Securian Funds Trust NPORT-P SFT T. Rowe Price Value Fund (Mar 2024 report)

SFT Balanced Stabilization Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Principal		Value(a)
Long-Term Debt Securities (36.5%)
Government Obligations (4.7%)
U.S. Government Agencies and Obligations (4.7%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	46,532	$	41,645
3.500%, 10/01/44		47,882		43,921
3.500%, 11/01/44		47,236		43,306
3.500%, 12/01/44		51,029		46,771
				175,643
Federal National Mortgage Association (0.1%)
3.000%, 04/01/43		71,290		63,720
3.000%, 05/01/43		23,718		21,200
3.000%, 06/01/43		107,222		95,837
3.500%, 08/01/42		47,646		43,892
3.500%, 02/01/43		60,809		56,093
				280,742
U.S. Treasury (4.6%)
U.S. Treasury Bond
4.000%, 11/15/42		5,530,000		5,216,993
4.000%, 11/15/52		1,200,000		1,130,297
U.S. Treasury Note
1.000%, 12/15/24		15,000,000		14,568,311
3.875%, 12/31/27		9,350,000		9,203,541
				30,119,142
Total government obligations (cost: $31,471,742)				30,575,527
Other Mortgage-Backed Securities (0.2%)
Commercial Mortgage-Backed Securities (0.2%)
Bank, Series 2019-BN18, Class A4, 3.584%, 05/15/62		1,500,000		1,349,091
Total other mortgage-backed securities (cost: $1,542,583)				1,349,091
Corporate Obligations (31.6%)
Basic Materials (1.1%)
Chemicals (0.7%)
Celanese U.S. Holdings LLC, 6.330%, 07/15/29		1,500,000		1,555,829
Mosaic Co., 5.450%, 11/15/33		200,000		200,119
Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		977,502
Yara International ASA
3.148%, 06/04/30 (b) (c)		1,000,000		873,196
4.750%, 06/01/28 (b) (c)		1,000,000		971,857
				4,578,503
Mining (0.4%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c)		2,000,000		1,703,887
FMG Resources August 2006 Pty. Ltd., 6.125%, 04/15/32 (b) (c)		1,000,000		989,026
				2,692,913
Communications (2.4%)
Broadline Retail (0.3%)
Amazon.com, Inc.
3.875%, 08/22/37		1,000,000		903,643
4.050%, 08/22/47		1,000,000		872,525
				1,776,168
Diversified Telecommunication Services (0.4%)
AT&T, Inc.
2.550%, 12/01/33		943,000		756,267
3.550%, 09/15/55		1,405,000		983,580
3.800%, 12/01/57		75,000		54,384
4.500%, 05/15/35		1,000,000		935,278
				2,729,509

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Interactive Media & Services (0.1%)
eBay, Inc., 3.450%, 08/01/24	$	750,000	$	744,026
Media (0.6%)
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.750%, 02/15/28		1,500,000		1,390,160
Comcast Corp.
2.887%, 11/01/51		1,319,000		858,566
2.937%, 11/01/56		327,000		206,658
4.200%, 08/15/34 (d)		500,000		466,223
Walt Disney Co., 4.950%, 10/15/45		1,000,000		953,290
				3,874,897
Software (0.3%)
Netflix, Inc., 4.875%, 04/15/28		2,000,000		1,998,109
Telecommunication (0.7%)
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		977,737
T-Mobile USA, Inc., 2.700%, 03/15/32		1,000,000		841,681
Verizon Communications, Inc.
2.650%, 11/20/40		1,000,000		705,140
2.987%, 10/30/56		1,194,000		764,911
3.000%, 11/20/60		2,000,000		1,247,327
Vodafone Group PLC, 4.125%, 05/30/25 (b)		500,000		492,461
				5,029,257
Consumer Cyclical (2.2%)
Auto Manufacturers (0.8%)
Ford Motor Credit Co. LLC
3.664%, 09/08/24		1,000,000		989,740
4.687%, 06/09/25		2,000,000		1,973,905
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		1,986,067
				4,949,712
Entertainment (0.2%)
Warnermedia Holdings, Inc., 5.141%, 03/15/52		1,400,000		1,162,634
Passenger Airlines (0.6%)
Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 06/15/29 (b) (c)		707,279		663,276
American Airlines Pass Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		621,014		582,607
British Airways Pass Through Trust, Series 2013-1, Class A, 4.625%, 12/20/25 (c)		116,052		115,776
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/28 (c)		2,000,000		1,956,516
United Airlines Pass Through Trust
Series 2013-1, Class A, 4.300%, 02/15/27		132,080		129,563
Series 2018-1, Class AA, 3.500%, 09/01/31		893,475		819,000
				4,266,738
Retail (0.6%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		977,105
Lowe's Cos., Inc., 5.625%, 04/15/53		2,250,000		2,273,855
Target Corp., 3.500%, 07/01/24 (d)		750,000		746,433
				3,997,393
Consumer, Non-cyclical (5.1%)
Agricultural Operations (0.4%)
Cargill, Inc.
3.125%, 05/25/51 (c)		1,000,000		696,610
4.375%, 04/22/52 (c)		2,150,000		1,883,128
				2,579,738
Beverages (0.4%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		929,692
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		1,960,921
				2,890,613
Biotechnology (0.6%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,922,593
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,795,852
				3,718,445
Commercial Services (0.6%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (c)		2,000,000		1,956,081

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Global Payments, Inc.
4.800%, 04/01/26	$	750,000	$	742,136
5.300%, 08/15/29		1,500,000		1,493,790
				4,192,007
Consumer Staples Distribution & Retail (0.3%)
Kroger Co.
4.450%, 02/01/47		1,000,000		862,825
5.150%, 08/01/43		1,100,000		1,033,748
				1,896,573
Food Products (0.4%)
General Mills, Inc., 3.000%, 02/01/51		1,002,000		658,763
Mars, Inc., 3.950%, 04/01/49 (c)		1,000,000		811,813
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		917,319
				2,387,895
Health Care Equipment & Supplies (0.3%)
Abbott Laboratories
3.875%, 09/15/25		750,000		739,553
4.750%, 11/30/36		1,000,000		991,682
4.750%, 04/15/43		250,000		241,042
				1,972,277
Health Care Providers & Services (0.4%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		764,207
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		860,325
UnitedHealth Group, Inc., 3.750%, 07/15/25 (d)		1,000,000		983,256
				2,607,788
Household Products (0.2%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		824,222
SC Johnson & Son, Inc., 3.350%, 09/30/24 (c)		750,000		740,973
				1,565,195
Personal Care (0.1%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		841,502
Pharmaceuticals (1.4%)
AbbVie, Inc.
3.600%, 05/14/25		1,000,000		981,752
3.800%, 03/15/25		670,000		660,591
4.400%, 11/06/42		1,000,000		908,091
4.450%, 05/14/46		1,000,000		898,140
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,900,699
Bristol-Myers Squibb Co., 3.875%, 08/15/25		229,000		224,900
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		977,047
CVS Pass-Through Trust, 6.943%, 01/10/30		106,129		108,755
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,030,615
Novartis Capital Corp., 3.400%, 05/06/24 (d)		500,000		498,917
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b)		1,000,000		1,002,406
				9,191,913
Energy (1.5%)
Oil & Gas (0.7%)
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., 3.337%, 12/15/27		1,000,000		946,358
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		978,000
Chevron USA, Inc., 3.900%, 11/15/24		1,000,000		990,946
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		962,946
Phillips 66, 4.650%, 11/15/34		1,000,000		953,436
				4,831,686
Pipelines (0.8%)
Energy Transfer LP
4.250%, 04/01/24		1,000,000		1,000,000
4.900%, 03/15/35		1,000,000		946,222
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		253,685
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		737,856
MPLX LP, 4.950%, 09/01/32		2,000,000		1,943,231
Williams Cos., Inc., 3.750%, 06/15/27		500,000		481,231
				5,362,225

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Financial (10.9%)
Banks (6.1%)
Associated Banc-Corp., 4.250%, 01/15/25	$	750,000	$	736,030
Bank of America Corp.
Series L, 3.950%, 04/21/25		1,000,000		984,043
Series L, 4.183%, 11/25/27		1,000,000		971,056
4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (e)		1,000,000		899,703
4.948%, 07/22/28 (SOFRRATE + 2.040%) (e)		1,500,000		1,489,240
Bank of New York Mellon Corp.
3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (e)		1,000,000		959,234
Series J, 4.967%, 04/26/34 (SOFRRATE + 1.606%) (e)		1,500,000		1,473,091
5.834%, 10/25/33 (SOFRINDX + 2.074%) (e)		1,000,000		1,044,942
Citigroup, Inc.
3.300%, 04/27/25		750,000		733,846
3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (e)		1,000,000		942,216
4.650%, 07/23/48		1,250,000		1,132,877
4.750%, 05/18/46 (f)		1,200,000		1,067,072
Comerica Bank, 5.332%, 08/25/33 (SOFRINDX + 2.610%) (e)		2,000,000		1,820,296
Discover Bank, 4.250%, 03/13/26		500,000		486,775
Fifth Third Bancorp, 6.361%, 10/27/28 (SOFRINDX + 2.192%) (e)		1,000,000		1,023,735
Fifth Third Bank NA, 3.950%, 07/28/25		1,000,000		980,063
First Republic Bank
4.375%, 08/01/46 (g)		575,000		24,437
4.625%, 02/13/47 (g)		1,379,000		62,055
Goldman Sachs Group, Inc.
3.850%, 01/26/27		1,000,000		969,735
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e)		2,000,000		1,956,047
5.150%, 05/22/45 (f)		1,000,000		968,311
JPMorgan Chase & Co.
3.125%, 01/23/25		1,000,000		981,912
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e)		2,000,000		1,451,802
3.897%, 01/23/49 (3-Month USD TERM SOFR + 1.482%) (e)		1,000,000		815,698
KeyBank NA, 4.390%, 12/14/27		3,000,000		2,833,160
M&T Bank Corp., 4.553%, 08/16/28 (SOFRINDX + 1.780%) (e)		3,000,000		2,864,207
Morgan Stanley
2.802%, 01/25/52 (SOFRRATE + 1.430%) (e)		2,000,000		1,314,651
6.342%, 10/18/33 (SOFRRATE + 2.560%) (e)		1,000,000		1,072,159
PNC Bank NA, 4.050%, 07/26/28		1,000,000		952,540
Synchrony Bank, 5.400%, 08/22/25		1,000,000		991,226
Truist Financial Corp., 6.123%, 10/28/33 (SOFRRATE + 2.300%) (e)		2,000,000		2,067,148
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (e)		1,000,000		1,020,475
Wells Fargo & Co.
3.068%, 04/30/41 (SOFRRATE + 2.530%) (e)		1,600,000		1,198,122
4.750%, 12/07/46 (f)		2,300,000		2,021,901
				40,309,805
Financial Services (2.1%)
American Express Co.
3.300%, 05/03/27		1,000,000		951,451
4.050%, 12/03/42		2,000,000		1,742,865
Capital One Financial Corp.
4.250%, 04/30/25		1,500,000		1,479,435
5.468%, 02/01/29 (SOFRRATE + 2.080%) (e)		1,500,000		1,494,799
CME Group, Inc., 3.000%, 03/15/25		1,000,000		979,636
Discover Financial Services
3.750%, 03/04/25		1,000,000		981,930
4.100%, 02/09/27		1,000,000		965,191
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		956,312
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		2,921,451
Jefferies Financial Group, Inc., 2.625%, 10/15/31		2,000,000		1,649,241
				14,122,311
Insurance (1.3%)
Allied World Assurance Co. Holdings Ltd., 4.350%, 10/29/25 (b)		1,290,000		1,258,767
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		833,263
Arch Capital Finance LLC, 4.011%, 12/15/26 (d)		1,000,000		969,540
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		856,211
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c)		3,000,000		2,392,431
Principal Life Global Funding II, 1.500%, 08/27/30 (c)		3,000,000		2,383,977
				8,694,189

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Real Estate Investment Trust — Health Care (0.7%)
DOC DR LLC, 4.300%, 03/15/27	$	1,000,000	$	977,189
Healthcare Realty Holdings LP
3.750%, 07/01/27		1,000,000		944,437
3.875%, 05/01/25		1,000,000		977,772
Welltower OP LLC, 4.125%, 03/15/29		1,500,000		1,434,519
				4,333,917
Real Estate Investment Trust — Office Property (0.1%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		483,120
Real Estate Investment Trust — Shopping Centers (0.2%)
Kite Realty Group Trust, 4.000%, 03/15/25 (d)		1,000,000		981,548
Residential REITs (0.1%)
Essex Portfolio LP, 3.500%, 04/01/25		1,000,000		979,455
Specialized REITs (0.3%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		955,410
Crown Castle, Inc., 4.750%, 05/15/47		1,000,000		857,982
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c)		500,000		426,202
				2,239,594
Industrials (3.3%)
Aerospace & Defense (0.5%)
General Dynamics Corp., 3.500%, 05/15/25		1,000,000		982,111
RTX Corp.
4.050%, 05/04/47		1,000,000		815,567
4.125%, 11/16/28		1,500,000		1,451,800
				3,249,478
Air Freight & Logistics (0.1%)
FedEx Corp., 4.400%, 01/15/47		1,000,000		837,879
Building Products (0.5%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)		1,000,000		854,700
Mohawk Industries, Inc., 3.625%, 05/15/30		2,000,000		1,846,673
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		870,233
				3,571,606
Containers & Packaging (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		974,272
Sealed Air Corp., 6.875%, 07/15/33 (c)		1,000,000		1,042,795
				2,017,067
Electrical Equipment (0.6%)
Flex Ltd.
4.750%, 06/15/25 (b)		1,000,000		988,727
4.875%, 06/15/29 (b)		1,000,000		980,485
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,815,688
				3,784,900
Miscellaneous Manufacturing (0.2%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		953,585
Textron, Inc., 3.875%, 03/01/25		750,000		738,904
				1,692,489
Transport — Rail (0.4%)
Union Pacific Corp., 5.375%, 06/01/33		2,500,000		2,514,798
Transportation (0.1%)
Burlington Northern Santa Fe LLC, 3.750%, 04/01/24		350,000		350,000
Canadian Pacific Railway Co., 4.300%, 05/15/43 (b)		250,000		216,825
				566,825
Trucking & Leasing (0.3%)
GATX Corp.
3.250%, 03/30/25		1,000,000		975,760
4.550%, 11/07/28		1,000,000		977,116
				1,952,876
Machinery (0.3%)
Caterpillar, Inc., 3.250%, 04/09/50		2,300,000		1,711,944

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Information Technology (1.9%)
Computers (0.7%)
Apple, Inc., 4.375%, 05/13/45 (d)	$	1,000,000	$	924,433
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,106,214
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,896,436
				4,927,083
Semiconductor Equipment (0.7%)
Broadcom, Inc., 3.419%, 04/15/33 (c)		2,000,000		1,730,702
Micron Technology, Inc., 2.703%, 04/15/32		2,000,000		1,671,081
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		991,520
				4,393,303
Software (0.5%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		981,197
Oracle Corp., 3.800%, 11/15/37		1,000,000		839,703
VMware LLC, 1.400%, 08/15/26		1,800,000		1,644,454
				3,465,354
Utilities (3.2%)
Electric Utilities (2.5%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,382,453
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		780,980
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		834,722
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52		3,150,000		2,933,956
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		948,859
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,062,953
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		747,029
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,821,097
Northern States Power Co., 3.750%, 12/01/47		1,000,000		738,189
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		623,842
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		812,296
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,784,659
				16,471,035
Gas Utilities (0.5%)
Atmos Energy Corp., 4.125%, 03/15/49		750,000		625,691
National Fuel Gas Co.
4.750%, 09/01/28		1,000,000		972,863
5.200%, 07/15/25		1,000,000		994,829
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		755,251
				3,348,634
Water Utilities (0.2%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		790,582
Aquarion Co., 4.000%, 08/15/24 (c)		500,000		495,451
				1,286,033
Total corporate obligations (cost: $219,711,240)				209,772,959
Total long-term debt securities (cost: $252,725,565)				241,697,577

	Shares
Mutual Funds (58.1%)
Investment Companies (58.1%)
iShares Core S&P 500 ETF (h)		57,440	30,197,931
SFT Index 500 Fund Class 1 (h) (i) (j)		14,224,618	326,874,125
SPDR S&P 500 ETF Trust (d) (h)		36,170	18,919,442
Vanguard S&P 500 ETF (h)		20,175	9,698,122
Total mutual funds (cost: $145,919,026)			385,689,620
Short-Term Securities (3.8%)
Investment Companies (3.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%		25,512,755	25,512,755
Total short-term securities (cost: $25,512,755)			25,512,755
Total investments excluding purchased options (98.4%) (cost: $424,157,346)			652,899,952
Total purchased options outstanding (0.0%) (cost: $168,306)			163,840

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Total investments in securities (cost: $424,325,652)		653,063,792
Cash and other assets in excess of liabilities (1.6%)		10,905,779
Total net assets (100.0%)	$	663,969,571

Investments in Securities Legend

(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Foreign security: The Fund held 1.5% of net assets in foreign securities at March 31, 2024.
(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)	In FDIC receivership.
(h)	Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.
(i)	Affiliated security.
(j)	Non-income producing security.

