SFT Balanced Stabilization Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal | Value(a) | |||||||
Long-Term Debt Securities (39.0%) | ||||||||
Government Obligations (4.9%) | ||||||||
U.S. Government Agencies and Obligations (4.9%) | ||||||||
Federal Home Loan Mortgage Corporation (0.0%) | ||||||||
3.000%, 09/01/43 | $ | 50,924 | $ | 46,690 | ||||
3.500%, 10/01/44 | 53,242 | 50,458 | ||||||
3.500%, 11/01/44 | 51,756 | 49,050 | ||||||
3.500%, 12/01/44 | 56,564 | 53,608 | ||||||
199,806 | ||||||||
Federal National Mortgage Association (0.1%) | ||||||||
3.000%, 04/01/43 | 78,840 | 72,418 | ||||||
3.000%, 05/01/43 | 26,124 | 24,000 | ||||||
3.000%, 06/01/43 | 116,251 | 106,788 | ||||||
3.500%, 08/01/42 | 52,390 | 49,978 | ||||||
3.500%, 02/01/43 | 70,066 | 67,767 | ||||||
320,951 | ||||||||
U.S. Treasury (4.8%) | ||||||||
U.S. Treasury Bond | ||||||||
4.000%, 11/15/42 | 5,530,000 | 5,669,978 | ||||||
4.000%, 11/15/52 | 1,200,000 | 1,268,063 | ||||||
U.S. Treasury Note | ||||||||
1.000%, 12/15/24 | 15,500,000 | 14,681,406 | ||||||
3.875%, 12/31/27 | 9,350,000 | 9,440,578 | ||||||
31,060,025 | ||||||||
Total government obligations (cost: $32,007,326) | 31,580,782 | |||||||
Other Mortgage-Backed Securities (0.2%) | ||||||||
Commercial Mortgage-Backed Securities (0.2%) | ||||||||
Bank, Series 2019-BNK18, Class A4, 3.584%, 05/15/62 | 1,500,000 | 1,367,906 | ||||||
Total other mortgage-backed securities (cost: $1,543,112) | 1,367,906 | |||||||
Corporate Obligations (33.9%) | ||||||||
Basic Materials (0.8%) | ||||||||
Chemicals (0.4%) | ||||||||
Celanese U.S. Holdings LLC, 6.330%, 07/15/29 | 1,500,000 | 1,514,878 | ||||||
Nutrien Ltd., 3.000%, 04/01/25 (b) | 1,000,000 | 959,159 | ||||||
2,474,037 | ||||||||
Mining (0.4%) | ||||||||
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c) | 2,000,000 | 1,660,442 | ||||||
FMG Resources August Pty. Ltd., 6.125%, 04/15/32 (b) (c) | 1,000,000 | 948,750 | ||||||
2,609,192 | ||||||||
Communications (1.5%) | ||||||||
Cable/Satellite TV (0.3%) | ||||||||
Comcast Corp. | ||||||||
2.887%, 11/01/51 | 1,319,000 | 895,853 | ||||||
2.937%, 11/01/56 | 327,000 | 215,923 | ||||||
4.200%, 08/15/34 (d) | 500,000 | 476,722 | ||||||
1,588,498 | ||||||||
Diversified Telecommunication Services (0.6%) | ||||||||
AT&T, Inc. | ||||||||
2.550%, 12/01/33 | 943,000 | 757,505 | ||||||
3.550%, 09/15/55 | 1,405,000 | 1,000,109 | ||||||
3.800%, 12/01/57 | 75,000 | 55,551 | ||||||
4.500%, 05/15/35 | 1,000,000 | 933,618 | ||||||
Verizon Communications, Inc., 2.987%, 10/30/56 | 1,194,000 | 775,387 | ||||||
3,522,170 | ||||||||
Media (0.4%) | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.750%, 02/15/28 | 1,500,000 | 1,386,499 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Paramount Global, 4.000%, 01/15/26 | $ | 250,000 | $ | 241,097 | ||||
Walt Disney Co., 4.950%, 10/15/45 | 1,000,000 | 966,125 | ||||||
2,593,721 | ||||||||
Telecommunication (0.2%) | ||||||||
Crown Castle Towers LLC, 3.663%, 05/15/45 (c) | 1,000,000 | 960,676 | ||||||
Vodafone Group PLC, 4.125%, 05/30/25 (b) | 500,000 | 494,197 | ||||||
1,454,873 | ||||||||
Wireless Telecommunication Services (0.0%) | ||||||||
Rogers Communications, Inc., 4.100%, 10/01/23 (b) | 250,000 | 248,460 | ||||||
Consumer Cyclical (1.2%) | ||||||||
Consumer Staples Distribution & Retail (0.3%) | ||||||||
Kroger Co. | ||||||||
4.450%, 02/01/47 | 1,000,000 | 878,839 | ||||||
5.150%, 08/01/43 | 1,100,000 | 1,039,436 | ||||||
1,918,275 | ||||||||
Entertainment (0.2%) | ||||||||
Warnermedia Holdings, Inc., 5.141%, 03/15/52 (c) | 1,400,000 | 1,127,783 | ||||||
Home Furnishings (0.1%) | ||||||||
Harman International Industries, Inc., 4.150%, 05/15/25 | 1,000,000 | 979,188 | ||||||
Retail (0.6%) | ||||||||
AutoZone, Inc., 3.250%, 04/15/25 | 1,000,000 | 967,058 | ||||||
Lowe's Cos., Inc., 5.625%, 04/15/53 | 2,250,000 | 2,252,151 | ||||||
Target Corp., 3.500%, 07/01/24 (d) | 750,000 | 739,692 | ||||||
3,958,901 | ||||||||
Consumer Discretionary (0.3%) | ||||||||
Broadline Retail (0.3%) | ||||||||
Amazon.com, Inc. | ||||||||
3.875%, 08/22/37 | 1,000,000 | 928,738 | ||||||
4.050%, 08/22/47 | 1,000,000 | 902,833 | ||||||
1,831,571 | ||||||||
Consumer Staples (0.4%) | ||||||||
Consumer Products — Miscellaneous (0.1%) | ||||||||
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c) | 750,000 | 729,239 | ||||||
Household Products (0.1%) | ||||||||
Kimberly-Clark Corp., 3.900%, 05/04/47 | 1,000,000 | 848,671 | ||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc., 4.150%, 03/15/47 | 1,000,000 | 899,104 | ||||||
Consumer, Non-cyclical (3.7%) | ||||||||
Agricultural Operations (0.4%) | ||||||||
Cargill, Inc. | ||||||||
3.125%, 05/25/51 (c) | 1,000,000 | 727,849 | ||||||
4.375%, 04/22/52 (c) | 2,150,000 | 1,988,161 | ||||||
2,716,010 | ||||||||
Beverages (0.5%) | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38 | 1,000,000 | 949,424 | ||||||
Constellation Brands, Inc., 5.250%, 11/15/48 | 2,050,000 | 1,972,688 | ||||||
2,922,112 | ||||||||
Biotechnology (0.6%) | ||||||||
Amgen, Inc., 4.050%, 08/18/29 | 2,000,000 | 1,929,698 | ||||||
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32 | 2,000,000 | 1,809,780 | ||||||
3,739,478 | ||||||||
Commercial Service — Finance (0.0%) | ||||||||
Moody's Corp., 4.875%, 02/15/24 | 250,000 | 248,247 | ||||||
Commercial Services (0.3%) | ||||||||
Ashtead Capital, Inc., 5.500%, 08/11/32 (c) | 2,000,000 | 1,948,132 | ||||||
Diagnostic Equipment (0.3%) | ||||||||
Abbott Laboratories | ||||||||
3.875%, 09/15/25 | 750,000 | 742,256 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
4.750%, 11/30/36 | $ | 1,000,000 | $ | 1,039,014 | ||||
4.750%, 04/15/43 | 250,000 | 250,906 | ||||||
2,032,176 | ||||||||
Drugstore Chains (0.0%) | ||||||||
CVS Pass-Through Trust, 6.943%, 01/10/30 | 120,428 | 126,087 | ||||||
Food (0.3%) | ||||||||
Mars, Inc., 3.950%, 04/01/49 (c) | 1,000,000 | 861,148 | ||||||
Tyson Foods, Inc., 5.150%, 08/15/44 | 1,000,000 | 946,320 | ||||||
1,807,468 | ||||||||
Food Products (0.1%) | ||||||||
General Mills, Inc., 3.000%, 02/01/51 | 1,002,000 | 724,544 | ||||||
Pharmaceuticals (1.2%) | ||||||||
AbbVie, Inc. | ||||||||
3.600%, 05/14/25 | 1,000,000 | 979,697 | ||||||
3.800%, 03/15/25 | 670,000 | 658,753 | ||||||
4.400%, 11/06/42 | 1,000,000 | 912,003 | ||||||
4.450%, 05/14/46 | 1,000,000 | 901,219 | ||||||
Becton Dickinson & Co., 4.298%, 08/22/32 | 2,000,000 | 1,927,100 | ||||||
Bristol-Myers Squibb Co. | ||||||||
3.250%, 11/01/23 | 500,000 | 495,314 | ||||||
3.875%, 08/15/25 | 229,000 | 224,741 | ||||||
Novartis Capital Corp., 3.400%, 05/06/24 (d) | 500,000 | 493,361 | ||||||
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b) | 1,000,000 | 1,005,786 | ||||||
7,597,974 | ||||||||
Energy (2.0%) | ||||||||
Oil & Gas (1.2%) | ||||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27 | 1,000,000 | 933,355 | ||||||
BP Capital Markets America, Inc., 4.234%, 11/06/28 | 1,000,000 | 987,907 | ||||||
Chevron USA, Inc., 3.900%, 11/15/24 | 1,000,000 | 993,319 | ||||||
Coterra Energy, Inc., 3.900%, 05/15/27 | 1,000,000 | 950,734 | ||||||
Marathon Petroleum Corp., 3.625%, 09/15/24 | 750,000 | 731,686 | ||||||
Phillips 66, 4.650%, 11/15/34 | 1,000,000 | 955,118 | ||||||
TotalEnergies Capital International SA, 3.750%, 04/10/24 (b) | 750,000 | 743,846 | ||||||
Valero Energy Corp., 4.350%, 06/01/28 | 1,000,000 | 977,499 | ||||||
7,273,464 | ||||||||
Pipelines (0.8%) | ||||||||
Energy Transfer LP | ||||||||
4.250%, 04/01/24 | 1,000,000 | 982,637 | ||||||
4.900%, 03/15/35 | 1,000,000 | 929,751 | ||||||
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35 | 250,000 | 250,670 | ||||||
Kinder Morgan, Inc., 5.300%, 12/01/34 | 750,000 | 731,477 | ||||||
MPLX LP, 4.950%, 09/01/32 | 2,000,000 | 1,948,906 | ||||||
Williams Cos., Inc., 3.750%, 06/15/27 | 500,000 | 477,880 | ||||||
5,321,321 | ||||||||
Financial (11.2%) | ||||||||
Banks (6.6%) | ||||||||
Associated Banc-Corp., 4.250%, 01/15/25 | 750,000 | 716,924 | ||||||
Bank of America Corp. | ||||||||
Series L, 3.950%, 04/21/25 | 1,000,000 | 967,465 | ||||||
Series L, 4.183%, 11/25/27 | 1,000,000 | 962,514 | ||||||
4.244%, 04/24/38 (3-Month USD LIBOR + 1.814%) (e) | 1,000,000 | 898,232 | ||||||
4.948%, 07/22/28 (SOFRRATE + 2.040%) (e) | 1,500,000 | 1,484,376 | ||||||
Bank of New York Mellon Corp. | ||||||||
3.442%, 02/07/28 (3-Month USD LIBOR + 1.069%) (e) | 1,000,000 | 947,221 | ||||||
5.834%, 10/25/33 (SOFRRATE + 2.074%) (e) | 1,000,000 | 1,062,254 | ||||||
Capital One Financial Corp. | ||||||||
4.250%, 04/30/25 | 1,500,000 | 1,428,586 | ||||||
5.468%, 02/01/29 (SOFRRATE + 2.080%) (e) | 1,500,000 | 1,460,383 | ||||||
Citigroup, Inc. | ||||||||
3.300%, 04/27/25 | 750,000 | 723,392 | ||||||
3.980%, 03/20/30 (SOFRRATE + 1.600%) (e) | 1,000,000 | 929,146 | ||||||
4.650%, 07/23/48 | 1,250,000 | 1,157,125 | ||||||
4.750%, 05/18/46 (f) | 1,200,000 | 1,054,585 | ||||||
Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (e) | 2,000,000 | 1,724,646 | ||||||
Discover Bank, 4.250%, 03/13/26 | 500,000 | 480,526 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Fifth Third Bank NA, 3.950%, 07/28/25 | $ | 1,000,000 | $ | 941,505 | ||||
First Republic Bank | ||||||||
4.375%, 08/01/46 | 575,000 | 310,500 | ||||||
4.625%, 02/13/47 | 1,379,000 | 744,660 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.850%, 01/26/27 | 1,000,000 | 959,171 | ||||||
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e) | 2,000,000 | 1,952,504 | ||||||
5.150%, 05/22/45 (f) | 1,000,000 | 937,770 | ||||||
JPMorgan Chase & Co. | ||||||||
3.125%, 01/23/25 | 1,000,000 | 970,123 | ||||||
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e) | 2,000,000 | 1,455,348 | ||||||
KeyBank NA, 4.390%, 12/14/27 | 3,000,000 | 2,735,301 | ||||||
M&T Bank Corp., 4.553%, 08/16/28 (SOFRRATE + 1.780%) (e) | 3,000,000 | 2,767,029 | ||||||
Morgan Stanley | ||||||||
2.802%, 01/25/52 (SOFRRATE + 1.430%) (e) | 2,000,000 | 1,321,174 | ||||||
6.342%, 10/18/33 (SOFRRATE + 2.560%) (e) | 1,000,000 | 1,091,120 | ||||||
PNC Bank NA | ||||||||
3.800%, 07/25/23 | 250,000 | 248,502 | ||||||
4.050%, 07/26/28 | 1,000,000 | 946,487 | ||||||
SVB Financial Group, 2.100%, 05/15/28 (f) (h) | 2,000,000 | 1,200,000 | ||||||
Synchrony Bank, 5.400%, 08/22/25 | 1,000,000 | 936,305 | ||||||
Truist Bank, 2.750%, 05/01/23 | 250,000 | 249,460 | ||||||
Truist Financial Corp., 6.123%, 10/28/33 (SOFRRATE + 2.300%) (e) | 2,000,000 | 2,085,642 | ||||||
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (e) | 1,000,000 | 1,040,243 | ||||||
Wells Fargo & Co. | ||||||||
3.068%, 04/30/41 (SOFRRATE + 2.530%) (e) | 1,600,000 | 1,192,971 | ||||||
4.750%, 12/07/46 (f) | 2,300,000 | 1,990,558 | ||||||
42,073,748 | ||||||||
Finance (0.9%) | ||||||||
Allied World Assurance Co. Holdings Ltd., 4.350%, 10/29/25 (b) | 1,290,000 | 1,248,564 | ||||||
Intercontinental Exchange, Inc., 4.350%, 06/15/29 | 3,000,000 | 2,958,003 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31 | 2,000,000 | 1,541,980 | ||||||
5,748,547 | ||||||||
Financial Services (0.9%) | ||||||||
American Express Co. | ||||||||
3.300%, 05/03/27 | 1,000,000 | 949,784 | ||||||
4.050%, 12/03/42 | 2,000,000 | 1,818,496 | ||||||
CME Group, Inc., 3.000%, 03/15/25 | 1,000,000 | 967,515 | ||||||
Discover Financial Services, 3.750%, 03/04/25 | 1,000,000 | 938,941 | ||||||
Eaton Vance Corp., 3.500%, 04/06/27 | 1,000,000 | 931,755 | ||||||
5,606,491 | ||||||||
Insurance (1.2%) | ||||||||
American Financial Group, Inc., 4.500%, 06/15/47 | 1,000,000 | 844,066 | ||||||
Assured Guaranty U.S. Holdings, Inc., 5.000%, 07/01/24 | 330,000 | 327,497 | ||||||
Liberty Mutual Group, Inc., 4.250%, 06/15/23 (c) | 750,000 | 745,355 | ||||||
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47 | 1,000,000 | 866,320 | ||||||
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c) | 3,000,000 | 2,381,898 | ||||||
Principal Life Global Funding II, 1.500%, 08/27/30 (c) | 3,000,000 | 2,304,858 | ||||||
7,469,994 | ||||||||
Property / Casualty Insurance (0.1%) | ||||||||
Arch Capital Finance LLC, 4.011%, 12/15/26 (d) | 1,000,000 | 965,897 | ||||||
Real Estate Investment Trust — Diversified (0.1%) | ||||||||
Kite Realty Group Trust, 4.000%, 03/15/25 (d) | 1,000,000 | 942,612 | ||||||
Real Estate Investment Trust — Health Care (0.7%) | ||||||||
Healthcare Realty Holdings LP | ||||||||
3.750%, 07/01/27 | 1,000,000 | 940,565 | ||||||
3.875%, 05/01/25 | 1,000,000 | 962,188 | ||||||
Physicians Realty LP, 4.300%, 03/15/27 | 1,000,000 | 965,769 | ||||||
Welltower OP LLC, 4.125%, 03/15/29 | 1,500,000 | 1,371,502 | ||||||
4,240,024 | ||||||||
Real Estate Investment Trust — Office Property (0.1%) | ||||||||
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29 | 500,000 | 483,454 | ||||||
Real Estate Investment Trust — Shopping Centers (0.0%) | ||||||||
Retail Opportunity Investments Partnership LP, 5.000%, 12/15/23 | 250,000 | 245,421 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Real Estate Investment Trust — Single Tenant (0.1%) | ||||||||
Office Properties Income Trust, 4.500%, 02/01/25 | $ | 750,000 | $ | 646,875 | ||||
Specialized REITs (0.5%) | ||||||||
American Tower Corp., 3.375%, 10/15/26 | 1,000,000 | 946,015 | ||||||
Crown Castle, Inc., 4.750%, 05/15/47 | 1,000,000 | 868,241 | ||||||
Essex Portfolio LP, 3.500%, 04/01/25 | 1,000,000 | 966,495 | ||||||
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c) | 500,000 | 413,756 | ||||||
3,194,507 | ||||||||
Health Care (0.8%) | ||||||||
Health Care Providers & Services (0.4%) | ||||||||
Aetna, Inc., 3.875%, 08/15/47 | 1,000,000 | 793,225 | ||||||
Elevance Health, Inc., 4.375%, 12/01/47 | 1,000,000 | 890,053 | ||||||
Laboratory Corp. of America Holdings, 4.000%, 11/01/23 | 250,000 | 248,135 | ||||||
UnitedHealth Group, Inc., 3.750%, 07/15/25 (d) | 1,000,000 | 988,409 | ||||||
2,919,822 | ||||||||
Pharmaceuticals (0.4%) | ||||||||
Cardinal Health, Inc., 3.750%, 09/15/25 | 1,000,000 | 974,783 | ||||||
Mead Johnson Nutrition Co., 5.900%, 11/01/39 | 1,000,000 | 1,048,309 | ||||||
Mylan, Inc., 4.200%, 11/29/23 | 500,000 | 495,115 | ||||||
2,518,207 | ||||||||
Industrials (4.0%) | ||||||||
Aerospace & Defense (0.8%) | ||||||||
General Dynamics Corp., 3.500%, 05/15/25 | 1,000,000 | 977,693 | ||||||
L3Harris Technologies, Inc., 3.832%, 04/27/25 | 1,000,000 | 974,164 | ||||||
Raytheon Technologies Corp. | ||||||||
3.700%, 12/15/23 | 500,000 | 494,727 | ||||||
4.050%, 05/04/47 | 1,000,000 | 864,520 | ||||||
4.125%, 11/16/28 | 1,500,000 | 1,476,999 | ||||||
4,788,103 | ||||||||
Air Freight & Logistics (0.1%) | ||||||||
FedEx Corp., 4.400%, 01/15/47 | 1,000,000 | 857,189 | ||||||
Building Products (0.4%) | ||||||||
CRH America Finance, Inc., 4.400%, 05/09/47 (c) | 1,000,000 | 844,044 | ||||||
Mohawk Industries, Inc., 3.625%, 05/15/30 | 2,000,000 | 1,813,434 | ||||||
2,657,478 | ||||||||
Containers & Packaging (0.3%) | ||||||||
Amcor Finance USA, Inc., 4.500%, 05/15/28 | 1,000,000 | 988,805 | ||||||
Sealed Air Corp., 6.875%, 07/15/33 (c) | 1,000,000 | 1,010,000 | ||||||
1,998,805 | ||||||||
Electrical Equipment (0.9%) | ||||||||
Flex Ltd. | ||||||||
4.750%, 06/15/25 (b) | 1,000,000 | 982,726 | ||||||
4.875%, 06/15/29 (b) | 1,000,000 | 958,848 | ||||||
General Motors Financial Co., Inc., 5.000%, 04/09/27 | 2,000,000 | 1,970,238 | ||||||
Jabil, Inc., 3.600%, 01/15/30 | 2,000,000 | 1,792,812 | ||||||
5,704,624 | ||||||||
Environmental Control (0.2%) | ||||||||
Republic Services, Inc., 3.950%, 05/15/28 | 1,000,000 | 973,476 | ||||||
Ground Transportation (0.0%) | ||||||||
Kansas City Southern, 4.300%, 05/15/43 | 250,000 | 217,343 | ||||||
Industrial Conglomerates (0.1%) | ||||||||
3M Co., 3.625%, 10/15/47 | 1,000,000 | 769,244 | ||||||
Machinery (0.3%) | ||||||||
Caterpillar, Inc., 3.250%, 04/09/50 | 2,300,000 | 1,814,551 | ||||||
Miscellaneous Manufacturing (0.4%) | ||||||||
Carlisle Cos., Inc., 3.750%, 12/01/27 | 1,000,000 | 952,516 | ||||||
Textron, Inc. | ||||||||
3.875%, 03/01/25 | 750,000 | 734,969 | ||||||
4.300%, 03/01/24 | 500,000 | 494,447 | ||||||
2,181,932 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Transportation (0.2%) | ||||||||
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24 | $ | 350,000 | $ | 345,567 | ||||
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.900%, 02/01/24 (c) | 1,000,000 | 984,069 | ||||||
1,329,636 | ||||||||
Trucking & Leasing (0.3%) | ||||||||
GATX Corp. | ||||||||
3.250%, 03/30/25 | 1,000,000 | 956,700 | ||||||
4.550%, 11/07/28 | 1,000,000 | 971,775 | ||||||
1,928,475 | ||||||||
Information Technology (1.7%) | ||||||||
Communications Equipment (0.2%) | ||||||||
QUALCOMM, Inc., 4.650%, 05/20/35 | 1,000,000 | 1,004,575 | ||||||
Computers (0.8%) | ||||||||
Apple, Inc., 4.375%, 05/13/45 (d) | 1,000,000 | 968,852 | ||||||
Dell International LLC/EMC Corp., 6.200%, 07/15/30 | 2,000,000 | 2,092,098 | ||||||
Leidos, Inc., 4.375%, 05/15/30 | 2,000,000 | 1,880,000 | ||||||
4,940,950 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
eBay, Inc., 3.450%, 08/01/24 | 750,000 | 734,503 | ||||||
IT Services (0.3%) | ||||||||
Global Payments, Inc. | ||||||||
4.800%, 04/01/26 | 750,000 | 734,723 | ||||||
5.300%, 08/15/29 | 1,500,000 | 1,468,390 | ||||||
2,203,113 | ||||||||
Software (0.3%) | ||||||||
Fiserv, Inc., 3.850%, 06/01/25 | 1,000,000 | 978,200 | ||||||
Oracle Corp., 3.800%, 11/15/37 | 1,000,000 | 830,116 | ||||||
1,808,316 | ||||||||
Materials (0.6%) | ||||||||
Chemicals (0.5%) | ||||||||
Mosaic Co., 5.450%, 11/15/33 | 200,000 | 200,436 | ||||||
Sherwin-Williams Co., 3.950%, 01/15/26 | 1,000,000 | 972,900 | ||||||
Yara International ASA | ||||||||
3.148%, 06/04/30 (b) (c) | 1,000,000 | 834,737 | ||||||
4.750%, 06/01/28 (b) (c) | 1,000,000 | 951,539 | ||||||
2,959,612 | ||||||||
Construction Materials (0.1%) | ||||||||
Vulcan Materials Co., 4.500%, 06/15/47 | 1,000,000 | 865,040 | ||||||
Technology (0.8%) | ||||||||
Semiconductor Equipment (0.5%) | ||||||||
Broadcom, Inc., 3.419%, 04/15/33 (c) | 2,000,000 | 1,665,410 | ||||||
Micron Technology, Inc., 2.703%, 04/15/32 | 2,000,000 | 1,603,400 | ||||||
3,268,810 | ||||||||
Software (0.3%) | ||||||||
VMware, Inc., 1.400%, 08/15/26 | 1,800,000 | 1,591,495 | ||||||
Transportation (1.2%) | ||||||||
Passenger Airlines (0.7%) | ||||||||
Air Canada Pass Through Trust, Series 2015-2A, 4.125%, 06/15/29 (b) (c) | 760,708 | 669,423 | ||||||
American Airlines Pass Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29 | 668,404 | 588,196 | ||||||
British Airways Pass Through Trust, Series 2013-1, Class A, 4.625%, 12/20/25 (c) | 338,085 | 327,097 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/28 (c) | 2,000,000 | 1,919,078 | ||||||
United Airlines Pass Through Trust | ||||||||
Series 2018-1, Class AA, 3.500%, 09/01/31 | 953,746 | 845,228 | ||||||
Series 2013-1, Class A, 4.300%, 02/15/27 | 144,545 | 137,545 | ||||||
4,486,567 | ||||||||
Transport — Rail (0.5%) | ||||||||
Norfolk Southern Corp., 3.850%, 01/15/24 | 500,000 | 492,393 | ||||||
Union Pacific Corp. | ||||||||
3.750%, 03/15/24 | 500,000 | 494,274 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
5.375%, 06/01/33 | $ | 2,500,000 | $ | 2,569,733 | ||||
3,556,400 | ||||||||
Utilities (3.7%) | ||||||||
Electric Utilities (2.6%) | ||||||||
Alabama Power Co., 3.125%, 07/15/51 | 2,000,000 | 1,389,116 | ||||||
Ameren Illinois Co., 3.700%, 12/01/47 | 1,000,000 | 804,931 | ||||||
Arizona Public Service Co., 4.350%, 11/15/45 | 1,000,000 | 831,116 | ||||||
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52 | 3,150,000 | 3,047,162 | ||||||
Duke Energy Corp., 4.500%, 08/15/32 | 1,000,000 | 965,805 | ||||||
Duke Energy Florida LLC, 5.950%, 11/15/52 | 1,000,000 | 1,107,152 | ||||||
Duke Energy Progress LLC, 3.600%, 09/15/47 | 1,000,000 | 776,389 | ||||||
Entergy Texas, Inc., 3.450%, 12/01/27 | 3,000,000 | 2,784,981 | ||||||
Northern States Power Co., 3.750%, 12/01/47 | 1,000,000 | 756,585 | ||||||
Oglethorpe Power Corp., 4.250%, 04/01/46 | 800,000 | 614,984 | ||||||
Oklahoma Gas & Electric Co., 4.150%, 04/01/47 | 1,000,000 | 831,166 | ||||||
Wisconsin Power & Light Co., 3.950%, 09/01/32 | 3,000,000 | 2,812,935 | ||||||
16,722,322 | ||||||||
Electric — Integrated (0.0%) | ||||||||
Berkshire Hathaway Energy Co., 3.750%, 11/15/23 | 250,000 | 248,161 | ||||||
Gas Utilities (0.7%) | ||||||||
National Fuel Gas Co. | ||||||||
4.750%, 09/01/28 | 1,000,000 | 957,185 | ||||||
5.200%, 07/15/25 | 1,000,000 | 994,225 | ||||||
ONEOK, Inc. | ||||||||
4.000%, 07/13/27 | 500,000 | 475,409 | ||||||
4.350%, 03/15/29 | 1,500,000 | 1,413,294 | ||||||
Washington Gas Light Co., Series K, 3.796%, 09/15/46 | 1,000,000 | 789,890 | ||||||
4,630,003 | ||||||||
Multi-Utilities (0.2%) | ||||||||
Atmos Energy Corp., 4.125%, 03/15/49 | 750,000 | 642,520 | ||||||
Eastern Energy Gas Holdings LLC, 3.550%, 11/01/23 | 250,000 | 246,932 | ||||||
889,452 | ||||||||
Water Utilities (0.2%) | ||||||||
American Water Capital Corp., 3.750%, 09/01/47 | 1,000,000 | 802,932 | ||||||
Aquarion Co., 4.000%, 08/15/24 (c) | 500,000 | 493,692 | ||||||
1,296,624 | ||||||||
Total corporate obligations (cost: $227,356,307) | 216,723,094 | |||||||
Total long-term debt securities (cost: $260,906,745) | 249,671,782 |
Shares | ||||||||
Mutual Funds (49.7%) | ||||||||
Investment Companies (49.7%) | ||||||||
iShares Core S&P 500 ETF | 105,440 | 43,344,275 | ||||||
SFT Index 500 Fund (g) | 14,224,618 | 252,213,458 | ||||||
SPDR S&P 500 ETF Trust (d) | 36,170 | 14,807,636 | ||||||
Vanguard S&P 500 ETF | 20,175 | 7,587,212 | ||||||
Total mutual funds (cost: $168,921,296) | 317,952,581 | |||||||
Short-Term Securities (9.3%) | ||||||||
Investment Companies (9.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 59,566,230 | 59,566,230 | ||||||
Total short-term securities (cost: $59,566,230) | 59,566,230 | |||||||
Total investments excluding purchased options (98.0%) (cost: $489,394,271) | 627,190,593 | |||||||
Total purchased options outstanding (0.1%) (cost: $662,586) | 252,408 | |||||||
Total investments in securities (cost: $490,056,857) (i) | 627,443,001 | |||||||
Cash and other assets in excess of liabilities (1.9%) | 12,329,173 | |||||||
Total net assets (100.0%) | $ | 639,772,174 |
See accompanying notes to investments in securities.
