# EDGAR Filing Document

**Accession Number:** 0000092500
**File Stem:** 0001145549-25-045917
**Filing Date:** 2025-7
**Character Count:** 696117
**Document Hash:** ba695ca60c69fc34b7789638d2729225
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045917.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001145549-25-045917

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01597
- **FILM NUMBER:** 251108110

**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 International Enhanced Index 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           |
| 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:

#### April 30, 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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Covered Call Income Fund<br>(Class A/SCJAX) | $130 | 1.25% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Covered Call Income Fund (Class A) (the "Fund") returned 7.68%. For comparison purposes, the total return of the Fund's primary benchmark, the S&P 500 Index, was 12.10% over the same period. The Fund's secondary benchmark, the Cboe S&P 500 BuyWrite Index (BXM), returned 9.50% over the same period.

Positive and Negative Contributors to Performance

With regard to performance attribution for the Fund during the fiscal year ended April 30, 2025, there were several sectors and individual stocks worth highlighting. From a sector allocation standpoint for the stock portfolio, the sectors contributing the most to relative performance against the S&P 500 were financials, consumer discretionary, industrials and information technology. Detracting the most from relative performance were consumer staples, energy and healthcare. Several stocks that contributed the most to relative performance were Costco, Nvidia, Tesla and Apple. Stocks detracting the most from relative performance were Intel, Conoco Phillips, SalesForce and Danaher. When considering the values-based screens we apply, the total impact to the Fund of not owning the screened-out companies was a materially positive 13 basis points.

Looking Ahead

Looking ahead to the second half of the year, market volatility is expected to persist as the full impact of recent tariff policies continues to unfold across supply chains and corporate earnings. These trade-related uncertainties generally create a favorable environment for covered call strategies, particularly those focused on the S&P 100 index. The S&P 100's concentration of large, established companies with global operations provides a compelling investment universe for navigating tariff-induced volatility. A covered call approach targeting these blue-chip stocks can generate enhanced income through option premiums during volatile market periods while maintaining exposure to upside potential.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2930894.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Covered Call Income Fund (Class A/SCJAX) (with maximum 5.75% sales charge) | 1.43% | 10.21% | 7.16% |
| Steward Covered Call Income Fund (Class A/SCJAX) (without sales charge) | 7.68% | 11.53% | 8.03% |
| S&P 500 Index | 12.10% | 15.61% | 12.45% |
| Cboe S&P 500 BuyWrite Index | 9.50% | 10.32% | 5.38% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%. Prior to October 29, 2021, Class A was not subject to a sales charge.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$90136546 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$391438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;101% |

---

#### 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_2930899.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Covered Call Income Fund<br>(Class C/SCJCX) | $207 | 2.00% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Covered Call Income Fund (Class C) (the "Fund") returned 6.97%. For comparison purposes, the total return of the Fund's primary benchmark, the S&P 500 Index, was 12.10%, over the same period. The Fund's secondary benchmark, the Cboe S&P 500 BuyWrite Index (BXM), returned 9.50% over the same period.

Positive and Negative Contributors to Performance

With regard to performance attribution for the Fund during the fiscal year ended April 30, 2025, there were several sectors and individual stocks worth highlighting. From a sector allocation standpoint for the stock portfolio, the sectors contributing the most to relative performance against the S&P 500 were financials, consumer discretionary, industrials and information technology. Detracting the most from relative performance were consumer staples, energy and healthcare. Several stocks that contributed the most to relative performance were Costco, Nvidia, Tesla and Apple. Stocks detracting the most from relative performance were Intel, Conoco Phillips, SalesForce and Danaher. When considering the values-based screens we apply, the total impact to the Fund of not owning the screened-out companies was a materially positive 13 basis points.

Looking Ahead

Looking ahead to the second half of the year, market volatility is expected to persist as the full impact of recent tariff policies continues to unfold across supply chains and corporate earnings. These trade-related uncertainties generally create a favorable environment for covered call strategies, particularly those focused on the S&P 100 index. The S&P 100's concentration of large, established companies with global operations provides a compelling investment universe for navigating tariff-induced volatility. A covered call approach targeting these blue-chip stocks can generate enhanced income through option premiums during volatile market periods while maintaining exposure to upside potential.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class C over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class C for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class C to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2930966.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Covered Call Income Fund (Class C/SCJCX) (with maximum 1.00% CDSC sales charge) | 6.02% | 10.64% | 7.30% |
| Steward Covered Call Income Fund (Class C/SCJCX) (without sales charge) | 6.97% | 10.64% | 7.30% |
| S&P 500 Index | 12.10% | 15.61% | 12.45% |
| Cboe S&P 500 BuyWrite Index | 9.50% | 10.32% | 5.38% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class C reflects a deduction of the current maximum CDSC sales charge of 1.00%.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$90136546 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$391438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;101% |

---

#### 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_2930971.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Covered Call Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Covered Call Income Fund<br>(Institutional Class/SCJIX) | $104 | 1.00% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Covered Call Income Fund (Institutional Class) (the "Fund") returned 7.94%. For comparison purposes, the total return of the Fund's primary benchmark, the S&P 500 Index, was 12.10% over the same period. The Fund's secondary benchmark, the Cboe S&P 500 BuyWrite Index (BXM), returned 9.50% over the same period.

Positive and Negative Contributors to Performance

With regard to performance attribution for the Fund during the fiscal year ended April 30, 2025, there were several sectors and individual stocks worth highlighting. From a sector allocation standpoint for the stock portfolio, the sectors contributing the most to relative performance against the S&P 500 were financials, consumer discretionary, industrials and information technology. Detracting the most from relative performance were consumer staples, energy and healthcare. Several stocks that contributed the most to relative performance were Costco, Nvidia, Tesla and Apple. Stocks detracting the most from relative performance were Intel, Conoco Phillips, SalesForce and Danaher. When considering the values-based screens we apply, the total impact to the Fund of not owning the screened-out companies was a materially positive 13 basis points.

Looking Ahead

Looking ahead to the second half of the year, market volatility is expected to persist as the full impact of recent tariff policies continues to unfold across supply chains and corporate earnings. These trade-related uncertainties generally create a favorable environment for covered call strategies, particularly those focused on the S&P 100 index. The S&P 100's concentration of large, established companies with global operations provides a compelling investment universe for navigating tariff-induced volatility. A covered call approach targeting these blue-chip stocks can generate enhanced income through option premiums during volatile market periods while maintaining exposure to upside potential.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2930949.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Covered Call Income Fund (Institutional Class/SCJIX) | 7.94% | 11.82% | 8.28% |
| S&P 500 Index | 12.10% | 15.61% | 12.45% |
| Cboe S&P 500 BuyWrite Index | 9.50% | 10.32% | 5.38% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$90136546 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$391438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;101% |

---

#### 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_2930944.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Equity Market Neutral Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Equity Market Neutral Fund<br>(Class A/SMNAX) | $240 | 2.41% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Equity Market Neutral Fund (Class A) (the "Fund") returned -0.71%, underperforming the ICE BofA 3 Month U.S. Treasury Bill Index return of 4.91%.

Positive and Negative Contributors to Performance

This underperformance of the Fund was significantly influenced by a negative allocation effect of -8.84%, although partially offset by a positive selection effect of 6.67%. Specific detractors included the short positions overall, which contributed negatively by -4.83%, with the financial sector detracting by -2.72%. Conversely, long positions overall added 2.65%, with the financial sector adding 2.42% to the performance. Largest detractors within the short positions included GameStop Corp. and MicroStrategy while the short positions in 10x Genomics and Acadia Healthcare Core were the largest contributors to performance. Within the long positions, Tetra Tech and ManpowerGroup were the largest detractors while Twilio, Inc. and Gilead Sciences were the largest contributors.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest net over weights are financials, technology, real estate and consumer discretionary. Our largest net underweights are materials, industrials, consumer staples and health care. Our largest net factor bets are pro-earnings yield, management quality and earnings quality. Our largest net factor negative bets are volatility, growth and beta.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931758.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Equity Market Neutral Fund (Class A/SMNAX) (with maximum 5.75% sales charge) | (6.42)% | 4.11% |
| Steward Equity Market Neutral Fund (Class A/SMNAX) (without sales charge) | (0.71)% | 5.91% |
| ICE BofA 3 Month U.S. Treasury Bill Index | 4.91% | 3.81% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$114117949 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1041307 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

#### 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_2931763.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Equity Market Neutral Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Equity Market Neutral Fund<br>(Institutional Class/SMNIX) | $221 | 2.22% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Equity Market Neutral Fund (Institutional Class) (the "Fund") returned -0.50%, underperforming the ICE BofA 3 Month U.S. Treasury Bill Index return of 4.91%.

Positive and Negative Contributors to Performance

This underperformance of the Fund was significantly influenced by a negative allocation effect of -8.84%, although partially offset by a positive selection effect of 6.67%. Specific detractors included the short positions overall, which contributed negatively by -4.83%, with the financial sector detracting by -2.72%. Conversely, long positions overall added 2.65%, with the financial sector adding 2.42% to the performance. Largest detractors within the short positions included GameStop Corp. and MicroStrategy while the short positions in 10x Genomics and Acadia Healthcare Core were the largest contributors to performance. Within the long positions, Tetra Tech and ManpowerGroup were the largest detractors while Twilio, Inc. and Gilead Sciences were the largest contributors.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest net over weights are financials, technology, real estate and consumer discretionary. Our largest net underweights are materials, industrials, consumer staples and health care. Our largest net factor bets are pro-earnings yield, management quality and earnings quality. Our largest net factor negative bets are volatility, growth and beta.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931813.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Equity Market Neutral Fund (Institutional Class/SMNIX) | (0.50)% | 6.16% |
| ICE BofA 3 Month U.S. Treasury Bill Index | 4.91% | 3.81% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$114117949 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1041307 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;132% |

---

#### 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_2931808.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Global Equity Income Fund<br>(Class A/SGIDX) | $132 | 1.26% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Global Equity Income Fund (Class A) (the "Fund") returned 9.28%, underperforming the MSCI World Index (the "Benchmark") return of 12.64%. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 11.15%.

Positive and Negative Contributors to Performance

The Fund's allocation at the end of the period was 64% U.S. and 36% international. From a country perspective, the U.S. was the largest contributor to performance with a total return of 10.71%. The United Kingdom (7.40% of total net assets) was the second largest contributor with a total return of 55.81%. Colombia (0.64% of total net assets) and Mexico (0.68% of total net assets) were negative contributing countries, with total returns of -32.85% and -19.80% during the period, respectively.

The leading positive stock contributors to performance included Tapestry, Inc. (1.75% of total net assets), NatWest Group PLC (1.96% of total net assets), and Barclays PLC (1.56% of total net assets). Total return for these stocks was 99.97%, 76.39%, and 61.18% during the period, respectively. Leading negative stock contributors to performance were Microchip Technology (1.10% of total net assets), Veren (0.77% of total net assets), and Target Corp (0.43% of total net assets). Total return for these stocks was -35.08%, -39.96%, and -36.48% for the period, respectively.

Relative to the Benchmark, performance was negatively impacted from relative underweights in NVIDIA, Apple, and Tesla which rose 26.10%, 25.35%, and 53.95% during the period, respectively. These stocks were excluded from the Fund because their dividend yields failed to meet longstanding minimum criteria for the strategy.

For the fiscal year ended April 30, 2025, the Fund's values-based screening policies had a positive impact on performance relative to the Benchmark. For example, the screens restricted Merck & Co. from purchase in the Fund due to the company's Embryonic Stem Cell Research as well as UnitedHealth Group due to its Abortion activities. Total return during the period for these stocks was -32.12% and -13.57%, respectively. Not owning these underperforming stocks positively impacted Fund performance.

Looking Ahead

As we look ahead to the remainder of the year, we see a global landscape that remains complex but increasingly constructive for long-term investors. The recent easing of tariffs may help revive international trade and provide a tailwind for select global equities. At the same time, we remain mindful of challenges, including uneven central bank policies, stubborn inflation in certain regions, and ongoing geopolitical tensions. In this environment of heightened volatility, we continue to focus on high-quality companies with strong balance sheets and the discipline to grow their dividends through a range of market conditions. We believe that dependable dividend income, paired with selective exposure to areas of economic recovery, offers a compelling path to long-term total return. Our strategy remains centered on building a globally diversified portfolio that generates consistent income while positioning the Fund for attractive, sustainable growth over time.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Global Equity Income Fund (Class A/SGIDX) (with maximum 5.75% sales charge) | 2.98% | 10.83% | 7.97% |
| Steward Global Equity Income Fund (Class A/SGIDX) (without sales charge) | 9.28% | 12.15% | 8.61% |
| MSCI World High Dividend Yield Index | 11.15% | 10.17% | 6.52% |
| MSCI World Index | 12.64% | 14.48% | 9.91% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%. Prior to October 29, 2021, Class A was not subject to a sales charge.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391038552 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2382308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### 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;Cigna Group (The) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC, Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931016.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931011.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Global Equity Income Fund<br>(Class C/SGIFX) | $211 | 2.02% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Global Equity Income Fund (Class C) (the "Fund") returned 8.44%, underperforming the MSCI World Index (the "Benchmark") return of 12.64%. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 11.15%.

Positive and Negative Contributors to Performance

The Fund's allocation at the end of the period was 64% U.S. and 36% international. From a country perspective, the U.S. was the largest contributor to performance with a total return of 10.71%. The United Kingdom (7.40% of total net assets) was the second largest contributor with a total return of 55.81%. Colombia (0.64% of total net assets) and Mexico (0.68% of total net assets) were negative contributing countries, with total returns of -32.85% and -19.80% during the period, respectively.

The leading positive stock contributors to performance included Tapestry, Inc. (1.75% of total net assets), NatWest Group PLC (1.96% of total net assets), and Barclays PLC (1.56% of total net assets). Total return for these stocks was 99.97%, 76.39%, and 61.18% during the period, respectively. Leading negative stock contributors to performance were Microchip Technology (1.10% of total net assets), Veren (0.77% of total net assets), and Target Corp (0.43% of total net assets). Total return for these stocks was -35.08%, -39.96%, and -36.48% for the period, respectively.

Relative to the Benchmark, performance was negatively impacted from relative underweights in NVIDIA, Apple, and Tesla which rose 26.10%, 25.35%, and 53.95% during the period, respectively. These stocks were excluded from the Fund because their dividend yields failed to meet longstanding minimum criteria for the strategy.

For the fiscal year ended April 30, 2025, the Fund's values-based screening policies had a positive impact on performance relative to the Benchmark. For example, the screens restricted Merck & Co. from purchase in the Fund due to the company's Embryonic Stem Cell Research as well as UnitedHealth Group due to its Abortion activities. Total return during the period for these stocks was -32.12% and -13.57%, respectively. Not owning these underperforming stocks positively impacted Fund performance.

Looking Ahead

As we look ahead to the remainder of the year, we see a global landscape that remains complex but increasingly constructive for long-term investors. The recent easing of tariffs may help revive international trade and provide a tailwind for select global equities. At the same time, we remain mindful of challenges, including uneven central bank policies, stubborn inflation in certain regions, and ongoing geopolitical tensions. In this environment of heightened volatility, we continue to focus on high-quality companies with strong balance sheets and the discipline to grow their dividends through a range of market conditions. We believe that dependable dividend income, paired with selective exposure to areas of economic recovery, offers a compelling path to long-term total return. Our strategy remains centered on building a globally diversified portfolio that generates consistent income while positioning the Fund for attractive, sustainable growth over time.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class C over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class C for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class C to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931093.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Global Equity Income Fund (Class C/SGIFX) (with maximum 1.00% CDSC sales charge) | 7.44% | 11.25% | 6.70% |
| Steward Global Equity Income Fund (Class C/SGIFX) (without sales charge) | 8.44% | 11.25% | 6.70% |
| MSCI World High Dividend Yield Index | 11.15% | 10.17% | 6.33% |
| MSCI World Index | 12.64% | 14.48% | 10.25% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class C reflects a deduction of the current maximum CDSC sales charge of 1.00%.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391038552 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2382308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### 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;Cigna Group (The) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC, Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931088.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931083.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Global Equity Income Fund<br>(Class R6/SGIGX) | $95 | 0.91% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Global Equity Income Fund (Class R6) (the "Fund") returned 9.66%, underperforming the MSCI World Index (the "Benchmark") return of 12.64%. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 11.15%.

Positive and Negative Contributors to Performance

The Fund's allocation at the end of the period was 64% U.S. and 36% international. From a country perspective, the U.S. was the largest contributor to performance with a total return of 10.71%. The United Kingdom (7.40% of total net assets) was the second largest contributor with a total return of 55.81%. Colombia (0.64% of total net assets) and Mexico (0.68% of total net assets) were negative contributing countries, with total returns of -32.85% and -19.80% during the period, respectively.

The leading positive stock contributors to performance included Tapestry, Inc. (1.75% of total net assets), NatWest Group PLC (1.96% of total net assets), and Barclays PLC (1.56% of total net assets). Total return for these stocks was 99.97%, 76.39%, and 61.18% during the period, respectively. Leading negative stock contributors to performance were Microchip Technology (1.10% of total net assets), Veren (0.77% of total net assets), and Target Corp (0.43% of total net assets). Total return for these stocks was -35.08%, -39.96%, and -36.48% for the period, respectively.

Relative to the Benchmark, performance was negatively impacted from relative underweights in NVIDIA, Apple, and Tesla which rose 26.10%, 25.35%, and 53.95% during the period, respectively. These stocks were excluded from the Fund because their dividend yields failed to meet longstanding minimum criteria for the strategy.

For the fiscal year ended April 30, 2025, the Fund's values-based screening policies had a positive impact on performance relative to the Benchmark. For example, the screens restricted Merck & Co. from purchase in the Fund due to the company's Embryonic Stem Cell Research as well as UnitedHealth Group due to its Abortion activities. Total return during the period for these stocks was -32.12% and -13.57%, respectively. Not owning these underperforming stocks positively impacted Fund performance.

Looking Ahead

As we look ahead to the remainder of the year, we see a global landscape that remains complex but increasingly constructive for long-term investors. The recent easing of tariffs may help revive international trade and provide a tailwind for select global equities. At the same time, we remain mindful of challenges, including uneven central bank policies, stubborn inflation in certain regions, and ongoing geopolitical tensions. In this environment of heightened volatility, we continue to focus on high-quality companies with strong balance sheets and the discipline to grow their dividends through a range of market conditions. We believe that dependable dividend income, paired with selective exposure to areas of economic recovery, offers a compelling path to long-term total return. Our strategy remains centered on building a globally diversified portfolio that generates consistent income while positioning the Fund for attractive, sustainable growth over time.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class R6 over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class R6 for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class R6 to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931110.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Global Equity Income Fund (Class R6/SGIGX) | 9.66% | 12.60% | 7.83% |
| MSCI World High Dividend Yield Index | 11.15% | 10.17% | 6.33% |
| MSCI World Index | 12.64% | 14.48% | 10.25% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391038552 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2382308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### 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;Cigna Group (The) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC, Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931115.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931120.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Global Equity Income Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Global Equity Income Fund<br>(Institutional Class/SGISX) | $106 | 1.01% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Global Equity Income Fund (Institutional Class) (the "Fund") returned 9.53%, underperforming the MSCI World Index (the "Benchmark") return of 12.64%. For dividend income comparison purposes, the MSCI World High Dividend Yield Index returned 11.15%.

Positive and Negative Contributors to Performance

The Fund's allocation at the end of the period was 64% U.S. and 36% international. From a country perspective, the U.S. was the largest contributor to performance with a total return of 10.71%. The United Kingdom (7.40% of total net assets) was the second largest contributor with a total return of 55.81%. Colombia (0.64% of total net assets) and Mexico (0.68% of total net assets) were negative contributing countries, with total returns of -32.85% and -19.80% during the period, respectively.

The leading positive stock contributors to performance included Tapestry, Inc. (1.75% of total net assets), NatWest Group PLC (1.96% of total net assets), and Barclays PLC (1.56% of total net assets). Total return for these stocks was 99.97%, 76.39%, and 61.18% during the period, respectively. Leading negative stock contributors to performance were Microchip Technology (1.10% of total net assets), Veren (0.77% of total net assets), and Target Corp (0.43% of total net assets). Total return for these stocks was -35.08%, -39.96%, and -36.48% for the period, respectively.

Relative to the Benchmark, performance was negatively impacted from relative underweights in NVIDIA, Apple, and Tesla which rose 26.10%, 25.35%, and 53.95% during the period, respectively. These stocks were excluded from the Fund because their dividend yields failed to meet longstanding minimum criteria for the strategy.

For the fiscal year ended April 30, 2025, the Fund's values-based screening policies had a positive impact on performance relative to the Benchmark. For example, the screens restricted Merck & Co. from purchase in the Fund due to the company's Embryonic Stem Cell Research as well as UnitedHealth Group due to its Abortion activities. Total return during the period for these stocks was -32.12% and -13.57%, respectively. Not owning these underperforming stocks positively impacted Fund performance.

Looking Ahead

As we look ahead to the remainder of the year, we see a global landscape that remains complex but increasingly constructive for long-term investors. The recent easing of tariffs may help revive international trade and provide a tailwind for select global equities. At the same time, we remain mindful of challenges, including uneven central bank policies, stubborn inflation in certain regions, and ongoing geopolitical tensions. In this environment of heightened volatility, we continue to focus on high-quality companies with strong balance sheets and the discipline to grow their dividends through a range of market conditions. We believe that dependable dividend income, paired with selective exposure to areas of economic recovery, offers a compelling path to long-term total return. Our strategy remains centered on building a globally diversified portfolio that generates consistent income while positioning the Fund for attractive, sustainable growth over time.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Global Equity Income Fund (Institutional Class/SGISX) | 9.53% | 12.45% | 8.93% |
| MSCI World High Dividend Yield Index | 11.15% | 10.17% | 6.52% |
| MSCI World Index | 12.64% | 14.48% | 9.91% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$391038552 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2382308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### 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;Cigna Group (The) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC, Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931043.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931048.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_7306.jpg)

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

Steward Funds

Steward International Enhanced Index Fund

Class A/SNTKX

![Crossmark Logo](images_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward International Enhanced Index Fund ("Fund") for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward International Enhanced Index Fund<br>(Class A/SNTKX) | $111 | 1.03% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward International Enhanced Index Fund (Class A) (the "Fund") returned 14.86%. For comparison purposes, the return for the S&P International 700 ADR Index (the "Benchmark") for the same period was 10.07%.

Positive and Negative Contributors to Performance

From a country perspective, Denmark was the largest positive contributor to relative performance driven by the Fund's inability to hold Novo Nordisk A/S which cratered 47.20% during the fiscal year, while the country was down 46.16%. The United Kingdom was second to Denmark returning 12.63%, helped by RELX and HSBC Holdings, up 35.01% and 40.50% respectively. Canada was the largest negative contributor to relative performance with a total return of 16.58% over the period, driven by underweights to Shopify and Brookfield Corp, both returning over 30%. Similarly, Novo Nordisk was the largest single stock contributor adding over 250 basis points ("bps") of relative outperformance alone.

The Fund's values-based screening policies impact performance relative to the Benchmark. For the fiscal year ended April 30, 2025, the companies included in the Fund's values-based screens represented an average of 19.68% of the Benchmark's market capitalization. Not owning these screened-out companies had a positive net impact on the Fund's performance relative to the Benchmark of 197 bps. Excluding Novo Nordisk and Toyota Motor Corp for embryonic stem cell research and abortion, respectively, added over 300 bps of performance. Conversely, Novartis AG and British American Tobacco detracted 100 bps of performance as both posted strong performance numbers. These two are excluded for embryonic stem cell research and tobacco, respectively.

Looking Ahead

Tariffs will likely dominate the market narrative for the near future, especially as it relates to international and emerging economies. With U.S. trade policy fluctuating rapidly, markets will likely continue to respond with volatility. Of particular note, investors should be cautious of the exchanges between the U.S. and China. With a de-escalation of tariffs and subsequent pause for continued trade talks, market participants will wait anxiously for updates. A single exchange could swing the market in either direction. Another subsequent development to watch is the softening of the U.S. dollar. With growth fears outweighing inflation impacts, investors may direct flows away from the domestic markets and into the international markets. We continue to monitor the global macro situation to ensure the Fund's developed market vs. emerging market allocation remains consistent with our global outlook going forward.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931165.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward International Enhanced Index Fund (Class A/SNTKX) (with maximum 5.75% sales charge) | 8.26% | 11.28% | 4.33% |
| Steward International Enhanced Index Fund (Class A/SNTKX) (without sales charge) | 14.86% | 12.60% | 4.95% |
| S&P International 700 ADR Index | 10.07% | 13.96% | 5.96% |
| Blended Benchmark Index | 7.88% | 13.23% | 5.46% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%. Prior to October 29, 2021, Class A was notsubject to a sales charge.

The Blended Benchmark Index is comprised of the S&P Developed Markets ADR Index (85%) and the S&P Emerging 50 ADR Index (15%). The Blended Benchmark Index was added as an additional comparative index because the Fund's investment adviser believes the Blended Benchmark Index better represents the Fund's overall investment process.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$211013278 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$753598 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

#### 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;SAP SE, Sponsored ADR | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC, Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931160.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931155.jpg)

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

On May 15, 2025, Steward International Enhanced Index Fund amended its investment process to provide for the upweighting of a certain number of portfolio companies, relative to their weightings in a blended benchmark index (a blend of the S&P Developed Markets ADR Index and the S&P Emerging 50 ADR Index, the relative allocation of which may be modified by portfolio management), based on their positive value scores (a measure of the extent to which a company exhibits positive values, in the view of portfolio management). Also on May 15, 2025, the Fund announced that, effective July 30, 2025, the Fund's name will change to Steward Values Enhanced International Fund and the Fund's investment policy that, under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund's benchmark (the S&P International 700 ADR Index) will be eliminated.

#### 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_7306.jpg)

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

Steward Funds

Steward International Enhanced Index Fund

Class R6/SNTFX

![Crossmark Logo](images_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward International Enhanced Index Fund ("Fund") for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward International Enhanced Index Fund<br>(Class R6/SNTFX) | $71 | 0.66% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward International Enhanced Index Fund (Class R6) (the "Fund") returned 15.27%. For comparison purposes, the return for the S&P International 700 ADR Index (the "Benchmark") for the same period was 10.07%.

Positive and Negative Contributors to Performance

From a country perspective, Denmark was the largest positive contributor to relative performance driven by the Fund's inability to hold Novo Nordisk A/S which cratered 47.20% during the fiscal year, while the country was down 46.16%. The United Kingdom was second to Denmark returning 12.63%, helped by RELX and HSBC Holdings, up 35.01% and 40.50% respectively. Canada was the largest negative contributor to relative performance with a total return of 16.58% over the period, driven by underweights to Shopify and Brookfield Corp, both returning over 30%. Similarly, Novo Nordisk was the largest single stock contributor adding over 250 basis points ("bps") of relative outperformance alone.

The Fund's values-based screening policies impact performance relative to the Benchmark. For the fiscal year ended April 30, 2025, the companies included in the Fund's values-based screens represented an average of 19.68% of the Benchmark's market capitalization. Not owning these screened-out companies had a positive net impact on the Fund's performance relative to the Benchmark of 197 bps. Excluding Novo Nordisk and Toyota Motor Corp for embryonic stem cell research and abortion, respectively, added over 300 bps of performance. Conversely, Novartis AG and British American Tobacco detracted 100 bps of performance as both posted strong performance numbers. These two are excluded for embryonic stem cell research and tobacco, respectively.

Looking Ahead

Tariffs will likely dominate the market narrative for the near future, especially as it relates to international and emerging economies. With U.S. trade policy fluctuating rapidly, markets will likely continue to respond with volatility. Of particular note, investors should be cautious of the exchanges between the U.S. and China. With a de-escalation of tariffs and subsequent pause for continued trade talks, market participants will wait anxiously for updates. A single exchange could swing the market in either direction. Another subsequent development to watch is the softening of the U.S. dollar. With growth fears outweighing inflation impacts, investors may direct flows away from the domestic markets and into the international markets. We continue to monitor the global macro situation to ensure the Fund's developed market vs. emerging market allocation remains consistent with our global outlook going forward.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class R6 over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class R6 for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class R6 to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931237.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward International Enhanced Index Fund (Class R6/SNTFX) | 15.27% | 13.01% | 5.50% |
| S&P International 700 ADR Index | 10.07% | 13.96% | 6.94% |
| Blended Benchmark Index | 7.88% | 13.23% | 6.30% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Blended Benchmark Index is comprised of the S&P Developed Markets ADR Index (85%) and the S&P Emerging 50 ADR Index (15%). The Blended Benchmark Index was added as an additional comparative index because the Fund's investment adviser believes the Blended Benchmark Index better represents the Fund's overall investment process.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$211013278 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$753598 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

#### 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;SAP SE, Sponsored ADR | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC, Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931232.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931227.jpg)

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

On May 15, 2025, Steward International Enhanced Index Fund amended its investment process to provide for the upweighting of a certain number of portfolio companies, relative to their weightings in a blended benchmark index (a blend of the S&P Developed Markets ADR Index and the S&P Emerging 50 ADR Index, the relative allocation of which may be modified by portfolio management), based on their positive value scores (a measure of the extent to which a company exhibits positive values, in the view of portfolio management). Also on May 15, 2025, the Fund announced that, effective July 30, 2025, the Fund's name will change to Steward Values Enhanced International Fund and the Fund's investment policy that, under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund's benchmark (the S&P International 700 ADR Index) will be eliminated.

#### 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_7306.jpg)

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

Steward Funds

Steward International Enhanced Index Fund

Institutional Class/SNTCX

![Crossmark Logo](images_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward International Enhanced Index Fund ("Fund") for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward International Enhanced Index Fund<br>(Institutional Class/SNTCX) | $83 | 0.77% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward International Enhanced Index Fund (Institutional Class) (the "Fund") returned 15.17%. For comparison purposes, the return for the S&P International 700 ADR Index (the "Benchmark") for the same period was 10.07%.

Positive and Negative Contributors to Performance

From a country perspective, Denmark was the largest positive contributor to relative performance driven by the Fund's inability to hold Novo Nordisk A/S which cratered 47.20% during the fiscal year, while the country was down 46.16%. The United Kingdom was second to Denmark returning 12.63%, helped by RELX and HSBC Holdings, up 35.01% and 40.50% respectively. Canada was the largest negative contributor to relative performance with a total return of 16.58% over the period, driven by underweights to Shopify and Brookfield Corp, both returning over 30%. Similarly, Novo Nordisk was the largest single stock contributor adding over 250 basis points ("bps") of relative outperformance alone.

The Fund's values-based screening policies impact performance relative to the Benchmark. For the fiscal year ended April 30, 2025, the companies included in the Fund's values-based screens represented an average of 19.68% of the Benchmark's market capitalization. Not owning these screened-out companies had a positive net impact on the Fund's performance relative to the Benchmark of 197 bps. Excluding Novo Nordisk and Toyota Motor Corp for embryonic stem cell research and abortion, respectively, added over 300 bps of performance. Conversely, Novartis AG and British American Tobacco detracted 100 bps of performance as both posted strong performance numbers. These two are excluded for embryonic stem cell research and tobacco, respectively.

Looking Ahead

Tariffs will likely dominate the market narrative for the near future, especially as it relates to international and emerging economies. With U.S. trade policy fluctuating rapidly, markets will likely continue to respond with volatility. Of particular note, investors should be cautious of the exchanges between the U.S. and China. With a de-escalation of tariffs and subsequent pause for continued trade talks, market participants will wait anxiously for updates. A single exchange could swing the market in either direction. Another subsequent development to watch is the softening of the U.S. dollar. With growth fears outweighing inflation impacts, investors may direct flows away from the domestic markets and into the international markets. We continue to monitor the global macro situation to ensure the Fund's developed market vs. emerging market allocation remains consistent with our global outlook going forward.

*Country classifications in portfolio manager commentary are based on FactSet's Country of Domicile data, which focuses on where companies conduct their primary business operations, while our fund accountant, Northern Trust, uses Bloomberg's Country of Incorporation data, which reflects where companies are legally incorporated, for purposes of the Geographical Allocation table below. These different methodologies may result in the same security being classified under different countries due to companies that operate primarily in one jurisdiction but are legally incorporated in another.*

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931182.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward International Enhanced Index Fund (Institutional Class/SNTCX) | 15.17% | 12.88% | 5.25% |
| S&P International 700 ADR Index | 10.07% | 13.96% | 5.96% |
| Blended Benchmark Index | 7.88% | 13.23% | 5.46% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Blended Benchmark Index is comprised of the S&P Developed Markets ADR Index (85%) and the S&P Emerging 50 ADR Index (15%). The Blended Benchmark Index was added as an additional comparative index because the Fund's investment adviser believes the Blended Benchmark Index better represents the Fund's overall investment process.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$211013278 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$753598 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

#### 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;SAP SE, Sponsored ADR | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., Sponsored NYS | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC, Sponsored ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, Sponsored ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp., Sponsored ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., Sponsored ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., Sponsored ADR | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931187.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931192.jpg)

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

On May 15, 2025, Steward International Enhanced Index Fund amended its investment process to provide for the upweighting of a certain number of portfolio companies, relative to their weightings in a blended benchmark index (a blend of the S&P Developed Markets ADR Index and the S&P Emerging 50 ADR Index, the relative allocation of which may be modified by portfolio management), based on their positive value scores (a measure of the extent to which a company exhibits positive values, in the view of portfolio management). Also on May 15, 2025, the Fund announced that, effective July 30, 2025, the Fund's name will change to Steward Values Enhanced International Fund and the Fund's investment policy that, under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund's benchmark (the S&P International 700 ADR Index) will be eliminated.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Core Fund<br>(Class A/SJCAX) | $105 | 1.00% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Core Fund (Class A) (the "Fund") returned 10.87%, underperforming the benchmark Russell 1000 Index return of 11.94%.

Positive and Negative Contributors to Performance

The portfolio's performance was significantly influenced by a strong sector allocation effect of 2.90%, although this was partially offset by a negative stock selection effect of -2.44%. Notably, the Health Care sector contributed positively with a total effect of 1.78%, particularly within the Pharmaceuticals Biotechnology & Life Sciences industry group, which added 1.30%. Conversely, the Consumer Discretionary sector detracted significantly from performance, with a total effect of -2.92%, and the Consumer Durables & Apparel industry group alone accounted for a reduction of -2.14%. The best performing stocks were Gilead Sciences and Genpact Limited. The biggest detractors were V.F. Corporation and the underweight to Tesla, Inc.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are financials, consumer discretionary and technology. Our largest underweights are health care, consumer staples and industrials. Our largest factor bets are management quality and earnings yield while being underweight size.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931542.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Core Fund (Class A/SJCAX) (with maximum 5.75% sales charge) | 4.49% | 2.80% |
| Steward Large Cap Core Fund (Class A/SJCAX) (without sales charge) | 10.87% | 4.58% |
| Russell 1000 Index | 11.94% | 5.95% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$152338641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$449854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### 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;Apple, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931547.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931552.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Core Fund<br>(Class R6/SJCRX) | $79 | 0.75% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Core Fund (Class R6) (the "Fund") returned 11.15%, underperforming the benchmark Russell 1000 Index return of 11.94%.

Positive and Negative Contributors to Performance

The portfolio's performance was significantly influenced by a strong sector allocation effect of 2.90%, although this was partially offset by a negative stock selection effect of -2.44%. Notably, the Health Care sector contributed positively with a total effect of 1.78%, particularly within the Pharmaceuticals Biotechnology & Life Sciences industry group, which added 1.30%. Conversely, the Consumer Discretionary sector detracted significantly from performance, with a total effect of -2.92%, and the Consumer Durables & Apparel industry group alone accounted for a reduction of -2.14%. The best performing stocks were Gilead Sciences and Genpact Limited. The biggest detractors were V.F. Corporation and the underweight to Tesla, Inc.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are financials, consumer discretionary and technology. Our largest underweights are health care, consumer staples and industrials. Our largest factor bets are management quality and earnings yield while being underweight size.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class R6 over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class R6 for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class R6 to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931830.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Core Fund (Class R6/SJCRX) | 11.15% | 9.51% |
| Russell 1000 Index | 11.94% | 10.85% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$152338641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$449854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### 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;Apple, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931835.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931840.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Core Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Core Fund<br>(Institutional Class/SJCIX) | $79 | 0.75% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Core Fund (Institutional Class) (the "Fund") returned 11.17%, underperforming the benchmark Russell 1000 Index return of 11.94%.

Positive and Negative Contributors to Performance

The portfolio's performance was significantly influenced by a strong sector allocation effect of 2.90%, although this was partially offset by a negative stock selection effect of -2.44%. Notably, the Health Care sector contributed positively with a total effect of 1.78%, particularly within the Pharmaceuticals Biotechnology & Life Sciences industry group, which added 1.30%. Conversely, the Consumer Discretionary sector detracted significantly from performance, with a total effect of -2.92%, and the Consumer Durables & Apparel industry group alone accounted for a reduction of -2.14%. The best performing stocks were Gilead Sciences and Genpact Limited. The biggest detractors were V.F. Corporation and the underweight to Tesla, Inc.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are financials, consumer discretionary and technology. Our largest underweights are health care, consumer staples and industrials. Our largest factor bets are management quality and earnings yield while being underweight size.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931597.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Core Fund (Institutional Class/SJCIX) | 11.17% | 4.86% |
| Russell 1000 Index | 11.94% | 5.95% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$152338641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$449854 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### 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;Apple, Inc. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1.4% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931592.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931587.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Growth Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Growth Fund<br>(Class A/SJGAX) | $106 | 1.00% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Growth Fund (Class A) (the "Fund") returned 12.91%, underperforming the benchmark Russell 1000 Growth Index return of 14.53%.

Positive and Negative Contributors to Performance

The underperformance was primarily driven by a negative stock selection effect of -3.26%, although partially offset by a positive sector allocation effect of 1.77%. Specific sectors impacting performance included Information Technology, which detracted significantly with a total effect of -2.83% and within its Software & Services industry group, a further -1.04%. Conversely, the Industrials sector contributed positively, adding 1.38% to the performance, with the Commercial & Professional Services industry group alone contributing 85 basis points. The best performing stocks were Genpact Limited and Booking Holdings. The largest detractors were the lack of exposure to Netflix and Palantir Technologies.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are in financials, real estate, and technology. Our largest underweight are communication services consumer discretionary and health care. The largest factor bets are profitability and beta while being underweight dividend yield and value.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931614.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Growth Fund (Class A/SJGAX) (with maximum 5.75% sales charge) | 6.43% | 3.96% |
| Steward Large Cap Growth Fund (Class A/SJGAX) (without sales charge) | 12.91% | 5.76% |
| Russell 1000 Index | 11.94% | 5.95% |
| Russell 1000 Growth Index | 14.53% | 6.59% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%.

The Russell 1000 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Russell 1000 Growth Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$180725569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$602566 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

#### 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;Microsoft Corp. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931619.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931624.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Growth Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Growth Fund<br>(Institutional Class/SJGIX) | $80 | 0.75% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance?

For the fiscal year ended April 30, 2025, the Steward Large Cap Growth Fund (Institutional Class) (the "Fund") returned 13.22%, underperforming the benchmark Russell 1000 Growth Index return of 14.53%.

Positive and Negative Contributors to Performance

The underperformance was primarily driven by a negative stock selection effect of -3.26%, although partially offset by a positive sector allocation effect of 1.77%. Specific sectors impacting performance included Information Technology, which detracted significantly with a total effect of -2.83% and within its Software & Services industry group, a further -1.04%. Conversely, the Industrials sector contributed positively, adding 1.38% to the performance, with the Commercial & Professional Services industry group alone contributing 85 basis points. The best performing stocks were Genpact Limited and Booking Holdings. The largest detractors were the lack of exposure to Netflix and Palantir Technologies.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are in financials, real estate, and technology. Our largest underweight are communication services consumer discretionary and health care. The largest factor bets are profitability and beta while being underweight dividend yield and value.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931669.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Growth Fund (Institutional Class/SJGIX) | 13.22% | 6.04% |
| Russell 1000 Index | 11.94% | 5.95% |
| Russell 1000 Growth Index | 14.53% | 6.59% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Russell 1000 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Russell 1000 Growth Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$180725569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$602566 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

#### 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;Microsoft Corp. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931664.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931659.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Value Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Value Fund<br>(Class A/SJVAX) | $105 | 1.00% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Value Fund (Class A) (the "Fund") returned 10.56%, outperforming the benchmark Russell 1000 Value Index return of 8.55%.

Positive and Negative Contributors to Performance

The Fund's strong performance was influenced by both a sector allocation effect of 1.97% and a stock selection effect of 1.55%. Notably, the Health Care sector significantly contributed to the Fund's performance, with an overall effect of 2.83% and the Pharmaceuticals Biotechnology & Life Sciences industry group adding 1.69%. Conversely, the Consumer Discretionary sector detracted from performance, showing a total negative effect of -1.71%, with the Consumer Durables & Apparel industry group alone accounting for -1.29% of this decline. The best performing stocks were Gilead Sciences and AT&T Inc. The largest detractors were NIKE, Inc. and ManpowerGroup Inc.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are consumer discretionary, financials and technology; our largest underweights are industrials, energy, and consumer staples. Our largest factor bets are pro-management quality, and earnings yield while being underweight size and beta.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931686.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Value Fund (Class A/SJVAX) (with maximum 5.75% sales charge) | 4.20% | 3.99% |
| Steward Large Cap Value Fund (Class A/SJVAX) (without sales charge) | 10.56% | 5.80% |
| Russell 1000 Index | 11.94% | 5.95% |
| Russell 1000 Value Index | 8.55% | 4.87% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%.

The Russell 1000 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Russell 1000 Growth Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$82397839 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$165198 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;133% |

---

#### 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;Berkshire Hathaway, Inc., Class B | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931691.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931696.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Large Cap Value Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Large Cap Value Fund<br>(Institutional Class/SJVIX) | $79 | 0.75% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Large Cap Value Fund (Institutional Class) (the "Fund") returned 10.84%, outperforming the benchmark Russell 1000 Value Index return of 8.55%.

Positive and Negative Contributors to Performance

The Fund's strong performance was influenced by both a sector allocation effect of 1.97% and a stock selection effect of 1.55%. Notably, the Health Care sector significantly contributed to the Fund's performance, with an overall effect of 2.83% and the Pharmaceuticals Biotechnology & Life Sciences industry group adding 1.69%. Conversely, the Consumer Discretionary sector detracted from performance, showing a total negative effect of -1.71%, with the Consumer Durables & Apparel industry group alone accounting for -1.29% of this decline. The best performing stocks were Gilead Sciences and AT&T Inc. The largest detractors were NIKE, Inc. and ManpowerGroup Inc.

Looking Ahead

Given our cautious view, we continue to favor companies that have reasonable valuations with strong earnings and cash flow profiles and strong earnings predictability and persistence. Our largest overweights are consumer discretionary, financials and technology; our largest underweights are industrials, energy, and consumer staples. Our largest factor bets are pro-management quality, and earnings yield while being underweight size and beta.

Our 6099 year-end S&P 500 target is lower than any of the Wall Street strategists, and if accurate, will record a down year, but would require a nice rally from current levels. We expect a test back to 5500 (the area of the recent low (or maybe 5200-5400)). After that we believe the trajectory of the economy and earnings will be key. If the economy is okay, that could be the low for the year. Conversely, if we experience a recession, the S&P 500 could sport a "4" handle. After two back-to-back years of approximately 25% returns, 2025 is shaping up to be a much more difficult year in which to make money.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931741.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | 1 Year | Since<br>Inception |
| Steward Large Cap Value Fund (Institutional Class/SJVIX) | 10.84% | 6.06% |
| Russell 1000 Index | 11.94% | 5.95% |
| Russell 1000 Value Index | 8.55% | 4.87% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Russell 1000 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Russell 1000 Growth Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$82397839 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$165198 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;133% |

---

#### 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;Berkshire Hathaway, Inc., Class B | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931736.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931731.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Select Bond Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Select Bond Fund<br>(Class A/SEAKX) | $99 | 0.96% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Select Bond Fund (Class A) (the "Fund") returned 6.44%, underperforming the Bloomberg U.S. Government/Credit Bond Index (the "Benchmark") return of 7.66%.

Positive and Negative Contributors to Performance

During the fiscal year that concluded on April 30, 2025, the markets battled monetary policy, a contentious election, a new administration with new policies, and concerns around slowing growth and higher inflation. That's quite a laundry list of items for the markets to digest and they did so with great uncertainty and volatility. In this environment, we saw U.S. treasury yields make large swings both higher and lower resulting in periods of both outperformance and underperformance for the Fund. This fiscal year started with the US 10yr treasury yield at 4.63% as higher inflation levels gripped the markets. However, from May through mid-September 2024, thoughts of recession and slower growth coupled with weak labor reports pushed yields lower by roughly 100 basis points ("bps"), down to 3.63% on September 16th. This drop in yields was quick and severe resulting in underperformance by the Fund, which is positioned with a more conservative approach to yield movement with a shorter duration as compared to the Benchmark. The shorter duration and the underweight to the treasury allocation were the largest drags on performance during that environment of collapsing yields.

But things don't stay the same for long. As the Fed began to cut rates at the September 2024 Federal Open Market Committee (FOMC) meeting, yields started to move higher once again. With a belief that the Fed may not cut rates as much as was priced into the market and an increased concern around the country's deficit level, yields accelerated their climb, with the U.S. 10yr treasury yield reaching 4.79% on January 13, 2025. During this rising rate environment, the shorter duration positioning and yield curve placement of the Fund's holdings were the largest positive contributors to performance as compared to the Benchmark.

The final few months of the fiscal year were dominated by the inauguration of a new President and the new policies put into place regarding trade. The uncertainty around the level and permanence of trade tariffs caused significant shifts in fixed income yields, as the effects on inflation, growth, corporate investment, and consumer spending were simply unknown. The U.S. 10yr treasury yield became somewhat rangebound between 4.00-4.50% and continues to be in that range at the time of writing as we wait on the clarity the markets crave. Over the entire 12 month period ending April 30, 2025, the largest drags to relative performance for the Fund vs. the Benchmark were the duration positioning (sensitivity to yield curve movement) and the income component due to an underweight to the treasury allocation. The positive contributors to relative performance were the placement along the yield curve for the Fund's holdings and the selection effect within the sector allocations.

Looking Ahead

When asked during the May FOMC meeting press conference if the Federal Reserve should cut interest rates in 2025, the Federal Reserve Chairman, Jerome Powell, said that he just didn't know yet because of the level of uncertainty surrounding the economy. When the path of interest rates is unknown, along with uncertainty surrounding trade, tax policy, deregulation and the strength of the consumer, it is quite difficult to take tremendous risk. We do not anticipate treasury yields moving back to a 5.00% level this year as a slowing labor market and concerns around growth and earnings may keep markets slightly more defensive as they await signs of an all-clear from the current level of uncertainty. For these reasons, the Fund is comfortable in a near-neutral duration position with a focus on increasing the U.S. treasury allocation in a barbell strategy to take advantage of the best parts of the yield curve. Investment-grade corporates did not suffer from significant spread widening as of yet, but we will continue to watch for trade opportunities to strengthen our holdings in this sector.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Select Bond Fund (Class A/SEAKX) (with maximum 3.75% sales charge) | 2.44% | (1.39)% | 0.38% |
| Steward Select Bond Fund (Class A/SEAKX) (without sales charge) | 6.44% | (0.63)% | 0.77% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |
| Bloomberg U.S. Government/Credit Bond Index | 7.66% | (0.70)% | 1.68% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 3.75%. Prior to October 29, 2021, Class A was not subject to a sales charge.