Holdings of Open Futures Contracts
On March 31, 2024, securities with an aggregate market value of $22,137,663 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 2024	507	Long	$	133,995,832	$	134,570,475	$	574,643

Put Option Purchased:

The Fund had the following put options purchased open at March 31, 2024:

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount		Value(a)
S&P 500 Index	$	4,990	May 2024	128	$	12,800	$	163,840

Put Option Written:

The Fund had the following put options written open at March 31, 2024:

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount		Value(a)
S&P 500 Index	$	4,500	May 2024	128	$	12,800	$	(38,400	)

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Principal		Value(a)
Long-Term Debt Securities (111.5%)
Government Obligations (73.0%)
Other Government Obligations (0.7%)
Provincial or Local Government Obligations (0.7%)
Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, Series A, 5.450%, 09/01/40	$	1,185,000	$	1,241,154
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		685,000		789,657
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.508%, 08/01/37		620,000		631,961
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30		250,000		248,926
Texas A&M University, Series D, 4.000%, 05/15/31		325,000		314,467
				3,226,165
U.S. Government Agencies and Obligations (72.3%)
Export-Import Bank of the United States (0.0%)
Export-Import Bank of the U.S., 2.578%, 12/10/25		18,332		17,817
Federal Home Loan Bank (1.1%)
Federal Home Loan Banks, 5.300%, 05/22/24		4,870,000		4,861,206
Federal Home Loan Mortgage Corporation (7.7%)
2.000%, 07/01/41		1,566,589		1,320,576
2.000%, 11/01/51		4,894,205		3,886,856
2.000%, 12/01/51		3,618,894		2,874,198
2.000%, 03/01/52		2,746,127		2,178,026
2.500%, 04/01/28		37,502		35,888
2.500%, 01/01/52		1,773,613		1,471,397
2.500%, 03/01/52		7,460,666		6,195,037
3.000%, 08/01/42		253,721		228,099
3.000%, 12/01/42		93,968		84,381
3.000%, 01/01/43		132,119		118,091
3.000%, 02/01/43		316,515		283,566
3.000%, 04/01/43		461,741		412,713
3.000%, 10/25/46		42,227		36,500
3.000%, 02/01/52		3,251,562		2,823,168
3.500%, 10/01/25		15,971		15,712
3.500%, 05/01/32		63,657		60,900
3.500%, 03/01/42		328,439		302,837
3.500%, 08/01/42		280,413		258,614
3.500%, 05/25/45		172,394		150,464
4.000%, 09/01/40		271,818		257,869
4.000%, 11/01/40		508,107		484,126
4.000%, 02/01/41		116,590		110,634
4.000%, 03/01/41		120,076		114,455
4.000%, 08/01/52		5,077,028		4,713,750
4.000%, 11/01/52		3,548,820		3,294,905
4.500%, 09/01/40		33,559		32,942
4.500%, 01/01/41		188,239		184,775
4.500%, 02/01/41		112,901		110,823
4.500%, 03/01/41		228,214		224,013
4.500%, 04/01/41		212,545		207,992
5.000%, 05/01/29		8,238		8,165
5.000%, 04/01/35		36,298		36,517
5.000%, 08/01/35		19,804		19,924
5.000%, 11/01/35		37,078		37,303
5.000%, 11/01/39		208,427		208,279
5.000%, 04/01/40		63,067		62,983
5.000%, 08/01/40		43,707		43,649
5.500%, 05/01/34		284,979		289,447
5.500%, 10/01/34		64,168		65,543
5.500%, 07/01/35		111,048		113,432
5.500%, 10/01/35		121,654		124,265
5.500%, 12/01/38		51,398		52,504
6.000%, 11/01/33		124,908		129,153
6.385%, 10/25/29 (30 day USD SOFR Average + 1.064%) (b)		272,754		271,663
6.500%, 09/01/32		13,486		14,217
6.500%, 11/01/32		10,831		11,258
6.500%, 06/01/36		74,059		77,937
7.000%, 12/01/37		22,093		22,785
				34,062,331

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Federal National Mortgage Association (25.7%)
2.000%, 04/01/51	$	2,761,589	$	2,202,360
2.000%, 11/01/51		9,585,344		7,611,838
2.000%, 04/11/54, TBA (c)		6,100,000		4,831,860
2.500%, 03/01/27		47,833		46,109
2.500%, 11/01/27		93,044		89,324
2.500%, 03/01/28		69,090		66,205
2.500%, 07/01/28		94,455		90,169
2.500%, 12/01/51		2,431,368		2,032,124
2.500%, 03/01/52		2,562,826		2,123,639
2.500%, 04/01/52		4,296,079		3,569,775
2.500%, 04/11/54, TBA (c)		16,625,000		13,757,883
3.000%, 11/01/27		40,515		39,153
3.000%, 09/01/42		64,929		58,305
3.000%, 01/01/46		49,727		43,863
3.000%, 04/01/52		5,573,291		4,806,178
3.000%, 06/01/52		460,968		397,561
3.000%, 04/11/54, TBA (c)		17,900,000		15,416,448
3.500%, 11/01/25		20,756		20,314
3.500%, 01/01/26		27,148		26,512
3.500%, 12/01/32		62,684		59,852
3.500%, 11/01/40		231,922		214,206
3.500%, 01/01/41		245,914		227,180
3.500%, 02/01/41		294,464		272,008
3.500%, 04/01/41		156,378		144,351
3.500%, 11/01/41		866,320		802,161
3.500%, 12/01/41		173,801		160,289
3.500%, 05/01/42		90,116		83,136
3.500%, 01/01/43		202,693		186,172
3.500%, 02/01/43		243,235		224,373
3.500%, 05/01/43		791,507		722,277
3.500%, 04/11/54, TBA (c)		4,850,000		4,345,109
4.000%, 12/01/40		33,611		31,734
4.000%, 04/01/41		485,424		462,731
4.000%, 09/01/41		132,187		125,373
4.000%, 11/01/41		82,419		78,169
4.000%, 06/01/42		235,524		223,386
4.000%, 09/01/43		147,806		140,182
4.000%, 04/11/54, TBA (c)		15,325,000		14,205,725
4.500%, 04/01/25		2,150		2,129
4.500%, 05/25/34		537,000		519,993
4.500%, 05/01/35		74,654		73,008
4.500%, 07/01/35		176,369		171,849
4.500%, 09/01/37		64,488		63,107
4.500%, 06/01/39		76,340		74,286
4.500%, 04/01/41		592,933		582,207
4.500%, 07/01/41		422,065		414,302
4.500%, 07/01/47		172,261		169,248
4.500%, 08/01/52		5,671,512		5,405,647
4.500%, 04/01/53		935,506		891,830
4.500%, 04/11/54, TBA (c)		9,250,000		8,816,402
5.000%, 11/01/33		80,335		80,819
5.000%, 03/01/34		56,070		56,369
5.000%, 05/01/34		12,725		12,759
5.000%, 12/01/34		73,195		73,636
5.000%, 07/01/35		68,004		68,415
5.000%, 08/01/35		30,636		30,822
5.000%, 03/01/38		25,320		25,473
5.000%, 04/01/38		57,747		58,098
5.000%, 06/01/39		51,866		51,905
5.000%, 12/01/39		179,942		180,078
5.000%, 06/01/40		22,838		22,807
5.000%, 04/01/41		188,515		188,265
5.000%, 04/11/54, TBA (c)		7,800,000		7,616,508
5.500%, 04/01/33		278,172		284,130
5.500%, 05/01/33		3,804		3,885
5.500%, 12/01/33		28,218		28,823

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

5.500%, 01/01/34	$	54,565	$	55,735
5.500%, 02/01/34		46,014		47,002
5.500%, 03/01/34		84,050		85,795
5.500%, 04/01/34		49,201		50,256
5.500%, 05/01/34		1,358		1,365
5.500%, 09/01/34		72,614		74,172
5.500%, 10/01/34		21,462		21,922
5.500%, 01/01/35		32,909		33,616
5.500%, 02/01/35		85,416		86,990
5.500%, 04/01/35		75,389		77,007
5.500%, 06/01/35		3,412		3,450
5.500%, 08/01/35		54,745		55,918
5.500%, 10/01/35		118,021		120,549
5.500%, 11/01/35		25,435		25,981
5.500%, 09/01/36		50,263		51,342
5.500%, 12/01/39		29,778		30,418
5.500%, 04/11/54 , TBA (c)		4,350,000		4,331,436
6.000%, 09/01/32		6,179		6,385
6.000%, 10/01/32		168,631		174,177
6.000%, 11/01/32		219,663		226,867
6.000%, 03/01/33		143,977		149,233
6.000%, 12/01/33		57,172		58,473
6.000%, 08/01/34		10,031		10,190
6.000%, 09/01/34		10,757		11,149
6.000%, 11/01/34		5,550		5,662
6.000%, 12/01/34		44,613		46,222
6.000%, 11/01/36		5,915		6,132
6.000%, 01/01/37		70,438		73,006
6.000%, 08/01/37		35,093		36,376
6.000%, 10/01/38		56,427		58,541
6.500%, 12/01/31		16,843		17,579
6.500%, 02/01/32		93,146		97,014
6.500%, 04/01/32		51,063		52,776
6.500%, 05/01/32		14,350		14,825
6.500%, 07/01/32		75,402		78,631
6.500%, 08/01/32		47,428		49,345
6.500%, 09/01/32		30,474		31,653
6.500%, 10/01/32		36,062		37,537
6.500%, 09/01/34		2,299		2,352
6.500%, 11/01/34		2,592		2,711
6.500%, 03/01/35		31,907		32,867
6.500%, 09/01/37		54,904		57,539
6.500%, 11/01/37		18,599		19,683
7.000%, 07/01/31		25,537		26,336
7.000%, 09/01/31		77,776		80,210
7.000%, 11/01/31		54,301		56,000
7.000%, 02/01/32		29,622		30,549
7.000%, 03/01/32		4,553		4,695
7.000%, 07/01/32		18,476		19,053
7.500%, 04/01/31		24,455		24,460
7.500%, 05/01/31		6,839		6,789
9.885%, 01/25/29 (30 day USD SOFR Average + 4.564%) (b)		540,033		563,325
				113,226,130
Government National Mortgage Association (3.8%)
0.000%, 06/17/45 (b) (d)		110,139		—
1.000%, 12/20/42		35,430		29,069
3.000%, 03/15/45		388,393		345,529
3.000%, 04/15/45		806,870		717,752
3.000%, 05/15/45		37,992		33,819
3.250%, 04/20/33		72,294		67,976
3.250%, 03/20/35		632,815		590,951
3.250%, 11/20/35		334,768		313,440
3.250%, 01/20/36		589,881		549,407
3.500%, 11/15/40		45,335		42,429
3.500%, 04/20/46		230,549		211,581
3.750%, 03/20/46		567,878		529,644
4.000%, 07/20/31		166,062		161,597
4.000%, 04/20/39		136,049		129,118

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

4.000%, 12/20/40	$	336,047	$	320,961
4.000%, 01/15/41		17,311		16,589
4.000%, 02/15/41		148,426		141,397
4.000%, 10/15/41		91,698		87,354
4.000%, 12/20/44		41,020		39,392
4.500%, 06/15/40		100,040		98,262
4.500%, 04/18/54, TBA (c)		3,350,000		3,221,572
5.000%, 05/15/33		24,615		24,338
5.000%, 12/15/39		38,371		38,740
5.000%, 01/15/40		319,952		322,708
5.000%, 07/15/40		75,126		74,679
5.000%, 04/18/54, TBA (c)		5,100,000		5,015,899
5.500%, 07/15/38		88,986		91,143
5.500%, 10/15/38		112,876		115,334
5.500%, 05/15/54, TBA (c)		3,325,000		3,322,460
				16,653,140
U.S. Treasury (34.0%)
U.S. Treasury Bond
4.250%, 02/15/54		16,155,000		15,917,723
4.500%, 02/15/44		27,830,000		28,021,331
U.S. Treasury Note
4.000%, 02/15/34		24,440,000		24,058,125
4.125%, 03/31/29		37,570,000		37,432,048
4.250%, 03/15/27		21,285,000		21,195,204
4.250%, 02/28/29		20,718,000		20,756,846
4.500%, 03/31/26		2,410,000		2,404,540
				149,785,817
Vendee Mortgage Trust (0.0%)
Vendee Mortgage Trust, Series 1995-1, Class 2, 7.793%, 02/15/25		445		444
Total government obligations (cost: $328,204,435)				321,833,050
Asset-Backed Securities (6.7%)
AGL CLO 12 Ltd., Series 2021-12A, Class B, 7.179%, 07/20/34 (3-Month USD TERM SOFR + 1.862%) (b) (e)		875,000		871,726
Allegro CLO VIII Ltd., Series 2018-2A, Class A, 6.676%, 07/15/31 (3-Month USD TERM SOFR + 1.362%) (b) (e)		1,031,165		1,031,530
Apidos CLO XXV Ltd., Series 2016-25A, Class A1R2, 6.458%, 10/20/31 (3-Month USD TERM SOFR + 1.150%) (b) (e)		1,150,000		1,150,000
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 6.419%, 02/25/34 (1-Month USD TERM SOFR + 1.089%) (b)		342,155		335,149
BlueMountain CLO Ltd., Series 2018-3A, Class BR, 7.175%, 10/25/30 (3-Month USD TERM SOFR + 1.850%) (b) (e)		1,200,000		1,198,787
Chase Funding Trust
Series 2002-3, Class 2A1, 6.084%, 08/25/32 (1-Month USD TERM SOFR + 0.754%) (b)		88,293		85,410
Series 2003-2, Class 2A2, 6.004%, 02/25/33 (1-Month USD TERM SOFR + 0.674%) (b)		95,341		93,189
CIFC Funding Ltd., Series 2022-3A, Class A, 6.728%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (b) (e)		1,250,000		1,250,112
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e)		18,377		17,036
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e)		507,815		471,934
Series 2018-AGS, Class A2, 5.944%, 02/25/44 (1-Month USD TERM SOFR + 0.614%) (b) (e)		102,875		101,033
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e)		1,069,954		951,767
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e)		449,923		373,496
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 6.676%, 04/15/31 (3-Month USD TERM SOFR + 1.362%) (b) (e)		1,000,000		1,000,777
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.730%, 07/15/26		623,352		618,711
FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (e)		1,250,000		1,109,493
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (e)		1,587,884		1,320,046
HPS Loan Management Ltd.
Series 13A-18, Class A2, 7.026%, 10/15/30 (3-Month USD TERM SOFR + 1.712%) (b) (e)		1,000,000		995,621
Series 2021-16A, Class A1, 6.717%, 01/23/35 (3-Month USD TERM SOFR + 1.402%) (b) (e)		1,150,000		1,151,009
Morgan Stanley Dean Witter Capital I, Inc., Series 2002-NC3, Class A2, 6.004%, 08/25/32 (1-Month USD TERM SOFR + 0.674%) (b)		83,536		82,479
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (e)		573,013		528,980
Series 2021-BA, Class A, 0.940%, 07/15/69 (e)		1,292,053		1,129,716
Series 2021-CA, Class A, 1.060%, 10/15/69 (e)		657,446		577,934
Series 2021-FA, Class A, 1.110%, 02/18/70 (e)		1,238,150		1,057,658
Series 2022-A, Class A, 2.230%, 07/15/70 (e)		1,391,996		1,228,979
Octagon 67 Ltd., Series 2023-1A, Class A1, 7.125%, 04/25/36 (3-Month USD TERM SOFR + 1.800%) (b) (e)		1,100,000		1,101,931
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 8.560%, 06/02/28 (3-Month USD TERM SOFR + 1.003%) (b) (e)		1,125,000		1,125,011
Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class A1A, 6.969%, 01/20/34 (3-Month USD TERM SOFR + 1.652%) (b) (e)		675,000		675,169

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Progress Residential Trust
Series 2021-SFR7, Class D, 2.341%, 08/17/40 (e)	$	1,525,000	$	1,309,122
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (e)		2,000,000		1,790,176
Rockford Tower CLO Ltd., Series 2021-2A, Class B, 7.329%, 07/20/34 (3-Month USD TERM SOFR + 2.012%) (b) (e)		450,000		449,775
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e)		236,942		233,538
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e)		1,500,000		1,414,787
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.399%, 03/25/35 (1-Month USD TERM SOFR + 0.654%) (b)		193,057		163,429
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e)		1,692,192		1,439,424
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e)		975,000		857,486
Total asset-backed securities (cost: $30,795,801)				29,292,420
Other Mortgage-Backed Securities (11.8%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (7.9%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.654%, 01/25/45 (b) (e)		60,918		57,776
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29		17,969		11,219
CIM Trust, Series 2023-R3, Class A1A, 4.500%, 01/25/63 (b) (e)		1,629,594		1,483,711
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (b) (e)		96,852		93,290
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (b) (e)		1,765,796		1,537,674
CSMC Trust
Series 2013-6, Class B4, 3.326%, 08/25/43 (b) (e)		774,895		689,538
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (b) (e)		833,948		732,413
Series 2020-RPL3, Class A1, 4.081%, 03/25/60 (b) (e)		1,859,933		1,851,946
Series 2020-RPL6, Class A1, 3.402%, 03/25/59 (b) (e)		1,929,265		1,914,755
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (b) (e)		1,480,312		1,185,429
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (b) (e)		2,228,122		1,946,589
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (b) (e)		1,990,273		1,731,882
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 5.890%, 07/25/44 (b) (e)		2,110,021		2,019,784
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.411%, 06/25/29 (b) (e)		85,169		77,757
Series 2016-3, Class B3, 3.289%, 10/25/46 (b) (e)		172,145		157,980
Series 2017-2, Class B4, 3.649%, 05/25/47 (b) (e)		2,673,427		2,298,865
Series 2021-13, Class A4, 2.500%, 04/25/52 (b) (e)		3,509,605		3,052,816
Series 2021-4, Class A5, 2.500%, 08/25/51 (b) (e)		2,400,000		1,528,873
JP Morgan Trust, Series 2015-6, Class B4, 3.512%, 10/25/45 (b) (e)		1,375,000		935,464
Luminent Mortgage Trust, Series 2005-1, Class A1, 5.964%, 11/25/35 (1-Month USD TERM SOFR + 0.634%) (b)		1,419,005		1,327,861
MRFC Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28		2,011		1,945
Seasoned Credit Risk Transfer Trust
Series 2017-2, Class M1, 4.000%, 08/25/56 (b) (e)		633,341		622,715
Series 2017-3, Class M1, 4.000%, 07/25/56 (b)		521,837		517,206
Series 2021-3, Class TT, 2.000%, 03/25/61		1,078,336		937,006
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.480%, 06/25/43 (b)		441,116		332,005
Series 2015-1, Class B2, 3.930%, 01/25/45 (b) (e)		105,530		99,728
Series 2015-3, Class B1, 3.726%, 07/25/45 (b) (e)		176,436		168,579
Series 2015-4, Class B2, 3.124%, 11/25/30 (b) (e)		29,810		27,768
Series 2017-1, Class B3, 3.606%, 02/25/47 (b) (e)		946,478		751,730
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.590%, 04/25/47 (b) (e)		1,255,186		920,922
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127%, 06/25/56 (b) (e)		839,648		681,365
Series 2021-6, Class A1, 1.920%, 11/25/66 (b) (e)		1,322,724		1,105,389
Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (b)		5,600		47
Series 1998-2, Class C, 6.750%, 05/02/30 (b)		3,624		194
Towd Point Mortgage Trust
Series 2015-2, Class 2M2, 4.780%, 11/25/57 (b) (e)		476,818		473,896
Series 2015-4, Class M2, 3.750%, 04/25/55 (b) (e)		1,125,797		1,110,039
Series 2018-4, Class A1, 3.000%, 06/25/58 (b) (e)		1,600,367		1,480,130
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.670%, 06/20/45 (b) (e)		1,284,239		1,155,633
				35,021,919
Commercial Mortgage-Backed Securities (3.9%)
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.185%, 08/15/46 (b) (e)		1,350,000		1,117,130
BB-UBS Trust
Series 2012-SHOW, Class C, 4.026%, 11/05/36 (b) (e)		500,000		459,791
Series 2012-SHOW, Class D, 4.026%, 11/05/36 (b) (e)		500,000		454,790
BCAP LLC Trust, Series 2015-RR2, Class 25A3, 3.941%, 10/28/36 (b) (e)		326,372		324,431
BX Trust, Series 2022-PSB, Class D, 10.018%, 08/15/39 (1-Month USD TERM SOFR + 4.693%) (b) (e)		723,147		727,441
Citigroup Commercial Mortgage Trust, Series 2018-TBR, Class A, 6.521%, 12/15/36 (1-Month USD TERM SOFR + 1.194%) (b) (e)		4,000,000		3,975,000

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50	$	1,000,000	$	950,701
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,559,329
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,247,445
Series 2017-C7, Class AS, 4.061%, 12/15/50 (b)		1,505,000		1,391,297
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48		1,905,000		1,856,733
				17,064,088
Total other mortgage-backed securities (cost: $58,317,004)				52,086,007
Corporate Obligations (17.9%)
Basic Materials (0.3%)
Chemicals (0.3%)
International Flavors & Fragrances, Inc.
2.300%, 11/01/30 (e)		1,340,000		1,113,585
3.468%, 12/01/50 (e)		100,000		66,769
4.375%, 06/01/47		135,000		104,100
5.000%, 09/26/48		50,000		42,621
				1,327,075
Communications (1.3%)
Interactive Media & Services (0.0%)
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, 04/30/27 (e)		42,000		42,949
6.000%, 02/15/28 (e)		65,000		66,911
				109,860
Media (0.9%)
Cable One, Inc., 4.000%, 11/15/30 (e)		162,000		126,422
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, 04/01/31		1,130,000		924,993
3.700%, 04/01/51		685,000		424,013
4.800%, 03/01/50		1,000,000		739,526
CSC Holdings LLC
5.375%, 02/01/28 (e)		200,000		172,367
5.750%, 01/15/30 (e)		100,000		52,941
6.500%, 02/01/29 (e)		594,000		503,687
7.500%, 04/01/28 (e)		50,000		33,715
11.750%, 01/31/29 (e)		18,000		18,025
Time Warner Cable LLC, 5.500%, 09/01/41		535,000		446,142
VZ Secured Financing BV, 5.000%, 01/15/32 (e) (f)		535,000		459,284
				3,901,115
Telecommunication (0.3%)
CommScope, Inc., 4.750%, 09/01/29 (e)		244,000		174,460
Crown Castle Towers LLC, 4.241%, 07/15/48 (e)		625,000		595,950
Frontier Communications Holdings LLC, 8.625%, 03/15/31 (e)		312,000		318,636
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f)		146,000		135,807
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e)		161,000		132,492
				1,357,345
Wireless Telecommunication Services (0.1%)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e)		400,000		399,184
Consumer Cyclical (0.7%)
Entertainment (0.5%)
Warnermedia Holdings, Inc.
5.050%, 03/15/42		1,000,000		859,672
5.141%, 03/15/52		1,500,000		1,245,679
				2,105,351
Passenger Airlines (0.1%)
JetBlue Pass Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		691,173		640,828
Retail (0.1%)
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 04/01/29 (e)		80,000		76,351
Michaels Cos., Inc., 7.875%, 05/01/29 (e)		341,000		255,795
Raising Cane's Restaurants LLC, 9.375%, 05/01/29 (e)		35,000		37,816
				369,962

