santander SA, Sponsored ADR | 682421 | 6926573 |
| Barclays PLC, Sponsored ADR | 167177 | 3592634 |
| HDFC Bank Ltd., ADR | 78488 | 2842835 |
| HSBC Holdings PLC, Sponsored ADR | 136003 | 9529730 |
| ICICI Bank Ltd., Sponsored ADR | 86970 | 2635191 |
| ING Groep N.V., Sponsored ADR | 141301 | 3522634 |
| KB Financial Group, Inc., ADR | 10758 | 875916 |
| Lloyds Banking Group PLC, ADR | 713897 | 3362455 |
| Mitsubishi UFJ Financial Group, Inc., <br> Sponsored ADR<br>| 460069 | 6960844 |
| Mizuho Financial Group, Inc., ADR | 315100 | 2120623 |
| NatWest Group PLC, Sponsored ADR | 196063 | 3033095 |
| Sumitomo Mitsui Financial Group, Inc., <br> Sponsored ADR<br>| 265464 | 4321754 |
|  |  | 55100101 |
| ***BEVERAGES - 0.4%*** |  |  |
| Fomento Economico Mexicano SAB de <br> CV, Sponsored ADR<br>| 11827 | 1115996 |
| ***BIOTECHNOLOGY - 3.5%*** |  |  |
| Abivax SA, ADR<sup>(a)</sup> <br>| 6225 | 637565 |
| Amarin Corp. PLC, ADR<sup>(a)</sup> <br>| 1169 | 19043 |
| Argenx SE, ADR<sup>(a)</sup> <br>| 5489 | 4492747 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> <br>| 6712 | 1353139 |
| BeOne Medicines Ltd., ADR<sup>(a)</sup> <br>| 1896 | 588670 |
| Bicycle Therapeutics PLC, ADR<sup>(a)</sup> <br>| 11209 | 90457 |
| Centessa Pharmaceuticals PLC, ADR<sup>(a)</sup> <br>| 5436 | 135356 |
| Galapagos N.V., Sponsored ADR<sup>(a)</sup> <br>| 31878 | 1013083 |
| Immunocore Holdings PLC, ADR<sup>(a)</sup> <br>| 35726 | 1182173 |
| Silence Therapeutics PLC, ADR<sup>(a)</sup> <br>| 5800 | 41528 |
|  |  | 9553761 |
| ***BROADLINE RETAIL - 6.1%*** |  |  |
| Alibaba Group Holding Ltd., Sponsored <br> ADR<br>| 59714 | 10177057 |
| JD.com, Inc., ADR | 38046 | 1257040 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PDD Holdings, Inc., ADR<sup>(a)</sup> <br>| 16909 | $2280517 |
| Sea Ltd., ADR<sup>(a)</sup> <br>| 17725 | 2769531 |
|  |  | 16484145 |
| ***CAPITAL MARKETS - 3.7%*** |  |  |
| Deutsche Bank AG | 93111 | 3330580 |
| Futu Holdings Ltd., ADR | 3070 | 611053 |
| Nomura Holdings, Inc., Sponsored ADR | 85620 | 609614 |
| UBS Group AG | 142291 | 5458283 |
|  |  | 10009530 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 0.3%***<br>|  |  |
| Rentokil Initial PLC, Sponsored ADR | 32442 | 902536 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.3%***<br>|  |  |
| Nokia Oyj, Sponsored ADR | 282288 | 1950610 |
| Telefonaktiebolaget LM Ericsson, <br> Sponsored ADR<br>| 143601 | 1448934 |
|  |  | 3399544 |
| ***CONSTRUCTION MATERIALS - 0.3%*** |  |  |
| CEMEX SAB de CV, Sponsored ADR | 75555 | 766883 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 0.5%***<br>|  |  |
| Pearson PLC, Sponsored ADR | 97434 | 1355307 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 1.1%***<br>|  |  |
| Chunghwa Telecom Co. Ltd., Sponsored <br> ADR<br>| 25821 | 1099458 |
| Telefonica SA, Sponsored ADR | 169980 | 858399 |
| Telkom Indonesia Persero Tbk PT, ADR | 54458 | 1066832 |
|  |  | 3024689 |
| ***ELECTRIC UTILITIES - 0.3%*** |  |  |
| Centrais Eletricas Brasileiras SA, <br> Sponsored ADR<br>| 81639 | 844964 |
| ***ENTERTAINMENT - 0.4%*** |  |  |
| NetEase, Inc., ADR | 6413 | 898461 |
| Tencent Music Entertainment Group, <br> ADR<br>| 6156 | 137402 |
|  |  | 1035863 |
| ***FINANCIAL SERVICES - 0.7%*** |  |  |
| ORIX Corp., Sponsored ADR | 78460 | 1921485 |
| ***GROUND TRANSPORTATION - 0.1%*** |  |  |
| Full Truck Alliance Co. Ltd., Sponsored <br> ADR<br>| 22572 | 293436 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED INTERNATIONAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.6%***<br>|  |  |
| Koninklijke Philips N.V., Sponsored NYS | 59082 | $1614120 |
| Smith & Nephew PLC, Sponsored ADR | 71999 | 2651003 |
|  |  | 4265123 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 0.4%***<br>|  |  |
| Fresenius Medical Care AG, ADR | 36535 | 980599 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 0.8%***<br>|  |  |
| InterContinental Hotels Group PLC, <br> ADR<br>| 15141 | 1839026 |
| Trip.com Group Ltd., ADR | 6547 | 462545 |
|  |  | 2301571 |
| ***HOUSEHOLD DURABLES - 2.9%*** |  |  |
| Sony Group Corp., Sponsored ADR | 286690 | 7995784 |
| ***INSURANCE - 0.9%*** |  |  |
| Aegon Ltd., Sponsored NYS | 84978 | 643283 |
| Prudential PLC, ADR | 60694 | 1690935 |
|  |  | 2334218 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 0.1%***<br>|  |  |
| Baidu, Inc., Sponsored ADR<sup>(a)</sup> <br>| 3379 | 408420 |
| ***IT SERVICES - 1.3%*** |  |  |
| Endava PLC, Sponsored ADR<sup>(a)</sup> <br>| 2407 | 22313 |
| Infosys Ltd., Sponsored ADR | 179816 | 2979551 |
| Wipro Ltd., ADR | 168148 | 442229 |
|  |  | 3444093 |
| ***MEDIA - 0.4%*** |  |  |
| Criteo SA, Sponsored ADR<sup>(a)</sup> <br>| 18292 | 418521 |
| WPP PLC, Sponsored ADR | 36066 | 684172 |
|  |  | 1102693 |
| ***METALS & MINING - 4.8%*** |  |  |
| ArcelorMittal SA, Sponsored NYS | 21827 | 831391 |
| BHP Group Ltd., Sponsored ADR | 116925 | 6670571 |
| Gold Fields Ltd., Sponsored ADR | 4039 | 155138 |
| Rio Tinto PLC, Sponsored ADR | 60478 | 4338692 |
| Vale SA, Sponsored ADR | 90960 | 1099706 |
|  |  | 13095498 |
| ***MULTI-UTILITIES - 2.0%*** |  |  |
| National Grid PLC, Sponsored ADR | 72047 | 5421537 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***8.9%***<br>|  |  |
| BP PLC, Sponsored ADR | 115998 | 4075010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Eni S.p.A., Sponsored ADR | 45074 | $1663681 |
| Equinor ASA, Sponsored ADR | 52698 | 1262644 |
| Petroleo Brasileiro SA, Sponsored ADR | 25860 | 301011 |
| Shell PLC, ADR | 135952 | 10185524 |
| TotalEnergies SE, Sponsored ADR | 105268 | 6551880 |
|  |  | 24039750 |
| ***PAPER & FOREST PRODUCTS - 0.1%*** |  |  |
| Suzano SA, Sponsored ADR<sup>(a)</sup> <br>| 25371 | 229100 |
| ***PASSENGER AIRLINES - 0.4%*** |  |  |
| Ryanair Holdings PLC, Sponsored ADR | 17639 | 1102085 |
| ***PERSONAL CARE PRODUCTS - 4.7%*** |  |  |
| Unilever PLC, Sponsored ADR | 209771 | 12626117 |
| ***PHARMACEUTICALS - 5.0%*** |  |  |
| Haleon PLC, ADR | 427721 | 3964974 |
| HUTCHMED China Ltd., ADR<sup>(a)</sup> <br>| 50055 | 734807 |
| Takeda Pharmaceutical Co. Ltd., ADR | 651533 | 8756604 |
|  |  | 13456385 |
| ***PROFESSIONAL SERVICES - 2.5%*** |  |  |
| RELX PLC, Sponsored ADR | 151036 | 6681833 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.1%***<br>|  |  |
| KE Holdings, Inc., ADR | 15738 | 268333 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***12.5%***<br>|  |  |
| ARM Holdings PLC, ADR<sup>(a)</sup> <br>| 6562 | 1114359 |
| ASE Industrial Holding Co. Ltd., ADR | 57146 | 914908 |
| ASML Holding N.V., Sponsored NYS | 17210 | 18229348 |
| STMicroelectronics N.V., Sponsored <br> NYS<br>| 43243 | 1058156 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., Sponsored ADR<br>| 38645 | 11610117 |
| United Microelectronics Corp., <br> Sponsored ADR<br>| 136133 | 1049586 |
|  |  | 33976474 |
| ***SOFTWARE - 6.1%*** |  |  |
| Nice Ltd., Sponsored ADR<sup>(a)</sup> <br>| 15837 | 2164285 |
| SAP SE, Sponsored ADR | 54708 | 14224627 |
|  |  | 16388912 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***0.6%***<br>|  |  |
| Logitech International SA | 14265 | 1719788 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED INTERNATIONAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***WATER UTILITIES - 0.2%*** |  |  |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP, ADR<br>| 16986 | $416836 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.1%***<br>|  |  |
| America Movil SAB de CV, ADR | 74088 | 1686984 |
| Vodafone Group PLC, Sponsored ADR | 112382 | 1354203 |
|  |  | 3041187 |
| **TOTAL COMMON STOCKS** <br> **(COST $226,077,639)**<br>|  | 265661649 |
| <br>**MONEY MARKET FUND - 0.3%** | <br>**MONEY MARKET FUND - 0.3%** | <br>**MONEY MARKET FUND - 0.3%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(b)</sup> <br>| 690206 | 690206 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $690,206)**<br>|  | 690206 |
| **PREFERRED STOCKS - 1.2%** | **PREFERRED STOCKS - 1.2%** | **PREFERRED STOCKS - 1.2%** |
| ***BANKS - 0.7%*** | ***BANKS - 0.7%*** | ***BANKS - 0.7%*** |
| Itau Unibanco Holding SA, Sponsored <br> ADR, 3.38%<sup>(c)</sup> <br>| 268209 | 1974018 |
| ***BIOTECHNOLOGY - 0.0%*** | ***BIOTECHNOLOGY - 0.0%*** | ***BIOTECHNOLOGY - 0.0%*** |
| Grifols SA, ADR, 1.88%<sup>(c)</sup> <br>| 4960 | 46475 |
| ***OIL, GAS & CONSUMABLE FUELS - 0.5%*** | ***OIL, GAS & CONSUMABLE FUELS - 0.5%*** | ***OIL, GAS & CONSUMABLE FUELS - 0.5%*** |
| Petroleo Brasileiro SA, Sponsored ADR, <br> 2.68%<sup>(c)</sup> <br>| 113226 | 1251148 |
| **TOTAL PREFERRED STOCKS** <br> **(COST $3,029,692)**<br>|  | 3271641 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TOTAL INVESTMENTS** <br> **(COST $229,797,537) - 99.6%**<br>|  | $269623496 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.4%**<br>|  | 1098442 |
| **NET ASSETS - 100.0%** |  | $270721938 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 7-day current yield as of October 31, 2025.

<sup>(c)</sup> Current yield. Dividends are calculated based on a percentage of the issuer's net income. 

---

| |
|:---|
| ADR — American Depositary Receipt |
| AG — Aktiengesellschaft |
| ASA — Aksjeselskap |
| N.V. — Naamloze Vennootschap |
| NYS — New York Shares |
| PLC — Public Limited Company |
| S.p.A. — Stock Purchase Agreements |
| SA — Societe Anonyme |
| SAB de CV — Sociedad Anónima Bursátil de Capital Variable |
| SABESP — Companhia de Saneamento Basico do Estado de Sao Paulo |
| SE — Societas Europaea |
| Tbk PT — Perseroan Terbatas |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%** |  |  |
| ***AEROSPACE & DEFENSE - 2.1%*** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| 606 | $443731 |
| Boeing Co. (The)<sup>(a)</sup> <br>| 3877 | 779355 |
| General Dynamics Corp. | 570 | 196593 |
| General Electric Co. | 6013 | 1857716 |
| Howmet Aerospace, Inc. | 1758 | 362060 |
| L3Harris Technologies, Inc. | 972 | 281005 |
| Lockheed Martin Corp. | 1044 | 513523 |
| Northrop Grumman Corp. | 848 | 494766 |
| RTX Corp. | 6946 | 1239861 |
| Textron, Inc. | 597 | 48244 |
| TransDigm Group, Inc. | 257 | 336287 |
|  |  | 6553141 |
| ***AIR FREIGHT & LOGISTICS - 0.2%*** |  |  |
| C.H. Robinson Worldwide, Inc. | 1205 | 185558 |
| Expeditors International of Washington, <br> Inc.<br>| 1454 | 177242 |
| FedEx Corp. | 11 | 2792 |
| United Parcel Service, Inc., Class B | 3302 | 318379 |
|  |  | 683971 |
| ***AUTOMOBILES - 2.4%*** |  |  |
| Ford Motor Co. | 24591 | 322880 |
| General Motors Co. | 4638 | 320439 |
| Tesla, Inc.<sup>(a)</sup> <br>| 14854 | 6781742 |
|  |  | 7425061 |
| ***BANKS - 3.5%*** |  |  |
| Bank of America Corp. | 38335 | 2049006 |
| Citigroup, Inc. | 9308 | 942249 |
| Citizens Financial Group, Inc. | 1163 | 59162 |
| Fifth Third Bancorp | 4350 | 181047 |
| Huntington Bancshares, Inc. | 12350 | 190684 |
| JPMorgan Chase & Co. | 15185 | 4724357 |
| KeyCorp | 7900 | 138961 |
| Regions Financial Corp. | 7892 | 190986 |
| Truist Financial Corp. | 7326 | 326959 |
| U.S. Bancorp | 7905 | 369005 |
| Wells Fargo & Co. | 17881 | 1555111 |
|  |  | 10727527 |
| ***BEVERAGES - 1.2%*** |  |  |
| Coca-Cola Co. (The) | 25724 | 1772384 |
| Keurig Dr Pepper, Inc. | 5015 | 136207 |
| Monster Beverage Corp.<sup>(a)</sup> <br>| 6052 | 404455 |
| PepsiCo, Inc. | 8587 | 1254475 |
|  |  | 3567521 |
| ***BIOTECHNOLOGY - 1.8%*** |  |  |
| AbbVie, Inc. | 11211 | 2444446 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Amgen, Inc. | 5171 | $1543181 |
| Gilead Sciences, Inc. | 10159 | 1216947 |
| Incyte Corp.<sup>(a)</sup> <br>| 4162 | 389064 |
| Moderna, Inc.<sup>(a)</sup> <br>| 1993 | 54130 |
|  |  | 5647768 |
| ***BROADLINE RETAIL - 3.9%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 48832 | 11925751 |
| eBay, Inc. | 3111 | 252955 |
|  |  | 12178706 |
| ***BUILDING PRODUCTS - 0.7%*** |  |  |
| A.O. Smith Corp. | 807 | 53254 |
| Allegion PLC | 77 | 12764 |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>| 87 | 10107 |
| Carrier Global Corp. | 8574 | 510067 |
| Johnson Controls International PLC | 4622 | 528711 |
| Masco Corp. | 1108 | 71754 |
| Trane Technologies PLC | 1930 | 865894 |
|  |  | 2052551 |
| ***CAPITAL MARKETS - 3.3%*** |  |  |
| Bank of New York Mellon Corp. (The) | 5406 | 583470 |
| Blackrock, Inc. | 320 | 346499 |
| Blackstone, Inc. | 3582 | 525264 |
| Cboe Global Markets, Inc. | 699 | 171702 |
| Charles Schwab Corp. (The) | 7781 | 735460 |
| CME Group, Inc. | 2144 | 569211 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> <br>| 1143 | 392940 |
| FactSet Research Systems, Inc. | 1393 | 371652 |
| Franklin Resources, Inc. | 2300 | 52003 |
| Goldman Sachs Group, Inc. (The) | 1237 | 976451 |
| Intercontinental Exchange, Inc. | 3189 | 466519 |
| Invesco Ltd. | 2500 | 59250 |
| KKR & Co., Inc. | 2636 | 311918 |
| Moody's Corp. | 1529 | 734379 |
| Morgan Stanley | 6722 | 1102408 |
| Nasdaq, Inc.  | 5973 | 510632 |
| Northern Trust Corp. | 683 | 87882 |
| Raymond James Financial, Inc. | 875 | 138836 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> <br>| 3937 | 577873 |
| S&P Global, Inc. | 2415 | 1176612 |
| State Street Corp. | 1585 | 183321 |
| T. Rowe Price Group, Inc. | 803 | 82332 |
|  |  | 10156614 |
| ***CHEMICALS - 0.8%*** |  |  |
| Air Products and Chemicals, Inc. | 403 | 97764 |
| CF Industries Holdings, Inc. | 795 | 66215 |
| Corteva, Inc. | 3807 | 233902 |
| Dow, Inc. | 4069 | 97046 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DuPont de Nemours, Inc. | 2076 | $169505 |
| Ecolab, Inc. | 1525 | 391010 |
| International Flavors & Fragrances, Inc. | 1328 | 83624 |
| Linde PLC | 2401 | 1004338 |
| LyondellBasell Industries N.V., Class A | 1530 | 71023 |
| Mosaic Co. (The) | 2160 | 59292 |
| PPG Industries, Inc. | 1165 | 113879 |
| Sherwin-Williams Co. (The) | 448 | 154533 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> <br>| 886 | 39921 |
|  |  | 2582052 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 0.5%***<br>|  |  |
| Cintas Corp. | 1872 | 343081 |
| Copart, Inc.<sup>(a)</sup> <br>| 5166 | 222190 |
| Republic Services, Inc. | 1447 | 301323 |
| Rollins, Inc. | 2895 | 166781 |
| Veralto Corp. | 1275 | 125817 |
| Waste Management, Inc. | 2211 | 441692 |
|  |  | 1600884 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***0.9%***<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> <br>| 4239 | 668448 |
| Cisco Systems, Inc. | 26917 | 1967902 |
| F5, Inc.<sup>(a)</sup> <br>| 17 | 4302 |
| Motorola Solutions, Inc. | 704 | 286323 |
|  |  | 2926975 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***0.1%***<br>|  |  |
| EMCOR Group, Inc. | 129 | 87176 |
| Quanta Services, Inc. | 576 | 258699 |
|  |  | 345875 |
| ***CONSTRUCTION MATERIALS - 0.1%*** |  |  |
| Martin Marietta Materials, Inc. | 289 | 177186 |
| Vulcan Materials Co. | 411 | 118984 |
|  |  | 296170 |
| ***CONSUMER FINANCE - 0.7%*** |  |  |
| American Express Co. | 2954 | 1065597 |
| Capital One Financial Corp. | 2680 | 589573 |
| Synchrony Financial | 7184 | 534346 |
|  |  | 2189516 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 1.7%***<br>|  |  |
| Costco Wholesale Corp. | 2219 | 2022507 |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| 572 | 56697 |
| Kroger Co. (The) | 4059 | 258274 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sysco Corp. | 2990 | $222097 |
| Target Corp. | 1512 | 140193 |
| Walmart, Inc. | 24821 | 2511389 |
|  |  | 5211157 |
| ***CONTAINERS & PACKAGING - 0.3%*** |  |  |
| Amcor PLC | 31380 | 247902 |
| Ball Corp. | 8256 | 388032 |
| International Paper Co. | 2236 | 86399 |
| Smurfit WestRock PLC | 1601 | 59109 |
|  |  | 781442 |
| ***DISTRIBUTORS - 0.4%*** |  |  |
| Genuine Parts Co. | 3284 | 418086 |
| LKQ Corp. | 12210 | 390232 |
| Pool Corp. | 1289 | 344240 |
|  |  | 1152558 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.7%***<br>|  |  |
| AT&T, Inc. | 45941 | 1137040 |
| Verizon Communications, Inc. | 22561 | 896574 |
|  |  | 2033614 |
| ***ELECTRIC UTILITIES - 1.7%*** |  |  |
| Alliant Energy Corp. | 2090 | 139654 |
| American Electric Power Co., Inc. | 2934 | 352843 |
| Constellation Energy Corp. | 1738 | 655226 |
| Duke Energy Corp. | 5496 | 683153 |
| Edison International | 2094 | 115966 |
| Entergy Corp. | 1528 | 146825 |
| Evergy, Inc. | 1721 | 132190 |
| Eversource Energy | 1973 | 145627 |
| Exelon Corp. | 7191 | 331649 |
| FirstEnergy Corp. | 4259 | 195190 |
| NextEra Energy, Inc. | 10857 | 883760 |
| NRG Energy, Inc. | 463 | 79571 |
| PG&E Corp. | 8106 | 129372 |
| Pinnacle West Capital Corp. | 510 | 45145 |
| PPL Corp. | 7780 | 284125 |
| Southern Co. (The) | 7424 | 698153 |
| Xcel Energy, Inc. | 3140 | 254874 |
|  |  | 5273323 |
| ***ELECTRICAL EQUIPMENT - 0.8%*** |  |  |
| AMETEK, Inc. | 952 | 192409 |
| Eaton Corp. PLC | 2149 | 819972 |
| Emerson Electric Co. | 2509 | 350181 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GE Vernova, Inc. | 1925 | $1126395 |
| Generac Holdings, Inc.<sup>(a)</sup> <br>| 73 | 12266 |
| Rockwell Automation, Inc. | 15 | 5525 |
|  |  | 2506748 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 0.6%***<br>|  |  |
| Amphenol Corp., Class A | 4515 | 629120 |
| Corning, Inc. | 5104 | 454664 |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| 2742 | 501676 |
| TE Connectivity PLC | 752 | 185752 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| 4 | 2107 |
| Trimble, Inc.<sup>(a)</sup> <br>| 1517 | 120981 |
|  |  | 1894300 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 0.2%***<br>|  |  |
| Baker Hughes Co. | 5217 | 252555 |
| Halliburton Co. | 4080 | 109507 |
| SLB Ltd. | 7767 | 280078 |
|  |  | 642140 |
| ***ENTERTAINMENT - 1.3%*** |  |  |
| Electronic Arts, Inc. | 1499 | 299890 |
| Netflix, Inc.<sup>(a)</sup> <br>| 2217 | 2480512 |
| Walt Disney Co. (The) | 9379 | 1056263 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>| 13884 | 311696 |
|  |  | 4148361 |
| ***FINANCIAL SERVICES - 3.8%*** |  |  |
| Apollo Global Management, Inc. | 1448 | 180001 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 10360 | 4947314 |
| Corpay, Inc.<sup>(a)</sup> <br>| 30 | 7811 |
| Fidelity National Information Services, <br> Inc.<br>| 2912 | 182058 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 3122 | 208206 |
| Mastercard, Inc., Class A | 4631 | 2556266 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 5053 | 350021 |
| Visa, Inc., Class A | 9504 | 3238393 |
|  |  | 11670070 |
| ***FOOD PRODUCTS - 0.6%*** |  |  |
| Archer-Daniels-Midland Co. | 2648 | 160283 |
| Bunge Global SA | 2872 | 271691 |
| Conagra Brands, Inc. | 4970 | 85434 |
| General Mills, Inc. | 5287 | 246427 |
| Hormel Foods Corp. | 4023 | 86857 |
| J M Smucker Co. (The) | 570 | 59024 |
| Kellanova | 2538 | 210806 |
| Kraft Heinz Co. (The) | 6176 | 152733 |
| McCormick & Co., Inc. | 1409 | 90401 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Mondelez International, Inc., Class A | 8434 | $484618 |
| The Campbell's Co. | 2562 | 77193 |
| Tyson Foods, Inc., Class A | 1566 | 80508 |
|  |  | 2005975 |
| ***GAS UTILITIES - 0.1%*** |  |  |
| Atmos Energy Corp. | 1280 | 219802 |
| ***GROUND TRANSPORTATION - 0.7%*** |  |  |
| CSX Corp. | 12654 | 455797 |
| J.B. Hunt Transport Services, Inc. | 154 | 26005 |
| Old Dominion Freight Line, Inc. | 547 | 76810 |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| 10484 | 1011706 |
| Union Pacific Corp. | 2863 | 630919 |
|  |  | 2201237 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.5%***<br>|  |  |
| Abbott Laboratories | 11040 | 1364765 |
| Baxter International, Inc. | 3423 | 63223 |
| Becton, Dickinson and Co. | 2402 | 429261 |
| Boston Scientific Corp.<sup>(a)</sup> <br>| 11065 | 1114467 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> <br>| 5727 | 400375 |
| Dexcom, Inc.<sup>(a)</sup> <br>| 2114 | 123077 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| 3140 | 258893 |
| Hologic, Inc.<sup>(a)</sup> <br>| 2143 | 158389 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| 940 | 591739 |
| Insulet Corp.<sup>(a)</sup> <br>| 266 | 83261 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| 2062 | 1101685 |
| Medtronic PLC | 8397 | 761608 |
| ResMed, Inc. | 770 | 190098 |
| Solventum Corp.<sup>(a)</sup> <br>| 789 | 54472 |
| STERIS PLC | 357 | 84145 |
| Stryker Corp. | 2238 | 797265 |
| Zimmer Holdings, Inc. | 1772 | 178192 |
|  |  | 7754915 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 1.8%***<br>|  |  |
| Cardinal Health, Inc. | 3452 | 658538 |
| Cencora, Inc. | 2099 | 709063 |
| Centene Corp.<sup>(a)</sup> <br>| 14848 | 525174 |
| Cigna Group (The) | 2521 | 616158 |
| CVS Health Corp. | 7202 | 562836 |
| DaVita, Inc.<sup>(a)</sup> <br>| 452 | 53797 |
| Elevance Health, Inc. | 2301 | 729877 |
| Henry Schein, Inc.<sup>(a)</sup> <br>| 1009 | 63769 |
| Humana, Inc. | 1763 | 490449 |
| Labcorp Holdings, Inc. | 211 | 53585 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| McKesson Corp. | 1029 | $834869 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| 1261 | 193009 |
| Quest Diagnostics, Inc. | 1055 | 185627 |
|  |  | 5676751 |
| ***HOTEL & RESORT REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.0%***<br>|  |  |
| Host Hotels & Resorts, Inc. | 6193 | 99212 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.5%***<br>|  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| 1944 | 245994 |
| Booking Holdings, Inc. | 168 | 853060 |
| Carnival Corp.<sup>(a)</sup> <br>| 6190 | 178458 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| 6796 | 215365 |
| Domino's Pizza, Inc. | 22 | 8766 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| 1712 | 435481 |
| Expedia Group, Inc. | 255 | 56100 |
| Hilton Worldwide Holdings, Inc. | 1049 | 269551 |
| Marriott International, Inc., Class A | 1012 | 263707 |
| McDonald's Corp. | 3636 | 1085091 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> <br>| 2830 | 63449 |
| Royal Caribbean Cruises Ltd. | 1549 | 444300 |
| Starbucks Corp. | 5093 | 411871 |
| Yum! Brands, Inc. | 1563 | 216022 |
|  |  | 4747215 |
| ***HOUSEHOLD DURABLES - 0.1%*** |  |  |
| D.R. Horton, Inc. | 1025 | 152807 |
| Garmin Ltd. | 674 | 144195 |
| Mohawk Industries, Inc.<sup>(a)</sup> <br>| 34 | 3864 |
|  |  | 300866 |
| ***HOUSEHOLD PRODUCTS - 1.0%*** |  |  |
| Church & Dwight Co., Inc. | 2673 | 234395 |
| Clorox Co. (The) | 59 | 6635 |
| Colgate-Palmolive Co. | 5190 | 399890 |
| Kimberly-Clark Corp. | 2402 | 287544 |
| Procter & Gamble Co. (The) | 14279 | 2147133 |
|  |  | 3075597 |
| ***INDEPENDENT POWER AND*** <br> ***RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - 0.1%***<br>|  |  |
| AES Corp. (The) | 5250 | 72818 |
| Vistra Corp. | 1638 | 308435 |
|  |  | 381253 |
| ***INDUSTRIAL CONGLOMERATES -*** <br> ***0.4%***<br>|  |  |
| 3M Co. | 2811 | 468032 |
| Honeywell International, Inc. | 3543 | 713312 |
|  |  | 1181344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***INDUSTRIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.3%***<br>|  |  |
| Prologis, Inc. | 8024 | $995698 |
| ***INSURANCE - 1.9%*** |  |  |
| Aflac, Inc. | 3137 | 336255 |
| Allstate Corp. (The) | 1691 | 323860 |
| American International Group, Inc. | 3722 | 293889 |
| Aon PLC, Class A | 528 | 179879 |
| Arch Capital Group Ltd. | 2274 | 196269 |
| Arthur J. Gallagher & Co. | 1588 | 396190 |
| Brown & Brown, Inc. | 1794 | 143054 |
| Chubb Ltd. | 2623 | 726414 |
| Cincinnati Financial Corp. | 902 | 139440 |
| Erie Indemnity Co., Class A | 117 | 34239 |
| Hartford Insurance Group, Inc. (The) | 2544 | 315914 |
| Loews Corp. | 880 | 87613 |
| Marsh & McLennan Cos., Inc. | 3456 | 615686 |
| MetLife, Inc. | 4149 | 331173 |
| Principal Financial Group, Inc. | 5210 | 437848 |
| Progressive Corp. (The) | 3605 | 742630 |
| Prudential Financial, Inc. | 1562 | 162448 |
| Travelers Cos., Inc. (The) | 925 | 248474 |
| W.R. Berkley Corp. | 2158 | 153952 |
|  |  | 5865227 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 7.5%***<br>|  |  |
| Alphabet, Inc., Class A | 30400 | 8548176 |
| Alphabet, Inc., Class C | 26008 | 7329575 |
| Match Group, Inc. | 831 | 26874 |
| Meta Platforms, Inc., Class A | 11522 | 7470289 |
|  |  | 23374914 |
| ***IT SERVICES - 1.1%*** |  |  |
| Accenture PLC, Class A | 2451 | 612995 |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| 4933 | 370468 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 2667 | 194371 |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| 26 | 4252 |
| Gartner, Inc.<sup>(a)</sup> <br>| 1687 | 418950 |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| 313 | 41670 |
| International Business Machines Corp. | 6069 | 1865671 |
|  |  | 3508377 |
| ***LEISURE PRODUCTS - 0.0%*** |  |  |
| Hasbro, Inc. | 1422 | 108513 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 1.4%***<br>|  |  |
| Agilent Technologies, Inc. | 5261 | 770000 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bio-Techne Corp. | 2182 | $136528 |
| Danaher Corp. | 6383 | 1374770 |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| 1911 | 413655 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| 342 | 484371 |
| Revvity, Inc. | 4278 | 400378 |
| Waters Corp.<sup>(a)</sup> <br>| 1238 | 432805 |
| West Pharmaceutical Services, Inc. | 983 | 277275 |
|  |  | 4289782 |
| ***MACHINERY - 1.1%*** |  |  |
| Caterpillar, Inc. | 2410 | 1391197 |
| Deere & Co. | 786 | 362841 |
| Fortive Corp. | 2024 | 101888 |
| Illinois Tool Works, Inc. | 997 | 243188 |
| Ingersoll Rand, Inc. | 5301 | 404625 |
| Otis Worldwide Corp. | 2409 | 223459 |
| PACCAR, Inc. | 2498 | 245803 |
| Parker-Hannifin Corp. | 142 | 109742 |
| Stanley Black & Decker, Inc. | 79 | 5350 |
| Westinghouse Air Brake Technologies <br> Corp.<br>| 441 | 90158 |
| Xylem, Inc. | 1037 | 156432 |
|  |  | 3334683 |
| ***MEDIA - 0.5%*** |  |  |
| Charter Communications, Inc., Class A<sup>(a)</sup> <br>| 35 | 8184 |
| Comcast Corp., Class A | 21354 | 594389 |
| Fox Corp., Class A | 1088 | 70339 |
| Fox Corp., Class B | 3263 | 190592 |
| Interpublic Group of Cos., Inc. (The) | 14342 | 368016 |
| News Corp., Class A | 2690 | 71285 |
| News Corp., Class B | 1680 | 51190 |
| Omnicom Group, Inc. | 621 | 46587 |
| Paramount Skydance Corp., Class B | 3380 | 52018 |
|  |  | 1452600 |
| ***METALS & MINING - 0.3%*** |  |  |
| Freeport-McMoRan, Inc. | 7958 | 331848 |
| Newmont Corp. | 5613 | 454485 |
| Nucor Corp. | 757 | 113588 |
| Steel Dynamics, Inc. | 412 | 64602 |
|  |  | 964523 |
| ***MULTI-UTILITIES - 0.8%*** |  |  |
| Ameren Corp. | 1395 | 142318 |
| CenterPoint Energy, Inc. | 5180 | 198083 |
| CMS Energy Corp. | 2241 | 164826 |
| Consolidated Edison, Inc. | 3297 | 321161 |
| Dominion Energy, Inc. | 4568 | 268096 |
| DTE Energy Co. | 1123 | 152211 |
| NiSource, Inc. | 4370 | 184021 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Public Service Enterprise Group, Inc. | 3290 | $265042 |
| Sempra | 3920 | 360405 |
| WEC Energy Group, Inc. | 2365 | 264241 |
|  |  | 2320404 |
| ***OFFICE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.0%***<br>|  |  |
| BXP, Inc. | 1238 | 88133 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***2.6%***<br>|  |  |
| APA Corp. | 1420 | 32163 |
| Chevron Corp. | 10348 | 1632087 |
| ConocoPhillips | 7205 | 640236 |
| Coterra Energy, Inc. | 4790 | 113331 |
| Devon Energy Corp. | 3180 | 103318 |
| Diamondback Energy, Inc. | 762 | 109111 |
| EOG Resources, Inc. | 2618 | 277089 |
| EQT Corp. | 1813 | 97141 |
| Exxon Mobil Corp. | 24275 | 2776089 |
| Kinder Morgan, Inc. | 18540 | 485563 |
| Marathon Petroleum Corp. | 1695 | 330372 |
| Occidental Petroleum Corp. | 3985 | 164182 |
| ONEOK, Inc. | 2812 | 188404 |
| Phillips 66 | 2131 | 290114 |
| Targa Resources Corp. | 864 | 133091 |
| Texas Pacific Land Corp. | 37 | 34905 |
| Valero Energy Corp. | 1591 | 269770 |
| Williams Cos., Inc. (The) | 7696 | 445367 |
|  |  | 8122333 |
| ***PASSENGER AIRLINES - 0.1%*** |  |  |
| Delta Air Lines, Inc. | 2003 | 114932 |
| Southwest Airlines Co. | 3302 | 100051 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| 710 | 66768 |
|  |  | 281751 |
| ***PERSONAL CARE PRODUCTS - 0.1%*** |  |  |
| Estee Lauder Cos., Inc., (The) Class A | 621 | 60044 |
| Kenvue, Inc. | 10007 | 143801 |
|  |  | 203845 |
| ***PHARMACEUTICALS - 0.5%*** |  |  |
| Zoetis, Inc. | 10233 | 1474473 |
| ***PROFESSIONAL SERVICES - 0.4%*** |  |  |
| Automatic Data Processing, Inc. | 3522 | 916776 |
| Broadridge Financial Solutions, Inc. | 30 | 6612 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Jacobs Solutions, Inc. | 560 | $87254 |
| Paychex, Inc. | 2190 | 256296 |
|  |  | 1266938 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.2%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 3798 | 578929 |
| CoStar Group, Inc.<sup>(a)</sup> <br>| 1886 | 129776 |
|  |  | 708705 |
| ***RESIDENTIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.1%***<br>|  |  |
| Equity Residential | 2389 | 142002 |
| Invitation Homes, Inc. | 175 | 4926 |
| UDR, Inc. | 2330 | 78498 |
|  |  | 225426 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.2%***<br>|  |  |
| Federal Realty Investment Trust | 135 | 12986 |
| Kimco Realty Corp. | 5150 | 106399 |
| Realty Income Corp. | 3880 | 224962 |
| Regency Centers Corp. | 1945 | 134108 |
| Simon Property Group, Inc. | 1289 | 226554 |
|  |  | 705009 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***15.1%***<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| 9064 | 2321472 |
| Analog Devices, Inc. | 2303 | 539201 |
| Applied Materials, Inc. | 5866 | 1367365 |
| Broadcom, Inc. | 25474 | 9415955 |
| First Solar, Inc.<sup>(a)</sup> <br>| 332 | 88624 |
| Intel Corp.<sup>(a)</sup> <br>| 33093 | 1323389 |
| KLA Corp. | 335 | 404928 |
| Lam Research Corp. | 9610 | 1513190 |
| Micron Technology, Inc. | 5144 | 1151073 |
| Monolithic Power Systems, Inc. | 162 | 162810 |
| NVIDIA Corp. | 132166 | 26762293 |
| NXP Semiconductors N.V. | 2987 | 624641 |
| QUALCOMM, Inc. | 4273 | 772986 |
| Texas Instruments, Inc. | 3232 | 521839 |
|  |  | 46969766 |
| ***SOFTWARE - 11.5%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 3326 | 1131871 |
| AppLovin Corp., Class A<sup>(a)</sup> <br>| 1597 | 1017816 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 2260 | 681028 |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| 2415 | 817936 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> <br>| 1287 | 698854 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| 24 | 39829 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fortinet, Inc.<sup>(a)</sup> <br>| 3098 | $267760 |
| Gen Digital, Inc. | 4396 | 115879 |
| Intuit, Inc. | 2029 | 1354459 |
| Microsoft Corp. | 39798 | 20607802 |
| Oracle Corp. | 8919 | 2342219 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| 12155 | 2436713 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| 5118 | 1127188 |
| Salesforce, Inc. | 4694 | 1222365 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| 1022 | 939504 |
| Synopsys, Inc.<sup>(a)</sup> <br>| 753 | 341727 |
| Workday, Inc., Class A<sup>(a)</sup> <br>| 2548 | 611316 |
|  |  | 35754266 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.2%***<br>|  |  |
| American Tower Corp. | 4398 | 787154 |
| Crown Castle, Inc. | 5850 | 527787 |
| Digital Realty Trust, Inc. | 3698 | 630176 |
| Equinix, Inc. | 945 | 799480 |
| Extra Space Storage, Inc. | 971 | 129667 |
| Iron Mountain, Inc. | 1456 | 149895 |
| SBA Communications Corp. | 2314 | 443085 |
| Weyerhaeuser Co. | 5852 | 134596 |
|  |  | 3601840 |
| ***SPECIALTY RETAIL - 1.9%*** |  |  |
| Best Buy Co., Inc. | 4795 | 393861 |
| CarMax, Inc.<sup>(a)</sup> <br>| 8592 | 360091 |
| Home Depot, Inc. (The) | 6245 | 2370540 |
| Lowe's Cos., Inc. | 4371 | 1040866 |
| TJX Cos., Inc. (The) | 6350 | 889889 |
| Tractor Supply Co. | 8808 | 476601 |
| Williams-Sonoma, Inc. | 2273 | 441735 |
|  |  | 5973583 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***7.7%***<br>|  |  |
| Apple, Inc. | 79069 | 21377885 |
| Dell Technologies, Inc., Class C | 272 | 44067 |
| Hewlett Packard Enterprise Co. | 24668 | 602393 |
| HP, Inc. | 16795 | 464718 |
| NetApp, Inc. | 3867 | 455455 |
| Seagate Technology Holdings PLC | 1448 | 370514 |
| Western Digital Corp. | 4686 | 703884 |
|  |  | 24018916 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 0.3%***<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 4590 | 374085 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| NIKE, Inc., Class B | 5426 | $350465 |
| Ralph Lauren Corp. | 28 | 8951 |
| Tapestry, Inc. | 924 | 101474 |
|  |  | 834975 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 0.3%***<br>|  |  |
| Fastenal Co. | 6832 | 281137 |
| United Rentals, Inc. | 67 | 58369 |
| W.W. Grainger, Inc. | 582 | 569778 |
|  |  | 909284 |
| ***WATER UTILITIES - 0.0%*** |  |  |
| American Water Works Co., Inc. | 1074 | 137934 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 0.2%***<br>|  |  |
| T-Mobile U.S., Inc. | 3364 | 706608 |
| **TOTAL COMMON STOCKS** <br> **(COST $201,132,779)**<br>|  | 310090718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
| ***HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - 0.0%*** |
| Contra Abiomed, Inc. (Contingent Value <br> Rights)<sup>(a)(b)(c)</sup> <br>| 373 | $— |
| **TOTAL RIGHTS** <br> **(COST $—)**<br>|  |  |
| <br>**MONEY MARKET FUND - 0.2%** | <br>**MONEY MARKET FUND - 0.2%** | <br>**MONEY MARKET FUND - 0.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(d)</sup> <br>| 468910 | 468910 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $468,910)**<br>|  | 468910 |
| **TOTAL INVESTMENTS** <br> **(COST $201,601,689) - 100.0%**<br>|  | 310559628 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.0%**<br>|  | 26444 |
| **NET ASSETS - 100.0%** |  | $310586072 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is a Level 3 investment and was valued using significant unobservable inputs as of period end. 