The Bloomberg U.S. Aggregate Bond Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Bloomberg U.S.Government/Credit Bond Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$191950196 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$628955 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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;Northern Institutional Treasury Portfolio (Premier Class) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.00%, 11/15/42 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.38%, 05/15/34 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/30 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 1.5% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931371.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Select Bond Fund ("Fund") for the period of May 1, 2024, to April 30, 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 year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Select Bond Fund<br>(Institutional Class/SEACX) | $72 | 0.70% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Select Bond Fund (Institutional Class) (the "Fund") returned 6.72%, underperforming the Bloomberg U.S. Government/Credit Bond Index (the "Benchmark") return of 7.66%.

Positive and Negative Contributors to Performance

During the fiscal year that concluded on April 30, 2025, the markets battled monetary policy, a contentious election, a new administration with new policies, and concerns around slowing growth and higher inflation. That's quite a laundry list of items for the markets to digest and they did so with great uncertainty and volatility. In this environment, we saw U.S. treasury yields make large swings both higher and lower resulting in periods of both outperformance and underperformance for the Fund. This fiscal year started with the US 10yr treasury yield at 4.63% as higher inflation levels gripped the markets. However, from May through mid-September 2024, thoughts of recession and slower growth coupled with weak labor reports pushed yields lower by roughly 100 basis points ("bps"), down to 3.63% on September 16th. This drop in yields was quick and severe resulting in underperformance by the Fund, which is positioned with a more conservative approach to yield movement with a shorter duration as compared to the Benchmark. The shorter duration and the underweight to the treasury allocation were the largest drags on performance during that environment of collapsing yields.

But things don't stay the same for long. As the Fed began to cut rates at the September 2024 Federal Open Market Committee (FOMC) meeting, yields started to move higher once again. With a belief that the Fed may not cut rates as much as was priced into the market and an increased concern around the country's deficit level, yields accelerated their climb, with the U.S. 10yr treasury yield reaching 4.79% on January 13, 2025. During this rising rate environment, the shorter duration positioning and yield curve placement of the Fund's holdings were the largest positive contributors to performance as compared to the Benchmark.

The final few months of the fiscal year were dominated by the inauguration of a new President and the new policies put into place regarding trade. The uncertainty around the level and permanence of trade tariffs caused significant shifts in fixed income yields, as the effects on inflation, growth, corporate investment, and consumer spending were simply unknown. The U.S. 10yr treasury yield became somewhat rangebound between 4.00-4.50% and continues to be in that range at the time of writing as we wait on the clarity the markets crave. Over the entire 12 month period ending April 30, 2025, the largest drags to relative performance for the Fund vs. the Benchmark were the duration positioning (sensitivity to yield curve movement) and the income component due to an underweight to the treasury allocation. The positive contributors to relative performance were the placement along the yield curve for the Fund's holdings and the selection effect within the sector allocations.

Looking Ahead

When asked during the May FOMC meeting press conference if the Federal Reserve should cut interest rates in 2025, the Federal Reserve Chairman, Jerome Powell, said that he just didn't know yet because of the level of uncertainty surrounding the economy. When the path of interest rates is unknown, along with uncertainty surrounding trade, tax policy, deregulation and the strength of the consumer, it is quite difficult to take tremendous risk. We do not anticipate treasury yields moving back to a 5.00% level this year as a slowing labor market and concerns around growth and earnings may keep markets slightly more defensive as they await signs of an all-clear from the current level of uncertainty. For these reasons, the Fund is comfortable in a near-neutral duration position with a focus on increasing the U.S. treasury allocation in a barbell strategy to take advantage of the best parts of the yield curve. Investment-grade corporates did not suffer from significant spread widening as of yet, but we will continue to watch for trade opportunities to strengthen our holdings in this sector.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931398.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Select Bond Fund (Institutional Class/SEACX) | 6.72% | (0.40)% | 1.06% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |
| Bloomberg U.S. Government/Credit Bond Index | 7.66% | (0.70)% | 1.68% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Bloomberg U.S. Aggregate Bond Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the Bloomberg U.S.Government/Credit Bond Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$191950196 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$628955 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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;Northern Institutional Treasury Portfolio (Premier Class) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.00%, 11/15/42 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.38%, 05/15/34 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/30 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 1.5% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931408.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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") (formerly Steward Values-Focused Large Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Large Cap Fund<br>(Class A/SEEKX) | $91 | 0.86% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Values Enhanced Large Cap Fund (Class A) (the "Fund") returned 10.91%. For comparison purposes, the return for the S&P 500 Index (the "Benchmark") for the same period was 12.10%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 7.3% of the Benchmark weight; therefore the Fund upweighted 73 companies by at least 10 basis points each. This is an increase of 4 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 40 basis points. Not owning companies such as Philip Morris (tobacco), up 88.59%, Eli Lily (embryonic stem cell research), up 15.85%, and AbbVie (embryonic stem cell research), up 24.35%, detracted 60 basis points of performance. Conversely, not owning companies such as Merck (embryonic stem cell research), down 32.12%, Thermo Fisher Scientific (embryonic stem cell research), down 24.35%, and UnitedHealth Group (abortion), down 13.57%, positively impacted performance by 43 basis points.

Looking Ahead

With an eventful start to the year, the rest of 2025 should be anything but calm. Markets have jitters not seen in many years, with any mention of tariffs, pauses or deal-making sparking large swings. The VIX continues to oscillate, and consumer confidence is dwindling. Whispers of stagflation have begun to surface as investors wait to understand the impact tariffs will have on prices and economic growth. It is a pivotal moment in the history of global trade policy and each day seemingly brings new challenges. Caution and perseverance should win the day as we move forward.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931254.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Values Enhanced Large Cap Fund (Class A/SEEKX) (with maximum 5.75% sales charge) | 4.55% | 13.82% | 9.66% |
| Steward Values Enhanced Large Cap Fund (Class A/SEEKX) (without sales charge) | 10.91% | 15.18% | 10.31% |
| S&P 500 Index | 12.10% | 15.61% | 12.32% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%. Prior to October 29, 2021, Class A was not subject to a sales charge.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$248411829 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$543761 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### 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;Apple, Inc. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931259.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931264.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Large Cap Enhanced Index Fund to Steward Values Enhanced Large Cap Fund.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") (formerly Steward Values-Focused Large Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Large Cap Fund<br>(Class R6/SEEHX) | $54 | 0.51% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Values Enhanced Large Cap Fund (Class R6) (the "Fund") returned 11.30%. For comparison purposes, the return for the S&P 500 Index (the "Benchmark") for the same period was 12.10%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 7.3% of the Benchmark weight; therefore the Fund upweighted 73 companies by at least 10 basis points each. This is an increase of 4 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 40 basis points. Not owning companies such as Philip Morris (tobacco), up 88.59%, Eli Lily (embryonic stem cell research), up 15.85%, and AbbVie (embryonic stem cell research), up 24.35%, detracted 60 basis points of performance. Conversely, not owning companies such as Merck (embryonic stem cell research), down 32.12%, Thermo Fisher Scientific (embryonic stem cell research), down 24.35%, and UnitedHealth Group (abortion), down 13.57%, positively impacted performance by 43 basis points.

Looking Ahead

With an eventful start to the year, the rest of 2025 should be anything but calm. Markets have jitters not seen in many years, with any mention of tariffs, pauses or deal-making sparking large swings. The VIX continues to oscillate, and consumer confidence is dwindling. Whispers of stagflation have begun to surface as investors wait to understand the impact tariffs will have on prices and economic growth. It is a pivotal moment in the history of global trade policy and each day seemingly brings new challenges. Caution and perseverance should win the day as we move forward.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class R6 over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class R6 for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class R6 to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931326.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Values Enhanced Large Cap Fund (Class R6/SEEHX) | 11.30% | 15.61% | 10.55% |
| S&P 500 Index | 12.10% | 15.61% | 12.38% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$248411829 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$543761 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### 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;Apple, Inc. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931331.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931336.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Large Cap Enhanced Index Fund to Steward Values Enhanced Large Cap Fund.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Large Cap Fund ("Fund") (formerly Steward Values-Focused Large Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Large Cap Fund<br>(Institutional Class/SEECX) | $64 | 0.61% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Values Enhanced Large Cap Fund (Institutional Class) (the "Fund") returned 11.16%. For comparison purposes, the return for the S&P 500 Index (the "Benchmark") for the same period was 12.10%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 7.3% of the Benchmark weight; therefore the Fund upweighted 73 companies by at least 10 basis points each. This is an increase of 4 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 40 basis points. Not owning companies such as Philip Morris (tobacco), up 88.59%, Eli Lily (embryonic stem cell research), up 15.85%, and AbbVie (embryonic stem cell research), up 24.35%, detracted 60 basis points of performance. Conversely, not owning companies such as Merck (embryonic stem cell research), down 32.12%, Thermo Fisher Scientific (embryonic stem cell research), down 24.35%, and UnitedHealth Group (abortion), down 13.57%, positively impacted performance by 43 basis points.

Looking Ahead

With an eventful start to the year, the rest of 2025 should be anything but calm. Markets have jitters not seen in many years, with any mention of tariffs, pauses or deal-making sparking large swings. The VIX continues to oscillate, and consumer confidence is dwindling. Whispers of stagflation have begun to surface as investors wait to understand the impact tariffs will have on prices and economic growth. It is a pivotal moment in the history of global trade policy and each day seemingly brings new challenges. Caution and perseverance should win the day as we move forward.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931309.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Values Enhanced Large Cap Fund (Institutional Class/SEECX) | 11.16% | 15.49% | 10.63% |
| S&P 500 Index | 12.10% | 15.61% | 12.32% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$248411829 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$543761 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### 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;Apple, Inc. | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | 1.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931304.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931299.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Large Cap Enhanced Index Fund to Steward Values Enhanced Large Cap Fund.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") (formerly Steward Values-Focused Small-Mid Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Class A/TRDFX) | $82 | 0.83% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Valued Enhanced Small-Mid Cap Fund (Class A) (the "Fund") returned -2.07%. For comparison purposes, the return for the S&P 1000 Index (the "Benchmark") for the same period was 0.21%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 3.9% of the Benchmark weight; therefore, the Fund upweighted 39 companies by at least 10 basis points each. This is an increase of 7 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 20 basis points. Not owning companies such as Casey's General Stores (alcohol/tobacco), up 45.30%, Corcept Therapeutics (abortion), up 208.23%, and Tenet Healthcare (abortion), up 27.30%, detracted 32 basis points of performance. Conversely, not owning companies such as Churchill Downs (gambling), down 29.71%, Carlyle Group (abortion), down 11.06%, and Bloomin' Brands (alcohol), down 67.06%, positively impacted performance by 12 basis points.

Looking Ahead

As we look to the second quarter and even the remainder of the year, the only reliable constant seems to be uncertainty. Small and mid-cap names have felt the changing policy impacts more acutely than large cap names and will likely continue to whipsaw as trade discussions unfold. There are more questions than answers with rates remaining stubbornly high, the potential downstream effects of tariffs on inflation, and looming Fed decisions. Investors may need to buckle up for the near-term as turbulence shows no sign of abating.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class A over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class A for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class A to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931453.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Values Enhanced Small-Mid Cap Fund (Class A/TRDFX) (with maximum 5.75% sales charge) | (7.73)% | 11.03% | 5.85% |
| Steward Values Enhanced Small-Mid Cap Fund (Class A/TRDFX) (without sales charge) | (2.07)% | 12.34% | 6.48% |
| S&P Composite 1500 Index | 11.13% | 15.39% | 11.95% |
| S&P 1000 Index | 0.21% | 12.74% | 8.04% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance information for Class A reflects a deduction of the current maximum sales charge of 5.75%. Prior to October 29, 2021, Class A was not subject to a sales charge.

The S&P Composite 1500 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the S&P 1000 Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$168524646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$427535 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### 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;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931448.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931443.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Small-Mid Cap Enhanced Index Fund to Steward Values Enhanced Small-Mid Cap Fund.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") (formerly Steward Values-Focused Small-Mid Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Class R6/SSMOX) | $53 | 0.53% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Valued Enhanced Small-Mid Cap Fund (Class R6) (the "Fund") returned -1.87%. For comparison purposes, the return for the S&P 1000 Index (the "Benchmark") for the same period was 0.21%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 3.9% of the Benchmark weight; therefore, the Fund upweighted 39 companies by at least 10 basis points each. This is an increase of 7 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 20 basis points. Not owning companies such as Casey's General Stores (alcohol/tobacco), up 45.30%, Corcept Therapeutics (abortion), up 208.23%, and Tenet Healthcare (abortion), up 27.30%, detracted 32 basis points of performance. Conversely, not owning companies such as Churchill Downs (gambling), down 29.71%, Carlyle Group (abortion), down 11.06%, and Bloomin' Brands (alcohol), down 67.06%, positively impacted performance by 12 basis points.

Looking Ahead

As we look to the second quarter and even the remainder of the year, the only reliable constant seems to be uncertainty. Small and mid-cap names have felt the changing policy impacts more acutely than large cap names and will likely continue to whipsaw as trade discussions unfold. There are more questions than answers with rates remaining stubbornly high, the potential downstream effects of tariffs on inflation, and looming Fed decisions. Investors may need to buckle up for the near-term as turbulence shows no sign of abating.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $10,000 initial investment in the Fund's Class R6 over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Class R6 for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Class R6 to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_2931525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | Since<br>Inception |
| Steward Values Enhanced Small-Mid Cap Fund (Class R6/SSMOX) | (1.87)% | 12.67% | 5.28% |
| S&P Composite 1500 Index | 11.13% | 15.39% | 11.91% |
| S&P 1000 Index | 0.21% | 12.74% | 6.86% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The S&P Composite 1500 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the S&P 1000 Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$168524646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$427535 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### 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;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931520.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931515.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Small-Mid Cap Enhanced Index Fund to Steward Values Enhanced Small-Mid Cap Fund.

#### 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_7306.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_7303.jpg)

ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This annual shareholder report contains important information about the Steward Values Enhanced Small-Mid Cap Fund ("Fund") (formerly Steward Values-Focused Small-Mid Cap Enhanced Index Fund) for the period of May 1, 2024, to April 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Steward Values Enhanced Small-Mid Cap Fund<br>(Institutional Class/SCECX) | $63 | 0.64% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
Fund and Market Performance

For the fiscal year ended April 30, 2025, the Steward Valued Enhanced Small-Mid Cap Fund (Institutional Class) (the "Fund") returned -1.89%. For comparison purposes, the return for the S&P 1000 Index (the "Benchmark") for the same period was 0.21%.

Positive and Negative Contributors to Performance

The Fund implements a strategy to upweight companies that rank at the top of its positive value score rankings. At fiscal year end, the Fund screened out 3.9% of the Benchmark weight; therefore, the Fund upweighted 39 companies by at least 10 basis points each. This is an increase of 7 companies from a year ago. Performance of the Fund can also be affected by the Fund's values-based screening policies. For the fiscal year ended April 30, 2025, the values-based screening policies had a negative performance impact on the Fund, detracting 20 basis points. Not owning companies such as Casey's General Stores (alcohol/tobacco), up 45.30%, Corcept Therapeutics (abortion), up 208.23%, and Tenet Healthcare (abortion), up 27.30%, detracted 32 basis points of performance. Conversely, not owning companies such as Churchill Downs (gambling), down 29.71%, Carlyle Group (abortion), down 11.06%, and Bloomin' Brands (alcohol), down 67.06%, positively impacted performance by 12 basis points.

Looking Ahead

As we look to the second quarter and even the remainder of the year, the only reliable constant seems to be uncertainty. Small and mid-cap names have felt the changing policy impacts more acutely than large cap names and will likely continue to whipsaw as trade discussions unfold. There are more questions than answers with rates remaining stubbornly high, the potential downstream effects of tariffs on inflation, and looming Fed decisions. Investors may need to buckle up for the near-term as turbulence shows no sign of abating.

#### Fund Performance
The performance graph below shows the performance of a hypothetical $100,000 initial investment in the Fund's Institutional Class over a ten-year period (or for the life of the Fund or share class, if shorter). The subsequent account value as of the end of the reporting period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund's Institutional Class for the past one-, five- and ten-year periods, as applicable (or for the life of the Fund or share class, if shorter), as of the end of the reporting period. Both the graph and table compare the performance of the Fund's Institutional Class to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests, over the same periods.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_2931470.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 Year | 5 Year | 10 Year |
| Steward Values Enhanced Small-Mid Cap Fund (Institutional Class/SCECX) | (1.89)% | 12.57% | 6.73% |
| S&P Composite 1500 Index | 11.13% | 15.39% | 11.95% |
| S&P 1000 Index | 0.21% | 12.74% | 8.04% |

---

**Performance data quoted represents past performance; past performance does not guarantee future results.**

Visit crossmarkglobal.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The S&P Composite 1500 Index was added as a comparative index to satisfy the amended regulatory definition of an appropriate broad-based securities market index. The Fund will retain the S&P 1000 Index as an additional comparative index.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$168524646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$427535 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### 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;US Foods Holding Corp. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 0.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2931475.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2931480.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at crossmarkglobal.com/stewardfunds/ or by contacting 888-845-6910.

Effective August 28, 2024, the name of the Fund was changed from Steward Values-Focused Small-Mid Cap Enhanced Index Fund to Steward Values Enhanced Small-Mid Cap Fund.

#### 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_7306.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.** 

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

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

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

------

&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.**

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

(a)(2) The audit committee financial expert is Mark Osterheld, who is "independent" for purposes of this Item 3 of Form N-CSR.

------

**Item 4. Principal Accountant Fees and Services.**

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $187,250 and $188,250 for 2024 and 2025, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 and $0 for 2024 and 2025, respectively.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $39,850 and $40,700 for 2024 and 2025, respectively.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $0 and $0 for 2024 and 2025, respectively.

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

(e)(2) For the fiscal years ended April 30, 2025 and 2024, 0% of the fees disclosed in paragraphs (b)-(d) of Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal year ended April 30, 2025, Cohen and Company, Ltd. billed $40,700.

For the fiscal year ended April 30, 2024, Cohen and Company, Ltd. billed $39,850.

(h) Not applicable.

(i) Not applicable.

(j) 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 5. Audit Committee of Listed Registrants.** 

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 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.

------

![](imgc10d584b1.gif)

CROSSMARKGLOBAL.COM

April 30, 2025

STEWARD FUNDS

ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

------

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_SOI-FundBookHeader2_1) | 2 |
| [Financial Statements](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_FS-FundBookHeader3_1) | 51 |
| [Notes to Financial Statements](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_NTF-NTF-TOC_1) | 79 |
| [Report of Independent Registered Public Accounting Firm](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_RIRPAF-T-AuditReport-TOCHeader_1) | 92 |
| [Other Information (Unaudited)](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_GI-GI-TOC_1) | 94 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_CID-CIDW-TOC_1) | 96 |
| [Proxy Disclosures for Open-End Management Investment Companies (Unaudited)](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_PD-Proxy-TOC_1) | 97 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_REM-Remuneration-TOC_1) | 98 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)](#xx_c811fb4f-3e00-466f-9c84-f25562a18ede_BA-Basis-TOC_1) | 99 |

---

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 103.3%** |  |  |
| ***AEROSPACE & DEFENSE - 3.8%*** |  |  |
| Boeing Co. (The)<sup>(a)</sup> <br>| 3000 | $549720 |
| General Dynamics Corp. | 2700 | 734724 |
| General Electric Co. | 4300 | 866622 |
| Lockheed Martin Corp. | 1300 | 621075 |
| RTX Corp. | 5300 | 668489 |
|  |  | 3440630 |
| ***AIR FREIGHT & LOGISTICS - 1.0%*** |  |  |
| FedEx Corp. | 1900 | 399627 |
| United Parcel Service, Inc., Class B | 4900 | 466970 |
|  |  | 866597 |
| ***AUTOMOBILES - 2.2%*** |  |  |
| General Motors Co. | 4400 | 199056 |
| Tesla, Inc.<sup>(a)</sup> <br>| 6200 | 1749392 |
|  |  | 1948448 |
| ***BANKS - 4.4%*** |  |  |
| Bank of America Corp. | 20100 | 801588 |
| Citigroup, Inc. | 6400 | 437632 |
| JPMorgan Chase & Co. | 6700 | 1638954 |
| U.S. Bancorp | 10100 | 407434 |
| Wells Fargo & Co. | 9200 | 653292 |
|  |  | 3938900 |
| ***BEVERAGES - 2.5%*** |  |  |
| Coca-Cola Co. (The) | 19800 | 1436490 |
| PepsiCo, Inc. | 6200 | 840596 |
|  |  | 2277086 |
| ***BIOTECHNOLOGY - 1.7%*** |  |  |
| Amgen, Inc. | 2900 | 843668 |
| Gilead Sciences, Inc. | 6400 | 681856 |
|  |  | 1525524 |
| ***BROADLINE RETAIL - 4.2%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 20800 | 3835936 |
| ***CAPITAL MARKETS - 3.9%*** |  |  |
| Bank of New York Mellon Corp. (The) | 8300 | 667403 |
| Blackrock, Inc. | 1000 | 914260 |
| Charles Schwab Corp. (The) | 5600 | 455840 |
| Goldman Sachs Group, Inc. (The) | 1500 | 821325 |
| Morgan Stanley | 6000 | 692520 |
|  |  | 3551348 |
| ***CHEMICALS - 1.5%*** |  |  |
| Linde PLC | 3000 | 1359690 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.3%***<br>|  |  |
| Cisco Systems, Inc. | 20800 | $1200784 |
| ***CONSUMER FINANCE - 1.5%*** |  |  |
| American Express Co. | 2900 | 772589 |
| Capital One Financial Corp. | 3000 | 540780 |
|  |  | 1313369 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 3.5%***<br>|  |  |
| Costco Wholesale Corp. | 1500 | 1491750 |
| Target Corp. | 2900 | 280430 |
| Walmart, Inc. | 14300 | 1390675 |
|  |  | 3162855 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.9%***<br>|  |  |
| AT&T, Inc. | 15200 | 421040 |
| Verizon Communications, Inc. | 8800 | 387728 |
|  |  | 808768 |
| ***ELECTRIC UTILITIES - 2.9%*** |  |  |
| Duke Energy Corp. | 7300 | 890746 |
| NextEra Energy, Inc. | 8800 | 588544 |
| Southern Co. (The) | 12100 | 1111869 |
|  |  | 2591159 |
| ***ELECTRICAL EQUIPMENT - 0.6%*** |  |  |
| Emerson Electric Co. | 5600 | 588616 |
| ***ENTERTAINMENT - 1.9%*** |  |  |
| Netflix, Inc.<sup>(a)</sup> <br>| 1100 | 1244892 |
| Walt Disney Co. (The) | 5600 | 509320 |
|  |  | 1754212 |
| ***FINANCIAL SERVICES - 6.5%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 4400 | 2346300 |
| Mastercard, Inc., Class A | 3000 | 1644180 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 4700 | 309448 |
| Visa, Inc., Class A | 4600 | 1589300 |
|  |  | 5889228 |
| ***FOOD PRODUCTS - 0.8%*** |  |  |
| Mondelez International, Inc., Class A | 10000 | 681300 |
| ***GROUND TRANSPORTATION - 0.8%*** |  |  |
| Union Pacific Corp. | 3400 | 733244 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.8%***<br>|  |  |
| Abbott Laboratories | 6600 | $862950 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| 1600 | 825280 |
| Medtronic PLC | 10400 | 881504 |
|  |  | 2569734 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 0.3%***<br>|  |  |
| CVS Health Corp. | 4000 | 266840 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 2.9%***<br>|  |  |
| Booking Holdings, Inc. | 200 | 1019856 |
| McDonald's Corp. | 3500 | 1118775 |
| Starbucks Corp. | 5900 | 472295 |
|  |  | 2610926 |
| ***HOUSEHOLD PRODUCTS - 2.1%*** |  |  |
| Colgate-Palmolive Co. | 6600 | 608454 |
| Procter & Gamble Co. (The) | 8000 | 1300560 |
|  |  | 1909014 |
| ***INDUSTRIAL CONGLOMERATES -*** <br> ***1.5%***<br>|  |  |
| 3M Co. | 4400 | 611204 |
| Honeywell International, Inc. | 3600 | 757800 |
|  |  | 1369004 |
| ***INSURANCE - 1.6%*** |  |  |
| American International Group, Inc. | 8300 | 676616 |
| MetLife, Inc. | 9700 | 731089 |
|  |  | 1407705 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 7.2%***<br>|  |  |
| Alphabet, Inc., Class A | 13100 | 2080280 |
| Alphabet, Inc., Class C<sup>†</sup> <br>| 10600 | 1705434 |
| Meta Platforms, Inc., Class A | 4900 | 2690100 |
|  |  | 6475814 |
| ***IT SERVICES - 1.7%*** |  |  |
| Accenture PLC, Class A | 2300 | 688045 |
| International Business Machines Corp. | 3500 | 846370 |
|  |  | 1534415 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 0.9%***<br>|  |  |
| Danaher Corp. | 4000 | 797320 |
| ***MACHINERY - 1.6%*** |  |  |
| Caterpillar, Inc. | 3000 | 927810 |
| Deere & Co. | 1100 | 509916 |
|  |  | 1437726 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***MEDIA - 0.8%*** |  |  |
| Charter Communications, Inc., Class A<sup>(a)</sup> <br>| 600 | $235116 |
| Comcast Corp., Class A | 13500 | 461700 |
|  |  | 696816 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***3.1%***<br>|  |  |
| Chevron Corp. | 6000 | 816360 |
| ConocoPhillips | 7700 | 686224 |
| Exxon Mobil Corp. | 12600 | 1330938 |
|  |  | 2833522 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| Simon Property Group, Inc. | 4500 | 708210 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***10.2%***<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| 7300 | 710655 |
| Broadcom, Inc. | 10800 | 2078676 |
| Intel Corp. | 18300 | 367830 |
| NVIDIA Corp. | 37700 | 4106284 |
| QUALCOMM, Inc. | 6300 | 935298 |
| Texas Instruments, Inc. | 6000 | 960300 |
|  |  | 9159043 |
| ***SOFTWARE - 10.4%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 1800 | 674964 |
| Intuit, Inc. | 1600 | 1003952 |
| Microsoft Corp. | 10700 | 4229282 |
| Oracle Corp. | 6000 | 844320 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| 5200 | 615888 |
| Salesforce, Inc. | 4200 | 1128582 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| 900 | 859509 |
|  |  | 9356497 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.5%***<br>|  |  |
| American Tower Corp. | 2000 | 450820 |
| ***SPECIALTY RETAIL - 2.5%*** |  |  |
| Home Depot, Inc. (The) | 3800 | 1369862 |
| Lowe's Cos., Inc. | 4000 | 894240 |
|  |  | 2264102 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***4.8%***<br>|  |  |
| Apple, Inc. | 20200 | 4292500 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 0.4%***<br>|  |  |
| NIKE, Inc., Class B | 6200 | $349680 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.3%***<br>|  |  |
| T-Mobile U.S., Inc. | 4600 | 1135970 |
| **TOTAL COMMON STOCKS**<br> **(COST $96,722,113)**<br>|  | 93093352 |
| **TOTAL INVESTMENTS**<br> **(COST $96,722,113) - 103.3%**<br>|  | 93093352 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **WRITTEN CALL OPTIONS -** <br> **(3.6)%**<br> **(PREMIUMS RECEIVED** <br> **($1877939))**<br>| $(3257548)<br>|
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.3%**<br>| 300742 |
| **NET ASSETS - 100.0%** | $90136546 |

---

---

| | |
|:---|:---|
| Securities in this Fund are pledged as collateral for call options written. The <br> total market value of securities pledged at April 30, 2025 is $91,387,918.  | Securities in this Fund are pledged as collateral for call options written. The <br> total market value of securities pledged at April 30, 2025 is $91,387,918.  |
| † | Security is not pledged as collateral for call options written. |
| <sup>(a)</sup> <br>| Represents non-income producing security. |

---

PLC — Public Limited Company<br>

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD COVERED CALL INCOME FUND**

------

Exchange-traded options written as of April 30, 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 | $(580000)<br>| $145.00 | 5/16/25 | $(4680)<br>|
| Abbott Laboratories<br> Call | 60 | (810000)<br>| 135.00 | 6/20/25 | (17400)<br>|
| Accenture PLC, Class A<br> Call | 20 | (590000)<br>| 295.00 | 5/16/25 | (20620)<br>|
| Adobe, Inc.<br> Call | 15 | (600000)<br>| 400.00 | 6/20/25 | (18638)<br>|
| Advanced Micro Devices, Inc.<br> Call | 65 | (682500)<br>| 105.00 | 5/16/25 | (17420)<br>|
| Alphabet, Inc., Class A<br> Call | 95 | (1662500)<br>| 175.00 | 7/18/25 | (37525)<br>|
| Amazon.com, Inc.<br> Call | 190 | (3800000)<br>| 200.00 | 5/16/25 | (41800)<br>|
| American Express Co.<br> Call | 25 | (675000)<br>| 270.00 | 7/18/25 | (35875)<br>|
| American International Group, Inc.<br> Call | 75 | (581250)<br>| 77.50 | 5/16/25 | (40125)<br>|
| Amgen, Inc.<br> Call | 25 | (725000)<br>| 290.00 | 6/20/25 | (33437)<br>|
| Apple, Inc.<br> Call | 185 | (3700000)<br>| 200.00 | 5/16/25 | (287675)<br>|
| Bank of America Corp.<br> Call | 180 | (720000)<br>| 40.00 | 7/18/25 | (37080)<br>|
| Bank of New York Mellon Corp. (The)<br> Call | 75 | (600000)<br>| 80.00 | 6/20/25 | (27675)<br>|
| BlackRock, Inc.<br> Call | 7 | (630000)<br>| 900.00 | 5/16/25 | (22295)<br>|
| Boeing Co. (The)<br> Call | 25 | (375000)<br>| 150.00 | 5/16/25 | (84312)<br>|
| Broadcom, Inc.<br> Call | 100 | (1850000)<br>| 185.00 | 5/16/25 | (126500)<br>|
| Capital One Financial Corp.<br> Call | 25 | (425000)<br>| 170.00 | 6/20/25 | (39625)<br>|
| Caterpillar, Inc.<br> Call | 30 | (960000)<br>| 320.00 | 5/16/25 | (11700)<br>|
| Charles Schwab Corp. (The)<br> Call | 45 | (348750)<br>| 77.50 | 7/18/25 | (30015)<br>|
| Charter Communications, Inc., Class A<br> Call | 6 | (216000)<br>| 360.00 | 5/16/25 | (21540)<br>|
| Chevron Corp.<br> Call | 50 | (750000)<br>| 150.00 | 5/16/25 | (1650)<br>|
| Cisco Systems, Inc.<br> Call | 185 | (1110000)<br>| 60.00 | 7/18/25 | (34410)<br>|
| Citigroup, Inc.<br> Call | 60 | (420000)<br>| 70.00 | 6/20/25 | (13800)<br>|
| Coca-Cola Co. (The)<br> Call | 190 | (1235000)<br>| 65.00 | 5/16/25 | (145350)<br>|
| Colgate-Palmolive Co.<br> Call | 55 | (495000)<br>| 90.00 | 6/20/25 | (24475)<br>|
| Comcast Corp., Class A<br> Call | 115 | (431250)<br>| 37.50 | 6/20/25 | (2875)<br>|
| ConocoPhillips<br> Call | 70 | (700000)<br>| 100.00 | 6/20/25 | (7350)<br>|
| Costco Wholesale Corp.<br> Call | 14 | (1400000)<br>| 1000.00 | 6/20/25 | (59010)<br>|
| CVS Health Corp.<br> Call | 35 | (245000)<br>| 70.00 | 6/20/25 | (7525)<br>|
| Danaher Corp.<br> Call | 35 | (735000)<br>| 210.00 | 6/20/25 | (15050)<br>|
| Deere & Co.<br> Call | 5 | (250000)<br>| 500.00 | 6/20/25 | (1800)<br>|
| Duke Energy Corp.<br> Call | 67 | (770500)<br>| 115.00 | 5/16/25 | (50920)<br>|
| Emerson Electric Co.<br> Call | 50 | (550000)<br>| 110.00 | 6/20/25 | (15750)<br>|
| Exxon Mobil Corp.<br> Call | 110 | (1210000)<br>| 110.00 | 7/18/25 | (36960)<br>|
| FedEx Corp.<br> Call | 15 | (360000)<br>| 240.00 | 7/18/25 | (6030)<br>|
| General Dynamics Corp.<br> Call | 25 | (675000)<br>| 270.00 | 5/16/25 | (14750)<br>|
| General Electric Co.<br> Call | 40 | (760000)<br>| 190.00 | 5/16/25 | (48600)<br>|
| General Motors Co.<br> Call | 35 | (175000)<br>| 50.00 | 6/20/25 | (2660)<br>|
| Gilead Sciences, Inc.<br> Call | 60 | (585000)<br>| 97.50 | 5/16/25 | (57150)<br>|
| Goldman Sachs Group, Inc. (The)<br> Call | 10 | (575000)<br>| 575.00 | 6/20/25 | (13650)<br>|
| Home Depot, Inc. (The)<br> Call | 35 | (1295000)<br>| 370.00 | 5/16/25 | (14175)<br>|
| Honeywell International, Inc.<br> Call | 25 | (525000)<br>| 210.00 | 6/20/25 | (21000)<br>|
| Intel Corp.<br> Call | 160 | (368000)<br>| 23.00 | 7/18/25 | (12960)<br>|
| International Business Machines Corp.<br> Call | 25 | (625000)<br>| 250.00 | 7/18/25 | (20000)<br>|
| Intuit, Inc.<br> Call | 15 | (930000)<br>| 620.00 | 6/20/25 | (54300)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**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 | 10 | $(530000)<br>| $530.00 | 7/18/25 | $(27050)<br>|
| JPMorgan Chase & Co.<br> Call | 60 | (1380000)<br>| 230.00 | 5/16/25 | (98550)<br>|
| Linde PLC<br> Call | 25 | (1175000)<br>| 470.00 | 6/20/25 | (22000)<br>|
| Lockheed Martin Corp.<br> Call | 10 | (480000)<br>| 480.00 | 6/20/25 | (15860)<br>|
| Lowe's Cos., Inc.<br> Call | 30 | (1020000)<br>| 340.00 | 6/20/25 | (10290)<br>|
| Mastercard, Inc., Class A<br> Call | 25 | (1300000)<br>| 520.00 | 5/16/25 | (81000)<br>|
| McDonald's Corp.<br> Call | 30 | (915000)<br>| 305.00 | 5/16/25 | (49500)<br>|
| Medtronic PLC<br> Call | 95 | (807500)<br>| 85.00 | 6/20/25 | (27170)<br>|
| Meta Platforms, Inc., Class A<br> Call | 40 | (2440000)<br>| 610.00 | 5/16/25 | (25600)<br>|
| MetLife, Inc.<br> Call | 85 | (637500)<br>| 75.00 | 6/20/25 | (29750)<br>|
| Microsoft Corp.<br> Call | 100 | (4000000)<br>| 400.00 | 5/16/25 | (93000)<br>|
| Mondelez International, Inc., Class A<br> Call | 95 | (593750)<br>| 62.50 | 6/20/25 | (63840)<br>|
| Morgan Stanley<br> Call | 50 | (600000)<br>| 120.00 | 6/20/25 | (18200)<br>|
| Netflix, Inc.<br> Call | 10 | (1000000)<br>| 1000.00 | 5/16/25 | (137425)<br>|
| NextEra Energy, Inc.<br> Call | 80 | (560000)<br>| 70.00 | 6/20/25 | (8480)<br>|
| NIKE, Inc., Class B<br> Call | 50 | (325000)<br>| 65.00 | 7/18/25 | (7950)<br>|
| NVIDIA Corp.<br> Call | 340 | (3740000)<br>| 110.00 | 5/16/25 | (132600)<br>|
| Oracle Corp.<br> Call | 50 | (675000)<br>| 135.00 | 5/16/25 | (37000)<br>|
| Palantir Technologies, Inc., Class A<br> Call | 40 | (440000)<br>| 110.00 | 7/18/25 | (84400)<br>|
| PayPal Holdings, Inc.<br> Call | 40 | (280000)<br>| 70.00 | 7/18/25 | (9980)<br>|
| PepsiCo, Inc.<br> Call | 55 | (852500)<br>| 155.00 | 7/18/25 | (2613)<br>|
| Procter & Gamble Co. (The)<br> Call | 75 | (1237500)<br>| 165.00 | 5/16/25 | (12300)<br>|
| QUALCOMM, Inc.<br> Call | 60 | (90000)<br>| 15.00 | 5/16/25 | (32580)<br>|
| Raytheon Technologies Corp.<br> Call | 45 | (585000)<br>| 130.00 | 5/16/25 | (4455)<br>|
| Salesforce, Inc.<br> Call | 30 | (900000)<br>| 300.00 | 7/18/25 | (22500)<br>|
| ServiceNow, Inc.<br> Call | 7 | (588000)<br>| 840.00 | 5/16/25 | (84280)<br>|
| Simon Property Group, Inc.<br> Call | 45 | (720000)<br>| 160.00 | 6/20/25 | (25650)<br>|
| Southern Co. (The)<br> Call | 110 | (935000)<br>| 85.00 | 5/16/25 | (81950)<br>|
| Starbucks Corp.<br> Call | 55 | (522500)<br>| 95.00 | 7/18/25 | (2915)<br>|
| Target Corp.<br> Call | 25 | (250000)<br>| 100.00 | 6/20/25 | (13000)<br>|
| Tesla, Inc.<br> Call | 55 | (1540000)<br>| 280.00 | 5/16/25 | (95150)<br>|
| Texas Instruments, Inc.<br> Call | 55 | (962500)<br>| 175.00 | 6/20/25 | (15015)<br>|
| T-Mobile U.S., Inc.<br> Call | 35 | (805000)<br>| 230.00 | 5/16/25 | (66850)<br>|
| U.S. Bancorp<br> Call | 90 | (360000)<br>| 40.00 | 6/20/25 | (17910)<br>|
| Union Pacific Corp.<br> Call | 25 | (575000)<br>| 230.00 | 5/16/25 | (2375)<br>|
| United Parcel Service, Inc., Class B<br> Call | 45 | (472500)<br>| 105.00 | 7/18/25 | (5648)<br>|
| Visa, Inc., Class A<br> Call | 40 | (1400000)<br>| 350.00 | 5/16/25 | (19000)<br>|
| Walmart, Inc.<br> Call | 110 | (1017500)<br>| 92.50 | 6/20/25 | (83050)<br>|
| Walt Disney Co. (The)<br> Call | 45 | (405000)<br>| 90.00 | 5/16/25 | (20925)<br>|
| Wells Fargo & Co.<br> Call | 80 | (560000)<br>| 70.00 | 6/20/25 | (31600)<br>|
| (Premiums received $1,877,939) |  |  |  |  | $(3257548)<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 PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 86.9%** |  |  |
| ***AIR FREIGHT & LOGISTICS - 0.8%*** |  |  |
| C.H. Robinson Worldwide, Inc.<sup>(a)</sup> <br>| 10000 | $892200 |
| ***AUTOMOBILE COMPONENTS - 2.0%*** |  |  |
| Aptiv PLC<sup>(a)(b)</sup> <br>| 21000 | 1198260 |
| BorgWarner, Inc.<sup>(a)</sup> <br>| 39000 | 1106820 |
|  |  | 2305080 |
| ***AUTOMOBILES - 0.7%*** |  |  |
| Harley-Davidson, Inc.<sup>(a)</sup> <br>| 38000 | 851960 |
| ***BANKS - 1.9%*** |  |  |
| Citigroup, Inc.<sup>(a)</sup> <br>| 15000 | 1025700 |
| Webster Financial Corp.<sup>(a)</sup> <br>| 23000 | 1087900 |
|  |  | 2113600 |
| ***BIOTECHNOLOGY - 1.0%*** |  |  |
| Gilead Sciences, Inc.<sup>(a)</sup> <br>| 11000 | 1171940 |
| ***BROADLINE RETAIL - 0.6%*** |  |  |
| Macy's, Inc.<sup>(a)</sup> <br>| 58000 | 662360 |
| ***BUILDING PRODUCTS - 0.5%*** |  |  |
| Owens Corning<sup>(a)</sup> <br>| 4000 | 581640 |
| ***CAPITAL MARKETS - 4.2%*** |  |  |
| Bank of New York Mellon Corp. (The)<sup>(a)</sup> <br>| 13000 | 1045330 |
| Cboe Global Markets, Inc. | 1000 | 221800 |
| Janus Henderson Group PLC<sup>(a)</sup> <br>| 23500 | 780435 |
| LPL Financial Holdings, Inc.<sup>(a)</sup> <br>| 4000 | 1279160 |
| S&P Global, Inc.<sup>(a)</sup> <br>| 3000 | 1500150 |
|  |  | 4826875 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.9%***<br>|  |  |
| Cisco Systems, Inc.<sup>(a)</sup> <br>| 19000 | 1096870 |
| F5, Inc.<sup>(a)(b)</sup> <br>| 4000 | 1058960 |
|  |  | 2155830 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***1.1%***<br>|  |  |
| EMCOR Group, Inc.<sup>(a)</sup> <br>| 3000 | 1202100 |
| ***CONSUMER FINANCE - 2.6%*** |  |  |
| American Express Co.<sup>(a)</sup> <br>| 3000 | 799230 |
| Capital One Financial Corp. | 1000 | 180260 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Discover Financial Services<sup>(a)</sup> <br>| 6000 | $1096020 |
| Synchrony Financial<sup>(a)</sup> <br>| 17000 | 883150 |
|  |  | 2958660 |
| ***CONTAINERS & PACKAGING - 1.7%*** |  |  |
| Amcor PLC<sup>(a)</sup> <br>| 81200 | 747040 |
| Crown Holdings, Inc.<sup>(a)</sup> <br>| 12000 | 1155960 |
|  |  | 1903000 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 3.0%***<br>|  |  |
| ADT, Inc.<sup>(a)</sup> <br>| 139000 | 1114780 |
| Grand Canyon Education, Inc.<sup>(a)(b)</sup> <br>| 7000 | 1248590 |
| H&R Block, Inc.<sup>(a)</sup> <br>| 17000 | 1026290 |
|  |  | 3389660 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 2.7%***<br>|  |  |
| Iridium Communications, Inc.<sup>(a)</sup> <br>| 51000 | 1230630 |
| Liberty Global Ltd., Class A<sup>(a)(b)</sup> <br>| 95000 | 1040250 |
| Verizon Communications, Inc.<sup>(a)</sup> <br>| 17700 | 779862 |
|  |  | 3050742 |
| ***ELECTRIC UTILITIES - 0.8%*** |  |  |
| NRG Energy, Inc.<sup>(a)</sup> <br>| 8000 | 876640 |
| ***ELECTRICAL EQUIPMENT - 1.0%*** |  |  |
| Generac Holdings, Inc.<sup>(a)(b)</sup> <br>| 10000 | 1143800 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 0.9%***<br>|  |  |
| Avnet, Inc.<sup>(a)</sup> <br>| 23000 | 1080770 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 0.7%***<br>|  |  |
| Baker Hughes Co.<sup>(a)</sup> <br>| 21000 | 743400 |
| ***ENTERTAINMENT - 0.8%*** |  |  |
| Warner Bros Discovery, Inc.<sup>(a)(b)</sup> <br>| 106000 | 919020 |
| ***FINANCIAL SERVICES - 3.3%*** |  |  |
| Mastercard, Inc., Class A<sup>(a)</sup> <br>| 2100 | 1150926 |
| PayPal Holdings, Inc.<sup>(a)(b)</sup> <br>| 17000 | 1119280 |
| Shift4 Payments, Inc., Class A<sup>(b)</sup> <br>| 1000 | 81800 |
| Visa, Inc., Class A<sup>(a)</sup> <br>| 4000 | 1382000 |
|  |  | 3734006 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***FOOD PRODUCTS - 1.9%*** |  |  |
| Bunge Global SA<sup>(a)</sup> <br>| 14000 | $1102080 |
| General Mills, Inc.<sup>(a)</sup> <br>| 18000 | 1021320 |
|  |  | 2123400 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 0.1%***<br>|  |  |
| Envista Holdings Corp.<sup>(b)</sup> <br>| 7000 | 112560 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 3.0%***<br>|  |  |
| Cardinal Health, Inc.<sup>(a)</sup> <br>| 8000 | 1130320 |
| DaVita, Inc.<sup>(a)(b)</sup> <br>| 5700 | 806835 |
| Humana, Inc. | 1000 | 262240 |
| Premier, Inc., Class A<sup>(a)</sup> <br>| 62000 | 1261700 |
|  |  | 3461095 |
| ***HEALTH CARE TECHNOLOGY -*** <br> ***1.0%***<br>|  |  |
| Veeva Systems, Inc., Class A<sup>(b)</sup> <br>| 5000 | 1168450 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 2.0%***<br>|  |  |
| Booking Holdings, Inc.<sup>(a)</sup> <br>| 300 | 1529784 |
| Travel + Leisure Co.<sup>(a)</sup> <br>| 17200 | 755596 |
|  |  | 2285380 |
| ***HOUSEHOLD PRODUCTS - 1.0%*** |  |  |
| Colgate-Palmolive Co.<sup>(a)</sup> <br>| 12000 | 1106280 |
| ***INSURANCE - 6.0%*** |  |  |
| Aflac, Inc.<sup>(a)</sup> <br>| 9000 | 978120 |
| Everest Group, Ltd. | 1000 | 358830 |
| Hartford Insurance Group, Inc. (The)<sup>(a)</sup> <br>| 10000 | 1226700 |
| MetLife, Inc.<sup>(a)</sup> <br>| 13000 | 979810 |
| Primerica, Inc.<sup>(a)</sup> <br>| 4000 | 1048280 |
| Progressive Corp. (The)<sup>(a)</sup> <br>| 4000 | 1126960 |
| Prudential Financial, Inc.<sup>(a)</sup> <br>| 1400 | 143794 |
| Unum Group<sup>(a)</sup> <br>| 13300 | 1032878 |
|  |  | 6895372 |
| ***IT SERVICES - 3.9%*** |  |  |
| GoDaddy, Inc., Class A<sup>(a)(b)</sup> <br>| 5000 | 941650 |
| International Business Machines Corp.<sup>(a)</sup> <br>| 5000 | 1209100 |
| Okta, Inc.<sup>(a)(b)</sup> <br>| 10000 | 1121600 |
| Twilio, Inc., Class A<sup>(a)(b)</sup> <br>| 12000 | 1160520 |
|  |  | 4432870 |
| ***LEISURE PRODUCTS - 1.7%*** |  |  |
| Mattel, Inc.<sup>(a)(b)</sup> <br>| 52000 | 826280 |
| YETI Holdings, Inc.<sup>(a)(b)</sup> <br>| 40000 | 1142000 |
|  |  | 1968280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 0.9%***<br>|  |  |
| Mettler-Toledo International, Inc.<sup>(b)</sup> <br>| 1000 | $1070570 |
| ***PHARMACEUTICALS - 1.0%*** |  |  |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> <br>| 10000 | 1169600 |
| ***PROFESSIONAL SERVICES - 4.6%*** |  |  |
| Automatic Data Processing, Inc.<sup>(a)</sup> <br>| 3000 | 901800 |
| Concentrix Corp.<sup>(a)</sup> <br>| 23000 | 1174380 |
| Genpact Ltd.<sup>(a)</sup> <br>| 23000 | 1155980 |
| ManpowerGroup, Inc.<sup>(a)</sup> <br>| 15000 | 646050 |
| Paycom Software, Inc. | 1000 | 226390 |
| Robert Half, Inc.<sup>(a)</sup> <br>| 27000 | 1196100 |
|  |  | 5300700 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 2.9%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)(b)</sup> <br>| 10000 | 1221800 |
| Howard Hughes Holdings, Inc.<sup>(a)(b)</sup> <br>| 15000 | 997950 |
| Jones Lang LaSalle, Inc.<sup>(a)(b)</sup> <br>| 5000 | 1137050 |
|  |  | 3356800 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.3%***<br>|  |  |
| Brixmor Property Group, Inc.<sup>(a)</sup> <br>| 13000 | 323830 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***1.9%***<br>|  |  |
| Cirrus Logic, Inc.<sup>(a)(b)</sup> <br>| 13000 | 1248520 |
| QUALCOMM, Inc.<sup>(a)</sup> <br>| 6000 | 890760 |
|  |  | 2139280 |
| ***SOFTWARE - 7.6%*** |  |  |
| Atlassian Corp., Class A<sup>(a)(b)</sup> <br>| 5000 | 1141550 |
| Dropbox, Inc., Class A<sup>(a)(b)</sup> <br>| 34100 | 973555 |
| Dynatrace, Inc.<sup>(a)(b)</sup> <br>| 19000 | 892430 |
| Fortinet, Inc.<sup>(a)(b)</sup> <br>| 12000 | 1245120 |
| Gen Digital, Inc.<sup>(a)</sup> <br>| 49000 | 1267630 |
| Nutanix, Inc., Class A<sup>(b)</sup> <br>| 17000 | 1167900 |
| Salesforce, Inc.<sup>(a)</sup> <br>| 3000 | 806130 |
| Zoom Communications, Inc.<sup>(a)(b)</sup> <br>| 15000 | 1163100 |
|  |  | 8657415 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 3.6%***<br>|  |  |
| American Tower Corp.<sup>(a)</sup> <br>| 5000 | 1127050 |
| Equinix, Inc.<sup>(a)</sup> <br>| 1000 | 860750 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Iron Mountain, Inc.<sup>(a)</sup> <br>| 13000 | $1165710 |
| SBA Communications Corp. | 4000 | 973600 |
|  |  | 4127110 |
| ***SPECIALTY RETAIL - 3.5%*** |  |  |
| Gap, Inc. (The)<sup>(a)</sup> <br>| 41000 | 897900 |
| Lithia Motors, Inc.<sup>(a)</sup> <br>| 4000 | 1171040 |
| Lowe's Cos., Inc.<sup>(a)</sup> <br>| 4000 | 894240 |
| Williams-Sonoma, Inc.<sup>(a)</sup> <br>| 7000 | 1081290 |
|  |  | 4044470 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***0.5%***<br>|  |  |
| HP, Inc.<sup>(a)</sup> <br>| 20000 | 511400 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 6.2%***<br>|  |  |
| Columbia Sportswear Co.<sup>(a)</sup> <br>| 15000 | 932550 |
| Crocs, Inc.<sup>(a)(b)</sup> <br>| 10000 | 964200 |
| Deckers Outdoor Corp.<sup>(a)(b)</sup> <br>| 11000 | 1219130 |
| NIKE, Inc., Class B<sup>(a)</sup> <br>| 17000 | 958800 |
| PVH Corp.<sup>(a)</sup> <br>| 7500 | 517350 |
| Ralph Lauren Corp.<sup>(a)</sup> <br>| 4000 | 899800 |
| Tapestry, Inc.<sup>(a)</sup> <br>| 10300 | 727695 |
| VF Corp.<sup>(a)</sup> <br>| 73000 | 867240 |
|  |  | 7086765 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 1.1%***<br>|  |  |
| WESCO International, Inc.<sup>(a)</sup> <br>| 8000 | 1303680 |
| **TOTAL COMMON STOCKS**<br> **(COST $96,422,234)**<br>|  | 99208590 |
| **MONEY MARKET FUNDS - 13.0%** | **MONEY MARKET FUNDS - 13.0%** | **MONEY MARKET FUNDS - 13.0%** |
| Fidelity Government Cash Reserves, <br> 4.01%<sup>(c)</sup> <br>| 13470754 | 13470754 |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(c)</sup> <br>| 1348474 | 1348474 |
| **TOTAL MONEY MARKET FUNDS**<br> **(COST $14,819,228)**<br>|  | 14819228 |
| **TOTAL INVESTMENTS**<br> **(COST $111,241,462) - 99.9%**<br>|  | 114027818 |
| **COMMON STOCKS SOLD SHORT - (82.2)%** | **COMMON STOCKS SOLD SHORT - (82.2)%** | **COMMON STOCKS SOLD SHORT - (82.2)%** |
| ***AEROSPACE & DEFENSE - (6.6)%*** | ***AEROSPACE & DEFENSE - (6.6)%*** | ***AEROSPACE & DEFENSE - (6.6)%*** |
| ATI, Inc.  | (16000)<br>| (870080)<br>|
| Axon Enterprise, Inc.  | (2000)<br>| (1226600)<br>|
| Boeing Co. (The)  | (6000)<br>| (1099440)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| HEICO Corp., Class A  | (5000)<br>| $(1004650)<br>|
| Huntington Ingalls Industries, Inc.  | (5000)<br>| (1151700)<br>|
| Loar Holdings, Inc.  | (10000)<br>| (945800)<br>|
| Spirit AeroSystems Holdings, Inc., <br> Class A <br>| (34000)<br>| (1224000)<br>|
|  |  | (7522270)<br>|
| ***AUTOMOBILE COMPONENTS - (1.0)%*** | ***AUTOMOBILE COMPONENTS - (1.0)%*** | ***AUTOMOBILE COMPONENTS - (1.0)%*** |
| QuantumScape Corp. | (279000)<br>| (1090890)<br>|
| ***AUTOMOBILES - (0.5)%*** | ***AUTOMOBILES - (0.5)%*** | ***AUTOMOBILES - (0.5)%*** |
| Tesla, Inc. | (2000)<br>| (564320)<br>|
| ***BANKS - (0.7)%*** | ***BANKS - (0.7)%*** | ***BANKS - (0.7)%*** |
| Flagstar Financial, Inc. | (70433)<br>| (824770)<br>|
| ***BEVERAGES - (2.9)%*** | ***BEVERAGES - (2.9)%*** | ***BEVERAGES - (2.9)%*** |
| Brown-Forman Corp., Class B  | (33000)<br>| (1149720)<br>|
| Celsius Holdings, Inc.  | (30000)<br>| (1048800)<br>|
| Constellation Brands, Inc., Class A  | (6000)<br>| (1125240)<br>|
|  |  | (3323760)<br>|
| ***BIOTECHNOLOGY - (4.6)%*** | ***BIOTECHNOLOGY - (4.6)%*** | ***BIOTECHNOLOGY - (4.6)%*** |
| Apellis Pharmaceuticals, Inc.  | (65000)<br>| (1248650)<br>|
| Exact Sciences Corp.  | (20000)<br>| (912800)<br>|
| Natera, Inc.  | (7000)<br>| (1056510)<br>|
| Roivant Sciences Ltd.  | (85000)<br>| (987700)<br>|
| Sarepta Therapeutics, Inc.  | (9000)<br>| (561600)<br>|
| Viking Therapeutics, Inc.  | (16000)<br>| (461920)<br>|
|  |  | (5229180)<br>|
| ***BUILDING PRODUCTS - (0.9)%*** | ***BUILDING PRODUCTS - (0.9)%*** | ***BUILDING PRODUCTS - (0.9)%*** |
| Trex Co., Inc. | (18000)<br>| (1040760)<br>|
| ***CAPITAL MARKETS - (2.4)%*** | ***CAPITAL MARKETS - (2.4)%*** | ***CAPITAL MARKETS - (2.4)%*** |
| Blue Owl Capital, Inc.  | (47000)<br>| (870910)<br>|
| Coinbase Global, Inc., Class A  | (2000)<br>| (405780)<br>|
| Franklin Resources, Inc.  | (62000)<br>| (1163120)<br>|
| TPG, Inc.  | (7000)<br>| (325150)<br>|
|  |  | (2764960)<br>|
| ***CHEMICALS - (2.9)%*** | ***CHEMICALS - (2.9)%*** | ***CHEMICALS - (2.9)%*** |
| Air Products and Chemicals, Inc.  | (3000)<br>| (813270)<br>|
| Albemarle Corp.  | (3500)<br>| (204925)<br>|
| Chemours Co. (The)  | (92000)<br>| (1138960)<br>|
| Westlake Corp.  | (13000)<br>| (1201590)<br>|
|  |  | (3358745)<br>|
| ***COMMERCIAL SERVICES & SUPPLIES - (0.4)%*** | ***COMMERCIAL SERVICES & SUPPLIES - (0.4)%*** | ***COMMERCIAL SERVICES & SUPPLIES - (0.4)%*** |
| Driven Brands Holdings, Inc. | (27200)<br>| (449344)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***CONSTRUCTION MATERIALS - (1.9)%*** | ***CONSTRUCTION MATERIALS - (1.9)%*** | ***CONSTRUCTION MATERIALS - (1.9)%*** |
| Eagle Materials, Inc.  | (5000)<br>| $(1131950)<br>|
| Martin Marietta Materials, Inc.  | (2000)<br>| (1047960)<br>|
|  |  | (2179910)<br>|
| ***CONSUMER STAPLES DISTRIBUTION & RETAIL - (1.1)%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - (1.1)%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - (1.1)%*** |
| Grocery Outlet Holding Corp. | (71000)<br>| (1192090)<br>|
| ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** | ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** | ***DIVERSIFIED CONSUMER SERVICES - (0.7)%*** |
| Mister Car Wash, Inc. | (123600)<br>| (847896)<br>|
| ***ELECTRIC UTILITIES - (1.7)%*** | ***ELECTRIC UTILITIES - (1.7)%*** | ***ELECTRIC UTILITIES - (1.7)%*** |
| FirstEnergy Corp.  | (22000)<br>| (943360)<br>|
| IDACORP, Inc.  | (8000)<br>| (944720)<br>|
|  |  | (1888080)<br>|
| ***ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -*** <br> ***(0.9)%*** | ***ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -*** <br> ***(0.9)%*** | ***ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -*** <br> ***(0.9)%*** |
| Crane NXT Co. | (21000)<br>| (985320)<br>|
| ***ENTERTAINMENT - (1.0)%*** | ***ENTERTAINMENT - (1.0)%*** | ***ENTERTAINMENT - (1.0)%*** |
| Liberty Media Corp.-Liberty Live, <br> Class C <br>| (3000)<br>| (214530)<br>|
| Madison Square Garden Sports Corp.  | (5000)<br>| (962850)<br>|
|  |  | (1177380)<br>|
| ***FINANCIAL SERVICES - (2.8)%*** | ***FINANCIAL SERVICES - (2.8)%*** | ***FINANCIAL SERVICES - (2.8)%*** |
| Rocket Cos., Inc., Class A  | (74000)<br>| (955340)<br>|
| Shift4 Payments, Inc., Class A  | (12000)<br>| (981600)<br>|
| UWM Holdings Corp.  | (259000)<br>| (1217300)<br>|
|  |  | (3154240)<br>|
| ***FOOD PRODUCTS - (2.0)%*** | ***FOOD PRODUCTS - (2.0)%*** | ***FOOD PRODUCTS - (2.0)%*** |
| Freshpet, Inc.  | (7000)<br>| (514780)<br>|
| Lamb Weston Holdings, Inc.  | (19000)<br>| (1003390)<br>|
| Seaboard Corp.  | (300)<br>| (775794)<br>|
|  |  | (2293964)<br>|
| ***GAS UTILITIES - (1.1)%*** | ***GAS UTILITIES - (1.1)%*** | ***GAS UTILITIES - (1.1)%*** |
| Atmos Energy Corp. | (8000)<br>| (1285040)<br>|
| ***GROUND TRANSPORTATION - (3.0)%*** | ***GROUND TRANSPORTATION - (3.0)%*** | ***GROUND TRANSPORTATION - (3.0)%*** |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| (16000)<br>| (626720)<br>|
| Saia, Inc.  | (2000)<br>| (488000)<br>|
| U-Haul Holding Co.  | (17000)<br>| (1043630)<br>|
| XPO, Inc.  | (12000)<br>| (1273440)<br>|
|  |  | (3431790)<br>|
| ***HEALTH CARE EQUIPMENT & SUPPLIES - (1.9)%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - (1.9)%*** | ***HEALTH CARE EQUIPMENT & SUPPLIES - (1.9)%*** |
| Baxter International, Inc.  | (10000)<br>| (311700)<br>|
| Enovis Corp.  | (30000)<br>| (1037700)<br>|
| Inspire Medical Systems, Inc.  | (4000)<br>| (633520)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Novocure Ltd.  | (8200)<br>| $(148748)<br>|
| Tandem Diabetes Care, Inc.  | (1900)<br>| (32015)<br>|
|  |  | (2163683)<br>|
| ***HEALTH CARE PROVIDERS & SERVICES - (1.4)%*** | ***HEALTH CARE PROVIDERS & SERVICES - (1.4)%*** | ***HEALTH CARE PROVIDERS & SERVICES - (1.4)%*** |
| Acadia Healthcare Co., Inc.  | (51000)<br>| (1193400)<br>|
| Guardant Health, Inc.  | (9500)<br>| (448685)<br>|
|  |  | (1642085)<br>|
| ***HEALTH CARE TECHNOLOGY - (0.5)%*** | ***HEALTH CARE TECHNOLOGY - (0.5)%*** | ***HEALTH CARE TECHNOLOGY - (0.5)%*** |
| Certara, Inc. | (39700)<br>| (550242)<br>|
| ***HOTELS, RESTAURANTS & LEISURE - (7.1)%*** | ***HOTELS, RESTAURANTS & LEISURE - (7.1)%*** | ***HOTELS, RESTAURANTS & LEISURE - (7.1)%*** |
| Cava Group, Inc.  | (12000)<br>| (1109160)<br>|
| Churchill Downs, Inc.  | (10000)<br>| (904100)<br>|
| DraftKings, Inc., Class A  | (32000)<br>| (1065280)<br>|
| Dutch Bros., Inc., Class A  | (13000)<br>| (776620)<br>|
| Hyatt Hotels Corp., Class A  | (9000)<br>| (1014120)<br>|
| Light & Wonder, Inc.  | (11000)<br>| (939180)<br>|
| Penn Entertainment, Inc.  | (50300)<br>| (765566)<br>|
| Starbucks Corp.  | (3000)<br>| (240150)<br>|
| Texas Roadhouse, Inc.  | (6000)<br>| (995760)<br>|
| Wingstop, Inc.  | (1000)<br>| (263890)<br>|
|  |  | (8073826)<br>|
| ***INDUSTRIAL CONGLOMERATES - (0.9)%*** | ***INDUSTRIAL CONGLOMERATES - (0.9)%*** | ***INDUSTRIAL CONGLOMERATES - (0.9)%*** |
| 3M Co. | (7000)<br>| (972370)<br>|
| ***INSURANCE - (1.8)%*** | ***INSURANCE - (1.8)%*** | ***INSURANCE - (1.8)%*** |
| American Financial Group, Inc.  | (9000)<br>| (1139940)<br>|
| Kinsale Capital Group, Inc.  | (2000)<br>| (870520)<br>|
|  |  | (2010460)<br>|
| ***INTERACTIVE MEDIA & SERVICES - (1.6)%*** | ***INTERACTIVE MEDIA & SERVICES - (1.6)%*** | ***INTERACTIVE MEDIA & SERVICES - (1.6)%*** |
| TripAdvisor, Inc.  | (61000)<br>| (759450)<br>|
| Trump Media & Technology Group <br> Corp. <br>| (43000)<br>| (1055220)<br>|
|  |  | (1814670)<br>|
| ***LIFE SCIENCES TOOLS & SERVICES - (2.9)%*** | ***LIFE SCIENCES TOOLS & SERVICES - (2.9)%*** | ***LIFE SCIENCES TOOLS & SERVICES - (2.9)%*** |
| 10X Genomics, Inc., Class A  | (102000)<br>| (843540)<br>|
| Bio-Techne Corp.  | (16000)<br>| (805600)<br>|
| Bruker Corp.  | (20000)<br>| (801200)<br>|
| Sotera Health Co.  | (71000)<br>| (816500)<br>|
|  |  | (3266840)<br>|
| ***MACHINERY - (0.6)%*** | ***MACHINERY - (0.6)%*** | ***MACHINERY - (0.6)%*** |
| RBC Bearings, Inc. | (2200)<br>| (722854)<br>|
| ***MEDIA - (1.1)%*** | ***MEDIA - (1.1)%*** | ***MEDIA - (1.1)%*** |
| Liberty Broadband Corp., Class A | (14000)<br>| (1246700)<br>|