SFT Balanced Stabilization Fund
Investments in Securities – continued
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Foreign security: The Fund held 1.8% of net assets in foreign securities at March 31, 2023. |
(c) | Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. |
(d) | Fully or partially pledged as initial margin deposits on open futures contracts. |
(e) | Variable rate security. |
(f) | Pursuant to the Fund’s Liquidity Risk Management Program, this security has been determined to be illiquid by the Fund’s Liquidity Risk Management Program Administrator. |
(g) | Affiliated security. |
(h) | In default due to bankruptcy. |
(i) | At March 31, 2023, the cost of investments for federal income tax purposes was $492,075,486. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 158,428,435 | |||
Gross unrealized depreciation | (20,657,722 | ) | |||
Net unrealized appreciation | $ | 137,770,713 |
Holdings of Open Futures Contracts
On March 31, 2023, securities with an aggregate market value of $18,438,710 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation) (a) | ||||||||||||
S&P 500 E-Mini Index Future | June 2023 | 267 | Long | $ | 52,799,963 | $ | 55,238,963 | $ | 2,439,000 |
Put Options Purchased:
The Fund had the following put options purchased open at March 31, 2023:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||
S&P 500 Index | $ | 3,880 | April 2023 | 78 | $ | 7,800 | $ | 139,230 | ||||||||
S&P 500 Index | 3,840 | April 2023 | 78 | 7,800 | 113,178 | |||||||||||
$ | 252,408 |
Put Options Written:
The Fund had the following put options written open at March 31, 2023:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||
S&P 500 Index | $ | 3,430 | April 2023 | 78 | $ | 7,800 | $ | (16,770 | ) | |||||||
S&P 500 Index | 3,480 | April 2023 | 78 | 7,800 | (19,032 | ) | ||||||||||
$ | (35,802 | ) |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal | Value(a) | |||||||
Long-Term Debt Securities (106.0%) | ||||||||
Government Obligations (58.3%) | ||||||||
Other Government Obligations (0.8%) | ||||||||
Provincial or Local Government Obligations (0.8%) | ||||||||
Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, Series A, 5.450%, 09/01/40 | $ | 1,185,000 | $ | 1,219,555 | ||||
Municipal Electric Authority of Georgia, 6.655%, 04/01/57 | 693,000 | 735,114 | ||||||
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30 | 250,000 | 255,462 | ||||||
Port Authority of New York & New Jersey, 4.458%, 10/01/62 | 1,150,000 | 1,058,218 | ||||||
Texas A&M University, Series D, 4.000%, 05/15/31 | 325,000 | 313,550 | ||||||
3,581,899 | ||||||||
U.S. Government Agencies and Obligations (57.5%) | ||||||||
Export-Import Bank of the United States (0.0%) | ||||||||
Export-Import Bank of the U.S., 2.578%, 12/10/25 | 28,807 | 27,931 | ||||||
Federal Home Loan Mortgage Corporation (6.9%) | ||||||||
2.000%, 11/01/51 | 5,174,898 | 4,282,455 | ||||||
2.500%, 04/01/28 | 55,191 | 51,930 | ||||||
2.500%, 01/01/52 | 1,864,338 | 1,608,523 | ||||||
2.500%, 03/01/52 | 7,870,165 | 6,788,606 | ||||||
3.000%, 08/01/42 | 268,063 | 249,061 | ||||||
3.000%, 12/01/42 | 105,002 | 97,573 | ||||||
3.000%, 01/01/43 | 148,946 | 130,005 | ||||||
3.000%, 02/01/43 | 363,940 | 339,752 | ||||||
3.000%, 04/01/43 | 513,723 | 475,816 | ||||||
3.000%, 10/25/46 | 44,863 | 41,011 | ||||||
3.000%, 02/01/52 | 3,582,384 | 3,220,076 | ||||||
3.500%, 10/01/25 | 35,259 | 33,777 | ||||||
3.500%, 05/01/32 | 78,749 | 76,436 | ||||||
3.500%, 03/01/42 | 370,668 | 358,435 | ||||||
3.500%, 08/01/42 | 314,365 | 303,984 | ||||||
3.500%, 05/25/45 | 180,629 | 162,406 | ||||||
4.000%, 09/01/40 | 315,864 | 313,898 | ||||||
4.000%, 11/01/40 | 568,936 | 563,449 | ||||||
4.000%, 02/01/41 | 133,048 | 132,061 | ||||||
4.000%, 03/01/41 | 140,451 | 139,371 | ||||||
4.000%, 08/01/52 | 5,331,470 | 5,093,159 | ||||||
4.000%, 11/01/52 (b) | 3,726,953 | 3,562,813 | ||||||
4.500%, 04/01/23 | 60 | 56 | ||||||
4.500%, 09/01/40 | 42,149 | 42,412 | ||||||
4.500%, 01/01/41 | 213,299 | 214,634 | ||||||
4.500%, 02/01/41 | 125,045 | 125,830 | ||||||
4.500%, 03/01/41 | 270,022 | 273,843 | ||||||
4.500%, 04/01/41 | 224,404 | 227,355 | ||||||
5.000%, 05/01/29 | 10,022 | 10,162 | ||||||
5.000%, 04/01/35 | 38,607 | 39,589 | ||||||
5.000%, 08/01/35 | 23,109 | 23,384 | ||||||
5.000%, 11/01/35 | 39,285 | 40,390 | ||||||
5.000%, 11/01/39 | 234,847 | 242,579 | ||||||
5.000%, 04/01/40 | 74,967 | 77,440 | ||||||
5.000%, 08/01/40 | 47,546 | 49,108 | ||||||
5.500%, 11/01/23 | 6,568 | 6,242 | ||||||
5.500%, 05/01/34 | 314,961 | 328,014 | ||||||
5.500%, 10/01/34 | 82,413 | 81,627 | ||||||
5.500%, 07/01/35 | 132,239 | 137,264 | ||||||
5.500%, 10/01/35 | 135,895 | 137,962 | ||||||
5.500%, 12/01/38 | 61,690 | 61,811 | ||||||
5.795%, 10/25/29 (1-Month USD LIBOR + 0.950%) (c) | 327,750 | 317,584 | ||||||
6.000%, 11/01/33 | 140,146 | 148,456 | ||||||
6.250%, 12/15/23 | 1,985 | 1,982 | ||||||
6.500%, 09/01/32 | 16,113 | 16,905 | ||||||
6.500%, 11/01/32 | 14,248 | 15,731 | ||||||
6.500%, 06/01/36 | 90,727 | 92,598 | ||||||
7.000%, 12/01/37 | 23,549 | 24,911 | ||||||
30,762,466 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Federal National Mortgage Association (28.5%) | ||||||||
2.000%, 11/01/51 | $ | 10,151,173 | $ | 8,400,551 | ||||
2.000%, 05/11/53 TBA (b) | 20,200,000 | 16,687,094 | ||||||
2.500%, 03/01/27 | 80,059 | 74,963 | ||||||
2.500%, 11/01/27 | 126,744 | 120,091 | ||||||
2.500%, 03/01/28 | 99,865 | 95,487 | ||||||
2.500%, 07/01/28 | 134,921 | 127,054 | ||||||
2.500%, 12/01/51 | 2,616,962 | 2,255,361 | ||||||
2.500%, 03/01/52 | 2,726,890 | 2,349,513 | ||||||
2.500%, 04/01/52 | 2,454,160 | 2,113,738 | ||||||
2.500%, 04/01/52 (b) | 2,081,508 | 1,803,914 | ||||||
2.500%, 05/11/53 TBA (b) | 25,300,000 | 21,809,391 | ||||||
3.000%, 11/01/27 | 58,691 | 56,653 | ||||||
3.000%, 09/01/42 | 71,336 | 65,351 | ||||||
3.000%, 01/01/46 | 69,343 | 63,289 | ||||||
3.000%, 02/25/52 TBA (b) | 17,100,000 | 15,331,219 | ||||||
3.000%, 04/01/52 | 5,953,519 | 5,332,850 | ||||||
3.000%, 06/01/52 | 489,590 | 438,929 | ||||||
3.500%, 11/01/25 | 40,939 | 40,327 | ||||||
3.500%, 01/01/26 | 52,697 | 51,902 | ||||||
3.500%, 12/01/32 | 75,444 | 74,254 | ||||||
3.500%, 11/01/40 | 250,885 | 235,232 | ||||||
3.500%, 01/01/41 | 277,306 | 262,412 | ||||||
3.500%, 02/01/41 | 336,450 | 320,181 | ||||||
3.500%, 04/01/41 | 174,328 | 163,758 | ||||||
3.500%, 11/01/41 | 960,111 | 903,860 | ||||||
3.500%, 12/01/41 | 194,520 | 184,834 | ||||||
3.500%, 05/01/42 | 101,760 | 95,585 | ||||||
3.500%, 01/01/43 | 227,292 | 216,387 | ||||||
3.500%, 02/01/43 | 280,263 | 271,067 | ||||||
3.500%, 05/01/43 | 899,704 | 864,394 | ||||||
3.500%, 03/25/52 TBA (b) | 3,600,000 | 3,342,375 | ||||||
4.000%, 12/01/40 | 37,635 | 37,079 | ||||||
4.000%, 04/01/41 | 554,803 | 537,451 | ||||||
4.000%, 09/01/41 | 149,564 | 148,021 | ||||||
4.000%, 11/01/41 | 88,927 | 87,398 | ||||||
4.000%, 06/01/42 | 257,717 | 256,454 | ||||||
4.000%, 09/01/43 | 162,538 | 159,589 | ||||||
4.000%, 06/25/52 TBA (b) | 3,050,000 | 2,915,609 | ||||||
4.500%, 04/01/25 | 5,780 | 5,789 | ||||||
4.500%, 05/25/34 | 537,000 | 537,058 | ||||||
4.500%, 05/01/35 | 84,714 | 86,158 | ||||||
4.500%, 07/01/35 | 219,410 | 216,888 | ||||||
4.500%, 09/01/37 | 76,806 | 75,924 | ||||||
4.500%, 06/01/39 | 80,436 | 81,311 | ||||||
4.500%, 04/01/41 | 688,554 | 697,018 | ||||||
4.500%, 07/01/41 | 461,047 | 467,433 | ||||||
4.500%, 07/01/47 | 193,869 | 195,285 | ||||||
4.500%, 05/12/52 TBA (b) | 650,000 | 636,264 | ||||||
4.500%, 08/01/52 | 6,031,210 | 5,903,293 | ||||||
4.500%, 04/13/53 TBA (b) | 3,575,000 | 3,499,590 | ||||||
5.000%, 06/25/23 | 705 | 701 | ||||||
5.000%, 07/01/23 | 838 | 841 | ||||||
5.000%, 11/01/33 | 92,550 | 94,744 | ||||||
5.000%, 03/01/34 | 73,175 | 75,227 | ||||||
5.000%, 05/01/34 | 15,477 | 15,562 | ||||||
5.000%, 12/01/34 | 87,325 | 89,391 | ||||||
5.000%, 07/01/35 | 80,043 | 83,014 | ||||||
5.000%, 08/01/35 | 33,387 | 34,272 | ||||||
5.000%, 03/01/38 | 35,333 | 36,527 | ||||||
5.000%, 04/01/38 | 66,227 | 68,353 | ||||||
5.000%, 06/01/39 | 57,363 | 59,196 | ||||||
5.000%, 12/01/39 | 210,046 | 216,770 | ||||||
5.000%, 06/01/40 | 26,462 | 27,359 | ||||||
5.000%, 04/01/41 | 206,263 | 213,195 | ||||||
5.000%, 05/11/53 TBA (b) | 15,000,000 | 14,946,095 | ||||||
5.500%, 08/01/23 | 636 | 626 | ||||||
5.500%, 02/01/24 | 2,997 | 3,034 | ||||||
5.500%, 04/01/33 | 322,500 | 335,082 | ||||||
5.500%, 05/01/33 | 4,306 | 4,474 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
5.500%, 12/01/33 | $ | 33,416 | $ | 34,718 | ||||
5.500%, 01/01/34 | 62,861 | 65,314 | ||||||
5.500%, 02/01/34 | 72,192 | 75,244 | ||||||
5.500%, 03/01/34 | 113,455 | 116,977 | ||||||
5.500%, 04/01/34 | 54,482 | 56,166 | ||||||
5.500%, 05/01/34 | 1,855 | 1,887 | ||||||
5.500%, 09/01/34 | 78,311 | 81,654 | ||||||
5.500%, 10/01/34 | 23,756 | 23,986 | ||||||
5.500%, 01/01/35 | 40,699 | 42,292 | ||||||
5.500%, 02/01/35 | 128,739 | 131,176 | ||||||
5.500%, 04/01/35 | 96,372 | 100,102 | ||||||
5.500%, 06/01/35 | 6,678 | 7,006 | ||||||
5.500%, 08/01/35 | 66,828 | 69,431 | ||||||
5.500%, 10/01/35 | 130,930 | 136,027 | ||||||
5.500%, 11/01/35 | 29,640 | 31,283 | ||||||
5.500%, 09/01/36 | 58,776 | 61,030 | ||||||
5.500%, 12/01/39 | 35,440 | 35,974 | ||||||
5.500%, 04/13/53 TBA (b) | 6,375,000 | 6,436,758 | ||||||
6.000%, 08/01/23 | 1,612 | 1,608 | ||||||
6.000%, 09/01/32 | 7,171 | 7,618 | ||||||
6.000%, 10/01/32 | 217,972 | 229,025 | ||||||
6.000%, 11/01/32 | 257,281 | 273,297 | ||||||
6.000%, 03/01/33 | 162,989 | 172,204 | ||||||
6.000%, 12/01/33 | 67,558 | 73,273 | ||||||
6.000%, 08/01/34 | 10,702 | 10,793 | ||||||
6.000%, 09/01/34 | 12,752 | 13,425 | ||||||
6.000%, 11/01/34 | 6,049 | 6,354 | ||||||
6.000%, 12/01/34 | 52,826 | 56,029 | ||||||
6.000%, 11/01/36 | 6,430 | 6,845 | ||||||
6.000%, 01/01/37 | 75,241 | 78,861 | ||||||
6.000%, 08/01/37 | 36,913 | 39,168 | ||||||
6.000%, 10/01/38 | 65,853 | 69,671 | ||||||
6.500%, 11/01/23 | 1,102 | 1,100 | ||||||
6.500%, 12/01/31 | 24,251 | 25,470 | ||||||
6.500%, 02/01/32 | 115,196 | 121,563 | ||||||
6.500%, 04/01/32 | 64,742 | 68,304 | ||||||
6.500%, 05/01/32 | 16,542 | 16,835 | ||||||
6.500%, 07/01/32 | 97,623 | 103,938 | ||||||
6.500%, 08/01/32 | 59,005 | 63,353 | ||||||
6.500%, 09/01/32 | 36,571 | 39,273 | ||||||
6.500%, 10/01/32 | 44,440 | 45,355 | ||||||
6.500%, 09/01/34 | 2,659 | 2,694 | ||||||
6.500%, 11/01/34 | 2,788 | 2,984 | ||||||
6.500%, 03/01/35 | 37,550 | 39,942 | ||||||
6.500%, 09/01/37 | 57,463 | 58,996 | ||||||
6.500%, 11/01/37 | 19,533 | 21,107 | ||||||
7.000%, 07/01/31 | 29,081 | 30,987 | ||||||
7.000%, 09/01/31 | 87,816 | 93,560 | ||||||
7.000%, 11/01/31 | 80,090 | 85,350 | ||||||
7.000%, 02/01/32 | 33,343 | 35,612 | ||||||
7.000%, 03/01/32 | 7,209 | 7,692 | ||||||
7.000%, 07/01/32 | 36,400 | 38,897 | ||||||
7.500%, 04/01/31 | 31,489 | 32,455 | ||||||
7.500%, 05/01/31 | 7,634 | 8,112 | ||||||
9.145%, 02/25/25 (1-Month USD LIBOR + 4.300%) (c) | 311,028 | 321,040 | ||||||
9.245%, 01/25/24 (1-Month USD LIBOR + 4.400%) (c) | 30,109 | 30,630 | ||||||
9.295%, 01/25/29 (1-Month USD LIBOR + 4.450%) (c) | 716,067 | 736,869 | ||||||
127,577,405 | ||||||||
Government National Mortgage Association (2.1%) | ||||||||
0.000%, 06/17/45 (c) (d) | 116,026 | 1 | ||||||
1.000%, 12/20/42 | 38,800 | 33,178 | ||||||
3.000%, 03/15/45 | 475,904 | 443,377 | ||||||
3.000%, 04/15/45 | 866,043 | 793,280 | ||||||
3.000%, 05/15/45 | 39,212 | 36,257 | ||||||
3.250%, 04/20/33 | 81,010 | 74,764 | ||||||
3.250%, 03/20/35 | 680,503 | 659,148 | ||||||
3.250%, 11/20/35 | 369,678 | 358,131 | ||||||
3.250%, 01/20/36 | 652,657 | 632,126 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
3.500%, 11/15/40 | $ | 57,942 | $ | 56,289 | ||||
3.500%, 04/20/46 | 237,029 | 225,701 | ||||||
3.750%, 03/20/46 | 584,499 | 570,378 | ||||||
4.000%, 07/20/31 | 201,776 | 201,305 | ||||||
4.000%, 04/20/39 | 145,023 | 141,998 | ||||||
4.000%, 12/20/40 | 375,117 | 363,729 | ||||||
4.000%, 01/15/41 | 19,244 | 18,879 | ||||||
4.000%, 02/15/41 | 163,435 | 158,795 | ||||||
4.000%, 10/15/41 | 100,755 | 97,403 | ||||||
4.000%, 12/20/44 | 45,385 | 44,765 | ||||||
4.500%, 06/15/40 | 118,136 | 118,954 | ||||||
4.500%, 04/20/53 TBA (b) | 2,400,000 | 2,362,125 | ||||||
5.000%, 05/15/33 | 29,024 | 30,245 | ||||||
5.000%, 12/15/39 | 43,118 | 44,168 | ||||||
5.000%, 01/15/40 | 354,154 | 371,129 | ||||||
5.000%, 07/15/40 | 79,530 | 81,928 | ||||||
5.000%, 04/20/53 TBA (b) | 1,125,000 | 1,125,703 | ||||||
5.500%, 07/15/38 | 94,028 | 97,650 | ||||||
5.500%, 10/15/38 | 139,820 | 145,541 | ||||||
9,286,947 | ||||||||
U.S. Treasury (20.0%) | ||||||||
U.S. Treasury Bond | ||||||||
2.000%, 11/15/41 | 39,215,000 | 29,509,288 | ||||||
3.625%, 02/15/53 | 8,174,000 | 8,080,765 | ||||||
U.S. Treasury Inflation-Indexed Notes | ||||||||
1.125%, 01/15/33 | 3,408,886 | 3,397,700 | ||||||
1.625%, 10/15/27 | 3,256,507 | 3,318,075 | ||||||
U.S. Treasury Note | ||||||||
3.500%, 02/15/33 | 1,577,000 | 1,578,232 | ||||||
3.625%, 03/31/28 | 8,495,000 | 8,500,309 | ||||||
3.875%, 03/31/25 | 17,505,000 | 17,442,091 | ||||||
4.000%, 02/29/28 | 6,294,000 | 6,401,195 | ||||||
4.625%, 02/28/25 | 9,806,000 | 9,896,399 | ||||||
4.625%, 03/15/26 | 1,690,000 | 1,726,969 | ||||||
89,851,023 | ||||||||
Vendee Mortgage Trust (0.0%) | ||||||||
Vendee Mortgage Trust, Series 1995-1, Class 2, 7.793%, 02/15/25 | 3,209 | 3,218 | ||||||
Total government obligations (cost: $267,447,035) | 261,090,889 | |||||||
Asset-Backed Securities (6.6%) | ||||||||
AGL CLO 12 Ltd., Series 2021-12A, Class B, 6.408%, 07/20/34 (3-Month USD LIBOR + 1.600%) (c) (e) | 875,000 | 839,441 | ||||||
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 5.820%, 02/25/34 (1-Month USD LIBOR + 0.975%) (c) | 361,951 | 339,967 | ||||||
CarMax Auto Owner Trust, Series 2019-4, Class D, 2.800%, 04/15/26 | 1,400,000 | 1,362,269 | ||||||
Chase Funding Trust | ||||||||
Series 2002-3, Class 2A1, 5.485%, 08/25/32 (1-Month USD LIBOR + 0.640%) (c) | 94,443 | 87,253 | ||||||
Series 2003-2, Class 2A2, 5.405%, 02/25/33 (1-Month USD LIBOR + 0.560%) (c) | 120,334 | 115,518 | ||||||
CIFC Funding Ltd., Series 2022-3A, Class A, 6.064%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (c) (e) | 1,250,000 | 1,218,125 | ||||||
Commonbond Student Loan Trust | ||||||||
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e) | 18,377 | 17,401 | ||||||
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e) | 608,926 | 572,653 | ||||||
Series 2018-AGS, Class A2, 5.345%, 02/25/44 (1-Month USD LIBOR + 0.500%) (c) (e) | 193,945 | 191,546 | ||||||
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e) | 1,272,752 | 1,170,109 | ||||||
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e) | 529,116 | 452,901 | ||||||
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 5.892%, 04/15/31 (3-Month USD LIBOR + 1.100%) (c) (e) | 1,000,000 | 981,068 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.730%, 07/15/26 | 1,850,000 | 1,786,905 | ||||||
FRTKL, Series 2021-SFR1, Class G, 4.105%, 09/17/38 (e) | 1,250,000 | 1,052,423 | ||||||
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (e) | 1,634,577 | 1,404,652 | ||||||
HPS Loan Management Ltd., Series 2021-16A, Class A1, 5.955%, 01/23/35 (3-Month USD LIBOR + 1.140%) (c) (e) | 1,150,000 | 1,118,375 | ||||||
Morgan Stanley Dean Witter Capital I, Inc., Series 2002-NC3, Class A2, 5.405%, 08/25/32 (1-Month USD LIBOR + 0.560%) (c) | 149,874 | 149,826 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
Series 2020-HA, Class A, 1.310%, 01/15/69 (e) | 786,778 | 721,886 | ||||||
Series 2021-BA, Class A, 0.940%, 07/15/69 (e) | 1,573,588 | 1,378,764 | ||||||
Series 2021-CA, Class A, 1.060%, 10/15/69 (e) | 789,036 | 698,340 | ||||||
Series 2021-FA, Class A, 1.110%, 02/18/70 (e) | 1,446,647 | 1,218,366 | ||||||
Series 2022-A, Class A, 2.230%, 07/15/70 (e) | 1,503,534 | 1,346,743 | ||||||
Octagon 67 Ltd., Series 2023-1A, Class A1, 6.565%, 04/25/36 (3-Month USD TERM SOFR + 1.800%) (c) (e) | 1,100,000 | 1,096,773 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 6.442%, 07/15/36 (3-Month USD LIBOR + 1.650%) (c) (e) | $ | 1,125,000 | $ | 1,068,584 | ||||
Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1A, 6.198%, 01/20/34 (3-Month USD LIBOR + 1.390%) (c) (e) | 675,000 | 658,198 | ||||||
Progress Residential Trust | ||||||||
Series 2021-SFR7, Class D, 2.341%, 08/17/40 (e) | 1,525,000 | 1,223,176 | ||||||
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (e) | 2,000,000 | 1,695,194 | ||||||
Rockford Tower CLO Ltd., Series 2021-2A, Class B, 6.558%, 07/20/34 (3-Month USD LIBOR + 1.750%) (c) (e) | 450,000 | 430,875 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e) | 675,032 | 648,377 | ||||||
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e) | 1,500,000 | 1,355,822 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 01/15/26 | 462,463 | 459,962 | ||||||
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.198%, 03/25/35 (1-Month USD LIBOR + 0.540%) (c) | 216,385 | 179,347 | ||||||
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e) | 2,003,256 | 1,665,739 | ||||||
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e) | 975,000 | 845,244 | ||||||
Total asset-backed securities (cost: $31,880,238) | 29,551,822 | |||||||
Other Mortgage-Backed Securities (12.6%) | ||||||||
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (8.5%) | ||||||||
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.674%, 01/25/45 (c) (e) | 84,027 | 77,946 | ||||||
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29 | 23,058 | 21,995 | ||||||
Bellemeade RE Ltd., Series 2018-3A, Class M1B, 6.695%, 10/25/28 (1-Month USD LIBOR + 1.850%) (c) (e) (f) | 35,132 | 35,124 | ||||||
Citigroup Mortgage Loan Trust, Inc. | ||||||||
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (c) (e) | 128,055 | 122,743 | ||||||
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (c) (e) | 1,912,554 | 1,643,526 | ||||||
CSMC Trust | ||||||||
Series 2013-6, Class B4, 3.338%, 08/25/43 (c) (e) | 997,948 | 854,002 | ||||||
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (c) (e) | 941,925 | 857,764 | ||||||
Eagle RE Ltd., Series 2020-1, Class M1B, 6.295%, 01/25/30 (1-Month USD LIBOR + 1.450%) (c) (e) (f) | 2,963,267 | 2,958,289 | ||||||
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (c) (e) | 1,550,354 | 1,282,152 | ||||||
Flagstar Mortgage Trust | ||||||||
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (c) (e) | 2,074,537 | 1,809,709 | ||||||
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (c) (e) | 2,179,493 | 1,889,533 | ||||||
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 3.721%, 07/25/44 (c) (e) | 2,110,021 | 2,038,995 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2014-2, Class B1, 3.412%, 06/25/29 (c) (e) | 85,169 | 74,710 | ||||||
Series 2016-3, Class B3, 3.287%, 10/25/46 (c) (e) | 203,157 | 186,395 | ||||||
Series 2017-2, Class B4, 3.652%, 05/25/47 (c) (e) | 2,807,502 | 2,300,063 | ||||||
Series 2021-13, Class A4, 2.500%, 04/25/52 (c) (e) | 3,855,094 | 3,362,967 | ||||||
Series 2021-4, Class A5, 2.500%, 08/25/51 (c) (e) | 2,400,000 | 1,633,615 | ||||||
JP Morgan Trust, Series 2015-6, Class B4, 3.532%, 10/25/45 (c) (e) | 1,375,000 | 895,320 | ||||||
MRFC Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28 | 2,838 | 2,817 | ||||||
Radnor RE Ltd., Series 2019-1, Class M1B, 6.795%, 02/25/29 (1-Month USD LIBOR + 1.950%) (c) (e) (f) | 726,645 | 726,377 | ||||||
Seasoned Credit Risk Transfer Trust | ||||||||
Series 2017-2, Class M1, 4.000%, 08/25/56 (c) (e) | 979,484 | 948,709 | ||||||
Series 2017-3, Class M1, 4.000%, 07/25/56 (c) | 1,250,715 | 1,223,837 | ||||||
Series 2021-3, Class TT, 2.000%, 03/25/61 | 1,251,198 | 1,135,637 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2013-8, Class B4, 3.481%, 06/25/43 (c) | 444,409 | 326,859 | ||||||
Series 2015-1, Class B2, 3.913%, 01/25/45 (c) (e) | 130,083 | 123,920 | ||||||
Series 2015-3, Class B1, 3.722%, 07/25/45 (c) (e) | 200,494 | 186,145 | ||||||
Series 2015-4, Class B2, 3.132%, 11/25/30 (c) (e) | 148,422 | 142,462 | ||||||
Series 2017-1, Class B3, 3.605%, 02/25/47 (c) (e) | 1,002,300 | 773,933 | ||||||
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.602%, 04/25/47 (c) (e) | 1,341,395 | 980,490 | ||||||
Starwood Mortgage Residential Trust | ||||||||
Series 2021-3, Class A1, 1.127%, 06/25/56 (c) (e) | 918,909 | 687,561 | ||||||
Series 2021-6, Class A1, 1.920%, 11/25/66 (c) (e) | 1,477,741 | 1,148,687 | ||||||
Structured Asset Mortgage Investments, Inc. | ||||||||
Series 1998-2, Class B, 6.750%, 05/02/30 (c) | 5,638 | 125 | ||||||
Series 1998-2, Class C, 6.750%, 05/02/30 (c) | 3,649 | 81 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2015-2, Class 2M2, 4.320%, 11/25/57 (c) (e) | 2,397,259 | 2,368,365 | ||||||
Series 2015-4, Class M2, 3.750%, 04/25/55 (c) (e) | 2,505,000 | 2,442,331 | ||||||
Series 2018-4, Class A1, 3.000%, 06/25/58 (c) (e) | 1,768,528 | 1,565,826 | ||||||
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.674%, 06/20/45 (c) (e) | 1,579,044 | 1,410,661 | ||||||
38,239,671 | ||||||||
Commercial Mortgage-Backed Securities (4.1%) | ||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.185%, 08/15/46 (c) (e) | 1,350,000 | 1,088,606 | ||||||
BB-UBS Trust | ||||||||
Series 2012-SHOW, Class C, 4.026%, 11/05/36 (c) (e) | 500,000 | 483,739 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Series 2012-SHOW, Class D, 4.026%, 11/05/36 (c) (e) | $ | 500,000 | $ | 475,116 | ||||
BX Trust, Series 2022-PSB, Class D, 9.520%, 08/15/39 (1-Month USD TERM SOFR + 4.693%) (c) (e) | 820,507 | 824,521 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54 | 500,000 | 466,359 | ||||||
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class A, 5.639%, 12/15/36 (1-Month USD LIBOR + 0.955%) (c) (e) | 4,000,000 | 3,920,368 | ||||||
Irvine Core Office Trust, Series 2013-IRV, Class A1, 2.068%, 05/15/48 (e) | 5,295 | 5,288 | ||||||
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50 | 1,000,000 | 941,413 | ||||||
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614%, 02/10/32 (e) | 992,000 | 907,774 | ||||||
UBS Commercial Mortgage Trust | ||||||||
Series 2017-C1, Class AS, 3.724%, 06/15/50 | 2,750,000 | 2,524,057 | ||||||
Series 2017-C6, Class A5, 3.580%, 12/15/50 | 3,500,000 | 3,301,046 | ||||||
Series 2017-C7, Class AS, 4.061%, 12/15/50 (c) | 1,505,000 | 1,387,574 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48 | 1,905,000 | 1,826,809 | ||||||
18,152,670 | ||||||||
Total other mortgage-backed securities (cost: $63,716,891) | 56,392,341 | |||||||
Corporate Obligations (25.9%) | ||||||||
Basic Materials (0.2%) | ||||||||
Chemicals (0.2%) | ||||||||
International Flavors & Fragrances, Inc. | ||||||||
2.300%, 11/01/30 (e) | 1,100,000 | 880,079 | ||||||
3.468%, 12/01/50 (e) | 80,000 | 54,214 | ||||||
SK Invictus Intermediate II Sarl, 5.000%, 10/30/29 (e) (f) | 50,000 | 40,750 | ||||||