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Consumer, Non-cyclical (2.8%)
Agricultural Products (0.5%)
BAT Capital Corp., 4.540%, 08/15/47	$	700,000	$	539,873
Imperial Brands Finance PLC
3.875%, 07/26/29 (e) (f)		30,000		28,166
6.125%, 07/27/27 (e) (f)		470,000		479,699
Reynolds American, Inc., 5.850%, 08/15/45		1,000,000		928,580
				1,976,318
Beverages (0.0%)
Triton Water Holdings, Inc., 6.250%, 04/01/29 (e)		30,000		27,324
Biotechnology (0.0%)
Amgen, Inc., 5.650%, 03/02/53		110,000		112,310
Commercial Services (0.1%)
Adtalem Global Education, Inc., 5.500%, 03/01/28 (e)		225,000		215,398
WASH Multifamily Acquisition, Inc., 5.750%, 04/15/26 (e)		31,000		30,298
				245,696
Food Products (0.6%)
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL, 6.750%, 03/15/34 (e) (f)		580,000		610,376
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.750%, 04/01/33 (f)		309,000		304,511
Pilgrim's Pride Corp.
3.500%, 03/01/32		1,320,000		1,121,274
6.250%, 07/01/33		60,000		61,321
6.875%, 05/15/34		460,000		489,902
				2,587,384
Health Care Providers & Services (0.9%)
Centene Corp., 3.000%, 10/15/30		757,000		648,772
CommonSpirit Health, 4.350%, 11/01/42		405,000		353,702
IQVIA, Inc., 5.700%, 05/15/28		825,000		836,442
Kedrion SpA, 6.500%, 09/01/29 (e) (f)		305,000		277,245
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/29 (e)		355,000		257,574
ModivCare, Inc., 5.875%, 11/15/25 (e)		40,000		38,954
New York & Presbyterian Hospital, 2.256%, 08/01/40		1,175,000		804,449
Sinai Health System, 3.034%, 01/20/36		1,045,000		954,025
				4,171,163
Household Products (0.0%)
Spectrum Brands, Inc., 5.500%, 07/15/30 (e)		132,000		129,156
Pharmaceuticals (0.7%)
1375209 BC Ltd., 9.000%, 01/30/28 (e) (f)		290,000		284,218
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (e)		1,500,000		1,412,380
4.400%, 07/15/44 (e)		1,000,000		766,391
Bayer U.S. Finance LLC, 6.500%, 11/21/33 (e)		200,000		203,712
Grifols SA, 4.750%, 10/15/28 (e) (f)		371,000		306,984
				2,973,685
Energy (1.3%)
Oil & Gas (0.1%)
Ecopetrol SA, 8.875%, 01/13/33 (f)		40,000		42,288
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f)		500,000		490,022
				532,310
Pipelines (1.2%)
Energy Transfer LP, 6.850%, 02/15/40		1,850,000		1,915,616
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f)		424,720		365,253
NGPL PipeCo LLC, 3.250%, 07/15/31 (e)		1,000,000		854,839
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e)		161,000		150,467
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,500,000		1,716,353
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26		156,000		147,810
Venture Global Calcasieu Pass LLC, 6.250%, 01/15/30 (e)		60,000		60,363
Venture Global LNG, Inc., 9.500%, 02/01/29 (e)		208,000		224,072
				5,434,773
Financial (8.9%)
Banks (5.8%)
Bank of America Corp.
1.922%, 10/24/31 (SOFRRATE + 1.370%) (b)		710,000		578,851

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

2.572%, 10/20/32 (SOFRRATE + 1.210%) (b)	$	55,000	$	45,680
2.592%, 04/29/31 (SOFRRATE + 2.150%) (b)		590,000		509,007
2.884%, 10/22/30 (3-Month USD TERM SOFR + 1.452%) (b)		2,410,000		2,143,399
Citigroup, Inc.
1.281%, 11/03/25 (SOFRRATE + 0.528%) (b)		2,625,000		2,553,561
2.520%, 11/03/32 (SOFRRATE + 1.177%) (b)		750,000		615,349
Goldman Sachs Group, Inc.
1.431%, 03/09/27 (SOFRRATE + 0.798%) (b)		300,000		277,918
2.383%, 07/21/32 (SOFRRATE + 1.248%) (b)		600,000		492,320
HSBC Holdings PLC
2.013%, 09/22/28 (SOFRRATE + 1.732%) (b) (f)		900,000		805,093
2.357%, 08/18/31 (SOFRRATE + 1.947%) (b) (f)		1,155,000		963,189
JPMorgan Chase & Co.
0.969%, 06/23/25 (3-Month USD TERM SOFR + 0.580%) (b)		1,000,000		988,414
1.040%, 02/04/27 (3-Month USD TERM SOFR + 0.695%) (b)		2,500,000		2,314,201
1.470%, 09/22/27 (SOFRRATE + 0.765%) (b)		910,000		830,133
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (b)		645,000		544,936
Lloyds Banking Group PLC, 1.627%, 05/11/27 (1 year CMT + 0.850%) (b) (f)		255,000		234,842
Morgan Stanley
1.164%, 10/21/25 (SOFRRATE + 0.560%) (b)		800,000		778,841
1.928%, 04/28/32 (SOFRRATE + 1.020%) (b)		1,354,000		1,087,183
PNC Financial Services Group, Inc.
5.676%, 01/22/35 (SOFRRATE + 1.902%) (b)		85,000		85,828
6.875%, 10/20/34 (SOFRRATE + 2.284%) (b)		770,000		843,829
Santander UK Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (b) (f)		2,000,000		1,838,869
U.S. Bancorp
3.000%, 07/30/29		765,000		683,813
4.839%, 02/01/34 (SOFRRATE + 1.600%) (b)		55,000		52,290
Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%) (b)		800,000		765,876
5.678%, 01/23/35 (SOFRRATE + 1.860%) (b)		200,000		202,189
5.836%, 06/12/34 (SOFRRATE + 2.260%) (b)		40,000		40,804
5.850%, 10/21/33 (SOFRRATE + 2.090%) (b)		210,000		214,300
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%) (b)		3,485,000		3,191,254
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.432%) (b)		750,000		663,149
3.000%, 10/23/26		1,100,000		1,041,607
4.897%, 07/25/33 (SOFRRATE + 2.100%) (b)		195,000		187,998
				25,574,723
Financial Services (0.8%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 01/30/32 (f)		780,000		669,239
Air Lease Corp., 3.250%, 10/01/29		1,500,000		1,355,566
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f)		1,500,000		1,334,634
GGAM Finance Ltd.
8.000%, 02/15/27 (e) (f)		90,000		92,923
8.000%, 06/15/28 (e) (f)		126,000		131,583
Helios Leasing I LLC, 1.825%, 05/16/25		17,225		16,835
				3,600,780
Insurance (0.7%)
Athene Global Funding, 1.985%, 08/19/28 (e)		1,000,000		864,046
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (b) (e)		500,000		369,955
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (e)		290,000		290,516
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		2,125,000		1,764,034
				3,288,551
Investment Companies (0.1%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, 02/01/29		45,000		38,381
5.250%, 05/15/27		186,000		172,487
9.750%, 01/15/29 (e)		120,000		125,303
				336,171
Real Estate Investment Trust — Health Care (0.2%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30		1,000,000		871,278
Real Estate Investment Trust — Office Property (0.2%)
Hudson Pacific Properties LP
3.250%, 01/15/30		730,000		562,724
4.650%, 04/01/29		120,000		102,217
				664,941

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Residential REITs (0.1%)
Invitation Homes Operating Partnership LP
2.000%, 08/15/31	$	60,000	$	47,610
2.700%, 01/15/34		460,000		365,583
4.150%, 04/15/32		55,000		50,361
5.500%, 08/15/33		100,000		99,725
				563,279
Savings and Loans (0.1%)
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (b) (e) (f)		500,000		466,636
Specialized REITs (0.9%)
American Tower Corp., 2.700%, 04/15/31		920,000		779,306
Extra Space Storage LP
2.400%, 10/15/31		70,000		57,636
2.550%, 06/01/31		575,000		477,691
GLP Capital LP/GLP Financing II, Inc.
4.000%, 01/15/30		465,000		424,450
5.300%, 01/15/29		1,000,000		983,537
VICI Properties LP, 4.950%, 02/15/30		27,000		26,070
VICI Properties LP/VICI Note Co., Inc., 3.875%, 02/15/29 (e)		1,075,000		989,472
				3,738,162
Industrials (0.5%)
Aerospace & Defense (0.1%)
Boeing Co., 5.805%, 05/01/50		445,000		422,608
Construction & Engineering (0.0%)
Artera Services LLC, 8.500%, 02/15/31 (e)		40,000		41,014
Containers & Packaging (0.3%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, 08/15/26 (e) (f)		70,000		63,376
5.250%, 08/15/27 (e) (f)		446,000		280,980
Berry Global, Inc., 5.500%, 04/15/28		1,000,000		1,008,056
				1,352,412
Environmental Control (0.1%)
Waste Pro USA, Inc., 5.500%, 02/15/26 (e)		104,000		102,425
Machinery (0.0%)
OT Merger Corp., 7.875%, 10/15/29 (e)		126,000		90,720
Information Technology (0.0%)
Software (0.0%)
Open Text Corp., 6.900%, 12/01/27 (e) (f)		85,000		87,874
Utilities (2.1%)
Electric Utilities (1.2%)
Duke Energy Carolinas LLC, 4.250%, 12/15/41		1,280,000		1,103,208
Duke Energy Florida LLC, 5.875%, 11/15/33		20,000		21,135
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		466,226
FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		2,000,000		1,902,505
MidAmerican Energy Co., 4.250%, 07/15/49		1,750,000		1,485,473
Niagara Mohawk Power Corp., 4.278%, 10/01/34 (e)		490,000		438,664
				5,417,211
Gas Utilities (0.9%)
East Ohio Gas Co., 1.300%, 06/15/25 (e)		1,380,000		1,312,263
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50		1,410,000		953,236
Southern Co. Gas Capital Corp.
3.875%, 11/15/25		1,105,000		1,076,876
4.400%, 05/30/47		775,000		643,418
				3,985,793
Total corporate obligations (cost: $82,648,800)				79,005,417
Bank Loans (1.5%)
1011778 B.C. Unlimited Liability Co., 2023 Term Loan B5, 7.580%, 09/20/30 (1-Month USD TERM SOFR + 2.250%) (b) (e)		59,123		59,049
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 9.192%, 10/01/25 (1-Month USD TERM SOFR + 3.750%) (b) (e)		9,630		9,431

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Acrisure LLC, 2020 Term Loan B, 8.945%, 02/15/27 (1-Month USD LIBOR + 3.500%) (b) (e)	$	245,524	$	244,910
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 9.072%, 07/31/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		245,625		245,779
Amentum Government Services Holdings LLC, Term Loan B, 9.445%, 01/29/27 (1-Month USD TERM SOFR + 4.000%) (b) (e)		245,536		245,996
Arches Buyer, Inc., 2021 Term Loan B, 8.680%, 12/06/27 (1-Month USD TERM SOFR + 3.250%) (b) (e)		37,561		36,332
Artera Services LLC, 2024 Term Loan, 9.809%, 02/15/31 (3-Month USD TERM SOFR + 4.500%) (b) (e)		49,781		49,968
Asurion LLC, 2022 Term Loan B10, 9.427%, 08/19/28 (1-Month USD TERM SOFR + 4.000%) (b) (e)		246,250		236,297
Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 7.329%, 06/22/28 (1-Month USD TERM SOFR + 2.000%) (b) (c) (e)		77,835		77,835
Bausch & Lomb Corp.
2023 Incremental Term Loan, 9.330%, 09/29/28 (1-Month USD TERM SOFR + 4.000%) (b) (e)		56,891		56,820
Term Loan, 8.677%, 05/10/27 (1-Month USD TERM SOFR + 3.250%) (b) (e)		25,180		24,883
Berry Global, Inc., 2023 Term Loan AA, 7.182%, 07/01/29 (1-Month USD TERM SOFR + 1.750%) (b) (e)		302,009		301,792
Buzz Finco LLC, Term Loan B, 8.177%, 01/29/27 (1-Month USD TERM SOFR + 2.750%) (b) (e)		32,986		32,986
Caesars Entertainment, Inc., 2024 Term Loan B1, 8.041%, 02/06/31 (3-Month USD TERM SOFR + 2.750%) (b) (e)		88,940		88,896
Carestream Dental Equipment, Inc.
2017 1st Lien Term Loan, 5.571%, 09/01/24 (3-Month USD LIBOR + 3.250%) (b) (c) (e)		71,073		61,389
2021 Term Loan, 5.571%, 09/01/24 (3-Month USD TERM SOFR + 4.500%) (b) (c) (e)		21,740		18,859
CCI Buyer, Inc., Term Loan, 9.302%, 12/17/27 (3-Month USD TERM SOFR + 4.000%) (b) (e)		40,026		39,762
Central Parent, Inc., 2023 Term Loan B, 9.309%, 07/06/29 (3-Month USD TERM SOFR + 4.000%) (b) (e)		47,927		48,034
Chemours Co., 2023 USD Term Loan B, 8.830%, 08/18/28 (1-Month USD TERM SOFR + 3.500%) (b) (e)		88,712		88,268
City Brewing Co. LLC, Closing Date Term Loan, 9.078%, 04/05/28 (3-Month USD TERM SOFR + 3.500%) (b) (c) (e)		67,055		51,297
Clean Harbors, Inc., 2023 Term Loan, 7.192%, 10/08/28 (1-Month USD TERM SOFR + 1.750%) (b) (c) (e)		84,824		84,906
CSC Holdings LLC, 2019 Term Loan B5, 7.940%, 04/15/27 (1-Month USD LIBOR + 2.500%) (b) (e)		63,306		57,134
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 9.059%, 04/09/27 (3-Month USD TERM SOFR + 3.750%) (b) (e)		21,116		20,995
EagleView Technology Corp., 2018 Add On Term Loan B, 9.065%, 08/14/25 (3-Month USD TERM SOFR + 3.500%) (b) (c) (e)		110,400		106,628
Fertitta Entertainment LLC, 2022 Term Loan B, 9.077%, 01/27/29 (1-Month USD TERM SOFR + 3.750%) (b) (e)		53,222		53,330
Filtration Group Corp., 2023 USD Term Loan, 9.695%, 10/21/28 (1-Month USD TERM SOFR + 4.250%) (b) (e)		29,999		30,095
First Brands Group LLC, 2021 Term Loan, 10.574%, 03/30/27 (3-Month USD TERM SOFR + 5.000%) (b) (e)		25,329		25,341
Froneri International Ltd., 2020 USD Term Loan, 7.680%, 01/29/27 (1-Month USD TERM SOFR + 2.250%) (b) (e)		43,826		43,836
Frontier Communications Corp., 2021 1st Lien Term Loan, 9.195%, 10/08/27 (1-Month USD TERM SOFR + 3.750%) (b) (e)		33,796		33,598
Gainwell Acquisition Corp., Term Loan B, 9.409%, 10/01/27 (3-Month USD TERM SOFR + 4.000%) (b) (e)		245,558		234,585
Gen Digital, Inc., 2021 Term Loan A, 7.177%, 09/10/27 (1-Month USD TERM SOFR + 1.750%) (b) (e)		99,366		99,077
Genesee & Wyoming, Inc., Term Loan, 7.402%, 12/30/26 (3-Month USD TERM SOFR + 2.000%) (b) (e)		18,632		18,629
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 7.459%, 11/15/27 (3-Month USD TERM SOFR + 2.000%) (b) (e)		95,506		92,461
GTCR W Merger Sub LLC, USD Term Loan B, 8.309%, 01/31/31 (1-Month USD TERM SOFR + 3.000%) (b) (c) (e)		88,497		88,636
H-Food Holdings LLC, 2018 Term Loan B, 9.292%, 05/23/25 (3-Month USD TERM SOFR + 3.687%) (b) (c) (e)		26,137		18,884
II-VI, Inc., 2022 Term Loan B, 8.195%, 07/02/29 (1-Month USD TERM SOFR + 2.750%) (b) (e)		232,668		232,668
Jane Street Group LLC, 2024 Term Loan B, 7.942%, 01/26/28 (1-Month USD TERM SOFR + 2.500%) (b) (e)		70,069		70,069
Jazz Financing Lux SARL, 2024 Term Loan B, 8.445%, 05/05/28 (1-Month USD TERM SOFR + 3.000%) (b) (e)		163,977		164,729
KFC Holding Co., 2021 Term Loan B, 7.191%, 03/15/28 (1-Month USD TERM SOFR + 1.750%) (b) (e)		58,814		58,722
Magnite, Inc., 2024 Term Loan B, 9.596%, 02/06/31 (1-Month USD TERM SOFR + 4.500%, 3-Month USD TERM SOFR + 4.500%, 6-Month USD TERM SOFR + 4.500%) (b) (e)		20,090		20,072
Match Group, Inc., 2020 Term Loan B, 7.233%, 02/13/27 (3-Month USD TERM SOFR + 1.750%) (b) (e)		14,547		14,499
Medline Borrower LP, USD Term Loan B, 8.441%, 10/23/28 (1-Month USD TERM SOFR + 3.000%) (b) (e)		97,626		97,646
MH Sub I LLC, 2023 Term Loan, 9.580%, 05/03/28 (1-Month USD TERM SOFR + 4.250%) (b) (e)		23,374		23,199
Naked Juice LLC
2nd Lien Term Loan, 11.402%, 01/24/30 (3-Month USD TERM SOFR + 6.000%) (b) (e)		38,193		30,650
Term Loan, 8.659%, 01/24/29 (3-Month USD TERM SOFR + 3.250%) (b) (e)		246,241		229,250
Open Text Corp.
2023 Term Loan B, 8.177%, 01/31/30 (1-Month USD TERM SOFR + 2.750%) (b) (e) (f)		67,036		67,050
Term Loan B, 7.177%, 05/30/25 (1-Month USD TERM SOFR + 1.750%) (b) (e) (f)		35,198		35,193
Oracle Corp., Term Loan A1, 6.929%, 08/16/27 (1-Month USD TERM SOFR + 1.600%) (b) (e)		263,318		262,989
Organon & Co., USD Term Loan, 8.433%, 06/02/28 (1-Month USD TERM SOFR + 3.000%) (b) (e)		455,626		456,338
Patriot Container Corp., 2018 1st Lien Term Loan, 9.177%, 03/20/25 (1-Month USD TERM SOFR + 3.750%) (b) (e)		18,380		17,721
Peraton Corp., Term Loan B, 9.180%, 02/01/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		154,856		154,524
Pre-Paid Legal Services, Inc., 2021 Term Loan, 9.195%, 12/15/28 (1-Month USD TERM SOFR + 3.750%) (b) (e)		245,633		244,252
Prime Security Services Borrower LLC, 2023 Term Loan A, 7.503%, 03/14/28 (6-Month USD TERM SOFR + 2.250%) (b) (e)		48,734		48,247
Proofpoint, Inc., 1st Lien Term Loan, 8.695%, 08/31/28 (1-Month USD TERM SOFR + 3.250%) (b) (e)		245,603		245,480
Renaissance Holding Corp., 2024 Term Loan, 9.577%, 04/05/30 (1-Month USD TERM SOFR + 4.250%) (b) (e)		43,839		43,886
Research Now Group, Inc., 2017 1st Lien Term Loan, 11.068%, 12/20/24 (3-Month USD TERM SOFR + 5.500%) (b) (c) (e)		38,960		23,000