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***METALS & MINING - (5.0)%*** | ***METALS & MINING - (5.0)%*** | ***METALS & MINING - (5.0)%*** |
| Cleveland-Cliffs, Inc.  | (143000)<br>| $(1178320)<br>|
| Freeport-McMoRan, Inc.  | (28000)<br>| (1008840)<br>|
| MP Materials Corp.  | (42000)<br>| (1027320)<br>|
| Nucor Corp.  | (2000)<br>| (238740)<br>|
| Southern Copper Corp.  | (12000)<br>| (1074240)<br>|
| United States Steel Corp.  | (27000)<br>| (1180170)<br>|
|  |  | (5707630)<br>|
| ***MULTI-UTILITIES - (0.7)%*** | ***MULTI-UTILITIES - (0.7)%*** | ***MULTI-UTILITIES - (0.7)%*** |
| CenterPoint Energy, Inc. | (21000)<br>| (814380)<br>|
| ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** | ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** | ***OIL, GAS & CONSUMABLE FUELS - (3.0)%*** |
| Antero Resources Corp.  | (27000)<br>| (940410)<br>|
| Diamondback Energy, Inc.  | (9000)<br>| (1188090)<br>|
| New Fortress Energy, Inc.  | (47000)<br>| (255210)<br>|
| Viper Energy, Inc.  | (27000)<br>| (1088910)<br>|
|  |  | (3472620)<br>|
| ***PASSENGER AIRLINES - (1.3)%*** | ***PASSENGER AIRLINES - (1.3)%*** | ***PASSENGER AIRLINES - (1.3)%*** |
| American Airlines Group, Inc.  | (16000)<br>| (159200)<br>|
| JetBlue Airways Corp.  | (93500)<br>| (407660)<br>|
| Southwest Airlines Co.  | (32000)<br>| (894720)<br>|
|  |  | (1461580)<br>|
| ***PERSONAL CARE PRODUCTS - (1.1)%*** | ***PERSONAL CARE PRODUCTS - (1.1)%*** | ***PERSONAL CARE PRODUCTS - (1.1)%*** |
| elf Beauty, Inc. | (20000)<br>| (1237400)<br>|
| ***PROFESSIONAL SERVICES - (0.4)%*** | ***PROFESSIONAL SERVICES - (0.4)%*** | ***PROFESSIONAL SERVICES - (0.4)%*** |
| CACI International, Inc., Class A | (1000)<br>| (457870)<br>|
| ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.5)%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.5)%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (3.5)%*** |
| Allegro MicroSystems, Inc.  | (39000)<br>| (743730)<br>|
| Astera Labs, Inc.  | (11000)<br>| (718410)<br>|
| Entegris, Inc.  | (6600)<br>| (522192)<br>|
| GLOBALFOUNDRIES, Inc.  | (25000)<br>| (876750)<br>|
| MACOM Technology Solutions <br> Holdings, Inc. <br>| (11000)<br>| (1141250)<br>|
|  |  | (4002332)<br>|
| ***SOFTWARE - (2.2)%*** | ***SOFTWARE - (2.2)%*** | ***SOFTWARE - (2.2)%*** |
| C3.ai, Inc., Class A  | (10700)<br>| (235507)<br>|
| MicroStrategy, Inc., Class A  | (3000)<br>| (1140330)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| nCino, Inc.  | (9000)<br>| $(208800)<br>|
| SentinelOne, Inc., Class A  | (51000)<br>| (943500)<br>|
|  |  | (2528137)<br>|
| ***SPECIALTY RETAIL - (2.8)%*** | ***SPECIALTY RETAIL - (2.8)%*** | ***SPECIALTY RETAIL - (2.8)%*** |
| Five Below, Inc.  | (15000)<br>| (1138350)<br>|
| Floor & Decor Holdings, Inc.  | (6500)<br>| (464360)<br>|
| GameStop Corp., Class A  | (40000)<br>| (1114400)<br>|
| Wayfair, Inc., Class A  | (17000)<br>| (512720)<br>|
|  |  | (3229830)<br>|
| ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - (0.8)%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - (0.8)%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - (0.8)%*** |
| Super Micro Computer, Inc. | (30000)<br>| (955800)<br>|
| ***TEXTILES, APPAREL & LUXURY GOODS - (1.6)%*** | ***TEXTILES, APPAREL & LUXURY GOODS - (1.6)%*** | ***TEXTILES, APPAREL & LUXURY GOODS - (1.6)%*** |
| Amer Sports, Inc.  | (34000)<br>| (824500)<br>|
| Skechers USA, Inc., Class A  | (21000)<br>| (1008420)<br>|
|  |  | (1832920)<br>|
| ***TRADING COMPANIES & DISTRIBUTORS - (0.9)%*** | ***TRADING COMPANIES & DISTRIBUTORS - (0.9)%*** | ***TRADING COMPANIES & DISTRIBUTORS - (0.9)%*** |
| Air Lease Corp. | (23000)<br>| (1075480)<br>|
| **TOTAL COMMON STOCKS SOLD** <br> **SHORT**<br> **(PROCEEDS ($100956492))**<br>|  | (93844418)<br>|
| **TOTAL SECURITIES SOLD** <br> **SHORT**<br> **(PROCEEDS ($100956492)) -** <br> **(82.2)%**<br>|  | (93844418)<br>|
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 82.3%**<br>|  | 93934549 |
| **NET ASSETS - 100.0%** |  | $114117949 |

---

<sup>(a)</sup> All or portion of the shares have been pledged as collateral for open short position. The total market value of the securities pledged at April 30, 2025 is $71,190,517. 

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

<sup>(c)</sup> 7-day current yield as of April 30, 2025 is disclosed.

---

| |
|:---|
| PLC — Public Limited Company |
| S&P — Standard & Poor's |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | |
|:---|:---|
| **Country Diversification** | **Percent\*** |
| United States | 58.6<br> %<br>|
| Canada | 14.6 |
| United Kingdom | 7.4 |
| Taiwan | 5.5 |
| Ireland (Republic of) | 3.8 |
| Brazil | 2.5 |
| Spain | 1.6 |
| Chile | 1.6 |
| Philippines | 1.5 |
| Switzerland | 1.4 |
| Netherlands | 1.3 |
| Total Investments | 99.8<br> %<br>|

---

\* Percentages indicated are based on net assets as of April 30, 2025.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.3%** |  |  |
| ***AEROSPACE & DEFENSE - 1.1%*** |  |  |
| General Dynamics Corp. | 15562 | $4234731 |
| ***BANKS - 15.4%*** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, <br> Sponsored ADR<br>| 464606 | 6365102 |
| Bank of Nova Scotia (The) | 67206 | 3358956 |
| Canadian Imperial Bank of Commerce | 84156 | 5297620 |
| HSBC Holdings PLC, Sponsored ADR | 113670 | 6374614 |
| Lloyds Banking Group PLC, ADR | 1982426 | 7830583 |
| NatWest Group PLC, Sponsored ADR | 781363 | 10095210 |
| Regions Financial Corp. | 243055 | 4960752 |
| Royal Bank of Canada | 43366 | 5198716 |
| Toronto-Dominion Bank (The) | 83742 | 5341065 |
| U.S. Bancorp | 129066 | 5206522 |
|  |  | 60029140 |
| ***BEVERAGES - 1.8%*** |  |  |
| Coca-Cola Co. (The) | 98674 | 7158799 |
| ***BIOTECHNOLOGY - 3.6%*** |  |  |
| Amgen, Inc. | 22962 | 6680105 |
| Gilead Sciences, Inc. | 71129 | 7578084 |
|  |  | 14258189 |
| ***BUILDING PRODUCTS - 1.4%*** |  |  |
| Johnson Controls International PLC | 66678 | 5594284 |
| ***CHEMICALS - 0.9%*** |  |  |
| Air Products and Chemicals, Inc. | 13238 | 3588689 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***3.4%***<br>|  |  |
| Cisco Systems, Inc. | 105522 | 6091785 |
| Juniper Networks, Inc. | 195853 | 7113381 |
|  |  | 13205166 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 2.4%***<br>|  |  |
| Sysco Corp. | 90077 | 6431498 |
| Target Corp. | 30759 | 2974395 |
|  |  | 9405893 |
| ***ELECTRIC UTILITIES - 3.3%*** |  |  |
| Enel Chile SA, ADR | 1813982 | 6348937 |
| Fortis, Inc. | 129193 | 6396345 |
|  |  | 12745282 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 2.6%***<br>|  |  |
| Avnet, Inc. | 103056 | $4842601 |
| TE Connectivity PLC | 36289 | 5311984 |
|  |  | 10154585 |
| ***ENTERTAINMENT - 1.3%*** |  |  |
| Warner Music Group Corp., Class A | 165712 | 5045930 |
| ***FOOD PRODUCTS - 0.9%*** |  |  |
| General Mills, Inc. | 59844 | 3395549 |
| ***GROUND TRANSPORTATION - 1.5%*** |  |  |
| Canadian National Railway Co. | 60743 | 5881137 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 3.1%***<br>|  |  |
| Abbott Laboratories | 62526 | 8175275 |
| Medtronic PLC | 47407 | 4018217 |
|  |  | 12193492 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.8%***<br>|  |  |
| Cigna Group (The) | 32615 | 11090405 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 2.7%***<br>|  |  |
| McDonald's Corp. | 33390 | 10673114 |
| ***INSURANCE - 1.4%*** |  |  |
| Sun Life Financial, Inc. | 94953 | 5654451 |
| ***IT SERVICES - 5.0%*** |  |  |
| Amdocs Ltd. | 75322 | 6672023 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 57343 | 4218725 |
| International Business Machines Corp. | 36315 | 8781693 |
|  |  | 19672441 |
| ***MACHINERY - 1.6%*** |  |  |
| Snap-on, Inc. | 19336 | 6067830 |
| ***MEDIA - 4.2%*** |  |  |
| Comcast Corp., Class A | 110980 | 3795516 |
| Interpublic Group of Cos., Inc. (The) | 155420 | 3904150 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Omnicom Group, Inc. | 50953 | $3880581 |
| TEGNA, Inc. | 289800 | 4703454 |
|  |  | 16283701 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***5.0%***<br>|  |  |
| Canadian Natural Resources, Ltd. | 201556 | 5782642 |
| Shell PLC, ADR | 72055 | 4646106 |
| Suncor Energy, Inc. | 157609 | 5562022 |
| Veren, Inc. | 588754 | 3479536 |
|  |  | 19470306 |
| ***PROFESSIONAL SERVICES - 3.8%*** |  |  |
| Broadridge Financial Solutions, Inc. | 27848 | 6750355 |
| Paychex, Inc. | 55349 | 8142945 |
|  |  | 14893300 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***12.1%***<br>|  |  |
| Analog Devices, Inc. | 31227 | 6086767 |
| ASE Industrial Holding Co. Ltd., ADR | 798026 | 6966767 |
| Broadcom, Inc. | 43819 | 8433843 |
| NXP Semiconductors N.V. | 27562 | 5079952 |
| QUALCOMM, Inc. | 42568 | 6319645 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., Sponsored ADR<br>| 63339 | 10557978 |
| United Microelectronics Corp., <br> Sponsored ADR<br>| 541403 | 3811477 |
|  |  | 47256429 |
| ***SOFTWARE - 1.3%*** |  |  |
| Open Text Corp. | 181768 | 4925913 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.9%***<br>|  |  |
| Crown Castle, Inc. | 29203 | 3088509 |
| Rayonier, Inc. | 170269 | 4164780 |
|  |  | 7253289 |
| ***SPECIALTY RETAIL - 5.5%*** |  |  |
| Gap, Inc. (The) | 410653 | 8993301 |
| Home Depot, Inc. (The) | 15045 | 5423572 |
| Signet Jewelers Ltd. | 122496 | 7264013 |
|  |  | 21680886 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***5.3%***<br>|  |  |
| Hewlett Packard Enterprise Co. | 313610 | 5086754 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| HP, Inc. | 207093 | $5295368 |
| Logitech International SA | 73169 | 5516211 |
| NetApp, Inc. | 55843 | 5011909 |
|  |  | 20910242 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 3.0%***<br>|  |  |
| PLDT, Inc., ADR | 255882 | 6005551 |
| TIM SA, ADR | 336371 | 5610668 |
|  |  | 11616219 |
| **TOTAL COMMON STOCKS**<br> **(COST $332,136,916)**<br>|  | 384339392 |
| **MONEY MARKET FUND - 0.5%** | **MONEY MARKET FUND - 0.5%** | **MONEY MARKET FUND - 0.5%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(a)</sup> <br>| 1974258 | 1974258 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $1,974,258)**<br>|  | 1974258 |
| **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, 4.68%<sup>(b)</sup> <br>| 2189576 | 4138299 |
| **TOTAL PREFERRED STOCKS**<br> **(COST $4,338,955)**<br>|  | 4138299 |
| **TOTAL INVESTMENTS**<br> **(COST $338,450,129) - 99.8%**<br>|  | 390451949 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.2%**<br>|  | 586603 |
| **NET ASSETS - 100.0%** |  | $391038552 |

---

<sup>(a)</sup> 7-day current yield as of April 30, 2025 is disclosed.

<sup>(b)</sup> Current yield is disclosed. 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 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD INTERNATIONAL ENHANCED INDEX FUND**

------

---

| | |
|:---|:---|
| **Country Diversification** | **Percent\*** |
| United Kingdom | 31.9<br> %<br>|
| Japan | 13.3 |
| Netherlands | 9.0 |
| Germany | 7.7 |
| China | 6.1 |
| India | 4.7 |
| Taiwan | 4.6 |
| Spain | 3.0 |
| Brazil | 2.7 |
| France | 2.5 |
| Switzerland | 2.5 |
| Australia | 2.3 |
| Mexico | 1.2 |
| Ireland (Republic of) | 1.0 |
| Italy | 0.9 |
| Singapore | 0.8 |
| Israel | 0.7 |
| Belgium | 0.6 |
| Sweden | 0.6 |
| Norway | 0.6 |
| Jersey | 0.5 |
| Denmark | 0.4 |
| Indonesia | 0.4 |
| Finland | 0.4 |
| Luxembourg | 0.3 |
| Republic of Korea (South) | 0.3 |
| United States | 0.2 |
| South Africa | 0.2 |
| Chile | 0.1 |
| Hong Kong | 0.1 |
| Pakistan | 0.0 |
| Total Investments | 99.6<br> %<br>|

---

\* Percentages indicated are based on net assets as of April 30, 2025.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD INTERNATIONAL ENHANCED INDEX FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.0%** |  |  |
| ***AIR FREIGHT & LOGISTICS - 0.1%*** |  |  |
| ZTO Express Cayman, Inc., ADR | 16627 | $307600 |
| ***AUTOMOBILES - 1.9%*** |  |  |
| Honda Motor Co. Ltd., Sponsored ADR | 111053 | 3388227 |
| Li Auto, Inc., ADR<sup>(a)</sup> <br>| 17764 | 433264 |
| NIO, Inc., ADR<sup>(a)</sup> <br>| 26351 | 106721 |
| XPeng, Inc., ADR<sup>(a)</sup> <br>| 9078 | 168851 |
|  |  | 4097063 |
| ***BANKS - 17.7%*** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, <br> Sponsored ADR<br>| 191377 | 2621865 |
| Banco de Chile, ADR | 6046 | 178478 |
| Banco Santander SA, Sponsored ADR | 406169 | 2843183 |
| Barclays PLC, Sponsored ADR | 113631 | 1824914 |
| HDFC Bank Ltd., ADR | 43456 | 3158816 |
| HSBC Holdings PLC, Sponsored ADR | 142305 | 7980464 |
| ICICI Bank Ltd., Sponsored ADR | 90637 | 3041778 |
| ING Groep N.V., Sponsored ADR | 131717 | 2551358 |
| KB Financial Group, Inc., ADR | 8767 | 552146 |
| Lloyds Banking Group PLC, ADR | 425905 | 1682325 |
| Mitsubishi UFJ Financial Group, Inc., <br> Sponsored ADR<br>| 414100 | 5234224 |
| Mizuho Financial Group, Inc., ADR | 315100 | 1591255 |
| NatWest Group PLC, Sponsored ADR | 66623 | 860769 |
| Sumitomo Mitsui Financial Group, Inc., <br> Sponsored ADR<br>| 233244 | 3312065 |
|  |  | 37433640 |
| ***BEVERAGES - 0.3%*** |  |  |
| Fomento Economico Mexicano SAB de <br> CV, Sponsored ADR<br>| 6601 | 695151 |
| ***BIOTECHNOLOGY - 3.6%*** |  |  |
| Abivax SA, ADR<sup>(a)</sup> <br>| 7858 | 55949 |
| Argenx SE, ADR<sup>(a)</sup> <br>| 5228 | 3372792 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> <br>| 5589 | 952589 |
| BeiGene Ltd., ADR<sup>(a)</sup> <br>| 2294 | 596004 |
| Bicycle Therapeutics PLC, ADR<sup>(a)</sup> <br>| 11209 | 95949 |
| Centessa Pharmaceuticals PLC, ADR<sup>(a)</sup> <br>| 5436 | 74528 |
| Galapagos N.V., Sponsored ADR<sup>(a)</sup> <br>| 48228 | 1298298 |
| Immunocore Holdings PLC, ADR<sup>(a)</sup> <br>| 37465 | 1127696 |
| Silence Therapeutics PLC, ADR<sup>(a)</sup> <br>| 5800 | 21460 |
|  |  | 7595265 |
| ***BROADLINE RETAIL - 3.9%*** |  |  |
| Alibaba Group Holding Ltd., Sponsored <br> ADR<br>| 45972 | 5490436 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| JD.com, Inc., ADR | 35403 | $1154846 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> <br>| 14795 | 1561908 |
|  |  | 8207190 |
| ***CAPITAL MARKETS - 3.2%*** |  |  |
| Deutsche Bank AG | 82893 | 2172625 |
| Futu Holdings Ltd., ADR | 1342 | 123880 |
| Nomura Holdings, Inc., Sponsored ADR | 85620 | 475191 |
| UBS Group AG | 133868 | 4046830 |
|  |  | 6818526 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 0.1%***<br>|  |  |
| Rentokil Initial PLC, Sponsored ADR | 12435 | 285259 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***1.0%***<br>|  |  |
| Nokia Oyj, Sponsored ADR | 167640 | 836524 |
| Telefonaktiebolaget LM Ericsson, <br> Sponsored ADR<br>| 143601 | 1183272 |
|  |  | 2019796 |
| ***CONSTRUCTION MATERIALS - 0.6%*** |  |  |
| CEMEX SAB de CV, Sponsored ADR | 75555 | 466174 |
| James Hardie Industries PLC, Sponsored <br> ADR<sup>(a)</sup> <br>| 32274 | 766185 |
|  |  | 1232359 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 0.8%***<br>|  |  |
| Pearson PLC, Sponsored ADR | 97434 | 1583303 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 1.7%***<br>|  |  |
| Chunghwa Telecom Co. Ltd., Sponsored <br> ADR<br>| 44597 | 1803503 |
| Telefonica SA, Sponsored ADR | 169980 | 868598 |
| Telkom Indonesia Persero Tbk PT, ADR | 54458 | 851178 |
|  |  | 3523279 |
| ***ELECTRIC UTILITIES - 0.3%*** |  |  |
| Centrais Eletricas Brasileiras SA, <br> Sponsored ADR<br>| 81639 | 628620 |
| ***ENTERTAINMENT - 1.4%*** |  |  |
| NetEase, Inc., ADR | 7441 | 796634 |
| Sea Ltd., ADR<sup>(a)</sup> <br>| 12417 | 1664499 |
| Tencent Music Entertainment Group, <br> ADR<br>| 30579 | 410370 |
|  |  | 2871503 |
| ***FINANCIAL SERVICES - 0.8%*** |  |  |
| ORIX Corp., Sponsored ADR | 78460 | 1573908 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD INTERNATIONAL ENHANCED INDEX FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***GROUND TRANSPORTATION - 0.1%*** |  |  |
| Full Truck Alliance Co. Ltd., Sponsored <br> ADR<br>| 22572 | $256418 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.7%***<br>|  |  |
| Koninklijke Philips N.V., Sponsored <br> NYS<sup>(a)</sup> <br>| 59082 | 1497729 |
| Smith & Nephew PLC, Sponsored ADR | 71999 | 2017412 |
|  |  | 3515141 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 0.4%***<br>|  |  |
| Fresenius Medical Care AG, ADR | 36535 | 927258 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.1%***<br>|  |  |
| InterContinental Hotels Group PLC, <br> ADR<br>| 17617 | 1900698 |
| Trip.com Group Ltd., ADR | 5747 | 339016 |
|  |  | 2239714 |
| ***HOUSEHOLD DURABLES - 3.5%*** |  |  |
| Sony Group Corp., Sponsored ADR | 286690 | 7453940 |
| ***INSURANCE - 0.7%*** |  |  |
| Aegon Ltd., Sponsored NYS | 40717 | 261810 |
| Prudential PLC, ADR | 56936 | 1209890 |
|  |  | 1471700 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 0.2%***<br>|  |  |
| Baidu, Inc., Sponsored ADR<sup>(a)</sup> <br>| 5506 | 483537 |
| ***IT SERVICES - 1.7%*** |  |  |
| Infosys Ltd., Sponsored ADR | 179816 | 3164762 |
| Wipro Ltd., ADR | 168148 | 480903 |
|  |  | 3645665 |
| ***MEDIA - 0.7%*** |  |  |
| Criteo SA, Sponsored ADR<sup>(a)</sup> <br>| 10617 | 361615 |
| WPP PLC, Sponsored ADR | 26071 | 1005298 |
|  |  | 1366913 |
| ***METALS & MINING - 4.5%*** |  |  |
| ArcelorMittal SA, Sponsored NYS | 21827 | 648044 |
| BHP Group Ltd., Sponsored ADR | 104449 | 4966550 |
| Gold Fields Ltd., Sponsored ADR | 17085 | 385096 |
| Rio Tinto PLC, Sponsored ADR | 45645 | 2711313 |
| Vale SA, Sponsored ADR | 90960 | 846837 |
|  |  | 9557840 |
| ***MULTI-UTILITIES - 2.3%*** |  |  |
| National Grid PLC, Sponsored ADR | 65137 | 4755001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***9.9%***<br>|  |  |
| BP PLC, Sponsored ADR | 115998 | $3185305 |
| Eni S.p.A., Sponsored ADR | 67356 | 1913584 |
| Equinor ASA, Sponsored ADR | 52698 | 1174639 |
| Petroleo Brasileiro SA, Sponsored ADR | 25860 | 291959 |
| Shell PLC, ADR | 144811 | 9337413 |
| TotalEnergies SE, Sponsored ADR | 86092 | 4894330 |
|  |  | 20797230 |
| ***PAPER & FOREST PRODUCTS - 0.1%*** |  |  |
| Suzano SA, Sponsored ADR<sup>(a)</sup> <br>| 25371 | 224787 |
| ***PASSENGER AIRLINES - 0.5%*** |  |  |
| Ryanair Holdings PLC, Sponsored ADR | 22775 | 1090012 |
| ***PERSONAL CARE PRODUCTS - 5.8%*** |  |  |
| Unilever PLC, Sponsored ADR | 193885 | 12321392 |
| ***PHARMACEUTICALS - 4.6%*** |  |  |
| Avadel Pharmaceuticals PLC<sup>(a)</sup> <br>| 35008 | 311221 |
| Haleon PLC, ADR | 292793 | 2971849 |
| HUTCHMED China Ltd., ADR<sup>(a)</sup> <br>| 23895 | 354841 |
| Takeda Pharmaceutical Co. Ltd., ADR | 325292 | 4973715 |
| Verona Pharma PLC, ADR<sup>(a)</sup> <br>| 15952 | 1149660 |
|  |  | 9761286 |
| ***PROFESSIONAL SERVICES - 4.3%*** |  |  |
| RELX PLC, Sponsored ADR | 164145 | 8967241 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.2%***<br>|  |  |
| KE Holdings, Inc., ADR | 15738 | 319481 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***9.4%***<br>|  |  |
| ARM Holdings PLC, ADR<sup>(a)</sup> <br>| 4338 | 494749 |
| ASE Industrial Holding Co. Ltd., ADR | 57146 | 498884 |
| ASML Holding N.V., Sponsored NYS | 15896 | 10619800 |
| STMicroelectronics N.V., Sponsored <br> NYS<br>| 34715 | 788378 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., Sponsored ADR<br>| 39270 | 6545916 |
| United Microelectronics Corp., <br> Sponsored ADR<br>| 136133 | 958376 |
|  |  | 19906103 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD INTERNATIONAL ENHANCED INDEX FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***SOFTWARE - 6.9%*** |  |  |
| Nice Ltd., Sponsored ADR<sup>(a)</sup> <br>| 9504 | $1481246 |
| SAP SE, Sponsored ADR | 44816 | 13094787 |
|  |  | 14576033 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***0.5%***<br>|  |  |
| Logitech International SA | 15168 | 1143516 |
| ***WATER UTILITIES - 0.4%*** |  |  |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP, ADR<sup>(a)</sup> <br>| 45558 | 926194 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 1.1%***<br>|  |  |
| America Movil SAB de CV, ADR | 77435 | 1334979 |
| VEON Ltd.<sup>(a)</sup> <br>| 2409 | 109272 |
| Vodafone Group PLC, Sponsored ADR | 88377 | 862560 |
|  |  | 2306811 |
| **TOTAL COMMON STOCKS**<br> **(COST $194,112,174)**<br>|  | 206885675 |
| **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(b)</sup> <br>| 471689 | 471689 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $471,689)**<br>|  | 471689 |
| **PREFERRED STOCKS - 1.4%** | **PREFERRED STOCKS - 1.4%** | **PREFERRED STOCKS - 1.4%** |
| ***BANKS - 0.8%*** | ***BANKS - 0.8%*** | ***BANKS - 0.8%*** |
| Itau Unibanco Holding SA, Sponsored <br> ADR, 3.94%<sup>(c)</sup> <br>| 268209 | 1692399 |
| ***OIL, GAS & CONSUMABLE FUELS - 0.6%*** | ***OIL, GAS & CONSUMABLE FUELS - 0.6%*** | ***OIL, GAS & CONSUMABLE FUELS - 0.6%*** |
| Petroleo Brasileiro SA, Sponsored ADR, <br> 4.91%<sup>(c)</sup> <br>| 113226 | 1195666 |
| **TOTAL PREFERRED STOCKS**<br> **(COST $2,986,667)**<br>|  | 2888065 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TOTAL INVESTMENTS**<br> **(COST $197,570,530) - 99.6%**<br>|  | $210245429 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.4%**<br>|  | 767849 |
| **NET ASSETS - 100.0%** |  | $211013278 |

---

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

<sup>(b)</sup> 7-day current yield as of April 30, 2025 is disclosed.