975,043 | ||||||||
Communications (2.0%) | ||||||||
Cable/Satellite TV (0.4%) | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
2.800%, 04/01/31 | 1,130,000 | 909,534 | ||||||
4.800%, 03/01/50 | 1,000,000 | 758,748 | ||||||
1,668,282 | ||||||||
Interactive Media & Services (0.0%) | ||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.750%, 04/30/27 (e) | 50,000 | 42,625 | ||||||
Media (0.3%) | ||||||||
Cable One, Inc., 4.000%, 11/15/30 (e) | 162,000 | 132,030 | ||||||
CSC Holdings LLC | ||||||||
5.375%, 02/01/28 (e) | 200,000 | 164,500 | ||||||
6.500%, 02/01/29 (e) | 554,000 | 457,050 | ||||||
7.500%, 04/01/28 (e) | 50,000 | 32,000 | ||||||
Time Warner Cable LLC, 5.500%, 09/01/41 | 535,000 | 460,032 | ||||||
1,245,612 | ||||||||
Software (0.0%) | ||||||||
Meta Platforms, Inc., 4.450%, 08/15/52 | 255,000 | 222,718 | ||||||
Telecommunication (0.7%) | ||||||||
AT&T, Inc., 3.550%, 09/15/55 | 1,787,000 | 1,272,024 | ||||||
CommScope, Inc., 4.750%, 09/01/29 (e) | 264,000 | 219,120 | ||||||
Crown Castle Towers LLC, 4.241%, 07/15/48 (e) | 625,000 | 580,841 | ||||||
Frontier Communications Holdings LLC, 8.625%, 03/15/31 (e) | 452,000 | 442,395 | ||||||
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f) | 151,000 | 138,542 | ||||||
Level 3 Financing, Inc., 4.250%, 07/01/28 (e) | 536,000 | 302,170 | ||||||
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e) | 161,000 | 122,360 | ||||||
3,077,452 | ||||||||
Wireless Telecommunication Services (0.6%) | ||||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e) | 500,000 | 497,150 | ||||||
T-Mobile USA, Inc., | ||||||||
2.550%, 02/15/31 | 1,500,000 | 1,266,944 | ||||||
2.625%, 04/15/26 | 1,000,000 | 934,056 | ||||||
2,698,150 | ||||||||
Consumer Cyclical (0.7%) | ||||||||
Entertainment (0.5%) | ||||||||
Warnermedia Holdings, Inc. | ||||||||
5.050%, 03/15/42 (e) | 1,000,000 | 834,482 | ||||||
5.141%, 03/15/52 (e) | 1,500,000 | 1,208,338 | ||||||
2,042,820 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Retail (0.2%) | ||||||||
Alimentation Couche-Tard, Inc., 3.800%, 01/25/50 (e) (f) | $ | 500,000 | $ | 367,054 | ||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.750%, 01/15/30 (e) | 55,000 | 45,238 | ||||||
FirstCash, Inc., 5.625%, 01/01/30 (e) | 254,000 | 234,315 | ||||||
Michaels Cos., Inc., 7.875%, 05/01/29 (e) | 341,000 | 240,405 | ||||||
887,012 | ||||||||
Consumer, Non-cyclical (2.3%) | ||||||||
Agricultural Products (0.3%) | ||||||||
Imperial Brands Finance PLC | ||||||||
3.875%, 07/26/29 (e) (f) | 30,000 | 26,515 | ||||||
6.125%, 07/27/27 (e) (f) | 470,000 | 481,162 | ||||||
Reynolds American, Inc., 5.850%, 08/15/45 | 1,000,000 | 897,492 | ||||||
1,405,169 | ||||||||
Beverages (0.1%) | ||||||||
Triton Water Holdings, Inc., 6.250%, 04/01/29 (e) | 252,000 | 199,710 | ||||||
Biotechnology (0.4%) | ||||||||
Amgen, Inc. | ||||||||
5.250%, 03/02/33 | 445,000 | 456,733 | ||||||
5.600%, 03/02/43 | 445,000 | 458,349 | ||||||
5.650%, 03/02/53 | 445,000 | 461,517 | ||||||
Grifols Escrow Issuer SA, 4.750%, 10/15/28 (e) (f) | 386,000 | 315,555 | ||||||
1,692,154 | ||||||||
Commercial Services (0.1%) | ||||||||
Upbound Group, Inc., 6.375%, 02/15/29 (e) | 54,000 | 45,090 | ||||||
WASH Multifamily Acquisition, Inc., 5.750%, 04/15/26 (e) | 236,000 | 221,250 | ||||||
266,340 | ||||||||
Food (0.2%) | ||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.750%, 04/01/33 (e) (f) | 940,000 | 898,875 | ||||||
Food Products (0.2%) | ||||||||
Pilgrim's Pride Corp., 3.500%, 03/01/32 | 1,260,000 | 1,025,325 | ||||||
Household Products (0.0%) | ||||||||
Spectrum Brands, Inc., 5.500%, 07/15/30 (e) | 132,000 | 116,160 | ||||||
Pharmaceuticals (1.0%) | ||||||||
BAT Capital Corp. | ||||||||
2.726%, 03/25/31 | 750,000 | 605,818 | ||||||
4.540%, 08/15/47 | 1,000,000 | 746,859 | ||||||
Bayer U.S. Finance II LLC | ||||||||
4.375%, 12/15/28 (e) | 1,500,000 | 1,449,189 | ||||||
4.400%, 07/15/44 (e) | 1,000,000 | 822,198 | ||||||
CVS Health Corp., 5.050%, 03/25/48 | 1,000,000 | 930,408 | ||||||
4,554,472 | ||||||||
Energy (1.6%) | ||||||||
Oil & Gas (0.4%) | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.250%, 04/01/28 (e) | 50,000 | 47,625 | ||||||
Ecopetrol SA, 8.875%, 01/13/33 (f) | 40,000 | 40,100 | ||||||
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f) | 500,000 | 442,500 | ||||||
NGPL PipeCo LLC, 3.250%, 07/15/31 (e) | 1,000,000 | 844,168 | ||||||
Qatar Energy, 2.250%, 07/12/31 (f) | 200,000 | 169,767 | ||||||
Transocean Titan Financing Ltd., 8.375%, 02/01/28 (e) (f) | 350,000 | 357,000 | ||||||
1,901,160 | ||||||||
Pipelines (1.2%) | ||||||||
Energy Transfer LP | ||||||||
5.000%, 05/15/50 | 93,000 | 78,162 | ||||||
6.850%, 02/15/40 | 1,850,000 | 1,897,821 | ||||||
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f) | 443,550 | 381,950 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 3.550%, 12/15/29 | 500,000 | 445,539 | ||||||
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e) | 256,000 | 229,760 | ||||||
Sabine Pass Liquefaction LLC, Series WI, 4.500%, 05/15/30 | 235,000 | 225,306 | ||||||
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32 | 1,500,000 | 1,749,310 | ||||||
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26 | 156,000 | 133,380 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Venture Global Calcasieu Pass LLC | ||||||||
4.125%, 08/15/31 (e) | $ | 260,000 | $ | 227,500 | ||||
6.250%, 01/15/30 (e) | 125,000 | 125,625 | ||||||
5,494,353 | ||||||||
Financial (13.0%) | ||||||||
Banks (9.7%) | ||||||||
ABN AMRO Bank NV, 2.470%, 12/13/29 (1-year CMT + 1.100%) (c) (e) (f) | 500,000 | 416,052 | ||||||
Bank of America Corp. | ||||||||
2.496%, 02/13/31 (3-Month USD LIBOR + 0.990%) (c) | 1,000,000 | 845,511 | ||||||
2.572%, 10/20/32 (SOFRRATE + 1.210%) (c) | 685,000 | 559,407 | ||||||
3.974%, 02/07/30 (3-Month USD LIBOR + 1.210%) (c) | 4,040,000 | 3,780,777 | ||||||
Citigroup, Inc. | ||||||||
1.281%, 11/03/25 (SOFRRATE + 0.528%) (c) | 2,625,000 | 2,451,852 | ||||||
2.520%, 11/03/32 (SOFRRATE + 1.177%) (c) | 750,000 | 611,239 | ||||||
2.666%, 01/29/31 (SOFRRATE + 1.146%) (c) | 1,000,000 | 852,973 | ||||||
3.057%, 01/25/33 (SOFRRATE + 1.351%) (c) | 330,000 | 278,148 | ||||||
Credit Suisse Group AG | ||||||||
2.593%, 09/11/25 (SOFRRATE + 1.560%) (c) (e) (f) | 555,000 | 514,763 | ||||||
3.091%, 05/14/32 (SOFRRATE + 1.730%) (c) (e) (f) | 4,015,000 | 3,227,056 | ||||||
6.373%, 07/15/26 (SOFRRATE + 3.340%) (c) (e) (f) | 445,000 | 431,650 | ||||||
6.537%, 08/12/33 (SOFRRATE + 3.920%) (c) (e) (f) | 320,000 | 328,800 | ||||||
9.016%, 11/15/33 (SOFRRATE + 5.020%) (c) (e) (f) | 1,760,000 | 2,085,600 | ||||||
Goldman Sachs Group, Inc. | ||||||||
1.431%, 03/09/27 (SOFRRATE + 0.798%) (c) | 300,000 | 266,996 | ||||||
2.383%, 07/21/32 (SOFRRATE + 1.248%) (c) | 3,785,000 | 3,072,542 | ||||||
HSBC Holdings PLC | ||||||||
2.013%, 09/22/28 (SOFRRATE + 1.732%) (c) (f) | 1,000,000 | 851,288 | ||||||
2.357%, 08/18/31 (SOFRRATE + 1.947%) (c) (f) | 1,770,000 | 1,417,028 | ||||||
6.332%, 03/09/44 (SOFRRATE + 2.650%) (c) (f) | 845,000 | 886,449 | ||||||
JPMorgan Chase & Co. | ||||||||
0.969%, 06/23/25 (3-Month USD TERM SOFR + 0.580%) (c) | 1,000,000 | 946,500 | ||||||
1.470%, 09/22/27 (SOFRRATE + 0.765%) (c) | 1,500,000 | 1,317,864 | ||||||
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (c) | 865,000 | 724,057 | ||||||
3.540%, 05/01/28 (3-Month USD LIBOR + 1.380%) (c) | 2,500,000 | 2,364,195 | ||||||
Lloyds Banking Group PLC | ||||||||
1.627%, 05/11/27 (1-year CMT + 0.850%) (c) (f) | 1,000,000 | 878,165 | ||||||
3.574%, 11/07/28 (3-Month USD LIBOR + 1.205%) (c) (f) | 1,000,000 | 914,451 | ||||||
4.976%, 08/11/33 (1-year CMT + 2.300%) (c) (f) | 495,000 | 470,232 | ||||||
Morgan Stanley | ||||||||
1.164%, 10/21/25 (SOFRRATE + 0.560%) (c) | 800,000 | 747,915 | ||||||
1.928%, 04/28/32 (SOFRRATE + 1.020%) (c) | 1,609,000 | 1,264,479 | ||||||
NatWest Group PLC, 4.269%, 03/22/25 (3-Month USD LIBOR + 1.762%) (c) (f) | 1,000,000 | 981,361 | ||||||
PNC Financial Services Group, Inc., 5.068%, 01/24/34 (SOFRRATE + 1.933%) (c) | 600,000 | 588,690 | ||||||
Santander UK Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (c) (f) | 2,000,000 | 1,748,054 | ||||||
U.S. Bancorp | ||||||||
3.000%, 07/30/29 | 765,000 | 664,324 | ||||||
4.839%, 02/01/34 (SOFRRATE + 1.600%) (c) | 320,000 | 309,389 | ||||||
Series J, 5.300%, 04/15/27 (3-Month USD LIBOR + 2.914%) (c) | 800,000 | 680,000 | ||||||
5.850%, 10/21/33 (SOFRRATE + 2.090%) (c) | 210,000 | 218,451 | ||||||
Wells Fargo & Co. | ||||||||
2.393%, 06/02/28 (SOFRRATE + 2.100%) (c) | 4,125,000 | 3,703,268 | ||||||
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.431%) (c) | 1,000,000 | 866,441 | ||||||
3.000%, 10/23/26 | 1,100,000 | 1,026,344 | ||||||
43,292,311 | ||||||||
Finance (0.8%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 01/30/32 (f) | 1,500,000 | 1,237,812 | ||||||
Air Lease Corp., 3.250%, 10/01/29 | 1,500,000 | 1,307,365 | ||||||
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f) | 1,500,000 | 1,258,125 | ||||||
3,803,302 | ||||||||
Financial Services (0.4%) | ||||||||
Helios Leasing I LLC, 1.825%, 05/16/25 | 30,721 | 29,639 | ||||||
Macquarie Group Ltd., 2.691%, 06/23/32 (SOFRRATE + 1.440%) (c) (e) (f) | 2,075,000 | 1,686,361 | ||||||
1,716,000 | ||||||||
Insurance (0.8%) | ||||||||
Acrisure LLC/Acrisure Finance, Inc., 7.000%, 11/15/25 (e) | 48,000 | 44,880 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.750%, 10/15/27 (e) | 50,000 | 46,375 | ||||||
AssuredPartners, Inc., 5.625%, 01/15/29 (e) | 48,000 | 41,460 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Athene Global Funding, 1.985%, 08/19/28 (e) | $ | 1,000,000 | $ | 810,112 | ||||
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (c) (e) | 500,000 | 406,522 | ||||||
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (e) | 290,000 | 292,431 | ||||||
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e) | 2,125,000 | 1,791,687 | ||||||
3,433,467 | ||||||||
Real Estate Investment Trust — Health Care (0.2%) | ||||||||
Healthcare Realty Holdings LP, 3.100%, 02/15/30 | 1,000,000 | 864,663 | ||||||
Real Estate Investment Trust — Office Property (0.1%) | ||||||||
Hudson Pacific Properties LP | ||||||||
3.250%, 01/15/30 | 590,000 | 371,700 | ||||||
5.950%, 02/15/28 | 35,000 | 26,425 | ||||||
398,125 | ||||||||
REITS-Storage (0.0%) | ||||||||
Life Storage LP, 2.400%, 10/15/31 | 70,000 | 56,135 | ||||||
Residential REITs (0.0%) | ||||||||
Invitation Homes Operating Partnership LP | ||||||||
2.000%, 08/15/31 | 60,000 | 45,850 | ||||||
2.700%, 01/15/34 | 180,000 | 137,509 | ||||||
183,359 | ||||||||
Savings and Loans (0.1%) | ||||||||
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (c) (e) (f) | 500,000 | 450,801 | ||||||
Specialized REITs (0.9%) | ||||||||
American Tower Corp., 2.700%, 04/15/31 | 920,000 | 767,721 | ||||||
Extra Space Storage LP, 2.550%, 06/01/31 | 575,000 | 462,478 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
3.250%, 01/15/32 | 22,000 | 17,906 | ||||||
4.000%, 01/15/30 | 447,000 | 394,634 | ||||||
5.300%, 01/15/29 | 1,000,000 | 948,248 | ||||||
VICI Properties LP, 5.625%, 05/15/52 | 100,000 | 90,000 | ||||||
VICI Properties LP/VICI Note Co., Inc. | ||||||||
3.750%, 02/15/27 (e) | 20,000 | 18,425 | ||||||
3.875%, 02/15/29 (e) | 1,480,000 | 1,311,650 | ||||||
4.125%, 08/15/30 (e) | 17,000 | 15,024 | ||||||
4.500%, 01/15/28 (e) | 17,000 | 15,746 | ||||||
4,041,832 | ||||||||
Health Care (2.1%) | ||||||||
Health Care Providers & Services (2.1%) | ||||||||
Centene Corp. | ||||||||
3.000%, 10/15/30 | 1,087,000 | 909,004 | ||||||
4.250%, 12/15/27 | 715,000 | 681,395 | ||||||
CommonSpirit Health, 4.350%, 11/01/42 | 460,000 | 397,030 | ||||||
HCA, Inc. | ||||||||
3.500%, 09/01/30 | 650,000 | 576,875 | ||||||
3.625%, 03/15/32 (e) | 1,513,000 | 1,326,833 | ||||||
4.625%, 03/15/52 (e) | 400,000 | 332,024 | ||||||
5.250%, 04/15/25 | 455,000 | 453,294 | ||||||
5.375%, 02/01/25 | 545,000 | 543,637 | ||||||
ModivCare, Inc., 5.875%, 11/15/25 (e) | 96,000 | 92,400 | ||||||
Molina Healthcare, Inc., 3.875%, 05/15/32 (e) | 789,000 | 670,650 | ||||||
New York & Presbyterian Hospital, 2.256%, 08/01/40 | 1,175,000 | 803,339 | ||||||
NYU Langone Hospitals, Series 2020, 3.380%, 07/01/55 | 2,354,000 | 1,705,308 | ||||||
Sinai Health System, 3.034%, 01/20/36 | 1,115,000 | 1,016,786 | ||||||
9,508,575 | ||||||||
Industrials (0.5%) | ||||||||
Construction & Engineering (0.0%) | ||||||||
Artera Services LLC, 9.033%, 12/04/25 (e) | 162,000 | 139,320 | ||||||
Containers & Packaging (0.4%) | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 08/15/27 (e) (f) | 446,000 | 348,995 | ||||||
Berry Global, Inc., 5.500%, 04/15/28 (e) | 1,000,000 | 995,000 | ||||||
Trivium Packaging Finance BV | ||||||||
5.500%, 08/15/26 (e) (f) | 191,000 | 182,405 | ||||||
8.500%, 08/15/27 (e) (f) | 48,000 | 43,680 | ||||||
1,570,080 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Environmental Control (0.1%) | ||||||||
Waste Pro USA, Inc., 5.500%, 02/15/26 (e) | $ | 354,000 | $ | 324,352 | ||||
Machinery (0.0%) | ||||||||
OT Merger Corp., 7.875%, 10/15/29 (e) | 126,000 | 74,340 | ||||||
Transport Services (0.0%) | ||||||||
Transnet SOC Ltd., 8.250%, 02/06/28 (e) (f) | 200,000 | 199,250 | ||||||
Information Technology (0.6%) | ||||||||
Computers (0.1%) | ||||||||
NCR Corp., 5.125%, 04/15/29 (e) | 489,000 | 422,985 | ||||||
IT Services (0.1%) | ||||||||
Global Payments, Inc. | ||||||||
5.400%, 08/15/32 | 225,000 | 219,300 | ||||||
5.950%, 08/15/52 | 293,000 | 278,016 | ||||||
497,316 | ||||||||
Software (0.4%) | ||||||||
Open Text Corp., 6.900%, 12/01/27 (e) (f) | 85,000 | 87,444 | ||||||
Oracle Corp. | ||||||||
3.600%, 04/01/50 | 1,000,000 | 704,169 | ||||||
3.850%, 07/15/36 | 500,000 | 425,324 | ||||||
3.950%, 03/25/51 | 600,000 | 448,027 | ||||||
6.900%, 11/09/52 | 215,000 | 240,368 | ||||||
1,905,332 | ||||||||
Technology (0.1%) | ||||||||
Semiconductor Equipment (0.1%) | ||||||||
Broadcom, Inc., 3.419%, 04/15/33 (e) | 500,000 | 416,353 | ||||||
Transport-Services (0.2%) | ||||||||
Passenger Airlines (0.2%) | ||||||||
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34 | 747,448 | 679,054 | ||||||
Utilities (2.6%) | ||||||||
Electric Utilities (1.5%) | ||||||||
Duke Energy Carolinas LLC, 4.250%, 12/15/41 | 2,030,000 | 1,793,745 | ||||||
Entergy Mississippi LLC, 3.250%, 12/01/27 | 500,000 | 466,954 | ||||||
Eversource Energy, Series N, 3.800%, 12/01/23 | 950,000 | 938,235 | ||||||
FirstEnergy Corp., 2.650%, 03/01/30 | 266,000 | 225,768 | ||||||
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e) | 2,000,000 | 1,915,000 | ||||||
MidAmerican Energy Co., 4.250%, 07/15/49 | 1,750,000 | 1,544,308 | ||||||
6,884,010 | ||||||||
Electric — Integrated (0.2%) | ||||||||
Exelon Corp., 4.050%, 04/15/30 | 1,000,000 | 948,219 | ||||||
Gas Utilities (0.9%) | ||||||||
East Ohio Gas Co., 1.300%, 06/15/25 (e) | 1,380,000 | 1,266,767 | ||||||
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50 | 1,410,000 | 979,385 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.875%, 11/15/25 | 1,105,000 | 1,066,912 | ||||||
4.400%, 05/30/47 | 775,000 | 654,618 | ||||||
3,967,682 | ||||||||
Total corporate obligations (cost: $124,244,592) | 116,190,295 |
Bank Loans (2.0%) | ||||||||
Acrisure LLC, 2020 Term Loan B, 8.340%, 02/15/27 (1-Month USD LIBOR + 3.500%) (c) (e) | 248,082 | 239,027 | ||||||
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 8.648%, 07/31/28 (1-Month USD TERM SOFR + 3.750%) (c) (e) | 248,750 | 238,800 | ||||||
Amentum Government Services Holdings LLC, Term Loan B, 8.840%, 01/29/27 (3-Month USD LIBOR + 4.000%) (c) (e) | 248,087 | 242,350 | ||||||
American Airlines, Inc., 2021 Term Loan, 9.558%, 04/20/28 (3-Month USD LIBOR + 4.750%) (c) (e) | 29,399 | 29,808 | ||||||
Arches Buyer, Inc., 2021 Term Loan B, 8.157%, 12/06/27 (1-Month USD TERM SOFR + 3.250%) (c) (e) | 37,949 | 35,732 | ||||||
Asurion LLC, 2022 Term Loan B10, 8.907%, 08/19/28 (3-Month USD TERM SOFR + 4.000%) (c) (e) | 248,750 | 228,104 | ||||||
Bausch & Lomb, Inc., Term Loan, 8.457%, 05/10/27 (3-Month USD TERM SOFR + 3.250%) (c) (e) | 40,020 | 38,819 | ||||||
CDK Global, Inc., 2022 USD Term Loan B, 9.148%, 07/06/29 (3-Month USD TERM SOFR + 4.250%) (c) (e) | 249,375 | 248,484 | ||||||
CommScope, Inc., 2019 Term Loan B, 8.090%, 04/06/26 (1-Month USD LIBOR + 3.250%) (c) (e) | 248,072 | 237,736 | ||||||
Corporation Service Co., Term Loan B, 8.157%, 11/02/29 (1-Month USD TERM SOFR + 3.250%) (c) (e) | 239,375 | 238,702 | ||||||
Crown Finance US, Inc., 2022 DIP Term Loan, 14.798%, 09/07/23 (1-Month USD TERM SOFR + 10.000%) (c) (e) | 106,781 | 108,205 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.557%, 04/09/27 (1-Month USD TERM SOFR + 3.750%) (c) (e) | $ | 21,335 | $ | 20,624 | ||||
DirecTV Financing LLC, Term Loan, 9.840%, 08/02/27 (1-Month USD LIBOR + 5.000%) (c) (e) | 231,903 | 222,772 | ||||||
Entegris, Inc., 2023 Term Loan B, 7.641%, 07/06/29 (3-Month USD TERM SOFR + 2.750%) (c) (e) | 32,673 | 32,591 | ||||||
Fertitta Entertainment LLC, 2022 Term Loan B, 8.807%, 01/27/29 (1-Month USD SOFRRATE + 4.000%) (c) (e) | 248,120 | 243,817 | ||||||
Formula One Holdings Ltd., Term Loan B, 8.057%, 01/15/30 (1-Month USD TERM SOFR + 3.250%) (c) (e) | 8,453 | 8,439 | ||||||
Frontier Communications Corp., 2021 1st Lien Term Loan, 8.625%, 05/01/28 (1-Month USD LIBOR + 3.750%) (c) (e) | 34,144 | 32,266 | ||||||
Gainwell Acquisition Corp., Term Loan B, 8.998%, 10/01/27 (3-Month USD TERM SOFR + 4.000%) (c) (e) | 248,096 | 235,226 | ||||||
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 6.840%, 11/15/27 (1-Month USD LIBOR + 2.000%) (c) (e) | 165,000 | 161,219 | ||||||
Hostess Brands LLC, 2019 Term Loan, 7.075%, 08/03/25 (3-Month USD LIBOR + 2.250%) (c) (e) | 226,337 | 226,102 | ||||||
Hub International Ltd., 2021 Term Loan B, 8.409%, 04/25/25 (3-Month USD LIBOR + 3.250%) (c) (e) | 248,096 | 247,321 | ||||||
II-VI, Inc., 2022 Term Loan B, 7.672%, 07/02/29 (1-Month USD TERM SOFR + 2.750%) (c) (e) | 255,630 | 252,755 | ||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 7.550%, 02/01/29 (6-Month USD SOFRRATE + 4.500%) (c) (e) | 229,252 | 226,386 | ||||||
Jazz Financing Lux SARL, USD Term Loan, 8.340%, 05/05/28 (1-Month USD LIBOR + 3.500%) (c) (e) | 223,668 | 222,596 | ||||||
KFC Holding Co., 2021 Term Loan B, 6.511%, 03/15/28 (1-Month USD LIBOR + 1.750%) (c) (e) | 59,420 | 59,024 | ||||||
Medline Borrower LP, USD Term Loan B, 8.090%, 10/23/28 (1-Month USD LIBOR + 3.250%) (c) (e) | 148,372 | 144,436 | ||||||
Naked Juice LLC, 2nd Lien Term Loan, 10.998%, 01/24/30 (3-Month USD SOFRRATE + 6.000%) (c) (e) | 8,068 | 5,996 | ||||||
Naked Juice LLC, Term Loan, 8.248%, 01/24/29 (3-Month USD SOFRRATE + 3.250%) (c) (e) | 248,747 | 218,794 | ||||||
NortonLifeLock, Inc., 2021 Term Loan A, 6.657%, 09/10/27 (1-Month USD TERM SOFR + 1.750%) (b) (c) (e) | 139,648 | 136,331 | ||||||
NortonLifeLock, Inc., 2022 Term Loan B, 6.907%, 09/12/29 (1-Month USD TERM SOFR + 2.000%) (c) (e) | 136,622 | 134,914 | ||||||
Open Text Corp., 2022 Term Loan B, 8.157%, 01/31/30 (1-Month USD TERM SOFR + 3.250%) (c) (e) | 29,202 | 29,092 | ||||||
Oracle Corp., Term Loan A1, 6.456%, 08/16/27 (1-Month USD TERM SOFR + 1.600%) (c) (e) | 409,013 | 404,923 | ||||||
Organon & Co., USD Term Loan, 8.000%, 06/02/28 (3-Month USD LIBOR + 3.000%) (c) (e) | 455,626 | 455,057 | ||||||
Peraton Corp., Term Loan B, 8.590%, 02/01/28 (1-Month USD LIBOR + 3.750%) (b) (c) (e) | 257,223 | 253,171 | ||||||
Playtika Holding Corp., 2021 Term Loan, 7.590%, 03/13/28 (1-Month USD LIBOR + 2.750%) (c) (e) | 248,101 | 246,108 | ||||||
Pre-Paid Legal Services, Inc., 2021 Term Loan, 8.590%, 12/15/28 (1-Month USD LIBOR + 3.750%) (c) (e) | 248,120 | 243,964 | ||||||
Proofpoint, Inc., 1st Lien Term Loan, 8.090%, 08/31/28 (1-Month USD LIBOR + 3.250%) (c) (e) | 248,116 | 242,029 | ||||||
RealPage, Inc., 1st Lien Term Loan, 7.840%, 04/24/28 (1-Month USD LIBOR + 3.000%) (c) (e) | 21,834 | 21,139 | ||||||
Renaissance Holding Corp., 2018 1st Lien Term Loan, 8.090%, 03/15/30 (1-Month USD LIBOR + 3.250%) (b) (c) (e) | 56,770 | 55,209 | ||||||
SBA Senior Finance II LLC, 2018 Term Loan B, 6.600%, 04/11/25 (1-Month USD LIBOR + 1.750%) (b) (c) (e) | 346,945 | 346,728 | ||||||
Scientific Games International, Inc., 2022 USD Term Loan, 7.960%, 04/14/29 (1-Month USD TERM SOFR + 3.000%) (c) (e) | 248,125 | 245,540 | ||||||
Spin Holdco, Inc., 2021 Term Loan, 8.986%, 03/04/28 (3-Month USD LIBOR + 4.000%) (c) (e) | 248,101 | 207,888 | ||||||
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 8.909%, 10/01/26 (3-Month USD LIBOR + 3.750%) (c) (e) | 248,101 | 245,399 | ||||||
TransDigm, Inc., 2023 Term Loan I, 8.148%, 08/24/28 (3-Month USD TERM SOFR + 3.250%) (c) (e) | 134,485 | 133,981 | ||||||
TruGreen LP, 2020 Term Loan, 8.840%, 11/02/27 (1-Month USD LIBOR + 4.000%) (c) (e) | 248,096 | 228,662 | ||||||
United Airlines, Inc., 2021 Term Loan B, 8.568%, 04/21/28 (3-Month USD LIBOR + 3.750%) (c) (e) | 248,101 | 246,292 | ||||||
Whatabrands LLC, 2021 Term Loan B, 8.090%, 08/03/28 (1-Month USD LIBOR + 3.250%) (c) (e) | 248,116 | 245,147 | ||||||
Zayo Group Holdings, Inc., USD Term Loan, 7.840%, 03/09/27 (1-Month USD LIBOR + 3.000%) (c) (e) | 300,000 | 240,750 | ||||||
Total Bank Loans (cost: $8,803,050) | 8,808,455 | |||||||
Foreign Bonds (0.6%) | ||||||||
Brazilian Government International Bond, 3.875%, 06/12/30 (f) | 200,000 | 179,029 | ||||||
Colombia Government International Bond, 3.000%, 01/30/30 (f) | 300,000 | 234,659 | ||||||
Dominican Republic International Bond, 4.875%, 09/23/32 (f) | 150,000 | 128,062 | ||||||
Hungary Government International Bond, 2.125%, 09/22/31 (f) | 250,000 | 191,982 | ||||||
Mexico Government International Bond, 2.659%, 05/24/31 (f) | 600,000 | 501,170 | ||||||
Panama Government International Bond, 2.252%, 09/29/32 (f) | 500,000 | 383,750 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 2.800%, 06/23/30 (e) (f) | 500,000 | 445,000 | ||||||
Peruvian Government International Bond, 2.844%, 06/20/30 (f) | 400,000 | 349,631 | ||||||
Republic of Poland Government International Bond, 5.750%, 11/16/32 (f) | 22,000 | 23,434 | ||||||
Republic of South Africa Government International Bond, 4.850%, 09/30/29 (f) | 200,000 | 179,246 | ||||||
Romanian Government International Bond, 3.000%, 02/14/31 (f) | 300,000 | 246,669 | ||||||
Total Foreign Bonds (cost: $2,831,690) | 2,862,632 | |||||||
Total long-term debt securities (cost: $498,923,496) | 474,896,434 |
Shares | ||||||||
Short-Term Securities (15.3%) | ||||||||
Investment Companies (1.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 5,765,899 | 5,765,899 |
Principal | ||||||||
U.S. Government Agencies and Obligations (14.0%) | ||||||||
U.S. Treasury Bill | ||||||||
4.665%, 06/15/23 | 4,450,000 | 4,407,950 | ||||||
4.759%, 07/20/23 | 43,275,000 | 42,667,419 |
See accompanying notes to investments in securities.