<sup>(c)</sup> Amounts denoted as ''—'' are less than $0.50.

<sup>(d)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| N.V. — Naamloze Vennootschap |
| PLC — Public Limited Company |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.9%** |  |  |
| ***AEROSPACE & DEFENSE - 2.9%*** |  |  |
| AAR Corp.<sup>(a)</sup> <br>| 1455 | $122525 |
| AeroVironment, Inc.<sup>(a)</sup> <br>| 1169 | 432425 |
| ATI, Inc.<sup>(a)</sup> <br>| 6227 | 616286 |
| BWX Technologies, Inc. | 3583 | 765365 |
| Carpenter Technology Corp. | 2034 | 642541 |
| Curtiss-Wright Corp. | 1154 | 687472 |
| Hexcel Corp. | 3894 | 278032 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(a)</sup> <br>| 5290 | 479274 |
| Mercury Systems, Inc.<sup>(a)</sup> <br>| 2243 | 173631 |
| Moog, Inc., Class A | 887 | 181702 |
| National Presto Industries, Inc. | 48 | 5134 |
| Woodward, Inc. | 2334 | 611765 |
|  |  | 4996152 |
| ***AIR FREIGHT & LOGISTICS - 0.3%*** |  |  |
| Forward Air Corp.<sup>(a)</sup> <br>| 1308 | 24604 |
| GXO Logistics, Inc.<sup>(a)</sup> <br>| 5534 | 311066 |
| Hub Group, Inc., Class A | 2982 | 109827 |
|  |  | 445497 |
| ***AUTOMOBILE COMPONENTS - 1.2%*** |  |  |
| Adient PLC<sup>(a)</sup> <br>| 4386 | 101711 |
| American Axle & Manufacturing <br> Holdings, Inc.<sup>(a)</sup> <br>| 6850 | 42470 |
| Autoliv, Inc. | 1817 | 212226 |
| BorgWarner, Inc. | 12783 | 549158 |
| Dana, Inc. | 7151 | 145165 |
| Dorman Products, Inc.<sup>(a)</sup> <br>| 306 | 41044 |
| Fox Factory Holding Corp.<sup>(a)</sup> <br>| 1440 | 31838 |
| Gentex Corp. | 11098 | 260248 |
| Gentherm, Inc.<sup>(a)</sup> <br>| 1290 | 47472 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> <br>| 13896 | 95744 |
| Lear Corp. | 3626 | 379461 |
| Patrick Industries, Inc. | 725 | 75668 |
| Phinia, Inc. | 973 | 50508 |
| XPEL, Inc.<sup>(a)</sup> <br>| 665 | 22677 |
|  |  | 2055390 |
| ***AUTOMOBILES - 0.2%*** |  |  |
| Harley-Davidson, Inc. | 11523 | 310891 |
| Thor Industries, Inc. | 857 | 89428 |
|  |  | 400319 |
| ***BANKS - 6.8%*** |  |  |
| Ameris Bancorp | 3025 | 216650 |
| Associated Banc-Corp | 7939 | 196649 |
| Atlantic Union Bankshares Corp. | 1684 | 54764 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| 2598 | 202592 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Banc of California, Inc. | 7435 | $126172 |
| BancFirst Corp. | 122 | 13281 |
| Bancorp, Inc. (The)<sup>(a)</sup> <br>| 2378 | 155450 |
| Bank OZK | 4739 | 213208 |
| BankUnited, Inc. | 3511 | 140721 |
| Beacon Financial Corp. | 5222 | 127103 |
| Cadence Bank | 9327 | 352001 |
| Capitol Federal Financial, Inc. | 6050 | 36542 |
| Cathay General Bancorp | 2917 | 132578 |
| Central Pacific Financial Corp. | 1180 | 33642 |
| Columbia Banking System, Inc. | 15423 | 413336 |
| Comerica, Inc. | 5312 | 406368 |
| Commerce Bancshares, Inc. | 5671 | 298465 |
| Community Financial System, Inc. | 2134 | 118394 |
| Customers Bancorp, Inc.<sup>(a)</sup> <br>| 702 | 47118 |
| CVB Financial Corp. | 6829 | 125449 |
| Dime Community Bancshares, Inc., <br> Class B<br>| 2282 | 59902 |
| Eagle Bancorp, Inc. | 1440 | 24120 |
| East West Bancorp, Inc. | 4437 | 450799 |
| F.N.B. Corp. | 20435 | 321238 |
| FB Financial Corp. | 1861 | 100513 |
| First Bancorp | 1870 | 90770 |
| First BanCorp (New York Exchange) | 8874 | 172954 |
| First Commonwealth Financial Corp. | 4960 | 75838 |
| First Financial Bancorp | 4760 | 111432 |
| First Financial Bankshares, Inc. | 6259 | 193341 |
| First Hawaiian, Inc. | 6020 | 147671 |
| First Horizon Corp. | 26847 | 573452 |
| Flagstar Bank NA | 12450 | 142179 |
| Fulton Financial Corp. | 9939 | 172640 |
| Glacier Bancorp, Inc. | 5236 | 213891 |
| Hancock Whitney Corp. | 3656 | 208794 |
| Hanmi Financial Corp. | 1901 | 50186 |
| Heritage Financial Corp. | 1430 | 31732 |
| Hilltop Holdings, Inc. | 3183 | 102811 |
| Home Bancshares, Inc. | 9688 | 258766 |
| Hope Bancorp, Inc. | 8372 | 87822 |
| International Bancshares Corp. | 2304 | 152940 |
| Lakeland Financial Corp. | 575 | 32804 |
| National Bank Holdings Corp., Class A | 1800 | 64188 |
| NBT Bancorp, Inc. | 2040 | 82559 |
| Northwest Bancshares, Inc. | 4090 | 47894 |
| OFG Bancorp | 2491 | 96302 |
| Old National Bancorp | 16416 | 335379 |
| Pathward Financial, Inc. | 16 | 1089 |
| Pinnacle Financial Partners, Inc. | 809 | 68935 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Prosperity Bancshares, Inc. | 805 | $52985 |
| Provident Financial Services, Inc. | 3730 | 68222 |
| Renasant Corp. | 2934 | 98670 |
| S&T Bancorp, Inc. | 1690 | 61922 |
| Seacoast Banking Corp. of Florida | 3510 | 106353 |
| ServisFirst Bancshares, Inc. | 2639 | 185443 |
| Simmons First National Corp., Class A | 5852 | 101708 |
| Southside Bancshares, Inc. | 1286 | 36162 |
| SouthState Bank Corp. | 2199 | 194941 |
| Stellar Bancorp, Inc. | 3104 | 91351 |
| Synovus Financial Corp. | 6547 | 292258 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> <br>| 871 | 73025 |
| Tompkins Financial Corp. | 60 | 3808 |
| Triumph Financial, Inc.<sup>(a)</sup> <br>| 214 | 11654 |
| TrustCo Bank Corp. NY | 800 | 30168 |
| Trustmark Corp. | 3420 | 127292 |
| UMB Financial Corp. | 83 | 8871 |
| United Bankshares, Inc. | 6379 | 228304 |
| United Community Banks, Inc. | 5632 | 164454 |
| Valley National Bancorp | 22624 | 245923 |
| WaFd, Inc. | 3255 | 94493 |
| Webster Financial Corp. | 7649 | 436299 |
| Western Alliance Bancorp | 3007 | 232591 |
| Wintrust Financial Corp. | 1559 | 202701 |
| WSFS Financial Corp. | 2639 | 137466 |
| Zions Bancorp | 6475 | 337412 |
|  |  | 11507900 |
| ***BEVERAGES - 0.5%*** |  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| 7482 | 450641 |
| Coca-Cola Consolidated, Inc. | 2650 | 345507 |
| National Beverage Corp.<sup>(a)</sup> <br>| 1346 | 46127 |
|  |  | 842275 |
| ***BIOTECHNOLOGY - 2.8%*** |  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> <br>| 3794 | 58731 |
| Alkermes PLC<sup>(a)</sup> <br>| 6928 | 212690 |
| Arcus Biosciences, Inc.<sup>(a)</sup> <br>| 3030 | 59752 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 5688 | 241114 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| 10392 | 556699 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 5390 | 114645 |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| 5827 | 370539 |
| Dynavax Technologies Corp.<sup>(a)</sup> <br>| 6528 | 66977 |
| Exelixis, Inc.<sup>(a)</sup> <br>| 14784 | 571697 |
| Krystal Biotech, Inc.<sup>(a)</sup> <br>| 1044 | 206200 |
| Myriad Genetics, Inc.<sup>(a)</sup> <br>| 4317 | 34709 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| 4322 | 618954 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> <br>| 2605 | 204805 |
| Roivant Sciences Ltd.<sup>(a)</sup> <br>| 16728 | 334393 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> <br>| 5254 | $126149 |
| TG Therapeutics, Inc.<sup>(a)</sup> <br>| 4639 | 161344 |
| United Therapeutics Corp.<sup>(a)</sup> <br>| 1634 | 727833 |
| Vericel Corp.<sup>(a)</sup> <br>| 2286 | 80147 |
| Vir Biotechnology, Inc.<sup>(a)</sup> <br>| 4180 | 24913 |
| Xencor, Inc.<sup>(a)</sup> <br>| 3272 | 48131 |
|  |  | 4820422 |
| ***BROADLINE RETAIL - 0.5%*** |  |  |
| Etsy, Inc.<sup>(a)</sup> <br>| 2571 | 159402 |
| Kohl's Corp. | 5090 | 82814 |
| Macy's, Inc. | 13125 | 255806 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> <br>| 2255 | 272427 |
|  |  | 770449 |
| ***BUILDING PRODUCTS - 2.5%*** |  |  |
| AAON, Inc. | 2697 | 265358 |
| Advanced Drainage Systems, Inc. | 2806 | 392980 |
| Apogee Enterprises, Inc. | 130 | 4759 |
| Armstrong World Industries, Inc. | 1896 | 361055 |
| AZZ, Inc. | 1273 | 127109 |
| Carlisle Cos., Inc. | 1088 | 353654 |
| Fortune Brands Innovations, Inc. | 5544 | 281635 |
| Gibraltar Industries, Inc.<sup>(a)</sup> <br>| 536 | 33441 |
| Griffon Corp. | 1932 | 142987 |
| Hayward Holdings, Inc.<sup>(a)</sup> <br>| 6637 | 112630 |
| Insteel Industries, Inc. | 960 | 29990 |
| Masterbrand, Inc.<sup>(a)</sup> <br>| 4058 | 51253 |
| Owens Corning | 2014 | 256402 |
| Quanex Building Products Corp. | 2025 | 28775 |
| Resideo Technologies, Inc.<sup>(a)</sup> <br>| 9784 | 418755 |
| Simpson Manufacturing Co., Inc. | 1757 | 310111 |
| Trex Co., Inc.<sup>(a)</sup> <br>| 4986 | 240924 |
| UFP Industries, Inc. | 2197 | 202410 |
| Zurn Elkay Water Solutions Corp., <br> Class C<br>| 13541 | 637917 |
|  |  | 4252145 |
| ***CAPITAL MARKETS - 2.6%*** |  |  |
| Acadian Asset Management, Inc. | 2520 | 121212 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 2578 | 112556 |
| BGC Group, Inc., Class A | 11665 | 106618 |
| Cohen & Steers, Inc. | 1440 | 98381 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> <br>| 1317 | 60516 |
| Evercore, Inc., Class A | 947 | 278948 |
| Federated Hermes, Inc. | 4292 | 208076 |
| Hamilton Lane, Inc., Class A | 1864 | 212422 |
| Houlihan Lokey, Inc. | 2879 | 515571 |
| Janus Henderson Group PLC | 11290 | 491792 |
| Jefferies Financial Group, Inc. | 7858 | 415138 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MarketAxess Holdings, Inc. | 499 | $79870 |
| Morningstar, Inc. | 94 | 19956 |
| PJT Partners, Inc., Class A | 808 | 130177 |
| SEI Investments Co. | 5255 | 423606 |
| StepStone Group, Inc., Class A | 2111 | 128518 |
| Stifel Financial Corp. | 5538 | 655865 |
| StoneX Group, Inc.<sup>(a)</sup> <br>| 2295 | 210956 |
| Virtu Financial, Inc., Class A | 2849 | 99259 |
| WisdomTree, Inc. | 6910 | 82644 |
|  |  | 4452081 |
| ***CHEMICALS - 1.6%*** |  |  |
| AdvanSix, Inc. | 1540 | 28629 |
| Ashland, Inc. | 2114 | 103375 |
| Avient Corp. | 4516 | 144828 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>| 8594 | 244671 |
| Balchem Corp. | 1610 | 246958 |
| Cabot Corp. | 2990 | 201765 |
| Celanese Corp. | 1401 | 53854 |
| Chemours Co. (The) | 7093 | 94975 |
| H.B. Fuller Co. | 2488 | 142737 |
| Hawkins, Inc. | 1076 | 152631 |
| Ingevity Corp.<sup>(a)</sup> <br>| 1450 | 77894 |
| Koppers Holdings, Inc. | 653 | 18428 |
| Minerals Technologies, Inc. | 591 | 33539 |
| Olin Corp. | 5503 | 113912 |
| RPM International, Inc. | 6401 | 699501 |
| Scotts Miracle-Gro Co. (The) | 1523 | 81511 |
| Sensient Technologies Corp. | 1950 | 183865 |
| Westlake Corp. | 539 | 37089 |
|  |  | 2660162 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 2.0%***<br>|  |  |
| ABM Industries, Inc. | 3050 | 131150 |
| Brady Corp., Class A | 2095 | 159031 |
| Brink's Co. (The) | 1517 | 168630 |
| Clean Harbors, Inc.<sup>(a)</sup> <br>| 1603 | 337448 |
| Corecivic, Inc.<sup>(a)</sup> <br>| 5864 | 108660 |
| Deluxe Corp. | 2730 | 49440 |
| Enviri Corp.<sup>(a)</sup> <br>| 5250 | 64103 |
| Geo Group, Inc. (The)<sup>(a)</sup> <br>| 6388 | 108404 |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| 4472 | 79915 |
| HNI Corp. | 5732 | 234553 |
| Interface, Inc. | 3860 | 96114 |
| Liquidity Services, Inc.<sup>(a)</sup> <br>| 1830 | 43810 |
| MillerKnoll, Inc. | 3446 | 53827 |
| MSA Safety, Inc. | 802 | 125938 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OPENLANE, Inc.<sup>(a)</sup> <br>| 5891 | $155640 |
| Pitney Bowes, Inc. | 11310 | 111743 |
| RB Global, Inc. | 8857 | 878792 |
| Tetra Tech, Inc. | 15895 | 508322 |
| Vestis Corp. | 6657 | 34949 |
|  |  | 3450469 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.4%***<br>|  |  |
| Calix, Inc.<sup>(a)</sup> <br>| 2883 | 197255 |
| Ciena Corp.<sup>(a)</sup> <br>| 5301 | 1006766 |
| Digi International, Inc.<sup>(a)</sup> <br>| 2020 | 74093 |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| 6896 | 131162 |
| Harmonic, Inc.<sup>(a)</sup> <br>| 5853 | 62627 |
| Lumentum Holdings, Inc.<sup>(a)</sup> <br>| 2478 | 499466 |
| NetScout Systems, Inc.<sup>(a)</sup> <br>| 3590 | 99802 |
| Viasat, Inc.<sup>(a)</sup> <br>| 3400 | 135388 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| 14010 | 247977 |
|  |  | 2454536 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***2.9%***<br>|  |  |
| AECOM | 6591 | 885501 |
| Arcosa, Inc. | 2319 | 236538 |
| Comfort Systems USA, Inc. | 1426 | 1376917 |
| Dycom Industries, Inc.<sup>(a)</sup> <br>| 1255 | 361176 |
| Everus Construction Group, Inc.<sup>(a)</sup> <br>| 1003 | 91163 |
| Fluor Corp.<sup>(a)</sup> <br>| 7771 | 378992 |
| Granite Construction, Inc. | 2021 | 207981 |
| MasTec, Inc.<sup>(a)</sup> <br>| 2622 | 535308 |
| MYR Group, Inc.<sup>(a)</sup> <br>| 489 | 106455 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> <br>| 1335 | 504496 |
| Valmont Industries, Inc. | 385 | 159171 |
|  |  | 4843698 |
| ***CONSTRUCTION MATERIALS - 0.2%*** |  |  |
| Eagle Materials, Inc. | 715 | 151809 |
| Knife River Corp.<sup>(a)</sup> <br>| 2630 | 159010 |
|  |  | 310819 |
| ***CONSUMER FINANCE - 0.9%*** |  |  |
| Ally Financial, Inc. | 13317 | 518964 |
| Bread Financial Holdings, Inc. | 891 | 55821 |
| Enova International, Inc.<sup>(a)</sup> <br>| 487 | 58231 |
| EZCORP, Inc., Class A<sup>(a)</sup> <br>| 3780 | 68985 |
| FirstCash Holdings, Inc. | 1750 | 277375 |
| Navient Corp. | 5335 | 65247 |
| PRA Group, Inc.<sup>(a)</sup> <br>| 1930 | 26460 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PROG Holdings, Inc. | 1938 | $56066 |
| SLM Corp. | 11586 | 311084 |
|  |  | 1438233 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 1.6%***<br>|  |  |
| Andersons, Inc. (The) | 1604 | 74281 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>| 7168 | 632648 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> <br>| 1953 | 115227 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> <br>| 5084 | 69193 |
| Maplebear, Inc.<sup>(a)</sup> <br>| 5080 | 187249 |
| PriceSmart, Inc. | 1287 | 147928 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| 4536 | 358163 |
| United Natural Foods, Inc.<sup>(a)</sup> <br>| 3380 | 127257 |
| US Foods Holding Corp.<sup>(a)</sup> <br>| 14378 | 1044130 |
|  |  | 2756076 |
| ***CONTAINERS & PACKAGING - 1.1%*** |  |  |
| AptarGroup, Inc. | 1468 | 170303 |
| Crown Holdings, Inc. | 6314 | 613595 |
| Graphic Packaging Holding Co. | 12278 | 196325 |
| Greif, Inc., Class A | 150 | 8533 |
| O-I Glass, Inc.<sup>(a)</sup> <br>| 8295 | 93651 |
| Sealed Air Corp. | 13630 | 456741 |
| Silgan Holdings, Inc. | 4150 | 160273 |
| Sonoco Products Co. | 4491 | 182200 |
|  |  | 1881621 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 1.4%***<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> <br>| 1711 | 167712 |
| Duolingo, Inc.<sup>(a)</sup> <br>| 1504 | 407043 |
| Frontdoor, Inc.<sup>(a)</sup> <br>| 5438 | 361246 |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 752 | 141602 |
| H&R Block, Inc. | 7149 | 355591 |
| Matthews International Corp., Class A | 1816 | 42531 |
| Mister Car Wash, Inc.<sup>(a)</sup> <br>| 6790 | 37956 |
| Perdoceo Education Corp. | 3665 | 116400 |
| Service Corp. International | 7737 | 646117 |
| Strategic Education, Inc. | 315 | 23934 |
| Stride, Inc.<sup>(a)</sup> <br>| 1875 | 127575 |
|  |  | 2427707 |
| ***DIVERSIFIED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.7%***<br>|  |  |
| Alexander & Baldwin, Inc. | 4923 | 78620 |
| American Assets Trust, Inc. | 3540 | 67649 |
| Armada Hoffler Properties, Inc. | 4940 | 32308 |
| Essential Properties Realty Trust, Inc. | 7880 | 235455 |
| Global Net Lease, Inc. | 5720 | 43586 |
| WP Carey, Inc. | 10996 | 725736 |
|  |  | 1183354 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.7%***<br>|  |  |
| Cogent Communications Holdings, Inc. | 1825 | $75281 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> <br>| 10886 | 411055 |
| Iridium Communications, Inc. | 5940 | 113751 |
| Lumen Technologies, Inc.<sup>(a)</sup> <br>| 41956 | 431308 |
| Shenandoah Telecommunications Co. | 2630 | 32402 |
| Uniti Group, Inc.<sup>(a)</sup> <br>| 17412 | 100293 |
|  |  | 1164090 |
| ***ELECTRIC UTILITIES - 1.0%*** |  |  |
| ALLETE, Inc. | 2558 | 172230 |
| IDACORP, Inc. | 1929 | 248880 |
| MGE Energy, Inc. | 1608 | 133255 |
| OGE Energy Corp. | 11289 | 498296 |
| Otter Tail Corp. | 1918 | 148108 |
| Portland General Electric Co. | 5100 | 232968 |
| TXNM Energy, Inc. | 4370 | 248216 |
|  |  | 1681953 |
| ***ELECTRICAL EQUIPMENT - 1.7%*** |  |  |
| Acuity, Inc. | 696 | 254075 |
| EnerSys | 377 | 47562 |
| NEXTracker, Inc., Class A<sup>(a)</sup> <br>| 5711 | 578067 |
| nVent Electric PLC | 7714 | 882096 |
| Powell Industries, Inc. | 337 | 129203 |
| Regal Rexnord Corp. | 1591 | 224156 |
| Sensata Technologies Holding PLC | 12708 | 404496 |
| Sunrun, Inc.<sup>(a)</sup> <br>| 10629 | 220658 |
| Vicor Corp.<sup>(a)</sup> <br>| 963 | 87373 |
|  |  | 2827686 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS*** <br> ***& COMPONENTS - 3.9%***<br>|  |  |
| Advanced Energy Industries, Inc. | 850 | 172321 |
| Arlo Technologies, Inc.<sup>(a)</sup> <br>| 4756 | 91981 |
| Arrow Electronics, Inc.<sup>(a)</sup> <br>| 1716 | 191420 |
| Avnet, Inc. | 6616 | 320545 |
| Badger Meter, Inc. | 2014 | 363426 |
| Belden, Inc. | 1549 | 188746 |
| Benchmark Electronics, Inc. | 6141 | 269099 |
| Cognex Corp. | 7872 | 325822 |
| Coherent Corp.<sup>(a)</sup> <br>| 5808 | 766424 |
| CTS Corp. | 1540 | 63925 |
| ePlus, Inc. | 702 | 51358 |
| Fabrinet<sup>(a)</sup> <br>| 1274 | 561286 |
| Flex Ltd.<sup>(a)</sup> <br>| 9316 | 582436 |
| Insight Enterprises, Inc.<sup>(a)</sup> <br>| 82 | 8200 |
| IPG Photonics Corp.<sup>(a)</sup> <br>| 307 | 26132 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Itron, Inc.<sup>(a)</sup> <br>| 3071 | $308113 |
| Knowles Corp.<sup>(a)</sup> <br>| 5710 | 134813 |
| Novanta, Inc.<sup>(a)</sup> <br>| 2756 | 350040 |
| OSI Systems, Inc.<sup>(a)</sup> <br>| 176 | 49009 |
| PC Connection, Inc. | 292 | 17803 |
| Plexus Corp.<sup>(a)</sup> <br>| 2255 | 315475 |
| Sanmina Corp.<sup>(a)</sup> <br>| 2254 | 308911 |
| ScanSource, Inc.<sup>(a)</sup> <br>| 822 | 35268 |
| TD SYNNEX Corp. | 2586 | 404683 |
| TTM Technologies, Inc.<sup>(a)</sup> <br>| 5781 | 388483 |
| Vishay Intertechnology, Inc. | 6180 | 104936 |
| Vontier Corp. | 7269 | 279857 |
|  |  | 6680512 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 1.1%***<br>|  |  |
| Archrock, Inc. | 6683 | 168880 |
| Bristow Group, Inc.<sup>(a)</sup> <br>| 1036 | 42165 |
| Cactus, Inc., Class A | 3350 | 147970 |
| Core Laboratories, Inc. | 2630 | 41922 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> <br>| 6820 | 45830 |
| Helmerich & Payne, Inc. | 4210 | 110555 |
| Innovex International, Inc.<sup>(a)</sup> <br>| 1791 | 35945 |
| Liberty Energy, Inc. | 5634 | 102032 |
| NOV, Inc. | 18964 | 276874 |
| Oceaneering International, Inc.<sup>(a)</sup> <br>| 4963 | 115588 |
| Patterson-UTI Energy, Inc. | 15877 | 99549 |
| RPC, Inc. | 5720 | 29744 |
| TechnipFMC PLC | 5458 | 225688 |
| Tidewater, Inc.<sup>(a)</sup> <br>| 2490 | 125969 |
| Valaris Ltd.<sup>(a)</sup> <br>| 2459 | 137999 |
| Weatherford International PLC | 3005 | 221439 |
|  |  | 1928149 |
| ***ENTERTAINMENT - 0.2%*** |  |  |
| Cinemark Holdings, Inc. | 5505 | 148690 |
| Warner Music Group Corp., Class A | 5110 | 163316 |
|  |  | 312006 |
| ***FINANCIAL SERVICES - 1.9%*** |  |  |
| Equitable Holdings, Inc. | 13609 | 672285 |
| Essent Group Ltd. | 4932 | 298731 |
| Euronet Worldwide, Inc.<sup>(a)</sup> <br>| 1137 | 86253 |
| EVERTEC, Inc. | 3328 | 94748 |
| HA Sustainable Infrastructure Capital, <br> Inc.<br>| 9557 | 264824 |
| Jackson Financial, Inc., Class A | 1991 | 200713 |
| MGIC Investment Corp. | 13981 | 383359 |
| NCR Atleos Corp.<sup>(a)</sup> <br>| 3331 | 122914 |
| NMI Holdings, Inc.<sup>(a)</sup> <br>| 4217 | 153625 |
| Payoneer Global, Inc.<sup>(a)</sup> <br>| 11244 | 65103 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Radian Group, Inc. | 5324 | $180697 |
| Shift4 Payments, Inc., Class A<sup>(a)</sup> <br>| 2624 | 181318 |
| Voya Financial, Inc. | 4567 | 340059 |
| Walker & Dunlop, Inc. | 430 | 34366 |
| Western Union Co. (The) | 17868 | 166708 |
| WEX, Inc.<sup>(a)</sup> <br>| 234 | 34136 |
|  |  | 3279839 |
| ***FOOD PRODUCTS - 0.8%*** |  |  |
| Cal-Maine Foods, Inc. | 1531 | 134422 |
| Darling Ingredients, Inc.<sup>(a)</sup> <br>| 7477 | 239638 |
| Flowers Foods, Inc. | 10684 | 127460 |
| Fresh Del Monte Produce, Inc. | 2440 | 86254 |
| Freshpet, Inc.<sup>(a)</sup> <br>| 1151 | 56641 |
| Ingredion, Inc. | 2288 | 264058 |
| Marzetti Co. (The) | 254 | 39825 |
| Pilgrim's Pride Corp. | 2602 | 99136 |
| Post Holdings, Inc.<sup>(a)</sup> <br>| 1124 | 116817 |
| Simply Good Foods Co. (The)<sup>(a)</sup> <br>| 4622 | 90452 |
| Tootsie Roll Industries, Inc. | 1632 | 57593 |
| TreeHouse Foods, Inc.<sup>(a)</sup> <br>| 2648 | 48194 |
|  |  | 1360490 |
| ***GAS UTILITIES - 1.0%*** |  |  |
| MDU Resources Group, Inc. | 10521 | 201793 |
| National Fuel Gas Co. | 4106 | 324004 |
| New Jersey Resources Corp. | 4887 | 216494 |
| Northwest Natural Holding Co. | 1790 | 81499 |
| ONE Gas, Inc. | 1910 | 153163 |
| Southwest Gas Holdings, Inc. | 2757 | 219181 |
| Spire, Inc. | 2090 | 180576 |
| UGI Corp. | 10407 | 347906 |
|  |  | 1724616 |
| ***GROUND TRANSPORTATION - 1.4%*** |  |  |
| ArcBest Corp. | 3328 | 247337 |
| Avis Budget Group, Inc.<sup>(a)</sup> <br>| 1888 | 256900 |
| Heartland Express, Inc. | 2983 | 23267 |
| Hertz Global Holdings, Inc.<sup>(a)</sup> <br>| 7458 | 38260 |
| Knight-Swift Transportation Holdings, <br> Inc.<br>| 7539 | 340160 |
| Marten Transport Ltd. | 4069 | 41707 |
| RXO, Inc.<sup>(a)</sup> <br>| 5900 | 104607 |
| Ryder System, Inc. | 2565 | 434075 |
| Saia, Inc.<sup>(a)</sup> <br>| 558 | 163215 |
| Werner Enterprises, Inc. | 3400 | 89080 |
| XPO, Inc.<sup>(a)</sup> <br>| 4154 | 597636 |
|  |  | 2336244 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.0%***<br>|  |  |
| Artivion, Inc.<sup>(a)</sup> <br>| 2273 | 103126 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Avanos Medical, Inc.<sup>(a)</sup> <br>| 2830 | $31441 |
| CONMED Corp. | 865 | 38060 |
| DENTSPLY SIRONA, Inc. | 8153 | 102809 |
| Embecta Corp. | 3072 | 40980 |
| Enovis Corp.<sup>(a)</sup> <br>| 2539 | 79318 |
| Envista Holdings Corp.<sup>(a)</sup> <br>| 8891 | 180932 |
| Glaukos Corp.<sup>(a)</sup> <br>| 2734 | 240783 |
| Globus Medical, Inc., Class A<sup>(a)</sup> <br>| 5872 | 354610 |
| Haemonetics Corp.<sup>(a)</sup> <br>| 2211 | 110572 |
| ICU Medical, Inc.<sup>(a)</sup> <br>| 164 | 19695 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> <br>| 711 | 51249 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| 1792 | 115709 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> <br>| 3797 | 45602 |
| Lantheus Holdings, Inc.<sup>(a)</sup> <br>| 3131 | 180627 |
| LeMaitre Vascular, Inc. | 1170 | 101334 |
| LivaNova PLC<sup>(a)</sup> <br>| 2579 | 135733 |
| Masimo Corp.<sup>(a)</sup> <br>| 1543 | 217023 |
| Merit Medical Systems, Inc.<sup>(a)</sup> <br>| 3279 | 287044 |
| Neogen Corp.<sup>(a)</sup> <br>| 10598 | 65390 |
| Omnicell, Inc.<sup>(a)</sup> <br>| 2161 | 72545 |
| Penumbra, Inc.<sup>(a)</sup> <br>| 1386 | 315135 |
| QuidelOrtho Corp.<sup>(a)</sup> <br>| 2248 | 60674 |
| STAAR Surgical Co.<sup>(a)</sup> <br>| 5224 | 135145 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> <br>| 3127 | 43778 |
| TransMedics Group, Inc.<sup>(a)</sup> <br>| 1437 | 189023 |
| UFP Technologies, Inc.<sup>(a)</sup> <br>| 56 | 10788 |
|  |  | 3329125 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.0%***<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> <br>| 4958 | 106597 |
| AdaptHealth Corp.<sup>(a)</sup> <br>| 4790 | 43062 |
| Addus HomeCare Corp.<sup>(a)</sup> <br>| 295 | 34483 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> <br>| 1763 | 34713 |
| Astrana Health, Inc.<sup>(a)</sup> <br>| 2138 | 66727 |
| Concentra Group Holdings Parent, Inc. | 4802 | 95656 |
| CorVel Corp.<sup>(a)</sup> <br>| 1070 | 79127 |
| Encompass Health Corp. | 5592 | 636649 |
| Ensign Group, Inc. (The) | 3193 | 575059 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| 3521 | 333016 |
| Hims & Hers Health, Inc.<sup>(a)</sup> <br>| 8249 | 375000 |
| National HealthCare Corp. | 437 | 52195 |
| NeoGenomics, Inc.<sup>(a)</sup> <br>| 6252 | 61082 |
| Option Care Health, Inc.<sup>(a)</sup> <br>| 8738 | 227450 |
| Premier, Inc., Class A | 2936 | 82560 |
| Privia Health Group, Inc.<sup>(a)</sup> <br>| 4927 | 119726 |
| Progyny, Inc.<sup>(a)</sup> <br>| 4166 | 77946 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RadNet, Inc.<sup>(a)</sup> <br>| 3438 | $261254 |
| Select Medical Holdings Corp. | 5951 | 82302 |
|  |  | 3344604 |
| ***HEALTH CARE TECHNOLOGY -*** <br> ***0.3%***<br>|  |  |
| Certara, Inc.<sup>(a)</sup> <br>| 5476 | 63686 |
| Doximity, Inc., Class A<sup>(a)</sup> <br>| 5763 | 380358 |
| HealthStream, Inc. | 1710 | 42066 |
| Schrodinger, Inc.<sup>(a)</sup> <br>| 2787 | 58638 |
|  |  | 544748 |
| ***HOTEL & RESORT REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.4%***<br>|  |  |
| Apple Hospitality REIT, Inc. | 3788 | 42388 |
| DiamondRock Hospitality Co. | 13625 | 106547 |
| Park Hotels & Resorts, Inc. | 11563 | 118983 |
| Pebblebrook Hotel Trust | 7421 | 77624 |
| Ryman Hospitality Properties, Inc. | 784 | 68137 |
| Summit Hotel Properties, Inc. | 8030 | 41274 |
| Sunstone Hotel Investors, Inc. | 10730 | 94961 |
| Xenia Hotels & Resorts, Inc. | 6067 | 74624 |
|  |  | 624538 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.6%***<br>|  |  |