<sup>(c)</sup> Current yield is disclosed. 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 PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.6%** |  |  |
| ***AUTOMOBILE COMPONENTS - 1.0%*** |  |  |
| BorgWarner, Inc. | 52000 | $1475760 |
| ***AUTOMOBILES - 0.7%*** |  |  |
| Harley-Davidson, Inc. | 13100 | 293702 |
| Tesla, Inc.<sup>(a)</sup> <br>| 3000 | 846480 |
|  |  | 1140182 |
| ***BANKS - 2.3%*** |  |  |
| JPMorgan Chase & Co. | 2000 | 489240 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 9000 | 1446210 |
| Popular, Inc. | 16000 | 1526720 |
|  |  | 3462170 |
| ***BIOTECHNOLOGY - 1.3%*** |  |  |
| Gilead Sciences, Inc. | 18000 | 1917720 |
| ***BROADLINE RETAIL - 3.9%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 20000 | 3688400 |
| Macy's, Inc. | 69000 | 787980 |
| Nordstrom, Inc. | 58000 | 1400120 |
|  |  | 5876500 |
| ***CAPITAL MARKETS - 5.1%*** |  |  |
| Bank of New York Mellon Corp. (The) | 20000 | 1608200 |
| Goldman Sachs Group, Inc. (The) | 3000 | 1642650 |
| Janus Henderson Group PLC | 32000 | 1062720 |
| S&P Global, Inc. | 4000 | 2000200 |
| XP, Inc., Class A | 95000 | 1529500 |
|  |  | 7843270 |
| ***CHEMICALS - 1.0%*** |  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>| 48000 | 1560000 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***2.5%***<br>|  |  |
| Cisco Systems, Inc. | 38000 | 2193740 |
| F5, Inc.<sup>(a)</sup> <br>| 6000 | 1588440 |
|  |  | 3782180 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***1.1%***<br>|  |  |
| EMCOR Group, Inc. | 4000 | 1602800 |
| ***CONSUMER FINANCE - 3.9%*** |  |  |
| American Express Co. | 7000 | 1864870 |
| Capital One Financial Corp. | 7000 | 1261820 |
| Discover Financial Services | 9000 | 1644030 |
| Synchrony Financial | 24000 | 1246800 |
|  |  | 6017520 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***CONTAINERS & PACKAGING - 1.2%*** |  |  |
| Amcor PLC | 159500 | $1467400 |
| Crown Holdings, Inc. | 3000 | 288990 |
|  |  | 1756390 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 0.9%***<br>|  |  |
| H&R Block, Inc. | 23000 | 1388510 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 2.2%***<br>|  |  |
| Iridium Communications, Inc. | 60000 | 1447800 |
| Verizon Communications, Inc. | 43000 | 1894580 |
|  |  | 3342380 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 1.3%***<br>|  |  |
| Avnet, Inc. | 5000 | 234950 |
| Jabil, Inc. | 12000 | 1758720 |
|  |  | 1993670 |
| ***FINANCIAL SERVICES - 7.0%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 3000 | 1599750 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 6000 | 1107420 |
| Mastercard, Inc., Class A | 5000 | 2740300 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 26000 | 1711840 |
| Visa, Inc., Class A | 10000 | 3455000 |
|  |  | 10614310 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 3.3%***<br>|  |  |
| Cardinal Health, Inc. | 11000 | 1554190 |
| Cigna Group (The) | 5000 | 1700200 |
| DaVita, Inc.<sup>(a)</sup> <br>| 3200 | 452960 |
| Elevance Health, Inc. | 1000 | 420580 |
| Premier, Inc., Class A | 45000 | 915750 |
|  |  | 5043680 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.3%***<br>|  |  |
| Booking Holdings, Inc. | 400 | 2039712 |
| ***HOUSEHOLD PRODUCTS - 2.0%*** |  |  |
| Colgate-Palmolive Co. | 17000 | 1567230 |
| Kimberly-Clark Corp. | 11000 | 1449580 |
|  |  | 3016810 |
| ***INSURANCE - 5.5%*** |  |  |
| Aflac, Inc. | 14000 | 1521520 |
| Hartford Insurance Group, Inc. (The) | 14000 | 1717380 |
| Marsh & McLennan Cos., Inc. | 8000 | 1803760 |
| MetLife, Inc. | 15300 | 1153161 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Progressive Corp. (The) | 7000 | $1972180 |
| Prudential Financial, Inc. | 2800 | 287588 |
|  |  | 8455589 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 3.8%***<br>|  |  |
| Alphabet, Inc., Class A | 23000 | 3652400 |
| Meta Platforms, Inc., Class A | 4000 | 2196000 |
|  |  | 5848400 |
| ***IT SERVICES - 2.4%*** |  |  |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| 8000 | 1506640 |
| International Business Machines Corp. | 9000 | 2176380 |
|  |  | 3683020 |
| ***LEISURE PRODUCTS - 0.9%*** |  |  |
| Mattel, Inc.<sup>(a)</sup> <br>| 44000 | 699160 |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 26000 | 742300 |
|  |  | 1441460 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 0.7%***<br>|  |  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| 1000 | 1070570 |
| ***PROFESSIONAL SERVICES - 3.8%*** |  |  |
| Automatic Data Processing, Inc. | 6000 | 1803600 |
| Genpact Ltd. | 32000 | 1608320 |
| ManpowerGroup, Inc. | 25000 | 1076750 |
| Robert Half, Inc. | 28000 | 1240400 |
|  |  | 5729070 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 2.1%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 13000 | 1588340 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 7000 | 1591870 |
|  |  | 3180210 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***7.7%***<br>|  |  |
| Broadcom, Inc. | 6000 | 1154820 |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 17000 | 1632680 |
| Lam Research Corp. | 10000 | 716700 |
| NVIDIA Corp. | 56000 | 6099520 |
| QUALCOMM, Inc. | 14000 | 2078440 |
|  |  | 11682160 |
| ***SOFTWARE - 13.4%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 5000 | 1874900 |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| 7000 | 1598170 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 2000 | 548500 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 52000 | 1484600 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| 12000 | 563640 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fortinet, Inc.<sup>(a)</sup> <br>| 17000 | $1763920 |
| Gen Digital, Inc. | 59000 | 1526330 |
| Microsoft Corp. | 18000 | 7114680 |
| Nutanix, Inc., Class A<sup>(a)</sup> <br>| 23000 | 1580100 |
| Salesforce, Inc. | 9000 | 2418390 |
|  |  | 20473230 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 2.7%***<br>|  |  |
| American Tower Corp. | 7000 | 1577870 |
| Equinix, Inc. | 2000 | 1721500 |
| Iron Mountain, Inc. | 8700 | 780129 |
|  |  | 4079499 |
| ***SPECIALTY RETAIL - 3.2%*** |  |  |
| Gap, Inc. (The) | 75000 | 1642500 |
| Lowe's Cos., Inc. | 7000 | 1564920 |
| TJX Cos., Inc. (The) | 1000 | 128680 |
| Williams-Sonoma, Inc. | 10000 | 1544700 |
|  |  | 4880800 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***5.7%***<br>|  |  |
| Apple, Inc. | 37000 | 7862500 |
| HP, Inc. | 32700 | 836139 |
|  |  | 8698639 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 4.6%***<br>|  |  |
| Columbia Sportswear Co. | 22000 | 1367740 |
| Crocs, Inc.<sup>(a)</sup> <br>| 11000 | 1060620 |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 13000 | 1440790 |
| PVH Corp. | 13000 | 896740 |
| Ralph Lauren Corp. | 7000 | 1574650 |
| VF Corp. | 61000 | 724680 |
|  |  | 7065220 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 1.1%***<br>|  |  |
| WESCO International, Inc. | 10000 | 1629600 |
| **TOTAL COMMON STOCKS**<br> **(COST $141,106,718)**<br>|  | 151791031 |
| **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(b)</sup> <br>| 119441 | 119441 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $119,441)**<br>|  | 119441 |
| **TOTAL INVESTMENTS**<br> **(COST $141,226,159) - 99.7%**<br>|  | 151910472 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.3%**<br>|  | $428169 |
| **NET ASSETS - 100.0%** |  | $152338641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 7-day current yield as of April 30, 2025 is disclosed.

---

| |
|:---|
| PLC — Public Limited Company |
| S&P — Standard & Poor's |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%** |  |  |
| ***AUTOMOBILES - 2.0%*** |  |  |
| Tesla, Inc.<sup>(a)</sup> <br>| 13000 | $3668080 |
| ***BIOTECHNOLOGY - 0.9%*** |  |  |
| Incyte Corp.<sup>(a)</sup> <br>| 25000 | 1566500 |
| ***BROADLINE RETAIL - 4.9%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 48000 | 8852160 |
| ***CAPITAL MARKETS - 2.1%*** |  |  |
| Ameriprise Financial, Inc. | 4000 | 1884080 |
| LPL Financial Holdings, Inc. | 6000 | 1918740 |
|  |  | 3802820 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***1.1%***<br>|  |  |
| EMCOR Group, Inc. | 5000 | 2003500 |
| ***CONSUMER FINANCE - 0.9%*** |  |  |
| American Express Co. | 3000 | 799230 |
| Synchrony Financial | 15300 | 794835 |
|  |  | 1594065 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 0.7%***<br>|  |  |
| Costco Wholesale Corp. | 1300 | 1292850 |
| ***CONTAINERS & PACKAGING - 0.5%*** |  |  |
| Amcor PLC | 93525 | 860430 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 1.9%***<br>|  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 10000 | 1783700 |
| H&R Block, Inc. | 26000 | 1569620 |
|  |  | 3353320 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 1.0%***<br>|  |  |
| Iridium Communications, Inc. | 77000 | 1858010 |
| ***ELECTRICAL EQUIPMENT - 1.0%*** |  |  |
| Generac Holdings, Inc.<sup>(a)</sup> <br>| 16000 | 1830080 |
| ***ENTERTAINMENT - 0.8%*** |  |  |
| Netflix, Inc.<sup>(a)</sup> <br>| 1300 | 1471236 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***FINANCIAL SERVICES - 6.7%*** |  |  |
| Mastercard, Inc., Class A | 9000 | $4932540 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 21000 | 1382640 |
| Visa, Inc., Class A | 17000 | 5873500 |
|  |  | 12188680 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.0%***<br>|  |  |
| ResMed, Inc. | 8000 | 1892720 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 3.1%***<br>|  |  |
| Cardinal Health, Inc. | 14000 | 1978060 |
| Cigna Group (The) | 4000 | 1360160 |
| DaVita, Inc.<sup>(a)</sup> <br>| 11000 | 1557050 |
| McKesson Corp. | 1000 | 712790 |
|  |  | 5608060 |
| ***HEALTH CARE TECHNOLOGY -*** <br> ***1.2%***<br>|  |  |
| Veeva Systems, Inc., Class A<sup>(a)</sup> <br>| 9000 | 2103210 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.8%***<br>|  |  |
| Booking Holdings, Inc. | 600 | 3059568 |
| Yum! Brands, Inc. | 1000 | 150440 |
|  |  | 3210008 |
| ***HOUSEHOLD PRODUCTS - 0.4%*** |  |  |
| Kimberly-Clark Corp. | 5000 | 658900 |
| ***INSURANCE - 2.5%*** |  |  |
| Allstate Corp. (The) | 9000 | 1785510 |
| Progressive Corp. (The) | 10000 | 2817400 |
|  |  | 4602910 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 8.0%***<br>|  |  |
| Alphabet, Inc., Class A | 56000 | 8892800 |
| Meta Platforms, Inc., Class A | 10000 | 5490000 |
|  |  | 14382800 |
| ***IT SERVICES - 3.3%*** |  |  |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| 11000 | 2071630 |
| Okta, Inc.<sup>(a)</sup> <br>| 18000 | 2018880 |
| Twilio, Inc., Class A<sup>(a)</sup> <br>| 20000 | 1934200 |
|  |  | 6024710 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 1.2%***<br>|  |  |
| Waters Corp.<sup>(a)</sup> <br>| 6000 | 2086380 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***MEDIA - 1.0%*** |  |  |
| Nexstar Media Group, Inc. | 12000 | $1795920 |
| ***PROFESSIONAL SERVICES - 2.9%*** |  |  |
| Booz Allen Hamilton Holding Corp. | 12000 | 1440240 |
| Genpact Ltd. | 34000 | 1708840 |
| Paycom Software, Inc. | 8000 | 1811120 |
| Robert Half, Inc. | 8000 | 354400 |
|  |  | 5314600 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 1.5%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 9400 | 1148492 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 7000 | 1591870 |
|  |  | 2740362 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.5%***<br>|  |  |
| Simon Property Group, Inc. | 6000 | 944280 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***11.8%***<br>|  |  |
| Broadcom, Inc. | 21000 | 4041870 |
| NVIDIA Corp. | 137000 | 14922040 |
| QUALCOMM, Inc. | 16000 | 2375360 |
|  |  | 21339270 |
| ***SOFTWARE - 19.4%*** |  |  |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| 9000 | 2054790 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 8000 | 2194000 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 62000 | 1770100 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| 42000 | 1972740 |
| Fortinet, Inc.<sup>(a)</sup> <br>| 22000 | 2282720 |
| Gen Digital, Inc. | 60000 | 1552200 |
| Intuit, Inc. | 1000 | 627470 |
| Microsoft Corp. | 44000 | 17391440 |
| Nutanix, Inc., Class A<sup>(a)</sup> <br>| 29000 | 1992300 |
| Pegasystems, Inc. | 5000 | 460400 |
| Salesforce, Inc. | 10000 | 2687100 |
|  |  | 34985260 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 2.9%***<br>|  |  |
| American Tower Corp. | 10000 | 2254100 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Equinix, Inc. | 2000 | $1721500 |
| Iron Mountain, Inc. | 14000 | 1255380 |
|  |  | 5230980 |
| ***SPECIALTY RETAIL - 2.0%*** |  |  |
| Home Depot, Inc. (The) | 900 | 324441 |
| Lowe's Cos., Inc. | 7000 | 1564920 |
| Williams-Sonoma, Inc. | 11000 | 1699170 |
|  |  | 3588531 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***8.2%***<br>|  |  |
| Apple, Inc. | 60000 | 12750000 |
| HP, Inc. | 31000 | 792670 |
| NetApp, Inc. | 14000 | 1256500 |
|  |  | 14799170 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 2.6%***<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> <br>| 12000 | 1157040 |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 18000 | 1994940 |
| Tapestry, Inc. | 23000 | 1624950 |
|  |  | 4776930 |
| **TOTAL COMMON STOCKS**<br> **(COST $169,195,677)**<br>|  | 180426732 |
| **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(b)</sup> <br>| 126218 | 126218 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $126,218)**<br>|  | 126218 |
| **TOTAL INVESTMENTS**<br> **(COST $169,321,895) - 99.9%**<br>|  | 180552950 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.1%**<br>|  | 172619 |
| **NET ASSETS - 100.0%** |  | $180725569 |

---

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

<sup>(b)</sup> 7-day current yield as of April 30, 2025 is disclosed.

PLC — Public Limited Company<br>

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%** |  |  |
| ***AUTOMOBILE COMPONENTS - 2.1%*** |  |  |
| Aptiv PLC<sup>(a)</sup> <br>| 15300 | $873018 |
| BorgWarner, Inc. | 30900 | 876942 |
|  |  | 1749960 |
| ***AUTOMOBILES - 0.9%*** |  |  |
| Harley-Davidson, Inc. | 34800 | 780216 |
| ***BANKS - 10.1%*** |  |  |
| Bank of America Corp. | 27700 | 1104676 |
| Citigroup, Inc. | 18900 | 1292382 |
| JPMorgan Chase & Co. | 6200 | 1516644 |
| PNC Financial Services Group, Inc. <br> (The)<br>| 6500 | 1044485 |
| Popular, Inc. | 8700 | 830154 |
| U.S. Bancorp | 25700 | 1036738 |
| Wells Fargo & Co. | 21300 | 1512513 |
|  |  | 8337592 |
| ***BIOTECHNOLOGY - 3.4%*** |  |  |
| Amgen, Inc. | 3100 | 901852 |
| Gilead Sciences, Inc. | 12100 | 1289134 |
| Incyte Corp.<sup>(a)</sup> <br>| 10300 | 645398 |
|  |  | 2836384 |
| ***BROADLINE RETAIL - 1.4%*** |  |  |
| Macy's, Inc. | 40400 | 461368 |
| Nordstrom, Inc. | 28900 | 697646 |
|  |  | 1159014 |
| ***CAPITAL MARKETS - 6.0%*** |  |  |
| Bank of New York Mellon Corp. (The) | 11000 | 884510 |
| Goldman Sachs Group, Inc. (The) | 2300 | 1259365 |
| Janus Henderson Group PLC | 16200 | 538002 |
| S&P Global, Inc. | 2800 | 1400140 |
| XP, Inc., Class A | 52200 | 840420 |
|  |  | 4922437 |
| ***CHEMICALS - 1.0%*** |  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>| 25700 | 835250 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***3.0%***<br>|  |  |
| Cisco Systems, Inc. | 28000 | 1616440 |
| F5, Inc.<sup>(a)</sup> <br>| 3200 | 847168 |
|  |  | 2463608 |
| ***CONSUMER FINANCE - 4.2%*** |  |  |
| American Express Co. | 4300 | 1145563 |
| Capital One Financial Corp. | 6100 | 1099586 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Discover Financial Services | 900 | $164403 |
| SLM Corp. | 3400 | 98294 |
| Synchrony Financial | 18100 | 940295 |
|  |  | 3448141 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 0.8%***<br>|  |  |
| Walgreens Boots Alliance, Inc. | 1900 | 20843 |
| Walmart, Inc. | 6300 | 612675 |
|  |  | 633518 |
| ***CONTAINERS & PACKAGING - 1.1%*** |  |  |
| Amcor PLC | 87725 | 807070 |
| Crown Holdings, Inc. | 1100 | 105963 |
|  |  | 913033 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 1.9%***<br>|  |  |
| ADT, Inc. | 50400 | 404208 |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 2900 | 517273 |
| H&R Block, Inc. | 10300 | 621811 |
|  |  | 1543292 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 4.4%***<br>|  |  |
| AT&T, Inc. | 47900 | 1326830 |
| Iridium Communications, Inc. | 32900 | 793877 |
| Verizon Communications, Inc. | 33800 | 1489228 |
|  |  | 3609935 |
| ***ELECTRIC UTILITIES - 0.4%*** |  |  |
| Exelon Corp. | 8000 | 375200 |
| ***ELECTRICAL EQUIPMENT - 1.1%*** |  |  |
| Sensata Technologies Holding PLC | 41200 | 881680 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 2.1%***<br>|  |  |
| Avnet, Inc. | 17300 | 812927 |
| Jabil, Inc. | 6200 | 908672 |
|  |  | 1721599 |
| ***FINANCIAL SERVICES - 5.8%*** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 4700 | 2506275 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 4300 | 793651 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 16300 | 1073192 |
| Western Union Co. (The) | 39200 | 388472 |
|  |  | 4761590 |
| ***FOOD PRODUCTS - 0.9%*** |  |  |
| General Mills, Inc. | 13500 | 765990 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***GROUND TRANSPORTATION - 1.2%*** |  |  |
| Union Pacific Corp. | 4700 | $1013602 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 1.4%***<br>|  |  |
| Medtronic PLC | 13600 | 1152736 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 6.2%***<br>|  |  |
| Cardinal Health, Inc. | 5700 | 805353 |
| Cigna Group (The) | 3300 | 1122132 |
| CVS Health Corp. | 16600 | 1107386 |
| Elevance Health, Inc. | 2600 | 1093508 |
| Humana, Inc. | 600 | 157344 |
| Premier, Inc., Class A | 40800 | 830280 |
|  |  | 5116003 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.2%***<br>|  |  |
| Booking Holdings, Inc. | 200 | 1019856 |
| ***HOUSEHOLD PRODUCTS - 1.8%*** |  |  |
| Colgate-Palmolive Co. | 10100 | 931119 |
| Procter & Gamble Co. (The) | 3500 | 568995 |
|  |  | 1500114 |
| ***INSURANCE - 7.1%*** |  |  |
| Aflac, Inc. | 8300 | 902044 |
| Hartford Insurance Group, Inc. (The) | 7700 | 944559 |
| Marsh & McLennan Cos., Inc. | 4800 | 1082256 |
| MetLife, Inc. | 12800 | 964736 |
| Primerica, Inc. | 2700 | 707589 |
| Progressive Corp. (The) | 3400 | 957916 |
| Unum Group | 3800 | 295108 |
|  |  | 5854208 |
| ***IT SERVICES - 2.0%*** |  |  |
| International Business Machines Corp. | 6700 | 1620194 |
| ***LEISURE PRODUCTS - 0.1%*** |  |  |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 2000 | 57100 |
| ***MACHINERY - 1.5%*** |  |  |
| Caterpillar, Inc. | 4000 | 1237080 |
| ***MEDIA - 1.5%*** |  |  |
| Comcast Corp., Class A | 36800 | 1258560 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***1.3%***<br>|  |  |
| Exxon Mobil Corp. | 7500 | $792225 |
| Ovintiv, Inc. | 7900 | 265282 |
|  |  | 1057507 |
| ***PROFESSIONAL SERVICES - 3.3%*** |  |  |
| Automatic Data Processing, Inc. | 2900 | 871740 |
| Genpact Ltd. | 17600 | 884576 |
| ManpowerGroup, Inc. | 15800 | 680506 |
| Robert Half, Inc. | 6400 | 283520 |
|  |  | 2720342 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 2.2%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 7700 | 940786 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 3900 | 886899 |
|  |  | 1827685 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***1.9%***<br>|  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 7000 | 672280 |
| QUALCOMM, Inc. | 6000 | 890760 |
|  |  | 1563040 |
| ***SOFTWARE - 4.4%*** |  |  |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 28000 | 799400 |
| Fortinet, Inc.<sup>(a)</sup> <br>| 8700 | 902712 |
| Gen Digital, Inc. | 34500 | 892515 |
| Salesforce, Inc. | 3700 | 994227 |
|  |  | 3588854 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 2.2%***<br>|  |  |
| American Tower Corp. | 700 | 157787 |
| Equinix, Inc. | 1300 | 1118975 |
| Iron Mountain, Inc. | 6200 | 555954 |
|  |  | 1832716 |
| ***SPECIALTY RETAIL - 4.4%*** |  |  |
| Best Buy Co., Inc. | 12700 | 846963 |
| Gap, Inc. (The) | 33400 | 731460 |
| Lowe's Cos., Inc. | 5400 | 1207224 |
| Williams-Sonoma, Inc. | 5700 | 880479 |
|  |  | 3666126 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***0.6%***<br>|  |  |
| HP, Inc. | 17900 | 457703 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 3.7%***<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> <br>| 7500 | $723150 |
| NIKE, Inc., Class B | 15400 | 868560 |
| PVH Corp. | 10300 | 710494 |
| Ralph Lauren Corp. | 1300 | 292435 |
| VF Corp. | 36600 | 434808 |
|  |  | 3029447 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 1.1%***<br>|  |  |
| WESCO International, Inc. | 5400 | 879984 |
| **TOTAL COMMON STOCKS**<br> **(COST $77,827,627)**<br>|  | 82191296 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(b)</sup> <br>| 130751 | $130751 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $130,751)**<br>|  | 130751 |
| **TOTAL INVESTMENTS**<br> **(COST $77,958,378) - 99.9%**<br>|  | 82322047 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.1%**<br>|  | 75792 |
| **NET ASSETS - 100.0%** |  | $82397839 |

---

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

<sup>(b)</sup> 7-day current yield as of April 30, 2025 is disclosed.

---

| |
|:---|
| PLC — Public Limited Company |
| S&P — Standard & Poor's |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS - 61.4%** | **CORPORATE BONDS - 61.4%** | **CORPORATE BONDS - 61.4%** |
| ***AEROSPACE & DEFENSE - 3.4%*** | ***AEROSPACE & DEFENSE - 3.4%*** | ***AEROSPACE & DEFENSE - 3.4%*** |
| General Dynamics Corp., 3.75%, 5/15/28 | $2000000 | $1981297 |
| L3Harris Technologies, Inc., 5.40%, <br> 7/31/33<br>| 3000000 | 3047367 |
| Raytheon Technologies Corp., 3.75%, <br> 11/1/46, (Callable 5/1/46 @ 100)<br>| 2000000 | 1498311 |
|  |  | 6526975 |
| ***AIR FREIGHT & LOGISTICS - 1.9%*** | ***AIR FREIGHT & LOGISTICS - 1.9%*** | ***AIR FREIGHT & LOGISTICS - 1.9%*** |
| FedEx Corp., 5.10%, 1/15/44 | 1000000 | 866224 |
| Union Pacific Corp., 4.50%, 1/20/33 | 2000000 | 1971037 |
| United Parcel Service, Inc., 3.75%, <br> 11/15/47<br>| 1000000 | 751753 |
|  |  | 3589014 |
| ***BANKS - 2.3%*** | ***BANKS - 2.3%*** | ***BANKS - 2.3%*** |
| Bank of America Corp., 4.45%, 3/3/26 | 2000000 | 1997976 |
| Bank of America Corp., 5.00%, 1/21/44 | 2000000 | 1849024 |
| JPMorgan Chase & Co, 4.25%, 10/1/27 | 500000 | 501842 |
|  |  | 4348842 |
| ***BEVERAGES - 0.5%*** | ***BEVERAGES - 0.5%*** | ***BEVERAGES - 0.5%*** |
| PepsiCo, Inc., 3.90%, 7/18/32 | 1000000 | 961205 |
| ***BIOTECHNOLOGY - 2.5%*** | ***BIOTECHNOLOGY - 2.5%*** | ***BIOTECHNOLOGY - 2.5%*** |
| Amgen, Inc., 4.20%, 3/1/33, (Callable <br> 12/1/32 @ 100)<br>| 2000000 | 1893812 |
| Gilead Sciences, Inc., 4.60%, 9/1/35, <br> (Callable 3/1/35 @ 100)<br>| 1000000 | 962356 |
| Gilead Sciences, Inc., 5.25%, 10/15/33 | 2000000 | 2041289 |
|  |  | 4897457 |
| ***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 | 975388 |
| Goldman Sachs Group, Inc. (The), <br> 5.95%, 1/15/27<br>| 1500000 | 1540580 |
|  |  | 2515968 |
| ***CHEMICALS - 0.4%*** | ***CHEMICALS - 0.4%*** | ***CHEMICALS - 0.4%*** |
| Sherwin-Williams Co. (The), 3.80%, <br> 8/15/49<br>| 1000000 | 718984 |
| ***CONSUMER FINANCE - 1.5%*** | ***CONSUMER FINANCE - 1.5%*** | ***CONSUMER FINANCE - 1.5%*** |
| American Express Co., 4.05%, 5/3/29 | 3000000 | 2982750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.0%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.0%*** | ***CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.0%*** |
| Kroger Co. (The), 4.50%, 1/15/29 | $1000000 | $1005873 |
| Sysco Corp., 3.25%, 7/15/27 | 1000000 | 977461 |
| Target Corp., 4.50%, 9/15/34, (Callable <br> 6/15/34 @ 100)<br>| 2000000 | 1921585 |
| Walgreens Boots Alliance, Inc., 4.50%, <br> 11/18/34, (Callable 5/18/34 @ 100)<br>| 2000000 | 1882680 |
| Walmart, Inc., 4.10%, 4/15/33 | 2000000 | 1950688 |
|  |  | 7738287 |
| ***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 | 1928561 |
| ***ELECTRIC UTILITIES - 2.1%*** | ***ELECTRIC UTILITIES - 2.1%*** | ***ELECTRIC UTILITIES - 2.1%*** |
| Duke Energy Corp., 4.50%, 8/15/32 | 2000000 | 1934245 |
| Exelon Corp., 5.30%, 3/15/33 | 2000000 | 2023221 |
|  |  | 3957466 |
| ***ENTERTAINMENT - 1.5%*** | ***ENTERTAINMENT - 1.5%*** | ***ENTERTAINMENT - 1.5%*** |
| Walt Disney Co. (The), 3.80%, 3/22/30 | 3000000 | 2936492 |
| ***FINANCIAL SERVICES - 2.6%*** | ***FINANCIAL SERVICES - 2.6%*** | ***FINANCIAL SERVICES - 2.6%*** |
| Citigroup, Inc., 4.40%, 6/10/25 | 1000000 | 999248 |
| Citigroup, Inc., 6.63%, 6/15/32 | 1000000 | 1078620 |
| PayPal Holdings, Inc., 4.40%, 6/1/32, <br> (Callable 3/1/32 @ 100)<br>| 3000000 | 2928528 |
|  |  | 5006396 |
| ***FOOD PRODUCTS - 2.6%*** | ***FOOD PRODUCTS - 2.6%*** | ***FOOD PRODUCTS - 2.6%*** |
| General Mills, Inc., 4.20%, 4/17/28 | 2000000 | 1994818 |
| General Mills, Inc., 4.95%, 3/29/33 | 2000000 | 1988108 |
| The Campbell's Co., 4.15%, 3/15/28 | 1000000 | 993799 |
|  |  | 4976725 |
| ***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 | 2046584 |
| CVS Health Corp., 5.13%, 2/21/30 | 1000000 | 1012272 |
| Elevance Health, Inc., 4.75%, 2/15/33, <br> (Callable 11/15/32 @ 100)<br>| 2000000 | 1965700 |
| Evernorth Health, Inc., 4.50%, 2/25/26, <br> (Callable 11/27/25 @ 100)<br>| 1000000 | 998291 |
|  |  | 6022847 |
| ***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 | 963202 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| McDonald's Corp., 3.63%, 9/1/49, <br> (Callable 3/1/49 @ 100)<br>| $2500000 | $1796509 |
| Starbucks Corp., 3.75%, 12/1/47 | 2000000 | 1442567 |
|  |  | 4202278 |
| ***HOUSEHOLD PRODUCTS - 3.1%*** | ***HOUSEHOLD PRODUCTS - 3.1%*** | ***HOUSEHOLD PRODUCTS - 3.1%*** |
| Clorox Co. (The), 4.60%, 5/1/32, <br> (Callable 2/1/32 @ 100)<br>| 1000000 | 988650 |
| Kimberly-Clark Corp., 4.50%, 2/16/33, <br> (Callable 11/16/32 @ 100)<br>| 2000000 | 1990598 |
| Procter & Gamble Co. (The), 3.00%, <br> 3/25/30<br>| 1000000 | 954786 |
| Procter & Gamble Co. (The), 4.05%, <br> 1/26/33<br>| 2000000 | 1961405 |
|  |  | 5895439 |
| ***INSURANCE - 2.3%*** | ***INSURANCE - 2.3%*** | ***INSURANCE - 2.3%*** |
| Aflac, Inc., 3.60%, 4/1/30 | 1000000 | 962674 |
| MetLife, Inc., 6.40%, 12/15/36, (Callable <br> 12/15/31 @ 100)<br>| 2000000 | 1977575 |
| Prudential Financial, Inc., 5.13% <br> (H15T5Y + 316 bps), 3/1/52<sup>(a)</sup> <br>| 1500000 | 1409749 |
|  |  | 4349998 |
| ***IT SERVICES - 2.3%*** | ***IT SERVICES - 2.3%*** | ***IT SERVICES - 2.3%*** |
| Fiserv, Inc., 4.20%, 10/1/28 | 1000000 | 991376 |
| Visa, Inc., 4.15%, 12/14/35, (Callable <br> 6/14/35 @ 100)<br>| 1000000 | 951346 |
| Visa, Inc., 4.30%, 12/14/45, (Callable <br> 6/14/45 @ 100)<br>| 3000000 | 2577228 |
|  |  | 4519950 |
| ***MACHINERY - 2.1%*** | ***MACHINERY - 2.1%*** | ***MACHINERY - 2.1%*** |
| Cummins, Inc., 5.15%, 2/20/34 | 2000000 | 2029083 |
| John Deere Capital Corp., 4.50%, <br> 1/16/29<br>| 2000000 | 2021785 |
|  |  | 4050868 |
| ***OIL, GAS & CONSUMABLE FUELS - 3.5%*** | ***OIL, GAS & CONSUMABLE FUELS - 3.5%*** | ***OIL, GAS & CONSUMABLE FUELS - 3.5%*** |
| Exxon Mobil Corp., 4.11%, 3/1/46, <br> (Callable 9/1/45 @ 100)<br>| 2000000 | 1626719 |
| Marathon Oil Corp., 6.60%, 10/1/37 | 2000000 | 2102081 |
| Valero Energy Corp., 4.00%, 4/1/29 | 3000000 | 2930116 |
|  |  | 6658916 |
| ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%*** | ***SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%*** |
| Intel Corp., 4.00%, 12/15/32 | 2000000 | 1820101 |
| Lam Research Corp., 4.00%, 3/15/29 | 1000000 | 990982 |
| NVIDIA Corp., 3.50%, 4/1/40 | 2000000 | 1658858 |
| QUALCOMM, Inc., 4.65%, 5/20/35, <br> (Callable 11/20/34 @ 100)<br>| 4000000 | 3933713 |
|  |  | 8403654 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***SOFTWARE - 3.0%*** | ***SOFTWARE - 3.0%*** | ***SOFTWARE - 3.0%*** |
| Adobe, Inc., 4.95%, 4/4/34 | $2000000 | $2018261 |
| Microsoft Corp., 3.45%, 8/8/36, (Callable <br> 2/8/36 @ 100)<br>| 2000000 | 1785094 |
| Oracle Corp., 3.25%, 11/15/27 | 1000000 | 973735 |
| Salesforce, Inc., 3.70%, 4/11/28 | 1000000 | 994581 |
|  |  | 5771671 |
| ***SPECIALTY RETAIL - 3.7%*** | ***SPECIALTY RETAIL - 3.7%*** | ***SPECIALTY RETAIL - 3.7%*** |
| Home Depot, Inc. (The), 4.50%, 9/15/32 | 2000000 | 1989793 |
| Home Depot, Inc. (The), 5.88%, <br> 12/16/36<br>| 2000000 | 2129812 |
| Lowe's Cos., Inc., 3.65%, 4/5/29 | 2000000 | 1939267 |
| Tractor Supply Co., 5.25%, 5/15/33 | 1000000 | 1004200 |
|  |  | 7063072 |
| ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%*** | ***TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.9%*** |
| Apple, Inc., 1.65%, 5/11/30 | 1000000 | 889491 |
| Apple, Inc., 3.45%, 2/9/45 | 1000000 | 768775 |
|  |  | 1658266 |
| ***TEXTILES, APPAREL & LUXURY GOODS - 2.3%*** | ***TEXTILES, APPAREL & LUXURY GOODS - 2.3%*** | ***TEXTILES, APPAREL & LUXURY GOODS - 2.3%*** |
| NIKE, Inc., 2.85%, 3/27/30 | 3000000 | 2807152 |
| Ralph Lauren Corp., 2.95%, 6/15/30, <br> (Callable 3/15/30 @ 100)<br>| 1000000 | 925789 |
| Tapestry, Inc., 4.13%, 7/15/27 | 689000 | 683775 |
|  |  | 4416716 |
| ***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 | 1752624 |
| **TOTAL CORPORATE BONDS**<br> **(COST $124,174,303)**<br>|  | 117851421 |
| **MUNICIPAL BONDS - 2.6%** | **MUNICIPAL BONDS - 2.6%** | **MUNICIPAL BONDS - 2.6%** |
| ***CALIFORNIA - 0.2%*** |  |  |
| California State University Taxable <br> Revenue Refunding Bonds, Series B, <br> 1.79%, 11/1/30 <br>| 500000 | 436592 |
| ***LOUISIANA - 0.1%*** |  |  |
| Louisiana State Highway Improvement <br> Taxable Revenue Refunding Bonds, <br> Series A, 1.59%, 6/15/30 <br>| 100000 | 88198 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***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 | $1041695 |
| ***TEXAS - 1.8%*** |  |  |
| Frisco Taxable Certificates G.O. Limited <br> Bonds, Series B, 1.75%, 2/15/30 <br>| 995000 | 896135 |
| Houston Utility System First Lien <br> Taxable Revenue Refunding Bonds, <br> Series B, 1.93%, 11/15/31 <br>| 1240000 | 1068026 |
| Leander Independent School District <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.), 1.99%, <br> 8/15/33 <br>| 895000 | 738738 |
| North Texas Tollway Authority Taxable <br> Revenue Refunding Bonds, Series <br> 2021A, 2.08%, 1/1/31 <br>| 100000 | 89049 |
| 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 | 486730 |
| Uptown Development Authority Contract <br> Tax Allocation Increment Revenue <br> Bonds, Series B (AGM Insured), <br> 2.58%, 9/1/31 <br>| 100000 | 89270 |
|  |  | 3367948 |
| **TOTAL MUNICIPAL BONDS**<br> **(COST $5,790,122)**<br>|  | 4934433 |
| **U.S. GOVERNMENT AGENCIES - 10.9%** | **U.S. GOVERNMENT AGENCIES - 10.9%** | **U.S. GOVERNMENT AGENCIES - 10.9%** |
| Federal Farm Credit Bank, 3.00%, <br> 11/25/30<br>| 1000000 | 955755 |
| Federal Home Loan Bank |  |  |
| 1.00%, 7/29/26 | 1000000 | 964674 |
| 1.00%, 3/16/27 | 2000000 | 1901563 |
| 1.07%, 1/25/30 | 1000000 | 878225 |
| 1.25%, 9/30/27<sup>(b)</sup> <br>| 800000 | 772531 |
| 1.50%, 9/30/26<sup>(b)</sup> <br>| 2000000 | 1939915 |
| 1.75%, 7/29/26 | 1000000 | 976212 |
| 1.75%, 8/25/28 | 1350000 | 1268361 |
| 2.25%, 4/29/31, (Callable 7/29/25 @ <br> 100)<sup>(b)</sup> <br>| 730769 | 686824 |
| 2.75%, 2/22/34 | 1000000 | 875455 |
| 3.00%, 2/24/37, (Callable 5/6/25 @ <br> 100)<br>| 1000000 | 837442 |
| 3.10%, 5/10/27 | 1000000 | 988953 |
| 3.25%, 3/10/27, (Callable 6/10/25 @ <br> 100)<sup>(b)</sup> <br>| 1000000 | 993482 |
| 3.65%, 5/26/27 | 1000000 | 992259 |
| 4.00%, 5/24/27<sup>(b)</sup> <br>| 1000000 | 999487 |
| 4.50%, 12/12/25 | 1015000 | 1017630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 4.75%, 3/10/34 | $1000000 | $1028871 |
| 5.00%, 12/11/28 | 2000000 | 1998303 |
|  |  | 19120187 |
| Federal Home Loan Mortgage Corp., <br> 1.05%, 7/21/28<br>| 1000000 | 919066 |
| **TOTAL U.S. GOVERNMENT** <br> **AGENCIES**<br> **(COST $21,920,242)**<br>|  | 20995008 |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.6%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.6%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS - 1.6%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 7/15/41 | 304751 | 301092 |
| 3.50%, 2/1/34 | 112640 | 111141 |
| 3.50%, 10/1/49 | 184051 | 167985 |
| 3.50%, 12/15/48 | 302721 | 293972 |
| 4.00%, 12/15/25 | 161885 | 161545 |
| 6.00%, 3/1/38 | 11113 | 11646 |
|  |  | 1047381 |
| Federal National Mortgage Association |  |  |
| 1.50%, 11/25/44 | 1271614 | 1105565 |
| 3.50%, 2/1/43 | 116507 | 109107 |
| 3.50%, 4/1/48 | 309264 | 286310 |
| 4.00%, 9/1/33 | 74498 | 74465 |
| 4.00%, 10/1/46 | 232828 | 220774 |
| 6.00%, 6/1/36 | 70449 | 71275 |
| 7.57% (RFUCCT1Y + 182 bps), <br> 5/1/36<sup>(a)</sup> <br>| 28222 | 28897 |
|  |  | 1896393 |
| Government National Mortgage <br> Association<br>|  |  |
| 4.50%, 6/15/40 | 50695 | 49173 |
| 4.50%, 8/20/38 | 18257 | 18195 |
| 5.00%, 5/20/40 | 29270 | 28907 |
| 6.00%, 10/15/37 | 12344 | 12923 |
| 6.00%, 6/15/37 | 15311 | 15799 |
|  |  | 124997 |
| **TOTAL U.S. GOVERNMENT** <br> **AGENCY MORTGAGE-BACKED** <br> **OBLIGATIONS**<br> **(COST $3,411,005)**<br>|  | 3068771 |
| **U.S. TREASURY OBLIGATIONS - 20.4%** | **U.S. TREASURY OBLIGATIONS - 20.4%** | **U.S. TREASURY OBLIGATIONS - 20.4%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/40 | 2000000 | 1251563 |
| 4.00%, 11/15/42 | 4000000 | 3688125 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 4.25%, 5/15/39 | $2000000 | $1960625 |
| 4.50%, 8/15/39 | 2000000 | 2007422 |
| 4.50%, 2/15/44 | 2000000 | 1954297 |
|  |  | 10862032 |
| U.S. Treasury Notes |  |  |
| 3.50%, 2/15/33 | 2000000 | 1932266 |
| 4.00%, 10/31/29 | 2000000 | 2024687 |
| 4.00%, 7/31/30 | 3000000 | 3034336 |
| 4.13%, 10/31/27 | 1000000 | 1012695 |
| 4.13%, 11/15/32 | 2000000 | 2019687 |
| 4.13%, 8/31/30 | 2000000 | 2033906 |
| 4.13%, 7/31/31 | 1000000 | 1013594 |
| 4.13%, 2/29/32 | 2000000 | 2023750 |
| 4.25%, 2/28/31 | 2000000 | 2043437 |
| 4.25%, 11/15/34 | 2000000 | 2015313 |
| 4.38%, 11/30/28 | 1000000 | 1024492 |
| 4.38%, 5/15/34 | 3000000 | 3057422 |
| 4.50%, 11/15/25 | 2000000 | 2003398 |
| 4.50%, 7/15/26 | 1000000 | 1007891 |
| 5.00%, 8/31/25 | 2000000 | 2003828 |
|  |  | 28250702 |
| **TOTAL U.S. TREASURY** <br> **OBLIGATIONS**<br> **(COST $39,533,769)**<br>|  | 39112734 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND - 2.1%** | **MONEY MARKET FUND - 2.1%** | **MONEY MARKET FUND - 2.1%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(c)</sup> <br>| 4033836 | $4033836 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $4,033,836)**<br>|  | 4033836 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TOTAL INVESTMENTS**<br> **(COST $198,863,277) - 99.0%**<br>|  | $189996203 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 1.0%**<br>|  | 1953993 |
| **NET ASSETS - 100.0%** |  | $191950196 |

---

<sup>(a)</sup> Variable rate security. The interest rate shown represents the rate in effect at April 30, 2025. For securities based on published reference rate and spread, the reference rate and spread are indicated in the description. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. 

<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 April 30, 2025. 

<sup>(c)</sup> 7-day current yield as of April 30, 2025 is disclosed.