SFT Core Bond Fund
Investments in Securities – continued
4.793%, 07/06/23 | $ | 15,000,000 | $ | 14,814,546 | ||||
4.811%, 08/03/23 | 813,000 | 800,023 | ||||||
Total U.S. Government Agencies and Obligations (cost: $62,688,645) | 62,689,938 | |||||||
Total short-term securities (cost: $68,454,544) | 68,455,837 | |||||||
Total investments in securities (cost: $567,378,040) (g) | 543,352,271 | |||||||
Liabilities in excess of cash and other assets (-21.3%) | (95,555,527 | ) | ||||||
Total net assets (100.0%) | $ | 447,796,744 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Security is issued on a when-issued or forward commitment basis. As of March 31, 2023 the total cost of investments issued on a when-issued or forward commitment basis was $173,604,174. |
(c) | Variable rate security. |
(d) | Interest-only security that entitles holders to receive only interest on the underlying mortgages. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The yield to maturity of an interest-only security is sensitive to the rate of principal payments on the underlying mortgage assets. The rate disclosed represents the market yield based upon the current cost basis and estimated timing and amount of future cash flows. |
(e) | Security sold within terms of a private placement memorandum exempt from registration pursuant to rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. |
(f) | Foreign security: The Fund held 6.9% of net assets in foreign securities at March 31, 2023. |
(g) | At March 31, 2023 the cost of investments for federal income tax purposes was $568,995,214. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 2,616,654 | ||
Gross unrealized depreciation | (27,119,275 | ) | ||
Net unrealized depreciation | $ | (24,502,621 | ) |
Holdings of Open Futures Contracts
On March 31, 2023, securities with an aggregate market value of $1,315,000 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation) (a) | ||||||||||||
2 Year U.S. Treasury Note | June 2023 | 383 | Long | $ | 78,144,122 | $ | 79,071,547 | $ | 927,426 | |||||||||
5 Year U.S. Treasury Note | June 2023 | 85 | Long | 9,124,071 | 9,308,164 | 184,093 | ||||||||||||
10 Year U.S. Ultra | June 2023 | 24 | Short | (2,942,930 | ) | (2,907,375 | ) | 35,555 | ||||||||||
U.S. Ultra Bond | June 2023 | 1 | Short | (134,372 | ) | (141,125 | ) | (6,752 | ) | |||||||||
$ | 85,331,211 | $ | 1,140,322 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Growth Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.4%) | ||||||||
Consumer Discretionary (13.2%) | ||||||||
Automobiles (2.5%) | ||||||||
Ferrari NV (b) | 47,655 | $ | 12,911,646 | |||||
Broadline Retail (5.1%) | ||||||||
Amazon.com, Inc. (c) | 263,452 | 27,211,957 | ||||||
Hotels, Restaurants & Leisure (1.4%) | ||||||||
Booking Holdings, Inc. (c) | 2,813 | 7,461,229 | ||||||
Specialty Retail (0.7%) | ||||||||
Home Depot, Inc. | 12,684 | 3,743,302 | ||||||
Textiles, Apparel & Luxury Goods (3.5%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR (b) | 51,469 | 9,456,399 | ||||||
NIKE, Inc. Class B | 75,259 | 9,229,764 | ||||||
18,686,163 | ||||||||
Consumer Staples (3.2%) | ||||||||
Beverages (3.0%) | ||||||||
Coca-Cola Co. | 252,814 | 15,682,053 | ||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc. Class A | 4,429 | 1,091,571 | ||||||
Financial (4.7%) | ||||||||
Capital Markets (4.7%) | ||||||||
Intercontinental Exchange, Inc. | 122,783 | 12,805,039 | ||||||
S&P Global, Inc. | 35,674 | 12,299,325 | ||||||
25,104,364 | ||||||||
Health Care (10.7%) | ||||||||
Health Care Equipment & Supplies (5.6%) | ||||||||
Cooper Cos., Inc. | 28,743 | 10,731,486 | ||||||
Danaher Corp. | 49,082 | 12,370,627 | ||||||
Intuitive Surgical, Inc. (c) | 26,882 | 6,867,545 | ||||||
29,969,658 | ||||||||
Health Care Providers & Services (4.1%) | ||||||||
UnitedHealth Group, Inc. | 45,966 | 21,723,072 | ||||||
Pharmaceuticals (1.0%) | ||||||||
Zoetis, Inc. | 32,190 | 5,357,704 | ||||||
Industrials (9.0%) | ||||||||
Ground Transportation (2.3%) | ||||||||
JB Hunt Transport Services, Inc. | 51,074 | 8,961,444 | �� | |||||
Union Pacific Corp. | 16,060 | 3,232,236 | ||||||
12,193,680 | ||||||||
Professional Services (6.7%) | ||||||||
CoStar Group, Inc. (c) | 256,080 | 17,631,108 | ||||||
Equifax, Inc. | 44,558 | 9,038,145 | ||||||
TransUnion | 75,538 | 4,693,931 | ||||||
Verisk Analytics, Inc. | 23,272 | 4,464,966 | ||||||
35,828,150 | ||||||||
Information Technology (58.6%) | ||||||||
Communications Equipment (4.4%) | ||||||||
Motorola Solutions, Inc. | 80,838 | 23,130,177 | ||||||
Computers & Peripherals (8.3%) | ||||||||
Apple, Inc. | 266,960 | 44,021,704 | ||||||
Financial Services (6.2%) | ||||||||
Visa, Inc. Class A | 145,193 | 32,735,214 | ||||||
Interactive Media & Services (5.8%) | ||||||||
Alphabet, Inc. Class A (c) | 257,139 | 26,673,028 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Growth Fund
Investments in Securities – continued
Alphabet, Inc. Class C (c) | 42,161 | $ | 4,384,744 | |||||
31,057,772 | ||||||||
IT Services (4.4%) | ||||||||
VeriSign, Inc. (c) | 111,578 | 23,579,779 | ||||||
Professional Services (1.8%) | ||||||||
Broadridge Financial Solutions, Inc. | 64,134 | 9,400,120 | ||||||
Semiconductors & Semiconductor Equipment (4.1%) | ||||||||
NVIDIA Corp. | 78,857 | 21,904,109 | ||||||
Software (23.6%) | ||||||||
Adobe, Inc. (c) | 24,567 | 9,467,385 | ||||||
Autodesk, Inc. (c) | 30,802 | 6,411,744 | ||||||
Electronic Arts, Inc. | 117,108 | 14,105,658 | ||||||
Intuit, Inc. | 28,220 | 12,581,323 | ||||||
Microsoft Corp. | 243,563 | 70,219,213 | ||||||
Salesforce, Inc. (c) | 42,428 | 8,476,266 | ||||||
Veeva Systems, Inc. Class A (c) | 20,951 | 3,850,584 | ||||||
125,112,173 | ||||||||
Total common stocks (cost: $330,524,229) | 527,905,597 | |||||||
Short-Term Securities (0.6%) | ||||||||
Investment Companies (0.6%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 3,202,987 | 3,202,987 | ||||||
Total short-term securities (cost: $3,202,987) | 3,202,987 | |||||||
Total investments in securities (cost: $333,727,216) (d) | 531,108,584 | |||||||
Liabilities in excess of cash and other assets (0.0%) | (258,486 | ) | ||||||
Total net assets (100.0%) | $ | 530,850,098 |
Investments in Securities Legend |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Foreign security: The Fund held 4.2% of net assets in foreign securities at March 31, 2023. |
(c) | Non-income producing security. |
(d) | At March 31, 2023 the cost of investments for federal income tax purposes was $334,349,371. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 204,610,588 | ||
Gross unrealized depreciation | (7,851,375 | ) | ||
Net unrealized appreciation | $ | 196,759,213 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (97.0%) | ||||||||
Communication Services (1.5%) | ||||||||
Diversified Telecommunication Services (1.5%) | ||||||||
Iridium Communications, Inc. | 37,410 | $ | 2,316,801 | |||||
Consumer Discretionary (15.3%) | ||||||||
Automobile Components (4.3%) | ||||||||
Fox Factory Holding Corp. (b) | 27,759 | 3,369,110 | ||||||
Visteon Corp. (b) | 19,925 | 3,124,837 | ||||||
6,493,947 | ||||||||
Entertainment (1.6%) | ||||||||
Monarch Casino & Resort, Inc. | 33,004 | 2,447,247 | ||||||
Hotels, Restaurants & Leisure (8.0%) | ||||||||
Marriott Vacations Worldwide Corp. | 21,993 | 2,965,976 | ||||||
Red Rock Resorts, Inc. Class A | 82,762 | 3,688,702 | ||||||
Texas Roadhouse, Inc. | 30,854 | 3,334,083 | ||||||
Wingstop, Inc. | 11,313 | 2,076,841 | ||||||
12,065,602 | ||||||||
Specialty Retail (1.4%) | ||||||||
Boot Barn Holdings, Inc. (b) | 28,370 | 2,174,277 | ||||||
Consumer, Non-cyclical (0.8%) | ||||||||
Beverages (0.8%) | ||||||||
Duckhorn Portfolio, Inc. (b) | 76,793 | 1,221,009 | ||||||
Energy (6.0%) | ||||||||
Electrical Equipment (1.5%) | ||||||||
Shoals Technologies Group, Inc. Class A (b) | 99,567 | 2,269,132 | ||||||
Energy Equipment & Services (4.0%) | ||||||||
Cactus, Inc. Class A | 60,484 | 2,493,755 | ||||||
Liberty Energy, Inc. | 82,603 | 1,058,144 | ||||||
Weatherford International PLC (b) (c) | 41,485 | 2,462,135 | ||||||
6,014,034 | ||||||||
Oil, Gas & Consumable Fuels (0.5%) | ||||||||
SM Energy Co. | 26,038 | 733,230 | ||||||
Financial (4.5%) | ||||||||
Capital Markets (1.4%) | ||||||||
Houlihan Lokey, Inc. | 23,765 | 2,079,200 | ||||||
Commercial Banks (0.8%) | ||||||||
Seacoast Banking Corp. of Florida | 51,845 | 1,228,727 | ||||||
Insurance (2.3%) | ||||||||
Kinsale Capital Group, Inc. | 11,669 | 3,502,450 | ||||||
Health Care (20.6%) | ||||||||
Biotechnology (4.9%) | ||||||||
Halozyme Therapeutics, Inc. (b) | 40,826 | 1,559,145 | ||||||
Insmed, Inc. (b) | 57,324 | 977,374 | ||||||
PTC Therapeutics, Inc. (b) | 17,660 | 855,450 | ||||||
TransMedics Group, Inc. (b) | 24,502 | 1,855,537 | ||||||
Vericel Corp. (b) | 71,967 | 2,110,073 | ||||||
7,357,579 | ||||||||
Health Care Equipment & Supplies (5.3%) | ||||||||
Axonics, Inc. (b) | 21,801 | 1,189,462 | ||||||
CryoPort, Inc. (b) | 97,179 | 2,332,296 | ||||||
Inmode Ltd. (b) (c) | 80,079 | 2,559,325 | ||||||
Penumbra, Inc. (b) | 7,191 | 2,004,060 | ||||||
8,085,143 | ||||||||
Health Care Providers & Services (5.4%) | ||||||||
Acadia Healthcare Co., Inc. (b) | 32,126 | 2,321,103 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities – continued
Privia Health Group, Inc. (b) | 75,797 | $ | 2,092,755 | |||||
Progyny, Inc. (b) | 90,071 | 2,893,081 | ||||||
R1 RCM, Inc. (b) | 60,840 | 912,600 | ||||||
8,219,539 | ||||||||
Health Care Technology (1.8%) | ||||||||
Evolent Health, Inc. Class A (b) | 81,916 | 2,658,174 | ||||||
Life Sciences Tools & Services (0.7%) | ||||||||
Cytek Biosciences, Inc. (b) | 113,140 | 1,039,757 | ||||||
Pharmaceuticals (2.5%) | ||||||||
Harmony Biosciences Holdings, Inc. (b) | 54,483 | 1,778,870 | ||||||
Pacira BioSciences, Inc. (b) | 50,110 | 2,044,989 | ||||||
3,823,859 | ||||||||
Industrials (16.8%) | ||||||||
Aerospace & Defense (1.0%) | ||||||||
Parsons Corp. (b) | 35,322 | 1,580,306 | ||||||
Building Products (1.2%) | ||||||||
AAON, Inc. | 19,089 | 1,845,715 | ||||||
Commercial Services & Supplies (3.5%) | ||||||||
Casella Waste Systems, Inc. Class A (b) | 21,840 | 1,805,295 | ||||||
Clean Harbors, Inc. (b) | 24,311 | 3,465,776 | ||||||
5,271,071 | ||||||||
Construction & Engineering (1.4%) | ||||||||
Valmont Industries, Inc. | 6,765 | 2,159,929 | ||||||
Electrical Equipment (2.0%) | ||||||||
EnerSys | 34,528 | 2,999,793 | ||||||
Ground Transportation (1.4%) | ||||||||
Saia, Inc. (b) | 7,796 | 2,121,136 | ||||||
Machinery (2.3%) | ||||||||
Chart Industries, Inc. (b) | 6,376 | 799,550 | ||||||
Federal Signal Corp. | 14,929 | 809,301 | ||||||
RBC Bearings, Inc. | 7,760 | 1,805,985 | ||||||
3,414,836 | ||||||||
Marine Transportation (1.6%) | ||||||||
Kirby Corp. (b) | 34,267 | 2,388,410 | ||||||
Professional Services (1.5%) | ||||||||
CBIZ, Inc. (b) | 45,402 | 2,246,945 | ||||||
Trading Companies & Distributors (0.9%) | ||||||||
SiteOne Landscape Supply, Inc. (b) | 9,881 | 1,352,412 | ||||||
Information Technology (25.7%) | ||||||||
Communications Equipment (1.0%) | ||||||||
Calix, Inc. (b) | 28,339 | 1,518,687 | ||||||
Electronic Equipment, Instruments & Components (1.0%) | ||||||||
Belden, Inc. | 17,045 | 1,478,995 | ||||||
Financial Services (1.9%) | ||||||||
Shift4 Payments, Inc. Class A (b) | 38,486 | 2,917,239 | ||||||
Semiconductors & Semiconductor Equipment (6.1%) | ||||||||
Allegro MicroSystems, Inc. (b) | 114,693 | 5,504,117 | ||||||
Onto Innovation, Inc. (b) | 15,751 | 1,384,198 | ||||||
Power Integrations, Inc. | 17,310 | 1,465,118 | ||||||
Silicon Laboratories, Inc. (b) | 5,579 | 976,827 | ||||||
9,330,260 | ||||||||
Software (15.7%) | ||||||||
Box, Inc. Class A (b) | 76,512 | 2,049,756 | ||||||
CyberArk Software Ltd. (b) (c) | 23,099 | 3,418,190 | ||||||
DoubleVerify Holdings, Inc. (b) | 111,156 | 3,351,353 | ||||||
Five9, Inc. (b) | 5,868 | 424,198 | ||||||
Globant SA (b) (c) | 4,154 | 681,297 | ||||||
Instructure Holdings, Inc. (b) | 65,054 | 1,684,899 |
See accompanying notes to investments in securities.
SFT Delaware IvySM Small Cap Growth Fund
Investments in Securities – continued
Jamf Holding Corp. (b) | 45,998 | $ | 893,281 | |||||
Paycor HCM, Inc. (b) | 118,046 | 3,130,580 | ||||||
Smartsheet, Inc. Class A (b) | 54,737 | �� | 2,616,429 | |||||
Sprout Social, Inc. Class A (b) | 44,908 | 2,733,999 | ||||||
Tenable Holdings, Inc. (b) | 57,923 | 2,751,922 | ||||||
23,735,904 | ||||||||
Leisure and Consumer Staples (3.2%) | ||||||||
Beverages (1.1%) | ||||||||
MGP Ingredients, Inc. | 16,434 | 1,589,496 | ||||||
Consumer Staples Distribution & Retail (2.1%) | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 42,697 | 3,247,961 | ||||||
Materials (1.8%) | ||||||||
Metals & Mining (1.8%) | ||||||||
ATI, Inc. (b) | 70,323 | 2,774,945 | ||||||
Real Estate (0.8%) | ||||||||
Hotels & Resort REITs (0.8%) | ||||||||
Ryman Hospitality Properties, Inc. | 13,120 | 1,177,258 | ||||||
Total common stocks (cost: $137,144,180) | 146,881,005 | |||||||
Short-Term Securities (3.0%) | ||||||||
Investment Companies (3.0%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 4,497,774 | 4,497,774 | ||||||
Total short-term securities (cost: $4,497,774) | 4,497,774 | |||||||
Total investments in securities (cost: $141,641,954) (d) | 151,378,779 | |||||||
Cash and other assets in excess of liabilities (0.0%) | 1,991 | |||||||
Total net assets (100.0%) | $ | 151,380,770 |
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 6.0% of net assets in foreign securities at March 31, 2023. |
(d) | At March 31, 2023 the cost of investments for federal income tax purposes was $142,136,494. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 19,166,625 | ||
Gross unrealized depreciation | (9,924,340 | ) | ||
Net unrealized appreciation | $ | 9,242,285 |
See accompanying notes to investments in securities.
SFT Equity Stabilization Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Mutual Funds (90.5%) | ||||||||
Investment Companies (90.5%) | ||||||||
BlackRock Short Maturity Bond ETF | 318,620 | $ | 15,803,552 | |||||
iShares Core High Dividend ETF | 570,902 | 58,037,897 | ||||||
iShares Edge MSCI Minimum Volatility EAFE ETF | 1,223,448 | 82,766,257 | ||||||
iShares Edge MSCI Minimum Volatility Emerging Markets ETF | 403,120 | 21,998,258 | ||||||
iShares Edge MSCI Minimum Volatility USA ETF (b) | 1,364,412 | 99,247,329 | ||||||
iShares MSCI Germany ETF | 660,182 | 18,788,780 | ||||||
Total mutual funds (cost: $255,135,335) | 296,642,073 | |||||||
Short-Term Securities (7.2%) | ||||||||
Investment Companies (7.2%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 23,718,921 | 23,718,921 | ||||||
Total investments excluding purchased options (cost: $278,854,256) | 320,360,994 | |||||||
Total purchased options outstanding (0.0%) (cost: $339,788) | 129,440 | |||||||
Total investments in securities (cost: $279,194,044) (c) | 320,490,434 | |||||||
Cash and other assets in excess of liabilities (2.3%) | 7,458,733 | |||||||
Total net assets (100.0%) | $ | 327,949,167 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Fully or partially pledged as initial margin deposits on open futures contracts. |
(c) | At March 31, 2023, the cost of investments for federal income tax purposes was $281,974,803. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 39,451,025 | ||
Gross unrealized depreciation | (195,563 | ) | ||
Net unrealized appreciation | $ | 39,255,462 |
Holdings of Open Futures Contracts
On March 31, 2023, securities with an aggregate market value of $12,802,240 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||
S&P 500 E-Mini Index Future | June 2023 | 83 | Long | $ | 16,413,472 | $ | 17,171,663 | $ | 758,191 |
Put Options Purchased:
The Fund had the following put options purchased open at March 31, 2023:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||
S&P 500 Index | $ | 3,880 | April 2023 | 40 | $ | 4,000 | $ | 71,400 | ||||||||
S&P 500 Index | 3,840 | April 2023 | 40 | 4,000 | 58,040 | |||||||||||
$ | 129,440 |
Put Options Written:
The Fund had the following put options written open at March 31, 2023:
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Value(a) | |||||||||||
S&P 500 Index | $ | 3,430 | April 2023 | 40 | $ | 4,000 | $ | (8,600 | ) | |||||||
S&P 500 Index | 3,480 | April 2023 | 40 | 4,000 | (9,760 | ) | ||||||||||
$ | (18,360 | ) |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (96.5%) | ||||||||
Communication Services (0.8%) | ||||||||
Diversified Telecommunication Services (0.6%) | ||||||||
Frontier Communications Parent, Inc. (b) | 20,303 | $ | 462,299 | |||||
Iridium Communications, Inc. | 11,368 | 704,020 | ||||||
1,166,319 | ||||||||
Electric Utilities (0.2%) | ||||||||
Portland General Electric Co. | 8,040 | 393,076 | ||||||
Consumer Discretionary (15.9%) | ||||||||
Automobile Components (1.8%) | ||||||||
Adient PLC (b) (c) | 8,643 | 354,017 | ||||||
Autoliv, Inc. | 7,064 | 659,495 | ||||||
Dana, Inc. | 11,550 | 173,828 | ||||||
Fox Factory Holding Corp. (b) | 3,842 | 466,304 | ||||||
Gentex Corp. | 21,364 | 598,833 | ||||||
Goodyear Tire & Rubber Co. (b) | 25,761 | 283,886 | ||||||
Lear Corp. | 5,358 | 747,387 | ||||||
Visteon Corp. (b) | 2,600 | 407,758 | ||||||
3,691,508 | ||||||||
Automobiles (0.4%) | ||||||||
Harley-Davidson, Inc. | 12,045 | 457,349 | ||||||
Thor Industries, Inc. | 4,865 | 387,448 | ||||||
844,797 | ||||||||
Broadline Retail (0.6%) | ||||||||
Kohl's Corp. | 10,062 | 236,860 | ||||||
Macy's, Inc. | 24,691 | 431,846 | ||||||
Nordstrom, Inc. | 10,172 | 165,498 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (b) | 5,249 | 304,127 | ||||||
1,138,331 | ||||||||
Casino Gaming (0.2%) | ||||||||
Boyd Gaming Corp. | 7,189 | 460,959 | ||||||
Diversified Consumer Services (1.0%) | ||||||||
Graham Holdings Co. Class B | 358 | 213,311 | ||||||
Grand Canyon Education, Inc. (b) | 2,819 | 321,084 | ||||||
H&R Block, Inc. | 13,868 | 488,847 | ||||||
Service Corp. International | 14,007 | 963,401 | ||||||
1,986,643 | ||||||||
Entertainment (0.2%) | ||||||||
World Wrestling Entertainment, Inc. Class A | 3,948 | 360,294 | ||||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
Aramark | 23,725 | 849,355 | ||||||
Choice Hotels International, Inc. | 2,547 | 298,483 | ||||||
Churchill Downs, Inc. | 3,030 | 778,861 | ||||||
Hilton Grand Vacations, Inc. (b) | 7,230 | 321,229 | ||||||
Light & Wonder, Inc. (b) | 8,442 | 506,942 | ||||||
Marriott Vacations Worldwide Corp. | 3,488 | 470,392 | ||||||
Papa John's International, Inc. | 2,886 | 216,248 | ||||||
Penn Entertainment, Inc. (b) | 14,127 | 419,007 | ||||||
Texas Roadhouse, Inc. | 6,062 | 655,060 | ||||||
Travel & Leisure Co. | 7,369 | 288,865 | ||||||
Wendy's Co. | 15,520 | 338,026 | ||||||
Wingstop, Inc. | 2,768 | 508,149 | ||||||
Wyndham Hotels & Resorts, Inc. | 8,016 | 543,885 | ||||||
6,194,502 | ||||||||
Household Durables (1.5%) | ||||||||
Helen of Troy Ltd. (b) (c) | 2,147 | 204,330 | ||||||
KB Home | 7,434 | 298,698 | ||||||
Leggett & Platt, Inc. | 12,076 | 384,983 | ||||||
Taylor Morrison Home Corp. (b) | 9,856 | 377,090 | ||||||
Tempur Sealy International, Inc. | 15,518 | 612,806 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Toll Brothers, Inc. | 9,365 | $ | 562,181 | |||||
TopBuild Corp. (b) | 2,913 | 606,312 | ||||||
3,046,400 | ||||||||
Interactive Media & Services (0.1%) | ||||||||
TripAdvisor, Inc. (b) | 9,529 | 189,246 | ||||||
Leisure Equipment & Products (1.1%) | ||||||||
Brunswick Corp. | 6,550 | 537,100 | ||||||
Mattel, Inc. (b) | 32,276 | 594,201 | ||||||
Polaris, Inc. | 5,007 | 553,924 | ||||||
Topgolf Callaway Brands Corp. (b) | 12,554 | 271,418 | ||||||
YETI Holdings, Inc. (b) | 7,841 | 313,640 | ||||||
2,270,283 | ||||||||
Media (1.0%) | ||||||||
Cable One, Inc. | 448 | 314,496 | ||||||
John Wiley & Sons, Inc. Class A | 3,856 | 149,497 | ||||||
New York Times Co. Class A | 14,994 | 582,967 | ||||||
Nexstar Media Group, Inc. | 3,450 | 595,677 | ||||||
TEGNA, Inc. | 20,319 | 343,594 | ||||||
1,986,231 | ||||||||
Specialty Retail (2.8%) | ||||||||
AutoNation, Inc. (b) | 3,143 | 422,294 | ||||||
Dick's Sporting Goods, Inc. | 5,450 | 773,301 | ||||||
Five Below, Inc. (b) | 5,122 | 1,054,978 | ||||||
Foot Locker, Inc. | 7,135 | 283,188 | ||||||
GameStop Corp. Class A (b) | 23,023 | 529,989 | ||||||
Gap, Inc. | 19,282 | 193,591 | ||||||
Lithia Motors, Inc. | 2,514 | 575,530 | ||||||
Murphy USA, Inc. | 1,811 | 467,329 | ||||||
RH (b) | 1,702 | 414,522 | ||||||
Victoria's Secret & Co. (b) | 7,361 | 251,378 | ||||||
Williams-Sonoma, Inc. | 6,031 | 733,732 | ||||||
5,699,832 | ||||||||
Textiles, Apparel & Luxury Goods (2.1%) | ||||||||
Capri Holdings Ltd. (b) (c) | 11,448 | 538,056 | ||||||
Carter's, Inc. | 3,461 | 248,915 | ||||||
Columbia Sportswear Co. | 3,232 | 291,656 | ||||||
Crocs, Inc. (b) | 5,613 | 709,708 | ||||||
Deckers Outdoor Corp. (b) | 2,423 | 1,089,260 | ||||||
PVH Corp. | 5,771 | 514,542 | ||||||
Skechers U.S.A., Inc. Class A (b) | 12,196 | 579,554 | ||||||
Under Armour, Inc. Class A (b) | 17,185 | 163,086 | ||||||
Under Armour, Inc. Class C (b) | 17,265 | 147,270 | ||||||
4,282,047 | ||||||||
Consumer Staples (2.9%) | ||||||||
Beverages (0.3%) | ||||||||
Boston Beer Co., Inc. Class A (b) | 885 | 290,899 | ||||||
Coca-Cola Consolidated, Inc. | 420 | 224,734 | ||||||
515,633 | ||||||||
Consumer Staples Distribution & Retail (1.0%) | ||||||||