| Aramark | 13315 | 504372 |
| Cava Group, Inc.<sup>(a)</sup> <br>| 3998 | 214813 |
| Choice Hotels International, Inc. | 817 | 75948 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> <br>| 4052 | 167955 |
| Hyatt Hotels Corp., Class A | 2098 | 288286 |
| Marriott Vacations Worldwide Corp. | 47 | 3101 |
| Papa John's International, Inc. | 1490 | 75707 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> <br>| 3961 | 359223 |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> <br>| 1079 | 38283 |
| Sabre Corp.<sup>(a)</sup> <br>| 18980 | 38814 |
| Six Flags Entertainment Corp.<sup>(a)</sup> <br>| 4275 | 98240 |
| Travel + Leisure Co. | 3756 | 235802 |
| Vail Resorts, Inc. | 138 | 20470 |
| Wendy's Co. (The) | 11410 | 97441 |
| Wingstop, Inc. | 1103 | 238943 |
| Wyndham Hotels & Resorts, Inc. | 4366 | 320595 |
|  |  | 2777993 |
| ***HOUSEHOLD DURABLES - 1.9%*** |  |  |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| 69 | 36556 |
| Champion Homes, Inc.<sup>(a)</sup> <br>| 621 | 42371 |
| Ethan Allen Interiors, Inc. | 1520 | 36738 |
| Green Brick Partners, Inc.<sup>(a)</sup> <br>| 1527 | 98858 |
| Helen of Troy Ltd.<sup>(a)</sup> <br>| 109 | 2031 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Installed Building Products, Inc. | 754 | $187165 |
| KB Home | 4080 | 254674 |
| La-Z-Boy, Inc. | 2426 | 76904 |
| Leggett & Platt, Inc. | 7766 | 72534 |
| Meritage Homes Corp. | 1940 | 131066 |
| Newell Brands, Inc. | 70745 | 240533 |
| Somnigroup International, Inc. | 5859 | 464853 |
| Sonos, Inc.<sup>(a)</sup> <br>| 6940 | 119160 |
| Taylor Morrison Home Corp.<sup>(a)</sup> <br>| 5181 | 307078 |
| Toll Brothers, Inc. | 4260 | 574887 |
| TopBuild Corp.<sup>(a)</sup> <br>| 856 | 361643 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> <br>| 5103 | 162531 |
| Whirlpool Corp. | 258 | 18481 |
|  |  | 3188063 |
| ***HOUSEHOLD PRODUCTS - 0.1%*** |  |  |
| Central Garden & Pet Co.<sup>(a)</sup> <br>| 165 | 5060 |
| Central Garden & Pet Co., Class A<sup>(a)</sup> <br>| 2847 | 79175 |
| Energizer Holdings, Inc. | 3903 | 90667 |
|  |  | 174902 |
| ***INDEPENDENT POWER AND*** <br> ***RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - 0.6%***<br>|  |  |
| Clearway Energy, Inc., Class A | 389 | 11666 |
| Clearway Energy, Inc., Class C | 2670 | 85253 |
| Ormat Technologies, Inc. | 2749 | 292411 |
| Talen Energy Corp.<sup>(a)</sup> <br>| 1708 | 682825 |
|  |  | 1072155 |
| ***INDUSTRIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| EastGroup Properties, Inc. | 1290 | 225144 |
| First Industrial Realty Trust, Inc. | 6694 | 370044 |
| LXP Industrial Trust | 15915 | 151033 |
| Rexford Industrial Realty, Inc. | 10410 | 430141 |
| STAG Industrial, Inc. | 6503 | 248870 |
|  |  | 1425232 |
| ***INSURANCE - 3.3%*** |  |  |
| American Financial Group, Inc. | 2813 | 370416 |
| AMERISAFE, Inc. | 926 | 37114 |
| Assured Guaranty Ltd. | 213 | 17164 |
| CNO Financial Group, Inc. | 6207 | 248404 |
| Employers Holdings, Inc. | 1234 | 47052 |
| Fidelity National Financial, Inc. | 12575 | 694643 |
| First American Financial Corp. | 4725 | 295360 |
| Genworth Financial, Inc.<sup>(a)</sup> <br>| 26922 | 227222 |
| Goosehead Insurance, Inc., Class A | 670 | 46009 |
| Hanover Insurance Group, Inc. (The) | 1055 | 180278 |
| HCI Group, Inc. | 310 | 63243 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Horace Mann Educators Corp. | 2091 | $93489 |
| Kemper Corp. | 1590 | 71534 |
| Kinsale Capital Group, Inc. | 707 | 282425 |
| Lincoln National Corp. | 6562 | 275604 |
| Mercury General Corp. | 1329 | 102732 |
| Old Republic International Corp. | 13685 | 540010 |
| Palomar Holdings, Inc.<sup>(a)</sup> <br>| 1262 | 143881 |
| ProAssurance Corp.<sup>(a)</sup> <br>| 3130 | 74963 |
| Reinsurance Group of America, Inc. | 97 | 17699 |
| RenaissanceRe Holdings Ltd. | 876 | 222583 |
| RLI Corp. | 5854 | 345152 |
| Ryan Specialty Holdings, Inc. | 5414 | 296687 |
| Selective Insurance Group, Inc. | 2698 | 203267 |
| SiriusPoint Ltd.<sup>(a)</sup> <br>| 6324 | 115097 |
| Stewart Information Services Corp. | 775 | 52909 |
| Trupanion, Inc.<sup>(a)</sup> <br>| 1576 | 63024 |
| United Fire Group, Inc. | 1440 | 43531 |
| Unum Group | 6895 | 506231 |
|  |  | 5677723 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 0.5%***<br>|  |  |
| Angi, Inc.<sup>(a)</sup> <br>| 1617 | 21458 |
| Cargurus, Inc.<sup>(a)</sup> <br>| 4013 | 140937 |
| Cars.com, Inc.<sup>(a)</sup> <br>| 3584 | 38492 |
| IAC, Inc.<sup>(a)</sup> <br>| 3081 | 99270 |
| QuinStreet, Inc.<sup>(a)</sup> <br>| 2979 | 44059 |
| Shutterstock, Inc. | 1308 | 32739 |
| TripAdvisor, Inc.<sup>(a)</sup> <br>| 5943 | 95445 |
| Yelp, Inc.<sup>(a)</sup> <br>| 3325 | 109658 |
| Ziff Davis, Inc.<sup>(a)</sup> <br>| 792 | 26849 |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> <br>| 15048 | 168838 |
|  |  | 777745 |
| ***IT SERVICES - 1.0%*** |  |  |
| ASGN, Inc.<sup>(a)</sup> <br>| 739 | 33078 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> <br>| 2505 | 101853 |
| DXC Technology Co.<sup>(a)</sup> <br>| 7713 | 109525 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> <br>| 10788 | 311989 |
| Okta, Inc.<sup>(a)</sup> <br>| 6309 | 577463 |
| Twilio, Inc., Class A<sup>(a)</sup> <br>| 4214 | 568384 |
|  |  | 1702292 |
| ***LEISURE PRODUCTS - 0.6%*** |  |  |
| Brunswick Corp. | 320 | 21155 |
| Mattel, Inc.<sup>(a)</sup> <br>| 17908 | 329149 |
| Polaris, Inc. | 68 | 4495 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> <br>| 34895 | $328362 |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 8318 | 282729 |
|  |  | 965890 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 1.4%***<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> <br>| 30088 | 355640 |
| Azenta, Inc.<sup>(a)</sup> <br>| 2635 | 79577 |
| BioLife Solutions, Inc.<sup>(a)</sup> <br>| 1960 | 54625 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> <br>| 85 | 27162 |
| Bruker Corp. | 4935 | 192169 |
| Cytek Biosciences, Inc.<sup>(a)</sup> <br>| 3965 | 15463 |
| Fortrea Holdings, Inc.<sup>(a)</sup> <br>| 4120 | 43095 |
| Illumina, Inc.<sup>(a)</sup> <br>| 5606 | 692565 |
| Medpace Holdings, Inc.<sup>(a)</sup> <br>| 801 | 468513 |
| Repligen Corp.<sup>(a)</sup> <br>| 1959 | 292009 |
| Sotera Health Co.<sup>(a)</sup> <br>| 6430 | 106738 |
|  |  | 2327556 |
| ***MACHINERY - 5.1%*** |  |  |
| AGCO Corp. | 1514 | 156184 |
| Astec Industries, Inc. | 495 | 23032 |
| Chart Industries, Inc.<sup>(a)</sup> <br>| 1592 | 317795 |
| CNH Industrial N.V. | 66155 | 693966 |
| Crane Co. | 2307 | 438330 |
| Donaldson Co., Inc. | 5434 | 457815 |
| Enerpac Tool Group Corp. | 2818 | 115651 |
| Enpro, Inc. | 467 | 108349 |
| Esab Corp. | 2658 | 310508 |
| ESCO Technologies, Inc. | 894 | 196206 |
| Federal Signal Corp. | 2879 | 339808 |
| Flowserve Corp. | 6196 | 422877 |
| Franklin Electric Co., Inc. | 1851 | 175419 |
| Gates Industrial Corp. PLC<sup>(a)</sup> <br>| 1479 | 32656 |
| Graco, Inc. | 7682 | 628157 |
| Hillenbrand, Inc. | 3375 | 106650 |
| ITT, Inc. | 3651 | 675691 |
| JBT Marel Corp. | 1428 | 180071 |
| Kennametal, Inc. | 3900 | 85605 |
| Lincoln Electric Holdings, Inc. | 1900 | 445455 |
| Lindsay Corp. | 31 | 3449 |
| Middleby Corp. (The)<sup>(a)</sup> <br>| 194 | 24101 |
| Mueller Industries, Inc. | 5305 | 561640 |
| Oshkosh Corp. | 1804 | 222415 |
| Proto Labs, Inc.<sup>(a)</sup> <br>| 977 | 48616 |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| 934 | 400247 |
| SPX Technologies, Inc.<sup>(a)</sup> <br>| 2324 | 520320 |
| Terex Corp. | 3021 | 139026 |
| Timken Co. (The) | 2493 | 195725 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Titan International, Inc.<sup>(a)</sup> <br>| 3580 | $27029 |
| Toro Co. (The) | 4570 | 341516 |
| Trinity Industries, Inc. | 3984 | 109042 |
| Watts Water Technologies, Inc., Class A | 572 | 155927 |
| Worthington Enterprises, Inc. | 1610 | 90305 |
|  |  | 8749583 |
| ***MARINE TRANSPORTATION - 0.1%*** |  |  |
| Kirby Corp.<sup>(a)</sup> <br>| 1769 | 183056 |
| Matson, Inc. | 241 | 24329 |
|  |  | 207385 |
| ***MEDIA - 0.9%*** |  |  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> <br>| 7169 | 81583 |
| EchoStar Corp., Class A<sup>(a)</sup> <br>| 4831 | 361697 |
| John Wiley & Sons, Inc., Class A | 1289 | 47526 |
| New York Times Co. (The), Class A | 7728 | 440419 |
| TEGNA, Inc. | 27820 | 547219 |
| Thryv Holdings, Inc.<sup>(a)</sup> <br>| 2106 | 16237 |
|  |  | 1494681 |
| ***METALS & MINING - 1.6%*** |  |  |
| Alcoa Corp. | 10874 | 400054 |
| Century Aluminum Co.<sup>(a)</sup> <br>| 3330 | 98635 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> <br>| 22988 | 285741 |
| Commercial Metals Co. | 5259 | 312174 |
| Kaiser Aluminum Corp. | 41 | 3712 |
| Materion Corp. | 274 | 31409 |
| Metallus, Inc.<sup>(a)</sup> <br>| 2495 | 43887 |
| MP Materials Corp.<sup>(a)</sup> <br>| 5492 | 346490 |
| Reliance, Inc. | 996 | 281300 |
| Royal Gold, Inc. | 4015 | 701782 |
| SunCoke Energy, Inc. | 6340 | 50783 |
| Warrior Met Coal, Inc. | 2532 | 171771 |
| Worthington Steel, Inc. | 1610 | 51504 |
|  |  | 2779242 |
| ***MORTGAGE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.7%***<br>|  |  |
| Adamas Trust, Inc. | 5642 | 37632 |
| Annaly Capital Management, Inc. | 24528 | 519258 |
| Apollo Commercial Real Estate Finance, <br> Inc.<br>| 9200 | 90068 |
| Arbor Realty Trust, Inc. | 4855 | 48987 |
| ARMOUR Residential REIT, Inc. | 716 | 11614 |
| Blackstone Mortgage Trust, Inc., Class A | 4060 | 75029 |
| Ellington Financial, Inc. | 2800 | 37296 |
| Franklin BSP Realty Trust, Inc. | 3716 | 37680 |
| KKR Real Estate Finance Trust, Inc. | 3250 | 26455 |
| Pennymac Mortgage Investment Trust | 5780 | 69591 |
| Ready Capital Corp. | 4730 | 13859 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Redwood Trust, Inc. | 7420 | $39400 |
| Starwood Property Trust, Inc. | 6902 | 125478 |
| Two Harbors Investment Corp. | 4867 | 47307 |
|  |  | 1179654 |
| ***MULTI-UTILITIES - 0.3%*** |  |  |
| Avista Corp. | 3990 | 151819 |
| Black Hills Corp. | 2989 | 189592 |
| Northwestern Energy Group, Inc. | 2762 | 164809 |
|  |  | 506220 |
| ***OFFICE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| Brandywine Realty Trust | 27490 | 94291 |
| COPT Defense Properties | 6968 | 196289 |
| Cousins Properties, Inc. | 2430 | 63010 |
| Douglas Emmett, Inc. | 10483 | 135650 |
| Easterly Government Properties, Inc. | 2016 | 43586 |
| Highwoods Properties, Inc. | 5737 | 164250 |
| JBG Smith Properties | 5783 | 112711 |
| Kilroy Realty Corp. | 5332 | 225277 |
| SL Green Realty Corp. | 1092 | 56074 |
| Vornado Realty Trust | 7725 | 293086 |
|  |  | 1384224 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***2.9%***<br>|  |  |
| Antero Midstream Corp. | 17502 | 301909 |
| Antero Resources Corp.<sup>(a)</sup> <br>| 13824 | 427300 |
| California Resources Corp. | 3056 | 144152 |
| Civitas Resources, Inc. | 5196 | 149801 |
| CNX Resources Corp.<sup>(a)</sup> <br>| 7616 | 256355 |
| Comstock Resources, Inc.<sup>(a)</sup> <br>| 5170 | 96937 |
| Core Natural Resources, Inc. | 1908 | 150732 |
| CVR Energy, Inc.<sup>(a)</sup> <br>| 1679 | 59756 |
| Dorian LPG Ltd. | 1830 | 52796 |
| DT Midstream, Inc. | 4492 | 491829 |
| Expand Energy Corp. | 1 | 103 |
| HF Sinclair Corp. | 6896 | 355834 |
| Magnolia Oil & Gas Corp., Class A | 4800 | 107808 |
| Matador Resources Co. | 5870 | 231630 |
| Murphy Oil Corp. | 7254 | 205288 |
| Northern Oil & Gas, Inc. | 3706 | 82014 |
| Ovintiv, Inc. | 11536 | 432715 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> <br>| 2874 | 114903 |
| PBF Energy, Inc., Class A | 4947 | 169039 |
| Peabody Energy Corp. | 5250 | 143955 |
| Permian Resources Corp. | 20963 | 263295 |
| Range Resources Corp. | 11315 | 402248 |
| REX American Resources Corp.<sup>(a)</sup> <br>| 1660 | 53170 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SM Energy Co. | 5596 | $116900 |
| Talos Energy, Inc.<sup>(a)</sup> <br>| 4529 | 44429 |
| Viper Energy, Inc., Class A | 929 | 34893 |
| Vital Energy, Inc.<sup>(a)</sup> <br>| 997 | 15663 |
| World Kinect Corp. | 3267 | 84452 |
|  |  | 4989906 |
| ***PAPER & FOREST PRODUCTS - 0.2%*** |  |  |
| Louisiana-Pacific Corp. | 3143 | 273787 |
| Sylvamo Corp. | 1659 | 67355 |
|  |  | 341142 |
| ***PASSENGER AIRLINES - 0.3%*** |  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> <br>| 5615 | 234314 |
| JetBlue Airways Corp.<sup>(a)</sup> <br>| 20350 | 85470 |
| SkyWest, Inc.<sup>(a)</sup> <br>| 1884 | 189304 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> <br>| 2350 | 28858 |
|  |  | 537946 |
| ***PERSONAL CARE PRODUCTS - 0.4%*** |  |  |
| BellRing Brands, Inc.<sup>(a)</sup> <br>| 6423 | 193525 |
| Coty, Inc., Class A<sup>(a)</sup> <br>| 19814 | 78661 |
| Edgewell Personal Care Co. | 2672 | 51810 |
| elf Beauty, Inc.<sup>(a)</sup> <br>| 2314 | 282632 |
| Interparfums, Inc. | 433 | 38602 |
| USANA Health Sciences, Inc.<sup>(a)</sup> <br>| 426 | 9010 |
|  |  | 654240 |
| ***PHARMACEUTICALS - 0.8%*** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 2141 | 54596 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> <br>| 1804 | 64944 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> <br>| 1869 | 53397 |
| Innoviva, Inc.<sup>(a)</sup> <br>| 4480 | 81536 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>| 2324 | 319875 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 980 | 187484 |
| Organon & Co. | 10378 | 70052 |
| Pacira BioSciences, Inc.<sup>(a)</sup> <br>| 2555 | 54626 |
| Perrigo Co. PLC | 6447 | 133711 |
| Phibro Animal Health Corp., Class A | 1400 | 58884 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| 2455 | 148773 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 2842 | 156679 |
|  |  | 1384557 |
| ***PROFESSIONAL SERVICES - 1.9%*** |  |  |
| CACI International, Inc., Class A<sup>(a)</sup> <br>| 549 | 308675 |
| Concentrix Corp. | 541 | 21808 |
| CSG Systems International, Inc. | 692 | 54163 |
| ExlService Holdings, Inc.<sup>(a)</sup> <br>| 14106 | 551545 |
| Exponent, Inc. | 2707 | 191683 |
| FTI Consulting, Inc.<sup>(a)</sup> <br>| 327 | 53958 |
| Genpact Ltd. | 8292 | 316340 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Heidrick & Struggles International, Inc. | 1020 | $59537 |
| KBR, Inc. | 9365 | 401197 |
| Korn Ferry | 2409 | 155862 |
| ManpowerGroup, Inc. | 141 | 4323 |
| Maximus, Inc. | 2274 | 189015 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>| 1285 | 181532 |
| Robert Half, Inc. | 9934 | 260171 |
| Science Applications International Corp. | 1071 | 100363 |
| TransUnion | 3416 | 277311 |
| Verra Mobility Corp.<sup>(a)</sup> <br>| 6277 | 145689 |
|  |  | 3273172 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.8%***<br>|  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> <br>| 30764 | 482995 |
| eXp World Holdings, Inc. | 4815 | 49306 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 2345 | 715436 |
| Kennedy-Wilson Holdings, Inc. | 1256 | 9495 |
| Marcus & Millichap, Inc. | 1616 | 47203 |
| St Joe Co. (The) | 2104 | 119465 |
|  |  | 1423900 |
| ***RESIDENTIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.9%***<br>|  |  |
| American Homes 4 Rent, Class A | 14762 | 466479 |
| Centerspace | 121 | 7169 |
| Elme Communities | 5140 | 84553 |
| Equity LifeStyle Properties, Inc. | 10071 | 614834 |
| Independence Realty Trust, Inc. | 12600 | 200718 |
| NexPoint Residential Trust, Inc. | 1422 | 43613 |
| Veris Residential, Inc. | 4646 | 66717 |
|  |  | 1484083 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.4%***<br>|  |  |
| Acadia Realty Trust | 5897 | 112456 |
| Agree Realty Corp. | 6056 | 442148 |
| Brixmor Property Group, Inc. | 17367 | 454321 |
| Getty Realty Corp. | 2470 | 67752 |
| Kite Realty Group Trust | 12405 | 274647 |
| Macerich Co. (The) | 11856 | 203330 |
| NNN REIT, Inc. | 9364 | 378867 |
| Phillips Edison & Co., Inc. | 4066 | 137593 |
| Saul Centers, Inc. | 865 | 25613 |
| SITE Centers Corp. | 2782 | 20392 |
| Tanger, Inc. | 5720 | 186243 |
| Urban Edge Properties | 6590 | 126726 |
| Whitestone REIT | 1040 | 13042 |
|  |  | 2443130 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***3.1%***<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> <br>| 3598 | $107652 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> <br>| 1300 | 36478 |
| Amkor Technology, Inc. | 4859 | 156849 |
| Axcelis Technologies, Inc.<sup>(a)</sup> <br>| 1637 | 130240 |
| CEVA, Inc.<sup>(a)</sup> <br>| 1008 | 27428 |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 2171 | 287983 |
| Cohu, Inc.<sup>(a)</sup> <br>| 2700 | 64233 |
| Diodes, Inc.<sup>(a)</sup> <br>| 1913 | 102078 |
| Enphase Energy, Inc.<sup>(a)</sup> <br>| 1155 | 35239 |
| Entegris, Inc. | 5048 | 462245 |
| FormFactor, Inc.<sup>(a)</sup> <br>| 3495 | 192050 |
| Ichor Holdings Ltd.<sup>(a)</sup> <br>| 1667 | 37808 |
| Impinj, Inc.<sup>(a)</sup> <br>| 992 | 200543 |
| Kulicke & Soffa Industries, Inc. | 2771 | 110646 |
| Lattice Semiconductor Corp.<sup>(a)</sup> <br>| 5913 | 431412 |
| MACOM Technology Solutions <br> Holdings, Inc.<sup>(a)</sup> <br>| 2836 | 420097 |
| MaxLinear, Inc.<sup>(a)</sup> <br>| 3734 | 56570 |
| MKS, Inc. | 1824 | 262127 |
| Onto Innovation, Inc.<sup>(a)</sup> <br>| 1812 | 244547 |
| PDF Solutions, Inc.<sup>(a)</sup> <br>| 1850 | 53890 |
| Photronics, Inc.<sup>(a)</sup> <br>| 3154 | 75381 |
| Power Integrations, Inc. | 2417 | 101248 |
| Qorvo, Inc.<sup>(a)</sup> <br>| 2006 | 190409 |
| Rambus, Inc.<sup>(a)</sup> <br>| 4434 | 455993 |
| Semtech Corp.<sup>(a)</sup> <br>| 2918 | 198015 |
| Silicon Laboratories, Inc.<sup>(a)</sup> <br>| 864 | 113253 |
| SiTime Corp.<sup>(a)</sup> <br>| 746 | 216071 |
| SolarEdge Technologies, Inc.<sup>(a)</sup> <br>| 2568 | 90111 |
| Synaptics, Inc.<sup>(a)</sup> <br>| 1039 | 73707 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> <br>| 2260 | 61947 |
| Universal Display Corp. | 1532 | 225633 |
| Veeco Instruments, Inc.<sup>(a)</sup> <br>| 2824 | 81190 |
|  |  | 5303073 |
| ***SOFTWARE - 4.5%*** |  |  |
| A10 Networks, Inc. | 3800 | 67792 |
| ACI Worldwide, Inc.<sup>(a)</sup> <br>| 5210 | 248152 |
| Adeia, Inc. | 6255 | 106585 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> <br>| 2428 | 119506 |
| Appfolio, Inc., Class A<sup>(a)</sup> <br>| 685 | 174285 |
| Bentley Systems, Inc., Class B | 9643 | 490154 |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| 3252 | 161494 |
| Blackbaud, Inc.<sup>(a)</sup> <br>| 1975 | 126479 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| BlackLine, Inc.<sup>(a)</sup> <br>| 2414 | $138202 |
| Box, Inc., Class A<sup>(a)</sup> <br>| 6011 | 192893 |
| Cleanspark, Inc.<sup>(a)</sup> <br>| 1035 | 18423 |
| Commvault Systems, Inc.<sup>(a)</sup> <br>| 3160 | 439935 |
| DocuSign, Inc.<sup>(a)</sup> <br>| 10457 | 764825 |
| Dolby Laboratories, Inc., Class A | 3301 | 218922 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 11416 | 331064 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| 16146 | 816503 |
| Guidewire Software, Inc.<sup>(a)</sup> <br>| 3152 | 736433 |
| InterDigital, Inc. | 1460 | 528462 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> <br>| 3270 | 89402 |
| Manhattan Associates, Inc.<sup>(a)</sup> <br>| 2384 | 434055 |
| MARA Holdings, Inc.<sup>(a)</sup> <br>| 12895 | 235592 |
| N-able, Inc.<sup>(a)</sup> <br>| 4301 | 33677 |
| NCR Voyix Corp.<sup>(a)</sup> <br>| 7319 | 83510 |
| Nutanix, Inc., Class A<sup>(a)</sup> <br>| 9023 | 642799 |
| Pegasystems, Inc. | 813 | 51747 |
| Progress Software Corp.<sup>(a)</sup> <br>| 2297 | 97944 |
| Qualys, Inc.<sup>(a)</sup> <br>| 1208 | 148898 |
| Sprinklr, Inc., Class A<sup>(a)</sup> <br>| 3770 | 29104 |
| SPS Commerce, Inc.<sup>(a)</sup> <br>| 870 | 71549 |
| Teradata Corp.<sup>(a)</sup> <br>| 4697 | 97932 |
|  |  | 7696318 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.0%***<br>|  |  |
| CubeSmart | 10861 | 409134 |
| EPR Properties | 3217 | 157697 |
| Four Corners Property Trust, Inc. | 5596 | 132289 |
| Lamar Advertising Co., Class A | 3050 | 361700 |
| National Storage Affiliates Trust | 3900 | 113451 |
| Outfront Media, Inc. | 8533 | 150949 |
| PotlatchDeltic Corp. | 3888 | 155520 |
| Rayonier, Inc. | 7686 | 169630 |
| Safehold, Inc. | 2623 | 37850 |
|  |  | 1688220 |
| ***SPECIALTY RETAIL - 3.8%*** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> <br>| 4080 | 296004 |
| Academy Sports & Outdoors, Inc. | 6232 | 298450 |
| Advance Auto Parts, Inc. | 5298 | 249695 |
| American Eagle Outfitters, Inc. | 9494 | 158645 |
| AutoNation, Inc.<sup>(a)</sup> <br>| 1917 | 383151 |
| Bath & Body Works, Inc. | 15286 | 374201 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> <br>| 814 | 154375 |
| Buckle, Inc. (The) | 1441 | 78967 |
| Burlington Stores, Inc.<sup>(a)</sup> <br>| 1256 | 343629 |
| Caleres, Inc. | 1417 | 15644 |
| Chewy, Inc., Class A<sup>(a)</sup> <br>| 5869 | 197903 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dick's Sporting Goods, Inc. | 1669 | $369600 |
| Five Below, Inc.<sup>(a)</sup> <br>| 1318 | 207282 |
| Floor & Decor Holdings, Inc.<sup>(a)</sup> <br>| 3885 | 242735 |
| GameStop Corp., Class A<sup>(a)</sup> <br>| 15466 | 344737 |
| Gap, Inc. (The) | 16837 | 384725 |
| Group 1 Automotive, Inc. | 943 | 374880 |
| Guess?, Inc. | 1790 | 30394 |
| Lithia Motors, Inc. | 1506 | 473005 |
| MarineMax, Inc.<sup>(a)</sup> <br>| 173 | 4285 |
| Monro, Inc. | 835 | 12233 |
| National Vision Holdings, Inc.<sup>(a)</sup> <br>| 9900 | 254925 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> <br>| 6182 | 93410 |
| Shoe Carnival, Inc. | 874 | 16020 |
| Signet Jewelers Ltd. | 3217 | 318000 |
| Upbound Group, Inc. | 2355 | 45640 |
| Urban Outfitters, Inc.<sup>(a)</sup> <br>| 1946 | 125731 |
| Valvoline, Inc.<sup>(a)</sup> <br>| 12776 | 421736 |
| Victoria's Secret & Co.<sup>(a)</sup> <br>| 3394 | 119639 |
|  |  | 6389641 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***1.3%***<br>|  |  |
| Corsair Gaming, Inc.<sup>(a)</sup> <br>| 2360 | 19234 |
| Pure Storage, Inc., Class A<sup>(a)</sup> <br>| 12869 | 1270170 |
| Sandisk Corp.<sup>(a)</sup> <br>| 4912 | 979109 |
|  |  | 2268513 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 0.8%***<br>|  |  |
| Capri Holdings Ltd.<sup>(a)</sup> <br>| 5083 | 105472 |
| Carter's, Inc. | 7479 | 234841 |
| Crocs, Inc.<sup>(a)</sup> <br>| 649 | 53017 |
| G-III Apparel Group Ltd.<sup>(a)</sup> <br>| 1549 | 41591 |
| Hanesbrands, Inc.<sup>(a)</sup> <br>| 19557 | 129272 |
| Kontoor Brands, Inc. | 1319 | 106733 |
| Steven Madden Ltd. | 3687 | 125026 |
| Under Armour, Inc., Class A<sup>(a)</sup> <br>| 13750 | 63387 |
| Under Armour, Inc., Class C<sup>(a)</sup> <br>| 6490 | 28816 |
| VF Corp. | 30149 | 423292 |
| Wolverine World Wide, Inc. | 4373 | 99267 |
|  |  | 1410714 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 1.4%***<br>|  |  |
| Air Lease Corp. | 4321 | 275939 |
| Applied Industrial Technologies, Inc. | 1228 | 315707 |
| Boise Cascade Co. | 498 | 35104 |
| Core & Main, Inc., Class A<sup>(a)</sup> <br>| 8378 | 437164 |
| DNOW, Inc.<sup>(a)</sup> <br>| 5170 | 75999 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF INVESTMENTS — October 31, 2025 (Unaudited)**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DXP Enterprises, Inc.<sup>(a)</sup> <br>| 569 | $68081 |
| GATX Corp. | 128 | 20077 |
| MSC Industrial Direct Co., Inc., Class A | 1921 | 163112 |
| Rush Enterprises, Inc., Class A | 2267 | 112012 |
| Watsco, Inc. | 1038 | 381994 |
| WESCO International, Inc. | 1864 | 483764 |
|  |  | 2368953 |
| ***WATER UTILITIES - 0.5%*** |  |  |
| American States Water Co. | 2280 | 162587 |
| California Water Service Group | 2900 | 128702 |
| Essential Utilities, Inc. | 12921 | 504306 |
| H2O America | 1328 | 61420 |
| Middlesex Water Co. | 85 | 4885 |
|  |  | 861900 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 0.1%***<br>|  |  |
| Gogo, Inc.<sup>(a)</sup> <br>| 3880 | 35308 |
| Telephone and Data Systems, Inc. | 4938 | 191693 |
|  |  | 227001 |
| **TOTAL COMMON STOCKS** <br> **(COST $153,438,067)**<br>|  | 170224854 |
| **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
| ***BIOTECHNOLOGY - 0.0%*** | ***BIOTECHNOLOGY - 0.0%*** | ***BIOTECHNOLOGY - 0.0%*** |
| Omniab, Inc.<sup>(a)(b)(c)</sup> <br>| 367 |  |
| Omniab, Inc. (NASDAQ <br> Exchange)<sup>(a)(b)(c)</sup> <br>| 367 |  |
| **TOTAL RIGHTS** <br> **(COST $—)**<br>|  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Warrants**<br>| **Value** |
| **WARRANTS (0.0%)** | **WARRANTS (0.0%)** | **WARRANTS (0.0%)** |
| GameStop Corp.<sup>(a)</sup> <br>| 1546 | $4638 |
| **TOTAL WARRANTS** <br> **(COST $—)**<br>|  | 4638 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** | <br>**MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.91%<sup>(d)</sup> <br>| 245814 | $245814 |
| **TOTAL MONEY MARKET FUND** <br> **(COST $245,814)**<br>|  | 245814 |
| **TOTAL INVESTMENTS** <br> **(COST $153,683,881) - 100.0%**<br>|  | 170475306 |
| **LIABILITIES IN EXCESS OF** <br> **OTHER ASSETS - 0.0%**<br>|  | (7986)<br>|
| **NET ASSETS - 100.0%** |  | $170467320 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is a Level 3 investment and was valued using significant unobservable inputs as of period end. 