---

| |
|:---|
| 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 PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.9%** |  |  |
| ***AEROSPACE & DEFENSE - 1.8%*** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| 751 | $460588 |
| Boeing Co. (The)<sup>(a)</sup> <br>| 2752 | 504276 |
| General Dynamics Corp. | 616 | 167626 |
| General Electric Co. | 5366 | 1081464 |
| Howmet Aerospace, Inc. | 1665 | 230736 |
| L3Harris Technologies, Inc. | 972 | 213859 |
| Lockheed Martin Corp. | 386 | 184412 |
| Northrop Grumman Corp. | 257 | 125031 |
| RTX Corp. | 6946 | 876099 |
| Textron, Inc. | 597 | 42011 |
| TransDigm Group, Inc. | 462 | 652838 |
|  |  | 4538940 |
| ***AIR FREIGHT & LOGISTICS - 0.4%*** |  |  |
| C.H. Robinson Worldwide, Inc. | 3481 | 310575 |
| Expeditors International of Washington, <br> Inc.<br>| 2468 | 271258 |
| FedEx Corp. | 11 | 2314 |
| United Parcel Service, Inc., Class B | 3302 | 314680 |
|  |  | 898827 |
| ***AUTOMOBILE COMPONENTS - 0.0%*** |  |  |
| Magna International, Inc. | 405 | 14078 |
| ***AUTOMOBILES - 1.8%*** |  |  |
| Ford Motor Co. | 24591 | 246156 |
| General Motors Co. | 4638 | 209823 |
| Tesla, Inc.<sup>(a)</sup> <br>| 14251 | 4021062 |
|  |  | 4477041 |
| ***BANKS - 3.4%*** |  |  |
| Bank of America Corp. | 38335 | 1528800 |
| Citigroup, Inc. | 9308 | 636481 |
| Citizens Financial Group, Inc. | 1163 | 42903 |
| Fifth Third Bancorp | 4350 | 156339 |
| Huntington Bancshares, Inc. | 12350 | 179445 |
| JPMorgan Chase & Co. | 15136 | 3702568 |
| KeyCorp | 7900 | 117236 |
| Regions Financial Corp. | 7892 | 161076 |
| Truist Financial Corp. | 7326 | 280879 |
| U.S. Bancorp | 7905 | 318888 |
| Wells Fargo & Co. | 17881 | 1269730 |
|  |  | 8394345 |
| ***BEVERAGES - 1.4%*** |  |  |
| Coca-Cola Co. (The) | 25724 | 1866276 |
| Keurig Dr Pepper, Inc. | 5015 | 173469 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Monster Beverage Corp.<sup>(a)</sup> <br>| 6052 | $363846 |
| PepsiCo, Inc. | 8587 | 1164226 |
|  |  | 3567817 |
| ***BIOTECHNOLOGY - 1.3%*** |  |  |
| Amgen, Inc. | 6129 | 1783049 |
| Gilead Sciences, Inc. | 10159 | 1082340 |
| Incyte Corp.<sup>(a)</sup> <br>| 3630 | 227456 |
| Moderna, Inc.<sup>(a)</sup> <br>| 1993 | 56880 |
|  |  | 3149725 |
| ***BROADLINE RETAIL - 3.7%*** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> <br>| 48204 | 8889781 |
| eBay, Inc. | 3111 | 212046 |
|  |  | 9101827 |
| ***BUILDING PRODUCTS - 0.8%*** |  |  |
| A.O. Smith Corp. | 807 | 54763 |
| Allegion PLC | 77 | 10718 |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>| 87 | 10408 |
| Carrier Global Corp. | 8574 | 536218 |
| Johnson Controls International PLC | 7275 | 610373 |
| Masco Corp. | 1108 | 67156 |
| Trane Technologies PLC | 1888 | 723689 |
|  |  | 2013325 |
| ***CAPITAL MARKETS - 2.7%*** |  |  |
| Bank of New York Mellon Corp. (The) | 5406 | 434696 |
| Blackrock, Inc. | 291 | 266050 |
| Blackstone, Inc. | 3582 | 471785 |
| Cboe Global Markets, Inc. | 762 | 169012 |
| Charles Schwab Corp. (The) | 7781 | 633373 |
| CME Group, Inc. | 2144 | 594060 |
| Franklin Resources, Inc. | 2300 | 43148 |
| Goldman Sachs Group, Inc. (The) | 421 | 230519 |
| Intercontinental Exchange, Inc. | 3189 | 535656 |
| Invesco Ltd. | 2500 | 34825 |
| Moody's Corp. | 1386 | 628024 |
| Morgan Stanley | 6722 | 775853 |
| Nasdaq, Inc.  | 5973 | 455202 |
| Northern Trust Corp. | 683 | 64188 |
| Raymond James Financial, Inc. | 969 | 132792 |
| S&P Global, Inc. | 2133 | 1066607 |
| State Street Corp. | 1585 | 139639 |
| T. Rowe Price Group, Inc. | 803 | 71106 |
|  |  | 6746535 |
| ***CHEMICALS - 1.0%*** |  |  |
| Air Products and Chemicals, Inc. | 403 | 109249 |
| Albemarle Corp. | 172 | 10071 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CF Industries Holdings, Inc. | 795 | $62304 |
| Corteva, Inc. | 3807 | 235996 |
| Dow, Inc. | 4069 | 124471 |
| DuPont de Nemours, Inc. | 2076 | 136995 |
| Ecolab, Inc. | 1525 | 383431 |
| International Flavors & Fragrances, Inc. | 1328 | 104195 |
| Linde PLC | 1920 | 870202 |
| LyondellBasell Industries N.V., Class A | 1530 | 89061 |
| Mosaic Co. (The) | 2160 | 65664 |
| PPG Industries, Inc. | 1165 | 126822 |
| Sherwin-Williams Co. (The) | 494 | 174342 |
|  |  | 2492803 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 0.8%***<br>|  |  |
| Cintas Corp. | 1872 | 396265 |
| Copart, Inc.<sup>(a)</sup> <br>| 5166 | 315281 |
| Republic Services, Inc. | 1516 | 380137 |
| Rollins, Inc. | 2895 | 165391 |
| Veralto Corp. | 1275 | 122273 |
| Waste Management, Inc. | 2211 | 515959 |
|  |  | 1895306 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***0.9%***<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> <br>| 3284 | 270175 |
| Cisco Systems, Inc. | 26917 | 1553918 |
| F5, Inc.<sup>(a)</sup> <br>| 17 | 4501 |
| Juniper Networks, Inc. | 9607 | 348926 |
| Motorola Solutions, Inc. | 219 | 96445 |
|  |  | 2273965 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***0.0%***<br>|  |  |
| Quanta Services, Inc. | 202 | 59123 |
| ***CONSTRUCTION MATERIALS - 0.1%*** |  |  |
| Vulcan Materials Co. | 463 | 121459 |
| ***CONSUMER FINANCE - 0.7%*** |  |  |
| American Express Co. | 2954 | 786975 |
| Capital One Financial Corp. | 1586 | 285892 |
| Discover Financial Services | 1074 | 196188 |
| Synchrony Financial | 7617 | 395703 |
|  |  | 1664758 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 2.2%***<br>|  |  |
| Costco Wholesale Corp. | 2114 | 2102373 |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| 572 | 46773 |
| Kroger Co. (The) | 4059 | 293100 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sysco Corp. | 2990 | $213486 |
| Target Corp. | 1512 | 146210 |
| Walgreens Boots Alliance, Inc. | 11848 | 129973 |
| Walmart, Inc. | 24821 | 2413842 |
|  |  | 5345757 |
| ***CONTAINERS & PACKAGING - 0.5%*** |  |  |
| Amcor PLC | 31380 | 288696 |
| Avery Dennison Corp. | 1867 | 319462 |
| Ball Corp. | 7050 | 366177 |
| International Paper Co. | 2236 | 102141 |
| Smurfit WestRock PLC | 1601 | 67274 |
|  |  | 1143750 |
| ***DISTRIBUTORS - 0.4%*** |  |  |
| Genuine Parts Co. | 2915 | 342658 |
| LKQ Corp. | 8889 | 339649 |
| Pool Corp. | 1044 | 306038 |
|  |  | 988345 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.9%***<br>|  |  |
| AT&T, Inc. | 45941 | 1272566 |
| Verizon Communications, Inc. | 22561 | 994037 |
|  |  | 2266603 |
| ***ELECTRIC UTILITIES - 1.9%*** |  |  |
| Alliant Energy Corp. | 2090 | 127574 |
| American Electric Power Co., Inc. | 2934 | 317869 |
| Constellation Energy Corp. | 1517 | 338958 |
| Duke Energy Corp. | 5496 | 670622 |
| Edison International | 2094 | 112050 |
| Entergy Corp. | 1528 | 127084 |
| Evergy, Inc. | 1721 | 118921 |
| Eversource Energy | 1973 | 117354 |
| Exelon Corp. | 7191 | 337258 |
| FirstEnergy Corp. | 4259 | 182626 |
| NextEra Energy, Inc. | 10857 | 726116 |
| NRG Energy, Inc. | 770 | 84377 |
| PG&E Corp. | 8106 | 133911 |
| Pinnacle West Capital Corp. | 510 | 48542 |
| PPL Corp. | 7780 | 283970 |
| Southern Co. (The) | 7424 | 682191 |
| Xcel Energy, Inc. | 3140 | 221998 |
|  |  | 4631421 |
| ***ELECTRICAL EQUIPMENT - 0.6%*** |  |  |
| AMETEK, Inc. | 952 | 161440 |
| Eaton Corp. PLC | 1435 | 422421 |
| Emerson Electric Co. | 2509 | 263721 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GE Vernova, Inc. | 1909 | $707895 |
| Generac Holdings, Inc.<sup>(a)</sup> <br>| 73 | 8350 |
| Rockwell Automation, Inc. | 15 | 3715 |
|  |  | 1567542 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 0.6%***<br>|  |  |
| Amphenol Corp., Class A | 4515 | 347429 |
| Corning, Inc. | 5104 | 226516 |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| 2713 | 394470 |
| TE Connectivity PLC | 820 | 120032 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| 4 | 1864 |
| Trimble, Inc.<sup>(a)</sup> <br>| 6006 | 373213 |
|  |  | 1463524 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 0.2%***<br>|  |  |
| Baker Hughes Co. | 5217 | 184682 |
| Halliburton Co. | 4080 | 80865 |
| Schlumberger N.V. | 7767 | 258253 |
|  |  | 523800 |
| ***ENTERTAINMENT - 1.6%*** |  |  |
| Electronic Arts, Inc. | 2963 | 429902 |
| Netflix, Inc.<sup>(a)</sup> <br>| 2219 | 2511287 |
| Walt Disney Co. (The) | 9379 | 853020 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>| 13884 | 120374 |
|  |  | 3914583 |
| ***FINANCIAL SERVICES - 5.1%*** |  |  |
| Apollo Global Management, Inc. | 91 | 12420 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| 10180 | 5428485 |
| Corpay, Inc.<sup>(a)</sup> <br>| 30 | 9761 |
| Fidelity National Information Services, <br> Inc.<br>| 2912 | 229698 |
| Fiserv, Inc.<sup>(a)</sup> <br>| 3122 | 576227 |
| Global Payments, Inc. | 841 | 64177 |
| Jack Henry & Associates, Inc. | 199 | 34513 |
| Mastercard, Inc., Class A | 5127 | 2809904 |
| PayPal Holdings, Inc.<sup>(a)</sup> <br>| 5053 | 332689 |
| Visa, Inc., Class A | 9504 | 3283632 |
|  |  | 12781506 |
| ***FOOD PRODUCTS - 0.9%*** |  |  |
| Archer-Daniels-Midland Co. | 2648 | 126442 |
| Bunge Global SA | 4219 | 332120 |
| Conagra Brands, Inc. | 4970 | 122809 |
| General Mills, Inc. | 5287 | 299984 |
| Hormel Foods Corp. | 4023 | 120288 |
| J M Smucker Co. (The) | 570 | 66274 |
| Kellanova | 2538 | 210070 |
| Kraft Heinz Co. (The) | 6176 | 179722 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| McCormick & Co., Inc. | 1409 | $108014 |
| Mondelez International, Inc., Class A | 8434 | 574608 |
| The Campbell's Company | 2562 | 93410 |
| Tyson Foods, Inc., Class A | 1566 | 95902 |
|  |  | 2329643 |
| ***GAS UTILITIES - 0.1%*** |  |  |
| Atmos Energy Corp. | 1280 | 205606 |
| ***GROUND TRANSPORTATION - 0.9%*** |  |  |
| CSX Corp. | 12654 | 355198 |
| J.B. Hunt Transport Services, Inc. | 2336 | 305035 |
| Old Dominion Freight Line, Inc. | 547 | 83844 |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| 10484 | 849309 |
| Union Pacific Corp. | 2863 | 617434 |
|  |  | 2210820 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 3.2%***<br>|  |  |
| Abbott Laboratories | 11040 | 1443480 |
| Baxter International, Inc. | 3423 | 106695 |
| Becton, Dickinson and Co. | 2134 | 441930 |
| Boston Scientific Corp.<sup>(a)</sup> <br>| 11065 | 1138256 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> <br>| 3798 | 310183 |
| Dexcom, Inc.<sup>(a)</sup> <br>| 2114 | 150897 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| 3140 | 237039 |
| Hologic, Inc.<sup>(a)</sup> <br>| 2143 | 124723 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| 999 | 432217 |
| Insulet Corp.<sup>(a)</sup> <br>| 266 | 67109 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| 2642 | 1362743 |
| Medtronic PLC | 8397 | 711730 |
| ResMed, Inc. | 770 | 182174 |
| Solventum Corp.<sup>(a)</sup> <br>| 789 | 52169 |
| STERIS PLC | 695 | 156194 |
| Stryker Corp. | 2238 | 836833 |
| Zimmer Holdings, Inc. | 1772 | 182605 |
|  |  | 7936977 |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.5%***<br>|  |  |
| Cardinal Health, Inc. | 3724 | 526164 |
| Cencora, Inc. | 2128 | 622802 |
| Centene Corp.<sup>(a)</sup> <br>| 7218 | 431997 |
| Cigna Group (The) | 2313 | 786512 |
| CVS Health Corp. | 7202 | 480445 |
| DaVita, Inc.<sup>(a)</sup> <br>| 452 | 63981 |
| Elevance Health, Inc. | 3232 | 1359315 |
| Henry Schein, Inc.<sup>(a)</sup> <br>| 1009 | 65555 |
| Humana, Inc. | 1093 | 286628 |
| Labcorp Holdings, Inc. | 397 | 95681 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| McKesson Corp. | 1203 | $857486 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| 1261 | 412360 |
| Quest Diagnostics, Inc. | 1277 | 227587 |
|  |  | 6216513 |
| ***HEALTH CARE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.3%***<br>|  |  |
| Welltower, Inc. | 5118 | 780956 |
| ***HOTEL & RESORT REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.0%***<br>|  |  |
| Host Hotels & Resorts, Inc. | 6193 | 87445 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.6%***<br>|  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| 1944 | 237012 |
| Booking Holdings, Inc. | 156 | 795488 |
| Carnival Corp.<sup>(a)</sup> <br>| 6190 | 113525 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| 6796 | 343334 |
| Domino's Pizza, Inc. | 22 | 10788 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| 142 | 27390 |
| Expedia Group, Inc. | 255 | 40017 |
| Hilton Worldwide Holdings, Inc. | 1049 | 236528 |
| Marriott International, Inc., Class A | 1012 | 241443 |
| McDonald's Corp. | 3297 | 1053886 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> <br>| 2830 | 45365 |
| Royal Caribbean Cruises Ltd. | 910 | 195568 |
| Starbucks Corp. | 5093 | 407695 |
| Yum! Brands, Inc. | 1563 | 235138 |
|  |  | 3983177 |
| ***HOUSEHOLD DURABLES - 0.1%*** |  |  |
| D.R. Horton, Inc. | 1025 | 129499 |
| Garmin Ltd. | 735 | 137349 |
| Mohawk Industries, Inc.<sup>(a)</sup> <br>| 34 | 3616 |
|  |  | 270464 |
| ***HOUSEHOLD PRODUCTS - 1.4%*** |  |  |
| Church & Dwight Co., Inc. | 2673 | 265536 |
| Clorox Co. (The) | 59 | 8396 |
| Colgate-Palmolive Co. | 5190 | 478466 |
| Kimberly-Clark Corp. | 2402 | 316535 |
| Procter & Gamble Co. (The) | 14279 | 2321337 |
|  |  | 3390270 |
| ***INDEPENDENT POWER AND*** <br> ***RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - 0.1%***<br>|  |  |
| AES Corp. (The) | 5250 | 52500 |
| Vistra Corp. | 1332 | 172667 |
|  |  | 225167 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***INDUSTRIAL CONGLOMERATES -*** <br> ***0.5%***<br>|  |  |
| 3M Co. | 2811 | $390476 |
| Honeywell International, Inc. | 3543 | 745802 |
|  |  | 1136278 |
| ***INDUSTRIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.2%***<br>|  |  |
| Prologis, Inc. | 4591 | 469200 |
| ***INSURANCE - 2.7%*** |  |  |
| Aflac, Inc. | 3137 | 340929 |
| Allstate Corp. (The) | 1691 | 335478 |
| American International Group, Inc. | 3722 | 303417 |
| Aon PLC, Class A | 1040 | 368982 |
| Arch Capital Group Ltd. | 2274 | 206206 |
| Arthur J. Gallagher & Co. | 1588 | 509256 |
| Brown & Brown, Inc. | 1794 | 198416 |
| Chubb Ltd. | 2623 | 750388 |
| Cincinnati Financial Corp. | 902 | 125567 |
| Erie Indemnity Co., Class A | 64 | 22952 |
| Hartford Insurance Group, Inc. (The) | 3948 | 484301 |
| Loews Corp. | 880 | 76410 |
| Marsh & McLennan Cos., Inc. | 3456 | 779224 |
| MetLife, Inc. | 4149 | 312710 |
| Principal Financial Group, Inc. | 1677 | 124350 |
| Progressive Corp. (The) | 3605 | 1015673 |
| Prudential Financial, Inc. | 1562 | 160433 |
| Travelers Cos., Inc. (The) | 1367 | 361066 |
| W.R. Berkley Corp. | 2158 | 154707 |
| Willis Towers Watson PLC | 339 | 104344 |
|  |  | 6734809 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 6.2%***<br>|  |  |
| Alphabet, Inc., Class A | 30400 | 4827520 |
| Alphabet, Inc., Class C | 26334 | 4236877 |
| Match Group, Inc. | 831 | 24648 |
| Meta Platforms, Inc., Class A | 11708 | 6427692 |
|  |  | 15516737 |
| ***IT SERVICES - 1.3%*** |  |  |
| Accenture PLC, Class A | 4087 | 1222626 |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| 4182 | 336986 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 2667 | 196211 |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| 26 | 4080 |
| Gartner, Inc.<sup>(a)</sup> <br>| 21 | 8843 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| 313 | $58947 |
| International Business Machines Corp. | 6053 | 1463736 |
|  |  | 3291429 |
| ***LEISURE PRODUCTS - 0.1%*** |  |  |
| Hasbro, Inc. | 4975 | 307953 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 1.5%***<br>|  |  |
| Agilent Technologies, Inc. | 3882 | 417703 |
| Bio-Techne Corp. | 2182 | 109864 |
| Danaher Corp. | 6188 | 1233454 |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| 1678 | 260207 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| 580 | 620931 |
| Revvity, Inc. | 1738 | 162381 |
| Waters Corp.<sup>(a)</sup> <br>| 2006 | 697546 |
| West Pharmaceutical Services, Inc. | 933 | 197134 |
|  |  | 3699220 |
| ***MACHINERY - 1.0%*** |  |  |
| Caterpillar, Inc. | 2410 | 745341 |
| Deere & Co. | 661 | 306413 |
| Fortive Corp. | 2024 | 141052 |
| Illinois Tool Works, Inc. | 1058 | 253825 |
| Ingersoll Rand, Inc. | 5301 | 399854 |
| Otis Worldwide Corp. | 2409 | 231914 |
| PACCAR, Inc. | 2498 | 225345 |
| Stanley Black & Decker, Inc. | 79 | 4742 |
| Westinghouse Air Brake Technologies <br> Corp.<br>| 666 | 123037 |
| Xylem, Inc. | 1037 | 125031 |
|  |  | 2556554 |
| ***MEDIA - 0.6%*** |  |  |
| Comcast Corp., Class A | 21354 | 730307 |
| Fox Corp., Class A | 1088 | 54171 |
| Fox Corp., Class B | 3263 | 150881 |
| Interpublic Group of Cos., Inc. (The) | 12524 | 314603 |
| News Corp., Class A | 2690 | 72953 |
| News Corp., Class B | 1680 | 52786 |
| Omnicom Group, Inc. | 621 | 47295 |
| Paramount Global, Class B | 3380 | 39681 |
|  |  | 1462677 |
| ***METALS & MINING - 0.3%*** |  |  |
| Freeport-McMoRan, Inc. | 7958 | 286727 |
| Newmont Corp. | 5613 | 295693 |
| Nucor Corp. | 757 | 90363 |
| Steel Dynamics, Inc. | 412 | 53440 |
|  |  | 726223 |
| ***MULTI-UTILITIES - 0.9%*** |  |  |
| Ameren Corp. | 1395 | 138440 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CenterPoint Energy, Inc. | 5180 | $200880 |
| CMS Energy Corp. | 2241 | 165049 |
| Consolidated Edison, Inc. | 3297 | 371737 |
| Dominion Energy, Inc. | 4568 | 248408 |
| DTE Energy Co. | 1123 | 153851 |
| NiSource, Inc. | 4370 | 170911 |
| Public Service Enterprise Group, Inc. | 3290 | 262970 |
| Sempra | 3920 | 291138 |
| WEC Energy Group, Inc. | 2365 | 259015 |
|  |  | 2262399 |
| ***OFFICE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.1%***<br>|  |  |
| BXP, Inc. | 4761 | 303419 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***3.0%***<br>|  |  |
| APA Corp. | 1420 | 22067 |
| Chevron Corp. | 9017 | 1226853 |
| ConocoPhillips | 7205 | 642109 |
| Coterra Energy, Inc. | 4790 | 117642 |
| Devon Energy Corp. | 3180 | 96704 |
| Diamondback Energy, Inc. | 374 | 49372 |
| EOG Resources, Inc. | 2618 | 288844 |
| EQT Corp. | 1813 | 89635 |
| Exxon Mobil Corp. | 24275 | 2564168 |
| Hess Corp. | 1299 | 167636 |
| Kinder Morgan, Inc. | 18540 | 487602 |
| Marathon Petroleum Corp. | 1695 | 232910 |
| Occidental Petroleum Corp. | 3985 | 157049 |
| ONEOK, Inc. | 2812 | 231034 |
| Phillips 66 | 2131 | 221752 |
| Targa Resources Corp. | 864 | 147657 |
| Texas Pacific Land Corp. | 138 | 177864 |
| Valero Energy Corp. | 1591 | 184699 |
| Williams Cos., Inc. (The) | 7696 | 450755 |
|  |  | 7556352 |
| ***PASSENGER AIRLINES - 0.1%*** |  |  |
| Delta Air Lines, Inc. | 2003 | 83385 |
| Southwest Airlines Co. | 3302 | 92324 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| 710 | 48862 |
|  |  | 224571 |
| ***PERSONAL CARE PRODUCTS - 0.1%*** |  |  |
| Estee Lauder Cos., Inc., (The) Class A | 621 | 37235 |
| Kenvue, Inc. | 10007 | 236165 |
|  |  | 273400 |
| ***PHARMACEUTICALS - 0.5%*** |  |  |
| Zoetis, Inc. | 7536 | 1178630 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***PROFESSIONAL SERVICES - 0.6%*** |  |  |
| Automatic Data Processing, Inc. | 3016 | $906610 |
| Broadridge Financial Solutions, Inc. | 1229 | 297910 |
| Jacobs Solutions, Inc. | 560 | 69328 |
| Paychex, Inc. | 2190 | 322193 |
| Verisk Analytics, Inc. | 43 | 12746 |
|  |  | 1608787 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.2%***<br>|  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| 3744 | 457442 |
| CoStar Group, Inc.<sup>(a)</sup> <br>| 1886 | 139885 |
|  |  | 597327 |
| ***RESIDENTIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.1%***<br>|  |  |
| Camden Property Trust | 275 | 31295 |
| Equity Residential | 2389 | 167851 |
| Invitation Homes, Inc. | 175 | 5983 |
| Mid-America Apartment Communities, <br> Inc.<br>| 405 | 64658 |
| UDR, Inc. | 2330 | 97581 |
|  |  | 367368 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.3%***<br>|  |  |
| Federal Realty Investment Trust | 135 | 12692 |
| Kimco Realty Corp. | 5150 | 102897 |
| Realty Income Corp. | 3880 | 224497 |
| Regency Centers Corp. | 1945 | 140390 |
| Simon Property Group, Inc. | 1289 | 202863 |
|  |  | 683339 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***10.3%***<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| 11226 | 1092851 |
| Analog Devices, Inc. | 3964 | 772663 |
| Applied Materials, Inc. | 6001 | 904411 |
| Broadcom, Inc. | 23996 | 4618510 |
| Enphase Energy, Inc.<sup>(a)</sup> <br>| 358 | 15963 |
| Intel Corp. | 35970 | 722997 |
| Lam Research Corp. | 10594 | 759272 |
| Microchip Technology, Inc. | 490 | 22579 |
| Micron Technology, Inc. | 5144 | 395831 |
| NVIDIA Corp. | 133926 | 14587220 |
| NXP Semiconductors N.V. | 2806 | 517174 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| 912 | 36206 |
| QUALCOMM, Inc. | 4273 | 634370 |
| Teradyne, Inc. | 150 | 11131 |
| Texas Instruments, Inc. | 3232 | 517282 |
|  |  | 25608460 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***SOFTWARE - 10.9%*** |  |  |
| Adobe, Inc.<sup>(a)</sup> <br>| 2992 | $1121940 |
| ANSYS, Inc.<sup>(a)</sup> <br>| 1256 | 404281 |
| Autodesk, Inc.<sup>(a)</sup> <br>| 2061 | 565229 |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| 2195 | 653539 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> <br>| 1407 | 603420 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| 58 | 115401 |
| Fortinet, Inc.<sup>(a)</sup> <br>| 3098 | 321449 |
| Gen Digital, Inc. | 4396 | 113725 |
| Intuit, Inc. | 1870 | 1173369 |
| Microsoft Corp. | 38702 | 15297353 |
| Oracle Corp. | 8202 | 1154185 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| 10275 | 1216971 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| 4991 | 932968 |
| Salesforce, Inc. | 5613 | 1508269 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| 1348 | 1287354 |
| Workday, Inc., Class A<sup>(a)</sup> <br>| 2137 | 523565 |
|  |  | 26993018 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.4%***<br>|  |  |
| American Tower Corp. | 3485 | 785554 |
| Crown Castle, Inc. | 5361 | 566979 |
| Digital Realty Trust, Inc. | 3282 | 526892 |
| Equinix, Inc. | 811 | 698068 |
| Extra Space Storage, Inc. | 971 | 142271 |
| Iron Mountain, Inc. | 1456 | 130560 |
| SBA Communications Corp. | 1574 | 383112 |
| Weyerhaeuser Co. | 5852 | 151625 |
|  |  | 3385061 |
| ***SPECIALTY RETAIL - 2.3%*** |  |  |
| Best Buy Co., Inc. | 4766 | 317844 |
| CarMax, Inc.<sup>(a)</sup> <br>| 4691 | 303367 |
| Home Depot, Inc. (The) | 5924 | 2135543 |
| Lowe's Cos., Inc. | 4121 | 921291 |
| TJX Cos., Inc. (The) | 6350 | 817118 |
| Tractor Supply Co. | 7993 | 404606 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>| 891 | 352515 |
| Williams-Sonoma, Inc. | 2267 | 350183 |
|  |  | 5602467 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***7.5%***<br>|  |  |
| Apple, Inc. | 78281 | 16634713 |
| Dell Technologies, Inc., Class C | 135 | 12388 |
| Hewlett Packard Enterprise Co. | 24668 | 400115 |
| HP, Inc. | 15697 | 401372 |
| NetApp, Inc. | 4163 | 373629 |
| Seagate Technology Holdings PLC | 4581 | 417009 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Super Micro Computer, Inc.<sup>(a)</sup> <br>| 1890 | $60215 |
| Western Digital Corp.<sup>(a)</sup> <br>| 9092 | 398775 |
|  |  | 18698216 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 0.4%***<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| 3008 | 333377 |
| NIKE, Inc., Class B | 5426 | 306026 |
| Ralph Lauren Corp. | 28 | 6299 |
| Tapestry, Inc. | 4885 | 345125 |
|  |  | 990827 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 0.5%***<br>|  |  |
| Fastenal Co. | 3416 | 276593 |
| United Rentals, Inc. | 757 | 478008 |
| W.W. Grainger, Inc. | 484 | 495766 |
|  |  | 1250367 |
| ***WATER UTILITIES - 0.1%*** |  |  |
| American Water Works Co., Inc. | 1074 | 157889 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 0.3%***<br>|  |  |
| T-Mobile U.S., Inc. | 3364 | 830740 |
| **TOTAL COMMON STOCKS**<br> **(COST $191,412,112)**<br>|  | 248147460 |
| **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***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>|  |  |
| **TOTAL INVESTMENTS**<br> **(COST $191,412,112) - 99.9%**<br>|  | 248147460 |
| **OTHER ASSETS IN EXCESS OF** <br> **LIABILITIES - 0.1%**<br>|  | 264369 |
| **NET ASSETS - 100.0%** |  | $248411829 |

---

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

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

<sup>(c)</sup> Amounts designated as ''—'' are $0 or have been rounded to $0.