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

SBA Senior Finance II LLC, 2024 Term Loan B, 7.340%, 01/25/31 (1-Month USD TERM SOFR + 2.000%) (b) (e)	$	125,197	$	125,300
Spin Holdco, Inc., 2021 Term Loan, 9.585%, 03/04/28 (3-Month USD TERM SOFR + 4.000%) (b) (e)		245,570		226,675
Star Parent, Inc., Term Loan B, 9.309%, 09/27/30 (3-Month USD TERM SOFR + 4.000%) (b) (e)		45,732		45,418
Trans Union LLC, 2024 Term Loan B6, 7.327%, 12/01/28 (b) (e)		43,612		43,557
TransDigm, Inc., 2024 Term Loan I, 8.079%, 08/24/28 (3-Month USD TERM SOFR + 3.250%) (b) (c) (e)		107,351		107,673
Triton Water Holdings, Inc., Term Loan, 8.563%, 03/31/28 (3-Month USD TERM SOFR + 3.250%) (b) (e)		36,073		35,660
TruGreen LP, 2020 Term Loan, 9.430%, 11/02/27 (1-Month USD TERM SOFR + 4.000%) (b) (e)		245,558		238,652
Whatabrands LLC, 2021 Term Loan B, 8.692%, 08/03/28 (1-Month USD TERM SOFR + 3.250%) (b) (e)		24,184		24,180
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 8.195%, 05/18/25 (1-Month USD TERM SOFR + 2.750%) (b) (e)		40,324		40,263
Zayo Group Holdings, Inc., USD Term Loan, 8.445%, 03/09/27 (1-Month USD TERM SOFR + 3.000%) (b) (e)		300,000		262,393
Total Bank Loans (cost: $6,672,220)				6,716,673
Foreign Bonds (0.6%)
Brazilian Government International Bond, 6.125%, 03/15/34 (f)		200,000		197,810
Colombia Government International Bond, 3.000%, 01/30/30 (f)		300,000		248,617
Costa Rica Government International Bond, 6.550%, 04/03/34 (f)		200,000		206,751
Dominican Republic International Bond, 4.875%, 09/23/32 (f)		150,000		134,284
Hungary Government International Bond, 2.125%, 09/22/31 (f)		250,000		197,964
Mexico Government International Bond, 2.659%, 05/24/31 (f)		600,000		500,635
Panama Government International Bond, 2.252%, 09/29/32 (f)		250,000		180,326
Paraguay Government International Bond, 3.849%, 06/28/33 (f)		200,000		174,427
Republic of South Africa Government International Bond
4.850%, 09/30/29 (f)		200,000		179,168
5.875%, 06/22/30 (f)		200,000		185,200
Romanian Government International Bond, 3.000%, 02/14/31 (f)		300,000		251,496
Total Foreign Bonds (cost: $2,448,827)				2,456,678
Total long-term debt securities (cost: $509,087,087)				491,390,245

	Shares
Short-Term Securities (16.5%)
Investment Companies (10.3%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%		45,536,776		45,536,776
U.S. Government Agencies and Obligations (6.2%)
U.S. Treasury Bill
4.951%, 04/11/24		3,055,000		3,050,554
5.142%, 04/16/24		15,270,000		15,236,473
5.252%, 04/23/24		2,785,000		2,776,031
5.259%, 04/25/24		813,000		810,151
5.341%, 05/16/24		5,455,000		5,419,345
Total U.S. Government Agencies and Obligations (cost: $27,293,056)				27,292,554
Total short-term securities (cost: $72,829,832)				72,829,330
Total investments in securities (cost: $581,916,919)				564,219,575
Liabilities in excess of cash and other assets (-28.0%)				(123,397,639	)
Total net assets (100.0%)			$	440,821,936

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Variable rate security.
(c)	Security is issued on a when-issued or forward commitment basis. As of March 31, 2024 the total cost of investments issued on a when-issued or forward commitment basis was $85,299,958.
(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 3.0% of net assets in foreign securities at March 31, 2024.

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Holdings of Open Futures Contracts
On March 31, 2024, $724,000 in cash has 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 2024	382	Long	$	78,172,978		$	78,113,031		$	(59,947	)
5 Year U.S. Treasury Note	June 2024	128	Long		13,684,807			13,698,000			13,193
10 Year U.S. Ultra	June 2024	2	Long		227,894			229,219			1,325
10 Year U.S. Treasury Note	June 2024	7	Short		(780,993	)		(775,578	)		5,415
U.S. Ultra Bond	June 2024	3	Short		(383,176	)		(387,000	)		(3,824	)
							$	90,877,672		$	(43,838	)

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Growth Fund

Investments in Securities

March 31, 2024 

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (99.5%)
Communication Services (8.5%)
Entertainment (1.9%)
Electronic Arts, Inc.		87,871	$	11,657,845
Interactive Media & Services (6.6%)
Alphabet, Inc. Class A (b)		239,365		36,127,360
Alphabet, Inc. Class C (b)		37,636		5,730,457
				41,857,817
Consumer Discretionary (12.5%)
Automobiles (1.8%)
Ferrari NV (c)		26,259		11,447,349
Broadline Retail (6.7%)
Amazon.com, Inc. (b)		233,411		42,102,676
Hotels, Restaurants & Leisure (1.3%)
Booking Holdings, Inc.		2,251		8,166,358
Specialty Retail (0.5%)
Home Depot, Inc.		8,169		3,133,628
Textiles, Apparel & Luxury Goods (2.2%)
LVMH Moet Hennessy Louis Vuitton SE ADR (c)		62,854		11,378,460
NIKE, Inc. Class B		28,791		2,705,778
				14,084,238
Consumer Staples (2.3%)
Beverages (2.3%)
Coca-Cola Co.		237,496		14,530,005
Financial (10.7%)
Capital Markets (4.9%)
Intercontinental Exchange, Inc.		133,442		18,338,934
S&P Global, Inc.		30,151		12,827,743
				31,166,677
Financial Services (5.8%)
Visa, Inc. Class A		129,880		36,246,910
Health Care (11.5%)
Health Care Equipment & Supplies (3.2%)
Cooper Cos., Inc.		98,005		9,943,587
Intuitive Surgical, Inc. (b)		25,777		10,287,343
				20,230,930
Health Care Providers & Services (3.8%)
UnitedHealth Group, Inc.		47,819		23,656,059
Health Care Technology (1.0%)
Veeva Systems, Inc. Class A (b)		28,251		6,545,474
Life Sciences Tools & Services (2.7%)
Danaher Corp.		68,770		17,173,245
Pharmaceuticals (0.8%)
Zoetis, Inc.		29,294		4,956,838
Industrials (8.5%)
Commercial Services & Supplies (2.3%)
Waste Connections, Inc. (c)		83,695		14,396,377
Ground Transportation (1.0%)
JB Hunt Transport Services, Inc.		30,350		6,047,238
Professional Services (5.2%)
Broadridge Financial Solutions, Inc.		54,417		11,147,867
Equifax, Inc.		51,605		13,805,369

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Growth Fund

Investments in Securities – continued

TransUnion	40,092	$	3,199,342
Verisk Analytics, Inc.	21,140		4,983,332
			33,135,910
Information Technology (42.2%)
Communications Equipment (3.4%)
Motorola Solutions, Inc.	60,098		21,333,588
IT Services (3.0%)
VeriSign, Inc. (b)	100,319		19,011,454
Semiconductors & Semiconductor Equipment (8.8%)
NVIDIA Corp.	56,363		50,927,352
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (c)	34,581		4,704,745
			55,632,097
Software (21.2%)
Adobe, Inc. (b)	9,246		4,665,532
Autodesk, Inc. (b)	26,892		7,003,215
Intuit, Inc.	28,001		18,200,650
Microsoft Corp.	207,641		87,358,721
Salesforce, Inc. (b)	53,535		16,123,671
			133,351,789
Technology Hardware Storage & Peripherals (5.8%)
Apple, Inc.	213,587		36,625,899
Real Estate (3.3%)
Real Estate Management & Development (3.3%)
CoStar Group, Inc. (b)	215,222		20,790,445
Total common stocks (cost: $318,570,567)			627,280,846
Short-Term Securities (0.6%)
Investment Companies (0.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%	3,636,626		3,636,626
Total short-term securities (cost: $3,636,626)			3,636,626
Total investments in securities (cost: $322,207,193)			630,917,472
Liabilities in excess of cash and other assets (-0.1%)			(852,442	)
Total net assets (100.0%)		$	630,065,030

Investments in Securities Legend
	(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
	(b)	Non-income producing security.
	(c)	Foreign security: The Fund held 6.7% of net assets in foreign securities at March 31, 2024.

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (97.6%)
Consumer Discretionary (16.2%)
Automobile Components (0.4%)
Modine Manufacturing Co. (b)		7,984	$	759,997
Entertainment (1.1%)
IMAX Corp. (b) (c)		111,841		1,808,469
Hotels, Restaurants & Leisure (8.6%)
First Watch Restaurant Group, Inc. (b)		67,073		1,651,337
Light & Wonder, Inc. (b)		24,281		2,478,847
Red Rock Resorts, Inc. Class A		61,265		3,664,872
Texas Roadhouse, Inc.		19,029		2,939,410
Wingstop, Inc.		9,377		3,435,733
				14,170,199
Household Durables (3.2%)
Installed Building Products, Inc.		9,395		2,430,768
Meritage Homes Corp.		16,190		2,840,698
				5,271,466
Leisure Product (1.1%)
Acushnet Holdings Corp.		27,597		1,820,022
Specialty Retail (1.8%)
Abercrombie & Fitch Co. Class A (b)		23,170		2,903,896
Consumer Staples (4.6%)
Beverages (1.1%)
MGP Ingredients, Inc.		20,292		1,747,750
Personal Products (3.5%)
BellRing Brands, Inc. (b)		47,108		2,780,785
elf Beauty, Inc. (b)		15,483		3,035,133
				5,815,918
Energy (2.4%)
Energy Equipment & Services (2.4%)
Cactus, Inc. Class A		32,386		1,622,215
Weatherford International PLC (b) (c)		19,897		2,296,511
				3,918,726
Financial (5.6%)
Capital Markets (2.4%)
Houlihan Lokey, Inc.		25,370		3,252,180
WisdomTree, Inc.		85,208		783,062
				4,035,242
Financial Services (1.7%)
Flywire Corp. (b)		110,906		2,751,578
Insurance (1.5%)
Kinsale Capital Group, Inc.		4,634		2,431,645
Health Care (21.1%)
Biotechnology (5.3%)
ACADIA Pharmaceuticals, Inc. (b)		28,239		522,139
Halozyme Therapeutics, Inc. (b)		29,770		1,211,044
Insmed, Inc. (b)		67,241		1,824,248
Madrigal Pharmaceuticals, Inc. (b)		2,299		613,925
Vericel Corp. (b)		74,245		3,862,225
Viking Therapeutics, Inc. (b)		9,118		747,676
				8,781,257

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund 

Investments in Securities – continued

Health Care Equipment & Supplies (2.3%)
Integer Holdings Corp. (b)	17,106	$	1,995,928
TransMedics Group, Inc. (b)	22,858		1,690,120
			3,686,048
Health Care Providers & Services (8.3%)
Acadia Healthcare Co., Inc. (b)	28,477		2,255,948
Encompass Health Corp.	24,379		2,013,218
HealthEquity, Inc. (b)	24,749		2,020,261
NeoGenomics, Inc. (b)	82,349		1,294,526
Option Care Health, Inc. (b)	68,363		2,292,895
Progyny, Inc. (b)	99,266		3,786,998
			13,663,846
Health Care Technology (1.6%)
Evolent Health, Inc. Class A (b)	79,740		2,614,675
Life Sciences Tools & Services (0.8%)
CryoPort, Inc. (b)	77,542		1,372,493
Pharmaceuticals (2.8%)
ANI Pharmaceuticals, Inc. (b)	15,996		1,105,803
Axsome Therapeutics, Inc. (b)	23,618		1,884,716
Harmony Biosciences Holdings, Inc. (b)	22,713		762,703
Intra-Cellular Therapies, Inc. (b)	11,188		774,210
			4,527,432
Industrials (22.3%)
Aerospace & Defense (1.6%)
AeroVironment, Inc. (b)	17,172		2,632,124
Building Products (1.9%)
Trex Co., Inc. (b)	30,384		3,030,804
Commercial Services & Supplies (3.1%)
ACV Auctions, Inc. Class A (b)	88,401		1,659,287
Clean Harbors, Inc. (b)	17,194		3,461,324
			5,120,611
Construction & Engineering (0.7%)
Construction Partners, Inc. Class A (b)	21,719		1,219,522
Electrical Equipment (1.4%)
EnerSys	8,880		838,805
NEXTracker, Inc. Class A (b)	25,311		1,424,250
			2,263,055
Machinery (2.5%)
Federal Signal Corp.	47,898		4,065,104
Marine Transportation (1.3%)
Kirby Corp. (b)	22,985		2,190,930
Professional Services (8.2%)
CBIZ, Inc. (b)	43,313		3,400,070
Legalzoom.com, Inc. (b)	152,237		2,030,842
Parsons Corp. (b)	49,128		4,075,168
Paycor HCM, Inc. (b)	93,585		1,819,292
Verra Mobility Corp. (b)	86,498		2,159,855
			13,485,227
Trading Companies & Distributors (1.6%)
SiteOne Landscape Supply, Inc. (b)	15,164		2,646,876
Information Technology (23.2%)
Communications Equipment (0.6%)
Harmonic, Inc. (b)	75,976		1,021,118
Computers & Peripherals (1.3%)
Super Micro Computer, Inc. (b)	2,101		2,122,073

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund

Investments in Securities – continued

Electronic Equipment, Instruments & Components (1.1%)
Advanced Energy Industries, Inc.	14,383	$	1,466,778
OSI Systems, Inc. (b)	2,256		322,202
			1,788,980
Semiconductors & Semiconductor Equipment (3.8%)
Allegro MicroSystems, Inc. (b)	11,042		297,692
Onto Innovation, Inc. (b)	18,932		3,428,207
Rambus, Inc. (b)	41,846		2,586,501
			6,312,400
Software (16.4%)
Box, Inc. Class A (b)	31,466		891,117
Braze, Inc. Class A (b)	40,630		1,799,909
CyberArk Software Ltd. (b) (c)	23,761		6,311,635
Descartes Systems Group, Inc. (b) (c)	16,614		1,520,679
DoubleVerify Holdings, Inc. (b)	88,051		3,095,873
Instructure Holdings, Inc. (b)	57,601		1,231,509
Monday.com Ltd. (b) (c)	10,131		2,288,289
Sprout Social, Inc. Class A (b)	63,402		3,785,734
Tenable Holdings, Inc. (b)	61,772		3,053,390
Varonis Systems, Inc. (b)	63,025		2,972,889
			26,951,024
Materials (2.2%)
Metals & Mining (2.2%)
ATI, Inc. (b)	71,068		3,636,550
Total common stocks (cost: $129,193,356)			160,567,057
Mutual Funds (1.0%)
Investment Companies (1.0%)
iShares Russell 2000 Growth ETF (d)	6,331		1,714,435
Total mutual funds (cost: $1,410,058)			1,714,435
Short-Term Securities (1.4%)
Investment Companies (1.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%	2,242,730		2,242,730
Total short-term securities (cost: $2,242,730)			2,242,730
Total investments in securities (cost: $132,846,144)			164,524,222
Liabilities in excess of cash and other assets (0.0%)			(37,470	)
Total net assets (100.0%)		$	164,486,752

Investments in Securities Legend
	(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
	(b)	Non-income producing security.
	(c)	Foreign security: The Fund held 8.6% of net assets in foreign securities at March 31, 2024.
	(d)	Reports and other information about these investment companies are available in the EDGAR database on the SEC’s website at www.sec.gov.

See accompanying notes to investments in securities.

SFT Equity Stabilization Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Mutual Funds (90.0%)
Investment Companies (90.0%)
BlackRock Short Maturity Bond ETF (b)		318,620	$	16,077,565
iShares Core High Dividend ETF (b)		531,202		58,543,772
iShares Edge MSCI Minimum Volatility EAFE ETF (b)		1,082,648		76,738,090
iShares Edge MSCI Minimum Volatility Emerging Markets ETF (b)		347,420		19,660,498
iShares Edge MSCI Minimum Volatility USA ETF (b) (c)		1,231,762		102,950,668
iShares MSCI Germany ETF (b)		448,182		14,229,779
Total mutual funds (cost: $227,520,117)				288,200,372
Short-Term Securities (7.0%)
Investment Companies (7.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%		22,369,058		22,369,058
Total investments excluding purchased options (cost: $249,889,175)				310,569,430
Total purchased options outstanding (0.0%) (cost: $81,523)				79,360
Total investments in securities (cost: $249,970,698)				310,648,790
Cash and other assets in excess of liabilities (3.0%)				9,761,942
Total net assets (100.0%)			$	320,410,732

Investments in Securities Legend
	(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
	(b)	Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.
	(c)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts

On March 31, 2024, securities with an aggregate market value of $14,710,080 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 2024	173	Long	$	45,219,939	$	45,918,525	$	698,586

Put Options Purchased:

The Fund had the following put options purchased open at March 31, 2024:

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount		Value(a)
S&P 500 Index	$	4,990	May 2024	62	$	6,200	$	79,360

Put Options Written:

The Fund had the following put options written open at March 31, 2024:

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount		Value(a)
S&P 500 Index	$	4,500	May 2024	62	$	6,200	$	(18,600	)

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (95.7%)
Communication Services (1.4%)
Diversified Telecommunication Services (0.3%)
Frontier Communications Parent, Inc. (b)		18,191	$	445,679
Iridium Communications, Inc.		10,172		266,100
				711,779
Entertainment (0.2%)
TKO Group Holdings, Inc.		4,876		421,335
Interactive Media & Services (0.3%)
Ziff Davis, Inc. (b)		3,737		235,580
ZoomInfo Technologies, Inc. (b)		24,361		390,507
				626,087
Media (0.6%)
Cable One, Inc.		448		189,562
New York Times Co. Class A		13,456		581,569
Nexstar Media Group, Inc.		2,620		451,400
TEGNA, Inc.		16,198		241,998
				1,464,529
Consumer Discretionary (14.9%)
Automobile Components (1.3%)
Adient PLC (b) (c)		7,503		246,999
Autoliv, Inc.		6,049		728,481
Fox Factory Holding Corp. (b)		3,388		176,413
Gentex Corp.		19,181		692,818
Goodyear Tire & Rubber Co. (b)		23,318		320,156
Lear Corp.		4,675		677,314
Visteon Corp. (b)		2,288		269,092
				3,111,273
Automobiles (0.4%)
Harley-Davidson, Inc.		10,411		455,377
Thor Industries, Inc.		4,315		506,322
				961,699
Broadline Retail (0.4%)
Macy's, Inc.		22,538		450,535
Nordstrom, Inc.		8,007		162,302
Ollie's Bargain Outlet Holdings, Inc. (b)		5,034		400,555
				1,013,392
Diversified Consumer Services (0.9%)
Graham Holdings Co. Class B		358		274,829
Grand Canyon Education, Inc. (b)		2,425		330,309
H&R Block, Inc.		11,473		563,439
Service Corp. International		12,150		901,652
				2,070,229
Hotels, Restaurants & Leisure (3.5%)
Aramark		21,552		700,871
Boyd Gaming Corp.		5,663		381,233
Choice Hotels International, Inc.		2,001		252,826
Churchill Downs, Inc.		5,530		684,337
Hilton Grand Vacations, Inc. (b)		5,811		274,337
Hyatt Hotels Corp. Class A		3,632		579,740
Light & Wonder, Inc. (b)		7,368		752,199
Marriott Vacations Worldwide Corp.		2,672		287,855
Penn Entertainment, Inc. (b)		12,252		223,109
Planet Fitness, Inc. Class A (b)		6,962		436,030
Texas Roadhouse, Inc.		5,539		855,609
Travel & Leisure Co.		5,906		289,158
Vail Resorts, Inc.		3,159		703,920
Wendy's Co.		13,739		258,843
Wingstop, Inc.		2,439		893,650