<sup>(c)</sup> Amounts denoted as ''—'' are less than $0.50.

<sup>(d)</sup> 7-day current yield as of October 31, 2025.

---

| |
|:---|
| N.V. — Naamloze Vennootschap |
| NASDAQ — National Association of Securities Dealers Automated <br> Quotation<br>|
| PLC — Public Limited Company |
| REIT — Real Estate Investment Trust |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward** <br> **Covered** <br> **Call** <br> **Income** <br> **Fund**<br>| **Steward** <br> **Equity** <br> **Market** <br> **Neutral** <br> **Fund**<br>| **Steward** <br> **Global** <br> **Equity** <br> **Income** <br> **Fund**<br>|
| **Assets:** |  |  |  |
| Investments, at value (cost $102,653,131, $89,930,305 and $346,725,314, respectively) | $111991459 | $96624602 | $449170481 |
| Cash | 107964 | 100916221 | 4127 |
| Interest and dividend receivable | 76424 | 422426 | 1173419 |
| Receivable for investments sold | 19385 | 2527480 |  |
| Receivable for capital shares issued | 105004 | 75521 | 417100 |
| Reclaims receivable |  | 544 | 140775 |
| Prepaid expenses and other assets | 5096 | 23906 | 23548 |
| Total assets | 112305332 | 200590700 | 450929450 |
| **Liabilities:** |  |  |  |
| Payable for investments purchased | 19385 | 647008 |  |
| Payable for capital shares redeemed | 5616 | 70311 | 1781887 |
| Short positions at fair value (proceeds $0, $93,220,261 and $0, respectively) |  | 96914299 |  |
| Written options at fair value (premiums received $3,705,678, $0 and $0, respectively) | 5902787 |  |  |
| Accrued expenses and other payables: |  |  |  |
| Investment advisory fees | 45190 | 97908 | 239119 |
| Chief compliance officer fees |  | 523 | 1960 |
| Administration fees | 6654 | 7343 | 28694 |
| Distribution fees - Class A | 1782 | 1050 | 5582 |
| Distribution fees - Class C | 7999 |  | 2538 |
| Sub-accounting service fees - Class A | 1173 |  | 1594 |
| Sub-accounting service fees - Class C |  |  | 275 |
| Sub-accounting service fees - Institutional Class | 19605 | 16600 | 45869 |
| Fund accounting and sub-administration fees | 21171 | 20829 | 50312 |
| Transfer agent fees | 5717 | 3812 | 7623 |
| Custodian fees | 15913 | 4689 | 13615 |
| Directors fees |  | 922 | 5889 |
| Professional fees | 8380 | 12444 | 43911 |
| Other accrued liabilities | 16991 | 22572 | 17922 |
| Total liabilities | 6078363 | 97820310 | 2246790 |
| Commitments and contingent liabilities (Note 4) |  |  |  |
| **Net Assets** | $106226969 | $102770390 | $448682660 |
| **Composition of Net Assets:** |  |  |  |
| Capital (par value and paid-in surplus) | 102528244 | 104333935 | 325121326 |
| Total distributable earnings/(accumulated deficit) | 3698725 | (1563545)<br>| 123561334 |
| **Net Assets** | $106226969 | $102770390 | $448682660 |
| **Class A** |  |  |  |
| Net Assets | $8537406 | $3332225 | $23376558 |
| Shares authorized | 16000000 | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 1044976 | 123660 | 604307 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 8.17 | 26.95 | 38.68 |
| Maximum offering price per share<sup>(b)</sup> <br>| 8.67 | 28.59 | 41.04 |
| **Class C** |  |  |  |
| Net Assets | $2130316 |  | $1112290 |
| Shares authorized | 15000000 |  | 15000000 |
| Shares issued and outstanding ($0.001 par value) | 265573 |  | 27247 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 8.02 |  | 40.82 |
| **Class R6** |  |  |  |
| Net Assets | $358748 |  | $13499102 |
| Shares authorized | 16000000 |  | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 44123 |  | 376925 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 8.13 |  | 35.81 |
| **Institutional Class** |  |  |  |
| Net Assets | $95200499 | $99438165 | $410694710 |
| Shares authorized | 20000000 | 20000000 | 20000000 |
| Shares issued and outstanding ($0.001 par value) | 11435415 | 3675419 | 10579881 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 8.32 | 27.05 | 38.82 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding. 