Casey's General Stores, Inc. | 3,384 | 732,501 | ||||||
Grocery Outlet Holding Corp. (b) | 8,034 | 227,041 | ||||||
Sprouts Farmers Market, Inc. (b) | 9,612 | 336,708 | ||||||
U.S. Foods Holding Corp. (b) | 18,638 | 688,488 | ||||||
1,984,738 | ||||||||
Food Products (1.3%) | ||||||||
Darling Ingredients, Inc. (b) | 14,596 | 852,406 | ||||||
Flowers Foods, Inc. | 17,498 | 479,620 | ||||||
Ingredion, Inc. | 5,937 | 603,971 | ||||||
Lancaster Colony Corp. | 1,797 | 364,575 | ||||||
Post Holdings, Inc. (b) | 4,866 | 437,308 | ||||||
2,737,880 | ||||||||
Household Products (0.1%) | ||||||||
Energizer Holdings, Inc. | 5,951 | 206,500 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Personal Products (0.2%) | ||||||||
Coty, Inc. Class A (b) | 33,389 | $ | 402,671 | |||||
Energy (3.7%) | ||||||||
Energy Equipment & Services (0.8%) | ||||||||
ChampionX Corp. | 18,090 | 490,782 | ||||||
NOV, Inc. | 35,774 | 662,177 | ||||||
Valaris Ltd. (b) (c) | 5,477 | 356,333 | ||||||
1,509,292 | ||||||||
Oil, Gas & Consumable Fuels (2.9%) | ||||||||
Antero Midstream Corp. | 30,504 | 319,987 | ||||||
Antero Resources Corp. (b) | 25,147 | 580,644 | ||||||
Chord Energy Corp. | 3,789 | 509,999 | ||||||
CNX Resources Corp. (b) | 15,494 | 248,214 | ||||||
DT Midstream, Inc. | 8,718 | 430,408 | ||||||
Equitrans Midstream Corp. | 39,414 | 227,813 | ||||||
HF Sinclair Corp. | 12,248 | 592,558 | ||||||
Matador Resources Co. | 10,146 | 483,457 | ||||||
Murphy Oil Corp. | 13,308 | 492,130 | ||||||
PBF Energy, Inc. Class A | 10,403 | 451,074 | ||||||
PDC Energy, Inc. | 8,367 | 536,994 | ||||||
Range Resources Corp. | 22,006 | 582,499 | ||||||
Southwestern Energy Co. (b) | 100,507 | 502,535 | ||||||
5,958,312 | ||||||||
Financial (13.7%) | ||||||||
Capital Markets (1.9%) | ||||||||
Affiliated Managers Group, Inc. | 3,426 | 487,931 | ||||||
Evercore, Inc. Class A | 3,288 | 379,369 | ||||||
Federated Hermes, Inc. | 7,632 | 306,349 | ||||||
Interactive Brokers Group, Inc. Class A | 9,391 | 775,321 | ||||||
Janus Henderson Group PLC (c) | 12,001 | 319,707 | ||||||
Jefferies Financial Group, Inc. | 16,477 | 522,980 | ||||||
SEI Investments Co. | 9,286 | 534,409 | ||||||
Stifel Financial Corp. | 9,594 | 566,909 | ||||||
3,892,975 | ||||||||
Commercial Banks (5.6%) | ||||||||
Associated Banc-Corp. | 13,693 | 246,200 | ||||||
Bank of Hawaii Corp. | 3,589 | 186,915 | ||||||
Bank OZK | 10,031 | 343,060 | ||||||
Cadence Bank | 16,615 | 344,927 | ||||||
Cathay General Bancorp | 6,624 | 228,661 | ||||||
Columbia Banking System, Inc. | 18,940 | 405,695 | ||||||
Commerce Bancshares, Inc. | 10,311 | 601,647 | ||||||
Cullen/Frost Bankers, Inc. | 5,856 | 616,871 | ||||||
East West Bancorp, Inc. | 12,836 | 712,398 | ||||||
First Financial Bankshares, Inc. | 11,744 | 374,634 | ||||||
First Horizon Corp. | 48,871 | 868,926 | ||||||
FNB Corp. | 32,829 | 380,816 | ||||||
Fulton Financial Corp. | 15,263 | 210,935 | ||||||
Glacier Bancorp, Inc. | 10,014 | 420,688 | ||||||
Hancock Whitney Corp. | 7,790 | 283,556 | ||||||
Home BancShares, Inc. | 17,230 | 374,063 | ||||||
International Bancshares Corp. | 4,776 | 204,508 | ||||||
Old National Bancorp | 26,675 | 384,654 | ||||||
PacWest Bancorp | 10,654 | 103,663 | ||||||
Pinnacle Financial Partners, Inc. | 6,963 | 384,079 | ||||||
Prosperity Bancshares, Inc. | 8,303 | 510,801 | ||||||
SouthState Corp. | 6,894 | 491,266 | ||||||
Synovus Financial Corp. | 13,250 | 408,498 | ||||||
Texas Capital Bancshares, Inc. (b) | 4,392 | 215,032 | ||||||
UMB Financial Corp. | 3,970 | 229,148 | ||||||
United Bankshares, Inc. | 12,228 | 430,426 | ||||||
Valley National Bancorp | 38,277 | 353,680 | ||||||
Webster Financial Corp. | 15,847 | 624,689 | ||||||
Wintrust Financial Corp. | 5,501 | 401,298 | ||||||
11,341,734 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Consumer Finance (0.4%) | ||||||||
FirstCash Holdings, Inc. | 3,424 | $ | 326,547 | |||||
Navient Corp. | 9,234 | 147,652 | ||||||
SLM Corp. | 21,921 | 271,601 | ||||||
745,800 | ||||||||
Financial Services (0.9%) | ||||||||
Essent Group Ltd. (c) | 9,708 | 388,805 | ||||||
MGIC Investment Corp. | 26,724 | 358,636 | ||||||
New York Community Bancorp, Inc. | 62,040 | 560,842 | ||||||
Voya Financial, Inc. | 8,834 | 631,278 | ||||||
1,939,561 | ||||||||
Insurance (3.8%) | ||||||||
American Financial Group, Inc. | 6,363 | 773,104 | ||||||
Brighthouse Financial, Inc. (b) | 6,218 | 274,276 | ||||||
CNO Financial Group, Inc. | 10,346 | 229,578 | ||||||
First American Financial Corp. | 9,411 | 523,816 | ||||||
Hanover Insurance Group, Inc. | 3,199 | 411,072 | ||||||
Kemper Corp. | 5,730 | 313,202 | ||||||
Kinsale Capital Group, Inc. | 2,020 | 606,303 | ||||||
Old Republic International Corp. | 25,121 | 627,271 | ||||||
Primerica, Inc. | 3,420 | 589,061 | ||||||
Reinsurance Group of America, Inc. | 6,107 | 810,765 | ||||||
RenaissanceRe Holdings Ltd. (c) | 4,047 | 810,776 | ||||||
RLI Corp. | 3,741 | 497,216 | ||||||
Selective Insurance Group, Inc. | 5,502 | 524,506 | ||||||
Unum Group | 17,031 | 673,746 | ||||||
7,664,692 | ||||||||
Mortgage REITs (0.2%) | ||||||||
Starwood Property Trust, Inc. | 28,194 | 498,752 | ||||||
Residential REITs (0.6%) | ||||||||
Annaly Capital Management, Inc. | 42,650 | 815,041 | ||||||
Independence Realty Trust, Inc. | 20,386 | 326,788 | ||||||
1,141,829 | ||||||||
Retail REITs (0.3%) | ||||||||
Agree Realty Corp. | 8,066 | 553,408 | ||||||
Health Care (9.0%) | ||||||||
Biotechnology (1.6%) | ||||||||
Arrowhead Pharmaceuticals, Inc. (b) | 9,864 | 250,546 | ||||||
Exelixis, Inc. (b) | 29,515 | 572,886 | ||||||
Halozyme Therapeutics, Inc. (b) | 12,314 | 470,272 | ||||||
Neurocrine Biosciences, Inc. (b) | 8,834 | 894,177 | ||||||
United Therapeutics Corp. (b) | 4,130 | 924,955 | ||||||
3,112,836 | ||||||||
Health Care Equipment & Supplies (3.5%) | ||||||||
Enovis Corp. (b) | 4,285 | 229,205 | ||||||
Envista Holdings Corp. (b) | 14,863 | 607,599 | ||||||
Globus Medical, Inc. Class A (b) | 7,034 | 398,406 | ||||||
Haemonetics Corp. (b) | 4,586 | 379,491 | ||||||
ICU Medical, Inc. (b) | 1,891 | 311,939 | ||||||
Inari Medical, Inc. (b) | 4,388 | 270,915 | ||||||
Integra LifeSciences Holdings Corp. (b) | 6,533 | 375,060 | ||||||
Lantheus Holdings, Inc. (b) | 6,225 | 513,936 | ||||||
LivaNova PLC (b) (c) | 4,871 | 212,278 | ||||||
Masimo Corp. (b) | 4,413 | 814,375 | ||||||
Neogen Corp. (b) | 19,685 | 364,566 | ||||||
Omnicell, Inc. (b) | 4,030 | 236,440 | ||||||
Penumbra, Inc. (b) | 3,459 | 963,989 | ||||||
QuidelOrtho Corp. (b) | 4,852 | 432,265 | ||||||
Shockwave Medical, Inc. (b) | 3,363 | 729,199 | ||||||
STAAR Surgical Co. (b) | 4,358 | 278,694 | ||||||
7,118,357 | ||||||||
Health Care Providers & Services (2.1%) | ||||||||
Acadia Healthcare Co., Inc. (b) | 8,260 | 596,785 | ||||||
Amedisys, Inc. (b) | 2,894 | 212,854 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Chemed Corp. | 1,411 | $ | 758,765 | |||||
Encompass Health Corp. | 8,998 | 486,792 | ||||||
HealthEquity, Inc. (b) | 7,691 | 451,539 | ||||||
Option Care Health, Inc. (b) | 15,241 | 484,207 | ||||||
Patterson Cos., Inc. | 7,860 | 210,412 | ||||||
Progyny, Inc. (b) | 6,813 | 218,833 | ||||||
R1 RCM, Inc. (b) | 12,437 | 186,555 | ||||||
Tenet Healthcare Corp. (b) | 9,836 | 584,455 | ||||||
4,191,197 | ||||||||
Life Sciences Tools & Services (1.2%) | ||||||||
Bruker Corp. | 9,098 | 717,286 | ||||||
Medpace Holdings, Inc. (b) | 2,293 | 431,198 | ||||||
Repligen Corp. (b) | 4,700 | 791,292 | ||||||
Sotera Health Co. (b) | 8,924 | 159,829 | ||||||
Syneos Health, Inc. (b) | 9,356 | 333,261 | ||||||
2,432,866 | ||||||||
Pharmaceuticals (0.6%) | ||||||||
Jazz Pharmaceuticals PLC (b) (c) | 5,781 | 845,934 | ||||||
Perrigo Co. PLC (c) | 12,262 | 439,838 | ||||||
1,285,772 | ||||||||
Industrials (19.7%) | ||||||||
Aerospace & Defense (1.6%) | ||||||||
Axon Enterprise, Inc. (b) | 6,157 | 1,384,401 | ||||||
Curtiss-Wright Corp. | 3,515 | 619,554 | ||||||
Hexcel Corp. | 7,662 | 522,931 | ||||||
Mercury Systems, Inc. (b) | 5,257 | 268,738 | ||||||
Woodward, Inc. | 5,429 | 528,622 | ||||||
3,324,246 | ||||||||
Air Freight & Logistics (0.3%) | ||||||||
GXO Logistics, Inc. (b) | 10,731 | 541,486 | ||||||
Building Products (3.1%) | ||||||||
Advanced Drainage Systems, Inc. | 5,696 | 479,660 | ||||||
Builders FirstSource, Inc. (b) | 13,404 | 1,190,007 | ||||||
Carlisle Cos., Inc. | 4,775 | 1,079,484 | ||||||
Fortune Brands Innovations, Inc. | 11,679 | 685,908 | ||||||
Lennox International, Inc. | 2,945 | 740,020 | ||||||
Owens Corning | 8,488 | 813,150 | ||||||
Simpson Manufacturing Co., Inc. | 3,891 | 426,609 | ||||||
Trex Co., Inc. (b) | 9,968 | 485,143 | ||||||
UFP Industries, Inc. | 5,570 | 442,648 | ||||||
6,342,629 | ||||||||
Commercial Services & Supplies (1.2%) | ||||||||
Brink's Co. | 4,165 | 278,222 | ||||||
Clean Harbors, Inc. (b) | 4,588 | 654,065 | ||||||
MSA Safety, Inc. | 3,368 | 449,628 | ||||||
Stericycle, Inc. (b) | 8,395 | 366,106 | ||||||
Tetra Tech, Inc. | 4,849 | 712,367 | ||||||
2,460,388 | ||||||||
Construction & Engineering (1.6%) | ||||||||
AECOM | 12,655 | 1,067,069 | ||||||
EMCOR Group, Inc. | 4,379 | 711,982 | ||||||
Fluor Corp. (b) | 12,940 | 399,975 | ||||||
MasTec, Inc. (b) | 5,400 | 509,976 | ||||||
Valmont Industries, Inc. | 1,943 | 620,361 | ||||||
3,309,363 | ||||||||
Electrical Equipment (2.0%) | ||||||||
Acuity Brands, Inc. | 2,987 | 545,815 | ||||||
EnerSys | 3,707 | 322,064 | ||||||
Hubbell, Inc. | 4,877 | 1,186,623 | ||||||
nVent Electric PLC (c) | 15,171 | 651,443 | ||||||
Regal Rexnord Corp. | 5,984 | 842,128 | ||||||
Sunrun, Inc. (b) | 19,408 | 391,071 | ||||||
Vicor Corp. (b) | 2,030 | 95,288 | ||||||
4,034,432 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Ground Transportation (1.9%) | ||||||||
Avis Budget Group, Inc. (b) | 2,287 | $ | 445,508 | |||||
Hertz Global Holdings, Inc. (b) | 14,681 | 239,153 | ||||||
Knight-Swift Transportation Holdings, Inc. | 14,635 | 828,048 | ||||||
Landstar System, Inc. | 3,326 | 596,219 | ||||||
Ryder System, Inc. | 4,562 | 407,113 | ||||||
Saia, Inc. (b) | 2,462 | 669,861 | ||||||
Werner Enterprises, Inc. | 5,344 | 243,098 | ||||||
XPO, Inc. (b) | 10,404 | 331,888 | ||||||
3,760,888 | ||||||||
Machinery (4.6%) | ||||||||
AGCO Corp. | 5,654 | 764,421 | ||||||
Chart Industries, Inc. (b) | 3,850 | 482,790 | ||||||
Crane Holdings Co. | 4,343 | 492,931 | ||||||
Donaldson Co., Inc. | 11,082 | 724,098 | ||||||
Esab Corp. | 4,627 | 273,317 | ||||||
Flowserve Corp. | 11,902 | 404,668 | ||||||
Graco, Inc. | 15,327 | 1,119,024 | ||||||
ITT, Inc. | 7,521 | 649,062 | ||||||
Lincoln Electric Holdings, Inc. | 5,226 | 883,717 | ||||||
Middleby Corp. (b) | 4,889 | 716,776 | ||||||
Oshkosh Corp. | 5,976 | 497,084 | ||||||
Terex Corp. | 6,063 | 293,328 | ||||||
Timken Co. | 5,984 | 489,012 | ||||||
Toro Co. | 9,530 | 1,059,355 | ||||||
Watts Water Technologies, Inc. Class A | 2,464 | 414,740 | ||||||
9,264,323 | ||||||||
Marine Transportation (0.2%) | ||||||||
Kirby Corp. (b) | 5,404 | 376,659 | ||||||
Passenger Airlines (0.1%) | ||||||||
JetBlue Airways Corp. (b) | 29,496 | 214,731 | ||||||
Professional Services (2.0%) | ||||||||
ASGN, Inc. (b) | 4,544 | 375,652 | ||||||
CACI International, Inc. Class A (b) | 2,165 | 641,446 | ||||||
Exponent, Inc. | 4,640 | 462,562 | ||||||
FTI Consulting, Inc. (b) | 3,131 | 617,903 | ||||||
Insperity, Inc. | 3,281 | 398,806 | ||||||
KBR, Inc. | 12,423 | 683,886 | ||||||
ManpowerGroup, Inc. | 4,563 | 376,584 | ||||||
Science Applications International Corp. | 4,975 | 534,614 | ||||||
4,091,453 | ||||||||
Trading Companies & Distributors (1.1%) | ||||||||
GATX Corp. | 3,199 | 351,954 | ||||||
MSC Industrial Direct Co., Inc. Class A | 4,314 | 362,376 | ||||||
Univar Solutions, Inc. (b) | 14,860 | 520,546 | ||||||
Watsco, Inc. | 3,057 | 972,615 | ||||||
2,207,491 | ||||||||
Industrials (0.2%) | ||||||||
Electronic Equipment, Instruments & Components (0.2%) | ||||||||
Coherent Corp. (b) | 12,644 | 481,484 | ||||||
Information Technology (12.0%) | ||||||||
Communications Equipment (0.7%) | ||||||||
Calix, Inc. (b) | 5,183 | 277,757 | ||||||
Ciena Corp. (b) | 13,470 | 707,444 | ||||||
Lumentum Holdings, Inc. (b) | 6,190 | 334,322 | ||||||
1,319,523 | ||||||||
Computers & Peripherals (0.1%) | ||||||||
Xerox Holdings Corp. | 10,128 | 155,971 | ||||||
Electronic Equipment, Instruments & Components (3.2%) | ||||||||
Arrow Electronics, Inc. (b) | 5,308 | 662,810 | ||||||
Avnet, Inc. | 8,309 | 375,567 | ||||||
Belden, Inc. | 3,923 | 340,399 | ||||||
Cognex Corp. | 15,749 | 780,363 | ||||||
IPG Photonics Corp. (b) | 2,926 | 360,805 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Jabil, Inc. | 12,138 | $ | 1,070,086 | |||||
Littelfuse, Inc. | 2,250 | 603,202 | ||||||
National Instruments Corp. | 11,882 | 622,736 | ||||||
Novanta, Inc. (b) (c) | 3,250 | 517,043 | ||||||
TD SYNNEX Corp. | 3,851 | 372,738 | ||||||
Vishay Intertechnology, Inc. | 11,727 | 265,265 | ||||||
Vontier Corp. | 14,322 | 391,563 | ||||||
6,362,577 | ||||||||
Financial Services (0.8%) | ||||||||
Euronet Worldwide, Inc. (b) | 4,301 | 481,282 | ||||||
Western Union Co. | 34,016 | 379,278 | ||||||
WEX, Inc. (b) | 3,982 | 732,250 | ||||||
1,592,810 | ||||||||
Interactive Media & Services (0.2%) | ||||||||
Ziff Davis, Inc. (b) | 4,223 | 329,605 | ||||||
IT Services (0.1%) | ||||||||
Kyndryl Holdings, Inc. (b) | 18,647 | 275,230 | ||||||
Life Sciences Tools & Services (0.1%) | ||||||||
Azenta, Inc. (b) | 6,293 | 280,794 | ||||||
Professional Services (1.0%) | ||||||||
Concentrix Corp. | 3,901 | 474,167 | ||||||
ExlService Holdings, Inc. (b) | 3,026 | 489,698 | ||||||
Genpact Ltd. (c) | 15,314 | 707,813 | ||||||
Maximus, Inc. | 5,512 | 433,794 | ||||||
2,105,472 | ||||||||
Semiconductors & Semiconductor Equipment (3.0%) | ||||||||
Allegro MicroSystems, Inc. (b) | 5,877 | 282,037 | ||||||
Amkor Technology, Inc. | 9,049 | 235,455 | ||||||
Cirrus Logic, Inc. (b) | 5,008 | 547,775 | ||||||
Lattice Semiconductor Corp. (b) | 12,482 | 1,192,031 | ||||||
MACOM Technology Solutions Holdings, Inc. (b) | 4,666 | 330,539 | ||||||
MKS Instruments, Inc. | 5,214 | 462,065 | ||||||
Power Integrations, Inc. | 5,204 | 440,467 | ||||||
Silicon Laboratories, Inc. (b) | 2,905 | 508,636 | ||||||
SiTime Corp. (b) | 1,510 | 214,767 | ||||||
SunPower Corp. (b) | 7,689 | 106,416 | ||||||
Synaptics, Inc. (b) | 3,618 | 402,141 | ||||||
Universal Display Corp. | 3,943 | 611,678 | ||||||
Wolfspeed, Inc. (b) | 11,314 | 734,844 | ||||||
6,068,851 | ||||||||
Software (2.8%) | ||||||||
ACI Worldwide, Inc. (b) | 10,148 | 273,793 | ||||||
Aspen Technology, Inc. (b) | 2,715 | 621,382 | ||||||
Blackbaud, Inc. (b) | 4,050 | 280,665 | ||||||
CommVault Systems, Inc. (b) | 3,966 | 225,031 | ||||||
Dynatrace, Inc. (b) | 19,743 | 835,129 | ||||||
Envestnet, Inc. (b) | 5,031 | 295,169 | ||||||
Manhattan Associates, Inc. (b) | 5,686 | 880,477 | ||||||
NCR Corp. (b) | 12,526 | 295,488 | ||||||
Paylocity Holding Corp. (b) | 3,755 | 746,419 | ||||||
Qualys, Inc. (b) | 3,188 | 414,504 | ||||||
Super Micro Computer, Inc. (b) | 4,241 | 451,878 | ||||||
Teradata Corp. (b) | 9,187 | 370,052 | ||||||
5,689,987 | ||||||||
Leisure and Consumer Staples (1.3%) | ||||||||
Beverages (0.2%) | ||||||||
Celsius Holdings, Inc. (b) | 3,661 | 340,253 | ||||||
Consumer Staples Distribution & Retail (0.9%) | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 12,243 | 931,325 | ||||||
Performance Food Group Co. (b) | 14,205 | 857,130 | ||||||
1,788,455 | ||||||||
Food Products (0.0%) | ||||||||
Pilgrim's Pride Corp. (b) | 4,047 | 93,810 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Personal Products (0.2%) | ||||||||
BellRing Brands, Inc. (b) | 12,164 | $ | 413,576 | |||||
Materials (6.7%) | ||||||||
Chemicals (2.8%) | ||||||||
Ashland, Inc. | 4,523 | 464,557 | ||||||
Avient Corp. | 7,705 | 317,138 | ||||||
Axalta Coating Systems Ltd. (b) (c) | 20,090 | 608,526 | ||||||
Cabot Corp. | 5,065 | 388,182 | ||||||
Chemours Co. | 13,509 | 404,459 | ||||||
Ingevity Corp. (b) | 3,166 | 226,432 | ||||||
NewMarket Corp. | 628 | 229,207 | ||||||
Olin Corp. | 11,205 | 621,878 | ||||||
RPM International, Inc. | 11,757 | 1,025,681 | ||||||
Scotts Miracle-Gro Co. | 3,737 | 260,618 | ||||||
Sensient Technologies Corp. | 3,780 | 289,397 | ||||||
Valvoline, Inc. | 15,658 | 547,091 | ||||||
Westlake Corp. | 3,158 | 366,265 | ||||||
5,749,431 | ||||||||
Construction Materials (0.2%) | ||||||||
Eagle Materials, Inc. | 3,283 | 481,780 | ||||||
Containers & Packaging (0.9%) | ||||||||
AptarGroup, Inc. | 5,915 | 699,094 | ||||||
Greif, Inc. Class A | 2,325 | 147,335 | ||||||
Silgan Holdings, Inc. | 7,588 | 407,248 | ||||||
Sonoco Products Co. | 8,822 | 538,142 | ||||||
1,791,819 | ||||||||
Metals & Mining (2.6%) | ||||||||
Alcoa Corp. | 16,117 | 685,940 | ||||||
Cleveland-Cliffs, Inc. (b) | 46,930 | 860,227 | ||||||
Commercial Metals Co. | 10,666 | 521,567 | �� | |||||
MP Materials Corp. (b) | 8,329 | 234,794 | ||||||
Reliance Steel & Aluminum Co. | 5,394 | 1,384,856 | ||||||
Royal Gold, Inc. | 5,978 | 775,406 | ||||||
U.S. Steel Corp. | 20,637 | 538,626 | ||||||
Worthington Industries, Inc. | 2,758 | 178,305 | ||||||
5,179,721 | ||||||||
Paper & Forest Products (0.2%) | ||||||||
Louisiana-Pacific Corp. | 6,488 | 351,714 | ||||||
Real Estate (6.9%) | ||||||||
Health Care REITs (1.1%) | ||||||||
Healthcare Realty Trust, Inc. | 34,660 | 669,978 | ||||||
Medical Properties Trust, Inc. | 54,551 | 448,409 | ||||||
Omega Healthcare Investors, Inc. | 21,334 | 584,765 | ||||||
Physicians Realty Trust | 20,788 | 310,365 | ||||||
Sabra Health Care REIT, Inc. | 21,035 | 241,902 | ||||||
2,255,419 | ||||||||
Hotels & Resort REITs (0.1%) | ||||||||
Park Hotels & Resorts, Inc. | 20,477 | 253,096 | ||||||
Industrial REITs (1.2%) | ||||||||
EastGroup Properties, Inc. | 3,978 | 657,643 | ||||||
First Industrial Realty Trust, Inc. | 12,034 | 640,209 | ||||||
Rexford Industrial Realty, Inc. | 17,223 | 1,027,352 | ||||||
2,325,204 | ||||||||
Office REITs (0.7%) | ||||||||
Corporate Office Properties Trust | 10,148 | 240,609 | ||||||
Cousins Properties, Inc. | 13,728 | 293,505 | ||||||
Douglas Emmett, Inc. | 16,009 | 197,391 | ||||||
Highwoods Properties, Inc. | 9,486 | 219,980 | ||||||
Kilroy Realty Corp. | 9,576 | 310,263 | ||||||
Vornado Realty Trust | 14,674 | 225,539 | ||||||
1,487,287 | ||||||||
Real Estate Management & Development (0.3%) | ||||||||
Jones Lang LaSalle, Inc. (b) | 4,347 | 632,445 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Residential REITs (0.2%) | ||||||||
Apartment Income REIT Corp. | 13,545 | $ | 485,046 | |||||
Retail REITs (1.2%) | ||||||||
Brixmor Property Group, Inc. | 27,314 | 587,797 | ||||||
Kite Realty Group Trust | 19,954 | 417,438 | ||||||
Macerich Co. | 19,602 | 207,781 | ||||||
National Retail Properties, Inc. | 16,526 | 729,623 | ||||||
Spirit Realty Capital, Inc. | 12,719 | 506,725 | ||||||
2,449,364 | ||||||||
Specialized REITs (2.1%) | ||||||||
CubeSmart | 20,452 | 945,292 | ||||||
EPR Properties | 6,734 | 256,565 | ||||||
Lamar Advertising Co. Class A | 7,937 | 792,827 | ||||||
Life Storage, Inc. | 7,711 | 1,010,835 | ||||||
National Storage Affiliates Trust | 7,692 | 321,372 | ||||||
PotlatchDeltic Corp. | 7,344 | 363,528 | ||||||
Rayonier, Inc. | 13,355 | 444,187 | ||||||
4,134,606 | ||||||||
Utilities (3.7%) | ||||||||
Construction & Engineering (0.3%) | ||||||||
MDU Resources Group, Inc. | 18,519 | 564,459 | ||||||
Electric Utilities (1.3%) | ||||||||
ALLETE, Inc. | 5,195 | 334,402 | ||||||
Hawaiian Electric Industries, Inc. | 9,876 | 379,239 | ||||||
IDACORP, Inc. | 4,630 | 501,568 | ||||||
OGE Energy Corp. | 18,233 | 686,655 | ||||||
Ormat Technologies, Inc. | 4,781 | 405,285 | ||||||
PNM Resources, Inc. | 7,725 | 376,053 | ||||||
2,683,202 | ||||||||
Gas Utilities (1.3%) | ||||||||
National Fuel Gas Co. | 8,337 | 481,378 | ||||||
New Jersey Resources Corp. | 8,765 | 466,298 | ||||||
ONE Gas, Inc. | 4,931 | 390,683 | ||||||
Southwest Gas Holdings, Inc. | 5,929 | 370,266 | ||||||
Spire, Inc. | 4,751 | 333,235 | ||||||
UGI Corp. | 19,085 | 663,395 | ||||||
2,705,255 | ||||||||
Multi-Utilities (0.3%) | ||||||||
Black Hills Corp. | 5,910 | 372,921 | ||||||
NorthWestern Corp. | 5,209 | 301,393 | ||||||
674,314 | ||||||||
Water Utilities (0.5%) | ||||||||
Essential Utilities, Inc. | 21,737 | 948,820 | ||||||
Total common stocks (cost: $147,728,048) | 195,324,742 | |||||||
Principal | ||||||||
Long-Term Debt Securities (0.5%) | ||||||||
Government Obligation (0.5%) | ||||||||
U.S. Government Agencies and Obligations (0.5%) | ||||||||
U.S. Treasury (0.5%) | ||||||||
U.S. Treasury Note, 1.750%, 05/15/23 (d) | $ | 1,000,000 | 996,250 | |||||
Total long-term debt securities (cost: $999,642) | 996,250 | |||||||
Shares | ||||||||
Mutual Funds (0.1%) | ||||||||
Investment Companies (0.1%) | ||||||||
SPDR S&P MidCap 400 ETF Trust | 800 | 366,728 | ||||||
Total mutual funds (cost: $354,087) | 366,728 | |||||||
Short-Term Securities (2.8%) | ||||||||
Investment Companies (2.8%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 5,588,465 | 5,588,465 | ||||||
Total short-term securities (cost: $5,588,465) | 5,588,465 | |||||||
Total investments in securities (cost: $154,670,242) (e) | 202,276,185 | |||||||
Cash and other assets in excess of liabilities (0.1%) | 162,182 | |||||||
Total net assets (100.0%) | $ | 202,438,367 |
See accompanying notes to investments in securities.