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Wyndham Hotels & Resorts, Inc.	6,781	$	520,442
			8,094,159
Household Durables (2.1%)
Helen of Troy Ltd. (b) (c)	1,941		223,681
KB Home	6,043		428,328
Leggett & Platt, Inc.	10,958		209,846
Taylor Morrison Home Corp. (b)	8,812		547,842
Tempur Sealy International, Inc.	14,167		804,969
Toll Brothers, Inc.	8,576		1,109,477
TopBuild Corp. (b)	2,590		1,141,491
Whirlpool Corp.	4,523		541,086
			5,006,720
Leisure Products (0.8%)
Brunswick Corp.	5,607		541,188
Mattel, Inc. (b)	29,048		575,441
Polaris, Inc.	4,313		431,817
YETI Holdings, Inc. (b)	7,046		271,623
			1,820,069
Specialty Retail (4.1%)
AutoNation, Inc. (b)	2,175		360,137
Burlington Stores, Inc. (b)	5,258		1,220,855
Dick's Sporting Goods, Inc.	4,784		1,075,730
Five Below, Inc. (b)	4,514		818,749
Floor & Decor Holdings, Inc. Class A (b)	8,739		1,132,749
GameStop Corp. Class A (b)	22,089		276,554
Gap, Inc.	17,687		487,277
Lithia Motors, Inc.	2,334		702,207
Murphy USA, Inc.	1,553		651,018
Penske Automotive Group, Inc.	1,653		267,770
RH (b)	1,309		455,872
Valvoline, Inc. (b)	10,661		475,161
Williams-Sonoma, Inc.	5,321		1,689,577
			9,613,656
Textiles, Apparel & Luxury Goods (1.4%)
Capri Holdings Ltd. (b) (c)	9,530		431,709
Carter's, Inc.	2,955		250,229
Columbia Sportswear Co.	2,760		224,057
Crocs, Inc. (b)	5,011		720,582
PVH Corp.	4,899		688,848
Skechers USA, Inc. Class A (b)	10,981		672,696
Under Armour, Inc. Class A (b)	15,526		114,582
Under Armour, Inc. Class C (b)	15,692		112,041
			3,214,744
Consumer Staples (4.5%)
Beverages (0.7%)
Boston Beer Co., Inc. Class A (b)	785		238,970
Celsius Holdings, Inc. (b)	12,193		1,011,043
Coca-Cola Consolidated, Inc.	420		355,492
			1,605,505
Consumer Staples Distribution & Retail (1.9%)
BJ's Wholesale Club Holdings, Inc. (b)	10,968		829,729
Casey's General Stores, Inc.	3,067		976,686
Grocery Outlet Holding Corp. (b)	8,133		234,068
Performance Food Group Co. (b)	12,794		954,944
Sprouts Farmers Market, Inc. (b)	8,323		536,667
U.S. Foods Holding Corp. (b)	18,600		1,003,842
			4,535,936
Food Products (1.1%)
Darling Ingredients, Inc. (b)	13,119		610,165
Flowers Foods, Inc.	15,799		375,226
Ingredion, Inc.	5,302		619,539
Lancaster Colony Corp.	1,697		352,348
Pilgrim's Pride Corp. (b)	3,309		113,565
Post Holdings, Inc. (b)	4,103		436,067
			2,506,910

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Personal Products (0.8%)
BellRing Brands, Inc. (b)	10,771	$	635,812
Coty, Inc. Class A (b)	30,918		369,779
elf Beauty, Inc. (b)	4,560		893,897
			1,899,488
Energy (5.1%)
Energy Equipment & Services (0.9%)
ChampionX Corp.	15,715		564,011
NOV, Inc.	32,395		632,351
Valaris Ltd. (b) (c)	5,057		380,590
Weatherford International PLC (b) (c)	5,881		678,785
			2,255,737
Oil, Gas & Consumable Fuels (4.2%)
Antero Midstream Corp.	28,009		393,807
Antero Resources Corp. (b)	23,232		673,728
Chesapeake Energy Corp.	9,140		811,906
Chord Energy Corp.	3,417		609,046
Civitas Resources, Inc.	7,030		533,647
CNX Resources Corp. (b)	12,482		296,073
DT Midstream, Inc.	7,907		483,118
Equitrans Midstream Corp.	35,630		445,019
HF Sinclair Corp.	12,828		774,426
Matador Resources Co.	9,085		606,605
Murphy Oil Corp.	11,929		545,155
Ovintiv, Inc.	20,779		1,078,430
PBF Energy, Inc. Class A	8,920		513,524
Permian Resources Corp.	37,916		669,597
Range Resources Corp.	19,844		683,229
Southwestern Energy Co. (b)	90,567		686,498
			9,803,808
Financial (15.5%)
Capital Markets (2.8%)
Affiliated Managers Group, Inc.	2,753		461,045
Carlyle Group, Inc.	17,802		835,092
Evercore, Inc. Class A	2,852		549,267
Federated Hermes, Inc.	6,719		242,690
Houlihan Lokey, Inc.	4,256		545,577
Interactive Brokers Group, Inc. Class A	8,760		978,579
Janus Henderson Group PLC (c)	10,892		358,238
Jefferies Financial Group, Inc.	13,863		611,358
Morningstar, Inc.	2,204		679,647
SEI Investments Co.	8,194		589,149
Stifel Financial Corp.	8,359		653,423
			6,504,065
Commercial Banks (5.1%)
Associated Banc-Corp.	12,226		262,981
Bank OZK	8,612		391,502
Cadence Bank	15,021		435,609
Columbia Banking System, Inc.	17,153		331,911
Commerce Bancshares, Inc.	9,741		518,221
Cullen/Frost Bankers, Inc.	5,212		586,715
East West Bancorp, Inc.	11,589		916,806
First Financial Bankshares, Inc.	10,553		346,244
First Horizon Corp.	45,951		707,645
FNB Corp.	29,508		416,063
Glacier Bancorp, Inc.	9,091		366,185
Hancock Whitney Corp.	6,994		322,004
Home BancShares, Inc.	15,412		378,673
International Bancshares Corp.	4,319		242,469
New York Community Bancorp, Inc.	59,380		191,204
Old National Bancorp	24,067		419,006
Pinnacle Financial Partners, Inc.	6,254		537,093
Prosperity Bancshares, Inc.	7,638		502,428
SouthState Corp.	6,209		527,951
Synovus Financial Corp.	12,026		481,762
Texas Capital Bancshares, Inc. (b)	3,865		237,891
UMB Financial Corp.	3,498		304,291

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

United Bankshares, Inc.	11,070	$	396,195
Valley National Bancorp	35,072		279,173
Webster Financial Corp.	14,146		718,192
Wintrust Financial Corp.	4,979		519,758
Zions Bancorp NA	12,183		528,742
			11,866,714
Consumer Finance (0.7%)
Ally Financial, Inc.	22,324		906,131
FirstCash Holdings, Inc.	3,032		386,701
SLM Corp.	18,116		394,748
			1,687,580
Financial Services (1.8%)
Equitable Holdings, Inc.	25,803		980,772
Essent Group Ltd. (c)	8,755		521,010
Euronet Worldwide, Inc. (b)	3,597		395,418
MGIC Investment Corp.	22,409		501,065
Voya Financial, Inc.	8,470		626,103
Western Union Co.	28,824		402,960
WEX, Inc. (b)	3,538		840,381
			4,267,709
Insurance (4.6%)
American Financial Group, Inc.	5,406		737,811
Brighthouse Financial, Inc. (b)	5,218		268,936
CNO Financial Group, Inc.	8,996		247,210
Erie Indemnity Co. Class A	2,112		848,116
Fidelity National Financial, Inc.	21,262		1,129,012
First American Financial Corp.	8,431		514,712
Hanover Insurance Group, Inc.	2,928		398,706
Kemper Corp.	4,900		303,408
Kinsale Capital Group, Inc.	1,820		955,027
Old Republic International Corp.	21,443		658,729
Primerica, Inc.	2,929		740,920
Reinsurance Group of America, Inc.	5,467		1,054,475
RenaissanceRe Holdings Ltd. (c)	4,335		1,018,855
RLI Corp.	3,298		489,654
Selective Insurance Group, Inc.	4,925		537,662
Unum Group	14,950		802,217
			10,705,450
Mortgage REITs (0.5%)
Annaly Capital Management, Inc.	41,125		809,751
Starwood Property Trust, Inc.	24,470		497,475
			1,307,226
Health Care (7.6%)
Biotechnology (1.8%)
Arrowhead Pharmaceuticals, Inc. (b)	10,100		288,860
Cytokinetics, Inc. (b)	8,063		565,297
Exelixis, Inc. (b)	24,933		591,660
Halozyme Therapeutics, Inc. (b)	10,856		441,622
Neurocrine Biosciences, Inc. (b)	8,149		1,123,910
Roivant Sciences Ltd. (b) (c)	27,820		293,223
United Therapeutics Corp. (b)	3,875		890,165
			4,194,737
Health Care Equipment & Supplies (2.1%)
Enovis Corp. (b)	4,085		255,108
Envista Holdings Corp. (b)	14,103		301,522
Globus Medical, Inc. Class A (b)	9,468		507,864
Haemonetics Corp. (b)	4,095		349,508
Integra LifeSciences Holdings Corp. (b)	5,539		196,358
Lantheus Holdings, Inc. (b)	5,596		348,295
LivaNova PLC (b) (c)	4,363		244,066
Masimo Corp. (b)	3,657		537,030
Neogen Corp. (b)	16,203		255,683
Penumbra, Inc. (b)	3,155		704,133
QuidelOrtho Corp. (b)	3,986		191,089

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Shockwave Medical, Inc. (b)	3,012	$	980,798
			4,871,454
Health Care Providers & Services (2.0%)
Acadia Healthcare Co., Inc. (b)	7,506		594,625
Amedisys, Inc. (b)	2,664		245,514
Chemed Corp.	1,277		819,745
Encompass Health Corp.	8,189		676,248
HealthEquity, Inc. (b)	7,039		574,593
Option Care Health, Inc. (b)	14,566		488,544
Progyny, Inc. (b)	6,815		259,992
R1 RCM, Inc. (b)	16,206		208,733
Tenet Healthcare Corp. (b)	8,300		872,413
			4,740,407
Health Care Technology (0.1%)
Doximity, Inc. Class A (b)	10,046		270,338
Life Sciences Tools & Services (1.2%)
Azenta, Inc. (b)	4,585		276,384
Bruker Corp.	7,591		713,098
Medpace Holdings, Inc. (b)	1,967		794,963
Repligen Corp. (b)	4,291		789,201
Sotera Health Co. (b)	10,178		122,238
			2,695,884
Pharmaceuticals (0.4%)
Jazz Pharmaceuticals PLC (b) (c)	5,122		616,791
Perrigo Co. PLC (c)	11,139		358,565
			975,356
Industrials (21.1%)
Aerospace & Defense (1.2%)
BWX Technologies, Inc.	7,547		774,473
Curtiss-Wright Corp.	3,144		804,676
Hexcel Corp.	6,854		499,314
Woodward, Inc.	4,911		756,883
			2,835,346
Air Freight & Logistics (0.2%)
GXO Logistics, Inc. (b)	9,766		525,020
Building Products (3.5%)
Advanced Drainage Systems, Inc.	5,665		975,740
Carlisle Cos., Inc.	3,994		1,565,049
Fortune Brands Innovations, Inc.	10,358		877,012
Lennox International, Inc.	2,707		1,323,073
Owens Corning	7,272		1,212,970
Simpson Manufacturing Co., Inc.	3,514		721,002
Trex Co., Inc. (b)	8,895		887,276
UFP Industries, Inc.	5,027		618,371
			8,180,493
Commercial Services & Supplies (1.3%)
Brink's Co.	3,702		341,991
Clean Harbors, Inc. (b)	4,165		838,456
MSA Safety, Inc.	3,029		586,384
Stericycle, Inc. (b)	7,536		397,524
Tetra Tech, Inc.	4,409		814,386
			2,978,741
Construction & Engineering (2.2%)
AECOM	11,186		1,097,123
Comfort Systems USA, Inc.	2,914		925,807
EMCOR Group, Inc.	3,892		1,362,979
Fluor Corp. (b)	14,011		592,385
MasTec, Inc. (b)	4,919		458,697
MDU Resources Group, Inc.	16,746		421,999
Valmont Industries, Inc.	1,780		406,338
			5,265,328

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Electrical Equipment (1.5%)
Acuity Brands, Inc.	2,541	$	682,843
EnerSys	3,276		309,451
nVent Electric PLC (c)	13,644		1,028,758
Regal Rexnord Corp.	5,503		991,090
Sensata Technologies Holding PLC (c)	12,446		457,266
			3,469,408
Ground Transportation (2.0%)
Avis Budget Group, Inc.	1,459		178,669
Hertz Global Holdings, Inc. (b)	10,791		84,494
Knight-Swift Transportation Holdings, Inc.	13,270		730,115
Landstar System, Inc.	2,944		567,485
Ryder System, Inc.	3,640		437,492
Saia, Inc. (b)	2,248		1,315,080
Werner Enterprises, Inc.	5,169		202,211
XPO, Inc. (b)	9,519		1,161,604
			4,677,150
Machinery (4.7%)
AGCO Corp.	5,055		621,866
Chart Industries, Inc. (b)	3,455		569,108
Crane Co.	4,035		545,250
Donaldson Co., Inc.	9,879		737,764
Esab Corp.	4,597		508,290
Flowserve Corp.	10,783		492,567
Graco, Inc.	13,880		1,297,225
ITT, Inc.	6,709		912,625
Lincoln Electric Holdings, Inc.	4,745		1,212,063
Middleby Corp. (b)	4,440		713,908
Oshkosh Corp.	5,325		664,081
RBC Bearings, Inc. (b)	2,361		638,296
Terex Corp.	5,508		354,715
Timken Co.	5,335		466,439
Toro Co.	8,500		778,855
Watts Water Technologies, Inc. Class A	2,219		471,648
			10,984,700
Marine Transportation (0.2%)
Kirby Corp. (b)	4,839		461,253
Professional Services (2.6%)
ASGN, Inc. (b)	3,883		406,783
CACI International, Inc. Class A (b)	1,831		693,638
Concentrix Corp.	3,790		250,974
ExlService Holdings, Inc. (b)	13,562		431,272
Exponent, Inc.	4,106		339,525
FTI Consulting, Inc. (b)	2,864		602,271
Genpact Ltd. (c)	13,580		447,461
Insperity, Inc.	2,869		314,471
KBR, Inc.	11,097		706,435
ManpowerGroup, Inc.	3,999		310,482
Maximus, Inc.	4,948		415,137
Paylocity Holding Corp. (b)	3,555		610,962
Science Applications International Corp.	4,246		553,636
			6,083,047
Trading Companies & Distributors (1.7%)
Applied Industrial Technologies, Inc.	3,180		628,209
Core & Main, Inc. Class A (b)	13,934		797,721
GATX Corp.	2,898		388,419
MSC Industrial Direct Co., Inc. Class A	3,713		360,310
Watsco, Inc.	2,572		1,111,027
WESCO International, Inc.	3,643		623,973
			3,909,659
Information Technology (8.8%)
Communications Equipment (0.3%)
Ciena Corp. (b)	11,925		589,691
Lumentum Holdings, Inc. (b)	5,454		258,247
			847,938

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Electronic Equipment, Instruments & Components (2.3%)
Arrow Electronics, Inc. (b)	4,371	$	565,870
Avnet, Inc.	7,405		367,140
Belden, Inc.	3,382		313,207
Cognex Corp.	14,156		600,497
Coherent Corp. (b)	10,831		656,575
Crane NXT Co.	3,889		240,729
IPG Photonics Corp. (b)	2,427		220,105
Littelfuse, Inc.	2,108		510,874
Novanta, Inc. (b) (c)	2,932		512,426
TD SYNNEX Corp.	4,669		528,064
Vishay Intertechnology, Inc.	10,370		235,191
Vontier Corp.	12,691		575,664
			5,326,342
IT Services (0.8%)
GoDaddy, Inc. Class A (b)	11,580		1,374,314
Kyndryl Holdings, Inc. (b)	18,922		411,743
			1,786,057
Semiconductors & Semiconductor Equipment (2.6%)
Allegro MicroSystems, Inc. (b)	5,828		157,123
Amkor Technology, Inc.	8,441		272,138
Cirrus Logic, Inc. (b)	4,433		410,318
Lattice Semiconductor Corp. (b)	11,348		887,754
MACOM Technology Solutions Holdings, Inc. (b)	4,466		427,128
MKS Instruments, Inc.	5,114		680,162
Onto Innovation, Inc. (b)	4,070		736,996
Power Integrations, Inc.	4,661		333,494
Rambus, Inc. (b)	8,817		544,979
Silicon Laboratories, Inc. (b)	2,598		373,385
Synaptics, Inc. (b)	3,247		316,777
Universal Display Corp.	3,589		604,567
Wolfspeed, Inc. (b)	10,294		303,673
			6,048,494
Software (2.3%)
Appfolio, Inc. Class A (b)	1,680		414,523
Aspen Technology, Inc. (b)	2,302		490,971
Blackbaud, Inc. (b)	3,449		255,709
CommVault Systems, Inc. (b)	3,516		356,628
Dolby Laboratories, Inc. Class A	4,839		405,363
Dropbox, Inc. Class A (b)	21,067		511,928
Dynatrace, Inc. (b)	19,678		913,846
Manhattan Associates, Inc. (b)	5,107		1,277,925
Qualys, Inc. (b)	3,009		502,112
Teradata Corp. (b)	8,011		309,785
			5,438,790
Technology Hardware Storage & Peripherals (0.5%)
Pure Storage, Inc. Class A (b)	24,425		1,269,856
Materials (6.8%)
Chemicals (2.3%)
Arcadium Lithium PLC (b) (c)	84,789		365,441
Ashland, Inc.	4,119		401,067
Avient Corp.	7,414		321,768
Axalta Coating Systems Ltd. (b) (c)	18,098		622,390
Cabot Corp.	4,537		418,312
Chemours Co.	12,207		320,556
NewMarket Corp.	628		398,541
Olin Corp.	9,884		581,179
RPM International, Inc.	10,585		1,259,086
Scotts Miracle-Gro Co.	3,419		255,023
Westlake Corp.	2,603		397,738
			5,341,101
Construction Materials (0.5%)
Eagle Materials, Inc.	2,894		786,445