(b) The maximum sales charge on Class A shares is 5.75%.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward** <br> **Large Cap** <br> **Core Fund**<br>| **Steward** <br> **Large Cap** <br> **Growth Fund**<br>| **Steward** <br> **Large Cap** <br> **Value Fund**<br>|
| **Assets:** |  |  |  |
| Investments, at value (cost $152,565,839, $174,072,605 and $94,396,400, <br> respectively)<br>| &nbsp;&nbsp; $185901616 | &nbsp;&nbsp; $215348277 | &nbsp;&nbsp; $105741720 |
| Interest and dividend receivable | &nbsp;&nbsp; 95422 | &nbsp;&nbsp; 13548 | &nbsp;&nbsp; 114956 |
| Receivable for investments sold | &nbsp;&nbsp; 448278 | &nbsp;&nbsp; 930045 | &nbsp;&nbsp; 191400 |
| Receivable for capital shares issued | &nbsp;&nbsp; 149517 | &nbsp;&nbsp; 99492 | &nbsp;&nbsp; 2132782 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 20999 | &nbsp;&nbsp; 22512 | &nbsp;&nbsp; 11934 |
| Total assets | &nbsp;&nbsp; 186615832 | &nbsp;&nbsp; 216413874 | &nbsp;&nbsp; 108192792 |
| **Liabilities:** |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 316331 | &nbsp;&nbsp; 659874 | &nbsp;&nbsp; 171490 |
| Payable for capital shares redeemed | &nbsp;&nbsp; 22661 | &nbsp;&nbsp; 15943 | &nbsp;&nbsp; 7777 |
| Accrued expenses and other payables: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 62882 | &nbsp;&nbsp; 75523 | &nbsp;&nbsp; 32184 |
| Administration fees | &nbsp;&nbsp; 11712 | &nbsp;&nbsp; 13551 | &nbsp;&nbsp; 6632 |
| Distribution fees - Class A | &nbsp;&nbsp; 1481 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 1099 |
| Sub-accounting service fees - Class A | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Sub-accounting service fees - Institutional Class | &nbsp;&nbsp; 25080 | &nbsp;&nbsp; 26538 | &nbsp;&nbsp; 9535 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 21802 | &nbsp;&nbsp; 26051 | &nbsp;&nbsp; 20829 |
| Transfer agent fees | &nbsp;&nbsp; 5717 | &nbsp;&nbsp; 3812 | &nbsp;&nbsp; 3812 |
| Custodian fees | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 5181 | &nbsp;&nbsp; 1998 |
| Directors fees | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 656 | &nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp; 15528 | &nbsp;&nbsp; 16830 | &nbsp;&nbsp; 7971 |
| Other accrued liabilities | &nbsp;&nbsp; 7047 | &nbsp;&nbsp; 5941 | &nbsp;&nbsp; 2826 |
| Total liabilities | &nbsp;&nbsp; 495874 | &nbsp;&nbsp; 850543 | &nbsp;&nbsp; 266153 |
| Commitments and contingent liabilities (Note 4) |  |  |  |
| **Net Assets** | &nbsp;&nbsp; $186119958 | &nbsp;&nbsp; $215563331 | &nbsp;&nbsp; $107926639 |
| **Composition of Net Assets:** |  |  |  |
| Capital (par value and paid-in surplus) | &nbsp;&nbsp; 143294135 | &nbsp;&nbsp; 156605898 | &nbsp;&nbsp; 89580543 |
| Total distributable earnings | &nbsp;&nbsp; 42825823 | &nbsp;&nbsp; 58957433 | &nbsp;&nbsp; 18346096 |
| **Net Assets** | &nbsp;&nbsp; $186119958 | &nbsp;&nbsp; $215563331 | &nbsp;&nbsp; $107926639 |
| **Class A** |  |  |  |
| Net Assets | &nbsp;&nbsp; $4013058 | &nbsp;&nbsp; $2975318 | &nbsp;&nbsp; $1444982 |
| Shares authorized | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 120618 | &nbsp;&nbsp; 86721 | &nbsp;&nbsp; 47134 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 33.27 | 34.31 | 30.66 |
| Maximum offering price per share<sup>(b)</sup> <br>| 35.30 | 36.40 | 32.53 |
| **Class R6** |  |  |  |
| Net Assets | &nbsp;&nbsp; $16022455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares authorized | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 487335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 32.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |
| Net Assets | &nbsp;&nbsp; $166084445 | &nbsp;&nbsp; $212588013 | &nbsp;&nbsp; $106481657 |
| Shares authorized | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 4975493 | &nbsp;&nbsp; 6169864 | &nbsp;&nbsp; 3458471 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 33.38 | 34.46 | 30.79 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding. 

(b) The maximum sales charge on Class A shares is 5.75%.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Steward** <br> **Select** <br> **Bond Fund**<br>| **Steward** <br> **Values** <br> **Enhanced** <br> **International** <br> **Fund**<br>|
| **Assets:** |  |  |
| Investments, at value (cost $203,541,570 and $229,797,537, respectively) | $198582888 | $269623496 |
| Cash |  | 172 |
| Interest and dividend receivable | 2018216 | 715456 |
| Receivable for capital shares issued | 133013 | 339393 |
| Reclaims receivable |  | 292596 |
| Prepaid expenses and other assets | 11385 | 40817 |
| Total assets | 200745502 | 271011930 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed | 6628 | 94619 |
| Accrued expenses and other payables: |  |  |
| Investment advisory fees | 53655 | 82795 |
| Chief compliance officer fees | 1387 | 70 |
| Administration fees | 12775 | 17013 |
| Distribution fees - Class A | 592 | 656 |
| Sub-accounting service fees - Class A | 296 |  |
| Sub-accounting service fees - Institutional Class | 38818 | 24606 |
| Fund accounting and sub-administration fees | 32285 | 26987 |
| Transfer agent fees | 3812 | 5717 |
| Custodian fees | 7378 |  |
| Directors fees | 2580 | 1880 |
| Printing fees | 1583 |  |
| Professional fees | 23744 | 25194 |
| Other accrued liabilities | 11396 | 10455 |
| Total liabilities | 196929 | 289992 |
| Commitments and contingent liabilities (Note 4) |  |  |
| **Net Assets** | $200548573 | $270721938 |
| **Composition of Net Assets:** |  |  |
| Capital (par value and paid-in surplus) | 211094445 | 213531563 |
| Total distributable earnings/(accumulated deficit) | (10545872)<br>| 57190375 |
| **Net Assets** | $200548573 | $270721938 |
| **Class A** |  |  |
| Net Assets | $2339287 | $3289934 |
| Shares authorized | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 101857 | 118805 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 22.97 | 27.69 |
| Maximum offering price per share<sup>(b)</sup> <br>| 23.86 | 29.38 |
| **Class R6** |  |  |
| Net Assets |  | $18434760 |
| Shares authorized |  | 16000000 |
| Shares issued and outstanding ($0.001 par value) |  | 848334 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>|  | 21.73 |
| **Institutional Class** |  |  |
| Net Assets | $198209286 | $248997244 |
| Shares authorized | 20000000 | 20000000 |
| Shares issued and outstanding ($0.001 par value) | 8674236 | 9022006 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 22.85 | 27.60 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

(b) The maximum sales charge on Class A shares is 3.75% and 5.75% for Steward Select Bond Fund and Steward Values Enhanced International Fund, respectively. 

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — October 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Steward** <br> **Values** <br> **Enhanced** <br> **Large** <br> **Cap Fund**<br>| **Steward** <br> **Values** <br> **Enhanced** <br> **Small-Mid** <br> **Cap Fund**<br>|
| **Assets:** |  |  |
| Investments, at value (cost $201,601,689 and $153,683,881, respectively) | &nbsp;&nbsp; $310559628 | &nbsp;&nbsp; $170475306 |
| Interest and dividend receivable | &nbsp;&nbsp; 145823 | &nbsp;&nbsp; 58609 |
| Receivable for capital shares issued | &nbsp;&nbsp; 167289 | &nbsp;&nbsp; 182608 |
| Reclaims receivable | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 24424 | &nbsp;&nbsp; 13234 |
| Total assets | &nbsp;&nbsp; 310898346 | &nbsp;&nbsp; 170729757 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp; 93567 | &nbsp;&nbsp; 76009 |
| Accrued expenses and other payables: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 55670 | &nbsp;&nbsp; 31423 |
| Chief compliance officer fees | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 408 |
| Administration fees | &nbsp;&nbsp; 19420 | &nbsp;&nbsp; 10962 |
| Distribution fees - Class A | &nbsp;&nbsp; 4489 | &nbsp;&nbsp; 11257 |
| Sub-accounting service fees - Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; 3659 |
| Sub-accounting service fees - Institutional Class | &nbsp;&nbsp; 44150 | &nbsp;&nbsp; 36876 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 38790 | &nbsp;&nbsp; 39473 |
| Transfer agent fees | &nbsp;&nbsp; 5717 | &nbsp;&nbsp; 5717 |
| Custodian fees | &nbsp;&nbsp; 8241 | &nbsp;&nbsp; 12604 |
| Directors fees | &nbsp;&nbsp; 2178 | &nbsp;&nbsp; 1123 |
| Professional fees | &nbsp;&nbsp; 28422 | &nbsp;&nbsp; 21680 |
| Other accrued liabilities | &nbsp;&nbsp; 11430 | &nbsp;&nbsp; 11246 |
| Total liabilities | &nbsp;&nbsp; 312274 | &nbsp;&nbsp; 262437 |
| Commitments and contingent liabilities (Note 4) |  |  |
| **Net Assets** | &nbsp;&nbsp; $310586072 | &nbsp;&nbsp; $170467320 |
| **Composition of Net Assets:** |  |  |
| Capital (par value and paid-in surplus) | &nbsp;&nbsp; 193598727 | &nbsp;&nbsp; 140378470 |
| Total distributable earnings | &nbsp;&nbsp; 116987345 | &nbsp;&nbsp; 30088850 |
| **Net Assets** | &nbsp;&nbsp; $310586072 | &nbsp;&nbsp; $170467320 |
| **Class A** |  |  |
| Net Assets | &nbsp;&nbsp; $19651619 | &nbsp;&nbsp; $36246540 |
| Shares authorized | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 487807 | &nbsp;&nbsp; 2810910 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 40.29 | 12.89 |
| Maximum offering price per share<sup>(b)</sup> <br>| 42.75 | 13.68 |
| **Class R6** |  |  |
| Net Assets | &nbsp;&nbsp; $13212587 | &nbsp;&nbsp; $2497634 |
| Shares authorized | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 418577 | &nbsp;&nbsp; 217020 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 31.57 | 11.51 |
| **Institutional Class** |  |  |
| Net Assets | &nbsp;&nbsp; $277721866 | &nbsp;&nbsp; $131723146 |
| Shares authorized | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 6920592 | &nbsp;&nbsp; 9885161 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 40.13 | 13.33 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Per share amounts may not recalculate due to rounding of net assets and shares outstanding. 

(b) The maximum sales charge on Class A shares is 5.75%.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward** <br> **Covered Call** <br> **Income Fund**<br>| **Steward** <br> **Equity** <br> **Market** <br> **Neutral Fund**<br>| **Steward** <br> **Global** <br> **Equity** <br> **Income Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends (net of foreign witholding tax of $0, $8,455 and $480,583, <br> respectively)<br>| &nbsp;&nbsp; $732496 | &nbsp;&nbsp; $945265 | &nbsp;&nbsp; $7227001 |
| Rebates on short sales, net of fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 1989034 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 732496 | &nbsp;&nbsp; 2934299 | &nbsp;&nbsp; 7227001 |
| **Expenses:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 316156 | &nbsp;&nbsp; 568298 | &nbsp;&nbsp; 1360195 |
| Dividends on securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 517772 | &nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp; 37939 | &nbsp;&nbsp; 42622 | &nbsp;&nbsp; 163224 |
| Distribution fees - Class A | &nbsp;&nbsp; 9606 | &nbsp;&nbsp; 5901 | &nbsp;&nbsp; 27587 |
| Distribution fees - Class C | &nbsp;&nbsp; 9411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5372 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1328 | &nbsp;&nbsp; 10823 |
| Sub-accounting services fees - Class C | &nbsp;&nbsp; 898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 622 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 54646 | &nbsp;&nbsp; 63094 | &nbsp;&nbsp; 206623 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 41588 | &nbsp;&nbsp; 40579 | &nbsp;&nbsp; 110838 |
| Transfer agent fees | &nbsp;&nbsp; 11342 | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 15123 |
| Custodian fees | &nbsp;&nbsp; 27033 | &nbsp;&nbsp; 10234 | &nbsp;&nbsp; 31517 |
| Registration fees | &nbsp;&nbsp; 29622 | &nbsp;&nbsp; 22523 | &nbsp;&nbsp; 39385 |
| Directors fees | &nbsp;&nbsp; 9634 | &nbsp;&nbsp; 12334 | &nbsp;&nbsp; 41411 |
| Professional fees | &nbsp;&nbsp; 15171 | &nbsp;&nbsp; 19419 | &nbsp;&nbsp; 65208 |
| Printing fees | &nbsp;&nbsp; 4593 | &nbsp;&nbsp; 6363 | &nbsp;&nbsp; 16183 |
| Chief compliance officer fees | &nbsp;&nbsp; 5041 | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; 21666 |
| Principal financial officer fees | &nbsp;&nbsp; 4685 | &nbsp;&nbsp; 5246 | &nbsp;&nbsp; 11305 |
| Miscellaneous fees | &nbsp;&nbsp; 12341 | &nbsp;&nbsp; 14473 | &nbsp;&nbsp; 26555 |
| Total expenses | &nbsp;&nbsp; 592006 | &nbsp;&nbsp; 1344201 | &nbsp;&nbsp; 2153637 |
| Fees waived by the Adviser | &nbsp;&nbsp; (67139)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 524867 | &nbsp;&nbsp; 1344201 | &nbsp;&nbsp; 2153637 |
| Net investment income/(loss) | &nbsp;&nbsp; 207629 | &nbsp;&nbsp; 1590098 | &nbsp;&nbsp; 5073364 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |
| Net realized gains/(losses) from investment transactions | &nbsp;&nbsp; (732314)<br>| &nbsp;&nbsp; 6501194 | &nbsp;&nbsp; 9524286 |
| Net realized loss on investment securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; (6380384)<br>| &nbsp;&nbsp; — |
| Net realized gains on options transactions | &nbsp;&nbsp; 1635143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in unrealized appreciation on investment transactions | &nbsp;&nbsp; 12967089 | &nbsp;&nbsp; 3907941 | &nbsp;&nbsp; 50443347 |
| Change in unrealized depreciation on investment securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; (10806112)<br>| &nbsp;&nbsp; — |
| Change in unrealized depreciation on options transactions | &nbsp;&nbsp; (817500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized and unrealized gains/(losses) from investment transactions | &nbsp;&nbsp; 13052418 | &nbsp;&nbsp; (6777361)<br>| &nbsp;&nbsp; 59967633 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $13260047 | &nbsp;&nbsp; $(5187263)<br>| &nbsp;&nbsp; $65040997 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward** <br> **Large Cap** <br> **Core Fund**<br>| **Steward** <br> **Large Cap** <br> **Growth Fund**<br>| **Steward** <br> **Large Cap** <br> **Value Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends (net of foreign witholding tax of $16,987, $0 and $7,855, <br> respectively)<br>| &nbsp;&nbsp; $1137160 | &nbsp;&nbsp; $654583 | &nbsp;&nbsp; $968202 |
| Total investment income | &nbsp;&nbsp; 1137160 | &nbsp;&nbsp; 654583 | &nbsp;&nbsp; 968202 |
| **Expenses:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 439330 | &nbsp;&nbsp; 520013 | &nbsp;&nbsp; 237683 |
| Administration fees | &nbsp;&nbsp; 65900 | &nbsp;&nbsp; 78002 | &nbsp;&nbsp; 35653 |
| Distribution fees - Class A | &nbsp;&nbsp; 4464 | &nbsp;&nbsp; 3173 | &nbsp;&nbsp; 1673 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 620 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 77952 | &nbsp;&nbsp; 95233 | &nbsp;&nbsp; 43501 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 49132 | &nbsp;&nbsp; 55426 | &nbsp;&nbsp; 40579 |
| Transfer agent fees | &nbsp;&nbsp; 11342 | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 7562 |
| Custodian fees | &nbsp;&nbsp; 12816 | &nbsp;&nbsp; 12472 | &nbsp;&nbsp; 7951 |
| Registration fees | &nbsp;&nbsp; 28809 | &nbsp;&nbsp; 22093 | &nbsp;&nbsp; 20989 |
| Directors fees | &nbsp;&nbsp; 15686 | &nbsp;&nbsp; 18288 | &nbsp;&nbsp; 8633 |
| Professional fees | &nbsp;&nbsp; 24698 | &nbsp;&nbsp; 28796 | &nbsp;&nbsp; 13592 |
| Printing fees | &nbsp;&nbsp; 5536 | &nbsp;&nbsp; 6764 | &nbsp;&nbsp; 3630 |
| Chief compliance officer fees | &nbsp;&nbsp; 8206 | &nbsp;&nbsp; 9568 | &nbsp;&nbsp; 4517 |
| Principal financial officer fees | &nbsp;&nbsp; 5945 | &nbsp;&nbsp; 6486 | &nbsp;&nbsp; 4475 |
| Miscellaneous fees | &nbsp;&nbsp; 10705 | &nbsp;&nbsp; 12020 | &nbsp;&nbsp; 7189 |
| Total expenses | &nbsp;&nbsp; 762081 | &nbsp;&nbsp; 876798 | &nbsp;&nbsp; 438247 |
| Fees waived by the Adviser | &nbsp;&nbsp; (98621)<br>| &nbsp;&nbsp; (93604)<br>| &nbsp;&nbsp; (80050)<br>|
| Net expenses | &nbsp;&nbsp; 663460 | &nbsp;&nbsp; 783194 | &nbsp;&nbsp; 358197 |
| Net investment income/(loss) | &nbsp;&nbsp; 473700 | &nbsp;&nbsp; (128611)<br>| &nbsp;&nbsp; 610005 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 3356376 | &nbsp;&nbsp; 8417573 | &nbsp;&nbsp; 3253107 |
| Change in unrealized appreciation on investment transactions | &nbsp;&nbsp; 22651464 | &nbsp;&nbsp; 30044617 | &nbsp;&nbsp; 6981651 |
| Net realized and unrealized gains from investment transactions | &nbsp;&nbsp; 26007840 | &nbsp;&nbsp; 38462190 | &nbsp;&nbsp; 10234758 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $26481540 | &nbsp;&nbsp; $38333579 | &nbsp;&nbsp; $10844763 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Steward** <br> **Select** <br> **Bond Fund**<br>| **Steward** <br> **Values** <br> **Enhanced** <br> **International** <br> **Fund**<br>|
| **Investment Income:** |  |  |
| Dividends (net of foreign witholding tax of $0 and $315,986, respectively) | &nbsp;&nbsp; $72107 | &nbsp;&nbsp; $3485826 |
| Interest | &nbsp;&nbsp; 3923461 | &nbsp;&nbsp; — |
| Non-cash dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 293857 |
| Total investment income | &nbsp;&nbsp; 3995568 | &nbsp;&nbsp; 3779683 |
| **Expenses:** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 308497 | &nbsp;&nbsp; 453202 |
| Administration fees | &nbsp;&nbsp; 73452 | &nbsp;&nbsp; 93124 |
| Distribution fees - Class A | &nbsp;&nbsp; 2909 | &nbsp;&nbsp; 3312 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 1386 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 104825 | &nbsp;&nbsp; 110275 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 60721 | &nbsp;&nbsp; 63167 |
| Transfer agent fees | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 11342 |
| Custodian fees | &nbsp;&nbsp; 14577 | &nbsp;&nbsp; 14070 |
| Registration fees | &nbsp;&nbsp; 26778 | &nbsp;&nbsp; 31160 |
| Directors fees | &nbsp;&nbsp; 20696 | &nbsp;&nbsp; 22277 |
| Professional fees | &nbsp;&nbsp; 32588 | &nbsp;&nbsp; 35076 |
| Printing fees | &nbsp;&nbsp; 7984 | &nbsp;&nbsp; 7472 |
| Chief compliance officer fees | &nbsp;&nbsp; 10829 | &nbsp;&nbsp; 11655 |
| Principal financial officer fees | &nbsp;&nbsp; 6988 | &nbsp;&nbsp; 7318 |
| Miscellaneous fees | &nbsp;&nbsp; 14486 | &nbsp;&nbsp; 17524 |
| Total expenses | &nbsp;&nbsp; 694314 | &nbsp;&nbsp; 882360 |
| Net investment income/(loss) | &nbsp;&nbsp; 3301254 | &nbsp;&nbsp; 2897323 |
| **Realized and Unrealized Gain/(Loss):** |  |  |
| Net realized gains/(losses) from investment transactions | &nbsp;&nbsp; (218908)<br>| &nbsp;&nbsp; 10385572 |
| Change in unrealized appreciation on investment transactions | &nbsp;&nbsp; 3908392 | &nbsp;&nbsp; 27151060 |
| Net realized and unrealized gains from investment transactions | &nbsp;&nbsp; 3689484 | &nbsp;&nbsp; 37536632 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $6990738 | &nbsp;&nbsp; $40433955 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the Six Months Ended October 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Steward** <br> **Values** <br> **Enhanced** <br> **Large** <br> **Cap Fund**<br>| **Steward** <br> **Values** <br> **Enhanced** <br> **Small-Mid** <br> **Cap Fund**<br>|
| **Investment Income:** |  |  |
| Dividends (net of foreign witholding tax of $0 and $545, respectively) | &nbsp;&nbsp; $1786509 | &nbsp;&nbsp; $1449105 |
| Total investment income | &nbsp;&nbsp; 1786509 | &nbsp;&nbsp; 1449105 |
| **Expenses:** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 310282 | &nbsp;&nbsp; 196010 |
| Administration fees | &nbsp;&nbsp; 108238 | &nbsp;&nbsp; 68376 |
| Distribution fees - Class A | &nbsp;&nbsp; 22093 | &nbsp;&nbsp; 46628 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 7752 | &nbsp;&nbsp; 11660 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 136993 | &nbsp;&nbsp; 92153 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 78159 | &nbsp;&nbsp; 64076 |
| Transfer agent fees | &nbsp;&nbsp; 11342 | &nbsp;&nbsp; 11342 |
| Custodian fees | &nbsp;&nbsp; 20728 | &nbsp;&nbsp; 23249 |
| Registration fees | &nbsp;&nbsp; 32964 | &nbsp;&nbsp; 33495 |
| Directors fees | &nbsp;&nbsp; 25975 | &nbsp;&nbsp; 17767 |
| Professional fees | &nbsp;&nbsp; 40901 | &nbsp;&nbsp; 27977 |
| Printing fees | &nbsp;&nbsp; 8760 | &nbsp;&nbsp; 8103 |
| Chief compliance officer fees | &nbsp;&nbsp; 13590 | &nbsp;&nbsp; 9296 |
| Principal financial officer fees | &nbsp;&nbsp; 8089 | &nbsp;&nbsp; 6379 |
| Miscellaneous fees | &nbsp;&nbsp; 15719 | &nbsp;&nbsp; 12098 |
| Total expenses | &nbsp;&nbsp; 841585 | &nbsp;&nbsp; 628609 |
| Net investment income/(loss) | &nbsp;&nbsp; 944924 | &nbsp;&nbsp; 820496 |
| **Realized and Unrealized Gain/(Loss):** |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 5653765 | &nbsp;&nbsp; 7656960 |
| Change in unrealized appreciation on investment transactions | &nbsp;&nbsp; 52222591 | &nbsp;&nbsp; 18488426 |
| Net realized and unrealized gains from investment transactions | &nbsp;&nbsp; 57876356 | &nbsp;&nbsp; 26145386 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $58821280 | &nbsp;&nbsp; $26965882 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $207629 | $456409 |
| Net realized gain from investment transactions and option transactions | 902829 | 13181341 |
| Net change in unrealized appreciation/(depreciation) on investments, and option <br> transactions<br>| 12149589 | (7289171)<br>|
| Change in net assets resulting from operations | 13260047 | 6348579 |
| **Distributions to shareholders from:** |  |  |
| Class A | (266100)<br>| (735168)<br>|
| Class C | (62895)<br>| (184821)<br>|
| Class R6 | (119)<br>|  |
| Institutional Class | (3140065)<br>| (10423832)<br>|
| Total distributions to shareholders | (3469179)<br>| (11343821)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 1418514 | 3544671 |
| Dividends reinvested | 233299 | 717096 |
| Cost of shares redeemed | (530649)<br>| (444357)<br>|
| Change in Class A from capital transactions | 1121164 | 3817410 |
| **Class C** |  |  |
| Proceeds from shares issued | 396896 | 479747 |
| Dividends reinvested | 59622 | 173163 |
| Cost of shares redeemed | (128785)<br>| (332506)<br>|
| Change in Class C from capital transactions | 327733 | 320404 |
| **Class R6** |  |  |
| Proceeds from shares issued | 358546 |  |
| Dividends reinvested | 120 |  |
| Cost of shares redeemed | (150)<br>|  |
| Change in Class R6 from capital transactions | 358516 |  |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 14476553 | 23419504 |
| Dividends reinvested | 3134165 | 10416575 |
| Cost of shares redeemed | (13118576)<br>| (21670505)<br>|
| Change in Institutional Class from capital transactions | 4492142 | 12165574 |
| Change in net assets from capital transactions | 6299555 | 16303388 |
| Change in net assets | 16090423 | 11308146 |
| **Net Assets:** |  |  |
| Beginning of year | 90136546 | 78828400 |
| End of year | $106226969 | $90136546 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 177995 | 440129 |
| Reinvested | 29613 | 91486 |
| Redeemed | (66345)<br>| (56222)<br>|
| Change in Class A | 141263 | 475393 |
| **Class C** |  |  |
| Issued | 50833 | 60535 |
| Reinvested | 7696 | 22364 |
| Redeemed | (16468)<br>| (41941)<br>|
| Change in Class C | 42061 | 40958 |
| **Class R6** |  |  |
| Issued | 44121 |  |
| Reinvested | 15 |  |
| Redeemed | (13)<br>|  |
| Change in Class R6 | 44123 |  |
| **Institutional Class** |  |  |
| Issued | 1808138 | 2888052 |
| Reinvested | 390800 | 1305336 |
| Redeemed | (1625779)<br>| (2710593)<br>|
| Change in Institutional Class | 573159 | 1482795 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1590098 | &nbsp;&nbsp; $3676089 |
| Net realized gain/loss from investment transactions and investment securities <br> sold short<br>| &nbsp;&nbsp; 120810 | &nbsp;&nbsp; (4579289)<br>|
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; (6898171)<br>| &nbsp;&nbsp; 674909 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (5187263)<br>| &nbsp;&nbsp; (228291)<br>|
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (155895)<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (3976840)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (4132735)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 1301966 | &nbsp;&nbsp; 4068717 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 128583 |
| Cost of shares redeemed | &nbsp;&nbsp; (3053494)<br>| &nbsp;&nbsp; (5660791)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; (1751528)<br>| &nbsp;&nbsp; (1463491)<br>|
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 46118198 | &nbsp;&nbsp; 59456018 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 3804888 |
| Cost of shares redeemed | &nbsp;&nbsp; (50526966)<br>| &nbsp;&nbsp; (27133753)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; (4408768)<br>| &nbsp;&nbsp; 36127153 |
| Change in net assets from capital transactions | &nbsp;&nbsp; (6160296)<br>| &nbsp;&nbsp; 34663662 |
| Change in net assets | &nbsp;&nbsp; (11347559)<br>| &nbsp;&nbsp; 30302636 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 114117949 | &nbsp;&nbsp; 83815313 |
| End of year | &nbsp;&nbsp; $102770390 | &nbsp;&nbsp; $114117949 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 46573 | &nbsp;&nbsp; 141752 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 4698 |
| Redeemed | &nbsp;&nbsp; (113890)<br>| &nbsp;&nbsp; (198454)<br>|
| Change in Class A | &nbsp;&nbsp; (67317)<br>| &nbsp;&nbsp; (52004)<br>|
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 1720785 | &nbsp;&nbsp; 2070573 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 138662 |
| Redeemed | &nbsp;&nbsp; (1901891)<br>| &nbsp;&nbsp; (954743)<br>|
| Change in Institutional Class | &nbsp;&nbsp; (181106)<br>| &nbsp;&nbsp; 1254492 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $5073364 | $8579933 |
| Net realized gain from investment transactions | 9524286 | 17483339 |
| Net change in unrealized appreciation on investments | 50443347 | 8520098 |
| Change in net assets resulting from operations | 65040997 | 34583370 |
| **Distributions to shareholders from:** |  |  |
| Class A | (200879)<br>| (899367)<br>|
| Class C | (6169)<br>| (39860)<br>|
| Class R6 | (127133)<br>| (190194)<br>|
| Institutional Class | (3976802)<br>| (17774112)<br>|
| Total distributions to shareholders | (4310983)<br>| (18903533)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 2341126 | 3595321 |
| Dividends reinvested | 179422 | 810621 |
| Cost of shares redeemed | (1554923)<br>| (3472038)<br>|
| Change in Class A from capital transactions | 965625 | 933904 |
| **Class C** |  |  |
| Proceeds from shares issued | 127161 | 130195 |
| Dividends reinvested | 5949 | 38323 |
| Cost of shares redeemed | (96548)<br>| (262758)<br>|
| Change in Class C from capital transactions | 36562 | (94240)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 4061598 | 9413069 |
| Dividends reinvested | 127133 | 190194 |
| Cost of shares redeemed | (1511881)<br>| (756168)<br>|
| Change in Class R6 from capital transactions | 2676850 | 8847095 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 30857943 | 80023023 |
| Dividends reinvested | 3858186 | 17465855 |
| Cost of shares redeemed | (41481072)<br>| (94464423)<br>|
| Change in Institutional Class from capital transactions | (6764943)<br>| 3024455 |
| Change in net assets from capital transactions | (3085906)<br>| 12711214 |
| Change in net assets | 57644108 | 28391051 |
| **Net Assets:** |  |  |
| Beginning of year | 391038552 | 362647501 |
| End of year | $448682660 | $391038552 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 64419 | 106018 |
| Reinvested | 4756 | 24643 |
| Redeemed | (42522)<br>| (102406)<br>|
| Change in Class A | 26653 | 28255 |
| **Class C** |  |  |
| Issued | 3286 | 3584 |
| Reinvested | 149 | 1105 |
| Redeemed | (2449)<br>| (7424)<br>|
| Change in Class C | 986 | (2735)<br>|
| **Class R6** |  |  |
| Issued | 117752 | 299805 |
| Reinvested | 3639 | 6241 |
| Redeemed | (44263)<br>| (24442)<br>|
| Change in Class R6 | 77128 | 281604 |
| **Institutional Class** |  |  |
| Issued | 833031 | 2366883 |
| Reinvested | 102001 | 529146 |
| Redeemed | (1105879)<br>| (2778707)<br>|
| Change in Institutional Class | (170847)<br>| 117322 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $473700 | $971149 |
| Net realized gain from investment transactions | 3356376 | 11682262 |
| Net change in unrealized appreciation/(depreciation) on investments | 22651464 | (357605)<br>|
| Change in net assets resulting from operations | 26481540 | 12295806 |
| **Distributions to shareholders from:** |  |  |
| Class A |  | (24048)<br>|
| Class R6 |  | (60330)<br>|
| Institutional Class |  | (1931654)<br>|
| Total distributions to shareholders |  | (2016032)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 1008196 | 1654080 |
| Dividends reinvested |  | 23739 |
| Cost of shares redeemed | (202479)<br>| (269970)<br>|
| Change in Class A from capital transactions | 805717 | 1407849 |
| **Class R6** |  |  |
| Proceeds from shares issued | 7697693 | 8790585 |
| Dividends reinvested |  | 60329 |
| Cost of shares redeemed | (1492853)<br>| (430770)<br>|
| Change in Class R6 from capital transactions | 6204840 | 8420144 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 14705121 | 51219921 |
| Dividends reinvested |  | 1869838 |
| Cost of shares redeemed | (14415901)<br>| (26993488)<br>|
| Change in Institutional Class from capital transactions | 289220 | 26096271 |
| Change in net assets from capital transactions | 7299777 | 35924264 |
| Change in net assets | 33781317 | 46204038 |
| **Net Assets:** |  |  |
| Beginning of year | 152338641 | 106134603 |
| End of year | $186119958 | $152338641 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 32360 | 56027 |
| Reinvested |  | 778 |
| Redeemed | (6195)<br>| (9128)<br>|
| Change in Class A | 26165 | 47677 |
| **Class R6** |  |  |
| Issued | 244721 | 302939 |
| Reinvested |  | 2006 |
| Redeemed | (47914)<br>| (14802)<br>|
| Change in Class R6 | 196807 | 290143 |
| **Institutional Class** |  |  |
| Issued | 464296 | 1781737 |
| Reinvested |  | 61226 |
| Redeemed | (449657)<br>| (913635)<br>|
| Change in Institutional Class | 14639 | 929328 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(128611)<br>| &nbsp;&nbsp; $244431 |
| Net realized gain from investment transactions | &nbsp;&nbsp; 8417573 | &nbsp;&nbsp; 22436704 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; 30044617 | &nbsp;&nbsp; (5850667)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 38333579 | &nbsp;&nbsp; 16830468 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (89896)<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (11294020)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (11383916)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 908888 | &nbsp;&nbsp; 1223683 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 88545 |
| Cost of shares redeemed | &nbsp;&nbsp; (44980)<br>| &nbsp;&nbsp; (192047)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; 863908 | &nbsp;&nbsp; 1120181 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 20021344 | &nbsp;&nbsp; 70731064 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 11288690 |
| Cost of shares redeemed | &nbsp;&nbsp; (24381069)<br>| &nbsp;&nbsp; (35141426)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; (4359725)<br>| &nbsp;&nbsp; 46878328 |
| Change in net assets from capital transactions | &nbsp;&nbsp; (3495817)<br>| &nbsp;&nbsp; 47998509 |
| Change in net assets | &nbsp;&nbsp; 34837762 | &nbsp;&nbsp; 53445061 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 180725569 | &nbsp;&nbsp; 127280508 |
| End of year | &nbsp;&nbsp; $215563331 | &nbsp;&nbsp; $180725569 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 28784 | &nbsp;&nbsp; 40035 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 2862 |
| Redeemed | &nbsp;&nbsp; (1371)<br>| &nbsp;&nbsp; (6269)<br>|
| Change in Class A | &nbsp;&nbsp; 27413 | &nbsp;&nbsp; 36628 |
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 615790 | &nbsp;&nbsp; 2366922 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 364034 |
| Redeemed | &nbsp;&nbsp; (742514)<br>| &nbsp;&nbsp; (1158745)<br>|
| Change in Institutional Class | &nbsp;&nbsp; (126724)<br>| &nbsp;&nbsp; 1572211 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $610005 | &nbsp;&nbsp; $1053676 |
| Net realized gain from investment transactions | &nbsp;&nbsp; 3253107 | &nbsp;&nbsp; 9455845 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; 6981651 | &nbsp;&nbsp; (3711977)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 10844763 | &nbsp;&nbsp; 6797544 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (71720)<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (5399092)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (5470812)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 344963 | &nbsp;&nbsp; 524943 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 68448 |
| Cost of shares redeemed | &nbsp;&nbsp; (92921)<br>| &nbsp;&nbsp; (178125)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; 252042 | &nbsp;&nbsp; 415266 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 21080005 | &nbsp;&nbsp; 33915143 |
| Dividends reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 5388884 |
| Cost of shares redeemed | &nbsp;&nbsp; (6648010)<br>| &nbsp;&nbsp; (28154418)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; 14431995 | &nbsp;&nbsp; 11149609 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 14684037 | &nbsp;&nbsp; 11564875 |
| Change in net assets | &nbsp;&nbsp; 25528800 | &nbsp;&nbsp; 12891607 |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 82397839 | &nbsp;&nbsp; 69506232 |
| End of year | &nbsp;&nbsp; $107926639 | &nbsp;&nbsp; $82397839 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 11896 | &nbsp;&nbsp; 17481 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 2444 |
| Redeemed | &nbsp;&nbsp; (3104)<br>| &nbsp;&nbsp; (6321)<br>|
| Change in Class A | &nbsp;&nbsp; 8792 | &nbsp;&nbsp; 13604 |
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 702222 | &nbsp;&nbsp; 1204578 |
| Reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp; 191980 |
| Redeemed | &nbsp;&nbsp; (222882)<br>| &nbsp;&nbsp; (993315)<br>|
| Change in Institutional Class | &nbsp;&nbsp; 479340 | &nbsp;&nbsp; 403243 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3301254 | &nbsp;&nbsp; $6075023 |
| Net realized loss from investment transactions | &nbsp;&nbsp; (218908)<br>| &nbsp;&nbsp; (2414847)<br>|
| Net change in unrealized appreciation on investments | &nbsp;&nbsp; 3908392 | &nbsp;&nbsp; 8896821 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 6990738 | &nbsp;&nbsp; 12556997 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; (36987)<br>| &nbsp;&nbsp; (63745)<br>|
| Institutional Class | &nbsp;&nbsp; (3299336)<br>| &nbsp;&nbsp; (5820555)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (3336323)<br>| &nbsp;&nbsp; (5884300)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 26524 | &nbsp;&nbsp; 152044 |
| Dividends reinvested | &nbsp;&nbsp; 34927 | &nbsp;&nbsp; 62209 |
| Cost of shares redeemed | &nbsp;&nbsp; (73892)<br>| &nbsp;&nbsp; (380167)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; (12441)<br>| &nbsp;&nbsp; (165914)<br>|
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 20459887 | &nbsp;&nbsp; 37138546 |
| Dividends reinvested | &nbsp;&nbsp; 3212858 | &nbsp;&nbsp; 5687182 |
| Cost of shares redeemed | &nbsp;&nbsp; (18716342)<br>| &nbsp;&nbsp; (50592321)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; 4956403 | &nbsp;&nbsp; (7766593)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 4943962 | &nbsp;&nbsp; (7932507)<br>|
| Change in net assets | &nbsp;&nbsp; 8598377 | &nbsp;&nbsp; (1259810)<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 191950196 | &nbsp;&nbsp; 193210006 |
| End of year | &nbsp;&nbsp; $200548573 | &nbsp;&nbsp; $191950196 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 6752 |
| Reinvested | &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 2782 |
| Redeemed | &nbsp;&nbsp; (3263)<br>| &nbsp;&nbsp; (17054)<br>|
| Change in Class A | &nbsp;&nbsp; (566)<br>| &nbsp;&nbsp; (7520)<br>|
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 901344 | &nbsp;&nbsp; 1671427 |
| Reinvested | &nbsp;&nbsp; 142211 | &nbsp;&nbsp; 255826 |
| Redeemed | &nbsp;&nbsp; (825524)<br>| &nbsp;&nbsp; (2288354)<br>|
| Change in Institutional Class | &nbsp;&nbsp; 218031 | &nbsp;&nbsp; (361101)<br>|