SFT Index 400 Mid-Cap Fund
Investments in Securities – continued
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 3.4% of net assets in foreign securities at March 31, 2023. |
(d) | Fully or partially pledged as initial margin deposits on open futures contracts. |
(e) | At March 31, 2023 the cost of investments for federal income tax purposes was $154,682,872. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 61,371,489 | ||
Gross unrealized depreciation | (13,886,013 | ) | ||
Net unrealized appreciation | $ | 47,485,476 |
Holdings of Open Futures Contracts |
On March 31, 2023, securities with an aggregate market value $996,250 have been pledged to cover margin requirements for the following open futures contracts: |
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||
S&P Mid 400® E-Mini Index Future | June 2023 | 26 | Long | $ | 6,685,057 | $ | 6,577,220 | $ | (107,837 | ) |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (97.5%) | ||||||||
Communication Services (1.3%) | ||||||||
Diversified Telecommunication Services (0.9%) | ||||||||
AT&T, Inc. | 215,827 | $ | 4,154,670 | |||||
Verizon Communications, Inc. | 127,167 | 4,945,524 | ||||||
9,100,194 | ||||||||
Entertainment (0.1%) | ||||||||
Warner Bros Discovery, Inc. (b) | 66,911 | 1,010,356 | ||||||
Interactive Media & Services (0.0%) | ||||||||
Match Group, Inc. (b) | 8,407 | 322,745 | ||||||
Media (0.1%) | ||||||||
Fox Corp. Class A | 8,981 | 305,803 | ||||||
Fox Corp. Class B | 4,151 | 129,968 | ||||||
Paramount Global Class B | 15,260 | 340,450 | ||||||
776,221 | ||||||||
Wireless Telecommunication Services (0.2%) | ||||||||
T-Mobile U.S., Inc. (b) | 17,934 | 2,597,561 | ||||||
Consumer Discretionary (11.8%) | ||||||||
Automobile Components (0.1%) | ||||||||
Aptiv PLC (b) (c) | 8,187 | 918,499 | ||||||
BorgWarner, Inc. | 7,089 | 348,141 | ||||||
1,266,640 | ||||||||
Automobiles (1.9%) | ||||||||
Ford Motor Co. | 118,551 | 1,493,743 | ||||||
General Motors Co. | 42,227 | 1,548,886 | ||||||
Tesla, Inc. (b) | 81,434 | 16,894,298 | ||||||
19,936,927 | ||||||||
Broadline Retail (3.1%) | ||||||||
Amazon.com, Inc. (b) | 269,938 | 27,881,896 | ||||||
Dollar General Corp. | 6,769 | 1,424,604 | ||||||
Dollar Tree, Inc. (b) | 6,234 | 894,890 | ||||||
Etsy, Inc. (b) | 3,721 | 414,259 | ||||||
Target Corp. | 13,914 | 2,304,576 | ||||||
32,920,225 | ||||||||
Casino Gaming (0.0%) | ||||||||
Caesars Entertainment, Inc. (b) | 6,434 | 314,044 | ||||||
Distributors (0.2%) | ||||||||
Genuine Parts Co. | 4,310 | 721,106 | ||||||
LKQ Corp. | 7,651 | 434,271 | ||||||
Pool Corp. | 1,170 | 400,655 | ||||||
1,556,032 | ||||||||
Entertainment (1.0%) | ||||||||
Netflix, Inc. (b) | 13,547 | 4,680,217 | ||||||
Walt Disney Co. (b) | 55,313 | 5,538,491 | ||||||
10,218,708 | ||||||||
Hotels, Restaurants & Leisure (1.9%) | ||||||||
Booking Holdings, Inc. (b) | 1,174 | 3,113,929 | ||||||
Carnival Corp. (b) (c) | 30,259 | 307,129 | ||||||
Chipotle Mexican Grill, Inc. (b) | 849 | 1,450,338 | ||||||
Darden Restaurants, Inc. | 3,638 | 564,472 | ||||||
Domino's Pizza, Inc. | 1,070 | 352,961 | ||||||
Expedia Group, Inc. (b) | 4,463 | 433,045 | ||||||
Las Vegas Sands Corp. (b) | 9,860 | 566,457 | ||||||
Marriott International, Inc. Class A | 8,130 | 1,349,905 | ||||||
McDonald's Corp. | 22,232 | 6,216,290 | ||||||
MGM Resorts International | 9,527 | 423,189 | ||||||
Norwegian Cruise Line Holdings Ltd. (b) (c) | 12,759 | 171,609 | ||||||
Royal Caribbean Cruises Ltd. (b) (c) | 6,631 | 433,004 | ||||||
Starbucks Corp. | 34,799 | 3,623,620 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Wynn Resorts Ltd. (b) | 3,125 | $ | 349,719 | |||||
Yum! Brands, Inc. | 8,474 | 1,119,246 | ||||||
20,474,913 | ||||||||
Household Durables (0.3%) | ||||||||
DR Horton, Inc. | 9,379 | 916,234 | ||||||
Garmin Ltd. (c) | 4,629 | 467,158 | ||||||
Lennar Corp. Class A | 7,598 | 798,626 | ||||||
Mohawk Industries, Inc. (b) | 1,513 | 151,633 | ||||||
Newell Brands, Inc. | 11,396 | 141,766 | ||||||
NVR, Inc. (b) | 94 | 523,786 | ||||||
PulteGroup, Inc. | 6,746 | 393,157 | ||||||
Whirlpool Corp. | 1,635 | 215,853 | ||||||
3,608,213 | ||||||||
Leisure Equipment & Products (0.0%) | ||||||||
Hasbro, Inc. | 3,835 | 205,901 | ||||||
Media (0.7%) | ||||||||
Charter Communications, Inc. Class A (b) | 3,227 | 1,154,007 | ||||||
Comcast Corp. Class A | 127,371 | 4,828,635 | ||||||
DISH Network Corp. Class A (b) | 7,594 | 70,852 | ||||||
Interpublic Group of Cos., Inc. | 11,691 | 435,373 | ||||||
Live Nation Entertainment, Inc. (b) | 4,263 | 298,410 | ||||||
News Corp. Class A | 11,519 | 198,933 | ||||||
News Corp. Class B | 3,493 | 60,883 | ||||||
Omnicom Group, Inc. | 6,061 | 571,795 | ||||||
7,618,888 | ||||||||
Specialty Retail (2.1%) | ||||||||
Advance Auto Parts, Inc. | 1,798 | 218,655 | ||||||
AutoZone, Inc. (b) | 586 | 1,440,476 | ||||||
Bath & Body Works, Inc. | 6,850 | 250,573 | ||||||
Best Buy Co., Inc. | 5,954 | 466,020 | ||||||
CarMax, Inc. (b) | 4,756 | 305,716 | ||||||
Home Depot, Inc. | 30,860 | 9,107,403 | ||||||
Lowe's Cos., Inc. | 18,310 | 3,661,451 | ||||||
O'Reilly Automotive, Inc. (b) | 1,941 | 1,647,870 | ||||||
Ross Stores, Inc. | 10,355 | 1,098,976 | ||||||
TJX Cos., Inc. | 34,958 | 2,739,309 | ||||||
Tractor Supply Co. | 3,309 | 777,747 | ||||||
Ulta Beauty, Inc. (b) | 1,578 | 861,067 | ||||||
22,575,263 | ||||||||
Textiles, Apparel & Luxury Goods (0.5%) | ||||||||
NIKE, Inc. Class B | 37,717 | 4,625,613 | ||||||
Ralph Lauren Corp. | 1,233 | 143,854 | ||||||
Tapestry, Inc. | 7,148 | 308,150 | ||||||
VF Corp. | 9,909 | 227,015 | ||||||
5,304,632 | ||||||||
Consumer Staples (6.9%) | ||||||||
Beverages (1.8%) | ||||||||
Brown-Forman Corp. Class B | 5,525 | 355,092 | ||||||
Coca-Cola Co. | 117,846 | 7,309,987 | ||||||
Constellation Brands, Inc. Class A | 4,905 | 1,107,990 | ||||||
Keurig Dr Pepper, Inc. | 25,676 | 905,849 | ||||||
Molson Coors Beverage Co. Class B | 5,647 | 291,837 | ||||||
Monster Beverage Corp. (b) | 22,882 | 1,235,857 | ||||||
PepsiCo, Inc. | 41,729 | 7,607,197 | ||||||
18,813,809 | ||||||||
Consumer Staples Distribution & Retail (1.8%) | ||||||||
Costco Wholesale Corp. | 13,431 | 6,673,461 | ||||||
CVS Health Corp. | 38,881 | 2,889,247 | ||||||
Kroger Co. | 19,682 | 971,700 | ||||||
Sysco Corp. | 15,288 | 1,180,692 | ||||||
Walgreens Boots Alliance, Inc. | 21,589 | 746,548 | ||||||
Walmart, Inc. | 42,461 | 6,260,875 | ||||||
18,722,523 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Food Products (1.1%) | ||||||||
Archer-Daniels-Midland Co. | 16,498 | $ | 1,314,231 | |||||
Bunge Ltd. (c) | 4,531 | 432,801 | ||||||
Campbell Soup Co. | 5,989 | 329,275 | ||||||
Conagra Brands, Inc. | 14,406 | 541,089 | ||||||
General Mills, Inc. | 17,834 | 1,524,094 | ||||||
Hershey Co. | 4,465 | 1,135,941 | ||||||
Hormel Foods Corp. | 8,684 | 346,318 | ||||||
J M Smucker Co. | 3,241 | 510,036 | ||||||
Kellogg Co. | 7,654 | 512,512 | ||||||
Kraft Heinz Co. | 24,058 | 930,323 | ||||||
Lamb Weston Holdings, Inc. | 4,297 | 449,122 | ||||||
McCormick & Co., Inc. | 7,516 | 625,406 | ||||||
Mondelez International, Inc. Class A | 41,263 | 2,876,856 | ||||||
Tyson Foods, Inc. Class A | 8,590 | 509,559 | ||||||
12,037,563 | ||||||||
Household Products (1.4%) | ||||||||
Church & Dwight Co., Inc. | 7,289 | 644,420 | ||||||
Clorox Co. | 3,720 | 588,653 | ||||||
Colgate-Palmolive Co. | 25,237 | 1,896,561 | ||||||
Kimberly-Clark Corp. | 10,231 | 1,373,205 | ||||||
Procter & Gamble Co. | 71,432 | 10,621,224 | ||||||
15,124,063 | ||||||||
Personal Care (0.2%) | ||||||||
Estee Lauder Cos., Inc. Class A | 7,031 | 1,732,860 | ||||||
Tobacco (0.6%) | ||||||||
Altria Group, Inc. | 54,052 | 2,411,800 | ||||||
Philip Morris International, Inc. | 46,841 | 4,555,288 | ||||||
6,967,088 | ||||||||
Energy (4.4%) | ||||||||
Energy Equipment & Services (0.4%) | ||||||||
Baker Hughes Co. | 30,460 | 879,075 | ||||||
Halliburton Co. | 27,337 | 864,943 | ||||||
Schlumberger NV (c) | 43,001 | 2,111,349 | ||||||
3,855,367 | ||||||||
Oil, Gas & Consumable Fuels (4.0%) | ||||||||
APA Corp. | 9,698 | 349,710 | ||||||
Chevron Corp. | 53,864 | 8,788,450 | ||||||
ConocoPhillips | 37,056 | 3,676,326 | ||||||
Coterra Energy, Inc. | 23,873 | 585,843 | ||||||
Devon Energy Corp. | 19,752 | 999,649 | ||||||
Diamondback Energy, Inc. | 5,564 | 752,086 | ||||||
EOG Resources, Inc. | 17,748 | 2,034,453 | ||||||
EQT Corp. | 11,015 | 351,489 | ||||||
Exxon Mobil Corp. | 124,688 | 13,673,286 | ||||||
Hess Corp. | 8,361 | 1,106,495 | ||||||
Kinder Morgan, Inc. | 59,898 | 1,048,814 | ||||||
Marathon Oil Corp. | 19,189 | 459,768 | ||||||
Marathon Petroleum Corp. | 13,746 | 1,853,373 | ||||||
Occidental Petroleum Corp. | 21,971 | 1,371,650 | ||||||
Phillips 66 | 14,109 | 1,430,370 | ||||||
Pioneer Natural Resources Co. | 7,162 | 1,462,767 | ||||||
Targa Resources Corp. | 6,820 | 497,519 | ||||||
Valero Energy Corp. | 11,649 | 1,626,200 | ||||||
Williams Cos., Inc. | 36,803 | 1,098,938 | ||||||
43,167,186 | ||||||||
Financial (10.0%) | ||||||||
Capital Markets (2.8%) | ||||||||
Ameriprise Financial, Inc. | 3,214 | 985,091 | ||||||
Bank of New York Mellon Corp. | 22,225 | 1,009,904 | ||||||
BlackRock, Inc. | 4,525 | 3,027,768 | ||||||
Cboe Global Markets, Inc. | 3,154 | 423,393 | ||||||
Charles Schwab Corp. | 46,089 | 2,414,142 | ||||||
CME Group, Inc. | 10,869 | 2,081,631 | ||||||
FactSet Research Systems, Inc. | 1,221 | 506,825 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Franklin Resources, Inc. | 8,635 | $ | 232,627 | |||||
Goldman Sachs Group, Inc. | 10,232 | 3,346,990 | ||||||
Intercontinental Exchange, Inc. | 16,877 | 1,760,102 | ||||||
Invesco Ltd. (c) | 13,770 | 225,828 | ||||||
MarketAxess Holdings, Inc. | 1,169 | 457,418 | ||||||
Moody's Corp. | 4,807 | 1,471,038 | ||||||
Morgan Stanley | 39,559 | 3,473,280 | ||||||
MSCI, Inc. | 2,447 | 1,369,561 | ||||||
Nasdaq, Inc. | 10,242 | 559,930 | ||||||
Northern Trust Corp. | 6,253 | 551,077 | ||||||
Raymond James Financial, Inc. | 5,781 | 539,194 | ||||||
S&P Global, Inc. | 9,962 | 3,434,599 | ||||||
State Street Corp. | 10,568 | 799,892 | ||||||
T Rowe Price Group, Inc. | 6,708 | 757,333 | ||||||
29,427,623 | ||||||||
Commercial Banks (3.0%) | ||||||||
Bank of America Corp. | 211,331 | 6,044,066 | ||||||
Citigroup, Inc. | 58,645 | 2,749,864 | ||||||
Citizens Financial Group, Inc. | 14,873 | 451,693 | ||||||
Comerica, Inc. | 3,925 | 170,423 | ||||||
Fifth Third Bancorp | 20,640 | 549,849 | ||||||
First Republic Bank | 5,625 | 78,694 | ||||||
Huntington Bancshares, Inc. | 43,694 | 489,373 | ||||||
JPMorgan Chase & Co. | 88,814 | 11,573,352 | ||||||
KeyCorp | 28,190 | 352,939 | ||||||
M&T Bank Corp. | 5,147 | 615,427 | ||||||
PNC Financial Services Group, Inc. | 12,087 | 1,536,258 | ||||||
Regions Financial Corp. | 28,235 | 524,042 | ||||||
Truist Financial Corp. | 40,089 | 1,367,035 | ||||||
U.S. Bancorp | 42,184 | 1,520,733 | ||||||
Wells Fargo & Co. | 115,376 | 4,312,755 | ||||||
Zions Bancorp NA | 4,504 | 134,805 | ||||||
32,471,308 | ||||||||
Consumer Finance (0.5%) | ||||||||
American Express Co. | 17,998 | 2,968,770 | ||||||
Capital One Financial Corp. | 11,517 | 1,107,475 | ||||||
Discover Financial Services | 8,084 | 799,022 | ||||||
Synchrony Financial | 13,232 | 384,787 | ||||||
5,260,054 | ||||||||
Financial Services (1.6%) | ||||||||
Berkshire Hathaway, Inc. Class B (b) | 54,554 | 16,844,639 | ||||||
Insurance (2.1%) | ||||||||
Aflac, Inc. | 16,952 | 1,093,743 | ||||||
Allstate Corp. | 7,892 | 874,513 | ||||||
American International Group, Inc. | 22,450 | 1,130,582 | ||||||
Aon PLC Class A (c) | 6,250 | 1,970,562 | ||||||
Arch Capital Group Ltd. (b) (c) | 11,199 | 760,076 | ||||||
Arthur J Gallagher & Co. | 6,371 | 1,218,836 | ||||||
Assurant, Inc. | 1,555 | 186,709 | ||||||
Brown & Brown, Inc. | 7,034 | 403,892 | ||||||
Chubb Ltd. (c) | 12,523 | 2,431,716 | ||||||
Cincinnati Financial Corp. | 4,677 | 524,198 | ||||||
Everest Re Group Ltd. (c) | 1,252 | 448,241 | ||||||
Globe Life, Inc. | 2,674 | 294,193 | ||||||
Hartford Financial Services Group, Inc. | 9,496 | 661,776 | ||||||
Lincoln National Corp. | 4,648 | 104,441 | ||||||
Loews Corp. | 5,901 | 342,376 | ||||||
Marsh & McLennan Cos., Inc. | 14,947 | 2,489,423 | ||||||
MetLife, Inc. | 19,914 | 1,153,817 | ||||||
Principal Financial Group, Inc. | 6,800 | 505,376 | ||||||
Progressive Corp. | 17,678 | 2,529,015 | ||||||
Prudential Financial, Inc. | 11,056 | 914,773 | ||||||
Travelers Cos., Inc. | 6,965 | 1,193,871 | ||||||
Willis Towers Watson PLC (c) | 3,221 | 748,496 | ||||||
WR Berkley Corp. | 6,129 | 381,592 | ||||||
22,362,217 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Health Care (13.6%) | ||||||||
Biotechnology (2.2%) | ||||||||
AbbVie, Inc. | 53,547 | $ | 8,533,786 | |||||
Amgen, Inc. | 16,152 | 3,904,746 | ||||||
Biogen, Inc. (b) | 4,345 | 1,208,040 | ||||||
Gilead Sciences, Inc. | 37,757 | 3,132,698 | ||||||
Incyte Corp. (b) | 5,508 | 398,063 | ||||||
Moderna, Inc. (b) | 9,983 | 1,533,189 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 3,256 | 2,675,358 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 7,827 | 2,466,053 | ||||||
23,851,933 | ||||||||
Health Care Equipment & Supplies (3.3%) | ||||||||
Abbott Laboratories | 52,793 | 5,345,819 | ||||||
Align Technology, Inc. (b) | 2,232 | 745,800 | ||||||
Baxter International, Inc. | 15,232 | 617,810 | ||||||
Becton Dickinson & Co. | 8,620 | 2,133,795 | ||||||
Boston Scientific Corp. (b) | 43,279 | 2,165,248 | ||||||
Cooper Cos., Inc. | 1,566 | 584,682 | ||||||
Danaher Corp. | 19,897 | 5,014,840 | ||||||
Dentsply Sirona, Inc. | 6,493 | 255,045 | ||||||
Dexcom, Inc. (b) | 11,700 | 1,359,306 | ||||||
Edwards Lifesciences Corp. (b) | 18,681 | 1,545,479 | ||||||
GE HealthCare Technologies, Inc. (b) | 10,905 | 894,537 | ||||||
Hologic, Inc. (b) | 7,443 | 600,650 | ||||||
IDEXX Laboratories, Inc. (b) | 2,488 | 1,244,199 | ||||||
Insulet Corp. (b) | 2,103 | 670,773 | ||||||
Intuitive Surgical, Inc. (b) | 10,668 | 2,725,354 | ||||||
Medtronic PLC (c) | 40,276 | 3,247,051 | ||||||
ResMed, Inc. | 4,406 | 964,870 | ||||||
STERIS PLC (c) | 2,975 | 569,058 | ||||||
Stryker Corp. | 10,177 | 2,905,228 | ||||||
Teleflex, Inc. | 1,454 | 368,313 | ||||||
West Pharmaceutical Services, Inc. | 2,230 | 772,628 | ||||||
Zimmer Biomet Holdings, Inc. | 6,343 | 819,516 | ||||||
35,550,001 | ||||||||
Health Care Providers & Services (2.7%) | ||||||||
AmerisourceBergen Corp. | 4,901 | 784,699 | ||||||
Cardinal Health, Inc. | 7,800 | 588,900 | ||||||
Centene Corp. (b) | 16,676 | 1,054,090 | ||||||
Cigna Group | 9,044 | 2,311,013 | ||||||
DaVita, Inc. (b) | 1,571 | 127,424 | ||||||
Elevance Health, Inc. | 7,218 | 3,318,909 | ||||||
HCA Healthcare, Inc. | 6,460 | 1,703,373 | ||||||
Henry Schein, Inc. (b) | 4,083 | 332,928 | ||||||
Humana, Inc. | 3,830 | 1,859,312 | ||||||
Laboratory Corp. of America Holdings | 2,666 | 611,634 | ||||||
McKesson Corp. | 4,147 | 1,476,539 | ||||||
Molina Healthcare, Inc. (b) | 1,740 | 465,433 | ||||||
Quest Diagnostics, Inc. | 3,361 | 475,514 | ||||||
UnitedHealth Group, Inc. | 28,333 | 13,389,892 | ||||||
Universal Health Services, Inc. Class B | 1,899 | 241,363 | ||||||
28,741,023 | ||||||||
Life Sciences Tools & Services (1.3%) | ||||||||
Agilent Technologies, Inc. | 8,891 | 1,229,981 | ||||||
Bio-Rad Laboratories, Inc. Class A (b) | 692 | 331,482 | ||||||
Bio-Techne Corp. | 4,680 | 347,209 | ||||||
Charles River Laboratories International, Inc. (b) | 1,510 | 304,748 | ||||||
Illumina, Inc. (b) | 4,755 | 1,105,775 | ||||||
IQVIA Holdings, Inc. (b) | 5,633 | 1,120,347 | ||||||
Mettler-Toledo International, Inc. (b) | 669 | 1,023,711 | ||||||
PerkinElmer, Inc. | 3,758 | 500,791 | ||||||
Thermo Fisher Scientific, Inc. | 11,886 | 6,850,734 | ||||||
Waters Corp. (b) | 1,844 | 570,958 | ||||||
13,385,736 | ||||||||
Pharmaceuticals (4.1%) | ||||||||
Bristol-Myers Squibb Co. | 64,377 | 4,461,970 | ||||||
Catalent, Inc. (b) | 5,437 | 357,265 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Eli Lilly & Co. | 23,930 | $ | 8,218,041 | |||||
Johnson & Johnson | 79,163 | 12,270,265 | ||||||
Merck & Co., Inc. | 76,768 | 8,167,347 | ||||||
Organon & Co. | 7,631 | 179,481 | ||||||
Pfizer, Inc. | 169,964 | 6,934,531 | ||||||
Viatris, Inc. | 36,642 | 352,496 | ||||||
Zoetis, Inc. | 14,077 | 2,342,976 | ||||||
43,284,372 | ||||||||
Industrials (8.2%) | ||||||||
Aerospace & Defense (1.7%) | ||||||||
Boeing Co. (b) | 17,028 | 3,617,258 | ||||||
General Dynamics Corp. | 6,847 | 1,562,554 | ||||||
Howmet Aerospace, Inc. | 11,065 | 468,824 | ||||||
Huntington Ingalls Industries, Inc. | 1,189 | 246,147 | ||||||
L3Harris Technologies, Inc. | 5,731 | 1,124,651 | ||||||
Lockheed Martin Corp. | 6,880 | 3,252,382 | ||||||
Northrop Grumman Corp. | 4,343 | 2,005,250 | ||||||
Raytheon Technologies Corp. | 44,319 | 4,340,160 | ||||||
Teledyne Technologies, Inc. (b) | 1,468 | 656,725 | ||||||
TransDigm Group, Inc. | 1,569 | 1,156,431 | ||||||
18,430,382 | ||||||||
Air Freight & Logistics (0.6%) | ||||||||
CH Robinson Worldwide, Inc. | 3,550 | 352,764 | ||||||
Expeditors International of Washington, Inc. | 4,739 | 521,859 | ||||||
FedEx Corp. | 7,031 | 1,606,513 | ||||||
United Parcel Service, Inc. Class B | 22,079 | 4,283,105 | ||||||
6,764,241 | ||||||||
Building Products (0.4%) | ||||||||
Allegion PLC (c) | 2,654 | 283,261 | ||||||
AO Smith Corp. | 3,750 | 259,313 | ||||||
Carrier Global Corp. | 25,169 | 1,151,482 | ||||||
Johnson Controls International PLC (c) | 20,709 | 1,247,096 | ||||||
Masco Corp. | 6,767 | 336,455 | ||||||
Trane Technologies PLC (c) | 6,932 | 1,275,349 | ||||||
4,552,956 | ||||||||
Commercial Services & Supplies (0.5%) | ||||||||
Cintas Corp. | 2,690 | 1,244,609 | ||||||
Copart, Inc. (b) | 12,948 | 973,819 | ||||||
Republic Services, Inc. | 6,216 | 840,528 | ||||||
Rollins, Inc. | 6,944 | 260,608 | ||||||
Waste Management, Inc. | 11,187 | 1,825,383 | ||||||
5,144,947 | ||||||||
Construction & Engineering (0.1%) | ||||||||
Quanta Services, Inc. | 4,281 | 713,386 | ||||||
Electrical Equipment (0.5%) | ||||||||
AMETEK, Inc. | 6,939 | 1,008,445 | ||||||
Eaton Corp. PLC (c) | 12,052 | 2,064,990 | ||||||
Emerson Electric Co. | 17,301 | 1,507,609 | ||||||
Generac Holdings, Inc. (b) | 1,918 | 207,163 | ||||||
Rockwell Automation, Inc. | 3,513 | 1,030,890 | ||||||
5,819,097 | ||||||||
Ground Transportation (0.8%) | ||||||||
CSX Corp. | 63,658 | 1,905,920 | ||||||
JB Hunt Transport Services, Inc. | 2,471 | 433,562 | ||||||
Norfolk Southern Corp. | 6,897 | 1,462,164 | ||||||
Old Dominion Freight Line, Inc. | 2,750 | 937,310 | ||||||
Union Pacific Corp. | 18,577 | 3,738,807 | ||||||
8,477,763 | ||||||||
Industrial Conglomerates (1.0%) | ||||||||
3M Co. | 16,601 | 1,744,931 | ||||||
General Electric Co. | 32,916 | 3,146,770 | ||||||
Honeywell International, Inc. | 20,215 | 3,863,491 | ||||||
Roper Technologies, Inc. | 3,262 | 1,437,531 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Textron, Inc. | 6,307 | $ | 445,463 | |||||
10,638,186 | ||||||||
Machinery (1.8%) | ||||||||
Caterpillar, Inc. | 15,789 | 3,613,155 | ||||||
Cummins, Inc. | 4,310 | 1,029,573 | ||||||
Deere & Co. | 8,188 | 3,380,661 | ||||||
Dover Corp. | 4,180 | 635,109 | ||||||
Fortive Corp. | 10,644 | 725,602 | ||||||
IDEX Corp. | 2,249 | 519,586 | ||||||
Illinois Tool Works, Inc. | 8,387 | 2,041,815 | ||||||
Ingersoll Rand, Inc. | 12,235 | 711,832 | ||||||
Nordson Corp. | 1,610 | 357,839 | ||||||
Otis Worldwide Corp. | 12,476 | 1,052,974 | ||||||
PACCAR, Inc. | 15,805 | 1,156,926 | ||||||
Parker-Hannifin Corp. | 3,905 | 1,312,510 | ||||||
Pentair PLC (c) | 4,970 | 274,692 | ||||||
Snap-On, Inc. | 1,655 | 408,603 | ||||||
Stanley Black & Decker, Inc. | 4,397 | 354,310 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,495 | 555,325 | ||||||
Xylem, Inc. | 5,457 | 571,348 | ||||||
18,701,860 | ||||||||
Passenger Airlines (0.2%) | ||||||||
Alaska Air Group, Inc. (b) | 3,861 | 162,007 | ||||||
American Airlines Group, Inc. (b) | 19,637 | 289,646 | ||||||
Delta Air Lines, Inc. (b) | 19,374 | 676,540 | ||||||
Southwest Airlines Co. | 17,940 | 583,768 | ||||||
United Airlines Holdings, Inc. (b) | 9,878 | 437,101 | ||||||
2,149,062 | ||||||||
Professional Services (0.4%) | ||||||||
CoStar Group, Inc. (b) | 12,288 | 846,029 | ||||||
Equifax, Inc. | 3,663 | 743,003 | ||||||
Jacobs Solutions, Inc. | 3,807 | 447,360 | ||||||
Robert Half International, Inc. | 3,252 | 262,014 | ||||||
United Rentals, Inc. | 2,093 | 828,326 | ||||||
Verisk Analytics, Inc. | 4,756 | 912,486 | ||||||
4,039,218 | ||||||||
Trading Companies & Distributors (0.2%) | ||||||||
Fastenal Co. | 17,244 | 930,141 | ||||||
WW Grainger, Inc. | 1,386 | 954,691 | ||||||
1,884,832 | ||||||||
Information Technology (33.3%) | ||||||||
Broadline Retail (0.1%) | ||||||||
eBay, Inc. | 16,385 | 727,003 | ||||||
Communications Equipment (0.9%) | ||||||||
Arista Networks, Inc. (b) | 7,495 | 1,258,111 | ||||||
Cisco Systems, Inc. | 124,388 | 6,502,383 | ||||||
F5, Inc. (b) | 1,821 | 265,301 | ||||||
Juniper Networks, Inc. | 9,806 | 337,522 | ||||||
Motorola Solutions, Inc. | 5,045 | 1,443,526 | ||||||
9,806,843 | ||||||||
Computers & Peripherals (7.1%) | ||||||||
Apple, Inc. (d) | 450,325 | 74,258,592 | ||||||
NetApp, Inc. | 6,487 | 414,195 | ||||||
Seagate Technology Holdings PLC (c) | 5,782 | 382,306 | ||||||
Western Digital Corp. (b) | 9,598 | 361,557 | ||||||
75,416,650 | ||||||||
Electronic Equipment, Instruments & Components (0.5%) | ||||||||
Amphenol Corp. Class A | 17,981 | 1,469,408 | ||||||
CDW Corp. | 4,127 | 804,311 | ||||||
Corning, Inc. | 23,001 | 811,475 | ||||||
Keysight Technologies, Inc. (b) | 5,362 | 865,856 | ||||||
TE Connectivity Ltd. (c) | 9,542 | 1,251,433 | ||||||
Trimble, Inc. (b) | 7,467 | 391,420 | ||||||
5,593,903 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Financial Services (2.6%) | ||||||||
Fidelity National Information Services, Inc. | 17,929 | $ | 974,082 | |||||
Fiserv, Inc. (b) | 19,227 | 2,173,228 | ||||||
FleetCor Technologies, Inc. (b) | 2,194 | 462,605 | ||||||
Global Payments, Inc. | 7,965 | 838,237 | ||||||
Jack Henry & Associates, Inc. | 2,188 | 329,775 | ||||||
Mastercard, Inc. Class A | 25,538 | 9,280,764 | ||||||
PayPal Holdings, Inc. (b) | 34,256 | 2,601,401 | ||||||
Visa, Inc. Class A | 49,202 | 11,093,083 | ||||||
27,753,175 | ||||||||
Interactive Media & Services (4.7%) | ||||||||
Akamai Technologies, Inc. (b) | 4,723 | 369,811 | ||||||
Alphabet, Inc. Class A (b) | 180,340 | 18,706,668 | ||||||
Alphabet, Inc. Class C (b) | 157,212 | 16,350,048 | ||||||
Meta Platforms, Inc. Class A (b) | 67,393 | 14,283,273 | ||||||
49,709,800 | ||||||||
IT Services (1.1%) | ||||||||
Accenture PLC Class A (c) | 19,081 | 5,453,541 | ||||||
Cognizant Technology Solutions Corp. Class A | 15,411 | 938,992 | ||||||
DXC Technology Co. (b) | 6,798 | 173,757 | ||||||
EPAM Systems, Inc. (b) | 1,789 | 534,911 | ||||||
Gartner, Inc. (b) | 2,411 | 785,431 | ||||||
International Business Machines Corp. | 27,319 | 3,581,248 | ||||||
VeriSign, Inc. (b) | 2,788 | 589,188 | ||||||
12,057,068 | ||||||||
Office Electronics (0.0%) | ||||||||
Zebra Technologies Corp. Class A (b) | 1,610 | 511,980 | ||||||
Professional Services (0.5%) | ||||||||
Automatic Data Processing, Inc. | 12,566 | 2,797,569 | ||||||
Broadridge Financial Solutions, Inc. | 3,541 | 519,004 | ||||||
Leidos Holdings, Inc. | 4,049 | 372,751 | ||||||
Paychex, Inc. | 9,714 | 1,113,127 | ||||||
4,802,451 | ||||||||
Semiconductors & Semiconductor Equipment (6.3%) | ||||||||
Advanced Micro Devices, Inc. (b) | 48,820 | 4,784,848 | ||||||
Analog Devices, Inc. | 15,347 | 3,026,735 | ||||||
Applied Materials, Inc. | 25,527 | 3,135,482 | ||||||
Broadcom, Inc. | 12,653 | 8,117,406 | ||||||
Enphase Energy, Inc. (b) | 4,122 | 866,774 | ||||||
First Solar, Inc. (b) | 2,996 | 651,630 | ||||||
Intel Corp. | 125,263 | 4,092,342 | ||||||
KLA Corp. | 4,255 | 1,698,468 | ||||||
Lam Research Corp. | 4,144 | 2,196,817 | ||||||
Microchip Technology, Inc. | 16,563 | 1,387,648 | ||||||
Micron Technology, Inc. | 33,039 | 1,993,573 | ||||||
Monolithic Power Systems, Inc. | 1,410 | 705,762 | ||||||
NVIDIA Corp. | 74,486 | 20,689,976 | ||||||
NXP Semiconductors NV (c) | 7,880 | 1,469,423 | ||||||
ON Semiconductor Corp. (b) | 13,066 | 1,075,593 | ||||||
Qorvo, Inc. (b) | 2,959 | 300,546 | ||||||
QUALCOMM, Inc. | 33,761 | 4,307,228 | ||||||
Skyworks Solutions, Inc. | 4,748 | 560,169 | ||||||
SolarEdge Technologies, Inc. (b) (c) | 1,664 | 505,773 | ||||||
Teradyne, Inc. | 4,664 | 501,427 | ||||||
Texas Instruments, Inc. | 27,421 | 5,100,580 | ||||||
67,168,200 | ||||||||
Software (9.4%) | ||||||||
Activision Blizzard, Inc. | 21,519 | 1,841,811 | ||||||
Adobe, Inc. (b) | 13,862 | 5,341,999 | ||||||
ANSYS, Inc. (b) | 2,627 | 874,266 | ||||||
Autodesk, Inc. (b) | 6,504 | 1,353,873 | ||||||
Cadence Design Systems, Inc. (b) | 8,306 | 1,745,007 | ||||||
Ceridian HCM Holding, Inc. (b) | 4,592 | 336,226 | ||||||
Electronic Arts, Inc. | 7,826 | 942,642 | ||||||
Fair Isaac Corp. (b) | 762 | 535,450 | ||||||
Fortinet, Inc. (b) | 19,539 | 1,298,562 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Gen Digital, Inc. | 17,223 | $ | 295,547 | |||||
Intuit, Inc. | 8,502 | 3,790,447 | ||||||
Microsoft Corp. | 225,389 | 64,979,649 | ||||||
Oracle Corp. | 46,436 | 4,314,833 | ||||||
Paycom Software, Inc. (b) | 1,440 | 437,774 | ||||||
PTC, Inc. (b) | 3,200 | 410,336 | ||||||
Salesforce, Inc. (b) | 30,316 | 6,056,530 | ||||||
ServiceNow, Inc. (b) | 6,180 | 2,871,970 | ||||||
Synopsys, Inc. (b) | 4,646 | 1,794,517 | ||||||
Take-Two Interactive Software, Inc. (b) | 4,804 | 573,117 | ||||||
Tyler Technologies, Inc. (b) | 1,286 | 456,067 | ||||||
100,250,623 | ||||||||
Technology Hardware Storage & Peripherals (0.1%) | ||||||||
Hewlett Packard Enterprise Co. | 38,779 | 617,750 | ||||||
HP, Inc. | 26,169 | 768,060 | ||||||
1,385,810 | ||||||||
Materials (2.6%) | ||||||||
Chemicals (1.8%) | ||||||||
Air Products & Chemicals, Inc. | 6,744 | 1,936,944 | ||||||
Albemarle Corp. | 3,592 | 793,976 | ||||||
Celanese Corp. | 2,991 | 325,690 | ||||||
CF Industries Holdings, Inc. | 5,879 | 426,169 | ||||||
Corteva, Inc. | 21,497 | 1,296,484 | ||||||
Dow, Inc. | 21,264 | 1,165,692 | ||||||
DuPont de Nemours, Inc. | 13,871 | 995,522 | ||||||
Eastman Chemical Co. | 3,585 | 302,359 | ||||||
Ecolab, Inc. | 7,470 | 1,236,509 | ||||||
FMC Corp. | 3,806 | 464,827 | ||||||
International Flavors & Fragrances, Inc. | 7,703 | 708,368 | ||||||
Linde PLC (c) | 14,893 | 5,293,568 | ||||||
LyondellBasell Industries NV Class A (c) | 7,632 | 716,568 | ||||||
Mosaic Co. | 10,260 | 470,729 | ||||||
PPG Industries, Inc. | 7,125 | 951,757 | ||||||
Sherwin-Williams Co. | 7,126 | 1,601,711 | ||||||
18,686,873 | ||||||||
Commercial Services & Supplies (0.1%) | ||||||||
Avery Dennison Corp. | 2,430 | 434,800 | ||||||
Construction Materials (0.1%) | ||||||||
Martin Marietta Materials, Inc. | 1,899 | 674,259 | ||||||
Vulcan Materials Co. | 4,047 | 694,303 | ||||||
1,368,562 | ||||||||
Containers & Packaging (0.2%) | ||||||||
Amcor PLC (c) | 44,892 | 510,871 | ||||||
Ball Corp. | 9,505 | 523,821 | ||||||
International Paper Co. | 10,747 | 387,537 | ||||||
Packaging Corp. of America | 2,782 | 386,225 | ||||||
Sealed Air Corp. | 4,294 | 197,137 | ||||||
WestRock Co. | 7,710 | 234,924 | ||||||
2,240,515 | ||||||||
Metals & Mining (0.4%) | ||||||||
Freeport-McMoRan, Inc. | 43,188 | 1,766,821 | ||||||
Newmont Corp. | 23,983 | 1,175,647 | ||||||
Nucor Corp. | 7,626 | 1,177,988 | ||||||
Steel Dynamics, Inc. | 5,049 | 570,840 | ||||||
4,691,296 | ||||||||
Real Estate (2.6%) | ||||||||
Health Care REITs (0.2%) | ||||||||
Healthpeak Properties, Inc. | 16,555 | 363,713 | ||||||
Ventas, Inc. | 12,077 | 523,538 | ||||||
Welltower, Inc. | 14,277 | 1,023,518 | ||||||
1,910,769 | ||||||||
Hotels & Resort REITs (0.1%) | ||||||||
Hilton Worldwide Holdings, Inc. | 8,065 | 1,136,117 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
Host Hotels & Resorts, Inc. | 21,605 | $ | 356,266 | |||||
1,492,383 | ||||||||
Industrial REITs (0.3%) | ||||||||
Prologis, Inc. | 27,891 | 3,479,960 | ||||||
Office REITs (0.1%) | ||||||||
Alexandria Real Estate Equities, Inc. | 4,769 | 598,939 | ||||||
Boston Properties, Inc. | 4,310 | 233,257 | ||||||
832,196 | ||||||||
Real Estate Management & Development (0.1%) | ||||||||
CBRE Group, Inc. Class A (b) | 9,537 | 694,389 | ||||||
Residential REITs (0.3%) | ||||||||
AvalonBay Communities, Inc. | 4,241 | 712,742 | ||||||
Camden Property Trust | 3,334 | 349,537 | ||||||
Equity Residential | 10,277 | 616,620 | ||||||
Essex Property Trust, Inc. | 2,010 | 420,371 | ||||||
Invitation Homes, Inc. | 17,550 | 548,087 | ||||||
Mid-America Apartment Communities, Inc. | 3,433 | 518,520 | ||||||
UDR, Inc. | 9,363 | 384,445 | ||||||
3,550,322 | ||||||||
Retail REITs (0.3%) | ||||||||
Federal Realty Investment Trust | 2,185 | 215,944 | ||||||
Kimco Realty Corp. | 18,687 | 364,957 | ||||||
Realty Income Corp. | 18,950 | 1,199,914 | ||||||
Regency Centers Corp. | 4,621 | 282,713 | ||||||
Simon Property Group, Inc. | 9,823 | 1,099,881 | ||||||
3,163,409 | ||||||||
Specialized REITs (1.2%) | ||||||||
American Tower Corp. | 14,071 | 2,875,268 | ||||||
Crown Castle, Inc. | 13,094 | 1,752,501 | ||||||
Digital Realty Trust, Inc. | 8,624 | 847,826 | ||||||
Equinix, Inc. | 2,852 | 2,056,406 | ||||||
Extra Space Storage, Inc. | 4,026 | 655,956 | ||||||
Iron Mountain, Inc. | 8,722 | 461,481 | ||||||
Public Storage | 4,841 | 1,462,660 | ||||||
SBA Communications Corp. | 3,234 | 844,300 | ||||||
VICI Properties, Inc. | 30,390 | 991,322 | ||||||
Weyerhaeuser Co. | 22,170 | 667,982 | ||||||
12,615,702 | ||||||||
Utilities (2.8%) | ||||||||
Electric Utilities (1.8%) | ||||||||
Alliant Energy Corp. | 7,529 | 402,049 | ||||||
American Electric Power Co., Inc. | 15,527 | 1,412,802 | ||||||
Constellation Energy Corp. | 9,807 | 769,850 | ||||||
Duke Energy Corp. | 23,268 | 2,244,664 | ||||||
Edison International | 11,562 | 816,162 | ||||||
Entergy Corp. | 6,161 | 663,786 | ||||||
Evergy, Inc. | 6,950 | 424,784 | ||||||
Eversource Energy | 10,524 | 823,608 | ||||||
Exelon Corp. | 30,027 | 1,257,831 | ||||||
FirstEnergy Corp. | 16,412 | 657,465 | ||||||
NextEra Energy, Inc. | 60,168 | 4,637,749 | ||||||
PG&E Corp. (b) | 48,749 | 788,271 | ||||||
Pinnacle West Capital Corp. | 3,392 | 268,782 | ||||||
PPL Corp. | 22,248 | 618,272 | ||||||
Southern Co. | 32,895 | 2,288,834 | ||||||
Xcel Energy, Inc. | 16,535 | 1,115,120 | ||||||
19,190,029 | ||||||||
Gas Utilities (0.1%) | ||||||||
Atmos Energy Corp. | 4,334 | 486,968 | ||||||
ONEOK, Inc. | 13,533 | 859,887 | ||||||
1,346,855 | ||||||||
Independent Power Producers & Energy Traders (0.1%) | ||||||||
AES Corp. | 20,182 | 485,982 |
See accompanying notes to investments in securities.