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Knife River Corp. (b)	4,602	$	373,130
			1,159,575
Containers & Packaging (1.6%)
AptarGroup, Inc.	5,456		785,064
Berry Global Group, Inc.	9,531		576,435
Crown Holdings, Inc.	9,843		780,156
Graphic Packaging Holding Co.	25,168		734,402
Greif, Inc. Class A	2,025		139,826
Silgan Holdings, Inc.	6,613		321,127
Sonoco Products Co.	7,996		462,489
			3,799,499
Metals & Mining (2.2%)
Alcoa Corp.	14,676		495,902
Cleveland-Cliffs, Inc. (b)	40,977		931,817
Commercial Metals Co.	9,571		562,488
MP Materials Corp. (b)	11,844		169,369
Reliance, Inc.	4,750		1,587,355
Royal Gold, Inc.	5,348		651,440
U.S. Steel Corp.	18,398		750,270
			5,148,641
Paper & Forest Products (0.2%)
Louisiana-Pacific Corp.	5,235		439,269
Real Estate (6.8%)
Diversified REITs (0.4%)
WP Carey, Inc.	17,982		1,014,904
Health Care REITs (0.6%)
Healthcare Realty Trust, Inc.	31,321		443,192
Omega Healthcare Investors, Inc.	20,171		638,816
Sabra Health Care REIT, Inc.	19,014		280,837
			1,362,845
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.	17,268		302,017
Industrial REITs (1.2%)
EastGroup Properties, Inc.	3,943		708,833
First Industrial Realty Trust, Inc.	10,871		571,162
Rexford Industrial Realty, Inc.	17,331		871,749
STAG Industrial, Inc.	14,931		573,948
			2,725,692
Office REITs (0.5%)
COPT Defense Properties	9,227		223,017
Cousins Properties, Inc.	12,481		300,043
Kilroy Realty Corp.	8,731		318,070
Vornado Realty Trust	13,147		378,239
			1,219,369
Real Estate Management & Development (0.3%)
Jones Lang LaSalle, Inc. (b)	3,938		768,265
Residential REITs (1.1%)
American Homes 4 Rent Class A	26,155		961,981
Apartment Income REIT Corp.	11,881		385,776
Equity LifeStyle Properties, Inc.	15,331		987,317
Independence Realty Trust, Inc.	18,456		297,695
			2,632,769
Retail REITs (0.9%)
Agree Realty Corp.	8,237		470,497
Brixmor Property Group, Inc.	24,720		579,684
Kite Realty Group Trust	18,041		391,129
NNN REIT, Inc.	15,006		641,357
			2,082,667
Specialized REITs (1.7%)
CubeSmart	18,491		836,163
EPR Properties	6,179		262,299
Gaming & Leisure Properties, Inc.	21,958		1,011,605

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Lamar Advertising Co. Class A	7,164	$	855,453
National Storage Affiliates Trust	6,308		247,021
PotlatchDeltic Corp.	6,468		304,125
Rayonier, Inc.	11,216		372,820
			3,889,486
Utilities (3.2%)
Electric Utilities (0.8%)
ALLETE, Inc.	4,661		277,982
IDACORP, Inc.	4,087		379,641
OGE Energy Corp.	16,470		564,921
PNM Resources, Inc.	6,970		262,351
Portland General Electric Co.	8,287		348,054
			1,832,949
Gas Utilities (0.9%)
National Fuel Gas Co.	7,477		401,665
New Jersey Resources Corp.	8,063		345,983
ONE Gas, Inc.	4,496		290,127
Southwest Gas Holdings, Inc.	4,885		371,895
Spire, Inc.	4,521		277,454
UGI Corp.	17,232		422,873
			2,109,997
Independent Power And Renewable Electricity Producers (1.0%)
Ormat Technologies, Inc.	4,342		287,397
Vistra Corp.	27,639		1,925,056
			2,212,453
Multi-Utilities (0.2%)
Black Hills Corp.	5,584		304,887
Northwestern Energy Group, Inc.	4,985		253,886
			558,773
Water Utilities (0.3%)
Essential Utilities, Inc.	20,677		766,083
Total common stocks (cost: $149,941,616)			224,277,951

	Principal
Long-Term Debt Securities (0.4%)
Government Obligation (0.4%)
U.S. Treasury (0.4%)
U.S. Treasury Note, 2.500%, 05/15/24 (d)	$	1,000,000	996,530
Total long-term debt securities (cost: $997,416)			996,530

	Shares
Mutual Funds (0.1%)
Investment Companies (0.1%)
SPDR S&P MidCap 400 ETF Trust (e)		1,500		80,010
Total mutual funds (cost: $79,173)				80,010
Short-Term Securities (3.9%)
Investment Companies (3.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%		9,228,482		9,228,482
Total short-term securities (cost: $9,228,482)				9,228,482
Total investments in securities (cost: $160,246,687)				234,582,973
Liabilities in excess of cash and other assets (-0.1%)				(248,069	)
Total net assets (100.0%)			$	234,334,904

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Non-income producing security.
(c)	Foreign security: The Fund held 3.8% of net assets in foreign securities at March 31, 2024.
(d)	Fully or partially pledged as initial margin deposits on open futures contracts.
(e)	Reports and other information about these investment companies are available in the EDGAR database on the SEC’s website at www.sec.gov.

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Holdings of Open Futures Contracts 

On March 31, 2024, securities with an aggregate market value $996,530 has 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 2024	32	Long	$	9,509,794	$	9,847,680	$	337,886

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (96.9%)
Communication Services (8.7%)
Diversified Telecommunication Services (0.6%)
AT&T, Inc.		211,187	$	3,716,891
Verizon Communications, Inc.		124,180		5,210,593
				8,927,484
Entertainment (1.3%)
Electronic Arts, Inc.		7,185		953,234
Live Nation Entertainment, Inc. (b)		4,155		439,474
Netflix, Inc. (b)		12,783		7,763,500
Take-Two Interactive Software, Inc. (b)		4,604		683,648
Walt Disney Co.		54,179		6,629,343
Warner Bros Discovery, Inc. (b)		65,544		572,199
				17,041,398
Interactive Media & Services (6.0%)
Alphabet, Inc. Class A (b)		174,059		26,270,725
Alphabet, Inc. Class C (b)		145,727		22,188,393
Match Group, Inc. (b)		8,028		291,256
Meta Platforms, Inc. Class A		64,982		31,553,959
				80,304,333
Media (0.6%)
Charter Communications, Inc. Class A (b)		2,917		847,768
Comcast Corp. Class A		117,036		5,073,511
Fox Corp. Class A		7,067		220,985
Fox Corp. Class B		3,851		110,216
Interpublic Group of Cos., Inc.		11,312		369,111
News Corp. Class A		11,219		293,713
News Corp. Class B		3,293		89,109
Omnicom Group, Inc.		5,761		557,434
Paramount Global Class B		14,250		167,722
				7,729,569
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc.		15,424		2,517,505
Consumer Discretionary (10.0%)
Automobile Components (0.1%)
Aptiv PLC (b) (c)		8,241		656,396
BorgWarner, Inc.		6,786		235,745
				892,141
Automobiles (1.3%)
Ford Motor Co.		115,275		1,530,852
General Motors Co.		34,098		1,546,344
Tesla, Inc. (b)		81,839		14,386,478
				17,463,674
Broadline Retail (3.7%)
Amazon.com, Inc. (b)		269,992		48,701,157
eBay, Inc.		15,329		809,065
Etsy, Inc. (b)		3,521		241,963
				49,752,185
Distributors (0.1%)
Genuine Parts Co.		4,110		636,762
LKQ Corp.		7,831		418,254
Pool Corp.		1,170		472,095
				1,527,111
Hotels, Restaurants & Leisure (2.0%)
Airbnb, Inc. Class A (b)		12,864		2,122,045
Booking Holdings, Inc.		1,031		3,740,344
Caesars Entertainment, Inc. (b)		6,334		277,049
Carnival Corp. (b) (c)		29,758		486,246
Chipotle Mexican Grill, Inc. (b)		810		2,354,484

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Darden Restaurants, Inc.	3,438	$	574,662
Domino's Pizza, Inc.	1,070		531,661
Expedia Group, Inc. (b)	3,862		531,990
Hilton Worldwide Holdings, Inc.	7,448		1,588,733
Las Vegas Sands Corp.	10,884		562,703
Marriott International, Inc. Class A	7,287		1,838,583
McDonald's Corp.	21,424		6,040,497
MGM Resorts International (b)	8,071		381,032
Norwegian Cruise Line Holdings Ltd. (b) (c)	12,560		262,881
Royal Caribbean Cruises Ltd. (b) (c)	6,874		955,555
Starbucks Corp.	33,441		3,056,173
Wynn Resorts Ltd.	2,807		286,960
Yum! Brands, Inc.	8,274		1,147,190
			26,738,788
Household Durables (0.4%)
DR Horton, Inc.	8,820		1,451,331
Garmin Ltd. (c)	4,429		659,345
Lennar Corp. Class A	7,300		1,255,454
Mohawk Industries, Inc. (b)	1,513		198,037
NVR, Inc. (b)	100		809,996
PulteGroup, Inc.	6,265		755,684
			5,129,847
Leisure Products (0.0%)
Hasbro, Inc.	3,850		217,602
Specialty Retail (2.0%)
AutoZone, Inc. (b)	511		1,610,493
Bath & Body Works, Inc.	6,650		332,633
Best Buy Co., Inc.	5,654		463,798
CarMax, Inc. (b)	4,656		405,584
Home Depot, Inc.	29,397		11,276,689
Lowe's Cos., Inc.	16,987		4,327,099
O'Reilly Automotive, Inc. (b)	1,745		1,969,896
Ross Stores, Inc.	9,944		1,459,381
TJX Cos., Inc.	33,662		3,414,000
Tractor Supply Co.	3,209		839,859
Ulta Beauty, Inc. (b)	1,478		772,817
			26,872,249
Textiles, Apparel & Luxury Goods (0.4%)
Deckers Outdoor Corp. (b)	758		713,475
Lululemon Athletica, Inc. (b)	3,370		1,316,491
NIKE, Inc. Class B	35,952		3,378,769
Ralph Lauren Corp.	1,133		212,732
Tapestry, Inc.	6,728		319,445
VF Corp.	9,716		149,043
			6,089,955
Consumer Staples (5.8%)
Beverages (1.4%)
Brown-Forman Corp. Class B	5,325		274,876
Coca-Cola Co.	114,929		7,031,356
Constellation Brands, Inc. Class A	4,705		1,278,631
Keurig Dr Pepper, Inc.	30,762		943,471
Molson Coors Beverage Co. Class B	5,447		366,311
Monster Beverage Corp. (b)	21,819		1,293,430
PepsiCo, Inc.	40,596		7,104,706
			18,292,781
Consumer Staples Distribution & Retail (1.8%)
Costco Wholesale Corp.	13,107		9,602,581
Dollar General Corp.	6,443		1,005,495
Dollar Tree, Inc. (b)	6,113		813,946
Kroger Co.	19,549		1,116,834
Sysco Corp.	14,704		1,193,671
Target Corp.	13,636		2,416,436
Walgreens Boots Alliance, Inc.	21,141		458,548
Walmart, Inc.	126,436		7,607,654
			24,215,165

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Food Products (0.8%)
Archer-Daniels-Midland Co.	15,754	$	989,509
Bunge Global SA (c)	4,231		433,762
Campbell Soup Co.	5,789		257,321
Conagra Brands, Inc.	14,118		418,458
General Mills, Inc.	16,773		1,173,607
Hershey Co.	4,365		848,992
Hormel Foods Corp.	8,484		296,007
J M Smucker Co.	3,085		388,309
Kellanova	7,712		441,820
Kraft Heinz Co.	23,548		868,921
Lamb Weston Holdings, Inc.	4,217		449,237
McCormick & Co., Inc.	7,416		569,623
Mondelez International, Inc. Class A	39,770		2,783,900
Tyson Foods, Inc. Class A	8,390		492,745
			10,412,211
Household Products (1.2%)
Church & Dwight Co., Inc.	7,206		751,658
Clorox Co.	3,620		554,258
Colgate-Palmolive Co.	24,319		2,189,926
Kimberly-Clark Corp.	9,931		1,284,575
Procter & Gamble Co.	69,500		11,276,375
			16,056,792
Personal Products (0.1%)
Estee Lauder Cos., Inc. Class A	6,831		1,052,998
Kenvue, Inc.	50,906		1,092,443
			2,145,441
Tobacco (0.5%)
Altria Group, Inc.	52,086		2,271,991
Philip Morris International, Inc.	45,854		4,201,144
			6,473,135
Energy (3.8%)
Energy Equipment & Services (0.3%)
Baker Hughes Co.	29,562		990,327
Halliburton Co.	26,290		1,036,352
Schlumberger NV (c)	42,160		2,310,789
			4,337,468
Oil, Gas & Consumable Fuels (3.5%)
APA Corp.	10,696		367,729
Chevron Corp.	51,229		8,080,862
ConocoPhillips	34,797		4,428,962
Coterra Energy, Inc.	22,217		619,410
Devon Energy Corp.	18,924		949,606
Diamondback Energy, Inc.	5,264		1,043,167
EOG Resources, Inc.	17,224		2,201,916
EQT Corp.	12,149		450,363
Exxon Mobil Corp.	117,290		13,633,790
Hess Corp.	8,130		1,240,963
Kinder Morgan, Inc.	57,118		1,047,544
Marathon Oil Corp.	17,286		489,885
Marathon Petroleum Corp.	10,869		2,190,104
Occidental Petroleum Corp.	19,440		1,263,406
ONEOK, Inc.	17,206		1,379,405
Phillips 66	12,700		2,074,418
Pioneer Natural Resources Co.	6,862		1,801,275
Targa Resources Corp.	6,515		729,615
Valero Energy Corp.	10,055		1,716,288
Williams Cos., Inc.	35,931		1,400,231
			47,108,939
Financial (12.8%)
Capital Markets (2.7%)
Ameriprise Financial, Inc.	2,960		1,297,782
Bank of New York Mellon Corp.	22,428		1,292,301
BlackRock, Inc.	4,113		3,429,008
Blackstone, Inc.	21,205		2,785,701

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Cboe Global Markets, Inc.	3,054	$	561,111
Charles Schwab Corp.	43,956		3,179,777
CME Group, Inc.	10,633		2,289,179
FactSet Research Systems, Inc.	1,121		509,371
Franklin Resources, Inc.	8,865		249,195
Goldman Sachs Group, Inc.	9,632		4,023,190
Intercontinental Exchange, Inc.	16,913		2,324,354
Invesco Ltd. (c)	13,276		220,249
MarketAxess Holdings, Inc.	1,069		234,378
Moody's Corp.	4,607		1,810,689
Morgan Stanley	37,003		3,484,203
MSCI, Inc.	2,336		1,309,211
Nasdaq, Inc.	11,232		708,739
Northern Trust Corp.	6,053		538,233
Raymond James Financial, Inc.	5,542		711,704
S&P Global, Inc.	9,490		4,037,521
State Street Corp.	8,918		689,540
T Rowe Price Group, Inc.	6,609		805,769
			36,491,205
Commercial Banks (3.3%)
Bank of America Corp.	203,358		7,711,335
Citigroup, Inc.	56,211		3,554,784
Citizens Financial Group, Inc.	13,770		499,713
Comerica, Inc.	3,825		210,337
Fifth Third Bancorp	20,118		748,591
Huntington Bancshares, Inc.	42,778		596,753
JPMorgan Chase & Co.	85,391		17,103,817
KeyCorp	27,663		437,352
M&T Bank Corp.	4,829		702,330
PNC Financial Services Group, Inc.	11,756		1,899,770
Regions Financial Corp.	27,291		574,203
Truist Financial Corp.	39,394		1,535,578
U.S. Bancorp	45,989		2,055,708
Wells Fargo & Co.	106,298		6,161,032
			43,791,303
Consumer Finance (0.5%)
American Express Co.	16,891		3,845,912
Capital One Financial Corp.	11,235		1,672,779
Discover Financial Services	7,302		957,219
Synchrony Financial	12,016		518,130
			6,994,040
Financial Services (4.2%)
Berkshire Hathaway, Inc. Class B (b)	53,740		22,598,745
Corpay, Inc. (b)	2,094		646,083
Fidelity National Information Services, Inc.	17,500		1,298,150
Fiserv, Inc. (b)	17,727		2,833,129
Global Payments, Inc.	7,665		1,024,504
Jack Henry & Associates, Inc.	2,088		362,748
Mastercard, Inc. Class A	24,369		11,735,379
PayPal Holdings, Inc. (b)	31,655		2,120,569
Visa, Inc. Class A	46,715		13,037,222
			55,656,529
Insurance (2.1%)
Aflac, Inc.	15,548		1,334,951
Allstate Corp.	7,692		1,330,793
American International Group, Inc.	20,735		1,620,855
Aon PLC Class A (c)	5,890		1,965,611
Arch Capital Group Ltd. (b) (c)	10,958		1,012,957
Arthur J Gallagher & Co.	6,395		1,599,006
Assurant, Inc.	1,455		273,889
Brown & Brown, Inc.	6,938		607,353
Chubb Ltd. (c)	11,970		3,101,786
Cincinnati Financial Corp.	4,577		568,326
Everest Group Ltd. (c)	1,252		497,670
Globe Life, Inc.	2,474		287,899
Hartford Financial Services Group, Inc.	8,816		908,489
Loews Corp.	5,350		418,851
Marsh & McLennan Cos., Inc.	14,532		2,993,301

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

MetLife, Inc.	18,131	$	1,343,688
Principal Financial Group, Inc.	6,473		558,685
Progressive Corp.	17,288		3,575,504
Prudential Financial, Inc.	10,662		1,251,719
Travelers Cos., Inc.	6,740		1,551,144
W R Berkley Corp.	5,929		524,361
Willis Towers Watson PLC (c)	3,021		830,775
			28,157,613
Health Care (12.0%)
Biotechnology (1.9%)
AbbVie, Inc.	52,148		9,496,151
Amgen, Inc.	15,802		4,492,825
Biogen, Inc. (b)	4,245		915,349
Gilead Sciences, Inc.	36,802		2,695,747
Incyte Corp. (b)	5,414		308,436
Moderna, Inc. (b)	9,783		1,042,476
Regeneron Pharmaceuticals, Inc. (b)	3,121		3,003,931
Vertex Pharmaceuticals, Inc. (b)	7,612		3,181,892
			25,136,807
Health Care Equipment & Supplies (2.5%)
Abbott Laboratories	51,277		5,828,144
Align Technology, Inc. (b)	2,132		699,125
Baxter International, Inc.	14,999		641,057
Becton Dickinson & Co.	8,533		2,111,491
Boston Scientific Corp. (b)	43,270		2,963,562
Cooper Cos., Inc.	5,864		594,961
DENTSPLY SIRONA, Inc.	6,193		205,546
Dexcom, Inc. (b)	11,386		1,579,238
Edwards Lifesciences Corp. (b)	17,914		1,711,862
GE HealthCare Technologies, Inc.	12,515		1,137,739
Hologic, Inc. (b)	6,933		540,497
IDEXX Laboratories, Inc. (b)	2,488		1,343,346
Insulet Corp. (b)	2,003		343,314
Intuitive Surgical, Inc. (b)	10,407		4,153,330
Medtronic PLC (c)	39,273		3,422,642
ResMed, Inc.	4,306		852,717
STERIS PLC (c)	2,875		646,357
Stryker Corp.	9,988		3,574,406
Teleflex, Inc.	1,354		306,234
Zimmer Biomet Holdings, Inc.	6,143		810,753
			33,466,321
Health Care Providers & Services (2.5%)
Cardinal Health, Inc.	7,184		803,890
Cencora, Inc.	4,890		1,188,221
Centene Corp. (b)	15,786		1,238,885
Cigna Group	8,640		3,137,962
CVS Health Corp.	37,170		2,964,679
DaVita, Inc. (b)	1,577		217,705
Elevance Health, Inc.	6,940		3,598,668
HCA Healthcare, Inc.	5,836		1,946,481
Henry Schein, Inc. (b)	3,772		284,861
Humana, Inc.	3,610		1,251,659
Laboratory Corp. of America Holdings	2,444		533,916
McKesson Corp.	3,882		2,084,052
Molina Healthcare, Inc. (b)	1,740		714,844
Quest Diagnostics, Inc.	3,261		434,072
UnitedHealth Group, Inc.	27,319		13,514,709
Universal Health Services, Inc. Class B	1,799		328,246
			34,242,850
Life Sciences Tools & Services (1.4%)
Agilent Technologies, Inc.	8,591		1,250,076
Bio-Rad Laboratories, Inc. Class A (b)	592		204,755
Bio-Techne Corp.	4,580		322,386
Charles River Laboratories International, Inc. (b)	1,510		409,135
Danaher Corp.	19,425		4,850,811
Illumina, Inc. (b)	4,659		639,774
IQVIA Holdings, Inc. (b)	5,390		1,363,077

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Mettler-Toledo International, Inc. (b)	669	$	890,633
Revvity, Inc.	3,558		373,590
Thermo Fisher Scientific, Inc.	11,412		6,632,769
Waters Corp. (b)	1,744		600,337
West Pharmaceutical Services, Inc.	2,230		882,433
			18,419,776
Pharmaceuticals (3.7%)
Bristol-Myers Squibb Co.	60,100		3,259,223
Catalent, Inc. (b)	5,337		301,274
Eli Lilly & Co.	23,553		18,323,292
Johnson & Johnson	71,103		11,247,783
Merck & Co., Inc.	74,846		9,875,930
Pfizer, Inc.	166,776		4,628,034
Viatris, Inc.	35,434		423,082
Zoetis, Inc.	13,560		2,294,487
			50,353,105
Industrials (8.5%)
Aerospace & Defense (1.4%)
Axon Enterprise, Inc. (b)	2,040		638,275
Boeing Co. (b)	16,920		3,265,391
General Dynamics Corp.	6,747		1,905,960
Howmet Aerospace, Inc.	11,553		790,572
Huntington Ingalls Industries, Inc.	1,189		346,558
L3Harris Technologies, Inc.	5,531		1,178,656
Lockheed Martin Corp.	6,352		2,889,334
Northrop Grumman Corp.	4,143		1,983,088
RTX Corp.	39,190		3,822,201
Textron, Inc.	5,745		551,118
TransDigm Group, Inc.	1,669		2,055,540
			19,426,693
Air Freight & Logistics (0.4%)
CH Robinson Worldwide, Inc.	3,350		255,069
Expeditors International of Washington, Inc.	4,239		515,335
FedEx Corp.	6,790		1,967,335
United Parcel Service, Inc. Class B	21,362		3,175,034
			5,912,773
Building Products (0.5%)
A O Smith Corp.	3,550		317,583
Allegion PLC (c)	2,554		344,050
Builders FirstSource, Inc. (b)	3,598		750,363
Carrier Global Corp.	24,677		1,434,474
Johnson Controls International PLC (c)	20,129		1,314,826
Masco Corp.	6,491		512,010
Trane Technologies PLC (c)	6,721		2,017,644
			6,690,950
Commercial Services & Supplies (0.6%)
Cintas Corp.	2,590		1,779,408
Copart, Inc. (b)	25,809		1,494,857
Republic Services, Inc.	6,016		1,151,703
Rollins, Inc.	8,233		380,941
Veralto Corp.	6,475		574,073
Waste Management, Inc.	10,826		2,307,562
			7,688,544
Construction & Engineering (0.1%)
Quanta Services, Inc.	4,302		1,117,660
Electrical Equipment (0.6%)
AMETEK, Inc.	6,817		1,246,829
Eaton Corp. PLC (c)	11,794		3,687,748
Emerson Electric Co.	16,886		1,915,210
Generac Holdings, Inc. (b)	1,718		216,709
Hubbell, Inc.	1,610		668,231
Rockwell Automation, Inc.	3,413		994,309
			8,729,036

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Ground Transportation (1.1%)
CSX Corp.	58,368	$	2,163,702
JB Hunt Transport Services, Inc.	2,371		472,422
Norfolk Southern Corp.	6,672		1,700,492
Old Dominion Freight Line, Inc.	5,286		1,159,273
Uber Technologies, Inc. (b)	60,782		4,679,606
Union Pacific Corp.	18,011		4,429,445
			14,604,940
Industrial Conglomerates (0.8%)
3M Co.	16,324		1,731,486
General Electric Co.	32,145		5,642,412
Honeywell International, Inc.	19,472		3,996,628
			11,370,526
Machinery (1.8%)
Caterpillar, Inc.	15,037		5,510,008
Cummins, Inc.	4,030		1,187,440
Deere & Co.	7,691		3,159,001
Dover Corp.	4,080		722,935
Fortive Corp.	10,344		889,791
IDEX Corp.	2,249		548,801
Illinois Tool Works, Inc.	8,031		2,154,958
Ingersoll Rand, Inc.	11,935		1,133,228
Nordson Corp.	1,610		442,009
Otis Worldwide Corp.	11,975		1,188,758
PACCAR, Inc.	15,449		1,913,977
Parker-Hannifin Corp.	3,793		2,108,112
Pentair PLC (c)	4,870		416,093
Snap-on, Inc.	1,555		460,622
Stanley Black & Decker, Inc.	4,443		435,103
Westinghouse Air Brake Technologies Corp.	5,195		756,808
Xylem, Inc.	7,047		910,754
			23,938,398
Passenger Airlines (0.2%)
American Airlines Group, Inc. (b)	19,325		296,639
Delta Air Lines, Inc.	18,914		905,413
Southwest Airlines Co.	17,623		514,415
United Airlines Holdings, Inc. (b)	9,678		463,383
			2,179,850
Professional Services (0.7%)
Automatic Data Processing, Inc.	12,133		3,030,096
Broadridge Financial Solutions, Inc.	3,441		704,923
Dayforce, Inc. (b)	4,600		304,566
Equifax, Inc.	3,663		979,926
Jacobs Solutions, Inc.	3,707		569,877
Leidos Holdings, Inc.	4,058		531,963
Paychex, Inc.	9,458		1,161,442
Paycom Software, Inc.	1,340		266,673
Robert Half, Inc.	3,052		241,963
Verisk Analytics, Inc.	4,282		1,009,396
			8,800,825
Trading Companies & Distributors (0.3%)
Fastenal Co.	16,901		1,303,743
United Rentals, Inc.	1,985		1,431,403
WW Grainger, Inc.	1,386		1,409,978
			4,145,124
Information Technology (28.7%)
Communications Equipment (0.8%)
Arista Networks, Inc. (b)	7,443		2,158,321
Cisco Systems, Inc.	120,021		5,990,248
F5, Inc. (b)	1,721		326,285
Juniper Networks, Inc.	9,506		352,292
Motorola Solutions, Inc.	4,945		1,755,376
			10,582,522
Electronic Equipment, Instruments & Components (0.6%)
Amphenol Corp. Class A	17,717		2,043,656

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

CDW Corp.	3,927	$	1,004,448
Corning, Inc.	22,680		747,533
Jabil, Inc.	3,734		500,169
Keysight Technologies, Inc. (b)	5,159		806,764
TE Connectivity Ltd. (c)	9,120		1,324,589
Teledyne Technologies, Inc. (b)	1,368		587,310
Trimble, Inc. (b)	7,267		467,704
Zebra Technologies Corp. Class A (b)	1,510		455,174
			7,937,347
IT Services (1.1%)
Accenture PLC Class A (c)	18,519		6,418,870
Akamai Technologies, Inc. (b)	4,414		480,067
Cognizant Technology Solutions Corp. Class A	14,709		1,078,023
EPAM Systems, Inc. (b)	1,689		466,434
Gartner, Inc. (b)	2,311		1,101,584
International Business Machines Corp.	27,026		5,160,885
VeriSign, Inc. (b)	2,588		490,452
			15,196,315
Semiconductors & Semiconductor Equipment (10.0%)
Advanced Micro Devices, Inc. (b)	47,725		8,613,885
Analog Devices, Inc.	14,645		2,896,635
Applied Materials, Inc.	24,576		5,068,309
Broadcom, Inc.	12,998		17,227,679
Enphase Energy, Inc. (b)	3,922		474,484
First Solar, Inc. (b)	3,106		524,293
Intel Corp.	124,881		5,515,994
KLA Corp.	4,055		2,832,701
Lam Research Corp.	3,873		3,762,891
Microchip Technology, Inc.	15,961		1,431,861
Micron Technology, Inc.	32,605		3,843,803
Monolithic Power Systems, Inc.	1,410		955,162
NVIDIA Corp.	72,956		65,920,123
NXP Semiconductors NV (c)	7,613		1,886,273
ON Semiconductor Corp. (b)	12,621		928,275
Qorvo, Inc. (b)	2,759		316,816
QUALCOMM, Inc.	32,963		5,580,636
Skyworks Solutions, Inc.	4,648		503,471
Teradyne, Inc.	4,464		503,673
Texas Instruments, Inc.	26,857		4,678,758
			133,465,722
Software (10.4%)
Adobe, Inc. (b)	13,351		6,736,915
ANSYS, Inc. (b)	2,527		877,273
Autodesk, Inc. (b)	6,304		1,641,688
Cadence Design Systems, Inc. (b)	8,036		2,501,446
Fair Isaac Corp. (b)	762		952,203
Fortinet, Inc. (b)	18,825		1,285,936
Gen Digital, Inc.	16,554		370,810
Intuit, Inc.	8,269		5,374,850
Microsoft Corp.	219,471		92,335,839
Oracle Corp.	47,092		5,915,226
Palo Alto Networks, Inc. (b)	9,315		2,646,671
PTC, Inc. (b)	3,467		655,055
Roper Technologies, Inc.	3,155		1,769,450
Salesforce, Inc.	28,592		8,611,338
ServiceNow, Inc. (b)	6,055		4,616,332
Synopsys, Inc. (b)	4,546		2,598,039
Tyler Technologies, Inc. (b)	1,286		546,563
			139,435,634
Technology Hardware Storage & Peripherals (5.8%)
Apple, Inc. (d)	428,736		73,519,649
Hewlett Packard Enterprise Co.	38,345		679,857
HP, Inc.	25,755		778,316
NetApp, Inc.	6,085		638,742
Seagate Technology Holdings PLC (c)	5,682		528,710
Super Micro Computer, Inc. (b)	1,488		1,502,925

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Western Digital Corp. (b)	9,577	$	653,535
			78,301,734
Materials (2.3%)
Chemicals (1.5%)
Air Products & Chemicals, Inc.	6,544		1,585,415
Albemarle Corp.	3,392		446,862
Celanese Corp.	2,891		496,847
CF Industries Holdings, Inc.	5,579		464,229
Corteva, Inc.	20,728		1,195,384
Dow, Inc.	20,743		1,201,642
DuPont de Nemours, Inc.	12,704		974,016
Eastman Chemical Co.	3,385		339,245
Ecolab, Inc.	7,495		1,730,595
FMC Corp.	3,606		229,702
International Flavors & Fragrances, Inc.	7,503		645,183
Linde PLC (c)	14,322		6,649,991
LyondellBasell Industries NV Class A (c)	7,532		770,373
Mosaic Co.	9,653		313,336
PPG Industries, Inc.	6,925		1,003,432
Sherwin-Williams Co.	6,926		2,405,608
			20,451,860
Construction Materials (0.2%)
Martin Marietta Materials, Inc.	1,799		1,104,478
Vulcan Materials Co.	3,947		1,077,215
			2,181,693
Containers & Packaging (0.2%)
Amcor PLC (c)	42,690		405,982
Avery Dennison Corp.	2,330		520,172
Ball Corp.	9,305		626,785
International Paper Co.	10,186		397,458
Packaging Corp. of America	2,582		490,012
Westrock Co.	7,510		371,370
			2,811,779
Metals & Mining (0.4%)
Freeport-McMoRan, Inc.	42,354		1,991,485
Newmont Corp.	34,040		1,219,994
Nucor Corp.	7,261		1,436,952
Steel Dynamics, Inc.	4,458		660,809
			5,309,240
Real Estate (2.2%)
Health Care REITs (0.2%)
Healthpeak Properties, Inc.	20,909		392,044
Ventas, Inc.	11,877		517,124
Welltower, Inc.	16,347		1,527,464
			2,436,632
Hotels & Resort REITs (0.0%)
Host Hotels & Resorts, Inc.	20,836		430,888
Industrial REITs (0.2%)
Prologis, Inc.	27,291		3,553,834
Office REITs (0.1%)
Alexandria Real Estate Equities, Inc.	4,569		588,990
Boston Properties, Inc.	4,210		274,955
			863,945
Real Estate Management & Development (0.1%)
CBRE Group, Inc. Class A (b)	8,783		854,059
CoStar Group, Inc. (b)	12,061		1,165,093
			2,019,152
Residential REITs (0.3%)
AvalonBay Communities, Inc.	4,141		768,404
Camden Property Trust	3,134		308,386
Equity Residential	10,177		642,270
Essex Property Trust, Inc.	1,910		467,587

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Invitation Homes, Inc.	16,990	$	605,014
Mid-America Apartment Communities, Inc.	3,437		452,240
UDR, Inc.	8,899		332,912
			3,576,813
Retail REITs (0.3%)
Federal Realty Investment Trust	2,085		212,920
Kimco Realty Corp.	19,675		385,827
Realty Income Corp.	24,564		1,328,913
Regency Centers Corp.	4,791		290,143
Simon Property Group, Inc.	9,623		1,505,903
			3,723,706
Specialized REITs (1.0%)
American Tower Corp.	13,769		2,720,617
Crown Castle, Inc.	12,809		1,355,577
Digital Realty Trust, Inc.	8,886		1,279,939
Equinix, Inc.	2,852		2,353,841
Extra Space Storage, Inc.	6,206		912,282
Iron Mountain, Inc.	8,624		691,731
Public Storage	4,641		1,346,168
SBA Communications Corp.	3,134		679,138
VICI Properties, Inc.	30,556		910,263
Weyerhaeuser Co.	21,554		774,004
			13,023,560
Utilities (2.1%)
Electric Utilities (1.4%)
Alliant Energy Corp.	7,537		379,865
American Electric Power Co., Inc.	15,532		1,337,305
Constellation Energy Corp.	9,433		1,743,690
Duke Energy Corp.	22,772		2,202,280
Edison International	11,329		801,300
Entergy Corp.	6,211		656,378
Evergy, Inc.	6,750		360,315
Eversource Energy	10,317		616,647
Exelon Corp.	29,401		1,104,596
FirstEnergy Corp.	15,253		589,071
NextEra Energy, Inc.	60,600		3,872,946
NRG Energy, Inc.	6,665		451,154
PG&E Corp.	63,016		1,056,148
Pinnacle West Capital Corp.	3,292		246,011
PPL Corp.	21,772		599,383
Southern Co.	32,213		2,310,961
Xcel Energy, Inc.	16,298		876,018
			19,204,068
Gas Utilities (0.0%)
Atmos Energy Corp.	4,356		517,798
Independent Power And Renewable Electricity Producers (0.0%)
AES Corp.	19,778		354,619
Multi-Utilities (0.6%)
Ameren Corp.	7,762		574,077
CenterPoint Energy, Inc.	18,644		531,168
CMS Energy Corp.	8,670		523,148
Consolidated Edison, Inc.	10,153		921,994
Dominion Energy, Inc.	24,716		1,215,780
DTE Energy Co.	6,049		678,335
NiSource, Inc.	12,205		337,590
Public Service Enterprise Group, Inc.	14,718		982,868
Sempra	18,588		1,335,176
WEC Energy Group, Inc.	9,265		760,842
			7,860,978
Water Utilities (0.1%)
American Water Works Co., Inc.	5,742		701,730
Total common stocks (cost: $368,621,787)			1,301,502,210

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Short-Term Securities (3.0%)
Investment Companies (3.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%	40,432,114	$	40,432,114
Total short-term securities (cost: $40,432,114)			40,432,114
Total investments in securities (cost: $409,053,901)			1,341,934,324
Cash and other assets in excess of liabilities (0.1%)			854,901
Total net assets (100.0%)		$	1,342,789,225

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Non-income producing security.
(c)	Foreign security: The Fund held 3.2% of net assets in foreign securities at March 31, 2024.
(d)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts
On March 31, 2024, securities with an aggregate market value of $24,007,200 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 2024	150	Long	$	38,860,963	$	39,813,750	$	952,787

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (98.6%)
Consumer Discretionary (2.1%)
Hotels, Restaurants & Leisure (2.1%)
Boyd Gaming Corp.		22,771	$	1,532,944
Caesars Entertainment, Inc. (b)		21,544		942,334
				2,475,278
Real Estate (96.5%)
Diversified REITs (1.6%)
WP Carey, Inc.		34,002		1,919,073
Health Care REITs (10.1%)
Healthcare Realty Trust, Inc.		186,178		2,634,419
Healthpeak Properties, Inc.		34,014		637,762
Welltower, Inc.		93,971		8,780,650
				12,052,831
Hotels & Resort REITs (0.7%)
Host Hotels & Resorts, Inc.		42,930		887,792
Industrial REITs (10.3%)
Americold Realty Trust, Inc.		75,380		1,878,470
Prologis, Inc.		79,492		10,351,448
				12,229,918
Office REITs (1.7%)
Highwoods Properties, Inc.		76,500		2,002,770
Residential REITs (17.3%)
American Homes 4 Rent Class A		53,704		1,975,233
Apartment Income REIT Corp.		39,430		1,280,292
Camden Property Trust		18,744		1,844,410
Essex Property Trust, Inc.		13,677		3,348,266
Invitation Homes, Inc.		161,830		5,762,766
Sun Communities, Inc.		30,656		3,941,749
UDR, Inc.		65,965		2,467,751
				20,620,467
Retail REITs (13.8%)
Kimco Realty Corp.		75,207		1,474,809
Realty Income Corp.		103,694		5,609,846
Simon Property Group, Inc.		60,013		9,391,434
				16,476,089
Specialized REITs (41.0%)
American Tower Corp.		31,592		6,242,263
Crown Castle, Inc.		54,311		5,747,733
Digital Realty Trust, Inc.		59,399		8,555,832
Equinix, Inc.		7,040		5,810,323
Extra Space Storage, Inc.		25,819		3,795,393
Iron Mountain, Inc.		73,169		5,868,886
Public Storage		7,414		2,150,505
SBA Communications Corp.		19,211		4,163,024
VICI Properties, Inc.		122,437		3,647,398
Weyerhaeuser Co.		78,970		2,835,813
				48,817,170
Total common stocks (cost: $116,391,759)				117,481,388
Short-Term Securities (1.0%)
Investment Companies (1.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%		1,204,232		1,204,232
Total short-term securities (cost: $1,204,232)				1,204,232
Total investments in securities (cost: $117,595,991)				118,685,620
Cash and other assets in excess of liabilities (0.4%)				438,656
Total net assets (100.0%)			$	119,124,276

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities – continued

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Non-income producing security.

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities

March 31, 2024

(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (99.4%)
Communication Services (1.3%)
Media (0.3%)
Comcast Corp. Class A		16,800	$	728,280
Wireless Telecommunication Services (1.0%)
T-Mobile U.S., Inc.		12,846		2,096,724
Consumer Discretionary (5.5%)
Diversified Consumer Services (0.3%)
Service Corp. International		9,198		682,584
Hotels, Restaurants & Leisure (2.2%)
Booking Holdings, Inc.		628		2,278,309
Hilton Worldwide Holdings, Inc.		3,300		703,923
McDonald's Corp.		3,695		1,041,805
Norwegian Cruise Line Holdings Ltd. (b) (c)		30,200		632,086
				4,656,123
Specialty Retail (2.5%)
AutoZone, Inc. (b)		390		1,229,143
Home Depot, Inc.		5,276		2,023,874
Tractor Supply Co.		3,400		889,848
Ulta Beauty, Inc. (b)		2,050		1,071,904
				5,214,769
Textiles, Apparel & Luxury Goods (0.5%)
Cie Financiere Richemont SA Class A (c)		6,244		953,203
Consumer Staples (8.7%)
Beverages (1.4%)
Coca-Cola Co.		41,312		2,527,468
Keurig Dr Pepper, Inc.		13,700		420,179
				2,947,647
Consumer Staples Distribution & Retail (1.4%)
Dollar Tree, Inc. (b)		991		131,952
Walmart, Inc.		45,441		2,734,185
				2,866,137
Food Products (1.1%)
Mondelez International, Inc. Class A		32,579		2,280,530
Household Products (2.5%)
Colgate-Palmolive Co.		25,400		2,287,270
Procter & Gamble Co.		18,269		2,964,145
				5,251,415
Personal Products (2.3%)
Kenvue, Inc.		223,924		4,805,409
Energy (10.4%)
Energy Equipment & Services (3.1%)
Halliburton Co.		94,600		3,729,132
Schlumberger NV (c)		48,400		2,652,804
				6,381,936
Oil, Gas & Consumable Fuels (7.3%)
Chevron Corp.		5,035		794,221
ConocoPhillips		31,200		3,971,136
Diamondback Energy, Inc.		5,100		1,010,667
EQT Corp.		61,035		2,262,568
Exxon Mobil Corp.		20,938		2,433,833
Kinder Morgan, Inc.		36,300		665,742
Phillips 66		3,400		555,356
Pioneer Natural Resources Co.		1,400		367,500
Range Resources Corp.		75,000		2,582,250
Williams Cos., Inc.		17,394		677,844
				15,321,117

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

Financial (22.8%)
Capital Markets (2.4%)
Charles Schwab Corp.	27,600	$	1,996,584
CME Group, Inc.	5,800		1,248,682
Goldman Sachs Group, Inc.	4,125		1,722,971
			4,968,237
Commercial Banks (7.3%)
Bank of America Corp.	98,319		3,728,256
Citigroup, Inc.	33,100		2,093,244
East West Bancorp, Inc.	5,643		446,418
JPMorgan Chase & Co.	32,859		6,581,658
PNC Financial Services Group, Inc.	4,385		708,616
Wells Fargo & Co.	29,674		1,719,905
			15,278,097
Consumer Finance (1.4%)
American Express Co.	12,904		2,938,112
Financial Services (7.4%)
Berkshire Hathaway, Inc. Class B (b)	17,480		7,350,689
Corebridge Financial, Inc.	25,974		746,233
Corpay, Inc. (b)	2,822		870,700
Fiserv, Inc. (b)	32,639		5,216,365
Visa, Inc. Class A	4,600		1,283,768
			15,467,755
Insurance (4.3%)
Allstate Corp.	11,927		2,063,490
Chubb Ltd. (c)	3,224		835,435
Hartford Financial Services Group, Inc.	3,755		386,953
MetLife, Inc.	35,133		2,603,707
Progressive Corp.	5,002		1,034,514
Travelers Cos., Inc.	8,889		2,045,714
			8,969,813
Health Care (15.9%)
Health Care Equipment & Supplies (1.6%)
GE HealthCare Technologies, Inc.	17,448		1,586,198
Hologic, Inc. (b)	8,363		651,979
Medtronic PLC (c)	13,200		1,150,380
			3,388,557
Health Care Providers & Services (7.8%)
Cencora, Inc.	13,900		3,377,561
Cigna Group	4,400		1,598,036
Elevance Health, Inc.	11,136		5,774,461
HCA Healthcare, Inc.	4,847		1,616,620
Tenet Healthcare Corp. (b)	13,896		1,460,609
UnitedHealth Group, Inc.	5,187		2,566,009
			16,393,296
Life Sciences Tools & Services (1.9%)
Agilent Technologies, Inc.	1,400		203,714
Danaher Corp.	6,531		1,630,921
Thermo Fisher Scientific, Inc.	3,544		2,059,808
			3,894,443
Pharmaceuticals (4.6%)
AstraZeneca PLC ADR (c)	38,255		2,591,776
Bristol-Myers Squibb Co.	4,000		216,920
Johnson & Johnson	24,634		3,896,853
Merck & Co., Inc.	22,100		2,916,095
			9,621,644
Industrials (13.9%)
Aerospace & Defense (1.8%)
General Dynamics Corp.	6,800		1,920,932
L3Harris Technologies, Inc.	8,416		1,793,449
			3,714,381

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

Commercial Services & Supplies (0.1%)
Veralto Corp.	2,000	$	177,320
Electrical Equipment (1.8%)
AMETEK, Inc.	10,613		1,941,118
Rockwell Automation, Inc.	6,300		1,835,379
			3,776,497
Ground Transportation (3.3%)
CSX Corp.	87,275		3,235,284
Norfolk Southern Corp.	5,530		1,409,431
Union Pacific Corp.	9,676		2,379,619
			7,024,334
Industrial Conglomerates (2.8%)
General Electric Co.	17,897		3,141,461
Honeywell International, Inc.	6,000		1,231,500
Siemens AG (c)	7,812		1,493,004
			5,865,965
Machinery (3.7%)
Caterpillar, Inc.	200		73,286
Cummins, Inc.	7,900		2,327,735
Deere & Co.	1,775		729,063
Dover Corp.	3,900		691,041
IDEX Corp.	5,300		1,293,306
Westinghouse Air Brake Technologies Corp.	17,923		2,611,023
			7,725,454
Trading Companies & Distributors (0.4%)
Ferguson PLC (c)	3,600		786,348
Information Technology (10.8%)
Electronic Equipment, Instruments & Components (2.0%)
Amphenol Corp. Class A	10,700		1,234,245
Keysight Technologies, Inc. (b)	8,000		1,251,040
TE Connectivity Ltd. (c)	11,794		1,712,960
			4,198,245
Semiconductors & Semiconductor Equipment (7.2%)
Analog Devices, Inc.	7,300		1,443,867
Applied Materials, Inc.	6,482		1,336,783
Intel Corp.	42,200		1,863,974
Lam Research Corp.	1,484		1,441,810
Micron Technology, Inc.	21,500		2,534,635
NXP Semiconductors NV (c)	4,761		1,179,633
QUALCOMM, Inc.	12,900		2,183,970
Texas Instruments, Inc.	17,352		3,022,892
			15,007,564
Software (1.6%)
Adobe, Inc. (b)	3,035		1,531,461
Microsoft Corp.	2,465		1,037,075
Salesforce, Inc.	3,000		903,540
			3,472,076
Materials (3.9%)
Chemicals (1.6%)
Linde PLC (c)	4,800		2,228,736
Mosaic Co.	18,800		610,248
Nutrien Ltd. (c)	8,037		436,489
			3,275,473
Construction Materials (0.3%)
Martin Marietta Materials, Inc.	1,051		645,251
Metals & Mining (2.0%)
Franco-Nevada Corp. (c)	6,500		774,540
Freeport-McMoRan, Inc.	40,700		1,913,714
Southern Copper Corp.	5,778		615,473
Wheaton Precious Metals Corp. (c)	18,900		890,757
			4,194,484

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

Real Estate (2.3%)
Industrial REITs (0.3%)
Prologis, Inc.	4,958	$	645,631
Residential REITs (0.5%)
Equity LifeStyle Properties, Inc.	15,418		992,919
Specialized REITs (1.5%)
Public Storage	5,894		1,709,614
Weyerhaeuser Co.	43,996		1,579,896
			3,289,510
Utilities (3.9%)
Electric Utilities (3.1%)
Constellation Energy Corp.	17,167		3,173,320
NextEra Energy, Inc.	32,568		2,081,421
Southern Co.	2,923		209,696
Xcel Energy, Inc.	17,400		935,250
			6,399,687
Multi-Utilities (0.8%)
Ameren Corp.	22,860		1,690,725
Total common stocks (cost: $172,624,094)			207,987,692
Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%	781,739		781,739
T. Rowe Price Reserve Investment Fund, current rate 5.390%	285,886		285,886
Total short-term securities (cost: $1,067,625)			1,067,625
Total investments in securities (cost: $173,691,719)			209,055,317
Cash and other assets in excess of liabilities (0.1%)			172,171
Total net assets (100.0%)		$	209,227,488

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Non-income producing security.
(c)	Foreign security: The Fund held 8.8% of net assets in foreign securities at March 31, 2024.

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities

March 31, 2024
(Unaudited)

(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (99.6%)
Communication Services (9.4%)
Entertainment (1.3%)
Netflix, Inc. (b)		2,726	$	1,655,582
Interactive Media & Services (8.1%)
Alphabet, Inc. Class A (b)		40,543		6,119,155
Meta Platforms, Inc. Class A		9,147		4,441,600
				10,560,755
Consumer Discretionary (10.0%)
Broadline Retail (5.2%)
Amazon.com, Inc. (b)		37,067		6,686,146
Hotels, Restaurants & Leisure (2.0%)
Marriott International, Inc. Class A		4,653		1,173,998
McDonald's Corp.		5,169		1,457,400
				2,631,398
Specialty Retail (2.2%)
AutoZone, Inc. (b)		476		1,500,185
TJX Cos., Inc.		13,600		1,379,312
				2,879,497
Textiles, Apparel & Luxury Goods (0.6%)
NIKE, Inc. Class B		8,147		765,655
Consumer Staples (5.1%)
Beverages (1.8%)
Constellation Brands, Inc. Class A		4,468		1,214,224
Monster Beverage Corp. (b)		19,118		1,133,315
				2,347,539
Household Products (2.2%)
Procter & Gamble Co.		17,309		2,808,385
Personal Products (1.1%)
Estee Lauder Cos., Inc. Class A		9,635		1,485,235
Energy (3.5%)
Energy Equipment & Services (0.4%)
Schlumberger NV (c)		9,773		535,658
Oil, Gas & Consumable Fuels (3.1%)
ConocoPhillips		12,639		1,608,692
EOG Resources, Inc.		9,951		1,272,136
EQT Corp.		6,325		234,468
Phillips 66		5,342		872,562
				3,987,858
Financial (14.0%)
Capital Markets (2.4%)
Charles Schwab Corp.		17,782		1,286,350
Morgan Stanley		19,041		1,792,901
				3,079,251
Commercial Banks (4.8%)
Bank of America Corp.		50,115		1,900,361
JPMorgan Chase & Co.		16,678		3,340,603
PNC Financial Services Group, Inc.		5,981		966,530
				6,207,494

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities – continued

Consumer Finance (1.3%)
American Express Co.	7,144	$	1,626,617
Financial Services (2.2%)
Mastercard, Inc. Class A	5,963	2,871,602
Insurance (3.3%)
Arch Capital Group Ltd. (b) (c)	11,014	1,018,134
Chubb Ltd. (c)	6,612	1,713,367
Progressive Corp.	7,513	1,553,839
		4,285,340
Health Care (14.5%)
Biotechnology (1.7%)
Regeneron Pharmaceuticals, Inc. (b)	1,115	1,073,176
Vertex Pharmaceuticals, Inc. (b)	2,606	1,089,334
		2,162,510
Health Care Equipment & Supplies (2.5%)
Abbott Laboratories	15,343	1,743,886
Boston Scientific Corp. (b)	21,266	1,456,508
		3,200,394
Health Care Providers & Services (2.9%)
Cencora, Inc.	4,510	1,095,885
UnitedHealth Group, Inc.	5,397	2,669,896
		3,765,781
Life Sciences Tools & Services (2.3%)
Danaher Corp.	5,678	1,417,910
Thermo Fisher Scientific, Inc.	2,607	1,515,214
		2,933,124
Pharmaceuticals (5.1%)
Eli Lilly & Co.	3,946	3,069,830
Merck & Co., Inc.	18,165	2,396,872
Zoetis, Inc.	6,895	1,166,703
		6,633,405
Industrials (8.7%)
Aerospace & Defense (2.1%)
General Dynamics Corp.	4,175	1,179,396
RTX Corp.	15,425	1,504,400
		2,683,796
Commercial Services & Supplies (0.9%)
Republic Services, Inc.	5,919	1,133,133
Electrical Equipment (1.8%)
AMETEK, Inc.	7,598	1,389,674
Emerson Electric Co.	8,113	920,177
		2,309,851
Machinery (3.9%)
Deere & Co.	3,086	1,267,544
IDEX Corp.	4,964	1,211,315
Illinois Tool Works, Inc.	5,122	1,374,386
Ingersoll Rand, Inc.	13,325	1,265,209
		5,118,454
Information Technology (28.6%)
Communications Equipment (1.2%)
Motorola Solutions, Inc.	4,492	1,594,570
Electronic Equipment, Instruments & Components (1.2%)
CDW Corp.	5,929	1,516,519
IT Services (1.0%)
Accenture PLC Class A (c)	3,713	1,286,963

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities – continued

Semiconductors & Semiconductor Equipment (9.7%)
Broadcom, Inc.	2,173	$	2,880,116
KLA Corp.	2,143		1,497,036
NVIDIA Corp.	7,534		6,807,421
Texas Instruments, Inc.	8,106		1,412,146
			12,596,719
Software (10.8%)
Microsoft Corp.	23,076		9,708,535
Roper Technologies, Inc.	2,138		1,199,076
Salesforce, Inc.	6,249		1,882,074
Workday, Inc. Class A (b)	4,423		1,206,373
			13,996,058
Technology Hardware Storage & Peripherals (4.7%)
Apple, Inc.	35,041		6,008,831
Materials (1.5%)
Chemicals (1.5%)
Linde PLC (c)	3,375		1,567,080
PPG Industries, Inc.	2,895		419,485
			1,986,565
Real Estate (1.5%)
Health Care REITs (0.6%)
Welltower, Inc.	8,421		786,858
Industrial REITs (0.9%)
Prologis, Inc.	8,884		1,156,875
Utilities (2.8%)
Electric Utilities (2.8%)
American Electric Power Co., Inc.	16,113		1,387,330
Duke Energy Corp.	13,720		1,326,861
PG&E Corp.	52,479		879,548
			3,593,739
Total common stocks (cost: $76,993,378)			128,878,157
Short-Term Securities (0.1%)
Investment Companies (0.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 5.260%	164,291		164,291
Total short-term securities (cost: $164,291)			164,291
Total investments in securities (cost: $77,157,669)			129,042,448
Cash and other assets in excess of liabilities (0.3%)			324,701
Total net assets (100.0%)		$	129,367,149

Investments in Securities Legend

(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Non-income producing security.
(c)	Foreign security: The Fund held 4.7% of net assets in foreign securities at March 31, 2024.

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 the Trust and in accordance with provisions of the Investment Company Act of 1940, as amended (the “1940 Act”). The Board has delegated the daily oversight of the securities valuation function to Securian AM, which ensures that valuations comply with the valuation policies. The summary of fair valued in good faith securities are presented to the Board at their quarterly meetings.

A Fund’s investments will also be valued at fair value in good faith 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 in good faith pricing is needed in accordance with the Trust’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

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.

The Funds do not separately report changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities.

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.

Options Transactions

Each Fund may write (i.e., sell) 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.

Securian Funds Trust

Notes to Financial Statements – continued

The risk in buying an option is that each Fund pays a premium whether or not the option is exercised. Each 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. Each 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 purchase 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.

Investment Companies

The SFT Balanced Stabilization Fund and SFT Equity Stabilization Fund may invest in other investment companies, which may not be traded on an exchange, the Fund(s) may, as a practical expedient, estimate the fair value of an investment company based on the reported NAV per share or its equivalent if the reported NAV per share or its equivalent of the investment company is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. If the investment company does not provide a reported NAV per share or its equivalent on a Business Day, Securian AM, as valuation designee, shall estimate fair value in good faith and in a manner consistent with the Trust’s Valuation Procedures.

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 1940 act, 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, 2024, the SFT Balanced Stabilization Fund held three illiquid securities with a market value of $4,057,284 which represents 0.6% of net assets.

Securian Funds Trust 

Notes to Financial Statements – continued

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, swaps, and written options.

The following is a summary of the levels used as of March 31, 2024, 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, 2024 using
Fund	Level 1			Level 2		Level 3		Total
SFT Balanced Stabilization Fund
Assets
Government Obligations	$	—		$	30,575,527	$	—	$	30,575,527
Other Mortgage-Backed Securities		—			1,349,091		—		1,349,091
Corporate Obligations		—			209,772,959		—		209,772,959
Purchased Options		163,840			—		—		163,840
Investment Companies		411,202,375			—		—		411,202,375
Total Investments		411,366,215			241,697,577		—		653,063,792
Other Financial Instruments*
Futures Contracts		574,643			—		—		574,643
Liabilities
Other Financial Instruments*
Written Options		(38,400	)		—		—		(38,400	)
SFT Core Bond Fund
Assets
Government Obligations		—			321,833,050		—		321,833,050
Asset-Backed Securities		—			29,292,420		—		29,292,420
Other Mortgage-Backed Securities		—			52,086,007		—		52,086,007
Corporate Obligations		—			79,005,417		—		79,005,417
Bank Loans		—			6,716,673		—		6,716,673
Foreign Bonds		—			2,456,678		—		2,456,678
U.S. Government Agencies and Obligations		—			27,292,554		—		27,292,554
Investment Companies		45,536,776			—		—		45,536,776
Total Investments		45,536,776			518,682,799		—		564,219,575
Other Financial Instruments*
Futures Contracts		19,933			—		—		19,933
Liabilities
Other Financial Instruments*
Futures Contracts		(63,771	)		—		—		(63,771	)
SFT Delaware IvySM Growth Fund
Assets
Common Stocks		627,280,846			—		—		627,280,846
Investment Companies		3,636,626			—		—		3,636,626
Total Investments		630,917,472			—		—		630,917,472

Securian Funds Trust 

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at March 31, 2024 using
Fund	Level 1			Level 2		Level 3		Total
SFT Delaware IvySM Small Cap Growth Fund
Assets
Common Stocks	$	160,567,057		$	—	$	—	$	160,567,057
Investment Companies		3,957,165			—		—		3,957,165
Total Investments		164,524,222			—		—		164,524,222
SFT Equity Stabilization Fund
Assets
Investment Companies		310,569,430			—		—		310,569,430
Purchased Options		79,360			—		—		79,360
Total Investments		310,648,790			—		—		310,648,790
Other Financial Instruments*
Futures Contracts		698,586			—		—		698,586
Liabilities
Other Financial Instruments*
Written Options		(18,600	)		—		—		(18,600	)
SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		224,277,951			—		—		224,277,951
Long-Term Debt Securities		—			996,530		—		996,530
Investment Companies		9,308,492			—		—		9,308,492
Total Investments		233,586,443			996,530		—		234,582,973
Other Financial Instruments*
Futures Contracts		337,886			—		—		337,886
SFT Index 500 Fund
Assets
Common Stocks		1,301,502,210			—		—		1,301,502,210
Investment Companies		40,432,114			—		—		40,432,114
Total Investments		1,341,934,324			—		—		1,341,934,324
Other Financial Instruments*
Futures Contracts		952,787			—		—		952,787
SFT Real Estate Securities Fund
Assets
Common Stocks		117,481,388			—		—		117,481,388
Investment Companies		1,204,232			—		—		1,204,232
Total Investments		118,685,620			—		—		118,685,620
SFT T. Rowe Price Value Fund
Assets
Common Stocks		207,987,692			—		—		207,987,692
Investment Companies		1,067,625			—		—		1,067,625
Total Investments		209,055,317			—		—		209,055,317

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at March 31, 2024 using
Fund	Level 1		Level 2		Level 3		Total
SFT Wellington Core Equity Fund
Assets
Common Stocks	$	128,878,157	$	—	$	—	$	128,878,157
Investment Companies		164,291		—		—		164,291
Total Investments		129,042,448		—		—		129,042,448

* 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.

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.

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, acts of terrorism, financial institution failures, or other events, can adversely affect local and global markets and normal market operations.