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD VALUES ENHANCED INTERNATIONAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $2897323 | $4605546 |
| Net realized gain from investment transactions | 10385572 | 27835944 |
| Net change in unrealized appreciation/(depreciation) on investments | 27151060 | (2894284)<br>|
| Change in net assets resulting from operations | 40433955 | 29547206 |
| **Distributions to shareholders from:** |  |  |
| Class A |  | (281724)<br>|
| Class R6 |  | (460442)<br>|
| Institutional Class |  | (30402743)<br>|
| Total distributions to shareholders |  | (31144909)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 805900 | 984168 |
| Dividends reinvested |  | 273085 |
| Cost of shares redeemed | (261126)<br>| (1036196)<br>|
| Change in Class A from capital transactions | 544774 | 221057 |
| **Class R6** |  |  |
| Proceeds from shares issued | 11845458 | 6918630 |
| Dividends reinvested |  | 460442 |
| Cost of shares redeemed | (3106949)<br>| (671769)<br>|
| Change in Class R6 from capital transactions | 8738509 | 6707303 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 37717102 | 45998762 |
| Dividends reinvested |  | 29463333 |
| Cost of shares redeemed | (27725680)<br>| (85099653)<br>|
| Change in Institutional Class from capital transactions | 9991422 | (9637558)<br>|
| Change in net assets from capital transactions | 19274705 | (2709198)<br>|
| Change in net assets | 59708660 | (4306901)<br>|
| **Net Assets:** |  |  |
| Beginning of year | 211013278 | 215320179 |
| End of year | $270721938 | $211013278 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 30491 | 42334 |
| Reinvested |  | 12863 |
| Redeemed | (10365)<br>| (42648)<br>|
| Change in Class A | 20126 | 12549 |
| **Class R6** |  |  |
| Issued | 577780 | 372648 |
| Reinvested |  | 27721 |
| Redeemed | (152312)<br>| (35585)<br>|
| Change in Class R6 | 425468 | 364784 |
| **Institutional Class** |  |  |
| Issued | 1489990 | 1907800 |
| Reinvested |  | 1395705 |
| Redeemed | (1068920)<br>| (3532109)<br>|
| Change in Institutional Class | 421070 | (228604)<br>|

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $944924 | $1732394 |
| Net realized gain from investment transactions | 5653765 | 13594103 |
| Net change in unrealized appreciation on investments | 52222591 | 10208951 |
| Change in net assets resulting from operations | 58821280 | 25535448 |
| **Distributions to shareholders from:** |  |  |
| Class A |  | (945006)<br>|
| Class R6 |  | (220177)<br>|
| Institutional Class |  | (19139855)<br>|
| Total distributions to shareholders |  | (20305038)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 4768133 | 6298782 |
| Dividends reinvested |  | 915309 |
| Cost of shares redeemed | (2539754)<br>| (3992110)<br>|
| Change in Class A from capital transactions | 2228379 | 3221981 |
| **Class R6** |  |  |
| Proceeds from shares issued | 7006427 | 5069328 |
| Dividends reinvested |  | 220177 |
| Cost of shares redeemed | (604502)<br>| (1005352)<br>|
| Change in Class R6 from capital transactions | 6401925 | 4284153 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 19462389 | 39362044 |
| Dividends reinvested |  | 18991571 |
| Cost of shares redeemed | (24739730)<br>| (54302450)<br>|
| Change in Institutional Class from capital transactions | (5277341)<br>| 4051165 |
| Change in net assets from capital transactions | 3352963 | 11557299 |
| Change in net assets | 62174243 | 16787709 |
| **Net Assets:** |  |  |
| Beginning of year | 248411829 | 231624120 |
| End of year | $310586072 | $248411829 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 129515 | 182876 |
| Reinvested |  | 26654 |
| Redeemed | (67524)<br>| (117723)<br>|
| Change in Class A | 61991 | 91807 |
| **Class R6** |  |  |
| Issued | 238070 | 190242 |
| Reinvested |  | 8206 |
| Redeemed | (20508)<br>| (36732)<br>|
| Change in Class R6 | 217562 | 161716 |
| **Institutional Class** |  |  |
| Issued | 527989 | 1138702 |
| Reinvested |  | 556285 |
| Redeemed | (664025)<br>| (1574183)<br>|
| Change in Institutional Class | (136036)<br>| 120804 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD VALUES ENHANCED SMALL-MID CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br> **Ended (Unaudited)** <br> **October 31, 2025**<br>| **For the Year Ended** <br> **April 30, 2025**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $820496 | $1604886 |
| Net realized gain from investment transactions | 7656960 | 12168448 |
| Net change in unrealized appreciation/(depreciation) on investments | 18488426 | (16943259)<br>|
| Change in net assets resulting from operations | 26965882 | (3169925)<br>|
| **Distributions to shareholders from:** |  |  |
| Class A |  | (2521608)<br>|
| Class R6 |  | (53663)<br>|
| Institutional Class |  | (9421624)<br>|
| Total distributions to shareholders |  | (11996895)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 472768 | 1730885 |
| Dividends reinvested |  | 2241186 |
| Cost of shares redeemed | (5717335)<br>| (6719305)<br>|
| Change in Class A from capital transactions | (5244567)<br>| (2747234)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 1428897 | 1016681 |
| Dividends reinvested |  | 53663 |
| Cost of shares redeemed | (345128)<br>| (140005)<br>|
| Change in Class R6 from capital transactions | 1083769 | 930339 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 11453075 | 67230823 |
| Dividends reinvested |  | 8436282 |
| Cost of shares redeemed | (32315485)<br>| (68687338)<br>|
| Change in Institutional Class from capital transactions | (20862410)<br>| 6979767 |
| Change in net assets from capital transactions | (25023208)<br>| 5162872 |
| Change in net assets | 1942674 | (10003948)<br>|
| **Net Assets:** |  |  |
| Beginning of year | 168524646 | 178528594 |
| End of year | $170467320 | $168524646 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 38464 | 138735 |
| Reinvested |  | 180741 |
| Redeemed | (461973)<br>| (540727)<br>|
| Change in Class A | (423509)<br>| (221251)<br>|
| **Class R6** |  |  |
| Issued | 127925 | 92498 |
| Reinvested |  | 4865 |
| Redeemed | (30884)<br>| (13228)<br>|
| Change in Class R6 | 97041 | 84135 |
| **Institutional Class** |  |  |
| Issued | 894641 | 5158131 |
| Reinvested |  | 659600 |
| Redeemed | (2444663)<br>| (5349994)<br>|
| Change in Institutional Class | (1550022)<br>| 467737 |

---

Amounts denoted as ''—'' are less than $0.50.

**See notes to financial statements.**

------

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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:** | **Investment Operations:** | **Investment Operations:** |
|  | **Net Asset** <br> **Value,** <br> **Beginning** <br> **of Period**<br>| **Net** <br> **Investment** <br> **Income/** <br> **(Loss)**<br>| **Net** <br> **Realized** <br> **and** <br> **Unrealized** <br> **Gain/** <br> **(Loss) from** <br> **Investments**<br>| **Total from** <br> **Investment** <br> **Operations**<br>|
| **Steward Covered Call Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $7.40 | &nbsp;&nbsp; $0.01 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $1.03 | &nbsp;&nbsp; $1.04 |
| Year ended April 30, 2025 | 7.79 | 0.02 <br><sup>(d)</sup><br>| 0.59 | 0.61 |
| Year ended April 30, 2024 | 7.47 | 0.04 <br><sup>(d)</sup><br>| 1.09 | 1.13 |
| Year ended April 30, 2023 | 7.79 | 0.05 <br><sup>(d)</sup><br>| 0.29 | 0.34 |
| Year ended April 30, 2022 | 9.88 | 0.02 <br><sup>(d)</sup><br>| 0.14 | 0.16 |
| Year ended April 30, 2021 | 8.64 | 0.05 <br><sup>(d)</sup><br>| 2.59 | 2.64 |
| **Class C** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $7.29 | &nbsp;&nbsp; $(0.02 )<sup>(d)(f)</sup><br>| &nbsp;&nbsp; $1.01 | &nbsp;&nbsp; $0.99 |
| Year ended April 30, 2025 | 7.71 | &nbsp;&nbsp; (0.04 )<sup>(d)(f)</sup><br>| 0.59 | 0.55 |
| Year ended April 30, 2024 | 7.42 | &nbsp;&nbsp; (0.01 )<sup>(d)(f)</sup><br>| 1.06 | 1.05 |
| Year ended April 30, 2023 | 7.77 | &nbsp;&nbsp; (0.01 )<sup>(d)(f)</sup><br>| 0.29 | 0.28 |
| Year ended April 30, 2022 | 9.91 | &nbsp;&nbsp; (0.05 )<sup>(d)</sup><br>| 0.12 | 0.07 |
| Year ended April 30, 2021 | 8.70 | &nbsp;&nbsp; (0.02 )<sup>(d)(f)</sup><br>| 2.60 | 2.58 |
| **Class R6** |  |  |  |  |
| Period ended October 31, 2025<sup>(g)</sup> (Unaudited) | &nbsp;&nbsp; $8.00 | &nbsp;&nbsp; $0.01 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.22 |
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $7.53 | &nbsp;&nbsp; $0.02 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $1.07 |
| Year ended April 30, 2025 | 7.90 | 0.04 <br><sup>(d)</sup><br>| 0.60 | 0.64 |
| Year ended April 30, 2024 | 7.56 | 0.07 <br><sup>(d)</sup><br>| 1.09 | 1.16 |
| Year ended April 30, 2023 | 7.87 | 0.07 <br><sup>(d)</sup><br>| 0.30 | 0.37 |
| Year ended April 30, 2022 | 9.92 | 0.05 <br><sup>(d)</sup><br>| 0.12 | 0.17 |
| Year ended April 30, 2021 | 8.65 | 0.07 <br><sup>(d)</sup><br>| 2.61 | 2.68 |
| **Steward Equity Market Neutral Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.11 | &nbsp;&nbsp; $0.36 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(1.16)<br>|
| Year ended April 30, 2025 | 29.29 | 1.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.24)<br>|
| Year ended April 30, 2024 | 27.80 | 1.08 <br><sup>(d)</sup><br>| 1.72 | 2.80 |
| Year ended April 30, 2023 | 26.47 | 0.56 <br><sup>(d)</sup><br>| 0.78 <br><sup>(i)</sup><br>| 1.34 |
| Period ended April 30, 2022<sup>(j)</sup> <br>| 25.00 | &nbsp;&nbsp; (0.14)<br>| 1.61 | 1.47 |
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.20 | &nbsp;&nbsp; $0.38 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $(1.53)<br>| &nbsp;&nbsp; $(1.15)<br>|
| Year ended April 30, 2025 | 29.48 | 1.01 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year ended April 30, 2024 | 27.91 | 1.13 <br><sup>(d)</sup><br>| 1.75 | 2.88 |
| Year ended April 30, 2023 | 26.52 | 0.42 <br><sup>(d)</sup><br>| 0.98 <br><sup>(i)</sup><br>| 1.40 |
| Period ended April 30, 2022<sup>(j)</sup> <br>| 25.00 | &nbsp;&nbsp; (0.18)<br>| 1.70 | 1.52 |

---

Amounts denoted as ''—'' are less than $0.50.

(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) The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. 

(g) For the period August 28, 2025 (commencement of operations) through October 31, 2025.

(h) The ratio for the Steward Equity Market Neutral Fund includes the effect of dividend expense on securities sold short and brokerage expense on securities sold short, if applicable, which increased the ratio by 0.94% and 0.91% for Class A and Institutional Class, respectively, for the period ended October 31, 2025, 0.73% and 0.74% for Class A and Institutional Class, respectively, for the year ended April 30, 2025, 0.83% and 0.79% for Class A and Institutional Class, respectively, for the year ended April 30, 2024, 0.36% and 0.52% for Class A and Institutional Class, respectively, for the year ended April 30, 2023, and 1.56% and 1.39% for Class A and Institutional Class, respectively, for the period ended April 30, 2022. 

(i) The Adviser has reimbursed the Fund $2,372 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain/loss on investments and the Fund's total return, representing less than $0.005 per share. 

(j) For the period November 15, 2021 (commencement of operations) through April 30, 2022.