SFT Index 500 Fund
Investments in Securities – continued
NRG Energy, Inc. | 6,975 | $ | 239,173 | |||||
725,155 | ||||||||
Multi-Utilities (0.7%) | ||||||||
Ameren Corp. | 7,811 | 674,792 | ||||||
CenterPoint Energy, Inc. | 19,022 | 560,388 | ||||||
CMS Energy Corp. | 8,770 | 538,303 | ||||||
Consolidated Edison, Inc. | 10,744 | 1,027,879 | ||||||
Dominion Energy, Inc. | 25,178 | 1,407,702 | ||||||
DTE Energy Co. | 5,854 | 641,247 | ||||||
NiSource, Inc. | 12,271 | 343,097 | ||||||
Public Service Enterprise Group, Inc. | 15,076 | 941,496 | ||||||
Sempra Energy | 9,532 | 1,440,857 | ||||||
WEC Energy Group, Inc. | 9,465 | 897,187 | ||||||
8,472,948 | ||||||||
Water Utilities (0.1%) | ||||||||
American Water Works Co., Inc. | 5,842 | 855,795 | ||||||
Total common stocks (cost: $356,328,678) | 1,039,658,222 | |||||||
Short-Term Securities (2.4%) | ||||||||
Investment Companies (2.4%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 25,119,027 | 25,119,027 | ||||||
Total short-term securities (cost: $25,119,027) | 25,119,027 | |||||||
Total investments in securities (cost: $381,447,705) (e) | 1,064,777,249 | |||||||
Cash and other assets in excess of liabilities (0.1%) | 595,595 | |||||||
Total net assets (100.0%) | $ | 1,065,372,844 |
Investments in Securities Legend | |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 3.4% of net assets in foreign securities at March 31, 2023. |
(d) | Fully or partially pledged as initial margin deposits on open futures contracts. |
(e) | At March 31, 2023, the cost of investments for federal income tax purposes was $384,321,505. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 697,464,837 | ||
Gross unrealized depreciation | (16,336,917 | ) | ||
Net unrealized appreciation | $ | 681,127,920 |
Holdings of Open Futures Contracts
On March 31, 2023, securities with an aggregate market value of $23,086,000 have been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration Date | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | ||||||||||||
S&P 500 E-Mini Index Future | June 2023 | 121 | Long | $ | 24,361,211 | $ | 25,033,387 | $ | 672,176 |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Principal(b) | Value(a) | |||||||
Long-Term Debt Securities (96.9%) | ||||||||
Australia (4.3%) | ||||||||
Financial (4.3%) | ||||||||
Commonwealth Bank of Australia (USD) | ||||||||
5.540%, 03/14/25 (SOFRRATE + 0.740%) (c) (d) | 1,770,000 | $ | 1,756,263 | |||||
Macquarie Group Ltd. (USD) | ||||||||
6.207%, 11/22/24 (c) | 1,660,000 | 1,688,320 | ||||||
3,444,583 | ||||||||
Brazil (5.5%) | ||||||||
Government (5.5%) | ||||||||
Brazil Notas do Tesouro Nacional Serie F (BRL) | ||||||||
10.000%, 01/01/27 | 11,220,000 | 2,077,482 | ||||||
10.000%, 01/01/29 | 3,440,000 | 611,767 | ||||||
10.000%, 01/01/31 | 3,320,000 | 573,850 | ||||||
10.000%, 01/01/33 | 6,760,000 | 1,136,106 | ||||||
4,399,205 | ||||||||
Canada (4.0%) | ||||||||
Government (4.0%) | ||||||||
Province of Ontario Canada (CAD) | ||||||||
2.600%, 06/02/25 | 4,500,000 | 3,241,789 | ||||||
Colombia (6.4%) | ||||||||
Government (6.4%) | ||||||||
Colombian TES (COP) | ||||||||
6.000%, 04/28/28 | 8,020,000,000 | 1,379,610 | ||||||
7.000%, 03/26/31 | 6,010,000,000 | 991,229 | ||||||
7.250%, 10/26/50 | 2,720,000,000 | 361,049 | ||||||
9.250%, 05/28/42 | 14,230,000,000 | 2,415,060 | ||||||
5,146,948 | ||||||||
Germany (5.3%) | ||||||||
Government (5.3%) | ||||||||
Bundesrepublik Deutschland Bundesanleihe (EUR) | ||||||||
1.700%, 08/15/32 | 4,080,000 | 4,222,738 | ||||||
Malaysia (0.5%) | ||||||||
Government (0.5%) | ||||||||
Malaysia Government Bond (MYR) | ||||||||
3.899%, 11/16/27 | 1,750,000 | 402,554 | ||||||
Mexico (12.7%) | ||||||||
Government (12.7%) | ||||||||
Mexican Bonos (MXN) | ||||||||
7.750%, 11/13/42 | 44,300,000 | 2,198,690 | ||||||
8.000%, 11/07/47 | 31,000,000 | 1,525,039 | ||||||
8.000%, 07/31/53 | 34,300,000 | 1,690,384 | ||||||
8.500%, 05/31/29 | 42,600,000 | 2,388,324 | ||||||
8.500%, 11/18/38 | 45,000,000 | 2,446,326 | ||||||
10,248,763 | ||||||||
New Zealand (0.8%) | ||||||||
Government (0.8%) | ||||||||
New Zealand Government Bond (NZD) | ||||||||
2.750%, 05/15/51 | 1,450,000 | 670,617 | ||||||
Poland (4.2%) | ||||||||
Government (4.2%) | ||||||||
Republic of Poland Government Bond (PLN) | ||||||||
1.750%, 04/25/32 | 20,720,000 | 3,407,121 |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities – continued
Russia (0.1%) | ||||||||
Government (0.1%) | ||||||||
Russian Federal Bond - OFZ (RUB) | ||||||||
7.650%, 04/10/30 (e) | 29,000,000 | $ | 107,304 | |||||
South Africa (3.7%) | ||||||||
Government (3.7%) | ||||||||
Republic of South Africa Government Bond (ZAR) | ||||||||
6.500%, 02/28/41 | 41,700,000 | 1,479,058 | ||||||
8.750%, 02/28/48 | 34,600,000 | 1,498,127 | ||||||
2,977,185 | ||||||||
South Korea (6.9%) | ||||||||
Government (6.9%) | ||||||||
Korea Treasury Bond (KRW) | ||||||||
1.875%, 03/10/51 | 2,410,000,000 | 1,357,651 | ||||||
2.000%, 06/10/31 | 5,980,000,000 | 4,169,160 | ||||||
5,526,811 | ||||||||
United States (42.5%) | ||||||||
Financial (3.9%) | ||||||||
Goldman Sachs Group, Inc. (USD) | ||||||||
5.700%, 11/01/24 | 1,660,000 | 1,671,600 | ||||||
Jackson National Life Global Funding (USD) | ||||||||
5.984%, 06/28/24 (SOFRRATE + 1.150%) (c) (d) | 1,530,000 | 1,514,700 | ||||||
3,186,300 | ||||||||
Government (24.6%) | ||||||||
U.S. Treasury Bond (USD) | ||||||||
1.875%, 11/15/51 | 2,020,000 | 1,368,550 | ||||||
2.250%, 02/15/52 | 5,650,000 | 4,193,359 | ||||||
3.000%, 08/15/52 | 4,390,000 | 3,838,506 | ||||||
U.S. Treasury Note (USD) | ||||||||
1.875%, 02/15/32 | 2,130,000 | 1,868,077 | ||||||
3.500%, 02/15/33 | 4,830,000 | 4,833,773 | ||||||
4.768%, 07/31/24 (3-Month U.S. Treasury Money Market Yield + 0.037%) (d) | 2,480,000 | 2,477,653 | ||||||
4.931%, 01/31/25 (3-Month U.S. Treasury Money Market Yield + 0.200%) (d) | 1,190,000 | 1,191,324 | ||||||
19,771,242 | ||||||||
Mortgage Securities (14.0%) | ||||||||
Federal Home Loan Mortgage Corp. (USD) | ||||||||
4.500%, 09/01/52 | 1,273,685 | 1,246,672 | ||||||
4.500%, 10/01/52 | 900,859 | 882,261 | ||||||
5.000%, 08/01/52 | 642,193 | 641,200 | ||||||
5.000%, 11/01/52 | 789,058 | 786,982 | ||||||
5.500%, 12/01/52 | 2,199,942 | 2,222,421 | ||||||
Federal National Mortgage Association (USD) | ||||||||
4.500%, 09/01/52 | 1,842,922 | 1,804,968 | ||||||
5.000%, 10/01/52 | 657,868 | 655,673 | ||||||
5.000%, 12/01/52 | 1,422,088 | 1,418,347 | ||||||
5.500%, 12/01/52 | 1,607,382 | 1,623,990 | ||||||
11,282,514 | ||||||||
Total long-term debt securities (cost: $82,111,104) | 78,035,674 | |||||||
Shares | ||||||||
Short-Term Securities (2.2%) | ||||||||
Investment Companies (2.2%) | ||||||||
United States (2.2%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 1,736,469 | $ | 1,736,469 | |||||
Total short-term securities (cost: $1,736,469) | 1,736,469 | |||||||
Total investments in securities (cost: $83,847,573) (f) | 79,772,143 | |||||||
Cash and other assets in excess of liabilities (0.9%) | 713,772 | |||||||
Total net assets (100.0%) | $ | 80,485,915 |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities – continued
Investments in Securities Legend
(a) | Securities are valued by procedures described in of the notes to investments in securities. |
(b) | Principal amounts for foreign debt securities are denominated in the currencies indicated. United States debt securities are denominated in U.S. Dollars. |
(c) | Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program. |
(d) | Variable rate security. |
(e) | Pursuant to the Fund’s Liquidity Risk Management Program, this security has been determined to be illiquid by the Fund’s Liquidity Risk Management Program Administrator. |
(f) | At March 31, 2023, the cost of investments for federal income tax purposes was $83,847,573. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 1,693,118 | ||
Gross unrealized depreciation | (6,399,412 | ) | ||
Net unrealized depreciation | $ | (4,706,294 | ) |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities – continued
Foreign Forward Currency Contracts
On March 31, 2023, SFT International Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:
Settlement Date | Currency to be delivered - SELL | Currency to be received - BUY | Unrealized Appreciation(a) | Unrealized Depreciation(a) | Counterparty | |||||||||||||||||||||||
04/14/23 | 552,152 | USD | 5,700,000 | SEK | $ | — | $ | (2,135 | ) | HSB | ||||||||||||||||||
04/14/23 | 5,700,000 | SEK | 545,690 | USD | — | (4,327 | ) | HSB | ||||||||||||||||||||
04/19/23 | 179,934 | USD | 950,000 | BRL | 7,001 | — | JPM | |||||||||||||||||||||
04/19/23 | 21,580,000 | BRL | 4,166,104 | USD | — | (80,273 | ) | JPM | ||||||||||||||||||||
04/20/23 | 14,180,000 | PLN | 3,241,291 | USD | — | (47,216 | ) | HSB | ||||||||||||||||||||
04/20/23 | 354,755 | USD | 1,560,000 | PLN | 7,027 | — | UBS | |||||||||||||||||||||
04/21/23 | 1,120,197 | USD | 5,000,000 | MYR | 14,189 | — | BLC | |||||||||||||||||||||
04/21/23 | 364,879 | USD | 1,600,000 | MYR | — | (1,875 | ) | BLC | ||||||||||||||||||||
04/21/23 | 8,500,000 | MYR | 1,895,375 | USD | — | (33,081 | ) | BLC | ||||||||||||||||||||
04/25/23 | 4,190,000 | CAD | 3,106,945 | USD | 9,901 | — | HSB | |||||||||||||||||||||
04/25/23 | 576,699 | USD | 780,000 | CAD | — | (161 | ) | JPM | ||||||||||||||||||||
04/27/23 | 19,558 | USD | 90,000,000 | COP | — | (334 | ) | JPM | ||||||||||||||||||||
04/27/23 | 13,023 | USD | 60,000,000 | COP | — | (207 | ) | JPM | ||||||||||||||||||||
04/27/23 | 23,170,000,000 | COP | 4,915,929 | USD | — | (33,229 | ) | JPM | ||||||||||||||||||||
04/28/23 | 183,500,000 | MXN | 9,573,479 | USD | — | (542,534 | ) | JPM | ||||||||||||||||||||
05/05/23 | 5,120,000 | EUR | 5,596,416 | USD | 24,276 | — | JPM | |||||||||||||||||||||
05/05/23 | 857,995 | USD | 800,000 | EUR | 12,652 | — | JPM | |||||||||||||||||||||
05/05/23 | 240,228 | USD | 220,000 | EUR | — | (800 | ) | MSC | ||||||||||||||||||||
05/15/23 | 55,100,000 | ZAR | 3,080,312 | USD | — | (14,236 | ) | HSB | ||||||||||||||||||||
05/15/23 | 121,117 | USD | 2,200,000 | ZAR | 2,440 | — | UBS | |||||||||||||||||||||
05/17/23 | 3,120,000 | CNH | 461,853 | USD | 5,907 | — | HSB | |||||||||||||||||||||
06/07/23 | 250,000 | AUD | 169,180 | USD | 1,358 | — | JPM | |||||||||||||||||||||
06/09/23 | 6,410,000,000 | KRW | 4,932,477 | USD | — | (18,669 | ) | HSB | ||||||||||||||||||||
06/12/23 | 122,342 | USD | 4,200,000 | THB | 1,359 | — | HSB | |||||||||||||||||||||
06/16/23 | 46,000,000 | JPY | 356,058 | USD | 6,692 | — | HSB | |||||||||||||||||||||
06/16/23 | 930,302 | USD | 125,000,000 | JPY | 19,062 | — | JPM | |||||||||||||||||||||
06/16/23 | 79,000,000 | JPY | 601,579 | USD | 1,581 | — | JPM | |||||||||||||||||||||
06/23/23 | �� | 543,701 | USD | 5,700,000 | NOK | 2,636 | — | MSC | ||||||||||||||||||||
06/26/23 | 640,000 | NZD | 399,030 | USD | — | (1,331 | ) | BLC | ||||||||||||||||||||
$ | 116,081 | $ | (780,408 | ) |
See accompanying notes to investments in securities.
SFT International Bond Fund
Investments in Securities – continued
Currency Legend | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CNH | Chinese Yuan Renminbi Offshore | |
COP | Colombian Peso | |
EUR | Euro | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
THB | Thai Baht | |
USD | United States Dollar | |
ZAR | South African Rand | |
Counterparty Legend | ||
BLC | Barclays Bank PLC | |
HSB | HSBC Bank PLC | |
JPM | JPMorgan Chase Bank NA | |
MSC | Morgan Stanley and Co., Inc. | |
UBS | UBS AG |
Holdings of Open Futures Contracts
On March 31, 2023, $200,420 in cash has been pledged to cover margin requirements for the following open futures contracts:
Description | Expiration | Number of Contracts | Position Type | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation)(a) | |||||||||||||
10 Year U.S. Ultra | June 2023 | 42 | Long | $ | 5,098,862 | $ | 5,087,906 | $ | (10,955 | ) | |||||||||
U.S. Ultra Bond | June 2023 | 8 | Long | 1,084,582 | 1,129,000 | 44,418 | |||||||||||||
$ | 6,216,906 | $ | 33,463 |
See accompanying notes to investments in securities.
SFT Real Estate Securities Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (98.4%) | ||||||||
Consumer Discretionary (1.0%) | ||||||||
Casino Gaming (1.0%) | ||||||||
Boyd Gaming Corp. | 18,264 | $ | 1,171,088 | |||||
Real Estate (97.4%) | ||||||||
Health Care REITs (9.1%) | ||||||||
Healthcare Realty Trust, Inc. | 186,178 | 3,598,821 | ||||||
Welltower, Inc. | 98,191 | 7,039,313 | ||||||
10,638,134 | ||||||||
Hotels & Resort REITs (1.7%) | ||||||||
Host Hotels & Resorts, Inc. | 122,995 | 2,028,188 | ||||||
Industrial REITs (14.5%) | ||||||||
Americold Realty Trust, Inc. | 122,040 | 3,472,038 | ||||||
First Industrial Realty Trust, Inc. | 35,742 | 1,901,474 | ||||||
Prologis, Inc. | 92,600 | 11,553,702 | ||||||
16,927,214 | ||||||||
Office REITs (1.5%) | ||||||||
Highwoods Properties, Inc. | 76,500 | 1,774,035 | ||||||
Residential REITs (23.8%) | ||||||||
American Homes 4 Rent Class A | 81,742 | 2,570,786 | ||||||
Apartment Income REIT Corp. | 51,977 | 1,861,296 | ||||||
Camden Property Trust | 44,414 | 4,656,364 | ||||||
Essex Property Trust, Inc. | 2,698 | 564,260 | ||||||
Invitation Homes, Inc. | 187,262 | 5,848,192 | ||||||
Mid-America Apartment Communities, Inc. | 30,873 | 4,663,058 | ||||||
Sun Communities, Inc. | 29,191 | 4,112,428 | ||||||
UDR, Inc. | 88,088 | 3,616,893 | ||||||
27,893,277 | ||||||||
Retail REITs (16.6%) | ||||||||
Kimco Realty Corp. | 107,345 | 2,096,448 | ||||||
Realty Income Corp. | 95,215 | 6,029,014 | ||||||
Simon Property Group, Inc. | 61,719 | 6,910,676 | ||||||
SITE Centers Corp. | 73,232 | 899,289 | ||||||
Spirit Realty Capital, Inc. | 87,262 | 3,476,518 | ||||||
19,411,945 | ||||||||
Specialized REITs (30.2%) | ||||||||
American Tower Corp. | 22,851 | 4,669,373 | ||||||
Crown Castle, Inc. | 35,988 | 4,816,634 | ||||||
Digital Realty Trust, Inc. | 59,451 | 5,844,628 | ||||||
Equinix, Inc. | 8,618 | 6,213,923 | ||||||
Extra Space Storage, Inc. | 6,773 | 1,103,525 | ||||||
Iron Mountain, Inc. | 17,552 | 928,676 | ||||||
Life Storage, Inc. | 4,793 | 628,314 | ||||||
Public Storage | 19,407 | 5,863,631 | ||||||
SBA Communications Corp. | 17,428 | 4,549,928 | ||||||
Weyerhaeuser Co. | 21,600 | 650,808 | ||||||
35,269,440 | ||||||||
Total common stocks (cost: $122,428,864) | 115,113,321 | |||||||
Short-Term Securities (1.5%) | ||||||||
Investment Companies (1.5%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 1,765,560 | 1,765,560 | ||||||
Total short-term securities (cost: $1,765,560) | 1,765,560 | |||||||
Total investments in securities (cost: $124,194,424) (b) | 116,878,881 | |||||||
Cash and other assets in excess of liabilities (0.1%) | 129,911 | |||||||
Total net assets (100.0%) | $ | 117,008,792 |
See accompanying notes to investments in securities.