---

| |
|:---|
| N.V. — Naamloze Vennootschap |
| PLC — Public Limited Company |
| S&P — Standard & Poor's |
| SA — Societe Anonyme |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%** |  |  |
| ***AEROSPACE & DEFENSE - 1.6%*** |  |  |
| AAR Corp.<sup>(a)</sup> <br>| 1599 | $85482 |
| AeroVironment, Inc.<sup>(a)</sup> <br>| 1172 | 177581 |
| ATI, Inc.<sup>(a)</sup> <br>| 6227 | 338624 |
| BWX Technologies, Inc. | 5065 | 552693 |
| Curtiss-Wright Corp. | 1057 | 364549 |
| Hexcel Corp. | 3894 | 188742 |
| Mercury Systems, Inc.<sup>(a)</sup> <br>| 2568 | 128400 |
| Moog, Inc., Class A | 887 | 148351 |
| National Presto Industries, Inc. | 48 | 4049 |
| Triumph Group, Inc.<sup>(a)</sup> <br>| 3570 | 90678 |
| Woodward, Inc. | 3198 | 599849 |
|  |  | 2678998 |
| ***AIR FREIGHT & LOGISTICS - 0.2%*** |  |  |
| Forward Air Corp.<sup>(a)</sup> <br>| 1308 | 19254 |
| GXO Logistics, Inc.<sup>(a)</sup> <br>| 5534 | 200552 |
| Hub Group, Inc., Class A | 2982 | 94201 |
|  |  | 314007 |
| ***AUTOMOBILE COMPONENTS - 1.1%*** |  |  |
| Adient PLC<sup>(a)</sup> <br>| 4386 | 55483 |
| American Axle & Manufacturing <br> Holdings, Inc.<sup>(a)</sup> <br>| 6850 | 26167 |
| Autoliv, Inc. | 2851 | 265799 |
| BorgWarner, Inc. | 16971 | 481637 |
| Dana, Inc. | 7151 | 98255 |
| Dorman Products, Inc.<sup>(a)</sup> <br>| 920 | 104236 |
| Fox Factory Holding Corp.<sup>(a)</sup> <br>| 1440 | 29246 |
| Gentex Corp. | 11098 | 241714 |
| Gentherm, Inc.<sup>(a)</sup> <br>| 1290 | 33553 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> <br>| 13896 | 151188 |
| Patrick Industries, Inc. | 1743 | 134176 |
| Phinia, Inc. | 2037 | 81786 |
| Standard Motor Products, Inc. | 862 | 23360 |
| Visteon Corp.<sup>(a)</sup> <br>| 663 | 52503 |
| XPEL, Inc.<sup>(a)</sup> <br>| 665 | 19046 |
|  |  | 1798149 |
| ***AUTOMOBILES - 0.3%*** |  |  |
| Harley-Davidson, Inc. | 13784 | 309037 |
| Thor Industries, Inc. | 2121 | 153603 |
| Winnebago Industries, Inc. | 841 | 26761 |
|  |  | 489401 |
| ***BANKS - 7.4%*** |  |  |
| Ameris Bancorp | 3025 | 177265 |
| Associated Banc-Corp | 7939 | 175134 |
| Atlantic Union Bankshares Corp. | 1684 | 46647 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| 2598 | 164921 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Banc of California, Inc. | 7435 | $100224 |
| BancFirst Corp. | 122 | 14374 |
| Bancorp, Inc. (The)<sup>(a)</sup> <br>| 2490 | 120292 |
| Bank of Hawaii Corp. | 1927 | 127394 |
| Bank OZK | 4739 | 201881 |
| BankUnited, Inc. | 3511 | 114845 |
| Banner Corp. | 1024 | 62607 |
| Berkshire Hills Bancorp, Inc. | 2660 | 66048 |
| Brookline Bancorp, Inc. | 6100 | 63684 |
| Cadence Bank | 9327 | 272908 |
| Capitol Federal Financial, Inc. | 6050 | 34304 |
| Cathay General Bancorp | 2917 | 121610 |
| Central Pacific Financial Corp. | 1180 | 30314 |
| Columbia Banking System, Inc. | 11152 | 250028 |
| Comerica, Inc. | 6457 | 347064 |
| Commerce Bancshares, Inc. | 5671 | 344457 |
| Community Financial System, Inc. | 2134 | 116495 |
| Customers Bancorp, Inc.<sup>(a)</sup> <br>| 1293 | 64650 |
| CVB Financial Corp. | 6829 | 126610 |
| Dime Community Bancshares, Inc., <br> Class B<br>| 2282 | 58625 |
| Eagle Bancorp, Inc. | 1440 | 25848 |
| East West Bancorp, Inc. | 7784 | 665921 |
| F.N.B. Corp. | 20435 | 267494 |
| FB Financial Corp. | 1861 | 79204 |
| First Bancorp | 1870 | 75660 |
| First BanCorp (New York Exchange) | 8874 | 174285 |
| First Commonwealth Financial Corp. | 4960 | 75987 |
| First Financial Bancorp | 4760 | 110194 |
| First Financial Bankshares, Inc. | 6259 | 209739 |
| First Hawaiian, Inc. | 6020 | 137617 |
| First Horizon Corp. | 26847 | 485394 |
| Flagstar Financial, Inc. | 12450 | 145789 |
| Fulton Financial Corp. | 9939 | 165783 |
| Glacier Bancorp, Inc. | 5236 | 213419 |
| Hancock Whitney Corp. | 3656 | 190441 |
| Hanmi Financial Corp. | 1901 | 43476 |
| Heritage Financial Corp. | 1430 | 32633 |
| Hilltop Holdings, Inc. | 3183 | 93994 |
| Home Bancshares, Inc. | 9688 | 268842 |
| Hope Bancorp, Inc. | 8372 | 83469 |
| Independent Bank Corp. | 1564 | 92417 |
| International Bancshares Corp. | 2304 | 140636 |
| Lakeland Financial Corp. | 919 | 51161 |
| National Bank Holdings Corp., Class A | 1800 | 65088 |
| NBT Bancorp, Inc. | 2040 | 86374 |
| Northwest Bancshares, Inc. | 4090 | 50511 |
| OFG Bancorp | 2491 | 98021 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Old National Bancorp | 16416 | $338005 |
| Pacific Premier Bancorp, Inc. | 4668 | 94947 |
| Pathward Financial, Inc. | 1122 | 89053 |
| Pinnacle Financial Partners, Inc. | 2849 | 285584 |
| Prosperity Bancshares, Inc. | 5175 | 351382 |
| Provident Financial Services, Inc. | 3730 | 61060 |
| Renasant Corp. | 2934 | 94093 |
| S&T Bancorp, Inc. | 1690 | 61584 |
| Seacoast Banking Corp. of Florida | 3510 | 83222 |
| ServisFirst Bancshares, Inc. | 2639 | 187950 |
| Simmons First National Corp., Class A | 5852 | 109198 |
| Southside Bancshares, Inc. | 1286 | 36252 |
| SouthState Corp. | 4428 | 384262 |
| Stellar Bancorp, Inc. | 3104 | 77476 |
| Synovus Financial Corp. | 6547 | 283616 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> <br>| 2189 | 149180 |
| Tompkins Financial Corp. | 60 | 3576 |
| Triumph Financial, Inc.<sup>(a)</sup> <br>| 1246 | 66561 |
| TrustCo Bank Corp. NY | 800 | 24360 |
| Trustmark Corp. | 3420 | 114741 |
| UMB Financial Corp. | 1793 | 169564 |
| United Bankshares, Inc. | 6379 | 218736 |
| United Community Banks, Inc. | 5632 | 155500 |
| Valley National Bancorp | 22624 | 194566 |
| Veritex Holdings, Inc. | 2803 | 65254 |
| WaFd, Inc. | 3255 | 92865 |
| Webster Financial Corp. | 7649 | 361798 |
| Westamerica BanCorp | 690 | 33417 |
| Western Alliance Bancorp | 3958 | 275912 |
| Wintrust Financial Corp. | 1957 | 217560 |
| WSFS Financial Corp. | 2639 | 136040 |
| Zions Bancorp | 6475 | 291181 |
|  |  | 12440273 |
| ***BEVERAGES - 0.4%*** |  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| 7482 | 261571 |
| Coca-Cola Consolidated, Inc. | 198 | 268450 |
| National Beverage Corp. | 1346 | 59763 |
|  |  | 589784 |
| ***BIOTECHNOLOGY - 2.6%*** |  |  |
| Alkermes PLC<sup>(a)</sup> <br>| 6928 | 199319 |
| Arcus Biosciences, Inc.<sup>(a)</sup> <br>| 3030 | 26512 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 5688 | 79006 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| 10392 | 661866 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 5390 | 130923 |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| 6089 | 260853 |
| Dynavax Technologies Corp.<sup>(a)</sup> <br>| 6528 | 76704 |
| Exelixis, Inc.<sup>(a)</sup> <br>| 14784 | 578794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Krystal Biotech, Inc.<sup>(a)</sup> <br>| 1559 | $264843 |
| Myriad Genetics, Inc.<sup>(a)</sup> <br>| 4317 | 31989 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| 5879 | 633109 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> <br>| 2605 | 119361 |
| Roivant Sciences Ltd.<sup>(a)</sup> <br>| 16728 | 194379 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> <br>| 5254 | 327850 |
| TG Therapeutics, Inc.<sup>(a)</sup> <br>| 2858 | 130068 |
| United Therapeutics Corp.<sup>(a)</sup> <br>| 1735 | 525861 |
| Vericel Corp.<sup>(a)</sup> <br>| 2286 | 86914 |
| Vir Biotechnology, Inc.<sup>(a)</sup> <br>| 4180 | 25582 |
| Xencor, Inc.<sup>(a)</sup> <br>| 3272 | 36057 |
|  |  | 4389990 |
| ***BROADLINE RETAIL - 0.4%*** |  |  |
| Kohl's Corp. | 5090 | 34103 |
| Macy's, Inc. | 13125 | 149888 |
| Nordstrom, Inc. | 5322 | 128473 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> <br>| 3221 | 341780 |
|  |  | 654244 |
| ***BUILDING PRODUCTS - 2.7%*** |  |  |
| AAON, Inc. | 3505 | 319901 |
| Advanced Drainage Systems, Inc. | 3762 | 426949 |
| American Woodmark Corp.<sup>(a)</sup> <br>| 538 | 31742 |
| Apogee Enterprises, Inc. | 1081 | 42883 |
| Armstrong World Industries, Inc. | 2297 | 333111 |
| AZZ, Inc. | 1273 | 110445 |
| Carlisle Cos., Inc. | 642 | 243626 |
| CSW Industrials, Inc. | 441 | 137804 |
| Fortune Brands Innovations, Inc. | 5917 | 318453 |
| Gibraltar Industries, Inc.<sup>(a)</sup> <br>| 1330 | 70424 |
| Griffon Corp. | 1932 | 131589 |
| Hayward Holdings, Inc.<sup>(a)</sup> <br>| 6637 | 88471 |
| Insteel Industries, Inc. | 960 | 32554 |
| Masterbrand, Inc.<sup>(a)</sup> <br>| 4058 | 49305 |
| Owens Corning | 3458 | 502828 |
| Quanex Building Products Corp. | 2025 | 33291 |
| Resideo Technologies, Inc.<sup>(a)</sup> <br>| 19594 | 328787 |
| Simpson Manufacturing Co., Inc. | 2300 | 353487 |
| Trex Co., Inc.<sup>(a)</sup> <br>| 4986 | 288291 |
| UFP Industries, Inc. | 3160 | 312366 |
| Zurn Elkay Water Solutions Corp., <br> Class C<br>| 13541 | 459852 |
|  |  | 4616159 |
| ***CAPITAL MARKETS - 3.0%*** |  |  |
| Acadian Asset Management, Inc. | 2520 | 67889 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 2578 | 95334 |
| BGC Group, Inc., Class A | 11665 | 105685 |
| Cohen & Steers, Inc. | 1440 | 109901 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> <br>| 1317 | $63479 |
| Evercore, Inc., Class A | 971 | 199337 |
| Federated Hermes, Inc. | 4292 | 174298 |
| Hamilton Lane, Inc., Class A | 1864 | 287969 |
| Houlihan Lokey, Inc. | 3462 | 561121 |
| Interactive Brokers Group, Inc., Class A | 5303 | 911321 |
| Janus Henderson Group PLC | 11290 | 374941 |
| Jefferies Financial Group, Inc. | 8667 | 405009 |
| Morningstar, Inc. | 242 | 68902 |
| PJT Partners, Inc., Class A | 1448 | 205196 |
| SEI Investments Co. | 5255 | 411414 |
| StepStone Group, Inc., Class A | 2111 | 105571 |
| Stifel Financial Corp. | 5538 | 474551 |
| StoneX Group, Inc.<sup>(a)</sup> <br>| 2295 | 203257 |
| Virtu Financial, Inc., Class A | 2849 | 111538 |
| WisdomTree, Inc. | 6910 | 60117 |
|  |  | 4996830 |
| ***CHEMICALS - 1.8%*** |  |  |
| AdvanSix, Inc. | 1540 | 32987 |
| Ashland, Inc. | 2461 | 133854 |
| Avient Corp. | 4516 | 150428 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>| 8594 | 279305 |
| Balchem Corp. | 1610 | 252045 |
| Cabot Corp. | 2990 | 234835 |
| Chemours Co. (The) | 7093 | 87811 |
| H.B. Fuller Co. | 2488 | 134452 |
| Hawkins, Inc. | 1141 | 138951 |
| Ingevity Corp.<sup>(a)</sup> <br>| 1450 | 47821 |
| Innospec, Inc. | 1390 | 124377 |
| Koppers Holdings, Inc. | 653 | 16364 |
| Minerals Technologies, Inc. | 1404 | 72432 |
| Olin Corp. | 5503 | 118975 |
| RPM International, Inc. | 7008 | 748104 |
| Scotts Miracle-Gro Co. (The) | 2114 | 106503 |
| Sensient Technologies Corp. | 1950 | 183202 |
| Stepan Co. | 746 | 37718 |
| Westlake Corp. | 2064 | 190776 |
|  |  | 3090940 |
| ***COMMERCIAL SERVICES &*** <br> ***SUPPLIES - 2.2%***<br>|  |  |
| ABM Industries, Inc. | 3050 | 148657 |
| Brady Corp., Class A | 2095 | 147258 |
| Brink's Co. (The) | 2476 | 220958 |
| Clean Harbors, Inc.<sup>(a)</sup> <br>| 1203 | 257370 |
| Corecivic, Inc.<sup>(a)</sup> <br>| 5864 | 132761 |
| Deluxe Corp. | 2730 | 39858 |
| Enviri Corp.<sup>(a)</sup> <br>| 5250 | 36068 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Geo Group, Inc. (The)<sup>(a)</sup> <br>| 6388 | $199817 |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| 4472 | 63547 |
| HNI Corp. | 6826 | 288740 |
| Interface, Inc. | 3860 | 72568 |
| Liquidity Services, Inc.<sup>(a)</sup> <br>| 1830 | 58157 |
| MillerKnoll, Inc. | 3446 | 56514 |
| MSA Safety, Inc. | 802 | 126251 |
| OPENLANE, Inc.<sup>(a)</sup> <br>| 5891 | 109042 |
| Pitney Bowes, Inc. | 11310 | 98171 |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> <br>| 1079 | 31604 |
| RB Global, Inc. | 9819 | 988773 |
| Tetra Tech, Inc. | 15895 | 495765 |
| Vestis Corp. | 6657 | 58315 |
|  |  | 3630194 |
| ***COMMUNICATIONS EQUIPMENT -*** <br> ***0.7%***<br>|  |  |
| Calix, Inc.<sup>(a)</sup> <br>| 2883 | 117944 |
| Ciena Corp.<sup>(a)</sup> <br>| 6801 | 456755 |
| Digi International, Inc.<sup>(a)</sup> <br>| 2020 | 54944 |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| 6896 | 90751 |
| Harmonic, Inc.<sup>(a)</sup> <br>| 5853 | 52560 |
| Lumentum Holdings, Inc.<sup>(a)</sup> <br>| 3251 | 191939 |
| NetScout Systems, Inc.<sup>(a)</sup> <br>| 3590 | 75462 |
| Viasat, Inc.<sup>(a)</sup> <br>| 3400 | 31518 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| 14010 | 148226 |
|  |  | 1220099 |
| ***CONSTRUCTION & ENGINEERING -*** <br> ***2.2%***<br>|  |  |
| AECOM | 7200 | 710280 |
| Arcosa, Inc. | 2319 | 185682 |
| Comfort Systems USA, Inc. | 1980 | 787149 |
| Dycom Industries, Inc.<sup>(a)</sup> <br>| 1452 | 243283 |
| EMCOR Group, Inc. | 1976 | 791783 |
| Fluor Corp.<sup>(a)</sup> <br>| 7771 | 271130 |
| Granite Construction, Inc. | 2021 | 164287 |
| MasTec, Inc.<sup>(a)</sup> <br>| 3292 | 419137 |
| MYR Group, Inc.<sup>(a)</sup> <br>| 764 | 93453 |
| Valmont Industries, Inc. | 104 | 30495 |
|  |  | 3696679 |
| ***CONSTRUCTION MATERIALS - 0.3%*** |  |  |
| Eagle Materials, Inc. | 884 | 200129 |
| Knife River Corp.<sup>(a)</sup> <br>| 2630 | 245589 |
|  |  | 445718 |
| ***CONSUMER FINANCE - 0.9%*** |  |  |
| Ally Financial, Inc. | 13317 | 434933 |
| Bread Financial Holdings, Inc. | 2270 | 107711 |
| Encore Capital Group, Inc.<sup>(a)</sup> <br>| 980 | 33712 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Enova International, Inc.<sup>(a)</sup> <br>| 1532 | $140622 |
| EZCORP, Inc., Class A<sup>(a)</sup> <br>| 3780 | 61879 |
| FirstCash Holdings, Inc. | 2010 | 269260 |
| Navient Corp. | 5335 | 66047 |
| PRA Group, Inc.<sup>(a)</sup> <br>| 1930 | 35319 |
| PROG Holdings, Inc. | 1938 | 51086 |
| SLM Corp. | 11586 | 334951 |
|  |  | 1535520 |
| ***CONSUMER STAPLES*** <br> ***DISTRIBUTION & RETAIL - 2.0%***<br>|  |  |
| Andersons, Inc. (The) | 1604 | 60487 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>| 7168 | 842670 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> <br>| 1953 | 111262 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> <br>| 5084 | 85360 |
| Maplebear, Inc.<sup>(a)</sup> <br>| 1329 | 53014 |
| PriceSmart, Inc. | 1287 | 130618 |
| SpartanNash Co. | 2424 | 48092 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| 5579 | 954009 |
| United Natural Foods, Inc.<sup>(a)</sup> <br>| 3380 | 90280 |
| US Foods Holding Corp.<sup>(a)</sup> <br>| 16244 | 1066581 |
|  |  | 3442373 |
| ***CONTAINERS & PACKAGING - 1.6%*** |  |  |
| Amcor PLC | 36584 | 336568 |
| AptarGroup, Inc. | 1916 | 287304 |
| Crown Holdings, Inc. | 7243 | 697718 |
| Graphic Packaging Holding Co. | 12278 | 310756 |
| Greif, Inc., Class A | 1144 | 60037 |
| O-I Glass, Inc.<sup>(a)</sup> <br>| 8295 | 105015 |
| Sealed Air Corp. | 15176 | 418251 |
| Silgan Holdings, Inc. | 4150 | 214348 |
| Sonoco Products Co. | 4491 | 184131 |
|  |  | 2614128 |
| ***DIVERSIFIED CONSUMER*** <br> ***SERVICES - 1.9%***<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> <br>| 1957 | 207834 |
| Duolingo, Inc.<sup>(a)</sup> <br>| 1869 | 727938 |
| Frontdoor, Inc.<sup>(a)</sup> <br>| 8735 | 359096 |
| Grand Canyon Education, Inc.<sup>(a)</sup> <br>| 1406 | 250788 |
| H&R Block, Inc. | 7149 | 431585 |
| Matthews International Corp., Class A | 1816 | 37137 |
| Mister Car Wash, Inc.<sup>(a)</sup> <br>| 6790 | 46579 |
| Perdoceo Education Corp. | 3665 | 92065 |
| Service Corp. International | 7737 | 618186 |
| Strategic Education, Inc. | 1243 | 101404 |
| Stride, Inc.<sup>(a)</sup> <br>| 2451 | 348655 |
|  |  | 3221267 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***DIVERSIFIED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.7%***<br>|  |  |
| Alexander & Baldwin, Inc. | 4923 | $84577 |
| American Assets Trust, Inc. | 3540 | 66304 |
| Armada Hoffler Properties, Inc. | 4940 | 33444 |
| Essential Properties Realty Trust, Inc. | 7880 | 253500 |
| Global Net Lease, Inc. | 5720 | 43186 |
| WP Carey, Inc. | 10996 | 686590 |
|  |  | 1167601 |
| ***DIVERSIFIED*** <br> ***TELECOMMUNICATION*** <br> ***SERVICES - 0.5%***<br>|  |  |
| Cogent Communications Holdings, Inc. | 2348 | 127614 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> <br>| 10886 | 394618 |
| Iridium Communications, Inc. | 5940 | 143332 |
| Lumen Technologies, Inc.<sup>(a)</sup> <br>| 41956 | 148524 |
| Shenandoah Telecommunications Co. | 2630 | 29298 |
|  |  | 843386 |
| ***ELECTRIC UTILITIES - 1.2%*** |  |  |
| ALLETE, Inc. | 2558 | 167523 |
| IDACORP, Inc. | 3706 | 437642 |
| MGE Energy, Inc. | 2181 | 197206 |
| OGE Energy Corp. | 11289 | 512295 |
| Otter Tail Corp. | 2248 | 178446 |
| Portland General Electric Co. | 5100 | 214812 |
| TXNM Energy, Inc. | 4370 | 232484 |
|  |  | 1940408 |
| ***ELECTRICAL EQUIPMENT - 1.1%*** |  |  |
| Acuity, Inc. | 673 | 163949 |
| EnerSys | 2043 | 176924 |
| NEXTracker, Inc., Class A<sup>(a)</sup> <br>| 5711 | 231924 |
| nVent Electric PLC | 7714 | 423576 |
| Powell Industries, Inc. | 579 | 106021 |
| Regal Rexnord Corp. | 2231 | 236129 |
| Sensata Technologies Holding PLC | 15588 | 333583 |
| Sunrun, Inc.<sup>(a)</sup> <br>| 10629 | 73234 |
| Vicor Corp.<sup>(a)</sup> <br>| 963 | 38428 |
|  |  | 1783768 |
| ***ELECTRONIC EQUIPMENT,*** <br> ***INSTRUMENTS & COMPONENTS*** <br> ***- 3.0%***<br>|  |  |
| Advanced Energy Industries, Inc. | 1331 | 129653 |
| Arlo Technologies, Inc.<sup>(a)</sup> <br>| 4756 | 46752 |
| Arrow Electronics, Inc.<sup>(a)</sup> <br>| 376 | 41871 |
| Avnet, Inc. | 9212 | 432872 |
| Badger Meter, Inc. | 2051 | 452902 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Belden, Inc. | 1939 | $199930 |
| Benchmark Electronics, Inc. | 7316 | 237990 |
| Cognex Corp. | 7872 | 214906 |
| Coherent Corp.<sup>(a)</sup> <br>| 7183 | 462011 |
| CTS Corp. | 1540 | 58643 |
| ePlus, Inc.<sup>(a)</sup> <br>| 1176 | 73335 |
| Fabrinet<sup>(a)</sup> <br>| 1749 | 358650 |
| Insight Enterprises, Inc.<sup>(a)</sup> <br>| 844 | 116708 |
| IPG Photonics Corp.<sup>(a)</sup> <br>| 952 | 57015 |
| Itron, Inc.<sup>(a)</sup> <br>| 3565 | 396749 |
| Knowles Corp.<sup>(a)</sup> <br>| 5710 | 89875 |
| Novanta, Inc.<sup>(a)</sup> <br>| 3029 | 360027 |
| OSI Systems, Inc.<sup>(a)</sup> <br>| 566 | 115883 |
| PC Connection, Inc. | 454 | 28166 |
| Plexus Corp.<sup>(a)</sup> <br>| 1223 | 149732 |
| Sanmina Corp.<sup>(a)</sup> <br>| 2452 | 188289 |
| ScanSource, Inc.<sup>(a)</sup> <br>| 1287 | 42458 |
| TD SYNNEX Corp. | 4054 | 449183 |
| TTM Technologies, Inc.<sup>(a)</sup> <br>| 5989 | 119900 |
| Vishay Intertechnology, Inc. | 6180 | 80278 |
| Vontier Corp. | 7269 | 231227 |
|  |  | 5135005 |
| ***ENERGY EQUIPMENT & SERVICES*** <br> ***- 1.0%***<br>|  |  |
| Archrock, Inc. | 6683 | 157251 |
| Bristow Group, Inc.<sup>(a)</sup> <br>| 1036 | 30085 |
| Cactus, Inc., Class A | 3350 | 127099 |
| ChampionX Corp. | 9061 | 218642 |
| Core Laboratories, Inc. | 2630 | 29903 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> <br>| 6820 | 41534 |
| Helmerich & Payne, Inc. | 4210 | 79527 |
| Innovex International, Inc.<sup>(a)</sup> <br>| 1791 | 27044 |
| Liberty Energy, Inc. | 5634 | 64791 |
| NOV, Inc. | 18964 | 220172 |
| Oceaneering International, Inc.<sup>(a)</sup> <br>| 4963 | 88093 |
| Patterson-UTI Energy, Inc. | 15877 | 89546 |
| ProPetro Holding Corp.<sup>(a)</sup> <br>| 6670 | 33217 |
| RPC, Inc. | 5720 | 27056 |
| Tidewater, Inc.<sup>(a)</sup> <br>| 2880 | 104227 |
| Valaris Ltd.<sup>(a)</sup> <br>| 3441 | 111179 |
| Weatherford International PLC | 4319 | 178807 |
|  |  | 1628173 |
| ***ENTERTAINMENT - 0.2%*** |  |  |
| Cinemark Holdings, Inc. | 5505 | 164655 |
| Warner Music Group Corp., Class A | 5110 | 155599 |
|  |  | 320254 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***FINANCIAL SERVICES - 2.4%*** |  |  |
| Equitable Holdings, Inc. | 13609 | $672965 |
| Essent Group Ltd. | 4932 | 280779 |
| Euronet Worldwide, Inc.<sup>(a)</sup> <br>| 2495 | 247254 |
| EVERTEC, Inc. | 3328 | 112952 |
| HA Sustainable Infrastructure Capital, <br> Inc.<br>| 13827 | 345398 |
| Jackson Financial, Inc., Class A | 3710 | 289046 |
| MGIC Investment Corp. | 13981 | 348267 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> <br>| 3115 | 370716 |
| NCR Atleos Corp.<sup>(a)</sup> <br>| 3331 | 93002 |
| NMI Holdings, Inc.<sup>(a)</sup> <br>| 4217 | 152529 |
| Payoneer Global, Inc.<sup>(a)</sup> <br>| 11244 | 79045 |
| Radian Group, Inc. | 5324 | 170049 |
| Shift4 Payments, Inc., Class A<sup>(a)</sup> <br>| 2624 | 214643 |
| Voya Financial, Inc. | 4730 | 280016 |
| Walker & Dunlop, Inc. | 2111 | 161576 |
| Western Union Co. (The) | 17868 | 177072 |
| WEX, Inc.<sup>(a)</sup> <br>| 561 | 73138 |
|  |  | 4068447 |
| ***FOOD PRODUCTS - 1.3%*** |  |  |
| B&G Foods, Inc. | 4180 | 28800 |
| Cal-Maine Foods, Inc. | 2036 | 190101 |
| Darling Ingredients, Inc.<sup>(a)</sup> <br>| 7477 | 240685 |
| Flowers Foods, Inc. | 10684 | 187932 |
| Fresh Del Monte Produce, Inc. | 2440 | 82984 |
| Freshpet, Inc.<sup>(a)</sup> <br>| 110 | 8089 |
| Ingredion, Inc. | 3535 | 469519 |
| John B. Sanfilippo & Son, Inc. | 427 | 28297 |
| Lancaster Colony Corp. | 311 | 50625 |
| Pilgrim's Pride Corp. | 2602 | 142017 |
| Post Holdings, Inc.<sup>(a)</sup> <br>| 2956 | 334531 |
| Simply Good Foods Co. (The)<sup>(a)</sup> <br>| 4622 | 166900 |
| Tootsie Roll Industries, Inc. | 1632 | 52224 |
| TreeHouse Foods, Inc.<sup>(a)</sup> <br>| 2648 | 61672 |
| WK Kellogg Co. | 3278 | 58775 |
|  |  | 2103151 |
| ***GAS UTILITIES - 1.1%*** |  |  |
| MDU Resources Group, Inc. | 10521 | 180330 |
| National Fuel Gas Co. | 4106 | 315259 |
| New Jersey Resources Corp. | 4887 | 239170 |
| Northwest Natural Holding Co. | 1790 | 77149 |
| ONE Gas, Inc. | 2678 | 210250 |
| Southwest Gas Holdings, Inc. | 3324 | 240026 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Spire, Inc. | 2438 | $186604 |
| UGI Corp. | 10407 | 341245 |
|  |  | 1790033 |
| ***GROUND TRANSPORTATION - 1.4%*** |  |  |
| ArcBest Corp. | 3738 | 218748 |
| Avis Budget Group, Inc.<sup>(a)</sup> <br>| 2713 | 251305 |
| Heartland Express, Inc. | 2983 | 22671 |
| Hertz Global Holdings, Inc.<sup>(a)</sup> <br>| 7458 | 50864 |
| Knight-Swift Transportation Holdings, <br> Inc.<br>| 7539 | 295303 |
| Marten Transport Ltd. | 4069 | 52246 |
| RXO, Inc.<sup>(a)</sup> <br>| 5900 | 83131 |
| Ryder System, Inc. | 3069 | 422509 |
| Saia, Inc.<sup>(a)</sup> <br>| 859 | 209596 |
| Werner Enterprises, Inc. | 3400 | 83844 |
| XPO, Inc.<sup>(a)</sup> <br>| 6270 | 665372 |
|  |  | 2355589 |
| ***HEALTH CARE EQUIPMENT &*** <br> ***SUPPLIES - 2.7%***<br>|  |  |
| Artivion, Inc.<sup>(a)</sup> <br>| 2273 | 53847 |
| Avanos Medical, Inc.<sup>(a)</sup> <br>| 2830 | 35517 |
| CONMED Corp. | 1366 | 67084 |
| DENTSPLY SIRONA, Inc. | 8153 | 113327 |
| Embecta Corp. | 3072 | 37448 |
| Enovis Corp.<sup>(a)</sup> <br>| 2539 | 87824 |
| Envista Holdings Corp.<sup>(a)</sup> <br>| 8891 | 142967 |
| Glaukos Corp.<sup>(a)</sup> <br>| 2864 | 269932 |
| Globus Medical, Inc., Class A<sup>(a)</sup> <br>| 5872 | 421433 |
| Haemonetics Corp.<sup>(a)</sup> <br>| 5084 | 320394 |
| ICU Medical, Inc.<sup>(a)</sup> <br>| 578 | 78949 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> <br>| 1488 | 235669 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| 2072 | 261714 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> <br>| 3797 | 62233 |
| Lantheus Holdings, Inc.<sup>(a)</sup> <br>| 3797 | 396179 |
| LeMaitre Vascular, Inc. | 1170 | 106166 |
| LivaNova PLC<sup>(a)</sup> <br>| 2579 | 95423 |
| Masimo Corp.<sup>(a)</sup> <br>| 2197 | 353629 |
| Merit Medical Systems, Inc.<sup>(a)</sup> <br>| 3279 | 309702 |
| Neogen Corp.<sup>(a)</sup> <br>| 10598 | 53520 |
| Omnicell, Inc.<sup>(a)</sup> <br>| 2161 | 67553 |
| Penumbra, Inc.<sup>(a)</sup> <br>| 1873 | 548489 |
| QuidelOrtho Corp.<sup>(a)</sup> <br>| 2248 | 62472 |
| STAAR Surgical Co.<sup>(a)</sup> <br>| 9876 | 180336 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> <br>| 3127 | 52690 |
| TransMedics Group, Inc.<sup>(a)</sup> <br>| 1798 | 165434 |
| UFP Technologies, Inc.<sup>(a)</sup> <br>| 80 | 16683 |
|  |  | 4596614 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***HEALTH CARE PROVIDERS &*** <br> ***SERVICES - 2.1%***<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> <br>| 4958 | $116017 |
| AdaptHealth Corp.<sup>(a)</sup> <br>| 4790 | 40763 |
| Addus HomeCare Corp.<sup>(a)</sup> <br>| 295 | 30842 |
| Amedisys, Inc.<sup>(a)</sup> <br>| 1887 | 179076 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> <br>| 1763 | 36018 |
| Astrana Health, Inc.<sup>(a)</sup> <br>| 2138 | 66642 |
| Concentra Group Holdings Parent, Inc. | 4802 | 104444 |
| CorVel Corp.<sup>(a)</sup> <br>| 982 | 106802 |
| Encompass Health Corp. | 5592 | 654208 |
| Ensign Group, Inc. (The) | 3858 | 497643 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| 4665 | 399884 |
| Hims & Hers Health, Inc.<sup>(a)</sup> <br>| 8453 | 279794 |
| National HealthCare Corp. | 569 | 53765 |
| NeoGenomics, Inc.<sup>(a)</sup> <br>| 6252 | 39982 |
| Option Care Health, Inc.<sup>(a)</sup> <br>| 8738 | 282325 |
| Owens & Minor, Inc.<sup>(a)</sup> <br>| 4621 | 32624 |
| Premier, Inc., Class A | 2936 | 59748 |
| Privia Health Group, Inc.<sup>(a)</sup> <br>| 4927 | 115686 |
| Progyny, Inc.<sup>(a)</sup> <br>| 4166 | 95151 |
| RadNet, Inc.<sup>(a)</sup> <br>| 3438 | 180083 |
| Select Medical Holdings Corp. | 5951 | 108546 |
| U.S. Physical Therapy, Inc. | 798 | 56746 |
|  |  | 3536789 |
| ***HEALTH CARE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.6%***<br>|  |  |
| CareTrust REIT, Inc. | 5808 | 170000 |
| Healthcare Realty Trust, Inc. | 9216 | 143124 |
| LTC Properties, Inc. | 2388 | 85658 |
| Omega Healthcare Investors, Inc. | 11613 | 453488 |
| Sabra Health Care REIT, Inc. | 12749 | 227570 |
|  |  | 1079840 |
| ***HEALTH CARE TECHNOLOGY -*** <br> ***0.3%***<br>|  |  |
| Certara, Inc.<sup>(a)</sup> <br>| 5476 | 75897 |
| Doximity, Inc., Class A<sup>(a)</sup> <br>| 5763 | 327800 |
| HealthStream, Inc. | 1710 | 57507 |
| Schrodinger, Inc.<sup>(a)</sup> <br>| 2787 | 71431 |
| Simulations Plus, Inc. | 1100 | 37785 |
|  |  | 570420 |
| ***HOTEL & RESORT REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.3%***<br>|  |  |
| Apple Hospitality REIT, Inc. | 3788 | 44585 |
| DiamondRock Hospitality Co. | 13625 | 100007 |
| Park Hotels & Resorts, Inc. | 11563 | 114936 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pebblebrook Hotel Trust | 7421 | $67160 |
| Summit Hotel Properties, Inc. | 8030 | 32682 |
| Sunstone Hotel Investors, Inc. | 10730 | 89488 |
| Xenia Hotels & Resorts, Inc. | 6067 | 64796 |
|  |  | 513654 |
| ***HOTELS, RESTAURANTS &*** <br> ***LEISURE - 1.9%***<br>|  |  |
| Aramark | 13315 | 445120 |
| Cava Group, Inc.<sup>(a)</sup> <br>| 2405 | 222294 |
| Choice Hotels International, Inc. | 1407 | 177437 |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> <br>| 4052 | 136269 |
| Hyatt Hotels Corp., Class A | 2953 | 332744 |
| Jack in the Box, Inc. | 954 | 24842 |
| Marriott Vacations Worldwide Corp. | 1635 | 89614 |
| Papa John's International, Inc. | 1490 | 51450 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> <br>| 4683 | 442965 |
| Sabre Corp.<sup>(a)</sup> <br>| 18980 | 44983 |
| Six Flags Entertainment Corp. | 4275 | 147103 |
| Travel + Leisure Co. | 3756 | 165001 |
| Vail Resorts, Inc. | 232 | 32294 |
| Wendy's Co. (The) | 11410 | 142625 |
| Wingstop, Inc. | 1393 | 367599 |
| Wyndham Hotels & Resorts, Inc. | 4366 | 372420 |
|  |  | 3194760 |
| ***HOUSEHOLD DURABLES - 1.8%*** |  |  |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| 219 | 108153 |
| Century Communities, Inc. | 1112 | 60648 |
| Champion Homes, Inc.<sup>(a)</sup> <br>| 621 | 53717 |
| Ethan Allen Interiors, Inc. | 1520 | 43214 |
| Green Brick Partners, Inc.<sup>(a)</sup> <br>| 1527 | 90078 |
| Helen of Troy Ltd.<sup>(a)</sup> <br>| 673 | 18750 |
| Installed Building Products, Inc. | 1214 | 201318 |
| KB Home | 6642 | 358867 |
| La-Z-Boy, Inc. | 2426 | 95827 |
| Leggett & Platt, Inc. | 7766 | 74709 |
| LGI Homes, Inc.<sup>(a)</sup> <br>| 838 | 45763 |
| M/I Homes, Inc.<sup>(a)</sup> <br>| 793 | 84597 |
| Meritage Homes Corp. | 1940 | 132192 |
| Newell Brands, Inc. | 70745 | 338161 |
| Sonos, Inc.<sup>(a)</sup> <br>| 6940 | 63917 |
| Taylor Morrison Home Corp.<sup>(a)</sup> <br>| 5181 | 297130 |
| Toll Brothers, Inc. | 5411 | 545808 |
| TopBuild Corp.<sup>(a)</sup> <br>| 654 | 193427 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> <br>| 5103 | 156917 |
| Whirlpool Corp. | 1612 | 122963 |
|  |  | 3086156 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***HOUSEHOLD PRODUCTS - 0.1%*** |  |  |
| Central Garden & Pet Co.<sup>(a)</sup> <br>| 165 | $5537 |
| Central Garden & Pet Co., Class A<sup>(a)</sup> <br>| 2847 | 84186 |
| Energizer Holdings, Inc. | 3903 | 105537 |
|  |  | 195260 |
| ***INDEPENDENT POWER AND*** <br> ***RENEWABLE ELECTRICITY*** <br> ***PRODUCERS - 0.2%***<br>|  |  |
| Clearway Energy, Inc., Class A | 389 | 10639 |
| Clearway Energy, Inc., Class C | 2670 | 78338 |
| Ormat Technologies, Inc. | 2749 | 199577 |
|  |  | 288554 |
| ***INDUSTRIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| EastGroup Properties, Inc. | 1747 | 285495 |
| First Industrial Realty Trust, Inc. | 6694 | 318500 |
| Innovative Industrial Properties, Inc. | 1789 | 97161 |
| LXP Industrial Trust | 15915 | 125569 |
| Rexford Industrial Realty, Inc. | 10410 | 344571 |
| STAG Industrial, Inc. | 6503 | 214794 |
|  |  | 1386090 |
| ***INSURANCE - 4.1%*** |  |  |
| American Financial Group, Inc. | 2813 | 356295 |
| AMERISAFE, Inc. | 926 | 43050 |
| Assured Guaranty Ltd. | 2608 | 228800 |
| Brighthouse Financial, Inc.<sup>(a)</sup> <br>| 2890 | 168256 |
| CNO Financial Group, Inc. | 6207 | 235494 |
| Employers Holdings, Inc. | 1234 | 59960 |
| Fidelity National Financial, Inc. | 12575 | 805429 |
| First American Financial Corp. | 4725 | 287327 |
| Genworth Financial, Inc.<sup>(a)</sup> <br>| 26922 | 184685 |
| Goosehead Insurance, Inc., Class A | 1344 | 130650 |
| Hanover Insurance Group, Inc. (The) | 1137 | 188856 |
| HCI Group, Inc. | 365 | 53399 |
| Horace Mann Educators Corp. | 2091 | 86860 |
| Kemper Corp. | 2787 | 164767 |
| Kinsale Capital Group, Inc. | 927 | 403486 |
| Lincoln National Corp. | 6562 | 209131 |
| Mercury General Corp. | 1329 | 73653 |
| Old Republic International Corp. | 13685 | 514556 |
| Palomar Holdings, Inc.<sup>(a)</sup> <br>| 1393 | 202013 |
| Primerica, Inc. | 42 | 11007 |
| ProAssurance Corp.<sup>(a)</sup> <br>| 3130 | 72647 |
| Reinsurance Group of America, Inc. | 606 | 113510 |
| RenaissanceRe Holdings Ltd. | 982 | 237575 |
| RLI Corp. | 5854 | 433254 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ryan Specialty Holdings, Inc. | 5414 | $354671 |
| Safety Insurance Group, Inc. | 538 | 41157 |
| Selective Insurance Group, Inc. | 3355 | 292657 |
| SiriusPoint Ltd.<sup>(a)</sup> <br>| 6324 | 106243 |
| Stewart Information Services Corp. | 1261 | 82570 |
| Trupanion, Inc.<sup>(a)</sup> <br>| 1576 | 57682 |
| United Fire Group, Inc. | 1440 | 39845 |
| Unum Group | 8547 | 663760 |
|  |  | 6903245 |
| ***INTERACTIVE MEDIA & SERVICES*** <br> ***- 0.4%***<br>|  |  |
| Angi, Inc.<sup>(a)</sup> <br>| 1617 | 18531 |
| Cargurus, Inc.<sup>(a)</sup> <br>| 4013 | 112203 |
| Cars.com, Inc.<sup>(a)</sup> <br>| 3584 | 41718 |
| IAC, Inc.<sup>(a)</sup> <br>| 3081 | 107650 |
| QuinStreet, Inc.<sup>(a)</sup> <br>| 2979 | 52192 |
| Shutterstock, Inc. | 1308 | 20876 |
| TripAdvisor, Inc.<sup>(a)</sup> <br>| 5943 | 73990 |
| Yelp, Inc.<sup>(a)</sup> <br>| 3325 | 116641 |
| Ziff Davis, Inc.<sup>(a)</sup> <br>| 1851 | 54660 |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> <br>| 15048 | 128811 |
|  |  | 727272 |
| ***IT SERVICES - 0.5%*** |  |  |
| ASGN, Inc.<sup>(a)</sup> <br>| 4831 | 243386 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> <br>| 2505 | 77404 |
| DXC Technology Co.<sup>(a)</sup> <br>| 7713 | 119706 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> <br>| 10788 | 349747 |
|  |  | 790243 |
| ***LEISURE PRODUCTS - 0.6%*** |  |  |
| Brunswick Corp. | 2661 | 122539 |
| Mattel, Inc.<sup>(a)</sup> <br>| 17908 | 284558 |
| Polaris, Inc. | 2217 | 75289 |
| Sturm Ruger & Co., Inc. | 560 | 22770 |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> <br>| 34895 | 230656 |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| 10625 | 303344 |
|  |  | 1039156 |
| ***LIFE SCIENCES TOOLS &*** <br> ***SERVICES - 1.3%***<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> <br>| 30088 | 390843 |
| Azenta, Inc.<sup>(a)</sup> <br>| 2635 | 69406 |
| BioLife Solutions, Inc.<sup>(a)</sup> <br>| 1960 | 47256 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> <br>| 19 | 4637 |
| Bruker Corp. | 4935 | 197696 |
| Cytek Biosciences, Inc.<sup>(a)</sup> <br>| 3965 | 14710 |
| Fortrea Holdings, Inc.<sup>(a)</sup> <br>| 4120 | 25668 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Illumina, Inc.<sup>(a)</sup> <br>| 8026 | $622818 |
| Medpace Holdings, Inc.<sup>(a)</sup> <br>| 1174 | 362050 |
| Repligen Corp.<sup>(a)</sup> <br>| 2545 | 351184 |
| Sotera Health Co.<sup>(a)</sup> <br>| 6430 | 73945 |
|  |  | 2160213 |
| ***MACHINERY - 4.9%*** |  |  |
| AGCO Corp. | 2985 | 253218 |
| Albany International Corp., Class A | 1241 | 81608 |
| Astec Industries, Inc. | 1027 | 37208 |
| Chart Industries, Inc.<sup>(a)</sup> <br>| 2103 | 283863 |
| CNH Industrial N.V. | 66155 | 765413 |
| Crane Co. | 2791 | 449295 |
| Donaldson Co., Inc. | 5434 | 357177 |
| Enerpac Tool Group Corp. | 2818 | 113763 |
| Enpro, Inc. | 798 | 119221 |
| Esab Corp. | 2878 | 345705 |
| ESCO Technologies, Inc. | 1369 | 214180 |
| Federal Signal Corp. | 2879 | 234437 |
| Flowserve Corp. | 6196 | 280245 |
| Franklin Electric Co., Inc. | 1851 | 157261 |
| Gates Industrial Corp. PLC<sup>(a)</sup> <br>| 1479 | 27983 |
| Graco, Inc. | 7682 | 626928 |
| Greenbrier Cos., Inc. (The) | 1439 | 61043 |
| Hillenbrand, Inc. | 3375 | 68276 |
| ITT, Inc. | 4614 | 632210 |
| JBT Marel Corp. | 1428 | 150311 |
| Kadant, Inc. | 64 | 18880 |
| Kennametal, Inc. | 3900 | 75972 |
| Lincoln Electric Holdings, Inc. | 2004 | 353105 |
| Lindsay Corp. | 31 | 4001 |
| Middleby Corp. (The)<sup>(a)</sup> <br>| 2220 | 296037 |
| Mueller Industries, Inc. | 5305 | 390236 |
| Oshkosh Corp. | 3039 | 254547 |
| Proto Labs, Inc.<sup>(a)</sup> <br>| 977 | 34351 |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| 935 | 307213 |
| SPX Technologies, Inc.<sup>(a)</sup> <br>| 2609 | 349997 |
| Tennant Co. | 779 | 56213 |
| Terex Corp. | 3021 | 106339 |
| Timken Co. (The) | 2949 | 189473 |
| Titan International, Inc.<sup>(a)</sup> <br>| 3580 | 26313 |
| Toro Co. (The) | 5446 | 371853 |
| Trinity Industries, Inc. | 3984 | 99999 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Watts Water Technologies, Inc., Class A | 303 | $62948 |
| Worthington Enterprises, Inc. | 1610 | 81514 |
|  |  | 8338336 |
| ***MARINE TRANSPORTATION - 0.2%*** |  |  |
| Kirby Corp.<sup>(a)</sup> <br>| 2407 | 231962 |
| Matson, Inc. | 1497 | 163308 |
|  |  | 395270 |
| ***MEDIA - 0.8%*** |  |  |
| Cable One, Inc. | 841 | 224774 |
| EchoStar Corp., Class A<sup>(a)</sup> <br>| 5304 | 119234 |
| John Wiley & Sons, Inc., Class A | 2210 | 96444 |
| New York Times Co. (The), Class A | 7728 | 402320 |
| Scholastic Corp. | 940 | 16948 |
| TechTarget, Inc.<sup>(a)</sup> <br>| 1596 | 12720 |
| TEGNA, Inc. | 27820 | 451519 |
| Thryv Holdings, Inc.<sup>(a)</sup> <br>| 2106 | 28852 |
|  |  | 1352811 |
| ***METALS & MINING - 1.8%*** |  |  |
| Alcoa Corp. | 10874 | 266739 |
| Carpenter Technology Corp. | 2884 | 564139 |
| Century Aluminum Co.<sup>(a)</sup> <br>| 3330 | 54645 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> <br>| 22988 | 189421 |
| Commercial Metals Co. | 5259 | 234236 |
| Kaiser Aluminum Corp. | 581 | 37451 |
| Materion Corp. | 360 | 29884 |
| Metallus, Inc.<sup>(a)</sup> <br>| 2495 | 31562 |
| MP Materials Corp.<sup>(a)</sup> <br>| 6818 | 166768 |
| Reliance, Inc. | 1098 | 316477 |
| Royal Gold, Inc. | 2796 | 510857 |
| SunCoke Energy, Inc. | 6340 | 57441 |
| United States Steel Corp. | 10223 | 446847 |
| Warrior Met Coal, Inc. | 2532 | 121080 |
| Worthington Steel, Inc. | 1610 | 41313 |
|  |  | 3068860 |
| ***MORTGAGE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.7%***<br>|  |  |
| Annaly Capital Management, Inc. | 24528 | 480749 |
| Apollo Commercial Real Estate Finance, <br> Inc.<br>| 9200 | 86204 |
| Arbor Realty Trust, Inc. | 4855 | 55978 |
| ARMOUR Residential REIT, Inc. | 716 | 11793 |
| Blackstone Mortgage Trust, Inc., Class A | 4060 | 77343 |
| Ellington Financial, Inc. | 2800 | 36484 |
| Franklin BSP Realty Trust, Inc. | 3716 | 42288 |
| KKR Real Estate Finance Trust, Inc. | 3250 | 30062 |
| New York Mortgage Trust, Inc. | 5642 | 33119 |
| Pennymac Mortgage Investment Trust | 5780 | 74215 |
| Ready Capital Corp. | 4730 | 21049 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Redwood Trust, Inc. | 7420 | $46078 |
| Starwood Property Trust, Inc. | 6902 | 132449 |
| Two Harbors Investment Corp. | 4867 | 57771 |
|  |  | 1185582 |
| ***MULTI-UTILITIES - 0.3%*** |  |  |
| Avista Corp. | 3990 | 165466 |
| Black Hills Corp. | 2989 | 182030 |
| Northwestern Energy Group, Inc. | 2762 | 160831 |
| Unitil Corp. | 680 | 39889 |
|  |  | 548216 |
| ***OFFICE REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 0.8%***<br>|  |  |
| Brandywine Realty Trust | 27490 | 108861 |
| COPT Defense Properties | 6968 | 181935 |
| Cousins Properties, Inc. | 2430 | 66922 |
| Douglas Emmett, Inc. | 10483 | 144980 |
| Easterly Government Properties, Inc. | 2016 | 40663 |
| Highwoods Properties, Inc. | 5737 | 163160 |
| JBG Smith Properties | 5783 | 80846 |
| Kilroy Realty Corp. | 5332 | 168011 |
| SL Green Realty Corp. | 3420 | 179926 |
| Vornado Realty Trust | 7725 | 272538 |
|  |  | 1407842 |
| ***OIL, GAS & CONSUMABLE FUELS -*** <br> ***2.7%***<br>|  |  |
| Antero Midstream Corp. | 17502 | 289658 |
| Antero Resources Corp.<sup>(a)</sup> <br>| 13824 | 481490 |
| California Resources Corp. | 3056 | 105462 |
| Chord Energy Corp. | 469 | 42318 |
| Civitas Resources, Inc. | 5196 | 141591 |
| CNX Resources Corp.<sup>(a)</sup> <br>| 7616 | 224139 |
| Comstock Resources, Inc.<sup>(a)</sup> <br>| 5170 | 94456 |
| Core Natural Resources, Inc. | 2600 | 187746 |
| CVR Energy, Inc. | 1679 | 31666 |
| Dorian LPG Ltd. | 1830 | 39198 |
| DT Midstream, Inc. | 6054 | 588449 |
| Expand Energy Corp. | 1 | 104 |
| HF Sinclair Corp. | 6896 | 207363 |
| Magnolia Oil & Gas Corp., Class A | 4800 | 98544 |
| Matador Resources Co. | 5870 | 232100 |
| Murphy Oil Corp. | 7254 | 148925 |
| Northern Oil & Gas, Inc. | 3706 | 90056 |
| Ovintiv, Inc. | 11536 | 387379 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> <br>| 2874 | 41156 |
| PBF Energy, Inc., Class A | 4947 | 84989 |
| Peabody Energy Corp. | 5250 | 64785 |
| Permian Resources Corp. | 20963 | 247363 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Range Resources Corp. | 11315 | $383918 |
| REX American Resources Corp.<sup>(a)</sup> <br>| 830 | 32968 |
| SM Energy Co. | 5596 | 127533 |
| Talos Energy, Inc.<sup>(a)</sup> <br>| 4529 | 31159 |
| Vital Energy, Inc.<sup>(a)</sup> <br>| 997 | 14137 |
| World Kinect Corp. | 3267 | 81969 |
|  |  | 4500621 |
| ***PAPER & FOREST PRODUCTS - 0.2%*** |  |  |
| Louisiana-Pacific Corp. | 3244 | 279990 |
| Sylvamo Corp. | 1659 | 98909 |
|  |  | 378899 |
| ***PASSENGER AIRLINES - 0.3%*** |  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> <br>| 5615 | 248576 |
| Allegiant Travel Co. | 603 | 28299 |
| JetBlue Airways Corp.<sup>(a)</sup> <br>| 20350 | 88726 |
| SkyWest, Inc.<sup>(a)</sup> <br>| 1884 | 167996 |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> <br>| 2350 | 23030 |
|  |  | 556627 |
| ***PERSONAL CARE PRODUCTS - 0.6%*** |  |  |
| BellRing Brands, Inc.<sup>(a)</sup> <br>| 6423 | 495470 |
| Coty, Inc., Class A<sup>(a)</sup> <br>| 19814 | 100061 |
| Edgewell Personal Care Co. | 2672 | 81630 |
| elf Beauty, Inc.<sup>(a)</sup> <br>| 3054 | 188951 |
| Interparfums, Inc. | 1051 | 114769 |
| USANA Health Sciences, Inc.<sup>(a)</sup> <br>| 426 | 11966 |
|  |  | 992847 |
| ***PHARMACEUTICALS - 0.8%*** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 2141 | 52262 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> <br>| 1804 | 48699 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> <br>| 1869 | 55079 |
| Innoviva, Inc.<sup>(a)</sup> <br>| 4480 | 83731 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>| 2952 | 345266 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 980 | 107663 |
| Organon & Co. | 10378 | 134188 |
| Pacira BioSciences, Inc.<sup>(a)</sup> <br>| 2555 | 68729 |
| Perrigo Co. PLC | 6447 | 165817 |
| Phibro Animal Health Corp., Class A | 1400 | 26054 |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| 2455 | 199420 |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> <br>| 2842 | 92308 |
|  |  | 1379216 |
| ***PROFESSIONAL SERVICES - 2.3%*** |  |  |
| CACI International, Inc., Class A<sup>(a)</sup> <br>| 327 | 149723 |
| Concentrix Corp. | 2270 | 115906 |
| CSG Systems International, Inc. | 1408 | 84663 |
| ExlService Holdings, Inc.<sup>(a)</sup> <br>| 14106 | 683859 |
| Exponent, Inc. | 2707 | 212987 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| FTI Consulting, Inc.<sup>(a)</sup> <br>| 327 | $54373 |
| Genpact Ltd. | 8292 | 416756 |
| Heidrick & Struggles International, Inc. | 1020 | 39800 |
| Insperity, Inc. | 1898 | 123389 |
| KBR, Inc. | 10163 | 536708 |
| Korn Ferry | 2409 | 148635 |
| ManpowerGroup, Inc. | 2047 | 88164 |
| Maximus, Inc. | 3179 | 212866 |
| NV5 Global, Inc.<sup>(a)</sup> <br>| 2236 | 41478 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>| 1909 | 366719 |
| Robert Half, Inc. | 8562 | 379297 |
| Science Applications International Corp. | 1354 | 163875 |
| Verra Mobility Corp.<sup>(a)</sup> <br>| 6277 | 136839 |
|  |  | 3956037 |
| ***REAL ESTATE MANAGEMENT &*** <br> ***DEVELOPMENT - 0.7%***<br>|  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> <br>| 30764 | 288259 |
| eXp World Holdings, Inc. | 4815 | 44105 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| 2873 | 653349 |
| Kennedy-Wilson Holdings, Inc. | 1256 | 8038 |
| Marcus & Millichap, Inc. | 1616 | 49127 |
| St Joe Co. (The) | 2104 | 89041 |
|  |  | 1131919 |
| ***RESIDENTIAL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.0%***<br>|  |  |
| American Homes 4 Rent, Class A | 14762 | 551951 |
| Centerspace | 837 | 50521 |
| Elme Communities | 5140 | 80030 |
| Equity LifeStyle Properties, Inc. | 10071 | 652399 |
| Independence Realty Trust, Inc. | 12600 | 244818 |
| NexPoint Residential Trust, Inc. | 1380 | 51447 |
| Veris Residential, Inc. | 4646 | 72106 |
|  |  | 1703272 |
| ***RETAIL REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.4%***<br>|  |  |
| Acadia Realty Trust | 5897 | 112633 |
| Agree Realty Corp. | 6056 | 470006 |
| Brixmor Property Group, Inc. | 17367 | 432612 |
| Getty Realty Corp. | 2470 | 69135 |
| Kite Realty Group Trust | 12405 | 268568 |
| Macerich Co. (The) | 11856 | 173809 |
| NNN REIT, Inc. | 9364 | 384954 |
| Phillips Edison & Co., Inc. | 4066 | 141090 |
| Saul Centers, Inc. | 865 | 28286 |
| SITE Centers Corp. | 2782 | 32939 |
| Tanger, Inc. | 5720 | 180237 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Urban Edge Properties | 6590 | $119081 |
| Whitestone REIT | 1040 | 13562 |
|  |  | 2426912 |
| ***SEMICONDUCTORS &*** <br> ***SEMICONDUCTOR EQUIPMENT -*** <br> ***2.4%***<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> <br>| 3598 | 68614 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> <br>| 1300 | 24479 |
| Amkor Technology, Inc. | 4859 | 84790 |
| Axcelis Technologies, Inc.<sup>(a)</sup> <br>| 1637 | 80180 |
| CEVA, Inc.<sup>(a)</sup> <br>| 1008 | 26420 |
| Cirrus Logic, Inc.<sup>(a)</sup> <br>| 2894 | 277940 |
| Cohu, Inc.<sup>(a)</sup> <br>| 2700 | 43200 |
| Diodes, Inc.<sup>(a)</sup> <br>| 1913 | 73459 |
| Entegris, Inc. | 5048 | 399398 |
| FormFactor, Inc.<sup>(a)</sup> <br>| 3495 | 98349 |
| Ichor Holdings Ltd.<sup>(a)</sup> <br>| 1667 | 32973 |
| Impinj, Inc.<sup>(a)</sup> <br>| 1262 | 116268 |
| Kulicke & Soffa Industries, Inc. | 2771 | 89309 |
| Lattice Semiconductor Corp.<sup>(a)</sup> <br>| 6289 | 307721 |
| MACOM Technology Solutions <br> Holdings, Inc.<sup>(a)</sup> <br>| 2836 | 294235 |
| MaxLinear, Inc.<sup>(a)</sup> <br>| 3734 | 37303 |
| MKS Instruments, Inc. | 3250 | 227955 |
| Onto Innovation, Inc.<sup>(a)</sup> <br>| 3063 | 373594 |
| PDF Solutions, Inc.<sup>(a)</sup> <br>| 1850 | 33948 |
| Photronics, Inc.<sup>(a)</sup> <br>| 3154 | 57624 |
| Power Integrations, Inc. | 2417 | 118723 |
| Qorvo, Inc.<sup>(a)</sup> <br>| 367 | 26303 |
| Rambus, Inc.<sup>(a)</sup> <br>| 5023 | 245072 |
| Semtech Corp.<sup>(a)</sup> <br>| 2918 | 91188 |
| Silicon Laboratories, Inc.<sup>(a)</sup> <br>| 1550 | 157728 |
| SiTime Corp.<sup>(a)</sup> <br>| 1204 | 176819 |
| SolarEdge Technologies, Inc.<sup>(a)</sup> <br>| 2568 | 31419 |
| Synaptics, Inc.<sup>(a)</sup> <br>| 1465 | 81542 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> <br>| 2260 | 42273 |
| Universal Display Corp. | 2115 | 265707 |
| Veeco Instruments, Inc.<sup>(a)</sup> <br>| 2824 | 52809 |
| Wolfspeed, Inc.<sup>(a)</sup> <br>| 5739 | 20373 |
|  |  | 4057715 |
| ***SOFTWARE - 4.2%*** |  |  |
| A10 Networks, Inc. | 3800 | 62624 |
| ACI Worldwide, Inc.<sup>(a)</sup> <br>| 5210 | 278006 |
| Adeia, Inc. | 6255 | 76999 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> <br>| 2428 | 130141 |
| Appfolio, Inc., Class A<sup>(a)</sup> <br>| 1079 | 222835 |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| 3476 | 158401 |
| Blackbaud, Inc.<sup>(a)</sup> <br>| 1975 | 119567 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| BlackLine, Inc.<sup>(a)</sup> <br>| 2414 | $114013 |
| Box, Inc., Class A<sup>(a)</sup> <br>| 6011 | 187663 |
| Commvault Systems, Inc.<sup>(a)</sup> <br>| 2552 | 426516 |
| DocuSign, Inc.<sup>(a)</sup> <br>| 7629 | 623671 |
| Dolby Laboratories, Inc., Class A | 3301 | 253484 |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> <br>| 7169 | 95061 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| 11416 | 325927 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| 19611 | 921129 |
| Guidewire Software, Inc.<sup>(a)</sup> <br>| 4563 | 934366 |
| InterDigital, Inc. | 1988 | 399588 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> <br>| 3270 | 85543 |
| Manhattan Associates, Inc.<sup>(a)</sup> <br>| 2906 | 515495 |
| MARA Holdings, Inc.<sup>(a)</sup> <br>| 12895 | 172406 |
| N-able, Inc.<sup>(a)</sup> <br>| 4301 | 30365 |
| NCR Voyix Corp.<sup>(a)</sup> <br>| 7319 | 62724 |
| Progress Software Corp. | 2297 | 137728 |
| Qualys, Inc.<sup>(a)</sup> <br>| 2133 | 268139 |
| Sprinklr, Inc., Class A<sup>(a)</sup> <br>| 3770 | 28991 |
| SPS Commerce, Inc.<sup>(a)</sup> <br>| 1848 | 265206 |
| Teradata Corp.<sup>(a)</sup> <br>| 4697 | 100986 |
|  |  | 6997574 |
| ***SPECIALIZED REAL ESTATE*** <br> ***INVESTMENT TRUSTS - 1.2%***<br>|  |  |
| CubeSmart | 10861 | 441717 |
| EPR Properties | 3217 | 159209 |
| Four Corners Property Trust, Inc. | 5596 | 156408 |
| Lamar Advertising Co., Class A | 4287 | 487904 |
| National Storage Affiliates Trust | 3900 | 145080 |
| Outfront Media, Inc. | 8533 | 129104 |
| PotlatchDeltic Corp. | 3888 | 149260 |
| Rayonier, Inc. | 7686 | 188000 |
| Safehold, Inc. | 2623 | 41312 |
| Uniti Group, Inc. | 28881 | 142095 |
|  |  | 2040089 |
| ***SPECIALTY RETAIL - 3.6%*** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> <br>| 3129 | 217215 |
| Academy Sports & Outdoors, Inc. | 8252 | 310935 |
| Advance Auto Parts, Inc. | 8752 | 286365 |
| American Eagle Outfitters, Inc. | 9494 | 99972 |
| AutoNation, Inc.<sup>(a)</sup> <br>| 2102 | 366063 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> <br>| 1569 | 163710 |
| Buckle, Inc. (The) | 1441 | 50089 |
| Burlington Stores, Inc.<sup>(a)</sup> <br>| 1734 | 390219 |
| Caleres, Inc. | 1417 | 21595 |
| Dick's Sporting Goods, Inc. | 2435 | 457147 |
| Five Below, Inc.<sup>(a)</sup> <br>| 2493 | 189194 |
| Floor & Decor Holdings, Inc.<sup>(a)</sup> <br>| 5527 | 394849 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Foot Locker, Inc.<sup>(a)</sup> <br>| 7737 | $94933 |
| GameStop Corp., Class A<sup>(a)</sup> <br>| 13039 | 363267 |
| Gap, Inc. (The) | 10240 | 224256 |
| Group 1 Automotive, Inc. | 976 | 393943 |
| Guess?, Inc. | 1790 | 20138 |
| Lithia Motors, Inc. | 1707 | 499741 |
| MarineMax, Inc.<sup>(a)</sup> <br>| 752 | 16138 |
| Monro, Inc. | 835 | 11640 |
| National Vision Holdings, Inc.<sup>(a)</sup> <br>| 26976 | 333154 |
| RH<sup>(a)</sup> <br>| 144 | 26500 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> <br>| 6182 | 50322 |
| Shoe Carnival, Inc. | 874 | 15190 |
| Signet Jewelers Ltd. | 4971 | 294780 |
| Sonic Automotive, Inc., Class A | 564 | 34246 |
| Upbound Group, Inc. | 2355 | 46865 |
| Urban Outfitters, Inc.<sup>(a)</sup> <br>| 2780 | 146728 |
| Valvoline, Inc.<sup>(a)</sup> <br>| 12776 | 437706 |
| Victoria's Secret & Co.<sup>(a)</sup> <br>| 3394 | 63807 |
|  |  | 6020707 |
| ***TECHNOLOGY HARDWARE,*** <br> ***STORAGE & PERIPHERALS -*** <br> ***0.4%***<br>|  |  |
| Corsair Gaming, Inc.<sup>(a)</sup> <br>| 2360 | 16709 |
| Pure Storage, Inc., Class A<sup>(a)</sup> <br>| 15702 | 712242 |
| Xerox Holdings Corp. | 4997 | 22037 |
|  |  | 750988 |
| ***TEXTILES, APPAREL & LUXURY*** <br> ***GOODS - 1.2%***<br>|  |  |
| Capri Holdings Ltd.<sup>(a)</sup> <br>| 5083 | 76448 |
| Carter's, Inc. | 6639 | 219419 |
| Columbia Sportswear Co. | 1099 | 68325 |
| Crocs, Inc.<sup>(a)</sup> <br>| 2244 | 216366 |
| G-III Apparel Group Ltd.<sup>(a)</sup> <br>| 1549 | 39066 |
| Hanesbrands, Inc.<sup>(a)</sup> <br>| 19557 | 89767 |
| Kontoor Brands, Inc. | 5188 | 312058 |
| Oxford Industries, Inc. | 378 | 18371 |
| PVH Corp. | 142 | 9795 |
| Skechers USA, Inc., Class A<sup>(a)</sup> <br>| 6153 | 295467 |
| Steven Madden Ltd. | 3687 | 77427 |
| Under Armour, Inc., Class A<sup>(a)</sup> <br>| 13750 | 78650 |
| Under Armour, Inc., Class C<sup>(a)</sup> <br>| 6490 | 35305 |
| VF Corp. | 30334 | 360368 |
| Wolverine World Wide, Inc. | 4373 | 57068 |
|  |  | 1953900 |
| ***TRADING COMPANIES &*** <br> ***DISTRIBUTORS - 1.6%***<br>|  |  |
| Air Lease Corp. | 4321 | 202050 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Applied Industrial Technologies, Inc. | 1754 | $426713 |
| Boise Cascade Co. | 2189 | 204190 |
| Core & Main, Inc., Class A<sup>(a)</sup> <br>| 8378 | 441353 |
| DNOW, Inc.<sup>(a)</sup> <br>| 5170 | 82048 |
| DXP Enterprises, Inc.<sup>(a)</sup> <br>| 569 | 50334 |
| GATX Corp. | 458 | 66850 |
| GMS, Inc.<sup>(a)</sup> <br>| 1860 | 136264 |
| MSC Industrial Direct Co., Inc., Class A | 1921 | 146918 |
| Rush Enterprises, Inc., Class A | 2267 | 115594 |
| Watsco, Inc. | 1309 | 601930 |
| WESCO International, Inc. | 1498 | 244114 |
|  |  | 2718358 |
| ***WATER UTILITIES - 0.6%*** |  |  |
| American States Water Co. | 2280 | 184931 |
| California Water Service Group | 2900 | 146885 |
| Essential Utilities, Inc. | 12921 | 531441 |
| Middlesex Water Co. | 615 | 38819 |
| SJW Group | 1328 | 75350 |
|  |  | 977426 |
| ***WIRELESS TELECOMMUNICATION*** <br> ***SERVICES - 0.1%***<br>|  |  |
| Gogo, Inc.<sup>(a)</sup> <br>| 3880 | 29371 |
| Telephone and Data Systems, Inc. | 4938 | 185126 |
|  |  | 214497 |
| **TOTAL COMMON STOCKS**<br> **(COST $169,820,356)**<br>|  | 168123355 |
| **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>|  |  |
| **MONEY MARKET FUND - 0.3%** | **MONEY MARKET FUND - 0.3%** | **MONEY MARKET FUND - 0.3%** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 4.17%<sup>(d)</sup> <br>| 460009 | 460009 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $460,009)**<br>|  | 460009 |
| **TOTAL INVESTMENTS**<br> **(COST $170,280,365) - 100.0%**<br>|  | 168583364 |
| **LIABILITIES IN EXCESS OF** <br> **OTHER ASSETS - 0.0%**<br>|  | (58718)<br>|
| **NET ASSETS - 100.0%** |  | $168524646 |

---

**See notes to financial statements.**

------

**STEWARD FUNDS**

**SCHEDULE OF PORTFOLIO INVESTMENTS — April 30, 2025** 

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

<sup>(c)</sup> Amounts designated as ''—'' are $0 or have been rounded to $0.

<sup>(d)</sup> 7-day current yield as of April 30, 2025 is disclosed.

---

| |
|:---|
| 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 — April 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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 $96,722,113, $111,241,462 and $338,450,129, respectively) | $93093352 | $114027818 | $390451949 |
| Cash |  | 31421 |  |
| Cash held at broker as collateral for short positions |  | 93903948 |  |
| Interest and dividend receivable | 62841 | 356381 | 884782 |
| Receivable for investments sold | 1335187 | 447455 |  |
| Receivable for capital shares issued | 59917 | 83562 | 262485 |
| Reclaims receivable |  |  | 148967 |
| Prepaid expenses and other assets | 7614 | 6296 | 16800 |
| Total assets | 94558911 | 208856881 | 391764983 |
| **Liabilities:** |  |  |  |
| Due to custodian | 1017447 |  | 28682 |
| Payable for investments purchased | 14511 | 577265 |  |
| Payable for capital shares redeemed | 49031 | 141416 | 344486 |
| Short positions at fair value (proceeds $0, $100,956,492 and $0, respectively) |  | 93844418 |  |
| Written options at fair value (premiums received $1,877,939, $0 and $0, respectively) | 3257548 |  |  |
| Accrued expenses and other payables: |  |  |  |
| Investment advisory fees | 20944 | 93179 | 191830 |
| Chief compliance officer fees |  |  | 23 |
| Administration fees | 5463 | 6988 | 23020 |
| Distribution fees - Class A | 1323 | 1145 | 3872 |
| Distribution fees - Class C | 2153 |  | 956 |
| Sub-accounting service fees - Class A | 262 | 120 | 1498 |
| Sub-accounting service fees - Class C | 83 |  | 127 |
| Sub-accounting service fees - Institutional Class | 6505 | 6552 | 21769 |
| Fund accounting and sub-administration fees | 6750 | 6583 | 18130 |
| Transfer agent fees | 1875 | 1250 | 2500 |
| Custodian fees | 5092 | 1636 | 4323 |
| Directors fees | 261 | 305 | 1110 |
| Printing fees | 1559 | 2057 | 6548 |
| Professional fees | 13367 | 16061 | 55916 |
| Other accrued liabilities | 18191 | 39957 | 21641 |
| Total liabilities | 4422365 | 94738932 | 726431 |
| Commitments and contingent liabilities (Note 4) |  |  |  |
| **Net Assets** | $90136546 | $114117949 | $391038552 |
| **Composition of Net Assets:** |  |  |  |
| Capital (par value and paid-in surplus) | 96228689 | 110494231 | 328207232 |
| Total distributable earnings/(accumulated deficit) | (6092143)<br>| 3623718 | 62831320 |
| **Net Assets** | $90136546 | $114117949 | $391038552 |
| **Class A** |  |  |  |
| Net Assets | $6688908 | $5368700 | $19360676 |
| Shares authorized | 16000000 | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 903713 | 190977 | 577654 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 7.40 | 28.11 | 33.52 |
| Maximum offering price per share<sup>(b)</sup> <br>| 7.85 | 29.82 | 35.56 |
| **Class C**<sup>(c)</sup> <br>|  |  |  |
| Net Assets | $1628910 |  | $929372 |
| Shares authorized | 15000000 |  | 15000000 |
| Shares issued and outstanding ($0.001 par value) | 223512 |  | 26261 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 7.29 |  | 35.39 |
| **Class R6** |  |  |  |
| Net Assets |  |  | $9305695 |
| Shares authorized |  |  | 16000000 |
| Shares issued and outstanding ($0.001 par value) |  |  | 299797 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>|  |  | 31.04 |
| **Institutional Class** |  |  |  |
| Net Assets | $81818728 | $108749249 | $361442809 |
| Shares authorized | 20000000 | 20000000 | 20000000 |
| Shares issued and outstanding ($0.001 par value) | 10862256 | 3856525 | 10750728 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 7.53 | 28.20 | 33.62 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

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

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) A contingent deferred sales charge ("CDSC") of 1.00% may be charged on shared redeemed within twelve months of purchase for Class C shares.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward**<br> **International**<br> **Enhanced**<br> **Index Fund**<br>| **Steward**<br> **Large Cap**<br> **Core Fund**<br>| **Steward**<br> **Large Cap**<br> **Growth** <br> **Fund**<br>|
| **Assets:** |  |  |  |
| Investments, at value (cost $197,570,530, $141,226,159 and $169,321,895, respectively) | $210245429 | $151910472 | $180552950 |
| Cash | 6 |  |  |
| Interest and dividend receivable | 730979 | 92276 | 26853 |
| Receivable for investments sold |  | 92790 | 453979 |
| Receivable for capital shares issued | 153436 | 326291 | 114377 |
| Reclaims receivable | 248464 |  |  |
| Prepaid expenses and other assets | 11757 | 7962 | 8586 |
| Total assets | 211390071 | 152429791 | 181156745 |
| **Liabilities:** |  |  |  |
| Payable for investments purchased |  |  | 338952 |
| Payable for capital shares redeemed | 227575 | 16928 | 3971 |
| Accrued expenses and other payables: |  |  |  |
| Investment advisory fees | 59983 | 11954 | 13723 |
| Chief compliance officer fees | 95 |  |  |
| Administration fees | 12325 | 8827 | 10376 |
| Distribution fees - Class A | 434 | 596 | 311 |
| Sub-accounting service fees - Class A | 142 | 201 | 123 |
| Sub-accounting service fees - Institutional Class | 9966 | 5334 | 7317 |
| Fund accounting and sub-administration fees | 9695 | 7976 | 9558 |
| Transfer agent fees | 1875 | 1875 | 1250 |
| Custodian fees | 1920 | 1931 | 2036 |
| Directors fees | 619 | 400 | 476 |
| Printing fees | 3358 | 2417 | 3099 |
| Professional fees | 33328 | 21212 | 24963 |
| Other accrued liabilities | 15478 | 11499 | 15021 |
| Total liabilities | 376793 | 91150 | 431176 |
| Commitments and contingent liabilities (Note 4) |  |  |  |
| **Net Assets** | $211013278 | $152338641 | $180725569 |
| **Composition of Net Assets:** |  |  |  |
| Capital (par value and paid-in surplus) | 194256858 | 135994358 | 160101715 |
| Total distributable earnings | 16756420 | 16344283 | 20623854 |
| **Net Assets** | $211013278 | $152338641 | $180725569 |
| **Class A** |  |  |  |
| Net Assets | $2316045 | $2688381 | $1681349 |
| Shares authorized | 16000000 | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 98679 | 94453 | 59308 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 23.47 | 28.46 | 28.35 |
| Maximum offering price per share<sup>(b)</sup> <br>| 24.90 | 30.20 | 30.08 |
| **Class R6** |  |  |  |
| Net Assets | $7774321 | $8161261 |  |
| Shares authorized | 16000000 | 16000000 |  |
| Shares issued and outstanding ($0.001 par value) | 422866 | 290528 |  |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 18.38 | 28.09 |  |
| **Institutional Class** |  |  |  |
| Net Assets | $200922912 | $141488999 | $179044220 |
| Shares authorized | 20000000 | 20000000 | 20000000 |
| Shares issued and outstanding ($0.001 par value) | 8600936 | 4960854 | 6296588 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 23.36 | 28.52 | 28.44 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

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

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2025** 

------

---

| | | |
|:---|:---|:---|
|  | **Steward**<br> **Large Cap**<br> **Value Fund**<br>| **Steward**<br> **Select**<br> **Bond Fund**<br>|
| **Assets:** |  |  |
| Investments, at value (cost $77,958,378 and $198,863,277, respectively) | &nbsp;&nbsp; $82322047 | &nbsp;&nbsp; $189996203 |
| Interest and dividend receivable | &nbsp;&nbsp; 111979 | &nbsp;&nbsp; 2028676 |
| Receivable for capital shares issued | &nbsp;&nbsp; 39291 | &nbsp;&nbsp; 67414 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 5687 | &nbsp;&nbsp; 8885 |
| Total assets | &nbsp;&nbsp; 82479004 | &nbsp;&nbsp; 192101178 |
| **Liabilities:** |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 30620 | &nbsp;&nbsp; — |
| Payable for capital shares redeemed | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 21699 |
| Accrued expenses and other payables: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 14353 | &nbsp;&nbsp; 49750 |
| Chief compliance officer fees | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 9 |
| Administration fees | &nbsp;&nbsp; 4701 | &nbsp;&nbsp; 11845 |
| Distribution fees - Class A | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 485 |
| Sub-accounting service fees - Class A | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 187 |
| Sub-accounting service fees - Institutional Class | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 7718 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 6583 | &nbsp;&nbsp; 10559 |
| Transfer agent fees | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1250 |
| Custodian fees | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 2409 |
| Directors fees | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 568 |
| Printing fees | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 3387 |
| Professional fees | &nbsp;&nbsp; 11157 | &nbsp;&nbsp; 28179 |
| Other accrued liabilities | &nbsp;&nbsp; 6407 | &nbsp;&nbsp; 12937 |
| Total liabilities | &nbsp;&nbsp; 81165 | &nbsp;&nbsp; 150982 |
| Commitments and contingent liabilities (Note 4) |  |  |
| **Net Assets** | &nbsp;&nbsp; $82397839 | &nbsp;&nbsp; $191950196 |
| **Composition of Net Assets:** |  |  |
| Capital (par value and paid-in surplus) | &nbsp;&nbsp; 74896506 | &nbsp;&nbsp; 206150483 |
| Total distributable earnings/(accumulated deficit) | &nbsp;&nbsp; 7501333 | &nbsp;&nbsp; (14200287)<br>|
| **Net Assets** | &nbsp;&nbsp; $82397839 | &nbsp;&nbsp; $191950196 |
| **Class A** |  |  |
| Net Assets | &nbsp;&nbsp; $1043852 | &nbsp;&nbsp; $2309153 |
| Shares authorized | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 38342 | &nbsp;&nbsp; 102423 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 27.23 | 22.55 |
| Maximum offering price per share<sup>(b)</sup> <br>| 28.89 | 23.43 |
| **Institutional Class** |  |  |
| Net Assets | &nbsp;&nbsp; $81353987 | &nbsp;&nbsp; $189641043 |
| Shares authorized | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| Shares issued and outstanding ($0.001 par value) | &nbsp;&nbsp; 2979131 | &nbsp;&nbsp; 8456205 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 27.31 | 22.43 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

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

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES — April 30, 2025** 

------

---

| | | |
|:---|:---|:---|
|  | **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 $191,412,112 and $170,280,365, respectively) | $248147460 | $168583364 |
| Interest and dividend receivable | 126209 | 47740 |
| Receivable for investments sold | 1971395 |  |
| Receivable for capital shares issued | 124731 | 84965 |
| Prepaid expenses and other assets | 11097 | 11593 |
| Total assets | 250380892 | 168727662 |
| **Liabilities:** |  |  |
| Due to custodian | 1422517 |  |
| Payable for investments purchased | 46737 |  |
| Payable for capital shares redeemed | 351247 | 76905 |
| Accrued expenses and other payables: |  |  |
| Investment advisory fees | 42329 | 29471 |
| Administration fees | 14766 | 10281 |
| Distribution fees - Class A | 2757 | 7717 |
| Sub-accounting service fees - Class A | 606 | 2169 |
| Sub-accounting service fees - Institutional Class | 12205 | 11523 |
| Fund accounting and sub-administration fees | 13636 | 12786 |
| Transfer agent fees | 1875 | 1875 |
| Custodian fees | 3099 | 4172 |
| Directors fees | 722 | 549 |
| Printing fees | 3972 | 3121 |
| Professional fees | 38478 | 29284 |
| Other accrued liabilities | 14117 | 13163 |
| Total liabilities | 1969063 | 203016 |
| Commitments and contingent liabilities (Note 4) |  |  |
| **Net Assets** | $248411829 | $168524646 |
| **Composition of Net Assets:** |  |  |
| Capital (par value and paid-in surplus) | 190245764 | 165401678 |
| Total distributable earnings | 58166065 | 3122968 |
| **Net Assets** | $248411829 | $168524646 |
| **Class A** |  |  |
| Net Assets | $13910704 | $35985476 |
| Shares authorized | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 425816 | 3234419 |
| Net asset value and redemption price per share<sup>(a)</sup> <br>| 32.67 | 11.13 |
| Maximum offering price per share<sup>(b)</sup> <br>| 34.66 | 11.81 |
| **Class R6** |  |  |
| Net Assets | $5136517 | $1189468 |
| Shares authorized | 16000000 | 16000000 |
| Shares issued and outstanding ($0.001 par value) | 201015 | 119979 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 25.55 | 9.91 |
| **Institutional Class** |  |  |
| Net Assets | $229364608 | $131349702 |
| Shares authorized | 20000000 | 20000000 |
| Shares issued and outstanding ($0.001 par value) | 7056628 | 11435183 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> <br>| 32.50 | 11.49 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

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

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the year ended April 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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, $687 and $657,903, <br> respectively)<br>| &nbsp;&nbsp; $1391320 | &nbsp;&nbsp; $2136846 | &nbsp;&nbsp; $12486957 |
| Rebates on short sales, net of fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 3865325 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 1391320 | &nbsp;&nbsp; 6002171 | &nbsp;&nbsp; 12486957 |
| **Expenses:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 566143 | &nbsp;&nbsp; 1041307 | &nbsp;&nbsp; 2382308 |
| Dividends on securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 775359 | &nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp; 67938 | &nbsp;&nbsp; 78099 | &nbsp;&nbsp; 285879 |
| Distribution fees - Class A | &nbsp;&nbsp; 13786 | &nbsp;&nbsp; 16973 | &nbsp;&nbsp; 46857 |
| Distribution fees - Class C | &nbsp;&nbsp; 15251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9865 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 3297 | &nbsp;&nbsp; 5664 | &nbsp;&nbsp; 22034 |
| Sub-accounting services fees - Class C | &nbsp;&nbsp; 1747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1207 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 109894 | &nbsp;&nbsp; 119321 | &nbsp;&nbsp; 405170 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 82000 | &nbsp;&nbsp; 80166 | &nbsp;&nbsp; 222559 |
| Transfer agent fees | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 30000 |
| Custodian fees | &nbsp;&nbsp; 55510 | &nbsp;&nbsp; 19743 | &nbsp;&nbsp; 62780 |
| Registration fees | &nbsp;&nbsp; 59622 | &nbsp;&nbsp; 44240 | &nbsp;&nbsp; 78501 |
| Directors fees | &nbsp;&nbsp; 18967 | &nbsp;&nbsp; 21014 | &nbsp;&nbsp; 79878 |
| Professional fees | &nbsp;&nbsp; 30416 | &nbsp;&nbsp; 35219 | &nbsp;&nbsp; 129054 |
| Printing fees | &nbsp;&nbsp; 9192 | &nbsp;&nbsp; 14179 | &nbsp;&nbsp; 34081 |
| Chief compliance officer fees | &nbsp;&nbsp; 9822 | &nbsp;&nbsp; 11369 | &nbsp;&nbsp; 41853 |
| Principal financial officer fees | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 9617 | &nbsp;&nbsp; 21513 |
| Miscellaneous fees | &nbsp;&nbsp; 34516 | &nbsp;&nbsp; 38812 | &nbsp;&nbsp; 53485 |
| Total expenses | &nbsp;&nbsp; 1109616 | &nbsp;&nbsp; 2326082 | &nbsp;&nbsp; 3907024 |
| Fees waived by the Adviser | &nbsp;&nbsp; (174705)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 934911 | &nbsp;&nbsp; 2326082 | &nbsp;&nbsp; 3907024 |
| Net investment income/(loss) | &nbsp;&nbsp; 456409 | &nbsp;&nbsp; 3676089 | &nbsp;&nbsp; 8579933 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 6098161 | &nbsp;&nbsp; 6135003 | &nbsp;&nbsp; 17483339 |
| Net realized loss on investment securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; (10714292)<br>| &nbsp;&nbsp; — |
| Net realized gains on options transactions | &nbsp;&nbsp; 7083180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp; (6432629)<br>| &nbsp;&nbsp; (4617232)<br>| &nbsp;&nbsp; 8520098 |
| Change in unrealized appreciation on investment securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 5292141 | &nbsp;&nbsp; — |
| Change in unrealized depreciation on options transactions | &nbsp;&nbsp; (856542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized and unrealized gains/(losses) from investment transactions and <br> options transactions<br>| &nbsp;&nbsp; 5892170 | &nbsp;&nbsp; (3904380)<br>| &nbsp;&nbsp; 26003437 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $6348579 | &nbsp;&nbsp; $(228291)<br>| &nbsp;&nbsp; $34583370 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the year ended April 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Steward**<br> **International**<br> **Enhanced**<br> **Index Fund**<br>| **Steward**<br> **Large Cap**<br> **Core Fund**<br>| **Steward**<br> **Large Cap**<br> **Growth Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends (net of foreign witholding tax of $624,067, $0 and $0, <br> respectively)<br>| &nbsp;&nbsp; $6200127 | &nbsp;&nbsp; $2007382 | &nbsp;&nbsp; $1501837 |
| Total investment income | &nbsp;&nbsp; 6200127 | &nbsp;&nbsp; 2007382 | &nbsp;&nbsp; 1501837 |
| **Expenses:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 753598 | &nbsp;&nbsp; 687703 | &nbsp;&nbsp; 836365 |
| Administration fees | &nbsp;&nbsp; 154850 | &nbsp;&nbsp; 103156 | &nbsp;&nbsp; 125456 |
| Distribution fees - Class A | &nbsp;&nbsp; 5073 | &nbsp;&nbsp; 4678 | &nbsp;&nbsp; 2858 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 1472 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 227561 | &nbsp;&nbsp; 143287 | &nbsp;&nbsp; 178432 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 127136 | &nbsp;&nbsp; 93258 | &nbsp;&nbsp; 103742 |
| Transfer agent fees | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 15000 |
| Custodian fees | &nbsp;&nbsp; 32781 | &nbsp;&nbsp; 25688 | &nbsp;&nbsp; 24982 |
| Registration fees | &nbsp;&nbsp; 61785 | &nbsp;&nbsp; 54744 | &nbsp;&nbsp; 42742 |
| Directors fees | &nbsp;&nbsp; 44087 | &nbsp;&nbsp; 27748 | &nbsp;&nbsp; 33860 |
| Professional fees | &nbsp;&nbsp; 74906 | &nbsp;&nbsp; 46624 | &nbsp;&nbsp; 54827 |
| Printing fees | &nbsp;&nbsp; 14689 | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; 12889 |
| Chief compliance officer fees | &nbsp;&nbsp; 23261 | &nbsp;&nbsp; 15041 | &nbsp;&nbsp; 18002 |
| Principal financial officer fees | &nbsp;&nbsp; 14097 | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 12247 |
| Miscellaneous fees | &nbsp;&nbsp; 35692 | &nbsp;&nbsp; 23163 | &nbsp;&nbsp; 28331 |
| Total expenses | &nbsp;&nbsp; 1594581 | &nbsp;&nbsp; 1274082 | &nbsp;&nbsp; 1491205 |
| Fees waived by the Adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; (237849)<br>| &nbsp;&nbsp; (233799)<br>|
| Net expenses | &nbsp;&nbsp; 1594581 | &nbsp;&nbsp; 1036233 | &nbsp;&nbsp; 1257406 |
| Net investment income/(loss) | &nbsp;&nbsp; 4605546 | &nbsp;&nbsp; 971149 | &nbsp;&nbsp; 244431 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 27835944 | &nbsp;&nbsp; 11682262 | &nbsp;&nbsp; 22436704 |
| Change in unrealized depreciation on investment transactions | &nbsp;&nbsp; (2894284)<br>| &nbsp;&nbsp; (357605)<br>| &nbsp;&nbsp; (5850667)<br>|
| Net realized and unrealized gains from investment transactions | &nbsp;&nbsp; 24941660 | &nbsp;&nbsp; 11324657 | &nbsp;&nbsp; 16586037 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $29547206 | &nbsp;&nbsp; $12295806 | &nbsp;&nbsp; $16830468 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the year ended April 30, 2025**

------

---

| | | |
|:---|:---|:---|
|  | **Steward**<br> **Large Cap**<br> **Value Fund**<br>| **Steward**<br> **Select**<br> **Bond Fund**<br>|
| **Investment Income:** |  |  |
| Dividends (net of foreign witholding tax of $1,591 and $0, respectively) | &nbsp;&nbsp; $1584240 | &nbsp;&nbsp; $231032 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 7260071 |
| Total investment income | &nbsp;&nbsp; 1584240 | &nbsp;&nbsp; 7491103 |
| **Expenses:** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 352383 | &nbsp;&nbsp; 628955 |
| Administration fees | &nbsp;&nbsp; 52858 | &nbsp;&nbsp; 149752 |
| Distribution fees - Class A | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 5921 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 2760 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 78656 | &nbsp;&nbsp; 215550 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 80166 | &nbsp;&nbsp; 124772 |
| Transfer agent fees | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| Custodian fees | &nbsp;&nbsp; 16706 | &nbsp;&nbsp; 30682 |
| Registration fees | &nbsp;&nbsp; 42458 | &nbsp;&nbsp; 55422 |
| Directors fees | &nbsp;&nbsp; 14603 | &nbsp;&nbsp; 41871 |
| Professional fees | &nbsp;&nbsp; 25249 | &nbsp;&nbsp; 66316 |
| Printing fees | &nbsp;&nbsp; 6784 | &nbsp;&nbsp; 14196 |
| Chief compliance officer fees | &nbsp;&nbsp; 7850 | &nbsp;&nbsp; 21986 |
| Principal financial officer fees | &nbsp;&nbsp; 8206 | &nbsp;&nbsp; 13698 |
| Miscellaneous fees | &nbsp;&nbsp; 13889 | &nbsp;&nbsp; 29199 |
| Total expenses | &nbsp;&nbsp; 717749 | &nbsp;&nbsp; 1416080 |
| Fees waived by the Adviser | &nbsp;&nbsp; (187185)<br>| &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 530564 | &nbsp;&nbsp; 1416080 |
| Net investment income/(loss) | &nbsp;&nbsp; 1053676 | &nbsp;&nbsp; 6075023 |
| **Realized and Unrealized Gain/(Loss):** |  |  |
| Net realized gains/(losses) from investment transactions | &nbsp;&nbsp; 9455845 | &nbsp;&nbsp; (2414847)<br>|
| Change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp; (3711977)<br>| &nbsp;&nbsp; 8896821 |
| Net realized and unrealized gains from investment transactions | &nbsp;&nbsp; 5743868 | &nbsp;&nbsp; 6481974 |
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $6797544 | &nbsp;&nbsp; $12556997 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF OPERATIONS — For the year ended April 30, 2025**

------

---

| | | |
|:---|:---|:---|
|  | **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 $1,040 and $1,365, respectively) | &nbsp;&nbsp; $3310567 | &nbsp;&nbsp; $2954890 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Total investment income | &nbsp;&nbsp; 3310567 | &nbsp;&nbsp; 2954894 |
| **Expenses:** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 543761 | &nbsp;&nbsp; 427535 |
| Administration fees | &nbsp;&nbsp; 189686 | &nbsp;&nbsp; 149142 |
| Distribution fees - Class A | &nbsp;&nbsp; 31248 | &nbsp;&nbsp; 106287 |
| Sub-accounting services fees - Class A | &nbsp;&nbsp; 13410 | &nbsp;&nbsp; 25354 |
| Sub-accounting services fees - Institutional Class | &nbsp;&nbsp; 271231 | &nbsp;&nbsp; 178913 |
| Fund accounting and sub-administration fees | &nbsp;&nbsp; 154221 | &nbsp;&nbsp; 129684 |
| Transfer agent fees | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 22500 |
| Custodian fees | &nbsp;&nbsp; 45577 | &nbsp;&nbsp; 50623 |
| Registration fees | &nbsp;&nbsp; 66601 | &nbsp;&nbsp; 67084 |
| Directors fees | &nbsp;&nbsp; 53365 | &nbsp;&nbsp; 42267 |
| Professional fees | &nbsp;&nbsp; 92720 | &nbsp;&nbsp; 68165 |
| Printing fees | &nbsp;&nbsp; 16891 | &nbsp;&nbsp; 18339 |
| Chief compliance officer fees | &nbsp;&nbsp; 28046 | &nbsp;&nbsp; 21346 |
| Principal financial officer fees | &nbsp;&nbsp; 15993 | &nbsp;&nbsp; 13657 |
| Miscellaneous fees | &nbsp;&nbsp; 32923 | &nbsp;&nbsp; 29112 |
| Total expenses | &nbsp;&nbsp; 1578173 | &nbsp;&nbsp; 1350008 |
| Net investment income/(loss) | &nbsp;&nbsp; 1732394 | &nbsp;&nbsp; 1604886 |
| **Realized and Unrealized Gain/(Loss):** |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 13594103 | &nbsp;&nbsp; 12168448 |
| Change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp; 10208951 | &nbsp;&nbsp; (16943259)<br>|
| Net realized and unrealized gains/(losses) from investment transactions | &nbsp;&nbsp; 23803054 | &nbsp;&nbsp; (4774811)<br>|
| **Change in net assets resulting from operations** | &nbsp;&nbsp; $25535448 | &nbsp;&nbsp; $(3169925)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD COVERED CALL INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $456409 | $579724 |
| Net realized gain from investment transactions and option transactions | 13181341 | 7459180 |
| Net change in unrealized appreciation/(depreciation) on investments, and option <br> transactions<br>| (7289171)<br>| 2541823 |
| Change in net assets resulting from operations | 6348579 | 10580727 |
| **Distributions to shareholders from:** |  |  |
| Class A | (735168)<br>| (229264)<br>|
| Class C | (184821)<br>| (130134)<br>|
| Class R6<sup>(a)</sup> <br>|  | (1426)<br>|
| Institutional Class | (10423832)<br>| (7439705)<br>|
| Total distributions to shareholders | (11343821)<br>| (7800529)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 3544671 | 2638514 |
| Dividends reinvested | 717096 | 223746 |
| Cost of shares redeemed | (444357)<br>| (289103)<br>|
| Change in Class A from capital transactions | 3817410 | 2573157 |
| **Class C** |  |  |
| Proceeds from shares issued | 479747 | 530753 |
| Dividends reinvested | 173163 | 114210 |
| Cost of shares redeemed | (332506)<br>| (388215)<br>|
| Change in Class C from capital transactions | 320404 | 256748 |
| **Class R6**<sup>(a)</sup> <br>|  |  |
| Proceeds from shares issued |  | 9977 |
| Dividends reinvested |  | 1426 |
| Cost of shares redeemed |  | (15021)<br>|
| Change in Class R6 from capital transactions |  | (3618)<br>|
| **Institutional Class** |  |  |
| Proceeds from shares issued | 23419504 | 28901058 |
| Dividends reinvested | 10416575 | 7436646 |
| Cost of shares redeemed | (21670505)<br>| (18701865)<br>|
| Change in Institutional Class from capital transactions | 12165574 | 17635839 |
| Change in net assets from capital transactions | 16303388 | 20462126 |
| Change in net assets | 11308146 | 23242324 |
| **Net Assets:** |  |  |
| Beginning of period | 78828400 | 55586076 |
| End of period | $90136546 | $78828400 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 440129 | 338114 |
| Reinvested | 91486 | 29367 |
| Redeemed | (56222)<br>| (37605)<br>|
| Change in Class A | 475393 | 329876 |
| **Class C** |  |  |
| Issued | 60535 | 68822 |
| Reinvested | 22364 | 15129 |
| Redeemed | (41941)<br>| (49607)<br>|
| Change in Class C | 40958 | 34344 |
| **Class R6**<sup>(a)</sup> <br>|  |  |
| Issued |  | 1278 |
| Reinvested |  | 185 |
| Redeemed |  | (1896)<br>|
| Change in Class R6 |  | (433)<br>|
| **Institutional Class** |  |  |
| Issued | 2888052 | 3685138 |
| Reinvested | 1305336 | 963168 |
| Redeemed | (2710593)<br>| (2381881)<br>|
| Change in Institutional Class | 1482795 | 2266425 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) Effective April 26, 2024, the class liquidated.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD EQUITY MARKET NEUTRAL FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3676089 | &nbsp;&nbsp; $3051165 |
| Net realized loss from investment transactions and investment securities sold <br> short<br>| &nbsp;&nbsp; (4579289)<br>| &nbsp;&nbsp; (752560)<br>|
| Net change in unrealized appreciation on investments | &nbsp;&nbsp; 674909 | &nbsp;&nbsp; 5237580 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (228291)<br>| &nbsp;&nbsp; 7536185 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; (155895)<br>| &nbsp;&nbsp; (361951)<br>|
| Institutional Class | &nbsp;&nbsp; (3976840)<br>| &nbsp;&nbsp; (3017409)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (4132735)<br>| &nbsp;&nbsp; (3379360)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 4068717 | &nbsp;&nbsp; 4705946 |
| Dividends reinvested | &nbsp;&nbsp; 128583 | &nbsp;&nbsp; 358431 |
| Cost of shares redeemed | &nbsp;&nbsp; (5660791)<br>| &nbsp;&nbsp; (4780659)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; (1463491)<br>| &nbsp;&nbsp; 283718 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 59456018 | &nbsp;&nbsp; 46073208 |
| Dividends reinvested | &nbsp;&nbsp; 3804888 | &nbsp;&nbsp; 2846007 |
| Cost of shares redeemed | &nbsp;&nbsp; (27133753)<br>| &nbsp;&nbsp; (45931161)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; 36127153 | &nbsp;&nbsp; 2988054 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 34663662 | &nbsp;&nbsp; 3271772 |
| Change in net assets | &nbsp;&nbsp; 30302636 | &nbsp;&nbsp; 7428597 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 83815313 | &nbsp;&nbsp; 76386716 |
| End of period | &nbsp;&nbsp; $114117949 | &nbsp;&nbsp; $83815313 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 141752 | &nbsp;&nbsp; 163650 |
| Reinvested | &nbsp;&nbsp; 4698 | &nbsp;&nbsp; 13072 |
| Redeemed | &nbsp;&nbsp; (198454)<br>| &nbsp;&nbsp; (171317)<br>|
| Change in Class A | &nbsp;&nbsp; (52004)<br>| &nbsp;&nbsp; 5405 |
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 2070573 | &nbsp;&nbsp; 1599010 |
| Reinvested | &nbsp;&nbsp; 138662 | &nbsp;&nbsp; 103266 |
| Redeemed | &nbsp;&nbsp; (954743)<br>| &nbsp;&nbsp; (1600381)<br>|
| Change in Institutional Class | &nbsp;&nbsp; 1254492 | &nbsp;&nbsp; 101895 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD GLOBAL EQUITY INCOME FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $8579933 | $9860166 |
| Net realized gain from investment transactions | 17483339 | 9333154 |
| Net change in unrealized appreciation on investments | 8520098 | 30474667 |
| Change in net assets resulting from operations | 34583370 | 49667987 |
| **Distributions to shareholders from:** |  |  |
| Class A | (899367)<br>| (456836)<br>|
| Class C | (39860)<br>| (17507)<br>|
| Class R6 | (190194)<br>| (12212)<br>|
| Institutional Class | (17774112)<br>| (9385696)<br>|
| Total distributions to shareholders | (18903533)<br>| (9872251)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 3595321 | 2933743 |
| Dividends reinvested | 810621 | 424764 |
| Cost of shares redeemed | (3472038)<br>| (6006447)<br>|
| Change in Class A from capital transactions | 933904 | (2647940)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | 130195 | 69304 |
| Dividends reinvested | 38323 | 17032 |
| Cost of shares redeemed | (262758)<br>| (266008)<br>|
| Change in Class C from capital transactions | (94240)<br>| (179672)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 9413069 | 261211 |
| Dividends reinvested | 190194 | 12212 |
| Cost of shares redeemed | (756168)<br>| (90419)<br>|
| Change in Class R6 from capital transactions | 8847095 | 183004 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 80023023 | 81754266 |
| Dividends reinvested | 17465855 | 9037839 |
| Cost of shares redeemed | (94464423)<br>| (118930888)<br>|
| Change in Institutional Class from capital transactions | 3024455 | (28138783)<br>|
| Change in net assets from capital transactions | 12711214 | (30783391)<br>|
| Change in net assets | 28391051 | 9012345 |
| **Net Assets:** |  |  |
| Beginning of period | 362647501 | 353635156 |
| End of period | $391038552 | $362647501 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 106018 | 97374 |
| Reinvested | 24643 | 14005 |
| Redeemed | (102406)<br>| (194123)<br>|
| Change in Class A | 28255 | (82744)<br>|
| **Class C** |  |  |
| Issued | 3584 | 2200 |
| Reinvested | 1105 | 534 |
| Redeemed | (7424)<br>| (8573)<br>|
| Change in Class C | (2735)<br>| (5839)<br>|
| **Class R6** |  |  |
| Issued | 299805 | 9112 |
| Reinvested | 6241 | 431 |
| Redeemed | (24442)<br>| (3131)<br>|
| Change in Class R6 | 281604 | 6412 |
| **Institutional Class** |  |  |
| Issued | 2366883 | 2701481 |
| Reinvested | 529146 | 297310 |
| Redeemed | (2778707)<br>| (3939008)<br>|
| Change in Institutional Class | 117322 | (940217)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD INTERNATIONAL ENHANCED INDEX FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $4605546 | $4796659 |
| Net realized gain from investment transactions | 27835944 | 11629199 |
| Net change in unrealized appreciation/(depreciation) on investments | (2894284)<br>| 12601663 |
| Change in net assets resulting from operations | 29547206 | 29027521 |
| **Distributions to shareholders from:** |  |  |
| Class A | (281724)<br>| (81198)<br>|
| Class C<sup>(a)</sup> <br>|  | (242)<br>|
| Class R6 | (460442)<br>| (45683)<br>|
| Institutional Class | (30402743)<br>| (9162834)<br>|
| Total distributions to shareholders | (31144909)<br>| (9289957)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 984168 | 693388 |
| Dividends reinvested | 273085 | 78078 |
| Cost of shares redeemed | (1036196)<br>| (3009493)<br>|
| Change in Class A from capital transactions | 221057 | (2238027)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Proceeds from shares issued |  | 10 |
| Dividends reinvested |  | 243 |
| Cost of shares redeemed |  | (5194)<br>|
| Change in Class C from capital transactions |  | (4941)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 6918630 | 691270 |
| Dividends reinvested | 460442 | 45682 |
| Cost of shares redeemed | (671769)<br>| (191144)<br>|
| Change in Class R6 from capital transactions | 6707303 | 545808 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 45998762 | 45391927 |
| Dividends reinvested | 29463333 | 8904051 |
| Cost of shares redeemed | (85099653)<br>| (72281009)<br>|
| Change in Institutional Class from capital transactions | (9637558)<br>| (17985031)<br>|
| Change in net assets from capital transactions | (2709198)<br>| (19682191)<br>|
| Change in net assets | (4306901)<br>| 55373 |
| **Net Assets:** |  |  |
| Beginning of period | 215320179 | 215264806 |
| End of period | $211013278 | $215320179 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 42334 | 30132 |
| Reinvested | 12863 | 3389 |
| Redeemed | (42648)<br>| (131129)<br>|
| Change in Class A | 12549 | (97608)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Reinvested |  | 13 |
| Redeemed |  | (271)<br>|
| Change in Class C |  | (258)<br>|
| **Class R6** |  |  |
| Issued | 372648 | 35868 |
| Reinvested | 27721 | 2429 |
| Redeemed | (35585)<br>| (10145)<br>|
| Change in Class R6 | 364784 | 28152 |
| **Institutional Class** |  |  |
| Issued | 1907800 | 1982040 |
| Reinvested | 1395705 | 388145 |
| Redeemed | (3532109)<br>| (3067617)<br>|
| Change in Institutional Class | (228604)<br>| (697432)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) Effective April 26, 2024, the class liquidated.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP CORE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $971149 | $651879 |
| Net realized gain from investment transactions | 11682262 | 5432798 |
| Net change in unrealized appreciation/(depreciation) on investments | (357605)<br>| 10436467 |
| Change in net assets resulting from operations | 12295806 | 16521144 |
| **Distributions to shareholders from:** |  |  |
| Class A | (24048)<br>| (2150)<br>|
| Class R6 | (60330)<br>|  |
| Institutional Class | (1931654)<br>| (664475)<br>|
| Total distributions to shareholders | (2016032)<br>| (666625)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 1654080 | 850168 |
| Dividends reinvested | 23739 | 2109 |
| Cost of shares redeemed | (269970)<br>| (200968)<br>|
| Change in Class A from capital transactions | 1407849 | 651309 |
| **Class R6** |  |  |
| Proceeds from shares issued | 8790585 | 10000 |
| Dividends reinvested | 60329 |  |
| Cost of shares redeemed | (430770)<br>|  |
| Change in Class R6 from capital transactions | 8420144 | 10000 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 51219921 | 40907374 |
| Dividends reinvested | 1869838 | 653318 |
| Cost of shares redeemed | (26993488)<br>| (30790202)<br>|
| Change in Institutional Class from capital transactions | 26096271 | 10770490 |
| Change in net assets from capital transactions | 35924264 | 11431799 |
| Change in net assets | 46204038 | 27286318 |
| **Net Assets:** |  |  |
| Beginning of period | 106134603 | 78848285 |
| End of period | $152338641 | $106134603 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 56027 | 32231 |
| Reinvested | 778 | 84 |
| Redeemed | (9128)<br>| (8399)<br>|
| Change in Class A | 47677 | 23916 |
| **Class R6** |  |  |
| Issued | 302939 | 385 |
| Reinvested | 2006 |  |
| Redeemed | (14802)<br>|  |
| Change in Class R6 | 290143 | 385 |
| **Institutional Class** |  |  |
| Issued | 1781737 | 1637538 |
| Reinvested | 61226 | 25956 |
| Redeemed | (913635)<br>| (1276066)<br>|
| Change in Institutional Class | 929328 | 387428 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP GROWTH FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $244431 | &nbsp;&nbsp; $293774 |
| Net realized gain from investment transactions | &nbsp;&nbsp; 22436704 | &nbsp;&nbsp; 5870228 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; (5850667)<br>| &nbsp;&nbsp; 15811016 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 16830468 | &nbsp;&nbsp; 21975018 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; (89896)<br>| &nbsp;&nbsp; (211)<br>|
| Institutional Class | &nbsp;&nbsp; (11294020)<br>| &nbsp;&nbsp; (359935)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (11383916)<br>| &nbsp;&nbsp; (360146)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 1223683 | &nbsp;&nbsp; 330406 |
| Dividends reinvested | &nbsp;&nbsp; 88545 | &nbsp;&nbsp; 205 |
| Cost of shares redeemed | &nbsp;&nbsp; (192047)<br>| &nbsp;&nbsp; (129687)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; 1120181 | &nbsp;&nbsp; 200924 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 70731064 | &nbsp;&nbsp; 59221557 |
| Dividends reinvested | &nbsp;&nbsp; 11288690 | &nbsp;&nbsp; 359066 |
| Cost of shares redeemed | &nbsp;&nbsp; (35141426)<br>| &nbsp;&nbsp; (28997921)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; 46878328 | &nbsp;&nbsp; 30582702 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 47998509 | &nbsp;&nbsp; 30783626 |
| Change in net assets | &nbsp;&nbsp; 53445061 | &nbsp;&nbsp; 52398498 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 127280508 | &nbsp;&nbsp; 74882010 |
| End of period | &nbsp;&nbsp; $180725569 | &nbsp;&nbsp; $127280508 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 40035 | &nbsp;&nbsp; 12249 |
| Reinvested | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp; (6269)<br>| &nbsp;&nbsp; (5378)<br>|
| Change in Class A | &nbsp;&nbsp; 36628 | &nbsp;&nbsp; 6879 |
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 2366922 | &nbsp;&nbsp; 2287170 |
| Reinvested | &nbsp;&nbsp; 364034 | &nbsp;&nbsp; 14164 |
| Redeemed | &nbsp;&nbsp; (1158745)<br>| &nbsp;&nbsp; (1181544)<br>|
| Change in Institutional Class | &nbsp;&nbsp; 1572211 | &nbsp;&nbsp; 1119790 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD LARGE CAP VALUE FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1053676 | &nbsp;&nbsp; $1148329 |
| Net realized gain from investment transactions | &nbsp;&nbsp; 9455845 | &nbsp;&nbsp; 4823663 |
| Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp; (3711977)<br>| &nbsp;&nbsp; 7480024 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 6797544 | &nbsp;&nbsp; 13452016 |
| **Distributions to shareholders from:** |  |  |
| Class A | &nbsp;&nbsp; (71720)<br>| &nbsp;&nbsp; (7559)<br>|
| Institutional Class | &nbsp;&nbsp; (5399092)<br>| &nbsp;&nbsp; (1071617)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (5470812)<br>| &nbsp;&nbsp; (1079176)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 524943 | &nbsp;&nbsp; 109225 |
| Dividends reinvested | &nbsp;&nbsp; 68448 | &nbsp;&nbsp; 7111 |
| Cost of shares redeemed | &nbsp;&nbsp; (178125)<br>| &nbsp;&nbsp; (213908)<br>|
| Change in Class A from capital transactions | &nbsp;&nbsp; 415266 | &nbsp;&nbsp; (97572)<br>|
| **Institutional Class** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp; 33915143 | &nbsp;&nbsp; 19990994 |
| Dividends reinvested | &nbsp;&nbsp; 5388884 | &nbsp;&nbsp; 1070079 |
| Cost of shares redeemed | &nbsp;&nbsp; (28154418)<br>| &nbsp;&nbsp; (27094976)<br>|
| Change in Institutional Class from capital transactions | &nbsp;&nbsp; 11149609 | &nbsp;&nbsp; (6033903)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 11564875 | &nbsp;&nbsp; (6131475)<br>|
| Change in net assets | &nbsp;&nbsp; 12891607 | &nbsp;&nbsp; 6241365 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 69506232 | &nbsp;&nbsp; 63264867 |
| End of period | &nbsp;&nbsp; $82397839 | &nbsp;&nbsp; $69506232 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp; 17481 | &nbsp;&nbsp; 4218 |
| Reinvested | &nbsp;&nbsp; 2444 | &nbsp;&nbsp; 282 |
| Redeemed | &nbsp;&nbsp; (6321)<br>| &nbsp;&nbsp; (8041)<br>|
| Change in Class A | &nbsp;&nbsp; 13604 | &nbsp;&nbsp; (3541)<br>|
| **Institutional Class** |  |  |
| Issued | &nbsp;&nbsp; 1204578 | &nbsp;&nbsp; 805906 |
| Reinvested | &nbsp;&nbsp; 191980 | &nbsp;&nbsp; 42396 |
| Redeemed | &nbsp;&nbsp; (993315)<br>| &nbsp;&nbsp; (1032706)<br>|
| Change in Institutional Class | &nbsp;&nbsp; 403243 | &nbsp;&nbsp; (184404)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD SELECT BOND FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $6075023 | $4200209 |
| Net realized loss from investment transactions | (2414847)<br>| (525630)<br>|
| Net change in unrealized appreciation/(depreciation) on investments | 8896821 | (3102382)<br>|
| Change in net assets resulting from operations | 12556997 | 572197 |
| **Distributions to shareholders from:** |  |  |
| Class A | (63745)<br>| (50689)<br>|
| Class C<sup>(a)</sup> <br>|  | (1581)<br>|
| Class R6<sup>(a)</sup> <br>|  | (19)<br>|
| Institutional Class | (5820555)<br>| (3873605)<br>|
| Total distributions to shareholders | (5884300)<br>| (3925894)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 152044 | 331334 |
| Dividends reinvested | 62209 | 49628 |
| Cost of shares redeemed | (380167)<br>| (671975)<br>|
| Change in Class A from capital transactions | (165914)<br>| (291013)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Proceeds from shares issued |  | 26019 |
| Dividends reinvested |  | 1581 |
| Cost of shares redeemed |  | (154709)<br>|
| Change in Class C from capital transactions |  | (127109)<br>|
| **Class R6**<sup>(a)</sup> <br>|  |  |
| Dividends reinvested |  | 19 |
| Cost of shares redeemed |  | (926)<br>|
| Change in Class R6 from capital transactions |  | (907)<br>|
| **Institutional Class** |  |  |
| Proceeds from shares issued | 37138546 | 70527391 |
| Dividends reinvested | 5687182 | 3805962 |
| Cost of shares redeemed | (50592321)<br>| (32487108)<br>|
| Change in Institutional Class from capital transactions | (7766593)<br>| 41846245 |
| Change in net assets from capital transactions | (7932507)<br>| 41427216 |
| Change in net assets | (1259810)<br>| 38073519 |
| **Net Assets:** |  |  |
| Beginning of period | 193210006 | 155136487 |
| End of period | $191950196 | $193210006 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 6752 | 15124 |
| Reinvested | 2782 | 2265 |
| Redeemed | (17054)<br>| (30856)<br>|
| Change in Class A | (7520)<br>| (13467)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Issued |  | 1063 |
| Reinvested |  | 63 |
| Redeemed |  | (6284)<br>|
| Change in Class C |  | (5158)<br>|
| **Class R6**<sup>(a)</sup> <br>|  |  |
| Reinvested |  |  |
| Redeemed |  | (38)<br>|
| Change in Class R6 |  | (38)<br>|
| **Institutional Class** |  |  |
| Issued | 1671427 | 3238305 |
| Reinvested | 255826 | 174441 |
| Redeemed | (2288354)<br>| (1491073)<br>|
| Change in Institutional Class | (361101)<br>| 1921673 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) Effective April 26, 2024, the class liquidated.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**STEWARD VALUES ENHANCED LARGE CAP FUND**

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $1732394 | $2083130 |
| Net realized gain from investment transactions | 13594103 | 11494007 |
| Net change in unrealized appreciation on investments | 10208951 | 31515671 |
| Change in net assets resulting from operations | 25535448 | 45092808 |
| **Distributions to shareholders from:** |  |  |
| Class A | (945006)<br>| (337874)<br>|
| Class C<sup>(a)</sup> <br>|  | (3687)<br>|
| Class R6 | (220177)<br>| (42251)<br>|
| Institutional Class | (19139855)<br>| (8300627)<br>|
| Total distributions to shareholders | (20305038)<br>| (8684439)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 6298782 | 2104060 |
| Dividends reinvested | 915309 | 320173 |
| Cost of shares redeemed | (3992110)<br>| (3098138)<br>|
| Change in Class A from capital transactions | 3221981 | (673905)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Proceeds from shares issued |  | 126745 |
| Dividends reinvested |  | 3687 |
| Cost of shares redeemed |  | (175913)<br>|
| Change in Class C from capital transactions |  | (45481)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 5069328 | 664164 |
| Dividends reinvested | 220177 | 42251 |
| Cost of shares redeemed | (1005352)<br>| (355277)<br>|
| Change in Class R6 from capital transactions | 4284153 | 351138 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 39362044 | 39867613 |
| Dividends reinvested | 18991571 | 8142132 |
| Cost of shares redeemed | (54302450)<br>| (62666648)<br>|
| Change in Institutional Class from capital transactions | 4051165 | (14656903)<br>|
| Change in net assets from capital transactions | 11557299 | (15025151)<br>|
| Change in net assets | 16787709 | 21383218 |
| **Net Assets:** |  |  |
| Beginning of period | 231624120 | 210240902 |
| End of period | $248411829 | $231624120 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 182876 | 70417 |
| Reinvested | 26654 | 10640 |
| Redeemed | (117723)<br>| (104048)<br>|
| Change in Class A | 91807 | (22991)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Issued |  | 5534 |
| Reinvested |  | 161 |
| Redeemed |  | (7417)<br>|
| Change in Class C |  | (1722)<br>|
| **Class R6** |  |  |
| Issued | 190242 | 27775 |
| Reinvested | 8206 | 1759 |
| Redeemed | (36732)<br>| (14720)<br>|
| Change in Class R6 | 161716 | 14814 |
| **Institutional Class** |  |  |
| Issued | 1138702 | 1341638 |
| Reinvested | 556285 | 272130 |
| Redeemed | (1574183)<br>| (2054799)<br>|
| Change in Institutional Class | 120804 | (441031)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) Effective April 26, 2024, the class liquidated.

**See notes to financial statements.**

------

**STEWARD FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

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

------

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br> **April 30, 2025**<br>| **For the Year Ended** <br> **April 30, 2024**<br>|
| **Change in net assets resulting from operations:** |  |  |
| Net investment income | $1604886 | $1658682 |
| Net realized gain from investment transactions | 12168448 | 7981715 |
| Net change in unrealized appreciation/(depreciation) on investments | (16943259)<br>| 14847343 |
| Change in net assets resulting from operations | (3169925)<br>| 24487740 |
| **Distributions to shareholders from:** |  |  |
| Class A | (2521608)<br>| (1766429)<br>|
| Class C<sup>(a)</sup> <br>|  | (2132)<br>|
| Class R6 | (53663)<br>| (17709)<br>|
| Institutional Class | (9421624)<br>| (6082214)<br>|
| Total distributions to shareholders | (11996895)<br>| (7868484)<br>|
| **Capital Transactions:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | 1730885 | 1588435 |
| Dividends reinvested | 2241186 | 1603121 |
| Cost of shares redeemed | (6719305)<br>| (7056865)<br>|
| Change in Class A from capital transactions | (2747234)<br>| (3865309)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Proceeds from shares issued |  | 35582 |
| Dividends reinvested |  | 2132 |
| Cost of shares redeemed |  | (51696)<br>|
| Change in Class C from capital transactions |  | (13982)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | 1016681 | 101243 |
| Dividends reinvested | 53663 | 17709 |
| Cost of shares redeemed | (140005)<br>| (69556)<br>|
| Change in Class R6 from capital transactions | 930339 | 49396 |
| **Institutional Class** |  |  |
| Proceeds from shares issued | 67230823 | 29018468 |
| Dividends reinvested | 8436282 | 5146296 |
| Cost of shares redeemed | (68687338)<br>| (35701615)<br>|
| Change in Institutional Class from capital transactions | 6979767 | (1536851)<br>|
| Change in net assets from capital transactions | 5162872 | (5366746)<br>|
| Change in net assets | (10003948)<br>| 11252510 |
| **Net Assets:** |  |  |
| Beginning of period | 178528594 | 167276084 |
| End of period | $168524646 | $178528594 |
| **Shares Transactions:** |  |  |
| **Class A** |  |  |
| Issued | 138735 | 135825 |
| Reinvested | 180741 | 133667 |
| Redeemed | (540727)<br>| (615300)<br>|
| Change in Class A | (221251)<br>| (345808)<br>|
| **Class C**<sup>(a)</sup> <br>|  |  |
| Issued |  | 3572 |
| Reinvested |  | 208 |
| Redeemed |  | (4987)<br>|
| Change in Class C |  | (1207)<br>|
| **Class R6** |  |  |
| Issued | 92498 | 9501 |
| Reinvested | 4865 | 1650 |
| Redeemed | (13228)<br>| (6709)<br>|
| Change in Class R6 | 84135 | 4442 |
| **Institutional Class** |  |  |
| Issued | 5158131 | 2434774 |
| Reinvested | 659600 | 417719 |
| Redeemed | (5349994)<br>| (2965178)<br>|
| Change in Institutional Class | 467737 | (112685)<br>|

---

Amounts designated as "—" are $0 or have been rounded to $0.

(a) Effective April 26, 2024, the class liquidated.

**See notes to financial statements.**

------

(This page has been intentionally left blank)

------

**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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $7.79 | &nbsp;&nbsp; $0.02 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $7.71 | &nbsp;&nbsp; $(0.04 )<sup>(d)(f)</sup><br>| &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $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 |
| **Institutional Class** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $7.90 | &nbsp;&nbsp; $0.04 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $29.29 | &nbsp;&nbsp; $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>(h)</sup><br>| 1.34 |
| Period ended April 30, 2022<sup>(i)</sup> <br>| 25.00 | &nbsp;&nbsp; (0.14)<br>| 1.61 | 1.47 |
| **Institutional Class** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $29.48 | &nbsp;&nbsp; $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>(h)</sup><br>| 1.40 |
| Period ended April 30, 2022<sup>(i)</sup> <br>| 25.00 | &nbsp;&nbsp; (0.18)<br>| 1.70 | 1.52 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

(b) Annualized for periods less than one year.

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

(d) Calculated based on average shares outstanding.

(e) During the year, additional fees were voluntary waived or reimbursed. Had these fees not been waived or reimbursed, the net expense ratio for each class would have been 0.34% higher. 

(f) 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) 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 0.73% 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. 

(h) 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. 

(i) 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; $(0.07)<br>| &nbsp;&nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp;&nbsp; $(1.00)<br>| &nbsp;&nbsp;&nbsp; $7.40 | &nbsp;&nbsp;&nbsp;&nbsp; 7.68<br> %<br>| &nbsp;&nbsp;&nbsp; $6689 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|
| &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; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp;&nbsp; $7.29 | &nbsp;&nbsp;&nbsp;&nbsp; 6.97<br> %<br>| &nbsp;&nbsp;&nbsp; $1629 | &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp; (0.46)%<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|
| &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; $(0.08)<br>| &nbsp;&nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp;&nbsp; $7.53 | &nbsp;&nbsp;&nbsp;&nbsp; 7.94<br> %<br>| &nbsp;&nbsp;&nbsp; $81819 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|
| &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; $(0.87)<br>| &nbsp;&nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp;&nbsp; $28.11 | &nbsp;&nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp;&nbsp; $5369 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> <sup>(g)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> <sup>(g)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>|
| &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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(g)</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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 <br><sup>(g)</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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp; $(1.03)<br>| &nbsp;&nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp;&nbsp; $(1.10)<br>| &nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp;&nbsp; $108749 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> <sup>(g)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> <sup>(g)</sup>%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>|
| &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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30 <br><sup>(g)</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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12 <br><sup>(g)</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>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11 <br><sup>(g)</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** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $32.21<br> &nbsp;&nbsp; $0.68 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.26 | &nbsp;&nbsp; $2.94 |
| Year ended April 30, 2024 | 28.82<br> 0.75 <br><sup>(b)</sup><br>| 3.41 | 4.16 |
| Year ended April 30, 2023 | 32.19<br> 0.82 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year ended April 30, 2022 | 37.39<br> 0.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.39)<br>| 0.11 |
| Year ended April 30, 2021 | 26.39<br> 0.53 <br><sup>(b)</sup><br>| 11.40 | 11.93 |
| **Class C** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $33.96<br> &nbsp;&nbsp; $0.45 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.38 | &nbsp;&nbsp; $2.83 |
| Year ended April 30, 2024 | 30.45<br> 0.55 <br><sup>(b)</sup><br>| 3.52 | 4.07 |
| Year ended April 30, 2023 | 33.94<br> 0.62 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (1.27)<br>|
| Year ended April 30, 2022 | 39.17<br> 0.23 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year ended April 30, 2021 | 27.65<br> 0.32 <br><sup>(b)</sup><br>| 11.92 | 12.24 |
| **Class R6** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $29.94<br> &nbsp;&nbsp; $0.79 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.05 | &nbsp;&nbsp; $2.84 |
| Year ended April 30, 2024 | 26.79<br> 0.81 <br><sup>(b)</sup><br>| 3.21 | 4.02 |
| Year ended April 30, 2023 | 30.09<br> 0.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year ended April 30, 2022 | 35.30<br> 0.61 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.36)<br>| 0.25 |
| Year ended April 30, 2021 | 25.00<br> 0.62 <br><sup>(b)</sup><br>| 10.79 | 11.41 |
| **Institutional Class** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $32.30<br> &nbsp;&nbsp; $0.77 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.26 | &nbsp;&nbsp; $3.03 |
| Year ended April 30, 2024 | 28.86<br> 0.83 <br><sup>(b)</sup><br>| 3.45 | 4.28 |
| Year ended April 30, 2023 | 32.23<br> 0.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year ended April 30, 2022 | 37.46<br> 0.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.40)<br>| 0.20 |
| Year ended April 30, 2021 | 26.48<br> 0.62 <br><sup>(b)</sup><br>| 11.45 | 12.07 |
| **Steward International Enhanced Index Fund** |  |  |  |
| **Class A** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $24.11<br> &nbsp;&nbsp; $0.49 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.69 | &nbsp;&nbsp; $3.18 |
| Year ended April 30, 2024 | 22.09<br> 0.44 <br><sup>(b)</sup><br>| 2.39 | 2.83 |
| Year ended April 30, 2023 | 21.97<br> 0.62 <br><sup>(b)</sup><br>| 0.11 | 0.73 |
| Year ended April 30, 2022 | 24.85<br> 0.52 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year ended April 30, 2021 | 17.59<br> 0.37 <br><sup>(b)</sup><br>| 7.65 | 8.02 |
| **Class R6** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $19.71<br> &nbsp;&nbsp; $0.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.59 |
| Year ended April 30, 2024 | 18.31<br> 0.43 <br><sup>(b)</sup><br>| 1.99 | 2.42 |
| Year ended April 30, 2023 | 18.33<br> 0.58 <br><sup>(b)</sup><br>| 0.08 | 0.66 |
| Year ended April 30, 2022 | 20.91<br> 0.51 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year ended April 30, 2021 | 14.95<br> 0.36 <br><sup>(b)</sup><br>| 6.50 | 6.86 |
| **Institutional Class** |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $24.02<br> &nbsp;&nbsp; $0.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.69 | &nbsp;&nbsp; $3.23 |
| Year ended April 30, 2024 | 22.11<br> 0.50 <br><sup>(b)</sup><br>| 2.39 | 2.89 |
| Year ended April 30, 2023 | 21.98<br> 0.67 <br><sup>(b)</sup><br>| 0.12 | 0.79 |
| Year ended April 30, 2022 | 24.87<br> 0.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year ended April 30, 2021 | 17.66<br> 0.40 <br><sup>(b)</sup><br>| 7.70 | 8.10 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

(b) 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:** |
| &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**<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** <br>| &nbsp;&nbsp;&nbsp; **Ratio of Net**<br> **Investment**<br> **Income/(Loss)**<br> **to Average**<br> **Net Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(a)</sup> <br>|
| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp;&nbsp; $(1.63)<br>| &nbsp;&nbsp;&nbsp; $33.52 | &nbsp;&nbsp;&nbsp;&nbsp; 9.28<br> %<br>| &nbsp;&nbsp;&nbsp; $19361 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp;&nbsp; $(1.40)<br>| &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br> %<br>| &nbsp;&nbsp;&nbsp; $929 | &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; $(0.79)<br>| &nbsp;&nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp;&nbsp; $(1.74)<br>| &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp;&nbsp; 9.66<br> %<br>| &nbsp;&nbsp;&nbsp; $9306 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp;&nbsp; $33.62 | &nbsp;&nbsp;&nbsp;&nbsp; 9.53<br> %<br>| &nbsp;&nbsp;&nbsp; $361443 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp;&nbsp; $(3.82)<br>| &nbsp;&nbsp;&nbsp; $23.47 | &nbsp;&nbsp;&nbsp;&nbsp; 14.86<br> %<br>| &nbsp;&nbsp;&nbsp; $2316 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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; $(0.69)<br>| &nbsp;&nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp;&nbsp; $(3.92)<br>| &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp;&nbsp;&nbsp; 15.27<br> %<br>| &nbsp;&nbsp;&nbsp; $7774 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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; $(0.66)<br>| &nbsp;&nbsp;&nbsp; $(3.23)<br>| &nbsp;&nbsp;&nbsp; $(3.89)<br>| &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp;&nbsp; 15.17<br> %<br>| &nbsp;&nbsp;&nbsp; $200923 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>|
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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 |
| &nbsp;&nbsp; (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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $0.13 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $2.72 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $25.66 | &nbsp;&nbsp; $0.19 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $2.70 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $26.02 | &nbsp;&nbsp; $0.21 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $2.73 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $26.77 | &nbsp;&nbsp; $(0.04 )<sup>(d)</sup><br>| &nbsp;&nbsp; $3.67 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $26.81 | &nbsp;&nbsp; $0.05 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $3.67 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $26.68 | &nbsp;&nbsp; $0.36 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $2.53 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $26.73 | &nbsp;&nbsp; $0.43 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $2.54 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $21.76 | &nbsp;&nbsp; $0.62 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $21.64 | &nbsp;&nbsp; $0.68 <br><sup>(d)</sup><br>| &nbsp;&nbsp; $0.76 | &nbsp;&nbsp; $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 designated as "—" are $0 or have been rounded to $0.

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

(b) Annualized for periods less than one year.

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

(d) Calculated based on average shares outstanding.

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

(f) 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>|
| $(0.12)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $28.46 | &nbsp;&nbsp;&nbsp;&nbsp; 10.87<br> %<br>| &nbsp;&nbsp; $2689 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp; 82<br> %<br>|
| (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 |
| $(0.20)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $28.09 | &nbsp;&nbsp;&nbsp;&nbsp; 11.15<br> %<br>| &nbsp;&nbsp; $8161 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp; 82<br> %<br>|
|  | &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 |
| $(0.18)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $28.52 | &nbsp;&nbsp;&nbsp;&nbsp; 11.17<br> %<br>| &nbsp;&nbsp; $141489 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp; 82<br> %<br>|
| (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 |
| $(0.03)<br>| &nbsp;&nbsp; $(2.02)<br>| &nbsp;&nbsp; $(2.05)<br>| &nbsp;&nbsp; $28.35 | &nbsp;&nbsp;&nbsp;&nbsp; 12.91<br> %<br>| &nbsp;&nbsp; $1682 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp; 92<br> %<br>|
| (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 |
| $(0.07)<br>| &nbsp;&nbsp; $(2.02)<br>| &nbsp;&nbsp; $(2.09)<br>| &nbsp;&nbsp; $28.44 | &nbsp;&nbsp;&nbsp;&nbsp; 13.22<br> %<br>| &nbsp;&nbsp; $179044 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp; 92<br> %<br>|
| (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 |
| $(0.38)<br>| &nbsp;&nbsp; $(1.96)<br>| &nbsp;&nbsp; $(2.34)<br>| &nbsp;&nbsp; $27.23 | &nbsp;&nbsp;&nbsp;&nbsp; 10.56<br> %<br>| &nbsp;&nbsp; $1044 | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp; 133<br> %<br>|
| (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 |
| $(0.43)<br>| &nbsp;&nbsp; $(1.96)<br>| &nbsp;&nbsp; $(2.39)<br>| &nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp;&nbsp; 10.84<br> %<br>| &nbsp;&nbsp; $81354 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp; 133<br> %<br>|
| (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 |
| $(0.60)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp; $2309 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp; 32<br> %<br>|
| (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 |
| $(0.65)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.65)<br>| &nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp;&nbsp; 6.72<br> %<br>| &nbsp;&nbsp; $189641 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp; 32<br> %<br>|
| (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** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $31.87 | &nbsp;&nbsp; $0.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $3.46 | &nbsp;&nbsp; $3.62 |
| Year ended April 30, 2024 | 27.19 | 0.20 <br><sup>(b)</sup><br>| 5.49 | 5.69 |
| Year ended April 30, 2023 | 40.35 | 0.28 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.77 )<sup>(c)</sup><br>| &nbsp;&nbsp; (0.49)<br>|
| Year ended April 30, 2022 | 53.12 | 0.20 <br><sup>(b)</sup><br>| 2.06 | 2.26 |
| Year ended April 30, 2021 | 39.31 | 0.35 <br><sup>(b)</sup><br>| 17.55 | 17.90 |
| **Class R6** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $25.47 | &nbsp;&nbsp; $0.21 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $3.02 |
| Year ended April 30, 2024 | 21.98 | 0.24 <br><sup>(b)</sup><br>| 4.43 | 4.67 |
| Year ended April 30, 2023 | 35.13 | 0.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.76 )<sup>(c)</sup><br>| &nbsp;&nbsp; (0.44)<br>|
| Year ended April 30, 2022 | 47.97 | 0.36 <br><sup>(b)</sup><br>| 2.02 | 2.38 |
| Year ended April 30, 2021 | 35.83 | 0.51 <br><sup>(b)</sup><br>| 15.92 | 16.43 |
| **Institutional Class** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $31.72 | &nbsp;&nbsp; $0.24 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $3.44 | &nbsp;&nbsp; $3.68 |
| Year ended April 30, 2024 | 27.11 | 0.27 <br><sup>(b)</sup><br>| 5.47 | 5.74 |
| Year ended April 30, 2023 | 40.18 | 0.35 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (0.73 )<sup>(c)</sup><br>| &nbsp;&nbsp; (0.38)<br>|
| Year ended April 30, 2022 | 52.95 | 0.33 <br><sup>(b)</sup><br>| 2.07 | 2.40 |
| Year ended April 30, 2021 | 39.23 | 0.45 <br><sup>(b)</sup><br>| 17.54 | 17.99 |
| **Steward Values Enhanced Small-Mid Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $0.08 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Year ended April 30, 2024 | 10.97 | 0.09 <br><sup>(b)</sup><br>| 1.52 | 1.61 |
| Year ended April 30, 2023 | 14.33 | 0.12 <br><sup>(b)</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>(b)</sup><br>| 7.49 | 7.53 |
| **Class R6** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $0.10 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Year ended April 30, 2024 | 9.91 | 0.11 <br><sup>(b)</sup><br>| 1.38 | 1.49 |
| Year ended April 30, 2023 | 13.26 | 0.15 <br><sup>(b)</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>(b)</sup><br>| 7.01 | 7.09 |
| **Institutional Class** |  |  |  |  |
| Year ended April 30, 2025 | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $0.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Year ended April 30, 2024 | 11.30 | 0.12 <br><sup>(b)</sup><br>| 1.56 | 1.68 |
| Year ended April 30, 2023 | 14.67 | 0.15 <br><sup>(b)</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>(b)</sup><br>| 7.65 | 7.72 |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

(b) Calculated based on average shares outstanding.

(c) 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**<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** <br>| &nbsp;&nbsp;&nbsp; **Ratio of Net**<br> **Investment**<br> **Income/(Loss)**<br> **to Average**<br> **Net Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<sup>(a)</sup> <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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13911 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &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; $(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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5136 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &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; $(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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $229365 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &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; $(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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &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; $(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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &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; $(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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &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 — April 30, 2025** 

------

**Note 1**

**— Organization:**

Steward Funds, Inc. (''SFI''), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the ''1940 Act''), as a diversified open-end management investment company. As of April 30, 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 International Enhanced Index 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 (formerly, Steward Values-Focused Large Cap Enhanced Index Fund)

Steward Values Enhanced Small-Mid Cap Fund (formerly, Steward Values-Focused Small-Mid Cap Enhanced Index 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 April 30, 2025:

---

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

---

------

\* Effective April 26, 2024, the class liquidated.

**Note 2**

**— Investment Objectives and Strategies:**

Steward Covered Call Income Fund seeks to provide dividend income and options premium income, with the potential for capital appreciation and less volatility than the broad equity market. The Fund invests primarily in common stocks of large capitalization U.S. companies, most of which pay dividends, with sufficient liquidity and option market interest to suggest that call options can readily be written on those securities. The Fund writes (sells) covered call options on those securities with the overall goal of providing options premium income and lowering volatility of the Fund's portfolio when compared to the broader uncovered large capitalization securities market.

Steward Equity Market Neutral Fund seeks to provide long-term capital appreciation independent of the U.S. equity market. The Fund invests primarily in long and short positions in equity securities of large capitalization companies.

Steward Global Equity Income Fund seeks to provide current income along with growth of capital. The Fund invests primarily in U.S. and non-U.S. dividend-paying common stocks of large, medium and small capitalization companies that represent a broad spectrum of the global economy. The Fund's non-U.S. investments will be primarily in the form of depositary receipts (''DRs'') or dual listed securities, or U.S. dollar-denominated instruments representing securities of non-U.S. issuers that are traded in the U.S. or in non-U.S. markets.

------

Steward International Enhanced Index Fund seeks to provide long-term capital appreciation. The Fund invests primarily in DRs or dual listed securities representing securities of companies located or domiciled outside of the United States and allocates selectively between securities of developed market companies and emerging market companies.

Steward Large Cap Core Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization companies.

Steward Large Cap Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of large capitalization growth companies.

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 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 match the weightings of the Fund's benchmark index, subject to the application of the Fund's values-based screens and the reallocation of a portion of each screened security's weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values.

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 match the weightings of the Fund's benchmark index, subject to the application of the Fund's values-based screens and the reallocation of a portion of each screened security's weighting in the benchmark index among certain remaining securities of companies that portfolio management believes exhibit positive values.

In pursuing their investment objectives, the Funds apply a comprehensive set of values-based screens to all of their portfolio investments.

**Note 3**

**— Significant Accounting Policies:**

SFI follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (''FASB'') Accounting Standards Codification (''ASC'') Topic 946 *Financial Services — Investment Companies*. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (''GAAP'') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates. The following summarizes the significant accounting policies of the Funds.

**Portfolio Valuation**: Fund investments are recorded at fair value. 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, at the mean of the last bid and ask 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. Short-term debt obligations (those with remaining maturities of 60 days or less) are valued at amortized cost which approximates fair value.

------

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 April 30, 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; $93093352 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93093352 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$93093352** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$93093352** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Other Financial Instruments^ |  |  |  |
| Written Call Options | &nbsp;&nbsp; $(3257548)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3257548)<br>|
| **Total Liabilities - Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$(3257548)**<br>| &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$(3257548)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Equity Market Neutral Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $99208590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99208590 |
| Money Market Funds | &nbsp;&nbsp; 14819228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14819228 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$114027818** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$114027818** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks Sold Short\* | &nbsp;&nbsp; $(93844418)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(93844418)<br>|
| **Total Liabilities - Securities Sold Short** | &nbsp;&nbsp; **$(93844418)**<br>| &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$(93844418)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Global Equity Income Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $384339392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384339392 |
| Preferred Stocks\* | &nbsp;&nbsp; 4138299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4138299 |
| Money Market Fund | &nbsp;&nbsp; 1974258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1974258 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$390451949** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$390451949** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
| **Fund** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
| **Steward International Enhanced Index Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $206885675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206885675 |
| Preferred Stocks\* | &nbsp;&nbsp; 2888065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2888065 |
| Money Market Fund | &nbsp;&nbsp; 471689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 471689 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$210245429** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$210245429** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Large Cap Core Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $151791031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151791031 |
| Money Market Fund | &nbsp;&nbsp; 119441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119441 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$151910472** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$151910472** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Large Cap Growth Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $180426732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180426732 |
| Money Market Fund | &nbsp;&nbsp; 126218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126218 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$180552950** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$180552950** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Steward Large Cap Value Fund** |  |  |  |
| **Assets:** |  |  |  |
| Security Type |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $82191296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82191296 |
| Money Market Fund | &nbsp;&nbsp; 130751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130751 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$82322047** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$82322047** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Steward Select Bond Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117851421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117851421 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4934433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4934433 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 20995008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20995008 |
| U.S. Government Agency Mortgage-Backed <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3068771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3068771 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 39112734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39112734 |
| Money Market Fund | &nbsp;&nbsp; 4033836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4033836 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$4033836** | &nbsp;&nbsp; **$185962367** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$189996203** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Steward Values Enhanced Large Cap Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Security Type |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $248147460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248147460 |
| Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| **Total Assets - Investments** | &nbsp;&nbsp; **$248147460** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$248147460** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $168123355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168123355 |
| Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Money Market Fund | &nbsp;&nbsp; 460009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 460009 |
| **Total Assets - Investments** | &nbsp;&nbsp; **$168583364** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$** <br> **—** | &nbsp;&nbsp; **$168583364** |

---

---

| | |
|:---|:---|
| \* | Please refer to the Schedule of Portfolio Investments to view common stocks, corporate bonds, preferred stocks, and rights segregated by industry type. |
| \*\* | Level 3 security has zero value. |
| ^ | Other Financial Instruments would include any derivative instruments, such as written options contracts. These investments are generally recorded in the <br> financial statements at fair value.<br>|

---

As of April 30, 2025, there were no significant Level 3 holdings for the Funds.

**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 International Enhanced Index Fund, Steward Large Cap Core Fund, Steward Large Cap Growth Fund, Steward Large Cap Value 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 April 30, 2025 was $75,382,500. The monthly average notional amount for written options contracts for the year ended April 30, 2025 was $76,793,171. 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 April 30, 2025, are:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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; $(3257548) |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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; $7083180 | &nbsp;&nbsp; $(856542) |

---

**Federal Income Taxes**: The Funds intend to continue to qualify as regulated investment companies under Sub-Chapter M of the Internal Revenue Code and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

As of and during the year ended April 30, 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.

**Affiliated Securities Transactions**: Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by Crossmark Global Investments. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, as described in the Portfolio Valuation Note above. During the year ended April 30, 2025, the Funds did not engage in any Rule 17a-7 transactions.

**Short Sales:** When Steward Equity Market Neutral Fund takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market and returns it to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest, which accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold.

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.

**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.

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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 Growth 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 Large Cap Value Fund** |
| — 1.00% of the first $1 billion | — 0.50% of the first $1 billion |
| — 0.90% of the next $1 billion | — 0.45% of the next $1 billion |
| — 0.80% of assets over $2 billion | — 0.40% of assets over $2 billion |
| **Steward Global Equity Income Fund** | **Steward Select Bond Fund** |
| — 0.625% of the first $1 billion | — 0.315% of the first $1 billion |
| — 0.5625% of assets over $1 billion | — 0.2835% of assets over $1 billion |
| **Steward International Enhanced Index Fund** | &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; **Steward Values Enhanced**<br> **Large Cap Fund**<br>|
| — 0.365% of the first $1 billion | — 0.215% of the first $1 billion |
| — 0.3285% of assets over $1 billion | — 0.1935% of assets over $1 billion |
| **Steward Large Cap Core Fund** | &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; **Steward Values Enhanced**<br> **Small-Mid Cap Fund**<br>|
| — 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 April 30, 2025, the contractual expense limitations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **In effect through August 31, 2025** | **In effect through August 31, 2025** | **In effect through August 31, 2025** | **In effect through August 31, 2025** |
| **Fund**  | **Class A**  | **Class C**  | **Class R6** | **Institutional** <br> **Class** <br>|
| Steward Covered Call Income Fund | 1.25<br> % <br>| 2.00<br> % <br>| &nbsp;&nbsp; N/A<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 April 30, 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 April 30, 2025, the Adviser did not voluntarily waive or reimburse expenses of a Fund.

------

As of April 30, 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 C** | **Class C** | **Class C** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
| **Fund** | **2026** | **2027** | **2028** | **2026** | **2027** | **2028** |
| Steward Covered Call Income Fund | $2729 | $2900 | $7103 | $3132 | $3174 | $2761 |
| Steward Large Cap Core Fund | 1044 | 1387 | 4010 | N/A | N/A | N/A |
| Steward Large Cap Growth Fund | 791 | 827 | 1925 | N/A | N/A | N/A |
| Steward Large Cap Value Fund | 1428 | 1753 | 2182 | N/A | N/A | N/A |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
| **Fund** | **2026** | **2027** | **2028** | **2026** | **2027** | **2028** |
| Steward Covered Call Income Fund | N/A | N/A | N/A | $195807 | $170218 | $164841 |
| Steward Large Cap Core Fund | N/A | N/A(a)<br>| 2986 | 171201 | 179928 | 230853 |
| Steward Large Cap Growth Fund | N/A | N/A | N/A | 170571 | 186429 | 231874 |
| Steward Large Cap Value Fund | N/A | N/A | N/A | 167245 | 169802 | 185003 |

---

<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.

Foreside Fund Officer Services, LLC, an affiliate of Foreside Financial Group, LLC d/b/a ACA Group (''Foreside'') provides principal financial officer services to the Funds by making available a senior financial professional who serves as Treasurer of the Funds. Foreside receives a monthly fee from the Funds for the services provided and is also reimbursed by the Funds for certain out-of-pocket expenses. Total fees allocated to the Funds and paid to Foreside 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 year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Steward Covered Call Income Fund | &nbsp;&nbsp; $108514858 | &nbsp;&nbsp; $93903520 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 250549641 | &nbsp;&nbsp; 237167668 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 149070269 | &nbsp;&nbsp; 140102664 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 154570448 | &nbsp;&nbsp; 181384581 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 147174438 | &nbsp;&nbsp; 112746679 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 196222360 | &nbsp;&nbsp; 153050278 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 102887643 | &nbsp;&nbsp; 95069067 |
| Steward Select Bond Fund | &nbsp;&nbsp; 22608010 | &nbsp;&nbsp; 16450346 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 73759062 | &nbsp;&nbsp; 78897900 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 71446692 | &nbsp;&nbsp; 75880334 |

---

Purchases and sales of U.S. government securities for the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Steward Select Bond Fund | &nbsp;&nbsp; $38793057 | &nbsp;&nbsp; $49834733 |

---

**Note 6**

**— Federal Income Tax Information:**

As of April 30, 2025, the cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) on investments, including written call options and short positions, for federal income tax purposes, 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; $99776084 | &nbsp;&nbsp; $3845464 | &nbsp;&nbsp; $(13785744)<br>| &nbsp;&nbsp; $(9940280)<br>|
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 13873331 | &nbsp;&nbsp; 20741725 | &nbsp;&nbsp; (14431656)<br>| &nbsp;&nbsp; 6310069 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 338816502 | &nbsp;&nbsp; 66287060 | &nbsp;&nbsp; (14651613)<br>| &nbsp;&nbsp; 51635447 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 201692150 | &nbsp;&nbsp; 22490851 | &nbsp;&nbsp; (13937572)<br>| &nbsp;&nbsp; 8553279 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 142378438 | &nbsp;&nbsp; 16295439 | &nbsp;&nbsp; (6763405)<br>| &nbsp;&nbsp; 9532034 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 170272539 | &nbsp;&nbsp; 18392308 | &nbsp;&nbsp; (8111897)<br>| &nbsp;&nbsp; 10280411 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 78150159 | &nbsp;&nbsp; 8109215 | &nbsp;&nbsp; (3937327)<br>| &nbsp;&nbsp; 4171888 |
| Steward Select Bond Fund | &nbsp;&nbsp; 198863277 | &nbsp;&nbsp; 1167141 | &nbsp;&nbsp; (10034215)<br>| &nbsp;&nbsp; (8867074)<br>|
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 194213627 | &nbsp;&nbsp; 65837939 | &nbsp;&nbsp; (11904106)<br>| &nbsp;&nbsp; 53933833 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 171594852 | &nbsp;&nbsp; 29808134 | &nbsp;&nbsp; (32819622)<br>| &nbsp;&nbsp; (3011488)<br>|

---

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales, adjustments to income on certain securities and other temporary differences.

------

The tax character of distributions paid during the fiscal year ended April 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** |  |
| **Fund** | **Ordinary**<br> **Income**<br>| **Net**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| **Total**<br> **Distribution**<br> **Paid**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $8586185 | &nbsp;&nbsp; $2757636 | &nbsp;&nbsp; $11343821 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 3844385 | &nbsp;&nbsp; 288350 | &nbsp;&nbsp; 4132735 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 14054346 | &nbsp;&nbsp; 4849187 | &nbsp;&nbsp; 18903533 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 7316028 | &nbsp;&nbsp; 23828881 | &nbsp;&nbsp; 31144909 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 811836 | &nbsp;&nbsp; 1204196 | &nbsp;&nbsp; 2016032 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 2660457 | &nbsp;&nbsp; 8723459 | &nbsp;&nbsp; 11383916 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 1715722 | &nbsp;&nbsp; 3755090 | &nbsp;&nbsp; 5470812 |
| Steward Select Bond Fund | &nbsp;&nbsp; 5884300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5884300 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 2162673 | &nbsp;&nbsp; 18142365 | &nbsp;&nbsp; 20305038 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 3737175 | &nbsp;&nbsp; 8259720 | &nbsp;&nbsp; 11996895 |

---

The tax character of distributions paid during the fiscal year ended April 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Paid From** | **Distributions Paid From** |  |
| **Fund** | **Ordinary**<br> **Income**<br>| **Net**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| **Total**<br> **Distribution**<br> **Paid**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $7490773 | &nbsp;&nbsp; $309756 | &nbsp;&nbsp; $7800529 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 3307659 | &nbsp;&nbsp; 71701 | &nbsp;&nbsp; 3379360 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 9872251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9872251 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 7408142 | &nbsp;&nbsp; 1881815 | &nbsp;&nbsp; 9289957 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 666625 | &nbsp;&nbsp; — | &nbsp;&nbsp; 666625 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 360146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 360146 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 1079176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1079176 |
| Steward Select Bond Fund | &nbsp;&nbsp; 3925894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3925894 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 3581015 | &nbsp;&nbsp; 5103424 | &nbsp;&nbsp; 8684439 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 1936402 | &nbsp;&nbsp; 5932082 | &nbsp;&nbsp; 7868484 |

---

In addition to the Ordinary and Capital Gains distribution, during the fiscal year ended April 30, 2025, the following Funds had permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares and the disallowance of a net operating loss resulting in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br> **Income**<br>| **Short-term** <br> **Capital Gain**<br>| **Long-term** <br> **Capital Gain**<br>| **Total**<br> **Equalization**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $841797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $841797 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 89038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1486631 | &nbsp;&nbsp; 1575669 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 593732 | &nbsp;&nbsp; 558507 | &nbsp;&nbsp; 3003687 | &nbsp;&nbsp; 4155926 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 19097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 392551 | &nbsp;&nbsp; 411648 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 189067 | &nbsp;&nbsp; 963161 | &nbsp;&nbsp; 1152228 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 73337 | &nbsp;&nbsp; 81782 | &nbsp;&nbsp; 580370 | &nbsp;&nbsp; 735489 |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 88041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2159206 | &nbsp;&nbsp; 2247247 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 18024 | &nbsp;&nbsp; 181360 | &nbsp;&nbsp; 2414579 | &nbsp;&nbsp; 2613963 |

---

------

As of April 30, 2025, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| **Undistributed**<br> **Long-Term**<br> **Capital Gains**<br>| **Distributable**<br> **Earnings**<br>| **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total**<br> **Distributable**<br> **Earnings/**<br> **(Accumulated**<br> **Deficit)**<br>|
| Steward Covered Call Income Fund | $4273893 | $— | $4273893 | $(425756)<br>| $(9940280)<br>| $(6092143)<br>|
| Steward Equity Market Neutral Fund | 1036588 |  | 1036588 | (3722939)<br>| 6310069 | 3623718 |
| Steward Global Equity Income Fund | 632658 | 10563215 | 11195873 |  | 51635447 | 62831320 |
| Steward International Enhanced Index Fund | 2274339 | 5928802 | 8203141 |  | 8553279 | 16756420 |
| Steward Large Cap Core Fund | 316030 | 6496219 | 6812249 |  | 9532034 | 16344283 |
| Steward Large Cap Growth Fund | 1697236 | 8646207 | 10343443 |  | 10280411 | 20623854 |
| Steward Large Cap Value Fund | 702203 | 2627242 | 3329445 |  | 4171888 | 7501333 |
| Steward Select Bond Fund | 911460 |  | 911460 | (6244673)<br>| (8867074)<br>| (14200287)<br>|
| Steward Values Enhanced Large Cap Fund | 165806 | 4066426 | 4232232 |  | 53933833 | 58166065 |
| Steward Values Enhanced <br> Small-Mid Cap Fund<br>| 467915 | 5666541 | 6134456 |  | (3011488)<br>| 3122968 |

---

As of the end of the fiscal year ended April 30, 2025, the following Funds had capital loss carry forwards (''CLCFs'') as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF is offset.

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **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 International Enhanced Index 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 Large Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

During the tax year ended April 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
| **Fund** | **Total** |
| Steward Large Cap Core Fund | &nbsp;&nbsp; $3732266 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 1179582 |

---

Under the current tax law, capital/late year and ordinary losses realized after October 31 and December 31, respectively, of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund's deferred losses are as follows:

---

| | |
|:---|:---|
| **Fund** | **Late-Year** <br> **Ordinary**<br> **Loss** <br> **Deferred** <br>|
| Steward Covered Call Income Fund....................................................... | &nbsp;&nbsp; $359795 |

---

**Note 7**

**— Reclassifications**:

In accordance with GAAP, the Funds will make reclassifications, if applicable, among their capital accounts. These reclassifications are intended to adjust the components of the Funds' net assets to reflect the tax character of permanent book/tax differences (e.g., equalization, PFIC adjustments, net operating losses) and have no impact on the net assets or the net asset value of the Funds. As of April 30, 2025, the following reclassifications were made between the capital accounts and distributable earnings:

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings/**<br> **(Accumulated** <br> **Deficit)**<br>| **Capital** |
| Steward Covered Call Income Fund | &nbsp;&nbsp; $(841797)<br>| &nbsp;&nbsp; $841797 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Global Equity Income Fund | &nbsp;&nbsp; (1575670)<br>| &nbsp;&nbsp; 1575670 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; (4155926)<br>| &nbsp;&nbsp; 4155926 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; (411648)<br>| &nbsp;&nbsp; 411648 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; (1152228)<br>| &nbsp;&nbsp; 1152228 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; (735489)<br>| &nbsp;&nbsp; 735489 |
| Steward Select Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; (2247081)<br>| &nbsp;&nbsp; 2247081 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; (2613963)<br>| &nbsp;&nbsp; 2613963 |

---

**Note 8**

**— Control Ownership**:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 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 April 30, 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  | 40% |
| Steward Equity Market Neutral Fund | MSCS Financial Services, LLC  | 28% |
| Steward Global Equity Income Fund | National Financial Services LLC | 33% |
| Steward International Enhanced Index Fund | MSCS Financial Services, LLC  | 42% |
| Steward International Enhanced Index Fund | National Financial Services LLC | 37% |
| Steward Large Cap Core Fund | MSCS Financial Services, LLC  | 46% |
| Steward Large Cap Growth Fund | MSCS Financial Services, LLC  | 43% |
| Steward Large Cap Value Fund | MSCS Financial Services, LLC  | 48% |
| Steward Large Cap Value Fund | National Financial Services LLC | 27% |
| Steward Select Bond Fund | MSCS Financial Services, LLC  | 52% |
| Steward Select Bond Fund | National Financial Services LLC | 34% |
| Steward Values Enhanced Large Cap Fund | MSCS Financial Services, LLC  | 47% |
| Steward Values Enhanced Large Cap Fund | National Financial Services LLC | 33% |
| Steward Values Enhanced Small-Mid Cap Fund | MSCS Financial Services, LLC  | 28% |
| Steward Values Enhanced Small-Mid Cap Fund | National Financial Services LLC | 32% |

---

**Note 9**

**— 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.

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**Note 10 — Segment Reporting:**

In this reporting period, 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.

**Note 11 — Subsequent Events:**

Management has evaluated subsequent events through the date these financial statements were issued.

On May 15, 2025, Steward International Enhanced Index Fund amended its investment process to provide for the upweighting of a certain number of portfolio companies, relative to their weightings in a blended benchmark index (a blend of the S&P Developed Markets ADR Index and the S&P Emerging 50 ADR Index, the relative allocation of which may be modified by portfolio management), based on their positive value scores (a measure of the extent to which a company exhibits positive values, in the view of portfolio management). Also on May 15, 2025, the Fund announced that, effective July 30, 2025, the Fund's name will change to Steward Values Enhanced International Fund and the Fund's investment policy that, under normal circumstances, the Fund will invest at least 80% of its assets in the securities of companies included in the Fund's benchmark (the S&P International 700 ADR Index) will be eliminated.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

To the Shareholders and Board of Directors ofSteward Funds, Inc.

Opinion on the Financial Statements

------

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Steward Funds, Inc. comprising the funds listed below (the "Funds") as of April 30, 2025, the related statements of operations and changes in net assets, the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements<br> Of<br> Operations<br>| Statements of Changes in<br> Net Assets<br>| Financial Highlights |
| Steward Covered Call income Fund,<br> Steward Global Equity Income Fund,<br> Steward International Enhanced Index Fund,<br> Steward Select Bond Fund,<br> Steward Values Enhanced Large Cap Fund <br> (formerly, Steward Values-Focused Large Cap <br> Enhanced Index Fund), and<br> Steward Values Enhanced Small-Mid Cap Fund <br> (formerly, Steward Values-Focused Small-Mid <br> Cap Enhanced Index Fund)<br>| For the year ended<br> April 30, 2025<br>| For the years ended<br> April 30, 2025, and<br> 2024<br>| For the years ended <br> April 30, 2025, 2024, <br> 2023, 2022 and 2021<br>|
| Steward Equity Market Neutral Fund,<br> Steward Large Cap Core Fund,<br> Steward Large Cap Growth Fund,<br> Steward Large Cap Value Fund<br>| For the year ended<br> April 30, 2025<br>| For the year ended<br> April 30, 2025, and<br> 2024<br>| For the years ended <br> April 30, 2025, 2024, <br> 2023, and for the <br> period from <br> November 15, 2021 <br> (commencement of <br> operations) through <br> April 30, 2022<br>|

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Basis for Opinion

------

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

------

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2007.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

June 26, 2025

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**Other Information (Unaudited)**

------

**Federal Income Tax Information:**

For the fiscal year ended April 30, 2025, the following percentages of the total ordinary income distributions paid by the Funds qualify for the dividends received deduction available to corporate shareholders.

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| | |
|:---|:---|
| **Fund** | **Dividends**<br> **Received Deduction**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; 14.40% |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 34.44% |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 41.31% |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 0.02% |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 100.00% |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 45.46% |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 81.51% |
| Steward Select Bond Fund | &nbsp;&nbsp; —% |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 100.00% |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 60.49% |

---

For the fiscal year ended April 30, 2025, distributions paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2025 Form 1099-DIV.

For the taxable year ended April 30, 2025, the percentages of Qualified Dividend Income are as follows:

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| | |
|:---|:---|
| **Fund** | **Qualified**<br> **Dividend Income**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; 15.04% |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 37.01% |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 91.02% |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 91.55% |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 100.00% |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 47.28% |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 86.52% |
| Steward Select Bond Fund | &nbsp;&nbsp; —% |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 100.00% |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 63.58% |

---

The Funds declared long-term distributions of realized gains as follows:

---

| | |
|:---|:---|
| **Fund** | **Long-Term**<br> **Capital Gains**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $2757636 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; 288350 |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 4849187 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 23828881 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; 1204196 |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 8723459 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 3755090 |
| Steward Select Bond Fund | &nbsp;&nbsp; — |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 18142365 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 8259720 |

---

------

The Funds declared short-term distributions of realized gains as follows:

---

| | |
|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Gains**<br>|
| Steward Covered Call Income Fund | &nbsp;&nbsp; $8129776 |
| Steward Equity Market Neutral Fund | &nbsp;&nbsp; — |
| Steward Global Equity Income Fund | &nbsp;&nbsp; 4795356 |
| Steward International Enhanced Index Fund | &nbsp;&nbsp; 2050897 |
| Steward Large Cap Core Fund | &nbsp;&nbsp; — |
| Steward Large Cap Growth Fund | &nbsp;&nbsp; 2392534 |
| Steward Large Cap Value Fund | &nbsp;&nbsp; 738988 |
| Steward Select Bond Fund | &nbsp;&nbsp; — |
| Steward Values Enhanced Large Cap Fund | &nbsp;&nbsp; 181654 |
| Steward Values Enhanced Small-Mid Cap Fund | &nbsp;&nbsp; 1931291 |

---

The Steward International Enhanced Index Fund intends to elect to pass-through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign**<br> **Source Income**<br>| **Foreign**<br> **Tax Expense**<br>|
| Steward International Enhanced Index Fund | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.06 |

---

------

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

------

There were no changes in or disagreements with the Funds' accountants during the year ended April 30, 2025.

------

**Proxy Disclosures for Open-End Management Investment Companies (Unaudited)**

------

There were no matters submitted for vote by shareholders of any Fund during the year ended April 30, 2025.

------

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

------

The applicable aggregate remuneration paid by each Fund during the year ended April 30, 2025 is included in the Statements of Operations.

------

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

------

Not applicable.

------

![](gurdtbml9yiq5noujupmj.jpg)

Visit us online at:

**crossmarkglobal.com**

Steward Funds

Annual Financial Statements and Additional Information

Steward Covered Call Income Fund

Steward Equity Market Neutral Fund

Steward Global Equity Income Fund

Steward International Enhanced Index Fund

Steward Large Cap Core Fund

Steward Large Cap Growth Fund

Steward Large Cap Value Fund

Steward Select Bond Fund

Steward 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 1-800-262-6631 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.

------

&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.

------

**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.

------

&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.

------

&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.

------

&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.

------

&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.

------

&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.

------

&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.

------

&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.

------

&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.

------

**Item 19. Exhibits**

(a)(1) [The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](Exhibit_a1.htm)

(a)(2) Not applicable

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

------

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

---

| |
|:---|
| **Steward Funds, Inc.**  |
|  By: <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: July 7, 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.

---

| |
|:---|
|  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: July 7, 2025  |
|  By: <u>/s/ Monique D. Labbe&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Monique D. Labbe  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Treasurer  |
|  &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer)  |
|  Date: July 7, 2025  |

---

------

## Ex-99.Code

### Crossmark ETF Trust Steward Funds, Inc.

### Supplemental Code of Ethics under the Sarbanes-Oxley Act
I. **INTRODUCTION** 

The Board of Trustees of Crossmark ETF Trust and the Board of Directors of Steward Funds, Inc., which are comprised of the same members (collectively, the **Board**), have established this Code of Ethics (the **Code**) in accordance with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The respective series of Crossmark ETF Trust and Steward Funds, Inc. are referred to herein as the **Funds**. This Code does not supersede or otherwise affect the separate code of ethics that the Funds, the investment adviser to the Funds and the principal underwriter for the series of Steward Funds, Inc. have adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the **1940 Act**).

This Code is designed to deter wrongdoing and promote:

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

· full, fair, accurate, timely, and understandable disclosure in reports and documents the Funds file with, or submit to, the Securities and Exchange Commission (**SEC**) and in other public communications made by the Funds;

· compliance with applicable governmental laws, rules, and regulations;

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

· accountability for adherence to the Code.

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

II. **PRINCIPLES OF HONEST AND ETHICAL CONDUCT** 

A. **General Objectives** 

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

------

B. **Conflicts of Interest** 

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

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

Examples of possible conflicts of interest include:

1. **Outside Employment or Activities** 

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

2. **Gifts** 

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

3. **Other Situations** 

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

C. **Corporate Opportunities** 

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

------

III. **FULL, FAIR, ACCURATE, TIMELY, AND UNDERSTANDABLE DISCLOSURE IN FUND DISCLOSURE AND REPORTING DOCUMENTS** 

As registered funds, it is of critical importance that the Funds' public communications, reports, and SEC filings contain full, fair, accurate, timely, and understandable disclosure. Accordingly, the Funds' Covered Officers are expected to consider it central to their roles as officers of the Funds to promote full, fair, accurate, timely, and understandable disclosure in the Funds' public communications and reports, and in the documents that the Funds file with, or submit to, the SEC.

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

IV. **COMPLIANCE WITH APPLICABLE GOVERNMENTAL RULES AND REGULATIONS** 

The Funds are subject to regulation by the SEC as registered funds and must comply with federal securities laws and regulations, as well as other applicable laws. Each Covered Officer shall cooperate with the Funds' counsel, the Funds' independent accountants, and the Funds' other service providers with the goal of maintaining the Funds' material compliance with applicable governmental rules and regulations.

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

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

V. **CONFIDENTIALITY** 

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

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;**No Material Adverse Impact on the Funds.** If the Compliance Officer determines that the violation has not caused a material adverse impact on the Funds, the Compliance Officer shall determine what sanctions, if any, may be appropriate for the violation.

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

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

VII. **WAIVERS OF PROVISIONS OF THE CODE** 

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

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

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

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

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

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

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

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

VIII. **ACCOUNTABILITY FOR ADHERENCE TO THE CODE** 

The matters covered in this Code are of the utmost importance to the Funds and their shareholders, and are essential to the Funds' ability to conduct its business in accordance with its stated values. The Funds' Covered Officers are expected to adhere to these rules in carrying out their duties for the Funds.

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

IX. **RECORDKEEPING** 

A. **General. The Funds require accurate recording and reporting of information in order to make responsible business decisions. The Funds' books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Funds' transactions, and must conform both to applicable legal requirements and to the Funds' system of internal controls.** 

------

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

X. **AMENDMENTS TO THE CODE** 

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

#### DATED: . June 25, 2025

------

### Exhibit A

### Covered Officers
Robert C. Doll, CFA, President, Crossmark ETF Trust and Steward Funds, Inc.

Sheri Steward Morris, Treasurer and Principal Financial Officer, Crossmark ETF Trust

Monique D. Labbe, Treasurer and Principal Financial Officer, Steward Funds, Inc.

### Compliance Officer
Jim Coppedge

**crossmarkglobal.com**

------

## Ex-99.Cert

#### CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO RULE 30a-2 OF

#### THE INVESTMENT COMPANY ACT OF 1940
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.  | 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.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 7, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 7, 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
I, Monique D. Labbe, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 7, 2025  | /s/ Monique D. Labbe  |
|  | Monique D. Labbe  |
|  | Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Exhibit 99.906

#### CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER

#### STEWARD FUNDS, INC.

#### PURSUANT TO SECTION 906 OF

#### THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Annual Report on Form N-CSR for the period ended April 30, 2025 (the "Report").

I, Robert C. Doll, the Principal Executive Officer of Steward Funds, Inc. (the "Registrant") certify that to the best of my knowledge:

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

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

Date: July 7, 2025

---

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

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#### CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER OF

#### STEWARD FUNDS, INC.

#### PURSUANT TO SECTION 906 OF

#### THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Annual Report on Form N-CSR for the period ended April 30, 2025 (the "Report").

I, Monique D. Labbe, the Principal Financial Officer of Steward Funds, Inc. (the "Registrant") certify that to the best of my knowledge:

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

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

Date: July 7, 2025

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| |
|:---|
| /s/ Monique D. Labbe  |
| Monique D. Labbe  |
| Treasurer  |
| (Principal Financial Officer)  |

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