**See notes to financial statements.**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |  |  | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| &nbsp;&nbsp; **Net** <br> **Investment** <br> **Income**<br>| &nbsp;&nbsp;&nbsp; **Capital** <br> **Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br> **Value, End** <br> **of Period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Return**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br> **End of Period** <br> **(000's)**<br>| &nbsp;&nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average Net** <br> **Assets** <br> **Prior to** <br> **Waivers** <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average Net** <br> **Assets** <br> **Net of** <br> **Waivers**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Ratio of Net** <br> **Investment** <br> **Income/(Loss)** <br> **to Average** <br> **Net Assets**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br> **Turnover** <br> **Rate**<sup>(a)(c)</sup> <br>|
| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>| &nbsp;&nbsp;&nbsp; $8537 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp; 3336 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;32.27 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp; $(0.00)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $8.02 | &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br> %<br>| &nbsp;&nbsp;&nbsp; $2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp; 1629 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;31.33 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp;&nbsp; $8.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp; $359 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp;&nbsp; $8.32 | &nbsp;&nbsp;&nbsp;&nbsp; 14.52<br> %<br>| &nbsp;&nbsp;&nbsp; $95201 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;&nbsp; 81819 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;15.79 | &nbsp;&nbsp;&nbsp; 74084 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp; 53747 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; 22952 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;32.73 | &nbsp;&nbsp;&nbsp; 36186 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; (4.13)%<br>| &nbsp;&nbsp;&nbsp; $3332 | &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> <sup>(h)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> <sup>(h)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>|
| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.11 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; 5369 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp; 7118 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp; 6605 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 3.81 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27.05 | &nbsp;&nbsp;&nbsp; (4.08)%<br>| &nbsp;&nbsp;&nbsp; $99438 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> <sup>(h)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>|
| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; 108749 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp; 76697 | &nbsp;&nbsp;&nbsp;&nbsp; 2.30 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp; 69782 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp; 26082 | &nbsp;&nbsp;&nbsp;&nbsp; 3.11 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11 <br><sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; 111 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**FINANCIAL HIGHLIGHTS**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Investment Operations:** | **Investment Operations:** |
|  | **Net Asset** <br> **Value,** <br> **Beginning** <br> **of Period**<br>| **Net** <br> **Realized** <br> **and** <br> **Unrealized** <br> **Gain/** <br> **(Loss) from** <br> **Investments**<br>| **Total from** <br> **Investment** <br> **Operations**<br>|
| **Steward Global Equity Income Fund** |  |  |  |
| **Class A** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $33.52<br> &nbsp;&nbsp; $0.39 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $5.11 | &nbsp;&nbsp; $5.50 |
| Year ended April 30, 2025 | 32.21<br> 0.68 <br><sup>(d)</sup><br>| 2.26 | 2.94 |
| Year ended April 30, 2024 | 28.82<br> 0.75 <br><sup>(d)</sup><br>| 3.41 | 4.16 |
| Year ended April 30, 2023 | 32.19<br> 0.82 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year ended April 30, 2022 | 37.39<br> 0.50 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.39)<br>| 0.11 |
| Year ended April 30, 2021 | 26.39<br> 0.53 <br><sup>(d)</sup><br>| 11.40 | 11.93 |
| **Class C** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $35.39<br> &nbsp;&nbsp; $0.26 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $5.39 | &nbsp;&nbsp; $5.65 |
| Year ended April 30, 2025 | 33.96<br> 0.45 <br><sup>(d)</sup><br>| 2.38 | 2.83 |
| Year ended April 30, 2024 | 30.45<br> 0.55 <br><sup>(d)</sup><br>| 3.52 | 4.07 |
| Year ended April 30, 2023 | 33.94<br> 0.62 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (1.27)<br>|
| Year ended April 30, 2022 | 39.17<br> 0.23 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year ended April 30, 2021 | 27.65<br> 0.32 <br><sup>(d)</sup><br>| 11.92 | 12.24 |
| **Class R6** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $31.04<br> &nbsp;&nbsp; $0.42 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $4.74 | &nbsp;&nbsp; $5.16 |
| Year ended April 30, 2025 | 29.94<br> 0.79 <br><sup>(d)</sup><br>| 2.05 | 2.84 |
| Year ended April 30, 2024 | 26.79<br> 0.81 <br><sup>(d)</sup><br>| 3.21 | 4.02 |
| Year ended April 30, 2023 | 30.09<br> 0.86 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year ended April 30, 2022 | 35.30<br> 0.61 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.36)<br>| 0.25 |
| Year ended April 30, 2021 | 25.00<br> 0.62 <br><sup>(d)</sup><br>| 10.79 | 11.41 |
| **Institutional Class** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $33.62<br> &nbsp;&nbsp; $0.44 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $5.13 | &nbsp;&nbsp; $5.57 |
| Year ended April 30, 2025 | 32.30<br> 0.77 <br><sup>(d)</sup><br>| 2.26 | 3.03 |
| Year ended April 30, 2024 | 28.86<br> 0.83 <br><sup>(d)</sup><br>| 3.45 | 4.28 |
| Year ended April 30, 2023 | 32.23<br> 0.89 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year ended April 30, 2022 | 37.46<br> 0.60 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.40)<br>| 0.20 |
| Year ended April 30, 2021 | 26.48<br> 0.62 <br><sup>(d)</sup><br>| 11.45 | 12.07 |
| **Steward Values Enhanced International Fund** |  |  |  |
| **Class A** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $23.47<br> &nbsp;&nbsp; $0.27 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.95 | &nbsp;&nbsp; $4.22 |
| Year ended April 30, 2025 | 24.11<br> 0.49 <br><sup>(d)</sup><br>| 2.69 | 3.18 |
| Year ended April 30, 2024 | 22.09<br> 0.44 <br><sup>(d)</sup><br>| 2.39 | 2.83 |
| Year ended April 30, 2023 | 21.97<br> 0.62 <br><sup>(d)</sup><br>| 0.11 | 0.73 |
| Year ended April 30, 2022 | 24.85<br> 0.52 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year ended April 30, 2021 | 17.59<br> 0.37 <br><sup>(d)</sup><br>| 7.65 | 8.02 |
| **Class R6** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $18.38<br> &nbsp;&nbsp; $0.25 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.10 | &nbsp;&nbsp; $3.35 |
| Year ended April 30, 2025 | 19.71<br> 0.50 <br><sup>(d)</sup><br>| 2.09 | 2.59 |
| Year ended April 30, 2024 | 18.31<br> 0.43 <br><sup>(d)</sup><br>| 1.99 | 2.42 |
| Year ended April 30, 2023 | 18.33<br> 0.58 <br><sup>(d)</sup><br>| 0.08 | 0.66 |
| Year ended April 30, 2022 | 20.91<br> 0.51 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year ended April 30, 2021 | 14.95<br> 0.36 <br><sup>(d)</sup><br>| 6.50 | 6.86 |
| **Institutional Class** |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $23.36<br> &nbsp;&nbsp; $0.27 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.97 | &nbsp;&nbsp; $4.24 |
| Year ended April 30, 2025 | 24.02<br> 0.54 <br><sup>(d)</sup><br>| 2.69 | 3.23 |
| Year ended April 30, 2024 | 22.11<br> 0.50 <br><sup>(d)</sup><br>| 2.39 | 2.89 |
| Year ended April 30, 2023 | 21.98<br> 0.67 <br><sup>(d)</sup><br>| 0.12 | 0.79 |
| Year ended April 30, 2022 | 24.87<br> 0.58 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year ended April 30, 2021 | 17.66<br> 0.40 <br><sup>(d)</sup><br>| 7.70 | 8.10 |

---

Amounts denoted as ''—'' are less than $0.50.

(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.

**See notes to financial statements.**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |  |  | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| **Net** <br> **Investment** <br> **Income**<br>| &nbsp;&nbsp; **Capital** <br> **Gains**<br>| &nbsp;&nbsp; **Total** <br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset** <br> **Value, End** <br> **of Period**<br>| &nbsp;&nbsp; **Total** <br> **Return**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Net Assets,** <br> **End of Period** <br> **(000's)**<br>| &nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average** <br> **Net Assets** <sup>(b)</sup> <br>| &nbsp;&nbsp; **Ratio of Net** <br> **Investment** <br> **Income/(Loss)** <br> **to Average** <br> **Net Assets**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Portfolio** <br> **Turnover** <br> **Rate**<sup>(a)(c)</sup> <br>|
| $(0.34)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $38.68 | &nbsp;&nbsp;&nbsp;&nbsp; 16.43<br> %<br>| &nbsp;&nbsp;&nbsp; $23377 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.52 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp; 19361 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp; 37 |
| (0.77)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.21 | &nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp; 17697 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp; 59 |
| (0.75)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.82 | &nbsp;&nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp; 18217 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp; 53 |
| (0.56)<br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.19 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; 19325 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; 73 |
| (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;37.39 | &nbsp;&nbsp;&nbsp;&nbsp;45.81 | &nbsp;&nbsp;&nbsp; 47363 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; 67 |
| $(0.22)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp;&nbsp; $40.82 | &nbsp;&nbsp;&nbsp;&nbsp; 15.99<br> %<br>| &nbsp;&nbsp;&nbsp; $1112 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp; 37 |
| (0.56)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.96 | &nbsp;&nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp; 59 |
| (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.45 | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp; 53 |
| (0.33)<br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp; (5.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.94 | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; 73 |
| (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.17 | &nbsp;&nbsp;&nbsp;&nbsp;44.75 | &nbsp;&nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; 67 |
| $(0.39)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp;&nbsp; $35.81 | &nbsp;&nbsp;&nbsp;&nbsp; 16.64<br> %<br>| &nbsp;&nbsp;&nbsp; $13499 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp; 9306 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; 37 |
| (0.87)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.94 | &nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp; 59 |
| (0.84)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp; 53 |
| (0.71)<br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp; (5.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; 73 |
| (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;46.35 | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; 67 |
| $(0.37)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp;&nbsp; $38.82 | &nbsp;&nbsp;&nbsp;&nbsp; 16.60<br> %<br>| &nbsp;&nbsp;&nbsp; $410695 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp; 361443 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; 37 |
| (0.84)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.30 | &nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp; 343421 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; 59 |
| (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.86 | &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp; 334042 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp; 53 |
| (0.68)<br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; 275163 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp; 73 |
| (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;37.46 | &nbsp;&nbsp;&nbsp;&nbsp;46.24 | &nbsp;&nbsp;&nbsp; 293352 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; 67 |
|  $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27.69 | &nbsp;&nbsp;&nbsp;&nbsp; 17.98<br> %<br>| &nbsp;&nbsp;&nbsp; $3290 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| (0.59)<br>| &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;14.86 | &nbsp;&nbsp;&nbsp; 2316 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; 75 |
| (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp; 2076 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp; 19 |
| (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp; 4058 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp; 18 |
| (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp; (7.86)<br>| &nbsp;&nbsp;&nbsp; 5159 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; 14 |
| (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp; 8721 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; 14 |
|  $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21.73 | &nbsp;&nbsp;&nbsp;&nbsp; 18.23<br> %<br>| &nbsp;&nbsp;&nbsp; $18435 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| (0.69)<br>| &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.38 | &nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp; 7774 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; 75 |
| (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.71 | &nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp; 19 |
| (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp; 18 |
| (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp; (7.57)<br>| &nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; 14 |
| (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;&nbsp;46.71 | &nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp; 14 |
|  $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27.60 | &nbsp;&nbsp;&nbsp;&nbsp; 18.15<br> %<br>| &nbsp;&nbsp;&nbsp; $248997 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| (0.66)<br>| &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp; 200923 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp; 75 |
| (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp; 212099 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp; 19 |
| (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; 210654 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp; 18 |
| (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.98 | &nbsp;&nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp;&nbsp; 201769 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp; 14 |
| (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.87 | &nbsp;&nbsp;&nbsp;&nbsp;46.56 | &nbsp;&nbsp;&nbsp; 171237 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp; 14 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**FINANCIAL HIGHLIGHTS**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** |
|  | **Net Asset** <br> **Value,** <br> **Beginning** <br> **of Period**<br>| **Net** <br> **Investment** <br> **Income/** <br> **(Loss)**<br>| **Net** <br> **Realized** <br> **and** <br> **Unrealized** <br> **Gain/** <br> **(Loss) from** <br> **Investments**<br>| **Total from** <br> **Investment** <br> **Operations**<br>|
| **Steward Large Cap Core Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.46 | &nbsp;&nbsp; $0.05 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $4.76 | &nbsp;&nbsp; $4.81 |
| Year ended April 30, 2025 | 25.99 | 0.13 <br><sup>(d)</sup><br>| 2.72 | 2.85 |
| Year ended April 30, 2024 | 21.45 | 0.12 <br><sup>(d)</sup><br>| 4.52 | 4.64 |
| Year ended April 30, 2023 | 21.54 | 0.15 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.07 )<sup>(e)</sup><br>| 0.08 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | 0.05 | &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (3.44)<br>|
| **Class R6** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.09 | &nbsp;&nbsp; $0.08 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $4.71 | &nbsp;&nbsp; $4.79 |
| Year ended April 30, 2025 | 25.66 | 0.19 <br><sup>(d)</sup><br>| 2.70 | 2.89 |
| Period ended April 30, 2024<sup>(g)</sup> <br>| 26.00 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34 )<sup>(e)</sup><br>| &nbsp;&nbsp; (0.34)<br>|
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.52 | &nbsp;&nbsp; $0.09 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $4.77 | &nbsp;&nbsp; $4.86 |
| Year ended April 30, 2025 | 26.02 | 0.21 <br><sup>(d)</sup><br>| 2.73 | 2.94 |
| Year ended April 30, 2024 | 21.50 | 0.18 <br><sup>(d)</sup><br>| 4.53 | 4.71 |
| Year ended April 30, 2023 | 21.56 | 0.21 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.07 )<sup>(e)</sup><br>| 0.14 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | 0.07 | &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (3.41)<br>|
| **Steward Large Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.35 | &nbsp;&nbsp; $(0.06 )<sup>(d)</sup><br>| &nbsp;&nbsp; $6.02 | &nbsp;&nbsp; $5.96 |
| Year ended April 30, 2025 | 26.77 | &nbsp;&nbsp; (0.04 )<sup>(d)</sup><br>| 3.67 <br><sup>(e)</sup><br>| 3.63 |
| Year ended April 30, 2024 | 20.63 | 0.02 <br><sup>(d)</sup><br>| 6.13 | 6.15 |
| Year ended April 30, 2023 | 20.65 | 0.06 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.03 )<sup>(e)</sup><br>| 0.03 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | &nbsp;&nbsp; — <br><sup>(d)(h)</sup><br>| &nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp; (4.34)<br>|
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $28.44 | &nbsp;&nbsp; $(0.02 )<sup>(d)</sup><br>| &nbsp;&nbsp; $6.04 | &nbsp;&nbsp; $6.02 |
| Year ended April 30, 2025 | 26.81 | 0.05 <br><sup>(d)</sup><br>| 3.67 | 3.72 |
| Year ended April 30, 2024 | 20.68 | 0.08 <br><sup>(d)</sup><br>| 6.15 | 6.23 |
| Year ended April 30, 2023 | 20.68 | 0.11 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.03 )<sup>(e)</sup><br>| 0.08 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | 0.02 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp; (4.31)<br>|
| **Steward Large Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp; $0.16 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.27 | &nbsp;&nbsp; $3.43 |
| Year ended April 30, 2025 | 26.68 | 0.36 <br><sup>(d)</sup><br>| 2.53 | 2.89 |
| Year ended April 30, 2024 | 22.62 | 0.33 <br><sup>(d)</sup><br>| 4.01 | 4.34 |
| Year ended April 30, 2023 | 22.89 | 0.30 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.20)<br>| 0.10 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | 0.09 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.06)<br>|
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $0.19 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.29 | &nbsp;&nbsp; $3.48 |
| Year ended April 30, 2025 | 26.73 | 0.43 <br><sup>(d)</sup><br>| 2.54 | 2.97 |
| Year ended April 30, 2024 | 22.69 | 0.40 <br><sup>(d)</sup><br>| 4.00 | 4.40 |
| Year ended April 30, 2023 | 22.92 | 0.37 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.21)<br>| 0.16 |
| Period ended April 30, 2022<sup>(f)</sup> <br>| 25.00 | 0.16 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Steward Select Bond Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $22.55 | &nbsp;&nbsp; $0.36 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.79 |
| Year ended April 30, 2025 | 21.76 | 0.62 <br><sup>(d)</sup><br>| 0.77 | 1.39 |
| Year ended April 30, 2024 | 22.20 | 0.47 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year ended April 30, 2023 | 22.59 | 0.34 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.06)<br>|
| Year ended April 30, 2022 | 25.05 | 0.28 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year ended April 30, 2021 | 25.38 | 0.34 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.33)<br>| 0.01 |
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $0.38 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.81 |
| Year ended April 30, 2025 | 21.64 | 0.68 <br><sup>(d)</sup><br>| 0.76 | 1.44 |
| Year ended April 30, 2024 | 22.08 | 0.53 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.48)<br>| 0.05 |
| Year ended April 30, 2023 | 22.45 | 0.38 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — |
| Year ended April 30, 2022 | 24.90 | 0.32 | &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year ended April 30, 2021 | 25.28 | 0.39 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.32)<br>| 0.07 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

(f) For the period November 15, 2021 (commencement of operations) through April 30, 2022.

(g) For the period April 24, 2024 (commencement of operations) through April 30, 2024.

(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.

**See notes to financial statements.**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |  |  | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| **Net** <br> **Investment** <br> **Income**<br>| &nbsp;&nbsp; **Capital** <br> **Gains**<br>| &nbsp;&nbsp; **Total** <br> **Distributions**<br>| &nbsp;&nbsp; **Net Asset** <br> **Value, End** <br> **of Period**<br>| &nbsp;&nbsp; **Total** <br> **Return**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Net Assets,** <br> **End of Period** <br> **(000's)**<br>| &nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average Net** <br> **Assets** <br> **Prior to** <br> **Waivers** <sup>(b)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average Net** <br> **Assets** <br> **Net of** <br> **Waivers**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Ratio of Net** <br> **Investment** <br> **Income/(Loss)** <br> **to Average** <br> **Net Assets**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Portfolio** <br> **Turnover** <br> **Rate**<sup>(a)(c)</sup> <br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33.27 | &nbsp;&nbsp;&nbsp;&nbsp; 16.90<br> %<br>| &nbsp;&nbsp; $4013 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp; 56<br> %<br>|
| (0.12)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.46 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; 82 |
| (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; 98 |
| (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; 79 |
| (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp; (13.81)<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; 35 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32.88 | &nbsp;&nbsp;&nbsp;&nbsp; 17.05<br> %<br>| &nbsp;&nbsp; $16023 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp; 56<br> %<br>|
| (0.20)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.09 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp; 8161 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; 82 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; 98 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33.38 | &nbsp;&nbsp;&nbsp;&nbsp; 17.04<br> %<br>| &nbsp;&nbsp; $166084 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp; 56<br> %<br>|
| (0.18)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp; 141489 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; 82 |
| (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;&nbsp;21.92 | &nbsp;&nbsp; 104909 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; 98 |
| (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; 78358 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 79 |
| (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp; (13.67)<br>| &nbsp;&nbsp; 69487 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; 35 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.31 | &nbsp;&nbsp;&nbsp;&nbsp; 21.02<br> %<br>| &nbsp;&nbsp; $2975 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp; 55<br> %<br>|
| (0.03)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.35 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp; 1682 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; 92 |
| (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.77 | &nbsp;&nbsp;&nbsp;&nbsp;29.83 | &nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; 63 |
| (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp; 56 |
| (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp; (17.38)<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; 37 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.46 | &nbsp;&nbsp;&nbsp;&nbsp; 21.17<br> %<br>| &nbsp;&nbsp; $212588 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp; 55<br> %<br>|
| (0.07)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.44 | &nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp; 179044 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; 92 |
| (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.81 | &nbsp;&nbsp;&nbsp;&nbsp;30.15 | &nbsp;&nbsp; 126674 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; 63 |
| (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; 74556 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp; 56 |
| (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp; (17.24)<br>| &nbsp;&nbsp; 42789 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; 37 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30.66 | &nbsp;&nbsp;&nbsp;&nbsp; 12.60<br> %<br>| &nbsp;&nbsp; $1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp; 50<br> %<br>|
| (0.38)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; 133 |
| (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.68 | &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp; 103 |
| (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp; 110 |
| (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.89 | &nbsp;&nbsp; (8.27)<br>| &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; 62 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30.79 | &nbsp;&nbsp;&nbsp;&nbsp; 12.74<br> %<br>| &nbsp;&nbsp; $106482 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp; 50<br> %<br>|
| (0.43)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.31 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp; 81354 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; 133 |
| (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp; 68846 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; 103 |
| (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; 62625 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; 110 |
| (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.92 | &nbsp;&nbsp; (8.13)<br>| &nbsp;&nbsp; 60314 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; 62 |
| $(0.37)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $22.97 | &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp; $2340 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11<br> %<br>| &nbsp;&nbsp; 8<br> %<br>|
| (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; 32 |
| (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; 2392 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp; 19 |
| (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; 10 |
| (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.59 | &nbsp;&nbsp; (8.79)<br>| &nbsp;&nbsp; 3832 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp; 20 |
| (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; 5989 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; 24 |
| $(0.39)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $22.85 | &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp; $198209 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp; 8<br> %<br>|
| (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp; 189641 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp; 32 |
| (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; 190818 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; 19 |
| (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; 152266 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; 10 |
| (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.45 | &nbsp;&nbsp; (8.62)<br>| &nbsp;&nbsp; 146882 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp; 20 |
| (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; 181279 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp; 24 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**FINANCIAL HIGHLIGHTS**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** |
|  | **Net Asset** <br> **Value,** <br> **Beginning** <br> **of Period**<br>| **Net** <br> **Investment** <br> **Income/** <br> **(Loss)**<br>| **Net** <br> **Realized** <br> **and** <br> **Unrealized** <br> **Gain/** <br> **(Loss) from** <br> **Investments**<br>| **Total from** <br> **Investment** <br> **Operations**<br>|
| **Steward Values Enhanced Large Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $32.67 | &nbsp;&nbsp; $0.08 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $7.62 |
| Year ended April 30, 2025 | 31.87 | 0.16 <br><sup>(d)</sup><br>| 3.46 | 3.62 |
| Year ended April 30, 2024 | 27.19 | 0.20 <br><sup>(d)</sup><br>| 5.49 | 5.69 |
| Year ended April 30, 2023 | 40.35 | 0.28 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.77 )<sup>(e)</sup><br>| &nbsp;&nbsp; (0.49)<br>|
| Year ended April 30, 2022 | 53.12 | 0.20 <br><sup>(d)</sup><br>| 2.06 | 2.26 |
| Year ended April 30, 2021 | 39.31 | 0.35 <br><sup>(d)</sup><br>| 17.55 | 17.90 |
| **Class R6** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $25.55 | &nbsp;&nbsp; $0.11 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $5.91 | &nbsp;&nbsp; $6.02 |
| Year ended April 30, 2025 | 25.47 | 0.21 <br><sup>(d)</sup><br>| 2.81 | 3.02 |
| Year ended April 30, 2024 | 21.98 | 0.24 <br><sup>(d)</sup><br>| 4.43 | 4.67 |
| Year ended April 30, 2023 | 35.13 | 0.32 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.76 )<sup>(e)</sup><br>| &nbsp;&nbsp; (0.44)<br>|
| Year ended April 30, 2022 | 47.97 | 0.36 <br><sup>(d)</sup><br>| 2.02 | 2.38 |
| Year ended April 30, 2021 | 35.83 | 0.51 <br><sup>(d)</sup><br>| 15.92 | 16.43 |
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $32.50 | &nbsp;&nbsp; $0.12 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $7.63 |
| Year ended April 30, 2025 | 31.72 | 0.24 <br><sup>(d)</sup><br>| 3.44 | 3.68 |
| Year ended April 30, 2024 | 27.11 | 0.27 <br><sup>(d)</sup><br>| 5.47 | 5.74 |
| Year ended April 30, 2023 | 40.18 | 0.35 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.73 )<sup>(e)</sup><br>| &nbsp;&nbsp; (0.38)<br>|
| Year ended April 30, 2022 | 52.95 | 0.33 <br><sup>(d)</sup><br>| 2.07 | 2.40 |
| Year ended April 30, 2021 | 39.23 | 0.45 <br><sup>(d)</sup><br>| 17.54 | 17.99 |
| **Steward Values Enhanced Small-Mid Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $0.05 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $1.71 | &nbsp;&nbsp; $1.76 |
| Year ended April 30, 2025 | 12.07 | 0.08 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.17)<br>|
| Year ended April 30, 2024 | 10.97 | 0.09 <br><sup>(d)</sup><br>| 1.52 | 1.61 |
| Year ended April 30, 2023 | 14.33 | 0.12 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year ended April 30, 2022 | 17.52 | 0.07 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year ended April 30, 2021 | 10.54 | 0.04 <br><sup>(d)</sup><br>| 7.49 | 7.53 |
| **Class R6** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $0.06 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $1.54 | &nbsp;&nbsp; $1.60 |
| Year ended April 30, 2025 | 10.84 | 0.10 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.12)<br>|
| Year ended April 30, 2024 | 9.91 | 0.11 <br><sup>(d)</sup><br>| 1.38 | 1.49 |
| Year ended April 30, 2023 | 13.26 | 0.15 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.22)<br>|
| Year ended April 30, 2022 | 16.37 | 0.13 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year ended April 30, 2021 | 9.87 | 0.08 <br><sup>(d)</sup><br>| 7.01 | 7.09 |
| **Institutional Class** |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $0.06 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $1.78 | &nbsp;&nbsp; $1.84 |
| Year ended April 30, 2025 | 12.44 | 0.11 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.16)<br>|
| Year ended April 30, 2024 | 11.30 | 0.12 <br><sup>(d)</sup><br>| 1.56 | 1.68 |
| Year ended April 30, 2023 | 14.67 | 0.15 <br><sup>(d)</sup><br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year ended April 30, 2022 | 17.87 | 0.12 | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year ended April 30, 2021 | 10.74 | 0.07 <br><sup>(d)</sup><br>| 7.65 | 7.72 |

---

Amounts denoted as ''—'' are less than $0.50.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(d) Calculated based on average shares outstanding.

(e) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

**See notes to financial statements.**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |  |  | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| &nbsp;&nbsp; **Net** <br> **Investment** <br> **Income**<br>| &nbsp;&nbsp;&nbsp; **Capital** <br> **Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br> **Value, End** <br> **of Period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br> **Return**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br> **End of Period** <br> **(000's)**<br>| &nbsp;&nbsp;&nbsp; **Ratio of** <br> **Expenses to** <br> **Average** <br> **Net Assets** <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Ratio of Net** <br> **Investment** <br> **Income/(Loss)** <br> **to Average** <br> **Net Assets**<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br> **Turnover** <br> **Rate**<sup>(a)(c)</sup> <br>|
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40.29 | &nbsp;&nbsp;&nbsp;&nbsp; 23.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19651 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp; 13911 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.87 | &nbsp;&nbsp;&nbsp;&nbsp;21.16 | &nbsp;&nbsp;&nbsp;&nbsp; 10644 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp; 9708 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 11640 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;53.12 | &nbsp;&nbsp;&nbsp;&nbsp;47.01 | &nbsp;&nbsp;&nbsp;&nbsp; 28751 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31.57 | &nbsp;&nbsp;&nbsp;&nbsp; 23.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13213 | &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp; 5136 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;21.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;47.97 | &nbsp;&nbsp;&nbsp;&nbsp;47.55 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40.13 | &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $277722 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>|
| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.50 | &nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp; 229365 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.72 | &nbsp;&nbsp;&nbsp;&nbsp;21.44 | &nbsp;&nbsp;&nbsp;&nbsp; 219979 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 199959 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 206747 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;52.95 | &nbsp;&nbsp;&nbsp;&nbsp;47.40 | &nbsp;&nbsp;&nbsp;&nbsp; 368701 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp;&nbsp; 15.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36247 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35985 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.07 | &nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp; 41708 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41713 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp; (6.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47599 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;72.56 | &nbsp;&nbsp;&nbsp;&nbsp; 64997 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp;&nbsp; 16.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2497 | &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;73.12 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp;&nbsp; 16.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $131723 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|
| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 131350 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp; 136432 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125240 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.67 | &nbsp;&nbsp;&nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138771 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;73.00 | &nbsp;&nbsp;&nbsp;&nbsp; 208505 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**NOTES TO FINANCIAL STATEMENTS — October 31, 2025 (Unaudited)**

------

**Note 1**

**— Organization:**

Steward Funds, Inc. (''SFI''), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the ''1940 Act''), as a diversified open-end management investment company. As of October 31, 2025, SFI is composed of ten separate operational funds, each a series of SFI (each a ''Fund'' and collectively the ''Funds''). The accompanying financial statements are presented for the following ten Funds:

Steward Covered Call Income Fund

Steward Equity Market Neutral Fund

Steward Global Equity Income Fund

Steward Large Cap Core Fund

Steward Large Cap Growth Fund

Steward Large Cap Value Fund

Steward Select Bond Fund

Steward Values Enhanced International Fund (formerly, Steward International Enhanced Index Fund)

Steward Values Enhanced Large Cap Fund

Steward Values Enhanced Small-Mid Cap Fund

Each Fund may offer 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.

The following share classes are available for purchase as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R6** | **Institutional** <br> **Class**<br>|
| Steward Covered Call Income Fund | X | X | X | X |
| Steward Equity Market Neutral Fund | X | – | – | X |
| Steward Global Equity Income Fund | X | X | X | X |
| Steward Large Cap Core Fund | X | – | X | X |
| Steward Large Cap Growth Fund | X | – | – | X |
| Steward Large Cap Value Fund | X | – | – | X |
| Steward Select Bond Fund | X | – | – | X |
| Steward Values Enhanced International Fund | X | – | X | X |
| Steward Values Enhanced Large Cap Fund | X | – | X | X |
| Steward Values Enhanced Small-Mid Cap Fund | X | – | X | X |

---

**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 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.

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 Values Enhanced International 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 based on portfolio management's broad market view. The Fund's investments are allocated in an attempt to generally match the weightings of and align with the risk profile of the Fund's blended benchmark index, as modified by portfolio management's allocation between securities of developed market companies and emerging market companies, 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 blended benchmark index (as modified by portfolio management as described above) among certain remaining securities of companies that portfolio management believes exhibit positive values.

Steward Values Enhanced Large Cap 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 generally match the weightings of and align with the risk profile 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.

Steward Values Enhanced Small-Mid Cap 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 generally match the weightings of and align with the risk profile 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.

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:**

Each Fund, as an investment company, 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 is in conformity with accounting principles generally accepted in the United States of America (''GAAP''). The following summarizes the significant accounting policies of the Funds.

**Portfolio Valuation:** Fund investments are recorded at fair value. The Funds' Board of Directors (the "Board") has designated the Funds' investment adviser, Crossmark Global Investments, Inc. ("Crossmark Global Investments" or the "Adviser"), to serve as the valuation designee to perform fair value determinations for applicable Fund investments and has approved the Adviser's valuation procedures for the Funds. Fund investments are valued using various valuation methodologies, including the following:

Equity securities listed on a domestic exchange are valued at the official closing price or last trade price, or the last bid price if there was no trade that day. Equity securities traded on The NASDAQ Stock Market LLC ("NASDAQ") use the official closing price, if available, and otherwise, use the last trade price, or the last bid price if there was no trade 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 trade price. Equity securities listed on a foreign exchange are valued at the official closing price or last trade price, or, if there was no trade that day, the last bid price or the mean of the last bid and asked prices, depending on the exchange. American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) listed on an exchange are priced at the official closing price or the last trade price. Open-end money market mutual funds are valued at net asset value per share. Exchange-traded equity options are valued at the (i) settlement price (official closing price) or last trade price, or, (ii) if there was no trade that day or the last trade price falls outside of the bid-ask spread at the end of the day, at the mean of the last bid and asked prices. Prices are generally provided by approved third-party pricing services.

Domestic fixed income securities, including short-term instruments, are priced at an evaluated bid price provided by an approved third-party pricing service. Foreign fixed income securities are priced at the mean of evaluated bid and asked prices provided by an approved third-party pricing service. Third-party 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.

------

If a Fund investment cannot be valued in accordance with the above valuation methodologies or other routine valuation methodologies established by the Adviser, the Adviser's Valuation Committee will value the investment in accordance with the Adviser's valuation procedures.

GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

**Level 1** — Quoted prices in active markets for identical securities and net asset values for money market funds.

**Level 2** — Other significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risks).

**Level 3** — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

Pursuant to the Adviser's valuation procedures, 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. 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
| **Fund** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
| **Steward Covered Call Income Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $110768929 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110768929 |
| Money Market Fund | &nbsp;&nbsp; 1222530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1222530 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$111991459** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$111991459** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Other Financial Instruments |  |  |  |
| Written Call Options | &nbsp;&nbsp; $(5902787)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5902787)<br>|
| **Total Liabilities - Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$(5902787)**<br>| &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$(5902787)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Equity Market Neutral Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $91319763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91319763 |
| Money Market Fund | &nbsp;&nbsp; 5304839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5304839 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$96624602** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$96624602** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks Sold Short\* | &nbsp;&nbsp; $(96914299)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(96914299)<br>|
| **Total Liabilities - Securities Sold Short** | &nbsp;&nbsp; **$(96914299)**<br>| &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$(96914299)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Global Equity Income Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $443766782 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $443766782 |
| Preferred Stocks\* | &nbsp;&nbsp; 4571961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4571961 |
| Money Market Fund | &nbsp;&nbsp; 831738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 831738 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$449170481** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$449170481** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
| **Fund** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
| **Steward Large Cap Core Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $185780255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185780255 |
| Money Market Fund | &nbsp;&nbsp; 121361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121361 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$185901616** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$185901616** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Large Cap Growth Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $215229750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $215229750 |
| Money Market Fund | &nbsp;&nbsp; 118527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118527 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$215348277** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$215348277** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Large Cap Value Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $105625975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $105625975 |
| Money Market Fund | &nbsp;&nbsp; 115745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115745 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$105741720** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$105741720** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Steward Select Bond Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117515398 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117515398 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5070396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5070396 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 13449450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13449450 |
| U.S. Government Agency Mortgage-Backed <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2648038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2648038 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 57465954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57465954 |
| Money Market Fund | &nbsp;&nbsp; 2433652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2433652 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$2433652** | &nbsp;&nbsp; **$196149236** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$198582888** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Values Enhanced International Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $265661649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265661649 |
| Preferred Stocks\* | &nbsp;&nbsp; 3271641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3271641 |
| Money Market Fund | &nbsp;&nbsp; 690206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 690206 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$269623496** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$269623496** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Steward Values Enhanced Large Cap Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $310090718 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $310090718 |
| Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Money Market Fund | &nbsp;&nbsp; 468910 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 468910 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$310559628** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$310559628** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
| **Fund** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
| **Steward Values Enhanced** <br> **Small-Mid Cap Fund**<br>|  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $170224854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $170224854 |
| Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; 4638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4638 |
| Money Market Fund | &nbsp;&nbsp; 245814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245814 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$170475306** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$170475306** |

---

\* Please refer to the Schedule of Portfolio Investments to view common stocks, corporate bonds, preferred stocks, and rights segregated by industry type.

\*\* Level 3 security has zero value.

As of October 31, 2025, there were no significant Level 3 holdings for the Funds.

**Accounting Estimates:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, including estimates and assumptions related to taxation, 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**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:** Dividends from net investment income, if any, from Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value Fund, Steward Values Enhanced International Fund, Steward Values Enhanced Large Cap Fund and Steward Values Enhanced Small-Mid Cap Fund are declared and paid annually, generally in December. Dividends from net investment income, if any, from Steward Global Equity Income Fund and Steward Select Bond Fund are declared and paid quarterly. Steward Covered Call Income Fund declares and pays a monthly dividend distribution which may consist of net investment income and/or short-term capital gains. For all Funds, net realized long-term and short-term capital gains, if any, are declared and distributed at least annually, generally in December, except that, as noted, Steward Covered Call Income Fund may pay short-term capital gains as part of its monthly dividend distribution.

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 October 31, 2025 was $83,890,893. The monthly average notional amount for written options contracts for the period May 1, 2025 through October 31, 2025 was $88,862,500. The net rebates are recognized as a component of investment income on the Statements of Operations.

------

Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations, categorized by risk exposure, as of October 31, 2025, are:

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| | | | |
|:---|:---|:---|:---|
|  |  | **Liability Derivatives** |  |
| **Fund** | **Primary Risk Exposure** | **Statements of Asset and** <br> **Liabilities Location**<br>| **Total Fair** <br> **Value**<br>|
| Steward Covered Call Income Fund | Equity Risk Options Contracts | Written options at fair value | &nbsp;&nbsp; $(5902787) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Realized Gain/(Loss) on** <br> **Derivatives Recognized** <br> **as a Result from** <br> **Operations**<br>| **Change in Unrealized** <br> **Appreciation/(Depreciation) on** <br> **Derivatives Recognized as** <br> **a Result from Operations**<br>|
| **Fund** | **Primary Risk** <br> **Exposure**<br>| **Net realized gains on** <br> **options transactions**<br>| **Change in unrealized** <br> **depreciation on options** <br> **transactions**<br>|
| Steward Covered Call Income Fund | Equity Risk | &nbsp;&nbsp; $1635143 | &nbsp;&nbsp; $(817500) |

---

**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 period ended October 31, 2025, 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.

**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.

The Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. The Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.

**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.

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**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 Values Enhanced International Fund** |
| — 0.625% of the first $1 billion | — 0.365% of the first $1 billion |
| — 0.5625% of assets over $1 billion | — 0.3285% of assets over $1 billion |
| **Steward Large Cap Core Fund** | **Steward Values Enhanced Large Cap 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** | **Steward Values Enhanced Small-Mid Cap 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 |  |

---

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, dividends on short positions, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies, and extraordinary expenses are excluded from the expense limitation agreement. The expense limitation agreement may be terminated by the Board at any time and will terminate automatically upon the termination of the Advisory Agreement. As of October 31, 2025, the contractual expense limitations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **In effect through August 31, 2026** | **In effect through August 31, 2026** | **In effect through August 31, 2026** | **In effect through August 31, 2026** |
| **Fund**  | **Class A**  | **Class C**  | **Class R6** | **Institutional** <br> **Class** <br>|
| Steward Covered Call Income Fund | 1.25<br> % <br>| 2.00<br> % <br>| 1.00<br> % <br>| 1.00<br> % <br>|
| Steward Equity Market Neutral Fund | 2.25<br> % <br>| &nbsp;&nbsp; N/A<br>| &nbsp;&nbsp; N/A<br>| 2.00<br> % <br>|
| Steward Large Cap Core Fund | 1.00<br> % <br>| &nbsp;&nbsp; N/A<br>| 0.75<br> % <br>| 0.75<br> % <br>|
| Steward Large Cap Growth Fund | 1.00<br> % <br>| &nbsp;&nbsp; N/A<br>| &nbsp;&nbsp; N/A<br>| 0.75<br> % <br>|
| Steward Large Cap Value Fund | 1.00<br> % <br>| &nbsp;&nbsp; N/A<br>| &nbsp;&nbsp; N/A<br>| 0.75<br> % <br>|

---

------

Steward Covered Call Income Fund, Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund and Steward Large Cap Value Fund have agreed to repay fees and expenses that were contractually waived or reimbursed by the Adviser for a period up to three years following the date on 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.'' There were no contingent liabilities related to these recoupments as of October 31, 2025.

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 period ended October 31, 2025, the Adviser did not voluntarily waive or reimburse expenses of a Fund.

As of October 31, 2025, the amounts subject to repayment by the Funds in subsequent years under the expense limitation agreement were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **2026** | **2027** | **2028** | **2029** |
| Steward Covered Call Income Fund | $2729 | $2900 | $7103 | $3012 | &nbsp;&nbsp;&nbsp;&nbsp; $3132 | $3174 | $2761 | $1074 |
| Steward Large Cap Core Fund | 1044 | 1387 | 4010 | 1951 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | N/A | N/A |
| Steward Large Cap Growth Fund | 791 | 827 | 1925 | 881 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | N/A | N/A |
| Steward Large Cap Value Fund | 1428 | 1753 | 2182 | 1128 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | N/A | N/A |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **2026** | **2027** | **2028** | **2029** |
| Steward Covered Call Income Fund | N/A | N/A | N/A | $8 | &nbsp;&nbsp;&nbsp;&nbsp; $195807 | $170218 | $164841 | $63045 |
| Steward Large Cap Core Fund | N/A | — <br><sup>(a)</sup><br>| 2986 | 1336 | &nbsp;&nbsp;&nbsp;&nbsp; 171201 | 179928 | 230853 | 95334 |
| Steward Large Cap Growth Fund | N/A | N/A | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; 170571 | 186429 | 231874 | 92723 |
| Steward Large Cap Value Fund | N/A | N/A | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; 167245 | 169802 | 185003 | 78922 |

---

<sup>(a)</sup> Amount rounds to less than $1.00.

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 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.

Effective June 25, 2025, CWF Fund Officer Services (''CWF'') provides principal financial officer services to the Funds by making available a senior financial professional who serves as Treasurer of the Funds. CWF receives a fee from the Funds for the services provided, which is paid monthly in arrears. CWF is also reimbursed by the Funds for certain out-of-pocket expenses.

Prior to June 25, 2025, Foreside Fund Officer Services, LLC (''Foreside''), a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), provided principal financial officer services to the Funds by making available a senior financial professional who served as Treasurer of the Funds. Foreside received a fee from the Funds for the services provided, which was paid monthly in arrears. Foreside was also reimbursed by the Funds for certain out-of-pocket expenses.

Total fees allocated to the Funds and paid to CWF or Foreside, as applicable, are reflected as ''Principal financial officer fees'' on the Statement of Operations.

**Note 5**

**— Purchases and Sales of Securities**:

Purchases and sales of portfolio securities (excluding short-term securities and U.S. government securities) for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Steward Covered Call Income Fund | &nbsp;&nbsp; $53382265 | &nbsp;&nbsp; $47938395 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 196532872 | &nbsp;&nbsp; 198702957 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 64395269 | &nbsp;&nbsp; 64511917 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 105813537 | &nbsp;&nbsp; 97832153 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 112294768 | &nbsp;&nbsp; 115952936 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 60338705 | &nbsp;&nbsp; 47138784 |
| Steward Select Bond Fund | &nbsp;&nbsp; 2495805 | &nbsp;&nbsp; 5697873 |
| Steward Values Enhanced International Fund | &nbsp;&nbsp; 78855572 | &nbsp;&nbsp; 57241294 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 37003770 | &nbsp;&nbsp; 32884617 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 22864851 | &nbsp;&nbsp; 46888405 |

---

Purchases and sales of U.S. government securities for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Steward Select Bond Fund | &nbsp;&nbsp; $19938878 | &nbsp;&nbsp; $10168859 |

---

**Note 6**

**— Federal Income Tax Information:**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to a Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at a Fund's fiscal year-end.

------

As of October 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options and short positions, on a tax basis which include the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of** <br> **Securities**<br>| **Unrealized** <br> **Appreciation**<br>| **Unrealized** <br> **Depreciation**<br>| **Net** <br> **Unrealized** <br> **Appreciation/** <br> **(Depreciation)**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $106040773 | &nbsp;&nbsp; $6417376 | &nbsp;&nbsp; $(6369477)<br>| &nbsp;&nbsp; $47899 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; (459882)<br>| &nbsp;&nbsp; 16354869 | &nbsp;&nbsp; (16184684)<br>| &nbsp;&nbsp; 170185 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 346898326 | &nbsp;&nbsp; 111828861 | &nbsp;&nbsp; (9556706)<br>| &nbsp;&nbsp; 102272155 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 153590917 | &nbsp;&nbsp; 37127282 | &nbsp;&nbsp; (4816583)<br>| &nbsp;&nbsp; 32310699 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 175516025 | &nbsp;&nbsp; 46073419 | &nbsp;&nbsp; (6241167)<br>| &nbsp;&nbsp; 39832252 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 94675528 | &nbsp;&nbsp; 15059305 | &nbsp;&nbsp; (3993113)<br>| &nbsp;&nbsp; 11066192 |
| Steward Select Bond Fund | &nbsp;&nbsp; 203541570 | &nbsp;&nbsp; 2624338 | &nbsp;&nbsp; (7583020)<br>| &nbsp;&nbsp; (4958682)<br>|
| Steward Values Enhanced International Fund | &nbsp;&nbsp; 234059657 | &nbsp;&nbsp; 42619769 | &nbsp;&nbsp; (7055930)<br>| &nbsp;&nbsp; 35563839 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 204162674 | &nbsp;&nbsp; 117491504 | &nbsp;&nbsp; (11094550)<br>| &nbsp;&nbsp; 106396954 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 154559968 | &nbsp;&nbsp; 39269731 | &nbsp;&nbsp; (23354393)<br>| &nbsp;&nbsp; 15915338 |

---

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.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards (''CLCFs'') and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership.

CLCFs are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of CLCFs actually available for the Funds to utilize. The ability to utilize CLCFs in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

As of the end of the fiscal year ended April 30, 2025, the Funds had CLCFs as summarized in the table below. To the extent that these CLCFs are used to offset future capital gains, it is anticipated that the capital gains so offset will not be distributed to each applicable Fund's shareholders. CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** <br> **Amount**<br>| **Long-Term** <br> **Amount**<br>| **Total** |
| Steward Covered Call Income Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 3722939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3722939 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Large Cap Core Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Large Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Select Bond Fund | &nbsp;&nbsp; 56771 | &nbsp;&nbsp; 6187902 | &nbsp;&nbsp; 6244673 |
| Steward Values Enhanced International Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Note 7**

**— Control Ownership**:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, 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 SFI and each of the Funds. In addition, as of October 31, 2025, the following were record owners of the approximate amounts of each Fund listed below. Record ownership is not necessarily the same as beneficial ownership. The percentages below include shares over which Assemblies of God Financial Services Group DBA AGFinancial has voting control.

------

---

| | | |
|:---|:---|:---|
|  |  | **Percent** <br> **Owned**<br>|
| Steward Covered Call Income Fund | MSCS Financial Services, LLC  | 36% |
| Steward Equity Market Neutral Fund | MSCS Financial Services, LLC  | 33% |
| Steward Global Equity Income Fund | National Financial Services LLC | 32% |
| Steward Large Cap Core Fund | MSCS Financial Services, LLC  | 43% |
| Steward Large Cap Growth Fund | MSCS Financial Services, LLC  | 42% |
| Steward Large Cap Growth Fund | Charles Schwab & Co., Inc. | 25% |
| Steward Large Cap Value Fund | MSCS Financial Services, LLC  | 41% |
| Steward Large Cap Value Fund | National Financial Services LLC | 27% |
| Steward Select Bond Fund | MSCS Financial Services, LLC  | 55% |
| Steward Select Bond Fund | National Financial Services LLC | 31% |
| Steward Values Enhanced International Fund | MSCS Financial Services, LLC  | 40% |
| Steward Values Enhanced International Fund | National Financial Services LLC | 31% |
| Steward Values Enhanced Large Cap Fund | MSCS Financial Services, LLC  | 45% |
| Steward Values Enhanced Large Cap Fund | National Financial Services LLC | 32% |
| Steward Values Enhanced Small-Mid Cap Fund | MSCS Financial Services, LLC  | 27% |
| Steward Values Enhanced Small-Mid Cap Fund | National Financial Services LLC | 30% |

---

**Note 8**

**— Commitments and Contingencies**

Under the Funds' organizational documents, the Funds' current and former officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with service providers and other third parties that may provide for certain indemnifications. The Funds' maximum exposure under these indemnification provisions is unknown and may include future claims that may be made against the Funds. The Funds expect the risk of loss to be remote.

**Note 9**

 **— Segment Reporting:**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (''ASU 2023-07''). Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's porfolio manager(s).

The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Financial Statements. The Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period. The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

**Note 10— New Accounting Pronouncement:**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. Fund Management does not believe there will be any material impact on the Funds' financial statements.

------

**Other Information (Unaudited)**

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)**

------

The Board of Directors (the "Board") of Steward Funds, Inc. ("SFI"), including the Independent Directors, approved the renewal of the Investment Advisory Agreement (the "Agreement") with Crossmark Global Investments, Inc. (the "Adviser" and together with its affiliates, "Crossmark"), on behalf of the following series of SFI (each a "Fund" and collectively, the "Funds"):

Steward Covered Call Income Fund

Steward Equity Market Neutral Fund

Steward Global Equity Income Fund

Steward International Enhanced Index Fund (now known as Steward Values Enhanced International Fund)

Steward Large Cap Core Fund

Steward Large Cap Growth Fund

Steward Large Cap Value Fund

Steward Select Bond Fund

Steward Values Enhanced Large Cap Fund

Steward Values Enhanced Small-Mid Cap Fund

The Board approved the renewal of the Agreement for each Fund at a meeting held on May 21, 2025 (the "Meeting"). The Board determined for each Fund that the renewal of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services 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 advance of and during the Meeting, the Board, including the Independent Directors, reviewed materials provided by the Adviser that, among other things, outlined: the investment advisory, administration, compliance and other services provided by the Adviser to each Fund (including the relevant personnel responsible for these services and their experience); performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds (the "Performance Group") and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source; the advisory fee rate schedule payable by each Fund as compared to fees payable by a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge, and as compared to fees charged to other clients managed by the Adviser; the expense ratios compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses 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.

In considering the renewal of the Agreement for each Fund, the Independent Directors met with counsel to the Independent Directors independent of management and of the interested Director to review and discuss the materials received from the Adviser. The Board asked questions and applied its business judgment to determine whether the arrangement between SFI and the Adviser continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided and all considered with respect to the Agreement, the Board had received sufficient information to renew the Agreement for each Fund. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Adviser manages the Fund and knowing the Fund's advisory fee rate and other expenses.

*Nature, Extent and Quality of Services.* The Board considered the nature, extent and quality of the services provided by the Adviser to each Fund under the Agreement. The Board considered that the Adviser is 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 provides administration and compliance services, including maintaining the Funds' compliance program, under a separate Administration Agreement. The Board considered the background and experience of the Adviser's employees responsible for providing the investment advisory, values-based screening, administration, legal, compliance and other services to the Funds.

At the Meeting, the Board discussed each Fund's performance. The Board noted that, at each quarterly Board meeting, it receives performance reporting for each Fund from the Adviser and also meets with senior personnel from the Adviser's investment management team to discuss each Fund's performance. The Board considered each Fund's investment performance over the one-,

------

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)**

------

three-, five- and ten-year periods ended February 28, 2025, as applicable, and considered each Fund's performance compared to the performance of relevant benchmark index(es) and its Performance Group and Performance Universe. The Board took into account that the Adviser, in implementing the Funds' investment strategies, applies the Funds' values-based screens and considered that it receives information from the Adviser throughout the year regarding the impact of the values-based screens on the Funds' performance. In addition, the Board considered the Adviser's discussion of instances of relative outperformance and underperformance.

In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to each Fund by the Adviser under the Agreement have been and are expected to remain satisfactory and that the Adviser has managed each Fund consistent with its investment objective, policies and restrictions.

*Fees and Expenses.* The Board considered the advisory fee rate schedule 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. The Board noted that, with respect to comparing each Fund's advisory fee rate under the Agreement to the advisory fee rates of the peer funds in its Expense Group, Broadridge included the fee rate for administration and compliance services provided under the Administration Agreement in the advisory fee rate for each Fund. Based on the information provided, the Board noted that each Fund's advisory fee rate was within a reasonable range of its Expense Group median. With respect to the Expense Groups, the Board, at the Meeting, discussed with the Adviser limitations in creating peer groups for the Funds and considered alternative peer groups for the Funds provided by the Adviser for purposes of fee and expense comparisons. The Board also considered information provided by the Adviser regarding fee rates charged to other Adviser clients, managed through different structures and forms but with similar investment objectives and policies as the Funds, noting the Adviser's discussion of the differences in services and asset flows, 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 of Steward Covered Call Income Fund, Steward Equity Market Neutral Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund and Steward Large Cap Value Fund, the Board considered that the Adviser had contractually agreed to waive fees and/or reimburse expenses through at least August 31, 2026 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. Based on the information provided and all considered, the Board concluded that the advisory fee rate schedule for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Adviser to each Fund under the Agreement.

*Profitability*. The Board received the financial statements of Crossmark and information regarding the estimated profitability to Crossmark under the Agreement for each Fund. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided and all considered, the Adviser's 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 the Adviser's statement that it anticipates its expenses will increase during the next twelve months as it seeks to hire additional personnel. The Board noted that each Fund's 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 provided and all considered, the Board concluded that the 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 current asset levels and 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, 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, serves as SFI's principal underwriter and distributor. The Board also noted that, under the Administration Agreement, the Adviser provides administration and compliance services to the Funds. The Board considered payments under the Funds' Rule 12b-1 plan to Crossmark Distributors for distribution services as well as payments to the Adviser for administration and compliance services under the Administration Agreement. In addition, the Board considered benefits to the Adviser related to any applicable shared services and 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 other benefits in reaching its conclusion that each Fund's advisory fee rate schedule under the Agreement is reasonable.

------

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)**

------

*Conclusion.* Based upon the information provided and all considered and the conclusions reached, the Board, including the Independent Directors, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that continuation of the Agreement for each Fund is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

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![](gw3ffwv4zdc4eo1k22es5.jpg)

Visit us online at:

**crossmarkglobal.com**

Steward Funds

Semi-Annual Report

Steward Covered Call Income Fund

Steward Equity Market Neutral Fund

Steward Global Equity Income Fund

Steward Large Cap Core Fund

Steward Large Cap Growth Fund

Steward Large Cap Value Fund

Steward Select Bond Fund

Steward Values Enhanced International Fund Steward Values Enhanced Large Cap Fund Steward Values Enhanced Small-Mid Cap Fund

**S T E W A R D F U N D S**

<u>Distributed by:</u>

Crossmark Distributors, Inc.

15375 Memorial Dr, Suite 200 Houston, TX 77079 888-845-6910 stewardfunds@crossmarkglobal.com

For more complete information about the Steward Funds, including charges and expenses, contact the Distributor to receive a prospectus. Please read it carefully before you invest or send money.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable for the reporting period.

(a)(2) Not applicable.

(a)(3) [Certification for the principal executive and principal financial officers of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) are attached hereto.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) are furnished herewith.](Exhibit_b.htm)

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

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| |
|:---|
| **Steward Funds, Inc.**  |
|  By: <u>/s/ Robert C. Doll&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Robert C. Doll  |
|  &nbsp;&nbsp;&nbsp;&nbsp;President  |
|  &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)  |
|  Date: December 30, 2025  |

---

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.

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| |
|:---|
|  By: <u>/s/ Robert C. Doll&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Robert C. Doll  |
|  &nbsp;&nbsp;&nbsp;&nbsp;President  |
|  &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)  |
|  Date: December 30, 2025  |
|  By: <u>/s/ Sheri Steward Morris&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sheri Steward Morris  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Treasurer  |
|  &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer)  |
|  Date: December 30, 2025  |

---

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## Exhibit 99.906

#### CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO RULE 30A-2(B) OF THE INVESTMENT COMPANY ACT OF 1940 AND

#### 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 Semi-Annual Report on Form N-CSR for the period ended October 31, 2025 (the "Report").

I, Robert C. Doll, the President (Principal Executive Officer) of Steward Funds, Inc. (the "Registrant"), certify that to 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: December 30, 2025

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| |
|:---|
| /s/ Robert C. Doll  |
| Robert C. Doll  |
| President  |
| (Principal Executive Officer)  |

---

------

#### CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO RULE 30A-2(B) OF THE INVESTMENT COMPANY ACT OF 1940 AND

#### 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 Semi-Annual Report on Form N-CSR for the period ended October 31, 2025 (the "Report").

I, Sheri Steward Morris, the Treasurer (Principal Financial Officer) of Steward Funds, Inc. (the "Registrant"), certify that to 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: December 30, 2025

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| |
|:---|
| /s/ Sheri Steward Morris  |
| Sheri Steward Morris  |
| Treasurer  |
| (Principal Financial Officer)  |

---

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## Ex-99.Cert

#### CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO RULE 30a-2 OF THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Robert C. Doll, 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Date: December 30, 2025  | /s/ Robert C. Doll  |
|  | Robert C. Doll  |
|  | President  |
|  | (Principal Executive Officer)  |

---

#### CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO RULE 30a-2 OF THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sheri Steward Morris, 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

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(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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: December 30, 2025  | /s/ Sheri Steward Morris  |
|  | Sheri Steward Morris  |
|  | Treasurer  |
|  | (Principal Financial Officer)  |

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