SFT Real Estate Securities Fund
Investments in Securities – continued
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | At March 31, 2023, the cost of investments for federal income tax purposes was $125,162,484. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 3,082,906 | ||
Gross unrealized depreciation | (11,366,509 | ) | ||
Net unrealized depreciation | $ | (8,283,603 | ) |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||||
Common Stocks (99.4%) | ||||||||
Communication Services (0.9%) | ||||||||
Diversified Telecommunication Services (0.6%) | ||||||||
Verizon Communications, Inc. | 31,000 | $ | 1,205,590 | |||||
Wireless Telecommunication Services (0.3%) | ||||||||
T-Mobile U.S., Inc. (b) | 3,600 | 521,424 | ||||||
Consumer Discretionary (7.1%) | ||||||||
Automobiles (0.4%) | ||||||||
General Motors Co. | 20,700 | 759,276 | ||||||
Broadline Retail (0.9%) | ||||||||
Dollar General Corp. | 7,396 | 1,556,562 | ||||||
Diversified Consumer Services (0.3%) | ||||||||
Service Corp. International | 8,500 | 584,630 | ||||||
Entertainment (0.7%) | ||||||||
Walt Disney Co. (b) | 12,281 | 1,229,697 | ||||||
Hotels, Restaurants & Leisure (2.0%) | ||||||||
Booking Holdings, Inc. (b) | 490 | 1,299,681 | ||||||
McDonald's Corp. | 8,664 | 2,422,541 | ||||||
3,722,222 | ||||||||
Specialty Retail (2.8%) | ||||||||
Best Buy Co., Inc. | 7,600 | 594,852 | ||||||
Home Depot, Inc. | 5,676 | 1,675,101 | ||||||
Ross Stores, Inc. | 5,492 | 582,866 | ||||||
TJX Cos., Inc. | 12,180 | 954,425 | ||||||
Ulta Beauty, Inc. (b) | 2,400 | 1,309,608 | ||||||
5,116,852 | ||||||||
Consumer Staples (10.3%) | ||||||||
Beverages (1.9%) | ||||||||
Coca-Cola Co. | 13,112 | 813,337 | ||||||
Constellation Brands, Inc. Class A | 2,800 | 632,492 | ||||||
Keurig Dr Pepper, Inc. | 14,510 | 511,913 | ||||||
PepsiCo, Inc. | 8,700 | 1,586,010 | ||||||
3,543,752 | ||||||||
Consumer Staples Distribution & Retail (0.7%) | ||||||||
Walmart, Inc. | 9,047 | 1,333,980 | ||||||
Food Products (3.2%) | ||||||||
General Mills, Inc. | 4,300 | 367,478 | ||||||
Kraft Heinz Co. | 50,079 | 1,936,555 | ||||||
Mondelez International, Inc. Class A | 50,095 | 3,492,624 | ||||||
5,796,657 | ||||||||
Household Products (2.0%) | ||||||||
Kimberly-Clark Corp. | 5,608 | 752,706 | ||||||
Procter & Gamble Co. | 19,386 | 2,882,504 | ||||||
3,635,210 | ||||||||
Tobacco (2.5%) | ||||||||
Philip Morris International, Inc. | 46,373 | 4,509,774 | ||||||
Energy (6.0%) | ||||||||
Oil, Gas & Consumable Fuels (6.0%) | ||||||||
Chesapeake Energy Corp. | 2,100 | 159,684 | ||||||
Chevron Corp. | 20,600 | 3,361,096 | ||||||
Exxon Mobil Corp. | 47,338 | 5,191,085 | ||||||
Kinder Morgan, Inc. | 102,900 | 1,801,779 | ||||||
Range Resources Corp. | 7,400 | 195,878 | ||||||
Southwestern Energy Co. (b) | 39,300 | 196,500 | ||||||
10,906,022 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Financial (20.7%) | ||||||||
Capital Markets (0.1%) | ||||||||
Charles Schwab Corp. | 800 | $ | 41,904 | |||||
Goldman Sachs Group, Inc. | 200 | 65,422 | ||||||
107,326 | ||||||||
Commercial Banks (8.8%) | ||||||||
Bank of America Corp. | 147,410 | 4,215,926 | ||||||
East West Bancorp, Inc. | 1,526 | 84,693 | ||||||
JPMorgan Chase & Co. | 37,663 | 4,907,866 | ||||||
PNC Financial Services Group, Inc. | 15,300 | 1,944,630 | ||||||
U.S. Bancorp | 54,100 | 1,950,305 | ||||||
Wells Fargo & Co. | 78,514 | 2,934,853 | ||||||
16,038,273 | ||||||||
Consumer Finance (1.1%) | ||||||||
American Express Co. | 12,304 | 2,029,545 | ||||||
Financial Services (3.3%) | ||||||||
Berkshire Hathaway, Inc. Class B (b) | 18,200 | 5,619,614 | ||||||
Corebridge Financial, Inc. | 25,109 | 402,246 | ||||||
6,021,860 | ||||||||
Insurance (7.4%) | ||||||||
Allstate Corp. | 11,227 | 1,244,064 | ||||||
Chubb Ltd. (c) | 11,524 | 2,237,730 | ||||||
Hartford Financial Services Group, Inc. | 18,355 | 1,279,160 | ||||||
MetLife, Inc. | 44,433 | 2,574,448 | ||||||
Progressive Corp. | 21,902 | 3,133,300 | ||||||
Travelers Cos., Inc. | 18,389 | 3,152,059 | ||||||
13,620,761 | ||||||||
Health Care (19.1%) | ||||||||
Biotechnology (2.0%) | ||||||||
AbbVie, Inc. | 8,857 | 1,411,540 | ||||||
Amgen, Inc. | 6,900 | 1,668,075 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 600 | 493,002 | ||||||
3,572,617 | ||||||||
Health Care Equipment & Supplies (3.3%) | ||||||||
Becton Dickinson & Co. | 10,697 | 2,647,935 | ||||||
Danaher Corp. | 6,631 | 1,671,277 | ||||||
GE HealthCare Technologies, Inc. (b) | 21,848 | 1,792,192 | ||||||
6,111,404 | ||||||||
Health Care Providers & Services (7.8%) | ||||||||
AmerisourceBergen Corp. | 20,300 | 3,250,233 | ||||||
Elevance Health, Inc. | 13,746 | 6,320,548 | ||||||
HCA Healthcare, Inc. | 8,247 | 2,174,569 | ||||||
Humana, Inc. | 3,000 | 1,456,380 | ||||||
UnitedHealth Group, Inc. | 2,227 | 1,052,458 | ||||||
14,254,188 | ||||||||
Life Sciences Tools & Services (1.2%) | ||||||||
Thermo Fisher Scientific, Inc. | 3,844 | 2,215,566 | ||||||
Pharmaceuticals (4.8%) | ||||||||
AstraZeneca PLC ADR (c) | 27,955 | 1,940,357 | ||||||
Johnson & Johnson | 30,404 | 4,712,620 | ||||||
Merck & Co., Inc. | 20,100 | 2,138,439 | ||||||
8,791,416 | ||||||||
Industrials (12.2%) | ||||||||
Aerospace & Defense (1.9%) | ||||||||
L3Harris Technologies, Inc. | 14,016 | 2,750,500 | ||||||
Northrop Grumman Corp. | 1,620 | 747,986 | ||||||
3,498,486 | ||||||||
Building Products (0.5%) | ||||||||
Carrier Global Corp. | 20,700 | 947,025 | ||||||
Electrical Equipment (2.9%) | ||||||||
AMETEK, Inc. | 10,113 | 1,469,722 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Eaton Corp. PLC (c) | 17,324 | $ | 2,968,294 | |||||
Hubbell, Inc. | 3,308 | 804,870 | ||||||
5,242,886 | ||||||||
Ground Transportation (3.3%) | ||||||||
CSX Corp. | 94,891 | 2,841,037 | ||||||
Norfolk Southern Corp. | 5,630 | 1,193,560 | ||||||
Union Pacific Corp. | 10,200 | 2,052,852 | ||||||
6,087,449 | ||||||||
Industrial Conglomerates (3.3%) | ||||||||
General Electric Co. | 34,597 | 3,307,473 | ||||||
Honeywell International, Inc. | 8,737 | 1,669,815 | ||||||
Siemens AG (c) | 6,541 | 1,060,712 | ||||||
6,038,000 | ||||||||
Machinery (0.3%) | ||||||||
Cummins, Inc. | 300 | 71,664 | ||||||
Dover Corp. | 2,600 | 395,044 | ||||||
466,708 | ||||||||
Information Technology (13.5%) | ||||||||
Electronic Equipment, Instruments & Components (0.5%) | ||||||||
TE Connectivity Ltd. (c) | 6,500 | 852,475 | ||||||
Financial Services (2.3%) | ||||||||
Fidelity National Information Services, Inc. | 14,500 | 787,785 | ||||||
Fiserv, Inc. (b) | 30,539 | 3,451,823 | ||||||
4,239,608 | ||||||||
Interactive Media & Services (2.6%) | ||||||||
Alphabet, Inc. Class C (b) | 45,750 | 4,758,000 | ||||||
IT Services (0.4%) | ||||||||
Accenture PLC Class A (c) | 2,584 | 738,533 | ||||||
Semiconductors & Semiconductor Equipment (6.5%) | ||||||||
Applied Materials, Inc. | 10,200 | 1,252,866 | ||||||
Broadcom, Inc. | 4,761 | 3,054,372 | ||||||
KLA Corp. | 2,281 | 910,507 | ||||||
Lam Research Corp. | 4,040 | 2,141,685 | ||||||
Micron Technology, Inc. | 24,900 | 1,502,466 | ||||||
NXP Semiconductors NV (c) | 4,800 | 895,080 | ||||||
Texas Instruments, Inc. | 10,800 | 2,008,908 | ||||||
11,765,884 | ||||||||
Software (1.2%) | ||||||||
Activision Blizzard, Inc. | 10,900 | 932,931 | ||||||
Microsoft Corp. | 4,565 | 1,316,089 | ||||||
2,249,020 | ||||||||
Materials (1.7%) | ||||||||
Chemicals (1.7%) | ||||||||
Eastman Chemical Co. | 2,200 | 185,548 | ||||||
Nutrien Ltd. (c) | 25,957 | 1,916,924 | ||||||
Sherwin-Williams Co. | 4,844 | 1,088,786 | ||||||
3,191,258 | ||||||||
Real Estate (2.2%) | ||||||||
Industrial REITs (1.0%) | ||||||||
Prologis, Inc. | 14,631 | 1,825,510 | ||||||
Residential REITs (0.2%) | ||||||||
Equity LifeStyle Properties, Inc. | 6,863 | 460,713 | ||||||
Specialized REITs (1.0%) | ||||||||
Life Storage, Inc. | 4,600 | 603,014 | ||||||
Public Storage | 1,100 | 332,354 | ||||||
Weyerhaeuser Co. | 29,797 | 897,784 | ||||||
1,833,152 | ||||||||
Utilities (5.7%) | ||||||||
Electric Utilities (4.4%) | ||||||||
American Electric Power Co., Inc. | 11,213 | 1,020,271 |
See accompanying notes to investments in securities.
SFT T. Rowe Price Value Fund
Investments in Securities – continued
Entergy Corp. | 3,500 | $ | 377,090 | |||||
Evergy, Inc. | 10,900 | 666,208 | ||||||
FirstEnergy Corp. | 11,515 | 461,291 | ||||||
NextEra Energy, Inc. | 3,900 | 300,612 | ||||||
Southern Co. | 73,926 | 5,143,771 | ||||||
7,969,243 | ||||||||
Multi-Utilities (1.3%) | ||||||||
Ameren Corp. | 8,160 | 704,942 | ||||||
DTE Energy Co. | 4,778 | 523,382 | ||||||
Sempra Energy | 8,144 | 1,231,047 | ||||||
2,459,371 | ||||||||
Total common stocks (cost: $177,431,981) | 181,807,925 | |||||||
Short-Term Securities (0.3%) | ||||||||
Investment Companies (0.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 344,629 | 344,629 | ||||||
T. Rowe Price Government Reserve Fund, current rate 4.820% | 158,584 | 158,584 | ||||||
Total short-term securities (cost: $503,213) | 503,213 | |||||||
Total investments in securities (cost: $177,935,194) (d) | 182,311,138 | |||||||
Cash and other assets in excess of liabilities (0.3%) | 556,509 | |||||||
Total net assets (100.0%) | $ | 182,867,647 |
Investments in Securities Legend
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 6.9% of net assets in foreign securities at March 31, 2023. |
(d) | At March 31, 2023, the cost of investments for federal income tax purposes was $182,260,498. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 7,369,122 | ||
Gross unrealized depreciation | (6,318,482 | ) | ||
Net unrealized appreciation | $ | 1,050,640 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities
March 31, 2023
(Unaudited)
(Percentages of each investment category relate to total net assets)
Shares | Value(a) | |||||
Common Stocks (98.5%) | ||||||
Consumer Discretionary (11.2%) | ||||||
Automobiles (1.0%) | ||||||
Ford Motor Co. | 54,866 | $ | 691,311 | |||
Tesla, Inc. (b) | 2,247 | 466,163 | ||||
1,157,474 | ||||||
Broadline Retail (3.6%) | ||||||
Amazon.com, Inc. (b) | 39,609 | 4,091,214 | ||||
Entertainment (1.3%) | ||||||
Walt Disney Co. (b) | 14,532 | 1,455,089 | ||||
Hotels, Restaurants & Leisure (2.1%) | ||||||
Airbnb, Inc. Class A (b) | 4,477 | 556,939 | ||||
McDonald's Corp. | 6,698 | 1,872,828 | ||||
2,429,767 | ||||||
Specialty Retail (1.6%) | ||||||
TJX Cos., Inc. | 23,359 | 1,830,411 | ||||
Textiles, Apparel & Luxury Goods (1.6%) | ||||||
NIKE, Inc. Class B | 14,272 | 1,750,318 | ||||
Consumer Staples (7.1%) | ||||||
Beverages (2.7%) | ||||||
Constellation Brands, Inc. Class A | 7,095 | 1,602,689 | ||||
Monster Beverage Corp. (b) | 27,488 | 1,484,627 | ||||
3,087,316 | ||||||
Consumer Staples Distribution & Retail (1.1%) | ||||||
Sysco Corp. | 16,091 | 1,242,708 | ||||
Household Products (3.3%) | ||||||
Colgate-Palmolive Co. | 15,372 | 1,155,206 | ||||
Procter & Gamble Co. | 17,707 | 2,632,854 | ||||
3,788,060 | ||||||
Energy (3.4%) | ||||||
Energy Equipment & Services (0.7%) | ||||||
Schlumberger NV (c) | 14,731 | 723,292 | ||||
Oil, Gas & Consumable Fuels (2.7%) | ||||||
ConocoPhillips | 12,788 | 1,268,698 | ||||
EOG Resources, Inc. | 15,951 | 1,828,463 | ||||
3,097,161 | ||||||
Financial (9.7%) | ||||||
Capital Markets (1.8%) | ||||||
Morgan Stanley | 23,002 | 2,019,576 | ||||
Commercial Banks (4.5%) | ||||||
Bank of America Corp. | 56,907 | 1,627,540 | ||||
JPMorgan Chase & Co. | 20,373 | 2,654,806 | ||||
PNC Financial Services Group, Inc. | 6,296 | 800,221 | ||||
5,082,567 | ||||||
Consumer Finance (1.1%) | ||||||
American Express Co. | 7,381 | 1,217,496 | ||||
Insurance (2.3%) | ||||||
Chubb Ltd. (c) | 6,934 | 1,346,444 | ||||
Progressive Corp. | 9,326 | 1,334,178 | ||||
2,680,622 | ||||||
Health Care (16.7%) | ||||||
Biotechnology (2.7%) | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 1,801 | 1,479,827 | ||||
Vertex Pharmaceuticals, Inc. (b) | 4,953 | 1,560,542 | ||||
3,040,369 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities – continued
Health Care Equipment & Supplies (5.0%) | ||||||
Abbott Laboratories | 13,806 | $ | 1,397,996 | |||
Becton Dickinson & Co. | 6,020 | 1,490,191 | ||||
Danaher Corp. | 5,685 | 1,432,847 | ||||
Hologic, Inc. (b) | 16,456 | 1,327,999 | ||||
5,649,033 | ||||||
Health Care Providers & Services (3.7%) | ||||||
Laboratory Corp. of America Holdings | 4,158 | 953,929 | ||||
UnitedHealth Group, Inc. | 6,992 | 3,304,349 | ||||
4,258,278 | ||||||
Life Sciences Tools & Services (1.8%) | ||||||
Thermo Fisher Scientific, Inc. | 3,563 | 2,053,606 | ||||
Pharmaceuticals (3.5%) | ||||||
Eli Lilly & Co. | 5,984 | 2,055,025 | ||||
Pfizer, Inc. | 46,402 | 1,893,202 | ||||
3,948,227 | ||||||
Industrials (8.8%) | ||||||
Aerospace & Defense (1.6%) | ||||||
Raytheon Technologies Corp. | 18,459 | 1,807,690 | ||||
Building Products (1.6%) | ||||||
Fortune Brands Innovations, Inc. | 9,836 | 577,668 | ||||
Johnson Controls International PLC (c) | 21,072 | 1,268,956 | ||||
1,846,624 | ||||||
Commercial Services & Supplies (0.7%) | ||||||
Republic Services, Inc. | 5,768 | 779,949 | ||||
Electrical Equipment (1.3%) | ||||||
AMETEK, Inc. | 9,832 | 1,428,885 | ||||
Machinery (3.6%) | ||||||
Deere & Co. | 4,020 | 1,659,778 | ||||
IDEX Corp. | 4,846 | 1,119,571 | ||||
Illinois Tool Works, Inc. | 5,539 | 1,348,469 | ||||
4,127,818 | ||||||
Information Technology (35.5%) | ||||||
Communications Equipment (2.5%) | ||||||
F5, Inc. (b) | 5,322 | 775,362 | ||||
Motorola Solutions, Inc. | 7,218 | 2,065,286 | ||||
2,840,648 | ||||||
Computers & Peripherals (6.7%) | ||||||
Apple, Inc. | 40,741 | 6,718,191 | ||||
NetApp, Inc. | 14,273 | 911,331 | ||||
7,629,522 | ||||||
Electronic Equipment, Instruments & Components (2.1%) | ||||||
CDW Corp. | 6,879 | 1,340,648 | ||||
Corning, Inc. | 30,165 | 1,064,221 | ||||
2,404,869 | ||||||
Financial Services (2.5%) | ||||||
Global Payments, Inc. | 7,530 | 792,457 | ||||
Mastercard, Inc. Class A | 5,731 | 2,082,703 | ||||
2,875,160 | ||||||
Interactive Media & Services (6.3%) | ||||||
Alphabet, Inc. Class A (b) | 50,648 | 5,253,717 | ||||
GoDaddy, Inc. Class A (b) | 11,600 | 901,552 | ||||
Meta Platforms, Inc. Class A (b) | 4,378 | 927,873 | ||||
7,083,142 | ||||||
Professional Services (0.8%) | ||||||
Leidos Holdings, Inc. | 9,127 | 840,232 | ||||
Semiconductors & Semiconductor Equipment (5.7%) | ||||||
Advanced Micro Devices, Inc. (b) | 11,308 | 1,108,297 | ||||
KLA Corp. | 3,443 | 1,374,343 | ||||
NVIDIA Corp. | 2,777 | 771,367 |
See accompanying notes to investments in securities.
SFT Wellington Core Equity Fund
Investments in Securities – continued
QUALCOMM, Inc. | 9,240 | $ | 1,178,839 | |||
Texas Instruments, Inc. | 10,713 | 1,992,725 | ||||
6,425,571 | ||||||
Software (8.9%) | ||||||
Microsoft Corp. | 23,356 | 6,733,535 | ||||
Palo Alto Networks, Inc. (b) | 5,608 | 1,120,142 | ||||
Salesforce, Inc. (b) | 7,077 | 1,413,843 | ||||
Workday, Inc. Class A (b) | 4,172 | 861,685 | ||||
10,129,205 | ||||||
Materials (1.1%) | ||||||
Chemicals (1.1%) | ||||||
PPG Industries, Inc. | 9,646 | 1,288,513 | ||||
Real Estate (1.7%) | ||||||
Industrial REITs (1.0%) | ||||||
Prologis, Inc. | 9,274 | 1,157,117 | ||||
Residential REITs (0.7%) | ||||||
AvalonBay Communities, Inc. | 4,644 | 780,470 | ||||
Utilities (3.3%) | ||||||
Electric Utilities (3.3%) | ||||||
American Electric Power Co., Inc. | 17,730 | 1,613,253 | ||||
Duke Energy Corp. | 13,538 | 1,306,011 | ||||
Eversource Energy | 10,628 | 831,747 | ||||
3,751,011 | ||||||
Total common stocks (cost: $77,463,012) | 111,799,010 | |||||
Short-Term Securities (1.3%) | ||||||
Investment Companies (1.3%) | ||||||
State Street Institutional U.S. Government Money Market Fund, current rate 4.700% | 1,451,410 | 1,451,410 | ||||
Total short-term securities (cost: $1,451,410) | 1,451,410 | |||||
Total investments in securities (cost: $78,914,422) (d) | 113,250,420 | |||||
Cash and other assets in excess of liabilities (0.2%) | 201,062 | |||||
Total net assets (100.0%) | $ | 113,451,482 |
Investments in Securities Legend |
(a) | Securities are valued by procedures described in the notes to investments in securities. |
(b) | Non-income producing security. |
(c) | Foreign security: The Fund held 2.9% of net assets in foreign securities at March 31, 2023. |
(d) | At March 31, 2023, the cost of investments for federal income tax purposes was $78,987,468. The aggregate unrealized appreciation and depreciation of investments based on this cost were: |
Gross unrealized appreciation | $ | 37,426,209 | ||
Gross unrealized depreciation | (3,163,257 | ) | ||
Net unrealized appreciation | $ | 34,262,952 |
See accompanying notes to investments in securities.
Securian Funds Trust
Notes to Financial Statements
Investments Valuation
Each Fund’s net asset value is generally calculated as of the close of normal trading on the New York Stock Exchange (typically 3:00 p.m. Central Time). Investments in securities traded on a U.S. or foreign securities exchange are valued at the last sale price on that exchange prior to the time when assets are valued; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued on the basis of the last current bid price by an independent pricing service or at a price deemed best to reflect fair value quoted by dealers who make markets in these securities. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality and prepayment speeds, as applicable. When market quotations are not readily available, securities are valued at fair value as determined in good faith by Securian Asset Management, Inc. (Securian AM), as the Valuation Designee, in accordance with procedures approved by the Board of Trustees (the “Board”) of Securian Funds Trust and in accordance with provisions of the 1940 act. The Board has delegated the daily oversight of the securities valuation function to Securian AM who ensures the valuations comply with the valuation policies and affirms the reasonableness of the fair valuation determinations. The fair valued securities are reviewed by the Board at their quarterly meetings.
A Fund’s investments will also be valued at fair value by Securian AM if it determines that an event impacting the value of an investment occurred after the close of the security’s primary exchange or market (for example, a foreign exchange or market) and before the time the Fund’s net asset value is calculated. If a significant event impacting the value of a security or group of securities occurs, Securian AM is immediately notified and promptly determines whether fair value pricing is needed in accordance with the Fund’s valuation procedures and, if so, approves the pricing methodology to be used.
Short-term securities are valued at market value. Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses are calculated using the first in, first out basis. Paydowns of securities are recorded as receivables as of the due date, which varies by the issuer. Dividend income is recognized on the ex-dividend date or upon dividend notification for certain foreign securities, and interest income, including amortization of bond premium and accretion of bond discount computed on an effective yield basis, is accrued daily.
Foreign Currency Translations and Forward Foreign Currency Contracts
Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities, income and expenses are translated at the exchange rate on the transaction date.
SFT International Bond Fund may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuations. A forward foreign currency contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. SFT International Bond Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by SFT International Bond Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. SFT International Bond Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward foreign currency exchange contracts are obtained from an independent pricing source.
Futures Transactions
To gain exposure to, or for protection from market changes, the Funds may buy and sell financial futures contracts traded on any U.S. or foreign exchange. The Funds may also buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility of an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities.
Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value as determined by each relevant clearing agency and is aggregated at a Futures Commission Merchant (“FCM”) which is registered with the Commodity Futures Trading Commission or the applicable regulator. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. A Fund recognizes a realized gain or loss when the contract is closed or expired. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to a Fund’s assets in the segregated account. For a listing of open futures contracts see the Investments in Securities for each Fund.
Securian Funds Trust
Notes to Financial Statements – continued
Options Transactions
Each Fund may write covered call and secured put options and purchase and sell put and call options written by others. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised.
The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.
Bank Loans
The SFT Core Bond Fund may enter into bank loans. Bank loans are interests in amounts owed by corporate or other borrowers and may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Bank loans may be made directly with a borrower or acquired through assignment or participation. The Fund’s right to enforce a borrower’s compliance with the terms of the loan agreement, or benefit directly from the collateral supporting the loan, varies when the loan is a direct borrowing, an assignment, or a participation. Investments in bank loans may involve special risks including risk of loss in case of default, insolvency, or the bankruptcy of the borrower and are generally subject to restrictions on transfer with limited opportunities to sell them in secondary markets. The Fund may also invest in loan commitments, which are contractual obligations for a future funding. The Fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments. Although typically secured, bank loans may not be backed by sufficient collateral to satisfy their issuers’ obligations in the event of bankruptcy, insolvency or similar distressed scenarios. Bank loans may also be illiquid, not readily marketable, or subject to restrictions on resale.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent shareholder reports.
Illiquid Investments
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, no Fund may acquire an “illiquid investment” if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Rule 22e-4 generally defines an illiquid investment as any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At March 31, 2023, the SFT Balanced Stabilization Fund and the SFT International Bond Fund held 4 and 1 illiquid securities of $5,182,913 and 107,304 which represents 0.8% and 0.1% of net assets, respectively.
Fair Value Measurement
The Trust utilizes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs when determining fair value. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs include information market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the Trust’s estimates about the assumptions market participants would use in valuing the financial asset or liability based on the best information available in the circumstances. Level 1 includes unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed). Level 3 includes unobservable inputs, which may include the advisor’s own assumptions in determining the fair value of an investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swaps, and written options.
Securian Funds Trust
Notes to Financial Statements – continued
The following is a summary of the levels used as of March 31, 2023, in valuing the Fund’s assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):
Fair Value Measurement at | |||||||||||||
March 31, 2023 using | |||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Total | |||||||||
SFT Balanced Stabilization Fund | |||||||||||||
Assets | |||||||||||||
Government Obligations | $ | — | $ | 31,580,782 | $ | — | $ | 31,580,782 | |||||
Other Mortgage-Backed Securities | — | 1,367,906 | — | 1,367,906 | |||||||||
Corporate Obligations | — | 216,723,094 | — | 216,723,094 | |||||||||
Purchased Options | 252,408 | — | — | 252,408 | |||||||||
Investment Companies | 377,518,811 | — | — | 377,518,811 | |||||||||
Total Investments | 377,771,219 | 249,671,782 | — | 627,443,001 | |||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | 2,439,000 | — | — | 2,439,000 | |||||||||
Liabilities | |||||||||||||
Other Financial Instruments* | |||||||||||||
Written Options | (35,802 | ) | — | — | (35,802 | ) | |||||||
SFT Core Bond Fund | |||||||||||||
Assets | |||||||||||||
Government Obligations | — | 261,090,889 | — | 261,090,889 | |||||||||
Asset-Backed Securities | — | 29,551,822 | — | 29,551,822 | |||||||||
Other Mortgage-Backed Securities | — | 56,392,341 | — | 56,392,341 | |||||||||
Corporate Obligations | — | 116,190,295 | — | 116,190,295 | |||||||||
Bank Loans | — | 8,808,455 | — | 8,808,455 | |||||||||
Foreign Bonds | — | 2,862,632 | — | 2,862,632 | |||||||||
U.S. Government Agencies and Obligations | — | 62,689,938 | — | 62,689,938 | |||||||||
Investment Companies | 5,765,899 | — | — | 5,765,899 | |||||||||
Total Investments | 5,765,899 | 537,586,372 | — | 543,352,271 | |||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | 1,147,074 | — | — | 1,147,074 | |||||||||
Liabilities | |||||||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | (6,752 | ) | — | — | (6,752 | ) | |||||||
SFT Delaware IvySM Growth Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 527,905,597 | — | — | 527,905,597 | |||||||||
Investment Companies | 3,202,987 | — | — | 3,202,987 | |||||||||
Total Investments | 531,108,584 | — | — | 531,108,584 | |||||||||
SFT Delaware IvySM Small Cap Growth Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 146,881,005 | — | — | 146,881,005 | |||||||||
Investment Companies | 4,497,774 | — | — | 4,497,774 | |||||||||
Total Investments | 151,378,779 | — | — | 151,378,779 |
Securian Funds Trust
Notes to Financial Statements – continued
Fair Value Measurement - (continued)
Fair Value Measurement at March 31, 2023 using | |||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Total | |||||||||
SFT Equity Stabilization Fund | |||||||||||||
Assets | |||||||||||||
Investment Companies | $ | 320,360,994 | $ | — | $ | — | $ | 320,360,994 | |||||
Purchased Options | 129,440 | — | — | 129,440 | |||||||||
Total Investments | 320,490,434 | — | — | 320,490,434 | |||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | 758,191 | — | — | 758,191 | |||||||||
Liabilities | |||||||||||||
Other Financial Instruments* | |||||||||||||
Written Options | (18,360 | ) | — | — | (18,360 | ) | |||||||
SFT Index 400 Mid-Cap Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 195,324,742 | — | — | 195,324,742 | |||||||||
Long-Term Debt Securities | — | 996,250 | — | 996,250 | |||||||||
Investment Companies | 5,955,193 | — | — | 5,955,193 | |||||||||
Total Investments | 201,279,935 | 996,250 | — | 202,276,185 | |||||||||
Liabilities | |||||||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | (107,837 | ) | — | — | (107,837 | ) | |||||||
SFT Index 500 Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 1,039,658,222 | — | — | 1,039,658,222 | |||||||||
Investment Companies | 25,119,027 | — | — | 25,119,027 | |||||||||
Total Investments | 1,064,777,249 | — | — | 1,064,777,249 | |||||||||
Other Financial Instruments* | |||||||||||||
Futures Contracts | 672,176 | — | — | 672,176 | |||||||||
SFT International Bond Fund | |||||||||||||
Assets | |||||||||||||
Long-Term Debt Securities | — | 78,035,674 | — | 78,035,674 | |||||||||
Investment Companies | 1,736,469 | — | — | 1,736,469 | |||||||||
Total Investments | 1,736,469 | 78,035,674 | — | 79,772,143 | |||||||||
Other Financial Instruments* | |||||||||||||
Forward Foreign Currency Contracts | — | 116,081 | — | 116,081 | |||||||||
Futures Contracts | 44,418 | — | — | 44,418 | |||||||||
Liabilities | |||||||||||||
Other Financial Instruments* | |||||||||||||
Forward Foreign Currency Contracts | — | (780,408 | ) | — | (780,408 | ) | |||||||
Futures Contracts | (10,955 | ) | — | — | (10,955 | ) |
Securian Funds Trust
Notes to Financial Statements – continued
Fair Value Measurement - (continued)
Fair Value Measurement at March 31, 2023 using | |||||||||||||
Fund | Level 1 | Level 2 | Level 3 | Total | |||||||||
SFT Real Estate Securities Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | $ | 115,113,321 | $ | — | $ | — | $ | 115,113,321 | |||||
Investment Companies | 1,765,560 | — | — | 1,765,560 | |||||||||
Total Investments | 116,878,881 | — | — | 116,878,881 | |||||||||
SFT T. Rowe Price Value Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 181,807,925 | — | — | 181,807,925 | |||||||||
Investment Companies | 503,213 | — | — | 503,213 | |||||||||
Total Investments | 182,311,138 | — | — | 182,311,138 | |||||||||
SFT Wellington Core Equity Fund | |||||||||||||
Assets | |||||||||||||
Common Stocks | 111,799,010 | — | — | 111,799,010 | |||||||||
Investment Companies | 1,451,410 | — | — | 1,451,410 | |||||||||
Total Investments | 113,250,420 | — | — | 113,250,420 |
* Investments in Other Financial Instruments are derivative instruments reflected in the Investments in Securities. All derivatives currently held are reflected at the gross unrealized appreciation (depreciation) on the investments.
Level 2 Measurements:
Government obligations comprised of U.S. Treasury, agency and government guaranteed fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on quoted prices in markets that are not active or using matrix pricing or other similar techniques using standard market observable inputs such as the benchmark U.S. Treasury yield curve, the spread of the U.S. Treasury curve for the identical security and comparable securities that are actively traded.
Asset-backed and other mortgage-backed securities comprised of RMBS, CMBS and ABS fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans, etc.
Corporate obligations comprised of U.S. corporate and foreign corporate fixed maturity securities – These securities are principally valued using the market and income approaches. Valuation is based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads off benchmark yields, new issuances, issuer rating, duration, and trades of identical or comparable securities. Investment grade privately placed securities are valued using discounted cash flow methodologies using standard market observable inputs, and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer.
Long-term and short-term debt securities comprised of foreign government and state and political subdivision fixed maturity securities – These securities are principally valued using the market approach. Valuation is based primarily on matrix pricing or other similar techniques using standard market observable inputs including benchmark U.S. Treasury or other yields, issuer ratings, broker-dealer quotes, issuer spreads and reported trades of similar securities, including those within the same sub-sector or with a similar maturity or credit rating.
Securian Funds Trust
Notes to Financial Statements – continued
Bank Loans – These securities are generally valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Bank Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Forward Foreign Currency – These derivatives are traded in the over-the-counter derivative market and are principally valued using market price quotations or industry recognized modeling techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.
The Funds’ policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1, 2, and 3 during the period.
Other Risks
The Funds can invest in securities of foreign issuers, which may subject them to investment risks not normally associated with investing in U.S. securities. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations.