Securian Funds Trust NPORTP SFT T. Rowe Price Value Fund (Sep 2024 report)

SFT Balanced Stabilization Fund
Investments in Securities
September 30, 2024
(Unaudited)
(Percentages of each investment category relate to total net assets)

	Principal		Value(a)
Long-Term Debt Securities (37.3%)
Government Obligations (4.1%)
U.S. Government Agencies and Obligations (4.1%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	44,443	$	41,276
3.500%, 10/01/44		45,554		43,266
3.500%, 11/01/44		44,633		42,367
3.500%, 12/01/44		48,702		46,190
				173,099
Federal National Mortgage Association (0.1%)
3.000%, 04/01/43		67,852		62,947
3.000%, 05/01/43		22,203		20,598
3.000%, 06/01/43		102,638		95,219
3.500%, 08/01/42		45,370		43,329
3.500%, 02/01/43		56,780		54,547
				276,640
U.S. Treasury (4.0%)
U.S. Treasury Bonds
4.000%, 11/15/42		5,530,000		5,435,601
4.000%, 11/15/52		1,200,000		1,166,063
U.S. Treasury Notes
1.000%, 12/15/24		10,000,000		9,926,562
3.875%, 12/31/27		9,350,000		9,435,830
				25,964,056
Total government obligations (cost: $26,455,508)				26,413,795

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		1,405,278
Total other mortgage-backed securities (cost: $1,542,312)				1,405,278

Corporate Obligations (33.0%)
Basic Materials (1.2%)
Chemicals (0.7%)
Celanese U.S. Holdings LLC, 6.330%, 07/15/29		1,500,000		1,589,860
Mosaic Co., 5.450%, 11/15/33		200,000		206,474
Sherwin-Williams Co., 3.950%, 01/15/26		1,000,000		993,293
Yara International ASA
3.148%, 06/04/30 (b) (c)		1,000,000		903,656
4.750%, 06/01/28 (b) (c)		1,000,000		996,365
				4,689,648
Mining (0.5%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b) (c)		2,000,000		1,778,814
FMG Resources August 2006 Pty. Ltd., 6.125%, 04/15/32 (b) (c)		1,000,000		1,022,985
				2,801,799
Communications (2.5%)
Broadline Retail (0.3%)
Amazon.com, Inc.
3.875%, 08/22/37		1,000,000		938,813
4.050%, 08/22/47		1,000,000		898,929
				1,837,742
Media (0.8%)
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750%, 02/15/28		1,500,000		1,439,197
6.834%, 10/23/55		1,000,000		995,591
Comcast Corp.
2.887%, 11/01/51		1,319,000		883,955
2.937%, 11/01/56		327,000		213,624
4.200%, 08/15/34 (d)		500,000		482,824

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

Walt Disney Co., 4.950%, 10/15/45	$	1,000,000	$	982,976
				4,998,167
Software (0.3%)
Netflix, Inc., 4.875%, 04/15/28		2,000,000		2,048,201
Telecommunication (1.1%)
AT&T, Inc.
2.550%, 12/01/33		943,000		793,966
3.550%, 09/15/55		1,405,000		1,025,480
3.800%, 12/01/57		75,000		56,639
4.500%, 05/15/35		1,000,000		970,794
Crown Castle Towers LLC, 3.663%, 05/15/45 (c)		1,000,000		992,203
T-Mobile USA, Inc., 2.700%, 03/15/32		1,000,000		881,256
Verizon Communications, Inc.
2.650%, 11/20/40		1,000,000		736,076
2.987%, 10/30/56		1,194,000		781,902
3.000%, 11/20/60		2,000,000		1,287,928
				7,526,244
Consumer Cyclical (1.9%)
Auto Manufacturers (0.6%)
Ford Motor Credit Co. LLC, 4.687%, 06/09/25		2,000,000		1,992,728
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		2,021,498
				4,014,226
Entertainment (0.2%)
Warnermedia Holdings, Inc., 5.141%, 03/15/52		1,400,000		1,079,973
Passenger Airlines (0.6%)
Air Canada Pass-Through Trust, Series 2015-2, Class A, 4.125%, 06/15/29 (b) (c)		680,564		648,638
American Airlines Pass-Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		597,316		569,789
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/28 (c)		2,000,000		1,996,778
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.300%, 02/15/27		125,848		124,539
Series 2018-1, Class AA, 3.500%, 09/01/31		863,340		812,564
				4,152,308
Retail (0.5%)
AutoZone, Inc., 3.250%, 04/15/25		1,000,000		991,209
Lowe’s Cos., Inc., 5.625%, 04/15/53		2,250,000		2,339,009
				3,330,218
Consumer, Non-cyclical (5.5%)
Agricultural Operations (0.4%)
Cargill, Inc.
3.125%, 05/25/51 (c)		1,000,000		718,160
4.375%, 04/22/52 (c)		2,150,000		1,949,500
				2,667,660
Beverages (0.5%)
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/38		1,000,000		962,947
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		2,044,714
				3,007,661
Biotechnology (0.6%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,985,934
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,850,844
				3,836,778
Commercial Services (0.7%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (c)		2,000,000		2,044,429
Global Payments, Inc.
4.800%, 04/01/26		750,000		751,624
5.300%, 08/15/29		1,500,000		1,541,008
				4,337,061
Consumer Staples Distribution & Retail (0.3%)
Kroger Co.
4.450%, 02/01/47		1,000,000		878,168
5.150%, 08/01/43		1,100,000		1,068,976
				1,947,144

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

Food Products (0.4%)
General Mills, Inc., 3.000%, 02/01/51	$	1,002,000	$	693,681
Mars, Inc., 3.950%, 04/01/49 (c)		1,000,000		833,110
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		957,542
				2,484,333
Health Care Equipment & Supplies (0.6%)
Abbott Laboratories
3.875%, 09/15/25		750,000		748,269
4.750%, 11/30/36		1,000,000		1,024,825
4.750%, 04/15/43		250,000		252,865
HCA, Inc., 6.000%, 04/01/54		1,500,000		1,582,724
				3,608,683
Health Care Providers & Services (0.4%)
Aetna, Inc., 3.875%, 08/15/47		1,000,000		780,004
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		884,288
UnitedHealth Group, Inc., 3.750%, 07/15/25 (d)		1,000,000		996,714
				2,661,006
Household Products (0.1%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		853,197

Personal Care (0.1%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		872,311

Pharmaceuticals (1.4%)
AbbVie, Inc.
3.600%, 05/14/25		1,000,000		993,786
3.800%, 03/15/25		670,000		667,489
4.400%, 11/06/42		1,000,000		942,295
4.450%, 05/14/46		1,000,000		932,547
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,962,721
Bristol-Myers Squibb Co., 3.875%, 08/15/25		229,000		227,875
Cardinal Health, Inc., 3.750%, 09/15/25		1,000,000		992,690
CVS Pass-Through Trust, 6.943%, 01/10/30		98,599		103,150
Mead Johnson Nutrition Co., 5.900%, 11/01/39		1,000,000		1,090,535
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28 (b)		1,000,000		1,024,628
				8,937,716
Energy (1.5%)
Oil & Gas (0.8%)
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27		1,000,000		975,447
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		1,003,105
Chevron USA, Inc., 3.900%, 11/15/24		1,000,000		998,398
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		984,852
Phillips 66, 4.650%, 11/15/34		1,000,000		975,729
				4,937,531
Pipelines (0.7%)
Energy Transfer LP, 4.900%, 03/15/35		1,000,000		985,915
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		263,073
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		760,892
MPLX LP, 4.950%, 09/01/32		2,000,000		2,005,961
Williams Cos., Inc., 3.750%, 06/15/27		500,000		492,476
				4,508,317
Financial (11.4%)
Banks (6.5%)
Associated Banc-Corp., 4.250%, 01/15/25		750,000		746,158
Bank of America Corp.
Series L, 3.950%, 04/21/25		1,000,000		995,031
Series L, 4.183%, 11/25/27		1,000,000		997,539
4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (e)		1,000,000		946,495
4.948%, 07/22/28 (SOFRRATE + 2.040%) (e)		1,500,000		1,526,498
Bank of New York Mellon Corp.
3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (e)		1,000,000		984,090
Series J, 4.967%, 04/26/34 (SOFRRATE + 1.606%) (e)		1,500,000		1,534,968
5.834%, 10/25/33 (SOFRRATE + 2.074%) (e)		1,000,000		1,082,048
Citigroup, Inc.
3.300%, 04/27/25		750,000		743,707
3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (e)		1,000,000		978,780

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

4.650%, 07/23/48	$	1,250,000	$	1,179,849
4.750%, 05/18/46 (f)		1,200,000		1,123,862
Comerica Bank, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (e)		2,000,000		1,923,188
Discover Bank, 4.250%, 03/13/26		500,000		497,816
Fifth Third Bancorp, 6.361%, 10/27/28 (SOFRRATE + 2.192%) (e)		1,000,000		1,053,035
Fifth Third Bank NA, 3.950%, 07/28/25		1,000,000		993,253
First Republic Bank
4.375%, 08/01/46 (g)		575,000		17,250
4.625%, 02/13/47 (g)		1,379,000		34,475
Goldman Sachs Group, Inc.
3.850%, 01/26/27		1,000,000		991,070
4.482%, 08/23/28 (SOFRRATE + 1.725%) (e)		2,000,000		2,009,607
5.150%, 05/22/45 (f)		1,000,000		998,328
JPMorgan Chase & Co.
3.125%, 01/23/25		1,000,000		994,343
3.328%, 04/22/52 (SOFRRATE + 1.580%) (e)		2,000,000		1,539,728
3.897%, 01/23/49 (3-Month USD TERM SOFR + 1.482%) (e)		1,000,000		853,232
KeyBank NA, 4.390%, 12/14/27		3,000,000		2,971,173
M&T Bank Corp., 4.553%, 08/16/28 (SOFRRATE + 1.780%) (e)		3,000,000		3,001,861
Morgan Stanley
2.802%, 01/25/52 (SOFRRATE + 1.430%) (e)		2,000,000		1,378,659
6.342%, 10/18/33 (SOFRRATE + 2.560%) (e)		1,000,000		1,110,827
PNC Bank NA, 4.050%, 07/26/28		1,000,000		991,905
Synchrony Bank, 5.400%, 08/22/25		1,000,000		1,002,082
Truist Financial Corp., 6.123%, 10/28/33 (SOFRRATE + 2.300%) (e)		2,000,000		2,156,186
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (e)		1,000,000		1,065,571
Wells Fargo & Co.
3.068%, 04/30/41 (SOFRRATE + 2.530%) (e)		1,600,000		1,257,182
4.750%, 12/07/46		2,300,000		2,099,582
				41,779,378
Financial Services (2.3%)
American Express Co.
3.300%, 05/03/27		1,000,000		980,954
4.050%, 12/03/42		2,000,000		1,821,376
Capital One Financial Corp.
4.250%, 04/30/25		1,500,000		1,494,454
5.468%, 02/01/29 (SOFRRATE + 2.080%) (e)		1,500,000		1,537,144
CME Group, Inc., 3.000%, 03/15/25		1,000,000		992,004
Discover Financial Services
3.750%, 03/04/25		1,000,000		993,508
4.100%, 02/09/27		1,000,000		990,878
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		984,142
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		3,022,152
Jefferies Financial Group, Inc., 2.625%, 10/15/31		2,000,000		1,733,513
				14,550,125
Insurance (1.2%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		888,567
Arch Capital Finance LLC, 4.011%, 12/15/26 (d)		1,000,000		992,596
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		1,000,000		888,533
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (c)		3,000,000		2,518,755
Principal Life Global Funding II, 1.500%, 08/27/30 (c)		3,000,000		2,550,071
				7,838,522
Real Estate Investment Trust — Health Care (0.8%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		499,062
DOC Dr. LLC, 4.300%, 03/15/27		1,000,000		998,639
Healthcare Realty Holdings LP
3.750%, 07/01/27		1,000,000		979,155
3.875%, 05/01/25		1,000,000		992,312
Welltower OP LLC, 4.125%, 03/15/29		1,500,000		1,488,046
				4,957,214
Real Estate Investment Trust — Shopping Centers (0.1%)
Kite Realty Group Trust, 4.000%, 03/15/25 (d)		1,000,000		994,491

Residential REITs (0.1%)
Essex Portfolio LP, 3.500%, 04/01/25		1,000,000		992,792

Specialized REITs (0.4%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		982,573

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

Crown Castle, Inc., 4.750%, 05/15/47	$	1,000,000	$	908,502
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (c)		500,000		460,633
				2,351,708
Industrials (3.4%)
Aerospace & Defense (0.5%)
General Dynamics Corp., 3.500%, 05/15/25		1,000,000		994,097
RTX Corp.
4.050%, 05/04/47		1,000,000		848,819
4.125%, 11/16/28		1,500,000		1,495,622
				3,338,538
Building Products (0.6%)
CRH America Finance, Inc., 4.400%, 05/09/47 (c)		1,000,000		863,610
Mohawk Industries, Inc., 3.625%, 05/15/30		2,000,000		1,921,394
Vulcan Materials Co., 4.500%, 06/15/47		1,000,000		897,919
				3,682,923
Electrical Equipment (0.6%)
Flex Ltd.
4.750%, 06/15/25 (b)		1,000,000		997,415
4.875%, 06/15/29 (b)		1,000,000		1,000,340
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,888,085
				3,885,840
Machinery (0.3%)
Caterpillar, Inc., 3.250%, 04/09/50		2,300,000		1,757,342
Miscellaneous Manufacturing (0.2%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		983,101
Textron, Inc., 3.875%, 03/01/25		750,000		746,389
				1,729,490
Packaging & Containers (0.3%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		998,225
Sealed Air Corp., 6.875%, 07/15/33 (c)		1,000,000		1,089,755
				2,087,980
Transportation (0.6%)
Canadian Pacific Railway Co., 4.300%, 05/15/43 (b)		250,000		225,623
FedEx Corp., 4.400%, 01/15/47		1,000,000		872,195
Union Pacific Corp., 5.375%, 06/01/33		2,500,000		2,617,480
				3,715,298
Trucking & Leasing (0.3%)
GATX Corp.
3.250%, 03/30/25		1,000,000		990,138
4.550%, 11/07/28		1,000,000		1,005,026
				1,995,164
Information Technology (2.1%)
Computers (0.8%)
Apple, Inc., 4.375%, 05/13/45 (d)		1,000,000		959,549
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,172,240
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,965,123
				5,096,912
Semiconductor Equipment (0.7%)
Broadcom, Inc., 3.419%, 04/15/33 (c)		2,000,000		1,815,264
Micron Technology, Inc., 2.703%, 04/15/32		2,000,000		1,745,473
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		1,018,965
				4,579,702
Software (0.6%)
Fiserv, Inc., 3.850%, 06/01/25		1,000,000		992,815
Oracle Corp., 3.800%, 11/15/37		1,000,000		883,348
VMware LLC, 1.400%, 08/15/26		1,800,000		1,705,086
				3,581,249
Utilities (3.5%)
Electric Utilities (2.9%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,421,528
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		813,915
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		867,321

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52	$	3,150,000	$	2,981,870
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		987,952
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,104,273
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		786,870
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,911,908
Northern States Power Co., 3.750%, 12/01/47		1,000,000		783,289
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		647,172
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		1,000,000		851,314
Union Electric Co., 5.250%, 01/15/54		1,500,000		1,518,715
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,880,983
				18,557,110
Gas Utilities (0.5%)
Atmos Energy Corp., 4.125%, 03/15/49		750,000		641,177
National Fuel Gas Co.
4.750%, 09/01/28		1,000,000		1,003,097
5.200%, 07/15/25		1,000,000		1,000,670
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		809,814
				3,454,758
Water Utilities (0.1%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		815,001
Total corporate obligations (cost: $216,340,235)				212,879,461
Total long-term debt securities (cost: $244,338,055)				240,698,534

	Shares
Mutual Funds (58.0%)
Investment Companies (58.0%)
iShares Core S&P 500 ETF (h)		36,440		21,019,321
SFT Advantus Index 500 Funds (h) (i) (j)		12,906,943		327,166,623
SPDR S&P 500 ETF Trust (d) (h)		36,170		20,752,899
Vanguard S&P 500 ETF (h)		8,375		4,419,236
Total mutual funds (cost: $126,021,576)				373,358,079

Short-Term Securities (2.9%)
Investment Companies (2.9%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%		18,377,106		18,377,106
Total short-term securities (cost: $18,377,106)				18,377,106
Total investments excluding purchased options (98.2%) (cost: $388,736,737)				632,433,719
Total purchased options outstanding (0.0%) (cost: $202,606)				35,200
Total investments in securities (cost: $388,939,343)				632,468,919
Cash and other assets in excess of liabilities (1.8%)				11,484,509
Total net assets (100.0%)			$	643,953,428

Investments in Securities Legend

(a)	Securities are valued by procedures described in the notes to investments in securities.
(b)	Foreign security: the Fund held 1.3% of net assets in foreign securities at September 30, 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)	This security has been determined to be illiquid pursuant to the procedures of the Funds’ Liquidity Risk Management Program.
(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.

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund
Investments in Securities – continued

Holdings of Open Futures Contracts
On September 30, 2024, securities with an aggregate market value of $22,634,452 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)
5 Year U.S. Treasury Note	December 2024		75	Long	$	8,229,088	$	8,241,211	$	12,123
10 Year U.S. Ultra	December 2024		110	Long		12,992,315		13,012,656		20,341
S&P 500 E-Mini Index Future	December 2024		60	Long		17,331,586		17,442,750		111,164
U.S. Ultra Bond	December 2024		20	Long		2,668,802		2,661,875		(6,927	)
							$	41,358,492	$	136,701

Put Options Purchased:
The Fund had the following put options purchased open at September 30, 2024:

Description		Exercise Price				Expiration Date		Number of Contracts				Notional Amount				Value(a)
S&P 500 Index		$	5,320			October 2024			110			$	11,000			$	35,200

Put Options Written:
The Fund had the following put options written open at September 30, 2024:

Description		Exercise Price				Expiration Date		Number of Contracts				Notional Amount				Value(a)
S&P 500 Index		$	4,775			October 2024			110			$	11,000			$	(10,890	)

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities

September 30, 2024

(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (111.7%)
Government Obligations (74.9%)
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	$	1,254,109
Municipal Electric Authority of Georgia, 6.655%, 04/01/57		676,000		773,424
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.508%, 08/01/37		620,000		648,428
Ohio Water Development Authority, Series A2, 4.817%, 12/01/30		250,000		252,453
Texas A&M University, Series D, 4.000%, 05/15/31		325,000		324,501
				3,252,915
U.S. Government Agencies and Obligations (74.2%)
Export-Import Bank of the United States (0.0%)
Export-Import Bank of the U.S., 2.578%, 12/10/25		13,094		12,922

Federal Home Loan Mortgage Corporation (9.3%)
2.000%, 07/01/41		1,497,871		1,308,061
2.000%, 11/01/51		4,730,230		3,917,929
2.000%, 03/01/52		2,655,832		2,199,629
2.500%, 01/01/52		1,683,351		1,463,047
2.500%, 03/01/52		7,172,840		6,230,803
3.000%, 08/01/42		245,953		228,681
3.000%, 12/01/42		88,779		82,508
3.000%, 01/01/43		120,535		111,820
3.000%, 02/01/43		293,619		272,632
3.000%, 04/01/43		439,142		407,385
3.000%, 02/01/52		3,082,380		2,788,574
3.500%, 05/01/32		59,437		58,415
3.500%, 03/01/42		298,670		285,791
3.500%, 08/01/42		261,886		250,594
3.500%, 11/01/52		4,967,188		4,623,887
4.000%, 09/01/40		264,633		261,481
4.000%, 11/01/40		471,735		464,393
4.000%, 02/01/41		111,468		110,141
4.000%, 03/01/41		113,354		112,004
4.000%, 08/01/52		6,196,866		5,950,263
4.000%, 09/01/52		4,025,735		3,866,801
4.000%, 11/01/52		3,407,810		3,280,840
4.000%, 02/01/53		553,910		531,562
4.500%, 09/01/40		32,720		33,084
4.500%, 01/01/41		175,854		177,811
4.500%, 02/01/41		103,486		104,639
4.500%, 03/01/41		223,183		225,439
4.500%, 04/01/41		206,572		208,246
4.500%, 09/01/52		630,118		619,562
5.000%, 05/01/29		7,337		7,398
5.000%, 04/01/35		35,092		36,022
5.000%, 08/01/35		18,298		18,759
5.000%, 11/01/35		35,923		36,926
5.000%, 11/01/39		190,996		196,695
5.000%, 04/01/40		60,153		61,949
5.000%, 08/01/40		41,019		42,244
5.500%, 05/01/34		258,676		267,942
5.500%, 10/01/34		61,482		63,802
5.500%, 07/01/35		97,544		101,080
5.500%, 10/01/35		113,145		117,418
5.500%, 12/01/38		50,091		51,665
6.000%, 11/01/33		111,122		116,333
6.500%, 09/01/32		12,711		13,107
6.500%, 11/01/32		10,192		10,607
6.500%, 06/01/36		67,419		71,550
7.000%, 12/01/37		21,556		22,378
				41,411,897

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Federal National Mortgage Association (11.4%)
2.000%, 04/01/51	$	2,681,553	$	2,231,078
2.000%, 11/01/51		11,994,223		9,945,977
2.000%, 03/01/52		3,088,768		2,558,641
2.500%, 12/01/51		2,322,489		2,033,446
2.500%, 02/01/52		528,021		456,189
2.500%, 03/01/52		2,467,610		2,137,208
2.500%, 04/01/52		4,153,744		3,609,927
3.000%, 09/01/42		61,215		56,891
3.000%, 01/01/46		48,991		45,037
3.000%, 01/01/52		2,237,536		2,010,619
3.000%, 04/01/52		5,359,364		4,815,127
3.000%, 05/01/52		2,301,732		2,066,843
3.000%, 06/01/52		432,422		392,270
3.500%, 12/01/32		56,771		55,736
3.500%, 11/01/40		223,137		213,513
3.500%, 01/01/41		235,274		225,127
3.500%, 02/01/41		272,615		260,867
3.500%, 04/01/41		145,966		139,671
3.500%, 11/01/41		825,688		790,073
3.500%, 12/01/41		164,654		157,554
3.500%, 05/01/42		85,713		82,015
3.500%, 01/01/43		182,325		173,800
3.500%, 02/01/43		227,122		218,187
3.500%, 05/01/43		739,629		702,394
4.000%, 12/01/40		29,730		29,247
4.000%, 04/01/41		463,052		457,537
4.000%, 09/01/41		124,917		123,430
4.000%, 11/01/41		76,446		75,536
4.000%, 06/01/42		225,734		223,046
4.000%, 09/01/43		141,335		137,991
4.500%, 05/01/35		71,737		72,267
4.500%, 07/01/35		161,403		160,637
4.500%, 09/01/37		59,355		59,830
4.500%, 06/01/39		74,141		74,469
4.500%, 04/01/41		551,118		557,795
4.500%, 07/01/41		399,691		403,946
4.500%, 07/01/47		161,953		163,708
4.500%, 08/01/52		5,435,485		5,346,585
4.500%, 04/01/53		903,709		889,091
5.000%, 11/01/33		75,470		76,599
5.000%, 03/01/34		52,479		53,918
5.000%, 05/01/34		12,079		12,358
5.000%, 12/01/34		67,326		69,015
5.000%, 07/01/35		62,352		63,915
5.000%, 08/01/35		29,148		29,878
5.000%, 03/01/38		24,190		24,821
5.000%, 04/01/38		53,954		55,248
5.000%, 06/01/39		44,428		45,754
5.000%, 12/01/39		159,130		163,880
5.000%, 06/01/40		21,128		21,759
5.000%, 04/01/41		183,511		188,990
5.000%, 11/01/53		2,070,659		2,068,964
5.500%, 04/01/33		258,334		262,987
5.500%, 05/01/33		3,328		3,409
5.500%, 12/01/33		25,953		26,932
5.500%, 01/01/34		49,240		50,793
5.500%, 02/01/34		43,217		44,777
5.500%, 03/01/34		74,699		77,663
5.500%, 04/01/34		45,542		46,981
5.500%, 05/01/34		1,288		1,306
5.500%, 09/01/34		69,642		72,273
5.500%, 10/01/34		19,918		20,556
5.500%, 01/01/35		31,604		32,799
5.500%, 02/01/35		80,280		83,070
5.500%, 04/01/35		71,479		73,917
5.500%, 06/01/35		3,286		3,382
5.500%, 08/01/35		50,258		51,603
5.500%, 10/01/35		113,218		117,828
5.500%, 11/01/35		22,867		23,685

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

5.500%, 09/01/36	$	45,725	$	47,205
5.500%, 12/01/39		27,494		28,357
5.500%, 09/01/53		1,015,339		1,027,621
6.000%, 09/01/32		5,011		5,269
6.000%, 10/01/32		152,730		157,317
6.000%, 11/01/32		192,771		203,577
6.000%, 03/01/33		123,820		127,295
6.000%, 12/01/33		51,360		52,765
6.000%, 08/01/34		9,680		9,989
6.000%, 09/01/34		10,278		10,777
6.000%, 11/01/34		5,288		5,474
6.000%, 12/01/34		39,807		41,640
6.000%, 11/01/36		5,725		6,018
6.000%, 01/01/37		67,539		71,206
6.000%, 08/01/37		34,137		35,871
6.000%, 10/01/38		53,847		56,808
6.500%, 12/01/31		12,678		13,068
6.500%, 02/01/32		84,216		87,163
6.500%, 04/01/32		45,510		47,920
6.500%, 05/01/32		10,116		10,427
6.500%, 07/01/32		62,908		64,844
6.500%, 08/01/32		41,284		42,714
6.500%, 09/01/32		27,038		27,962
6.500%, 10/01/32		32,658		33,663
6.500%, 09/01/34		2,107		2,172
6.500%, 11/01/34		2,380		2,499
6.500%, 03/01/35		29,305		30,830
6.500%, 09/01/37		53,596		56,412
6.500%, 11/01/37		18,161		19,301
7.000%, 07/01/31		22,705		23,718
7.000%, 09/01/31		69,304		72,177
7.000%, 11/01/31		49,768		51,666
7.000%, 02/01/32		27,600		28,744
7.000%, 03/01/32		3,594		3,758
7.000%, 07/01/32		16,681		17,317
7.500%, 04/01/31		18,485		18,483
7.500%, 05/01/31		6,419		6,394
				50,570,786
Government National Mortgage Association (6.0%)
0.000%, 06/17/45 (c) (d)		107,065		—
1.000%, 12/20/42		34,488		29,146
3.000%, 03/15/45		353,991		325,629
3.000%, 04/15/45		729,952		671,401
3.000%, 05/15/45		37,367		34,393
3.250%, 04/20/33		64,245		62,098
3.250%, 03/20/35		564,609		543,101
3.250%, 11/20/35		323,645		312,120
3.250%, 01/20/36		557,082		534,443
3.500%, 11/15/40		44,165		42,631
3.500%, 04/20/46		227,193		214,902
3.750%, 03/20/46		559,493		538,082
4.000%, 07/20/31		150,739		149,827
4.000%, 04/20/39		131,539		128,759
4.000%, 12/20/40		313,637		308,931
4.000%, 01/15/41		16,417		16,241
4.000%, 02/15/41		134,840		132,714
4.000%, 10/15/41		86,261		84,900
4.000%, 12/20/44		39,040		38,502
4.500%, 06/15/40		90,978		91,728
4.500%, 10/20/52		2,262,164		2,235,833
5.000%, 05/15/33		23,152		23,413
5.000%, 12/15/39		36,216		37,217
5.000%, 01/15/40		302,184		310,235
5.000%, 07/15/40		72,129		73,080
5.500%, 07/15/38		86,354		89,280
5.500%, 10/15/38		108,172		111,571
4.000%, 10/21/54 (b)		4,825,000		4,663,664
4.500%, 10/21/54 (b)		5,450,000		5,379,354
5.000%, 10/15/54 (b)		5,100,000		5,108,691

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

5.500%, 10/15/54 (b)	$	3,325,000	$	3,356,222
6.495%, 06/20/54 (30 day USD SOFR Average + 1.150%) (c)		1,095,959		1,100,106
				26,748,214
U.S. Treasury (36.8%)
U.S. Treasury Bonds
4.125%, 08/15/44		20,170,000		19,990,361
4.250%, 08/15/54		18,940,000		19,315,841
4.625%, 05/15/44		4,250,000		4,499,687
U.S. Treasury Notes
3.375%, 09/15/27		16,205,000		16,117,645
3.500%, 09/30/26		11,635,000		11,601,368
3.500%, 09/30/29		4,400,000		4,384,187
3.625%, 08/31/29		52,035,000		52,161,022
3.750%, 08/31/26		10,620,000		10,634,520
3.875%, 08/15/34		24,749,000		24,895,947
				163,600,578

Uniform Mortgage-Backed Security (10.7%)
2.000%, 10/15/54, TBA (b)		3,775,000		3,121,601
2.500%, 10/15/54, TBA (b)		8,750,000		7,548,742
3.000%, 10/15/54, TBA (b)		7,525,000		6,755,598
3.500%, 10/15/54, TBA (b)		8,825,000		8,213,800
4.000%, 10/15/54, TBA (b)		4,550,000		4,366,168
4.500%, 10/15/54, TBA (b)		8,625,000		8,475,870
5.000%, 10/15/54, TBA (b)		5,750,000		5,744,160
5.500%, 10/15/54, TBA (b)		3,300,000		3,339,470
				47,565,409
Total government obligations (cost: $336,557,058)				333,162,721

Asset-Backed Securities (7.5%)
AGL CLO 12 Ltd., Series 2021-12A, Class B, 7.144%, 07/20/34 (3-Month USD TERM SOFR + 1.862%) (c) (e)		875,000		875,343
Allegro CLO X Ltd., Series 2019-1A, Class ARR, 6.256%, 04/20/32 (3-Month USD TERM SOFR + 1.130%) (c) (e)		1,100,000		1,100,612
AMMC CLO 28 Ltd., Series 2024-28A, Class A1A, 6.882%, 07/20/37 (3-Month USD TERM SOFR + 1.550%) (c) (e)		1,000,000		1,004,486
Apidos CLO XII Ltd., Series 2013-12A, Class ARR, 6.381%, 04/15/31 (3-Month USD TERM SOFR + 1.080%) (c) (e)		934,981		934,973
Apidos CLO XXV Ltd., Series 2016-25A, Class A1R2, 6.432%, 10/20/31 (3-Month USD TERM SOFR + 1.150%) (c) (e)		886,972		887,699
Barings CLO Ltd., Series 2018-4A, Class A1R, 6.451%, 10/15/30 (3-Month USD TERM SOFR + 1.150%) (c) (e)		1,051,379		1,051,614
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 5.924%, 02/25/34 (1-Month USD TERM SOFR + 1.089%) (c)		321,675		323,154
BlueMountain CLO Ltd., Series 2018-3A, Class BR, 7.135%, 10/25/30 (3-Month USD TERM SOFR + 1.850%) (c) (e)		1,200,000		1,194,374
Chase Funding Trust
Series 2002-3, Class 2A1, 5.609%, 08/25/32 (1-Month USD TERM SOFR + 0.754%) (c)		88,293		86,974
Series 2003-2, Class 2A2, 5.529%, 02/25/33 (1-Month USD TERM SOFR + 0.674%) (c)		89,998		89,235
CIFC Funding Ltd., Series 2022-3A, Class A, 6.692%, 04/21/35 (3-Month USD TERM SOFR + 1.410%) (c) (e)		1,250,000		1,251,871
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (e)		18,377		17,706
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (e)		464,756		436,230
Series 2018-AGS, Class A2, 5.469%, 02/25/44 (1-Month USD TERM SOFR + 0.614%) (c) (e)		86,986		85,684
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (e)		969,276		887,976
Series 2021-AGS, Class A, 1.200%, 03/25/52 (e)		414,429		348,865
Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 6.242%, 10/15/30 (3-Month USD TERM SOFR + 1.650%) (c) (e)		1,100,000		1,100,000
FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (e)		1,250,000		1,154,045
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (e)		1,566,684		1,364,765
HPS Loan Management Ltd., Series 2021-16A, Class A1, 6.685%, 01/23/35 (3-Month USD TERM SOFR + 1.402%) (c) (e)		1,150,000		1,150,900
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-NC3, Class A2, 5.529%, 08/25/32 (1-Month USD TERM SOFR + 0.674%) (c)		43,448		43,254
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (e)		489,410		458,486
Series 2021-BA, Class A, 0.940%, 07/15/69 (e)		1,164,191		1,052,567
Series 2021-FA, Class A, 1.110%, 02/18/70 (e)		1,138,581		1,006,942
Series 2022-A, Class A, 2.230%, 07/15/70 (e)		1,289,856		1,177,267
OCP CLO Ltd., Series 2014-6A, Class A1R2, 6.436%, 10/17/30 (3-Month USD TERM SOFR + 1.150%) (c) (e)		719,406		719,381
Octagon 67 Ltd., Series 2023-1A, Class A1, 7.085%, 04/25/36 (3-Month USD TERM SOFR + 1.800%) (c) (e)		1,100,000		1,101,134
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, 7.213%, 07/15/36 (3-Month USD TERM SOFR + 1.912%) (c) (e)		1,125,000		1,125,532

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	$	1,384,613
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (e)		2,000,000		1,875,334
Rad CLO 4 Ltd., Series 2019-4A, Class AR, 6.515%, 04/25/32 (3-Month USD TERM SOFR + 1.230%) (c) (e)		1,057,361		1,058,486
Rockford Tower CLO Ltd.
Series 2019-2A, Class AR2, 5.821%, 08/20/32 (3-Month USD TERM SOFR + 1.130%) (c) (e)		1,200,000		1,200,000
Series 2021-2A, Class B, 7.294%, 07/20/34 (3-Month USD TERM SOFR + 2.012%) (c) (e)		450,000		449,994
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B, 1.833%, 12/15/31 (e)		69,932		69,683
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D, 1.570%, 01/15/27 (e)		1,500,000		1,454,828
Saxon Asset Securities Trust, Series 2004-1, Class A, 2.091%, 03/25/35 (1-Month USD TERM SOFR + 0.654%) (c)		185,752		161,353
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (e)		1,547,451		1,360,658
Symphony CLO XX Ltd., Series 2018-20A, Class AR2, 6.386%, 01/16/32 (3-Month USD TERM SOFR + 1.100%) (c) (e)		416,513		416,691
TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 6.422%, 01/20/32 (3-Month USD TERM SOFR + 1.140%) (c) (e)		1,000,000		999,705
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (e)		975,000		901,414
Total asset-backed securities (cost: $34,176,296)				33,363,828

Other Mortgage-Backed Securities (11.0%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (8.1%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.631%, 01/25/45 (c) (e)		50,802		49,220
BCAP LLC Trust, Series 2015-RR2, Class 25A3, 3.329%, 10/28/36 (c) (e)		18,590		18,567
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29		15,844		9,864
CIM Trust
Series 2021-R3, Class A1, 1.951%, 06/25/57 (c) (e)		1,755,382		1,581,221
Series 2023-R3, Class A1A, 4.500%, 01/25/63 (c) (e)		1,537,153		1,518,252
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (c) (e)		77,919		75,761
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (c) (e)		1,690,480		1,515,230
CSMC Trust
Series 2013-6, Class B4, 3.398%, 08/25/43 (c) (e)		644,671		583,997
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (c) (e)		777,644		714,602
Series 2020-RPL6, Class A1, 3.445%, 03/25/59 (c) (e)		1,832,892		1,828,273
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (c) (e)		1,449,033		1,160,185
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust
Series 2017-2, Class M1, 4.000%, 08/25/56 (c) (e)		433,673		429,864
Series 2017-3, Class M1, 4.000%, 07/25/56 (c)		100,277		99,848
Series 2021-3, Class TT, 2.000%, 03/25/61		1,005,991		895,704
Federal Home Loan Mortgage Corp. STACR Debt Notes, Series 2017-DNA2, Class M2R, 6.345%, 10/25/29 (30 day USD SOFR Average + 1.064%) (c)		245,005		244,962
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust
Series 2015-SC01, Class 1A, 3.500%, 05/25/45		163,710		147,003
Series 2016-SC02, Class 1A, 3.000%, 10/25/46		40,979		36,413
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2016-C05, Class 2M2, 9.845%, 01/25/29 (30 day USD SOFR Average + 4.564%) (c)		454,110		473,409
Federal National Mortgage Association REMICS, Series 2004-33, Class AL, 4.500%, 05/25/34		537,000		535,498
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (c) (e)		2,107,707		1,888,652
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (c) (e)		1,894,199		1,696,984
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 6.559%, 07/25/44 (c) (e)		2,110,021		2,049,050
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.415%, 06/25/29 (c) (e)		85,169		81,086
Series 2015-6, Class B4, 3.504%, 10/25/45 (c) (e)		1,375,000		1,027,733
Series 2016-3, Class B3, 3.294%, 10/25/46 (c) (e)		154,765		147,769
Series 2017-2, Class B4, 3.649%, 05/25/47 (c) (e)		2,552,456		2,344,327
Series 2021-13, Class A4, 2.500%, 04/25/52 (c) (e)		3,304,269		2,960,659
Series 2021-4, Class A5, 2.500%, 08/25/51 (c) (e)		2,400,000		1,676,874
Luminent Mortgage Trust, Series 2005-1, Class A1, 5.489%, 11/25/35 (1-Month USD TERM SOFR + 0.634%) (c)		1,230,261		1,169,396
Mellon Residential Funding Corp. Mortgage Pass-Through Trust, Series 1998-2, Class B1, 6.750%, 06/25/28		1,515		1,489
OBX Trust, Series 2022-NQM2, Class A1, 2.969%, 01/25/62 (c) (e)		1,885,384		1,778,994
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.481%, 06/25/43 (c)		441,116		346,601
Series 2015-1, Class B2, 3.930%, 01/25/45 (c) (e)		101,401		97,976
Series 2015-3, Class B1, 3.730%, 07/25/45 (c) (e)		153,964		149,986
Series 2015-4, Class B2, 3.116%, 11/25/30 (c) (e)		20,585		19,285
Series 2017-1, Class B3, 3.602%, 02/25/47 (c) (e)		907,632		765,150
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.590%, 04/25/47 (c) (e)		1,209,988		953,046
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127%, 06/25/56 (c) (e)		784,075		673,514
Series 2021-6, Class A1, 1.920%, 11/25/66 (c) (e)		1,245,474		1,096,421

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (c)	$	5,583	$	56
Series 1998-2, Class C, 6.750%, 05/02/30 (c)		3,611		240
Towd Point Mortgage Trust
Series 2015-4, Class M2, 3.750%, 04/25/55 (c) (e)		652,180		647,500
Series 2018-4, Class A1, 3.000%, 06/25/58 (c) (e)		1,513,476		1,434,388
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.700%, 06/20/45 (c) (e)		1,146,737		1,073,767
				35,998,816
Commercial Mortgage-Backed Securities (2.9%)
BAMLL Commercial Mortgage Securities Trust, Series 2014-520M, Class A, 4.325%, 08/15/46 (c) (e)		1,350,000		1,160,755
BB-UBS Trust
Series 2012-SHOW, Class C, 4.160%, 11/05/36 (c) (e)		500,000		485,712
Series 2012-SHOW, Class D, 4.160%, 11/05/36 (c) (e)		500,000		480,711
BX Trust, Series 2022-PSB, Class D, 9.790%, 08/15/39 (1-Month USD TERM SOFR + 4.693%) (c) (e)		662,332		662,125
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50		1,000,000		974,110
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,615,006
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,369,234
Series 2017-C7, Class AS, 4.061%, 12/15/50 (c)		1,505,000		1,432,490
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.637%, 06/15/48		1,905,000		1,885,956
				13,066,099
Total other mortgage-backed securities (cost: $53,490,283)				49,064,915

Corporate Obligations (16.3%)
Basic Materials (0.3%)
Chemicals (0.3%)
International Flavors & Fragrances, Inc.
2.300%, 11/01/30 (e)		1,205,000		1,054,294
3.468%, 12/01/50 (e)		100,000		70,887
4.375%, 06/01/47		135,000		112,879
				1,238,060
Communications (1.6%)
Broadline Retail (0.1%)
Uber Technologies, Inc., 4.800%, 09/15/34		445,000		444,329
Media (0.9%)
Cable One, Inc., 4.000%, 11/15/30 (e)		101,000		80,508
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, 02/01/31 (e)		10,000		8,822
4.500%, 08/15/30 (e)		110,000		99,609
4.750%, 03/01/30 (e)		40,000		36,781
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, 04/01/31		1,130,000		965,790
3.700%, 04/01/51		685,000		435,856
4.800%, 03/01/50		1,000,000		764,787
CSC Holdings LLC
5.375%, 02/01/28 (e)		175,000		147,414
5.750%, 01/15/30 (e)		100,000		51,758
6.500%, 02/01/29 (e)		529,000		438,240
7.500%, 04/01/28 (e)		50,000		33,423
11.750%, 01/31/29 (e)		108,000		104,392
Sirius XM Radio, Inc., 4.000%, 07/15/28 (e)		50,000		47,175
Time Warner Cable LLC, 5.500%, 09/01/41		535,000		463,505
VZ Secured Financing BV, 5.000%, 01/15/32 (e) (f)		535,000		492,487
				4,170,547
Telecommunication (0.6%)
Altice France SA
5.500%, 10/15/29 (e) (f)		101,000		70,734
8.125%, 02/01/27 (e) (f)		30,000		24,532
CommScope LLC, 4.750%, 09/01/29 (e)		109,000		91,560
Crown Castle Towers LLC, 4.241%, 07/15/48 (e)		625,000		611,980
Frontier Communications Holdings LLC, 8.625%, 03/15/31 (e)		312,000		336,364
Intelsat Jackson Holdings SA, 6.500%, 03/15/30 (e) (f)		146,000		139,702
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (e)		350,000		353,408
T-Mobile USA, Inc., 4.700%, 01/15/35		715,000		711,612
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (e)		161,000		143,986
				2,483,878

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Consumer Cyclical (0.8%)
Entertainment (0.5%)
Warnermedia Holdings, Inc.
4.279%, 03/15/32	$	185,000	$	164,933
5.050%, 03/15/42		1,000,000		816,029
5.141%, 03/15/52		1,795,000		1,384,680
				2,365,642
Passenger Airlines (0.1%)
JetBlue Pass-Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		663,035		635,819

Retail (0.2%)
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 04/01/29 (e)		310,000		290,068
Michaels Cos., Inc., 7.875%, 05/01/29 (e)		341,000		200,372
Papa John’s International, Inc., 3.875%, 09/15/29 (e)		225,000		208,222
Raising Cane’s Restaurants LLC, 9.375%, 05/01/29 (e)		35,000		37,902
				736,564
Consumer, Non-cyclical (2.1%)
Agricultural Products (0.3%)
Imperial Brands Finance PLC
3.875%, 07/26/29 (e) (f)		30,000		28,926
6.125%, 07/27/27 (e) (f)		470,000		488,702
Reynolds American, Inc., 5.850%, 08/15/45		555,000		554,847
				1,072,475
Biotechnology (0.0%)
Amgen, Inc., 5.650%, 03/02/53		110,000		115,562

Commercial Services (0.0%)
Adtalem Global Education, Inc., 5.500%, 03/01/28 (e)		100,000		99,041

Food Products (0.3%)
Pilgrim’s Pride Corp.
3.500%, 03/01/32		1,320,000		1,172,144
6.875%, 05/15/34		165,000		183,188
				1,355,332
Health Care Providers & Services (0.8%)
Centene Corp., 3.000%, 10/15/30		757,000		678,591
CommonSpirit Health, 4.350%, 11/01/42		405,000		361,752
HAH Group Holding Co. LLC, 9.750%, 10/01/31 (e)		45,000		45,671
IQVIA, Inc., 5.700%, 05/15/28		825,000		856,834
Kedrion SpA, 6.500%, 09/01/29 (e) (f)		305,000		289,750
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/29 (e)		420,000		261,825
Sinai Health System, 3.034%, 01/20/36		1,010,000		952,933
				3,447,356
Pharmaceuticals (0.7%)
1375209 BC Ltd., 9.000%, 01/30/28 (e) (f)		335,000		332,811
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (e)		1,500,000		1,481,435
4.400%, 07/15/44 (e)		1,000,000		818,178
Bayer U.S. Finance LLC, 6.500%, 11/21/33 (e)		200,000		216,667
Grifols SA, 4.750%, 10/15/28 (e) (f)		371,000		347,743
				3,196,834
Energy (1.4%)
Oil & Gas (0.1%)
Ecopetrol SA, 8.875%, 01/13/33 (f)		40,000		42,896
KazMunayGas National Co. JSC, 5.375%, 04/24/30 (f)		500,000		503,800
				546,696
Pipelines (1.3%)
Energy Transfer LP, 6.850%, 02/15/40		1,850,000		2,025,069
Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/34 (e) (f)		387,130		342,827
NGPL PipeCo LLC, 3.250%, 07/15/31 (e)		1,000,000		888,170
Rockies Express Pipeline LLC, 4.950%, 07/15/29 (e)		161,000		153,970
Tennessee Gas Pipeline Co. LLC, 8.375%, 06/15/32		1,500,000		1,780,904
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26		156,000		153,313
Venture Global Calcasieu Pass LLC, 6.250%, 01/15/30 (e)		60,000		62,903

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Venture Global LNG, Inc., 9.500%, 02/01/29 (e)	$	143,000	$	160,659
				5,567,815
Financial (7.8%)
Banks (5.1%)
Bank of America Corp.
1.922%, 10/24/31 (SOFRRATE + 1.370%) (c)		710,000		611,193
2.592%, 04/29/31 (SOFRRATE + 2.150%) (c)		590,000		534,801
2.884%, 10/22/30 (3-Month USD TERM SOFR + 1.452%) (c)		2,410,000		2,236,842
Citigroup, Inc.
1.281%, 11/03/25 (SOFRRATE + 0.528%) (c)		2,625,000		2,614,807
2.520%, 11/03/32 (SOFRRATE + 1.177%) (c)		215,000		186,283
Goldman Sachs Group, Inc.
1.431%, 03/09/27 (SOFRRATE + 0.798%) (c)		555,000		530,800
2.383%, 07/21/32 (SOFRRATE + 1.248%) (c)		600,000		519,912
HSBC Holdings PLC, 2.357%, 08/18/31 (SOFRRATE + 1.947%) (c) (f)		1,155,000		1,014,718
JPMorgan Chase & Co.
1.040%, 02/04/27 (3-Month USD TERM SOFR + 0.695%) (c)		2,500,000		2,389,902
1.470%, 09/22/27 (SOFRRATE + 0.765%) (c)		910,000		861,803
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%) (c)		275,000		244,997
Morgan Stanley
1.164%, 10/21/25 (SOFRRATE + 0.560%) (c)		800,000		798,377
1.928%, 04/28/32 (SOFRRATE + 1.020%) (c)		769,000		651,910
PNC Financial Services Group, Inc.
5.676%, 01/22/35 (SOFRRATE + 1.902%) (c)		85,000		90,011
6.875%, 10/20/34 (SOFRRATE + 2.284%) (c)		470,000		537,628
Santander U.K. Group Holdings PLC, 2.469%, 01/11/28 (SOFRRATE + 1.220%) (c) (f)		2,000,000		1,905,181
U.S. Bancorp
3.000%, 07/30/29		765,000		718,314
Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%) (c)		800,000		793,934
5.678%, 01/23/35 (SOFRRATE + 1.860%) (c)		160,000		169,322
5.836%, 06/12/34 (SOFRRATE + 2.260%) (c)		40,000		42,662
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%) (c)		3,390,000		3,222,335
2.879%, 10/30/30 (3-Month USD TERM SOFR + 1.432%) (c)		750,000		694,554
3.000%, 10/23/26		1,100,000		1,074,908
4.897%, 07/25/33 (SOFRRATE + 2.100%) (c)		195,000		196,942
				22,642,136
Financial Services (0.7%)
Air Lease Corp., 3.250%, 10/01/29		1,500,000		1,408,929
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (e) (f)		1,500,000		1,400,213
GGAM Finance Ltd.
8.000%, 02/15/27 (e) (f)		90,000		94,045
8.000%, 06/15/28 (e) (f)		126,000		135,064
Helios Leasing I LLC, 1.825%, 05/16/25		10,383		10,267
				3,048,518
Insurance (0.8%)
Athene Global Funding, 1.985%, 08/19/28 (e)		1,000,000		906,981
Farmers Insurance Exchange, 4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%) (c) (e)		500,000		410,604
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (e)		290,000		300,390
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		2,125,000		1,852,475
				3,470,450
Investment Companies (0.1%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, 02/01/29		20,000		17,511
9.000%, 06/15/30 (e)		186,000		187,550
9.750%, 01/15/29 (e)		120,000		124,484
				329,545
Real Estate Investment Trust — Health Care (0.1%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30		630,000		578,482

Real Estate Investment Trust — Office Property (0.1%)
Hudson Pacific Properties LP
3.250%, 01/15/30		740,000		560,977
4.650%, 04/01/29		120,000		99,614
5.950%, 02/15/28		15,000		13,732
				674,323

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	$	50,313
2.700%, 01/15/34		460,000		384,417
5.500%, 08/15/33		100,000		102,863
				537,593
Savings and Loans (0.1%)
Nationwide Building Society, 2.972%, 02/16/28 (SOFRRATE + 1.290%) (c) (e) (f)		295,000		284,404

Specialized REITs (0.6%)
American Assets Trust LP, 6.150%, 10/01/34		405,000		409,255
American Tower Corp., 2.700%, 04/15/31		920,000		820,622
GLP Capital LP/GLP Financing II, Inc.
4.000%, 01/15/30		460,000		439,335
5.300%, 01/15/29		310,000		315,427
VICI Properties LP/VICI Note Co., Inc., 3.875%, 02/15/29 (e)		665,000		637,050
				2,621,689
Storage REITs (0.1%)
Extra Space Storage LP
2.400%, 10/15/31		70,000		60,171
2.550%, 06/01/31		500,000		434,955
				495,126
Industrials (0.5%)
Aerospace & Defense (0.2%)
Boeing Co.
5.805%, 05/01/50		445,000		429,741
6.528%, 05/01/34 (e)		215,000		230,784
				660,525
Construction & Engineering (0.0%)
Artera Services LLC, 8.500%, 02/15/31 (e)		80,000		79,219

Machinery (0.0%)
OT Merger Corp., 7.875%, 10/15/29 (e)		126,000		51,660

Packaging & Containers (0.3%)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, 08/15/26 (e) (f)		65,000		58,493
5.250%, 08/15/27 (e) (f)		446,000		332,645
Berry Global, Inc., 5.500%, 04/15/28		1,000,000		1,024,247
				1,415,385
Information Technology (0.0%)
Software (0.0%)
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 8.750%, 05/01/29 (e)		40,000		40,880
Open Text Corp., 6.900%, 12/01/27 (e) (f)		85,000		89,663
				130,543
Utilities (1.8%)
Electric Utilities (0.9%)
Alpha Generation LLC, 6.750%, 10/15/32 (e)		80,000		81,203
Duke Energy Carolinas LLC, 4.250%, 12/15/41		1,280,000		1,159,249
Duke Energy Florida LLC, 5.875%, 11/15/33		20,000		21,864
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		483,914
MidAmerican Energy Co., 4.250%, 07/15/49		1,750,000		1,544,569
Niagara Mohawk Power Corp., 4.278%, 10/01/34 (e)		490,000		455,248
				3,746,047
Gas Utilities (0.9%)
East Ohio Gas Co., 1.300%, 06/15/25 (e)		1,380,000		1,344,448
Piedmont Natural Gas Co., Inc., 3.350%, 06/01/50		1,410,000		1,016,621
Southern Co. Gas Capital Corp.
3.875%, 11/15/25		1,105,000		1,095,942
4.400%, 05/30/47		775,000		672,698
				4,129,709
Total corporate obligations (cost: $73,220,791)				72,371,304

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Bank Loans (1.4%)
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 6.595%, 09/20/30 (1-Month USD TERM SOFR + 1.750%) (c) (e)	$	73,317	$	72,543
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 8.710%, 10/01/25 (1-Month USD TERM SOFR + 3.750%) (c) (e)		9,579		9,256
Acrisure LLC, 2024 Term Loan B Tranche Convertible, 7.961%, 02/15/27 (1-Month USD TERM SOFR + 3.000%) (c) (e)		128,885		128,321
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 8.701%, 07/31/28 (1-Month USD TERM SOFR + 3.500%) (c) (e)		27,658		27,614
Alliance Laundry Systems LLC, 2024 Term Loan B, 8.345%, 08/09/31 (1-Month USD TERM SOFR + 3.500%) (c) (e)		48,427		48,487
Alpha Generation LLC, Term Loan B, 7.595%, 09/19/31 (1-Month USD TERM SOFR + 2.750%) (b) (c) (e)		70,055		70,055
Altice France SA, 2023 USD Term Loan B14, 10.801%, 08/15/28 (3-Month USD TERM SOFR + 5.500%) (c) (e) (f)		44,746		33,485
Arches Buyer, Inc., 2021 Term Loan B, 8.195%, 12/06/27 (1-Month USD TERM SOFR + 3.250%) (c) (e)		37,270		35,682
Artera Services LLC, 2024 Term Loan, 9.104%, 02/15/31 (3-Month USD TERM SOFR + 4.500%) (c) (e)		49,533		48,129
Asurion LLC, 2022 Term Loan B10, 8.945%, 08/19/28 (1-Month USD TERM SOFR + 4.000%) (c) (e)		245,000		240,789
Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 6.961%, 06/22/28 (1-Month USD TERM SOFR + 2.000%) (c) (e)		77,640		77,799
Banff Merger Sub, Inc., 2024 Term Loan B, 9.005%, 07/30/31 (3-Month USD TERM SOFR + 3.750%) (c) (e)		57,441		57,277
Bausch & Lomb Corp.
2023 Incremental Term Loan, 8.845%, 09/29/28 (1-Month USD TERM SOFR + 4.000%) (c) (e)		56,606		56,464
Term Loan, 8.270%, 05/10/27 (1-Month USD TERM SOFR + 3.250%) (c) (e)		25,051		24,937
Berry Global, Inc., 2023 Term Loan AA, 7.316%, 07/01/29 (3-Month USD TERM SOFR + 1.750%) (c) (e)		299,739		300,488
Boost Newco Borrower LLC, 2024 USD Term Loan B, 7.104%, 01/31/31 (c) (e) (g)		22,754		22,738
Buzz Finco LLC, Term Loan B, 7.695%, 01/29/27 (1-Month USD TERM SOFR + 2.750%) (c) (e)		32,814		32,664
Caesars Entertainment, Inc., 2024 Term Loan B1, 7.595%, 02/06/31 (1-Month USD TERM SOFR + 2.750%) (c) (e)		88,495		88,399
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, 7.034%, 02/22/28 (1-Month USD TERM SOFR + 2.000%) (c) (e)		131,938		131,773
CCI Buyer, Inc., Term Loan, 8.604%, 12/17/27 (3-Month USD TERM SOFR + 4.000%) (c) (e)		39,820		39,740
Central Parent, Inc., 2024 Term Loan B, 7.854%, 07/06/29 (3-Month USD TERM SOFR + 3.250%) (c) (e)		50,000		49,393
Chemours Co., 2023 USD Term Loan B, 8.345%, 08/18/28 (1-Month USD TERM SOFR + 3.500%) (c) (e)		88,266		88,128
City Brewing Co. LLC
2024 First Lien Second Out PIK Term Loan, 10.563%, 04/05/28 (3-Month USD TERM SOFR + 3.500%) (c) (e)		65,615		32,808
2024 First Out New Money Term Loan, 11.551%, 04/05/28 (3-Month USD TERM SOFR + 6.250%) (c) (e)		18,210		15,934
2024 FLFO Roll Up Term Loan, 9.063%, 04/05/28 (3-Month USD TERM SOFR + 3.500%) (c) (e)		43,744		35,432
Clean Harbors, Inc., 2023 Term Loan, 6.710%, 10/08/28 (1-Month USD TERM SOFR + 1.750%) (c) (e)		84,175		84,267
Corporation Service Co., Term Loan B, 7.345%, 11/02/29 (1-Month USD TERM SOFR + 2.500%) (c) (e)		64,049		64,009
CSC Holdings LLC, 2019 Term Loan B5, 7.460%, 04/15/27 (1-Month USD TERM SOFR + 2.500%) (c) (e)		62,977		57,529
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.354%, 04/09/27 (3-Month USD TERM SOFR + 3.750%) (c) (e)		21,006		20,553
Delivery Hero SE, 2024 USD Term Loan B, 0.000%, 12/12/29 (3-Month USD TERM SOFR + 5.000%) (b) (c) (e) (g)		27,416		27,467
EagleView Technology Corp., 2018 Add On Term Loan B, 8.366%, 08/14/25 (3-Month USD TERM SOFR + 3.500%) (c) (e)		179,459		170,748
Edgewater Generation LLC, 2024 Term Loan B, 9.095%, 08/01/30 (1-Month USD TERM SOFR + 4.250%) (c) (e)		22,819		22,996
First Brands Group LLC, 2021 Term Loan, 10.252%, 03/30/27 (3-Month USD TERM SOFR + 5.000%) (b) (c) (e)		18,186		17,981
Gainwell Acquisition Corp., Term Loan B, 8.704%, 10/01/27 (3-Month USD TERM SOFR + 4.000%) (c) (e)		244,289		231,769
Gen Digital, Inc., 2021 Term Loan A, 6.445%, 09/10/27 (1-Month USD TERM SOFR + 1.500%) (c) (e)		96,717		96,550
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 7.402%, 11/15/27 (3-Month USD TERM SOFR + 2.000%) (c) (e)		65,363		63,402
Healthpeak Properties, Inc.
2024 Term Loan A3, 0.000%, 03/01/29 (b) (c) (e) (g)		280,012		272,312
Term Loan A1, 6.455%, 08/20/27 (1-Month USD TERM SOFR + 1.600%) (c) (e)		138,742		135,621
Term Loan A2, 6.455%, 02/22/27 (1-Month USD TERM SOFR + 1.600%) (c) (e)		138,742		135,621
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 6.605%, 11/08/30 (1-Month USD TERM SOFR + 1.750%) (c) (e)		15,727		15,703
HUB International Ltd., 2024 1st Lien Term Loan B, 8.225%, 06/20/30 (3-Month USD TERM SOFR + 3.000%) (c) (e)		46,084		46,006
II-VI, Inc., 2024 Term Loan B, 7.345%, 07/02/29 (1-Month USD TERM SOFR + 2.500%) (c) (e)		17,290		17,272
Indy U.S. Bidco LLC, 2024 USD Term Loan B, 9.595%, 03/06/28 (1-Month USD TERM SOFR + 4.750%) (c) (e)		22,587		22,474
Iron Mountain, Inc., 2023 Term Loan B, 6.845%, 01/31/31 (1-Month USD TERM SOFR + 2.000%) (c) (e)		36,292		36,020
Jane Street Group LLC, 2024 Term Loan B, 7.460%, 01/26/28 (1-Month USD TERM SOFR + 2.500%) (c) (e)		69,888		69,788
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 7.095%, 05/05/28 (1-Month USD TERM SOFR + 2.250%) (c) (e)		221,025		220,718
KFC Holding Co., 2021 Term Loan B, 6.879%, 03/15/28 (1-Month USD TERM SOFR + 1.750%) (c) (e)		58,511		58,701
Lackawanna Energy Center LLC
Term Loan B2, 0.000%, 08/06/29 (3-Month USD TERM SOFR + 4.250%) (b) (c) (e) (g)		11,158		11,241
Term Loan C, 0.000%, 08/06/29 (3-Month USD TERM SOFR + 4.250%) (b) (c) (e) (g)		2,432		2,450
Match Group, Inc., 2020 Term Loan B, 6.714%, 02/13/27 (3-Month USD TERM SOFR + 1.750%) (c) (e)		14,547		14,493

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Medline Borrower LP, 2024 Term Loan B, 7.595%, 10/23/28 (1-Month USD TERM SOFR + 2.750%) (c) (e)	$	97,138	$	97,138
MH Sub I LLC, 2023 Term Loan, 9.095%, 05/03/28 (1-Month USD TERM SOFR + 4.250%) (c) (e)		23,256		23,087
Modivcare, Inc., 2024 Term Loan B, 10.085%, 07/01/31 (3-Month USD TERM SOFR + 4.750%) (c) (e)		190,322		179,378
Naked Juice LLC
2nd Lien Term Loan, 10.704%, 01/24/30 (3-Month USD TERM SOFR + 6.000%) (c) (e)		38,193		23,178
Term Loan, 7.954%, 01/24/29 (3-Month USD TERM SOFR + 3.250%) (c) (e)		244,987		199,940
Peer Holding III BV, 2024 USD Term Loan B5, 3.046%, 07/01/31 (3-Month USD TERM SOFR + 3.000%) (b) (c) (e)		79,250		79,382
Pre-Paid Legal Services, Inc., 2021 Term Loan, 8.710%, 12/15/28 (1-Month USD TERM SOFR + 3.750%) (c) (e)		244,361		243,954
PUG LLC, 2024 Extended Term Loan B, 9.595%, 03/15/30 (1-Month USD TERM SOFR + 4.750%) (c) (e)		24,563		24,471
Quartz Acquireco LLC, 2024 Term Loan B1, 0.000%, 06/28/30 (3-Month USD TERM SOFR + 2.750%) (b) (c) (e) (g)		50,283		50,031
RealPage, Inc., 1st Lien Term Loan, 7.960%, 04/24/28 (1-Month USD TERM SOFR + 3.000%) (c) (e)		27,658		26,828
Renaissance Holding Corp., 2024 Term Loan, 9.095%, 04/05/30 (1-Month USD TERM SOFR + 4.250%) (c) (e)		43,619		43,570
Research Now Group, Inc.
2024 First Lien First Out Term Loan, 10.380%, 07/15/28 (3-Month USD TERM SOFR + 5.000%) (c) (e)		15,408		15,383
2024 First Lien Second Out Term Loan, 10.880%, 10/15/28 (3-Month USD TERM SOFR + 5.500%) (c) (e)		26,613		24,500
Ryan LLC, Term Loan, 0.000%, 11/14/30 (3-Month USD TERM SOFR + 3.500%) (b) (c) (e) (g)		28,222		27,869
Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 9.945%, 06/30/28 (1-Month USD TERM SOFR + 5.000%) (c) (e)		21,190		20,104
SBA Senior Finance II LLC, 2024 1st Lien Term Loan B, 0.000%, 01/25/31 (b) (c) (e) (g)		47,649		47,649
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 8.252%, 07/31/31 (3-Month USD TERM SOFR + 3.000%) (c) (e)		24,093		24,040
Showtime Acquisition LLC, 2024 1st Lien Term Loan, 9.871%, 08/13/31 (c) (e) (g)		72,591		71,866
South Field Energy LLC, Term Loan B, 8.354%, 08/29/31 (3-Month USD TERM SOFR + 3.750%) (c) (e)		18,269		18,330
South Field LLC, Term Loan C, 8.354%, 08/29/31 (3-Month USD TERM SOFR + 3.750%) (c) (e)		1,121		1,124
Spin Holdco, Inc., 2021 Term Loan, 9.256%, 03/04/28 (3-Month USD TERM SOFR + 4.000%) (c) (e)		244,304		212,748
Star Parent, Inc., Term Loan B, 8.409%, 09/27/30 (3-Month USD TERM SOFR + 3.750%) (c) (e)		45,504		44,178
Telenet Financing USD LLC, 2020 USD Term Loan AR, 7.211%, 04/30/28 (1-Month USD TERM SOFR + 2.000%) (c) (e)		34,447		33,203
Trans Union LLC
2024 Term Loan B7, 6.845%, 12/01/28 (1-Month USD TERM SOFR + 2.000%) (c) (e)		43,394		43,351
2024 Term Loan B8, 6.595%, 06/24/31 (1-Month USD TERM SOFR + 1.750%) (c) (e)		18,717		18,683
TransDigm, Inc., 2024 Term Loan I, 7.354%, 08/24/28 (3-Month USD TERM SOFR + 2.750%) (c) (e)		90,631		90,574
Triton Water Holdings, Inc., Term Loan, 8.115%, 03/31/28 (3-Month USD TERM SOFR + 3.250%) (c) (e)		35,888		35,811
TruGreen LP, 2020 Term Loan, 8.955%, 11/02/27 (1-Month USD TERM SOFR + 4.000%) (c) (e)		244,924		236,352
United Natural Foods, Inc., 2024 Term Loan, 9.595%, 05/01/31 (1-Month USD TERM SOFR + 4.750%) (c) (e)		74,264		74,264
Virgin Media Bristol LLC, USD Term Loan N, 7.711%, 01/31/28 (1-Month USD TERM SOFR + 2.500%) (c) (e)		68,727		65,771
Vistra Operations Co. LLC, 1st Lien Term Loan B3, 6.845%, 12/20/30 (1-Month USD TERM SOFR + 2.000%) (c) (e)		13,537		13,530
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 7.710%, 05/18/25 (1-Month USD TERM SOFR + 2.750%) (c) (e)		40,188		40,171
Xerox Holdings Corp.,
2023 Term Loan B, 8.604%, 11/17/29 (3-Month USD TERM SOFR + 4.000%) (c) (e)		31,856		31,706
2023 Term Loan B, 8.845%, 11/17/29 (1-Month USD TERM SOFR + 4.000%) (c) (e)		24,356		24,242
Zayo Group Holdings, Inc., USD Term Loan, 7.970%, 03/09/27 (1-Month USD TERM SOFR + 3.000%) (c) (e)		193,315		176,158
Total Bank Loans (cost: $6,145,835)				6,066,590

Foreign Bonds (0.6%)
Brazil Government International Bonds, 6.125%, 03/15/34 (f)		200,000		203,808
Colombia Government International Bonds, 3.000%, 01/30/30 (f)		300,000		256,850
Costa Rica Government International Bonds, 6.550%, 04/03/34 (f)		200,000		212,555
Dominican Republic International Bonds, 4.875%, 09/23/32 (f)		150,000		142,572
Hungary Government International Bonds, 2.125%, 09/22/31 (f)		250,000		207,188
Mexico Government International Bonds
2.659%, 05/24/31 (f)		313,000		268,742
4.875%, 05/19/33 (f)		287,000		274,886
Panama Government International Bonds, 2.252%, 09/29/32 (f)		250,000		193,088
Paraguay Government International Bonds, 3.849%, 06/28/33 (f)		200,000		182,628
Republic of South Africa Government International Bonds
4.850%, 09/30/29 (f)		200,000		194,100
5.875%, 06/22/30 (f)		200,000		201,760
Romania Government International Bonds, 3.000%, 02/14/31 (f)		300,000		261,671
Total Foreign Bonds (cost: $2,500,773)				2,599,848
Total long-term debt securities (cost: $506,091,036)				496,629,206

	Shares
Short-Term Securities (4.2%)
Investment Companies (3.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%		13,335,204	13,335,204

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

U.S. Government Agencies and Obligations (1.2%)
U.S. Treasury Bills
4.741%, 11/14/24	$	2,415,000	$	2,401,249
4.756%, 10/29/24		3,110,000		3,098,540
Total U.S. Government Agencies and Obligations (cost: $5,497,199)				5,499,789
Total short-term securities (cost: $18,832,403)				18,834,993
Total investments in securities (cost: $524,923,439)				515,464,199
Liabilities in excess of cash and other assets (-15.9%)				(70,552,913	)
Total net assets (100.0%)			$	444,911,286

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in Note 2 of the notes to investments in securities.
(b)	Security is issued on a when-issued or forward commitment basis. As of September 30, 2024 the total cost of investments issued on a when-issued or forward commitment basis was $72,790,737.
(c)	Variable rate security.
(d)	Interest-only security that entitles holders to receive only interest on the underlying mortgages. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The yield to maturity of an interest-only security is sensitive to the rate of principal payments on the underlying mortgage assets. The rate disclosed represents the market yield based upon the current cost basis and estimated timing and amount of future cash flows.
(e)	Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program.
(f)	Foreign security: the Fund held 2.5% of net assets in foreign securities at September 30, 2024.
(g)	Unsettled security, coupon rate undetermined at September 30, 2024.

Holdings of Open Futures Contracts
On September 30, 2024, no 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	December 2024	304	Long	$	63,136,481		$	63,305,625		$	169,144
5 Year U.S. Treasury Note	December 2024	121	Long		13,254,186			13,295,820			41,634
10 Year U.S. Treasury Note	December 2024	38	Short		(4,342,943	)		(4,342,687	)		256
10 Year U.S. Ultra	December 2024	7	Long		825,739			828,078			2,339
							$	73,086,836		$	213,373

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Growth Fund

Investments in Securities

September 30, 2024

(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.3%)
Communication Services (8.5%)
Entertainment (1.8%)
Electronic Arts, Inc.		82,416	$	11,821,751

Interactive Media & Services (6.7%)
Alphabet, Inc. Class A		233,100		38,659,635
Alphabet, Inc. Class C		26,053		4,355,801
				43,015,436
Consumer Discretionary (11.2%)
Automobiles (1.5%)
Ferrari NV (b)		20,162		9,478,358

Broadline Retail (6.6%)
Amazon.com, Inc. (c)		227,803		42,446,533

Hotels, Restaurants & Leisure (1.3%)
Booking Holdings, Inc.		2,007		8,453,725

Specialty Retail (0.3%)
Home Depot, Inc.		5,294		2,145,129

Textiles, Apparel & Luxury Goods (1.5%)
LVMH Moet Hennessy Louis Vuitton SE ADR (b)		65,261		10,024,742

Consumer Staples (2.5%)
Beverages (2.5%)
Coca-Cola Co.		222,655		15,999,988

Financial (11.3%)
Capital Markets (6.1%)
Intercontinental Exchange, Inc.		125,962		20,234,536
MSCI, Inc.		17,037		9,931,378
S&P Global, Inc.		18,056		9,328,091
				39,494,005
Financial Services (5.2%)
Visa, Inc. Class A		122,536		33,691,273

Health Care (11.5%)
Health Care Equipment & Supplies (3.4%)
Cooper Cos., Inc. (c)		93,974		10,369,091
Intuitive Surgical, Inc. (c)		24,215		11,896,103
				22,265,194
Health Care Providers & Services (4.2%)
UnitedHealth Group, Inc.		45,841		26,802,316

Health Care Technology (1.1%)
Veeva Systems, Inc. Class A (c)		33,619		7,055,620

Life Sciences Tools & Services (2.8%)
Danaher Corp.		65,255		18,142,195

Industrials (8.1%)
Commercial Services & Supplies (2.5%)
Waste Connections, Inc. (b)		90,133		16,117,583

Ground Transportation (0.8%)
JB Hunt Transport Services, Inc.		28,830		4,968,274

Professional Services (4.8%)
Broadridge Financial Solutions, Inc.		50,917		10,948,683
Equifax, Inc.		43,135		12,675,651
TransUnion		22,922		2,399,933
Verisk Analytics, Inc.		19,800		5,305,608
				31,329,875

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Growth Fund

Investments in Securities – continued

Information Technology (43.0%)
Communications Equipment (3.0%)
Motorola Solutions, Inc.	42,778	$	19,234,272

IT Services (2.2%)
VeriSign, Inc. (c)	73,948		14,047,162

Semiconductors & Semiconductor Equipment (11.3%)
NVIDIA Corp.	528,576		64,190,270
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (b)	49,323		8,565,925
			72,756,195
Software (19.5%)
Autodesk, Inc. (c)	25,487		7,021,159
Intuit, Inc.	25,828		16,039,188
Microsoft Corp.	195,112		83,956,693
Salesforce, Inc.	59,020		16,154,364
Synopsys, Inc. (c)	6,002		3,039,353
			126,210,757
Technology Hardware Storage & Peripherals (7.0%)
Apple, Inc.	194,322		45,277,026

Real Estate (3.2%)
Real Estate Management & Development (2.1%)
CoStar Group, Inc. (c)	182,609		13,776,023

Specialized REITs (1.1%)
Equinix, Inc.	7,914		7,024,704
Total common stocks (cost: $308,875,445)			641,578,136

Short-Term Securities (0.8%)
Investment Companies (0.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	4,874,175		4,874,175
Total short-term securities (cost: $4,874,175)			4,874,175
Total investments in securities (cost: $313,749,620)			646,452,311
Liabilities in excess of cash and other assets (-0.1%)			(402,614	)
Total net assets (100.0%)		$	646,049,697

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 6.8% of net assets in foreign securities at September 30, 2024.
(c)	Non-income producing security.

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund

Investments in Securities

September 30, 2024

(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.8%)
Communication Services (1.7%)
Entertainment (1.7%)
IMAX Corp. (b) (c)		134,241	$	2,753,283

Consumer Discretionary (12.3%)
Automobile Components (1.8%)
Modine Manufacturing Co. (b)		22,250		2,954,578

Broadline Retail (0.9%)
Ollie's Bargain Outlet Holdings, Inc. (b)		14,754		1,434,089

Diversified Consumer Services (1.1%)
Universal Technical Institute, Inc. (b)		103,112		1,676,601

Hotels, Restaurants & Leisure (3.5%)
Light & Wonder, Inc. (b)		24,881		2,257,453
Red Rock Resorts, Inc. Class A		62,146		3,383,228
				5,640,681
Household Durables (2.6%)
Installed Building Products, Inc.		9,970		2,455,312
Meritage Homes Corp.		8,645		1,772,830
				4,228,142
Leisure Product (1.1%)
Acushnet Holdings Corp.		28,277		1,802,659

Specialty Retail (1.3%)
Abercrombie & Fitch Co. Class A (b)		14,461		2,023,094

Consumer Staples (2.7%)
Beverages (1.1%)
MGP Ingredients, Inc.		21,028		1,750,581

Food Products (0.4%)
Vital Farms, Inc. (b)		20,232		709,536

Personal Care Products (1.2%)
BellRing Brands, Inc. (b)		30,425		1,847,406

Energy (1.6%)
Energy Equipment & Services (1.6%)
Cactus, Inc. Class A		20,619		1,230,336
Weatherford International PLC (c)		15,549		1,320,421
				2,550,757
Financial (7.6%)
Banks (2.0%)
Western Alliance Bancorp		36,952		3,195,979

Capital Markets (4.1%)
Hamilton Lane, Inc. Class A		15,718		2,646,754
Houlihan Lokey, Inc.		15,164		2,396,215
WisdomTree, Inc.		148,211		1,480,628
				6,523,597
Insurance (1.5%)
Palomar Holdings, Inc. (b)		26,363		2,495,785

Health Care (23.9%)
Biotechnology (9.8%)
ADMA Biologics, Inc. (b)		82,675		1,652,673
Halozyme Therapeutics, Inc. (b)		32,975		1,887,489
Ideaya Biosciences, Inc. (b)		52,763		1,671,532
Insmed, Inc. (b)		20,983		1,531,759
Kiniksa Pharmaceuticals International PLC (b) (c)		37,279		931,602
Vaxcyte, Inc. (b)		14,947		1,707,994
Veracyte, Inc. (b)		59,177		2,014,385

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund

Investments in Securities – continued

Vericel Corp. (b)	76,262	$	3,222,070
Viking Therapeutics, Inc. (b)	16,139		1,021,760
			15,641,264
Health Care Equipment & Supplies (5.1%)
Inari Medical, Inc. (b)	17,550		723,762
Integer Holdings Corp. (b)	26,863		3,492,190
PROCEPT BioRobotics Corp. (b)	15,236		1,220,708
TransMedics Group, Inc. (b)	17,379		2,728,503
			8,165,163
Health Care Providers & Services (3.7%)
Encompass Health Corp.	29,880		2,887,603
HealthEquity, Inc. (b)	21,594		1,767,469
Option Care Health, Inc. (b)	43,173		1,351,315
			6,006,387
Health Care Technology (0.8%)
Evolent Health, Inc. Class A (b)	44,100		1,247,148

Pharmaceuticals (4.5%)
ANI Pharmaceuticals, Inc. (b)	40,216		2,399,287
Axsome Therapeutics, Inc. (b)	21,485		1,930,857
Harmony Biosciences Holdings, Inc. (b)	23,273		930,920
Intra-Cellular Therapies, Inc. (b)	10,097		738,797
Tarsus Pharmaceuticals, Inc. (b)	36,737		1,208,280
			7,208,141
Industrials (20.9%)
Aerospace & Defense (3.0%)
AAR Corp. (b)	21,726		1,420,011
AeroVironment, Inc. (b)	7,823		1,568,511
Leonardo DRS, Inc. (b)	62,480		1,763,186
			4,751,708
Commercial Services & Supplies (4.1%)
ACV Auctions, Inc. Class A (b)	114,346		2,324,654
Clean Harbors, Inc. (b)	17,505		4,231,134
			6,555,788
Construction & Engineering (1.8%)
Construction Partners, Inc. Class A (b)	42,697		2,980,250

Electrical Equipment (1.2%)
American Superconductor Corp. (b)	81,876		1,932,274

Machinery (2.9%)
Federal Signal Corp.	49,078		4,586,830

Marine Transportation (1.1%)
Kirby Corp. (b)	14,976		1,833,512

Professional Services (6.8%)
CBIZ, Inc. (b)	38,548		2,593,895
Parsons Corp. (b)	47,427		4,917,231
Verra Mobility Corp. (b)	122,778		3,414,456
			10,925,582
Information Technology (22.4%)
Communications Equipment (1.4%)
Harmonic, Inc. (b)	124,992		1,821,133
Lumentum Holdings, Inc. (b)	7,412		469,773
			2,290,906
Electronic Equipment, Instruments & Components (3.2%)
Advanced Energy Industries, Inc.	18,688		1,966,725
Fabrinet (b) (c)	4,370		1,033,243
OSI Systems, Inc. (b)	14,357		2,179,823
			5,179,791
Semiconductors & Semiconductor Equipment (2.6%)
Onto Innovation, Inc. (b)	6,024		1,250,342
Rambus, Inc. (b)	36,092		1,523,804

See accompanying notes to investments in securities.

SFT Delaware Ivy^SM Small Cap Growth Fund

Investments in Securities – continued

Veeco Instruments, Inc. (b)	39,439	$	1,306,614
			4,080,760
Software (15.2%)
Agilysys, Inc. (b)	15,588		1,698,624
Altair Engineering, Inc. Class A (b)	17,210		1,643,727
AvePoint, Inc. (b)	109,123		1,284,378
Box, Inc. Class A (b)	7,329		239,878
Braze, Inc. Class A (b)	41,479		1,341,431
Clearwater Analytics Holdings, Inc. Class A (b)	22,458		567,065
CyberArk Software Ltd. (b) (c)	20,692		6,033,994
Descartes Systems Group, Inc. (b) (c)	24,347		2,506,767
Monday.com Ltd. (b) (c)	7,568		2,102,163
Rubrik, Inc. Class A (b)	21,820		701,513
Sprout Social, Inc. Class A (b)	39,265		1,141,434
Tenable Holdings, Inc. (b)	34,167		1,384,447
Varonis Systems, Inc. (b)	64,575		3,648,487
			24,293,908
Materials (3.7%)
Chemicals (0.8%)
Aspen Aerogels, Inc. (b)	45,192		1,251,366

Metals & Mining (2.9%)
ATI, Inc. (b)	68,734		4,598,992
Total common stocks (cost: $124,195,919)			155,116,538

Mutual Funds (1.1%)
Investment Companies (1.1%)
iShares Russell 2000 Growth ETF (d)	6,486		1,842,024
Total mutual funds (cost: $1,450,044)			1,842,024

Short-Term Securities (1.8%)
Investment Companies (1.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	2,894,129		2,894,129
Total short-term securities (cost: $2,894,129)			2,894,129
Total investments in securities (cost: $128,540,092)			159,852,691
Cash and other assets in excess of liabilities (0.3%)			420,778
Total net assets (100.0%)		$	160,273,469

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 10.4% of net assets in foreign securities at September 30, 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
September 30, 2024
(Unaudited)
(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Mutual Funds (92.0%)
Investment Companies (92.0%)
BlackRock Short Duration Bond ETF (b)		318,620	$	16,326,089
iShares Core High Dividend ETF (b)		473,702		55,716,829
iShares Edge MSCI Minimum Volatility EAFE ETF (b)		966,948		74,164,911
iShares Edge MSCI Minimum Volatility Emerging Markets ETF (b)		347,420		21,783,234
iShares Edge MSCI Minimum Volatility USA ETF (b) (c)		1,086,062		99,168,321
iShares MSCI Germany ETF (b)		448,182		15,166,479
Total mutual funds (cost: $207,039,842)				282,325,863

Short-Term Securities (5.7%)
Investment Companies (5.7%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%		17,338,530		17,338,530
Total investments excluding purchased options (cost: $224,378,372)				299,664,393
Total purchased options outstanding (0.0%) (cost: $92,094)				16,000
Total investments in securities (cost: $224,470,466)				299,680,393
Cash and other assets in excess of liabilities (2.3%)				7,086,308
Total net assets (100.0%)			$	306,766,701

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 September 30, 2024, securities with an aggregate market value of $16,070,560 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		December 2024			90			Long		$	25,730,055			$	26,164,125		$	434,070

Put Options Purchased:
The Fund had the following put options purchased open at September 30, 2024:

Description		Exercise Price				Expiration Date		Number of Contracts				Notional Amount				Value(a)
S&P 500 Index		$	5,320			October 2024			50			$	5,000			$	16,000

Put Options Written:
The Fund had the following put options written open at September 30, 2024:

Description		Exercise Price				Expiration Date		Number of Contracts				Notional Amount				Value(a)
S&P 500 Index		$	4,775			October 2024			50			$	5,000			$	(4,950	)

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities
September 30, 2024
(Unaudited)
(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (97.0%)
Communication Services (1.4%)
Diversified Telecommunication Services (0.4%)
Frontier Communications Parent, Inc. (c)		17,201	$	611,152
Iridium Communications, Inc.		9,205		280,292
				891,444
Entertainment (0.4%)
TKO Group Holdings, Inc. (c)		5,166		639,086
Warner Music Group Corp. Class A		11,011		344,644
				983,730
Interactive Media & Services (0.1%)
ZoomInfo Technologies, Inc. (c)		22,439		231,571

Media (0.5%)
New York Times Co. Class A		12,709		707,510
Nexstar Media Group, Inc.		2,358		389,895
				1,097,405
Consumer Discretionary (14.0%)
Automobile Components (0.8%)
Autoliv, Inc.		5,676		529,968
Gentex Corp.		17,901		531,481
Goodyear Tire & Rubber Co. (c)		22,161		196,125
Lear Corp.		4,374		477,422
Visteon Corp. (c)		2,088		198,861
				1,933,857
Automobiles (0.4%)
Harley-Davidson, Inc.		9,211		354,900
Thor Industries, Inc.		4,115		452,197
				807,097
Broadline Retail (0.4%)
Macy’s, Inc.		21,493		337,225
Nordstrom, Inc.		7,508		168,855
Ollie’s Bargain Outlet Holdings, Inc. (c)		4,759		462,575
				968,655
Diversified Consumer Services (1.3%)
Duolingo, Inc. (c)		2,944		830,267
Graham Holdings Co. Class B		277		227,616
Grand Canyon Education, Inc. (c)		2,225		315,616
H&R Block, Inc.		10,854		689,772
Service Corp. International		11,322		893,646
				2,956,917
Hotels, Restaurants & Leisure (3.2%)
Aramark		20,486		793,423
Boyd Gaming Corp.		5,272		340,835
Choice Hotels International, Inc.		1,762		229,589
Churchill Downs, Inc.		5,709		771,914
Hilton Grand Vacations, Inc. (c)		4,972		180,583
Hyatt Hotels Corp. Class A		3,432		522,350
Light & Wonder, Inc. (c)		6,899		625,946
Marriott Vacations Worldwide Corp.		2,472		181,642
Planet Fitness, Inc. Class A (c)		6,576		534,103
Texas Roadhouse, Inc.		5,185		915,671
Travel & Leisure Co.		5,424		249,938
Vail Resorts, Inc.		2,926		509,972
Wendy’s Co.		13,252		232,175
Wingstop, Inc.		2,339		973,211
Wyndham Hotels & Resorts, Inc.		6,141		479,858
				7,541,210
Household Durables (1.9%)
KB Home		5,605		480,293
Taylor Morrison Home Corp. (c)		8,105		569,457

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Tempur Sealy International, Inc.	13,503	$	737,264
Toll Brothers, Inc.	7,982		1,233,139
TopBuild Corp. (c)	2,332		948,681
Whirlpool Corp.	4,257		455,499
			4,424,333
Leisure Products (0.7%)
Brunswick Corp.	5,149		431,589
Mattel, Inc. (c)	26,430		503,492
Polaris, Inc.	4,074		339,120
YETI Holdings, Inc. (c)	6,582		270,059
			1,544,260
Specialty Retail (4.1%)
Abercrombie & Fitch Co. Class A (c)	3,974		555,963
AutoNation, Inc. (c)	2,059		368,396
Burlington Stores, Inc. (c)	4,909		1,293,423
Dick’s Sporting Goods, Inc.	4,504		939,985
Five Below, Inc. (c)	4,282		378,315
Floor & Decor Holdings, Inc. Class A (c)	8,333		1,034,709
GameStop Corp. Class A (c)	30,160		691,569
Gap, Inc.	17,178		378,775
Lithia Motors, Inc.	2,079		660,373
Murphy USA, Inc.	1,450		714,661
Penske Automotive Group, Inc.	1,447		235,022
RH (c)	1,209		404,326
Valvoline, Inc. (c)	10,020		419,337
Williams-Sonoma, Inc.	10,001		1,549,355
			9,624,209
Textiles, Apparel & Luxury Goods (1.2%)
Capri Holdings Ltd. (b) (c)	9,159		388,708
Carter’s, Inc.	2,755		179,020
Columbia Sportswear Co.	2,549		212,051
Crocs, Inc. (c)	4,618		668,732
PVH Corp.	4,343		437,905
Skechers USA, Inc. Class A (c)	10,306		689,677
Under Armour, Inc. Class A (c)	14,682		130,817
Under Armour, Inc. Class C (c)	10,069		84,177
			2,791,087
Consumer Staples (4.2%)
Beverages (0.5%)
Boston Beer Co., Inc. Class A (c)	685		198,061
Celsius Holdings, Inc. (c)	12,142		380,773
Coca-Cola Consolidated, Inc.	474		623,974
			1,202,808
Consumer Staples Distribution & Retail (2.1%)
BJ’s Wholesale Club Holdings, Inc. (c)	10,319		851,111
Casey’s General Stores, Inc.	2,953		1,109,472
Performance Food Group Co. (c)	12,117		949,609
Sprouts Farmers Market, Inc. (c)	7,786		859,652
U.S. Foods Holding Corp. (c)	19,017		1,169,546
			4,939,390
Food Products (1.0%)
Darling Ingredients, Inc. (c)	12,365		459,483
Flowers Foods, Inc.	15,224		351,218
Ingredion, Inc.	5,059		695,258
Lancaster Colony Corp.	1,497		264,325
Pilgrim’s Pride Corp. (c)	3,109		143,170
Post Holdings, Inc. (c)	3,680		425,960
			2,339,414
Personal Care Products (0.6%)
BellRing Brands, Inc. (c)	10,049		610,175
Coty, Inc. Class A (c)	28,343		266,141
elf Beauty, Inc. (c)	4,327		471,773
			1,348,089

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Energy (4.9%)
Energy Equipment & Services (0.7%)
ChampionX Corp.	14,813	$	446,612
NOV, Inc.	30,615		488,922
Valaris Ltd. (b) (c)	5,180		288,785
Weatherford International PLC (b)	5,681		482,430
			1,706,749
Oil, Gas & Consumable Fuels (4.2%)
Antero Midstream Corp.	26,196		394,250
Antero Resources Corp. (c)	22,733		651,300
Chesapeake Energy Corp.	8,676		713,601
Chord Energy Corp.	4,812		626,667
Civitas Resources, Inc.	7,035		356,463
CNX Resources Corp. (c)	11,759		382,990
DT Midstream, Inc.	7,551		593,962
HF Sinclair Corp.	12,612		562,117
Matador Resources Co.	9,026		446,065
Murphy Oil Corp.	11,029		372,118
Ovintiv, Inc.	20,532		786,581
PBF Energy, Inc. Class A	7,743		239,646
Permian Resources Corp.	49,346		671,599
Range Resources Corp.	18,825		579,057
Southwestern Energy Co. (c)	85,762		609,768
Texas Pacific Land Corp.	1,486		1,314,724
Viper Energy, Inc.	7,899		356,324
			9,657,232
Financial (16.1%)
Banks (5.6%)
Associated Banc-Corp.	11,546		248,701
Bank OZK	8,205		352,733
Cadence Bank	14,185		451,792
Columbia Banking System, Inc.	16,289		425,306
Commerce Bancshares, Inc.	9,122		541,847
Cullen/Frost Bankers, Inc.	4,978		556,839
East West Bancorp, Inc.	10,778		891,772
First Financial Bankshares, Inc.	9,997		369,989
First Horizon Corp.	41,671		647,151
FNB Corp.	27,960		394,516
Glacier Bancorp, Inc.	8,817		402,937
Hancock Whitney Corp.	6,714		343,555
Home BancShares, Inc.	14,440		391,180
International Bancshares Corp.	4,119		246,275
New York Community Bancorp, Inc.	23,175		260,255
Old National Bancorp	24,803		462,824
Pinnacle Financial Partners, Inc.	5,950		582,921
Prosperity Bancshares, Inc.	7,407		533,822
SouthState Corp.	5,925		575,791
Synovus Financial Corp.	11,195		497,842
Texas Capital Bancshares, Inc. (c)	3,592		256,684
UMB Financial Corp.	3,398		357,164
United Bankshares, Inc.	10,489		389,142
Valley National Bancorp	33,261		301,345
Webster Financial Corp.	13,330		621,311
Western Alliance Bancorp	8,482		733,608
Wintrust Financial Corp.	5,098		553,286
Zions Bancorp NA	11,485		542,322
			12,932,910
Capital Markets (3.2%)
Affiliated Managers Group, Inc.	2,318		412,140
Carlyle Group, Inc.	16,350		704,031
Evercore, Inc. Class A	2,752		697,192
Federated Hermes, Inc.	6,120		225,032
Hamilton Lane, Inc. Class A	3,152		530,765
Houlihan Lokey, Inc.	4,156		656,731
Interactive Brokers Group, Inc. Class A	8,442		1,176,477
Janus Henderson Group PLC (b)	9,907		377,160
Jefferies Financial Group, Inc.	12,623		776,946

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Morningstar, Inc.	2,080	$	663,770
SEI Investments Co.	7,676		531,102
Stifel Financial Corp.	7,971		748,477
			7,499,823
Consumer Finance (0.6%)
Ally Financial, Inc.	21,322		758,850
FirstCash Holdings, Inc.	3,032		348,073
SLM Corp.	16,909		386,709
			1,493,632
Financial Services (1.7%)
Equitable Holdings, Inc.	24,864		1,045,034
Essent Group Ltd. (b)	8,262		531,164
Euronet Worldwide, Inc. (c)	3,283		325,772
MGIC Investment Corp.	20,158		516,045
Voya Financial, Inc.	7,645		605,637
Western Union Co.	26,266		313,353
WEX, Inc. (c)	3,195		670,087
			4,007,092
Insurance (4.4%)
American Financial Group, Inc.	5,611		755,241
Brighthouse Financial, Inc. (c)	4,724		212,722
CNO Financial Group, Inc.	8,224		288,662
Fidelity National Financial, Inc.	20,201		1,253,674
First American Financial Corp.	8,000		528,080
Hanover Insurance Group, Inc.	2,728		404,044
Kemper Corp.	4,700		287,875
Kinsale Capital Group, Inc.	1,720		800,780
Old Republic International Corp.	18,492		654,987
Primerica, Inc.	2,631		697,610
Reinsurance Group of America, Inc.	5,121		1,115,712
RenaissanceRe Holdings Ltd. (b)	4,056		1,104,854
RLI Corp.	3,198		495,626
Ryan Specialty Holdings, Inc.	7,954		528,066
Selective Insurance Group, Inc.	4,725		440,843
Unum Group	13,290		789,958
			10,358,734
Mortgage REITs (0.6%)
Annaly Capital Management, Inc.	38,959		781,907
Starwood Property Trust, Inc.	24,688		503,142
			1,285,049
Health Care (9.6%)
Biotechnology (2.7%)
Arrowhead Pharmaceuticals, Inc. (c)	9,666		187,230
BioMarin Pharmaceutical, Inc. (c)	14,804		1,040,573
Cytokinetics, Inc. (c)	9,144		482,803
Exelixis, Inc. (c)	22,181		575,597
Halozyme Therapeutics, Inc. (c)	9,850		563,814
Neurocrine Biosciences, Inc. (c)	7,852		904,708
Roivant Sciences Ltd. (b) (c)	33,928		391,529
Sarepta Therapeutics, Inc. (c)	7,410		925,435
United Therapeutics Corp. (c)	3,438		1,232,007
			6,303,696
Health Care Equipment & Supplies (1.7%)
Dentsply Sirona, Inc.	15,763		426,547
Enovis Corp. (c)	4,343		186,966
Envista Holdings Corp. (c)	13,370		264,191
Globus Medical, Inc. Class A (c)	8,785		628,479
Haemonetics Corp. (c)	3,895		313,080
Lantheus Holdings, Inc. (c)	5,396		592,211
LivaNova PLC (b) (c)	4,163		218,724
Masimo Corp. (c)	3,433		457,722
Neogen Corp. (c)	15,333		257,748
Penumbra, Inc. (c)	3,055		593,617
			3,939,285

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Health Care Providers & Services (2.2%)
Acadia Healthcare Co., Inc. (c)	7,221	$	457,884
Amedisys, Inc. (c)	2,464		237,801
Chemed Corp.	1,171		703,736
Encompass Health Corp.	7,824		756,111
Ensign Group, Inc.	4,416		635,109
HealthEquity, Inc. (c)	6,766		553,797
Option Care Health, Inc. (c)	13,298		416,227
R1 RCM, Inc. (c)	12,144		172,081
Tenet Healthcare Corp. (c)	7,451		1,238,356
			5,171,102
Health Care Technology (0.2%)
Doximity, Inc. Class A (c)	9,643		420,146

Life Sciences Tools & Services (2.5%)
Avantor, Inc. (c)	52,864		1,367,592
Azenta, Inc. (c)	3,803		184,217
Bio-Rad Laboratories, Inc. Class A (c)	1,489		498,190
Bruker Corp.	8,593		593,432
Illumina, Inc. (c)	12,387		1,615,389
Medpace Holdings, Inc. (c)	1,977		659,923
Repligen Corp. (c)	4,044		601,828
Sotera Health Co. (c)	11,879		198,379
			5,718,950
Pharmaceuticals (0.3%)
Jazz Pharmaceuticals PLC (b) (c)	4,802		534,991
Perrigo Co. PLC (b)	10,607		278,221
			813,212
Industrials (21.9%)
Aerospace & Defense (1.3%)
BWX Technologies, Inc.	7,108		772,640
Curtiss-Wright Corp.	2,944		967,663
Hexcel Corp.	6,356		392,991
Woodward, Inc.	4,639		795,635
			2,928,929
Air Freight & Logistics (0.2%)
GXO Logistics, Inc. (c)	9,289		483,678

Building Products (3.6%)
AAON, Inc.	5,228		563,788
Advanced Drainage Systems, Inc.	5,434		854,007
Carlisle Cos., Inc.	3,586		1,612,803
Fortune Brands Innovations, Inc.	9,650		863,964
Lennox International, Inc.	2,494		1,507,099
Owens Corning	6,761		1,193,452
Simpson Manufacturing Co., Inc.	3,262		623,923
Trex Co., Inc. (c)	8,453		562,801
UFP Industries, Inc.	4,737		621,542
			8,403,379
Commercial Services & Supplies (1.9%)
Brink’s Co.	3,432		396,877
Clean Harbors, Inc. (c)	3,901		942,911
MSA Safety, Inc.	3,060		542,660
RB Global, Inc. (b)	14,327		1,153,180
Stericycle, Inc. (c)	7,219		440,359
Tetra Tech, Inc.	20,799		980,881
			4,456,868
Construction & Engineering (2.5%)
AECOM	10,425		1,076,590
Comfort Systems USA, Inc.	2,814		1,098,445
EMCOR Group, Inc.	3,628		1,561,963
Fluor Corp. (c)	13,319		635,449
MasTec, Inc. (c)	4,719		580,909
MDU Resources Group, Inc.	15,854		434,558
Valmont Industries, Inc.	1,611		467,109
			5,855,023

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Electrical Equipment (1.5%)
Acuity Brands, Inc.	2,432	$	669,748
EnerSys	3,076		313,906
NEXTracker, Inc. Class A (c)	11,153		418,014
nVent Electric PLC (b)	12,925		908,111
Regal Rexnord Corp.	5,174		858,263
Sensata Technologies Holding PLC (b)	11,738		420,925
			3,588,967
Ground Transportation (1.6%)
Avis Budget Group, Inc.	1,259		110,276
Knight-Swift Transportation Holdings, Inc.	12,586		679,015
Landstar System, Inc.	2,744		518,259
Ryder System, Inc.	3,365		490,617
Saia, Inc. (c)	2,121		927,428
XPO, Inc. (c)	9,050		972,966
			3,698,561
Machinery (4.5%)
AGCO Corp.	4,817		471,392
Chart Industries, Inc. (c)	3,253		403,827
CNH Industrial NV (b)	68,246		757,531
Crane Co.	3,781		598,457
Donaldson Co., Inc.	9,362		689,979
Esab Corp.	4,397		467,445
Flowserve Corp.	10,215		528,013
Graco, Inc.	13,136		1,149,531
ITT, Inc.	6,353		949,837
Lincoln Electric Holdings, Inc.	4,407		846,232
Middleby Corp. (c)	4,181		581,702
Oshkosh Corp.	5,061		507,163
RBC Bearings, Inc. (c)	2,260		676,599
Terex Corp.	5,202		275,238
Timken Co.	4,962		418,247
Toro Co.	8,077		700,518
Watts Water Technologies, Inc. Class A	2,119		439,036
			10,460,747
Marine Transportation (0.2%)
Kirby Corp. (c)	4,502		551,180

Passenger Airlines (0.2%)
American Airlines Group, Inc. (c)	51,065		573,971

Professional Services (2.7%)
CACI International, Inc. Class A (c)	1,731		873,393
Concentrix Corp.	3,590		183,988
ExlService Holdings, Inc. (c)	12,551		478,821
Exponent, Inc.	3,906		450,284
FTI Consulting, Inc. (c)	2,764		628,976
Genpact Ltd. (b)	12,746		499,771
Insperity, Inc.	2,769		243,672
KBR, Inc.	10,346		673,835
ManpowerGroup, Inc.	3,689		271,215
Maximus, Inc.	4,679		435,896
Parsons Corp. (c)	3,633		376,669
Paylocity Holding Corp. (c)	3,355		553,474
Science Applications International Corp.	3,983		554,712
			6,224,706
Trading Companies & Distributors (1.7%)
Applied Industrial Technologies, Inc.	2,979		664,704
Core & Main, Inc. Class A (c)	15,001		666,045
GATX Corp.	2,698		357,350
MSC Industrial Direct Co., Inc. Class A	3,491		300,436
Watsco, Inc.	2,706		1,331,027
WESCO International, Inc.	3,486		585,578
			3,905,140
Information Technology (8.9%)
Communications Equipment (0.5%)
Ciena Corp. (c)	11,174		688,207

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Lumentum Holdings, Inc. (c)	5,254	$	332,998
			1,021,205
Electronic Equipment, Instruments & Components (2.7%)
Arrow Electronics, Inc. (c)	4,117		546,861
Avnet, Inc.	6,851		372,078
Belden, Inc.	3,144		368,257
Cognex Corp.	13,336		540,108
Coherent Corp. (c)	11,920		1,059,807
Crane NXT Co.	3,789		212,563
Fabrinet (b) (c)	2,811		664,633
IPG Photonics Corp. (c)	2,132		158,450
Littelfuse, Inc.	1,977		524,399
Novanta, Inc. (b) (c)	2,732		488,809
TD SYNNEX Corp.	5,914		710,153
Vishay Intertechnology, Inc.	8,821		166,805
Vontier Corp.	11,951		403,227
			6,216,150
IT Services (0.3%)
ASGN, Inc. (c)	3,483		324,720
Kyndryl Holdings, Inc. (c)	17,978		413,135
			737,855
Semiconductors & Semiconductor Equipment (2.3%)
Allegro MicroSystems, Inc. (c)	12,086		281,604
Amkor Technology, Inc.	8,813		269,678
Cirrus Logic, Inc. (c)	4,153		515,844
Lattice Semiconductor Corp. (c)	10,713		568,539
MACOM Technology Solutions Holdings, Inc. (c)	4,490		499,557
MKS Instruments, Inc.	5,232		568,771
Onto Innovation, Inc. (c)	3,830		794,955
Power Integrations, Inc.	4,419		283,346
Rambus, Inc. (c)	8,373		353,508
Silicon Laboratories, Inc. (c)	2,498		288,694
Synaptics, Inc. (c)	3,047		236,386
Universal Display Corp.	3,381		709,672
			5,370,554
Software (2.6%)
Altair Engineering, Inc. Class A (c)	4,542		433,806
Appfolio, Inc. Class A (c)	1,789		421,131
Aspen Technology, Inc. (c)	2,066		493,402
Blackbaud, Inc. (c)	3,103		262,762
CommVault Systems, Inc. (c)	3,416		525,552
Dolby Laboratories, Inc. Class A	4,639		355,023
Dropbox, Inc. Class A (c)	18,448		469,133
Dynatrace, Inc. (c)	23,165		1,238,632
Manhattan Associates, Inc. (c)	4,763		1,340,213
Qualys, Inc. (c)	2,809		360,844
Teradata Corp. (c)	7,472		226,700
			6,127,198
Technology Hardware Storage & Peripherals (0.5%)
Pure Storage, Inc. Class A (c)	24,025		1,207,016

Materials (6.3%)
Chemicals (2.1%)
Arcadium Lithium PLC (b) (c)	83,623		238,326
Ashland, Inc.	3,797		330,225
Avient Corp.	7,100		357,272
Axalta Coating Systems Ltd. (b) (c)	17,053		617,148
Cabot Corp.	4,263		476,476
Chemours Co.	11,607		235,854
NewMarket Corp.	628		346,587
Olin Corp.	9,136		438,345
RPM International, Inc.	10,015		1,211,815
Scotts Miracle-Gro Co.	3,219		279,087
Westlake Corp.	2,603		391,205
			4,922,340

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Construction Materials (0.5%)
Eagle Materials, Inc.	2,614	$	751,917
Knife River Corp. (c)	4,402		393,495
			1,145,412
Containers & Packaging (1.7%)
AptarGroup, Inc.	5,162		826,901
Berry Global Group, Inc.	8,911		605,770
Crown Holdings, Inc.	9,268		888,616
Graphic Packaging Holding Co.	23,337		690,542
Greif, Inc. Class A	1,925		120,620
Silgan Holdings, Inc.	6,310		331,275
Sonoco Products Co.	7,640		417,373
			3,881,097
Metals & Mining (1.8%)
Alcoa Corp.	20,088		774,995
Cleveland-Cliffs, Inc. (c)	36,395		464,764
Commercial Metals Co.	8,941		491,397
Reliance, Inc.	4,278		1,237,240
Royal Gold, Inc.	5,112		717,214
U.S. Steel Corp.	17,397		614,636
			4,300,246
Paper & Forest Products (0.2%)
Louisiana-Pacific Corp.	4,863		522,578

Real Estate (7.2%)
Diversified REITs (0.5%)
WP Carey, Inc.	17,017		1,060,159

Health Care REITs (0.7%)
Healthcare Realty Trust, Inc.	28,229		512,356
Omega Healthcare Investors, Inc.	20,049		815,994
Sabra Health Care REIT, Inc.	18,216		339,000
			1,667,350
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.	16,245		229,055

Industrial REITs (1.1%)
EastGroup Properties, Inc.	3,733		697,399
First Industrial Realty Trust, Inc.	10,290		576,034
Rexford Industrial Realty, Inc.	17,034		856,981
STAG Industrial, Inc.	14,161		553,553
			2,683,967
Office REITs (0.6%)
COPT Defense Properties	8,741		265,115
Cousins Properties, Inc.	11,830		348,748
Kilroy Realty Corp.	8,215		317,921
Vornado Realty Trust	12,886		507,708
			1,439,492
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (c)	3,691		995,869

Residential REITs (1.0%)
American Homes 4 Rent Class A	24,466		939,250
Equity LifeStyle Properties, Inc.	14,503		1,034,644
Independence Realty Trust, Inc.	17,474		358,217
			2,332,111
Retail REITs (1.0%)
Agree Realty Corp.	7,807		588,101
Brixmor Property Group, Inc.	23,432		652,815
Kite Realty Group Trust	17,080		453,645
NNN REIT, Inc.	14,281		692,486
			2,387,047
Specialized REITs (1.8%)
CubeSmart	17,511		942,617
EPR Properties	5,888		288,747
Gaming & Leisure Properties, Inc.	21,336		1,097,737

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund
Investments in Securities – continued

Lamar Advertising Co. Class A	6,833	$	912,889
National Storage Affiliates Trust	5,433		261,871
PotlatchDeltic Corp.	5,584		251,559
Rayonier, Inc.	10,426		335,509
			4,090,929
Utilities (2.5%)
Electric Utilities (0.9%)
ALLETE, Inc.	4,461		286,351
IDACORP, Inc.	4,141		426,896
OGE Energy Corp.	15,619		640,691
Portland General Electric Co.	8,014		383,871
TXNM Energy, Inc.	7,034		307,878
			2,045,687
Gas Utilities (0.9%)
National Fuel Gas Co.	7,104		430,574
New Jersey Resources Corp.	7,711		363,959
ONE Gas, Inc.	4,396		327,150
Southwest Gas Holdings, Inc.	4,681		345,271
Spire, Inc.	4,421		297,489
UGI Corp.	16,619		415,807
			2,180,250
Independent Power And Renewable Electricity Producers (0.1%)
Ormat Technologies, Inc.	4,142		318,686

Multi-Utilities (0.3%)
Black Hills Corp.	5,384		329,070
Northwestern Energy Group, Inc.	4,766		272,711
			601,781
Water Utilities (0.3%)
Essential Utilities, Inc.	19,578		755,123
Total common stocks (cost: $152,075,624)			226,303,394

Mutual Funds (0.1%)
Investment Companies (0.1%)
SPDR Portfolio S&P 400 Mid Cap ETF (d)	2,450		133,966
Total mutual funds (cost: $131,853)			133,966

Short-Term Securities (3.1%)
Investment Companies (2.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	6,154,078		6,154,078

	Principal
U.S. Government Agencies and Obligations (0.5%)
U.S. Treasury Notes, current rate 3.875%, 04/30/25 (e)		1,000,000		997,484
Total short-term securities (cost: $7,146,983)				7,151,562
Total investments in securities (cost: $159,354,460)				233,588,922
Liabilities in excess of cash and other assets (-0.2%)				(456,797	)
Total net assets (100.0%)			$	233,132,125

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 4.4% of net assets in foreign securities at September 30, 2024.
	(c)	Non-income producing security.
	(d)	Reports and other information about these investment companies are available in EDGAR database on the SEC’s website at www.sec.gov.
	(e)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts
On September 30, 2024, securities with an aggregate market value $997,484 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

December 2024

Long

6,128,237

6,297,200

168,963

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities

September 30, 2024

(Unaudited)

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

	Shares		Value(a)
Common Stocks (96.1%)
Communication Services (8.5%)
Diversified Telecommunication Services (0.7%)
AT&T, Inc.		201,873	$	4,441,206
Verizon Communications, Inc.		118,516		5,322,553
				9,763,759
Entertainment (1.1%)
Electronic Arts, Inc.		6,768		970,802
Live Nation Entertainment, Inc. (b)		4,409		482,741
Netflix, Inc. (b)		12,083		8,570,110
Take-Two Interactive Software, Inc. (b)		4,504		692,310
Walt Disney Co.		51,060		4,911,461
Warner Bros Discovery, Inc. (b)		62,819		518,257
				16,145,681
Interactive Media & Services (6.0%)
Alphabet, Inc. Class A		164,956		27,357,953
Alphabet, Inc. Class C		135,228		22,608,769
Match Group, Inc. (b)		7,260		274,718
Meta Platforms, Inc. Class A		61,510		35,210,785
				85,452,225
Media (0.5%)
Charter Communications, Inc. Class A (b)		2,717		880,525
Comcast Corp. Class A		108,762		4,542,989
Fox Corp. Class A		6,324		267,695
Fox Corp. Class B		3,651		141,659
Interpublic Group of Cos., Inc.		10,574		334,455
News Corp. Class A		10,651		283,636
News Corp. Class B		3,093		86,449
Omnicom Group, Inc.		5,461		564,613
Paramount Global Class B		16,743		177,811
				7,279,832
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc.		13,797		2,847,149

Consumer Discretionary (9.7%)
Automobile Components (0.1%)
Aptiv PLC (b) (c)		7,482		538,779
BorgWarner, Inc.		6,412		232,691
				771,470
Automobiles (1.6%)
Ford Motor Co.		109,926		1,160,818
General Motors Co.		31,643		1,418,872
Tesla, Inc. (b)		78,117		20,437,751
				23,017,441
Broadline Retail (3.5%)
Amazon.com, Inc. (b)		262,992		49,003,299
eBay, Inc.		13,767		896,370
				49,899,669
Distributors (0.1%)
Genuine Parts Co.		3,910		546,149
LKQ Corp.		7,411		295,847
Pool Corp.		1,070		403,176
				1,245,172
Hotels, Restaurants & Leisure (1.8%)
Airbnb, Inc. Class A (b)		12,387		1,570,796
Booking Holdings, Inc.		944		3,976,241
Caesars Entertainment, Inc. (b)		6,034		251,859
Carnival Corp. (b) (c)		28,441		525,590
Chipotle Mexican Grill, Inc. (b)		38,556		2,221,597
Darden Restaurants, Inc.		3,338		547,866
Domino's Pizza, Inc.		970		417,236

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Expedia Group, Inc. (b)	3,506	$	518,958
Hilton Worldwide Holdings, Inc.	6,938		1,599,209
Las Vegas Sands Corp.	9,951		500,933
Marriott International, Inc. Class A	6,578		1,635,291
McDonald's Corp.	20,196		6,149,884
MGM Resorts International (b)	6,499		254,046
Norwegian Cruise Line Holdings Ltd. (b) (c)	12,332		252,929
Royal Caribbean Cruises Ltd. (c)	6,667		1,182,459
Starbucks Corp.	31,904		3,110,321
Wynn Resorts Ltd.	2,607		249,959
Yum! Brands, Inc.	7,916		1,105,944
			26,071,118
Household Durables (0.4%)
DR Horton, Inc.	8,261		1,575,951
Garmin Ltd. (c)	4,329		762,034
Lennar Corp. Class A	6,805		1,275,801
Mohawk Industries, Inc. (b)	1,413		227,041
NVR, Inc. (b)	91		892,874
PulteGroup, Inc.	5,842		838,502
			5,572,203
Leisure Products (0.0%)
Hasbro, Inc.	3,650		263,968

Specialty Retail (1.9%)
AutoZone, Inc. (b)	481		1,515,169
Best Buy Co., Inc.	5,454		563,398
CarMax, Inc. (b)	4,356		337,067
Home Depot, Inc.	27,918		11,312,374
Lowe's Cos., Inc.	16,043		4,345,247
O'Reilly Automotive, Inc. (b)	1,633		1,880,563
Ross Stores, Inc.	9,391		1,413,440
TJX Cos., Inc.	31,818		3,739,888
Tractor Supply Co.	3,009		875,408
Ulta Beauty, Inc. (b)	1,378		536,207
			26,518,761
Textiles, Apparel & Luxury Goods (0.3%)
Deckers Outdoor Corp. (b)	4,292		684,359
Lululemon Athletica, Inc. (b)	3,270		887,315
NIKE, Inc. Class B	33,826		2,990,218
Ralph Lauren Corp.	1,133		219,655
Tapestry, Inc.	6,428		301,987
			5,083,534
Consumer Staples (5.7%)
Beverages (1.3%)
Brown-Forman Corp. Class B	5,125		252,150
Coca-Cola Co.	109,207		7,847,615
Constellation Brands, Inc. Class A	4,411		1,136,671
Keurig Dr. Pepper, Inc.	29,780		1,116,154
Molson Coors Beverage Co. Class B	4,946		284,494
Monster Beverage Corp. (b)	19,856		1,035,887
PepsiCo, Inc.	38,672		6,576,174
			18,249,145
Consumer Staples Distribution & Retail (1.8%)
Costco Wholesale Corp.	12,482		11,065,543
Dollar General Corp.	6,143		519,514
Dollar Tree, Inc. (b)	5,688		399,980
Kroger Co.	18,695		1,071,223
Sysco Corp.	13,845		1,080,741
Target Corp.	13,025		2,030,076
Walgreens Boots Alliance, Inc.	20,173		180,750
Walmart, Inc.	122,289		9,874,837
			26,222,664
Food Products (0.7%)
Archer-Daniels-Midland Co.	13,461		804,160
Bunge Global SA (c)	3,931		379,892
Campbell Soup Co.	5,489		268,522

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Conagra Brands, Inc.	13,487	$	438,597
General Mills, Inc.	15,671		1,157,303
Hershey Co.	4,157		797,229
Hormel Foods Corp.	8,181		259,338
J.M. Smucker Co.	2,985		361,484
Kellanova	7,512		606,294
Kraft Heinz Co.	24,849		872,448
Lamb Weston Holdings, Inc.	4,017		260,061
McCormick & Co., Inc.	7,095		583,919
Mondelez International, Inc. Class A	37,608		2,770,581
Tyson Foods, Inc. Class A	8,047		479,279
			10,039,107
Household Products (1.2%)
Church & Dwight Co., Inc.	6,892		721,730
Clorox Co.	3,420		557,152
Colgate-Palmolive Co.	23,004		2,388,046
Kimberly-Clark Corp.	9,482		1,349,099
Procter & Gamble Co.	66,276		11,479,003
			16,495,030
Personal Care Products (0.1%)
Estee Lauder Cos., Inc. Class A	6,531		651,075
Kenvue, Inc.	53,920		1,247,170
			1,898,245
Tobacco (0.6%)
Altria Group, Inc.	48,037		2,451,808
Philip Morris International, Inc.	43,774		5,314,164
			7,765,972
Energy (3.2%)
Energy Equipment & Services (0.2%)
Baker Hughes Co.	27,969		1,011,079
Halliburton Co.	24,855		722,038
Schlumberger NV (c)	39,979		1,677,119
			3,410,236
Oil, Gas & Consumable Fuels (3.0%)
APA Corp.	10,349		253,136
Chevron Corp.	47,887		7,052,318
ConocoPhillips	32,694		3,442,024
Coterra Energy, Inc.	20,813		498,471
Devon Energy Corp.	17,630		689,686
Diamondback Energy, Inc.	5,281		910,444
EOG Resources, Inc.	16,008		1,967,863
EQT Corp.	16,724		612,767
Exxon Mobil Corp.	125,085		14,662,464
Hess Corp.	7,781		1,056,660
Kinder Morgan, Inc.	54,364		1,200,901
Marathon Oil Corp.	15,749		419,396
Marathon Petroleum Corp.	9,422		1,534,938
Occidental Petroleum Corp.	18,957		977,044
ONEOK, Inc.	16,444		1,498,542
Phillips 66	11,784		1,549,007
Targa Resources Corp.	6,168		912,926
Valero Energy Corp.	9,020		1,217,971
Williams Cos., Inc.	34,318		1,566,617
			42,023,175
Financial (12.4%)
Banks (3.0%)
Bank of America Corp.	190,065		7,541,779
Citigroup, Inc.	53,712		3,362,371
Citizens Financial Group, Inc.	12,621		518,345
Fifth Third Bancorp	19,054		816,273
Huntington Bancshares, Inc.	40,892		601,112
JPMorgan Chase & Co.	80,104		16,890,729
KeyCorp	26,130		437,678
M&T Bank Corp.	4,629		824,518
PNC Financial Services Group, Inc.	11,191		2,068,656
Regions Financial Corp.	25,764		601,074

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Truist Financial Corp.	37,702	$	1,612,515
U.S. Bancorp	43,933		2,009,056
Wells Fargo & Co.	95,831		5,413,493
			42,697,599
Capital Markets (2.9%)
Ameriprise Financial, Inc.	2,755		1,294,327
Bank of New York Mellon Corp.	20,776		1,492,963
BlackRock, Inc.	3,913		3,715,433
Blackstone, Inc.	20,273		3,104,404
Cboe Global Markets, Inc.	2,954		605,186
Charles Schwab Corp.	42,059		2,725,844
CME Group, Inc.	10,138		2,236,950
FactSet Research Systems, Inc.	1,121		515,492
Franklin Resources, Inc.	8,619		173,673
Goldman Sachs Group, Inc.	8,891		4,402,023
Intercontinental Exchange, Inc.	16,164		2,596,585
Invesco Ltd. (c)	12,669		222,468
KKR & Co., Inc.	18,988		2,479,453
MarketAxess Holdings, Inc.	1,069		273,878
Moody's Corp.	4,407		2,091,518
Morgan Stanley	35,073		3,656,010
MSCI, Inc.	2,215		1,291,190
Nasdaq, Inc.	11,650		850,566
Northern Trust Corp.	5,676		511,010
Raymond James Financial, Inc.	5,218		638,996
S&P Global, Inc.	9,015		4,657,329
State Street Corp.	8,407		743,767
T. Rowe Price Group, Inc.	6,267		682,664
			40,961,729
Consumer Finance (0.5%)
American Express Co.	15,812		4,288,214
Capital One Financial Corp.	10,750		1,609,597
Discover Financial Services	7,068		991,570
Synchrony Financial	11,127		555,015
			7,444,396
Financial Services (3.9%)
Berkshire Hathaway, Inc. Class B (b)	51,573		23,736,989
Corpay, Inc. (b)	1,994		623,643
Fidelity National Information Services, Inc.	15,360		1,286,400
Fiserv, Inc. (b)	16,209		2,911,947
Global Payments, Inc.	7,163		733,634
Jack Henry & Associates, Inc.	1,988		350,962
Mastercard, Inc. Class A	23,229		11,470,480
PayPal Holdings, Inc. (b)	28,783		2,245,938
Visa, Inc. Class A	47,030		12,930,899
			56,290,892
Insurance (2.1%)
Aflac, Inc.	14,190		1,586,442
Allstate Corp.	7,434		1,409,858
American International Group, Inc.	18,130		1,327,660
Aon PLC Class A (c)	6,116		2,116,075
Arch Capital Group Ltd. (b) (c)	10,544		1,179,663
Arthur J Gallagher & Co.	6,169		1,735,772
Assurant, Inc.	1,455		289,341
Brown & Brown, Inc.	6,638		687,697
Chubb Ltd. (c)	10,576		3,050,013
Cincinnati Financial Corp.	4,377		595,797
Erie Indemnity Co. Class A	702		378,954
Everest Group Ltd. (c)	1,252		490,571
Globe Life, Inc.	2,528		267,740
Hartford Financial Services Group, Inc.	8,249		970,165
Loews Corp.	5,050		399,202
Marsh & McLennan Cos., Inc.	13,845		3,088,681
MetLife, Inc.	16,562		1,366,034
Principal Financial Group, Inc.	5,998		515,228
Progressive Corp.	16,489		4,184,249
Prudential Financial, Inc.	10,051		1,217,176
Travelers Cos., Inc.	6,417		1,502,348

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

W.R. Berkley Corp.	8,464	$	480,163
Willis Towers Watson PLC (c)	2,821		830,869
			29,669,698
Health Care (11.2%)
Biotechnology (1.8%)
AbbVie, Inc.	49,730		9,820,680
Amgen, Inc.	15,128		4,874,393
Biogen, Inc. (b)	4,045		784,083
Gilead Sciences, Inc.	35,052		2,938,760
Incyte Corp. (b)	4,446		293,881
Moderna, Inc. (b)	9,483		633,749
Regeneron Pharmaceuticals, Inc. (b)	2,988		3,141,105
Vertex Pharmaceuticals, Inc. (b)	7,267		3,379,736
			25,866,387
Health Care Equipment & Supplies (2.3%)
Abbott Laboratories	48,985		5,584,780
Align Technology, Inc. (b)	1,932		491,346
Baxter International, Inc.	14,363		545,363
Becton Dickinson & Co.	8,138		1,962,072
Boston Scientific Corp. (b)	41,460		3,474,348
Cooper Cos., Inc. (b)	5,564		613,932
Dexcom, Inc. (b)	11,282		756,345
Edwards Lifesciences Corp. (b)	16,960		1,119,191
GE HealthCare Technologies, Inc.	12,872		1,208,037
Hologic, Inc. (b)	6,539		532,667
IDEXX Laboratories, Inc. (b)	2,288		1,155,943
Insulet Corp. (b)	2,003		466,198	��
Intuitive Surgical, Inc. (b)	9,987		4,906,314
Medtronic PLC (c)	36,110		3,250,983
ResMed, Inc.	4,106		1,002,357
Solventum Corp. (b)	3,881		270,583
STERIS PLC (c)	2,775		673,049
Stryker Corp.	9,646		3,484,714
Teleflex, Inc.	1,354		334,871
Zimmer Biomet Holdings, Inc.	5,733		618,877
			32,451,970
Health Care Providers & Services (2.4%)
Cardinal Health, Inc.	6,865		758,720
Cencora, Inc.	4,911		1,105,368
Centene Corp. (b)	14,810		1,114,897
Cigna Group	7,871		2,726,829
CVS Health Corp.	35,417		2,227,021
DaVita, Inc. (b)	1,299		212,945
Elevance Health, Inc.	6,529		3,395,080
HCA Healthcare, Inc.	5,232		2,126,442
Henry Schein, Inc. (b)	3,567		260,034
Humana, Inc.	3,390		1,073,749
Labcorp Holdings, Inc.	2,344		523,837
McKesson Corp.	3,651		1,805,127
Molina Healthcare, Inc. (b)	1,640		565,078
Quest Diagnostics, Inc.	3,061		475,220
UnitedHealth Group, Inc.	25,998		15,200,511
Universal Health Services, Inc. Class B	1,699		389,088
			33,959,946
Life Sciences Tools & Services (1.2%)
Agilent Technologies, Inc.	8,214		1,219,615
Bio-Techne Corp.	4,380		350,093
Charles River Laboratories International, Inc. (b)	1,410		277,728
Danaher Corp.	18,097		5,031,328
IQVIA Holdings, Inc. (b)	4,876		1,155,466
Mettler-Toledo International, Inc. (b)	623		934,313
Revvity, Inc.	3,458		441,760
Thermo Fisher Scientific, Inc.	10,755		6,652,720
Waters Corp. (b)	1,644		591,659
West Pharmaceutical Services, Inc.	2,027		608,424
			17,263,106

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Pharmaceuticals (3.5%)
Bristol-Myers Squibb Co.	57,080	$	2,953,319
Catalent, Inc. (b)	5,037		305,091
Eli Lilly & Co.	22,210		19,676,727
Johnson & Johnson	67,774		10,983,455
Merck & Co., Inc.	71,366		8,104,323
Pfizer, Inc.	159,542		4,617,146
Viatris, Inc.	33,602		390,119
Zoetis, Inc.	12,755		2,492,072
			49,522,252
Industrials (8.2%)
Aerospace & Defense (1.9%)
Axon Enterprise, Inc. (b)	2,040		815,184
Boeing Co. (b)	16,480		2,505,619
General Dynamics Corp.	7,260		2,193,972
General Electric Co.	30,528		5,756,970
Howmet Aerospace, Inc.	11,491		1,151,973
Huntington Ingalls Industries, Inc.	1,089		287,910
L3Harris Technologies, Inc.	5,331		1,268,085
Lockheed Martin Corp.	5,973		3,491,577
Northrop Grumman Corp.	3,871		2,044,159
RTX Corp.	37,452		4,537,684
Textron, Inc.	5,275		467,260
TransDigm Group, Inc.	1,569		2,239,167
			26,759,560
Air Freight & Logistics (0.4%)
CH Robinson Worldwide, Inc.	3,250		358,702
Expeditors International of Washington, Inc.	3,923		515,482
FedEx Corp.	6,345		1,736,500
United Parcel Service, Inc. Class B	20,623		2,811,740
			5,422,424
Building Products (0.5%)
A.O. Smith Corp.	3,350		300,931
Allegion PLC (c)	2,354		343,072
Builders FirstSource, Inc. (b)	3,278		635,473
Carrier Global Corp.	23,637		1,902,542
Johnson Controls International PLC (c)	18,807		1,459,611
Masco Corp.	6,144		515,727
Trane Technologies PLC (c)	6,354		2,469,991
			7,627,347
Commercial Services & Supplies (0.6%)
Cintas Corp.	9,646		1,985,918
Copart, Inc. (b)	24,654		1,291,870
Republic Services, Inc.	5,716		1,148,001
Rollins, Inc.	7,908		399,987
Veralto Corp.	6,957		778,210
Waste Management, Inc.	10,282		2,134,543
			7,738,529
Construction & Engineering (0.1%)
Quanta Services, Inc.	4,102		1,223,011

Electrical Equipment (0.7%)
AMETEK, Inc.	6,517		1,119,034
Eaton Corp. PLC (c)	11,208		3,714,780
Emerson Electric Co.	16,124		1,763,482
GE Vernova, Inc. (b)	7,736		1,972,525
Generac Holdings, Inc. (b)	1,618		257,068
Hubbell, Inc.	1,510		646,808
Rockwell Automation, Inc.	3,194		857,461
			10,331,158
Ground Transportation (1.0%)
CSX Corp.	54,584		1,884,786
JB Hunt Transport Services, Inc.	2,271		391,361
Norfolk Southern Corp.	6,365		1,581,703
Old Dominion Freight Line, Inc.	5,309		1,054,580
Uber Technologies, Inc. (b)	59,150		4,445,714

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Union Pacific Corp.	17,151	$	4,227,378
			13,585,522
Industrial Conglomerates (0.4%)
3M Co.	15,466		2,114,202
Honeywell International, Inc.	18,333		3,789,615
			5,903,817
Machinery (1.6%)
Caterpillar, Inc.	13,652		5,339,570
Cummins, Inc.	3,830		1,240,116
Deere & Co.	7,216		3,011,453
Dover Corp.	3,880		743,951
Fortive Corp.	9,863		778,487
IDEX Corp.	2,149		460,961
Illinois Tool Works, Inc.	7,607		1,993,567
Ingersoll Rand, Inc.	11,359		1,114,999
Nordson Corp.	1,510		396,571
Otis Worldwide Corp.	11,277		1,172,131
PACCAR, Inc.	14,759		1,456,418
Parker-Hannifin Corp.	3,593		2,270,129
Pentair PLC (c)	4,659		455,604
Snap-on, Inc.	1,455		421,528
Stanley Black & Decker, Inc.	4,243		467,282
Westinghouse Air Brake Technologies Corp.	4,895		889,764
Xylem, Inc.	6,838		923,335
			23,135,866
Passenger Airlines (0.1%)
Delta Air Lines, Inc.	18,054		916,963
Southwest Airlines Co.	16,868		499,799
United Airlines Holdings, Inc. (b)	9,258		528,261
			1,945,023
Professional Services (0.6%)
Amentum Holdings, Inc. (b)	3,507		113,101
Automatic Data Processing, Inc.	11,481		3,177,137
Broadridge Financial Solutions, Inc.	3,241		696,912
Dayforce, Inc. (b)	4,400		269,500
Equifax, Inc.	3,463		1,017,637
Jacobs Solutions, Inc.	3,507		459,066
Leidos Holdings, Inc.	3,747		610,761
Paychex, Inc.	9,023		1,210,796
Paycom Software, Inc.	1,340		223,204
Verisk Analytics, Inc.	3,965		1,062,462
			8,840,576
Trading Companies & Distributors (0.3%)
Fastenal Co.	16,122		1,151,433
United Rentals, Inc.	1,875		1,518,244
WW Grainger, Inc.	1,277		1,326,560
			3,996,237
Information Technology (30.5%)
Communications Equipment (0.8%)
Arista Networks, Inc. (b)	7,296		2,800,351
Cisco Systems, Inc.	113,428		6,036,638
F5, Inc. (b)	1,621		356,944
Juniper Networks, Inc.	9,206		358,850
Motorola Solutions, Inc.	4,697		2,111,912
			11,664,695
Electronic Equipment, Instruments & Components (0.6%)
Amphenol Corp. Class A	33,906		2,209,315
CDW Corp.	3,727		843,420
Corning, Inc.	21,682		978,942
Jabil, Inc.	3,193		382,617
Keysight Technologies, Inc. (b)	4,859		772,241
TE Connectivity PLC (c)	8,556		1,291,871
Teledyne Technologies, Inc. (b)	1,368		598,719
Trimble, Inc. (b)	6,875		426,869

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Zebra Technologies Corp. Class A (b)	1,410	$	522,151
			8,026,145
IT Services (1.1%)
Accenture PLC Class A (c)	17,635		6,233,620
Akamai Technologies, Inc. (b)	4,214		425,403
Cognizant Technology Solutions Corp. Class A	13,954		1,076,970
EPAM Systems, Inc. (b)	1,589		316,259
Gartner, Inc. (b)	2,211		1,120,446
GoDaddy, Inc. Class A (b)	3,914		613,637
International Business Machines Corp.	25,934		5,733,489
VeriSign, Inc. (b)	2,363		448,875
			15,968,699
Semiconductors & Semiconductor Equipment (10.7%)
Advanced Micro Devices, Inc. (b)	45,567		7,476,633
Analog Devices, Inc.	13,970		3,215,475
Applied Materials, Inc.	23,311		4,709,988
Broadcom, Inc.	131,055		22,606,987
Enphase Energy, Inc. (b)	3,722		420,660
First Solar, Inc. (b)	3,006		749,817
Intel Corp.	120,134		2,818,344
KLA Corp.	3,785		2,931,142
Lam Research Corp.	3,671		2,995,830
Microchip Technology, Inc.	15,104		1,212,700
Micron Technology, Inc.	31,218		3,237,619
Monolithic Power Systems, Inc.	1,410		1,303,545
NVIDIA Corp.	692,598		84,109,101
NXP Semiconductors NV (c)	7,172		1,721,352
ON Semiconductor Corp. (b)	12,060		875,677
Qorvo, Inc. (b)	2,659		274,675
QUALCOMM, Inc.	31,364		5,333,448
Skyworks Solutions, Inc.	4,448		439,329
Teradyne, Inc.	4,594		615,274
Texas Instruments, Inc.	25,706		5,310,088
			152,357,684
Software (9.9%)
Adobe, Inc. (b)	12,484		6,463,966
ANSYS, Inc. (b)	2,427		773,315
Autodesk, Inc. (b)	6,004		1,653,982
Cadence Design Systems, Inc. (b)	7,709		2,089,370
Crowdstrike Holdings, Inc. Class A (b)	6,500		1,823,055
Fair Isaac Corp. (b)	690		1,341,029
Fortinet, Inc. (b)	17,874		1,386,129
Gen Digital, Inc.	15,250		418,307
Intuit, Inc.	7,871		4,887,891
Microsoft Corp.	209,273		90,050,172
Oracle Corp.	45,001		7,668,170
Palantir Technologies, Inc. Class A (b)	56,696		2,109,091
Palo Alto Networks, Inc. (b)	9,116		3,115,849
PTC, Inc. (b)	3,367		608,282
Roper Technologies, Inc.	3,055		1,699,924
Salesforce, Inc.	27,281		7,467,083
ServiceNow, Inc. (b)	5,793		5,181,201
Synopsys, Inc. (b)	4,314		2,184,566
Tyler Technologies, Inc. (b)	1,186		692,292
			141,613,674
Technology Hardware Storage & Peripherals (7.4%)
Apple, Inc. (d)	428,063		99,738,679
Dell Technologies, Inc. Class C	8,099		960,056
Hewlett Packard Enterprise Co.	36,591		748,652
HP, Inc.	27,550		988,219
NetApp, Inc.	5,785		714,505
Seagate Technology Holdings PLC (c)	5,912		647,541
Super Micro Computer, Inc. (b)	1,388		577,963
Western Digital Corp. (b)	9,193		627,790
			105,003,405

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Materials (2.1%)
Chemicals (1.4%)
Air Products & Chemicals, Inc.	6,244	$	1,859,089
Albemarle Corp.	3,292		311,785
Celanese Corp.	3,076		418,213
CF Industries Holdings, Inc.	5,079		435,778
Corteva, Inc.	19,489		1,145,758
Dow, Inc.	19,734		1,078,069
DuPont de Nemours, Inc.	11,754		1,047,399
Eastman Chemical Co.	3,285		367,756
Ecolab, Inc.	7,130		1,820,503
FMC Corp.	3,506		231,186
International Flavors & Fragrances, Inc.	7,197		755,181
Linde PLC (c)	13,534		6,453,823
LyondellBasell Industries NV Class A (c)	7,232		693,549
Mosaic Co.	8,971		240,243
PPG Industries, Inc.	6,568		869,997
Sherwin-Williams Co.	6,534		2,493,832
			20,222,161
Construction Materials (0.1%)
Martin Marietta Materials, Inc.	1,699		914,487
Vulcan Materials Co.	3,747		938,361
			1,852,848
Containers & Packaging (0.2%)
Amcor PLC (c)	40,692		461,040
Avery Dennison Corp.	2,230		492,295
Ball Corp.	8,546		580,359
International Paper Co.	9,779		477,704
Packaging Corp. of America	2,482		534,623
Smurfit WestRock PLC (c)	13,891		686,493
			3,232,514
Metals & Mining (0.4%)
Freeport-McMoRan, Inc.	40,453		2,019,414
Newmont Corp.	32,305		1,726,702
Nucor Corp.	6,682		1,004,572
Steel Dynamics, Inc.	4,040		509,363
			5,260,051
Real Estate (2.2%)
Health Care REITs (0.3%)
Alexandria Real Estate Equities, Inc.	4,369		518,819
Healthpeak Properties, Inc.	19,814		453,146
Ventas, Inc.	11,535		739,739
Welltower, Inc.	16,292		2,085,865
			3,797,569
Hotels & Resort REITs (0.0%)
Host Hotels & Resorts, Inc.	19,776		348,057

Industrial REITs (0.2%)
Prologis, Inc.	26,068		3,291,867

Office REITs (0.0%)
BXP, Inc.	4,010		322,645

Real Estate Management & Development (0.1%)
CBRE Group, Inc. Class A (b)	8,480		1,055,590
CoStar Group, Inc. (b)	11,538		870,427
			1,926,017
Residential REITs (0.3%)
AvalonBay Communities, Inc.	3,941		887,710
Camden Property Trust	2,934		362,437
Equity Residential	9,605		715,189
Essex Property Trust, Inc.	1,810		534,710
Invitation Homes, Inc.	16,039		565,535
Mid-America Apartment Communities, Inc.	3,237		514,359
UDR, Inc.	8,450		383,123
			3,963,063

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Retail REITs (0.3%)
Federal Realty Investment Trust	2,085	$	239,712
Kimco Realty Corp.	18,979		440,692
Realty Income Corp.	24,518		1,554,932
Regency Centers Corp.	4,591		331,608
Simon Property Group, Inc.	8,628		1,458,305
			4,025,249
Specialized REITs (1.0%)
American Tower Corp.	13,150		3,058,164
Crown Castle, Inc.	12,234		1,451,320
Digital Realty Trust, Inc.	8,664		1,402,095
Equinix, Inc.	2,673		2,372,635
Extra Space Storage, Inc.	5,906		1,064,202
Iron Mountain, Inc.	8,258		981,298
Public Storage	4,435		1,613,764
SBA Communications Corp.	3,034		730,284
VICI Properties, Inc.	29,482		982,045
Weyerhaeuser Co.	20,477		693,351
			14,349,158
Utilities (2.4%)
Electric Utilities (1.6%)
Alliant Energy Corp.	7,221		438,242
American Electric Power Co., Inc.	14,981		1,537,051
Constellation Energy Corp.	8,803		2,288,956
Duke Energy Corp.	21,735		2,506,045
Edison International	10,872		946,842
Entergy Corp.	6,011		791,108
Evergy, Inc.	6,450		399,965
Eversource Energy	10,017		681,657
Exelon Corp.	28,154		1,141,645
FirstEnergy Corp.	14,431		640,015
NextEra Energy, Inc.	57,844		4,889,553
NRG Energy, Inc.	5,810		529,291
PG&E Corp.	60,178		1,189,719
Pinnacle West Capital Corp.	3,192		282,779
PPL Corp.	20,770		687,072
Southern Co.	30,784		2,776,101
Xcel Energy, Inc.	15,696		1,024,949
			22,750,990
Gas Utilities (0.0%)
Atmos Energy Corp.	4,370		606,163

Independent Power And Renewable Electricity Producers (0.1%)
AES Corp.	20,015		401,501
Vistra Corp.	9,672		1,146,519
			1,548,020
Multi-Utilities (0.6%)
Ameren Corp.	7,512		656,999
CenterPoint Energy, Inc.	18,289		538,062
CMS Energy Corp.	8,410		593,998
Consolidated Edison, Inc.	9,736		1,013,810
Dominion Energy, Inc.	23,619		1,364,942
DTE Energy Co.	5,749		738,229
NiSource, Inc.	12,627		437,526
Public Service Enterprise Group, Inc.	14,025		1,251,170
Sempra	17,825		1,490,705
WEC Energy Group, Inc.	8,899		855,906
			8,941,347
Water Utilities (0.1%)
American Water Works Co., Inc.	5,442		795,838
Total common stocks (cost: $369,232,342)			1,370,540,460

Short-Term Securities (3.8%)
Investment Companies (3.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	54,152,311		54,152,311
Total short-term securities (cost: $54,152,311)			54,152,311

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Total investments in securities (cost: $423,384,653)		1,424,692,771
Cash and other assets in excess of liabilities (0.1%)		731,714
Total net assets (100.0%)	$	1,425,424,485

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 3.1% of net assets in foreign securities at September 30, 2024.
(d)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts
On September 30, 2024, securities with an aggregate market value of $32,620,000 have been pledged to cover margin requirements for the following open futures contracts:

Description		Expiration Date		Number of Contracts				Position Type		Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future		December 2024			182			Long		$	52,105,743			$	52,909,675			$	803,932

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities

September 30, 2024

(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.3%)
Consumer Discretionary (2.3%)
Hotels, Restaurants & Leisure (2.3%)
Boyd Gaming Corp.		23,363	$	1,510,418
Caesars Entertainment, Inc. (b)		37,003		1,544,505
				3,054,923
Health Care (0.7%)
Health Care Providers & Services (0.7%)
PACS Group, Inc. (b)		22,294		891,091

Real Estate (96.3%)
Health Care REITs (12.6%)
Healthcare Realty Trust, Inc.		186,178		3,379,131
Omega Healthcare Investors, Inc.		63,280		2,575,496
Welltower, Inc.		80,895		10,356,987
				16,311,614
Hotels & Resort REITs (1.3%)
Host Hotels & Resorts, Inc.		97,617		1,718,059

Industrial REITs (9.0%)
Americold Realty Trust, Inc.		66,776		1,887,758
Lineage, Inc.		10,690		837,882
Prologis, Inc.		70,243		8,870,286
				11,595,926
Office REITs (2.0%)
Highwoods Properties, Inc.		76,500		2,563,515

Residential REITs (16.2%)
American Homes 4 Rent Class A		49,444		1,898,155
AvalonBay Communities, Inc.		5,717		1,287,754
Camden Property Trust		3,099		382,819
Equity LifeStyle Properties, Inc.		23,017		1,642,033
Essex Property Trust, Inc.		12,686		3,747,698
Invitation Homes, Inc.		129,308		4,559,400
Sun Communities, Inc.		32,837		4,437,921
UDR, Inc.		65,965		2,990,853
				20,946,633
Retail REITs (10.8%)
Kimco Realty Corp.		118,904		2,760,951
Realty Income Corp.		56,063		3,555,515
Simon Property Group, Inc.		45,300		7,656,606
				13,973,072
Specialized REITs (44.4%)
American Tower Corp.		28,407		6,606,332
Crown Castle, Inc.		57,639		6,837,715
Digital Realty Trust, Inc.		59,399		9,612,540
Equinix, Inc.		6,968		6,185,006
Extra Space Storage, Inc.		19,289		3,475,685
Iron Mountain, Inc.		46,541		5,530,467
Public Storage		12,864		4,680,824
SBA Communications Corp.		25,175		6,059,622
VICI Properties, Inc.		127,123		4,234,467
Weyerhaeuser Co.		125,494		4,249,227
				57,471,885
Total common stocks (cost: $113,517,669)				128,526,718

Short-Term Securities (0.4%)
Investment Companies (0.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%		524,730		524,730
Total short-term securities (cost: $524,730)				524,730

See accompanying notes to investments in securities.

SFT Real Estate Securities Fund

Investments in Securities – continued

Total investments in securities (cost: $114,042,399)		129,051,448
Cash and other assets in excess of liabilities (0.3%)		343,016
Total net assets (100.0%)	$	129,394,464

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

September 30, 2024

(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.5%)
Communication Services (2.1%)
Media (1.0%)
Comcast Corp. Class A		51,200	$	2,138,624

Wireless Telecommunication Services (1.1%)
T-Mobile U.S., Inc.		11,139		2,298,644

Consumer Discretionary (5.6%)
Hotels, Restaurants & Leisure (2.7%)
Booking Holdings, Inc.		379		1,596,394
Hilton Worldwide Holdings, Inc.		2,639		608,290
McDonald's Corp.		8,495		2,586,812
Starbucks Corp.		7,400		721,426
				5,512,922
Specialty Retail (2.3%)
AutoZone, Inc. (b)		620		1,953,025
Home Depot, Inc.		5,676		2,299,915
Tractor Supply Co.		1,900		552,767
				4,805,707
Textiles, Apparel & Luxury Goods (0.6%)
Cie Financiere Richemont SA Class A (c)		8,402		1,332,686

Consumer Staples (10.8%)
Beverages (2.5%)
Coca-Cola Co.		47,693		3,427,219
Keurig Dr. Pepper, Inc.		48,600		1,821,528
				5,248,747
Consumer Staples Distribution & Retail (2.1%)
Dollar Tree, Inc. (b)		13,600		956,352
Walmart, Inc.		41,218		3,328,354
				4,284,706
Food Products (0.7%)
Mondelez International, Inc. Class A		19,405		1,429,566

Household Products (2.6%)
Colgate-Palmolive Co.		24,100		2,501,821
Procter & Gamble Co.		16,397		2,839,960
				5,341,781
Personal Care Products (2.9%)
Kenvue, Inc.		261,559		6,049,860

Energy (8.7%)
Energy Equipment & Services (1.1%)
Halliburton Co.		1,617		46,974
Schlumberger NV (c)		54,982		2,306,495
				2,353,469
Oil, Gas & Consumable Fuels (7.6%)
Chesapeake Energy Corp.		6,400		526,400
Chevron Corp.		15,635		2,302,566
ConocoPhillips		27,721		2,918,467
Diamondback Energy, Inc.		6,500		1,120,600
EQT Corp.		53,564		1,962,585
Exxon Mobil Corp.		29,085		3,409,344
Range Resources Corp.		70,291		2,162,151
Viper Energy, Inc.		4,017		181,207
Williams Cos., Inc.		22,586		1,031,051
				15,614,371
Financial (21.4%)
Banks (6.5%)
Bank of America Corp.		103,861		4,121,204
Citigroup, Inc.		15,826		990,708

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

East West Bancorp, Inc.	5,643	$	466,902
Huntington Bancshares, Inc.	35,600		523,320
JPMorgan Chase & Co.	29,773		6,277,935
KeyCorp	61,600		1,031,800
			13,411,869
Capital Markets (3.0%)
Charles Schwab Corp.	59,000		3,823,790
CME Group, Inc.	5,846		1,289,920
Goldman Sachs Group, Inc.	2,040		1,010,024
			6,123,734
Consumer Finance (1.4%)
American Express Co.	10,427		2,827,802

Financial Services (7.1%)
Berkshire Hathaway, Inc. Class B (b)	16,530		7,608,098
Corebridge Financial, Inc.	26,493		772,536
Corpay, Inc. (b)	3,422		1,070,265
Fiserv, Inc. (b)	20,913		3,757,020
Visa, Inc. Class A	5,700		1,567,215
			14,775,134
Insurance (3.1%)
Allstate Corp.	9,117		1,729,039
Chubb Ltd. (c)	3,543		1,021,766
MetLife, Inc.	8,250		680,460
Progressive Corp.	4,835		1,226,929
Travelers Cos., Inc.	7,489		1,753,325
			6,411,519
Mortgage REITs (0.3%)
Annaly Capital Management, Inc.	35,500		712,485

Health Care (17.1%)
Health Care Equipment & Supplies (1.2%)
Becton Dickinson & Co.	6,800		1,639,480
GE HealthCare Technologies, Inc.	8,548		802,230
			2,441,710
Health Care Providers & Services (7.7%)
Cencora, Inc.	12,859		2,894,304
Cigna Group	5,100		1,766,844
Elevance Health, Inc.	7,580		3,941,600
HCA Healthcare, Inc.	1,447		588,104
Tenet Healthcare Corp. (b)	13,028		2,165,254
UnitedHealth Group, Inc.	8,003		4,679,194
			16,035,300
Life Sciences Tools & Services (3.0%)
Danaher Corp.	6,334		1,760,978
Revvity, Inc.	15,900		2,031,225
Thermo Fisher Scientific, Inc.	3,984		2,464,383
			6,256,586
Pharmaceuticals (5.2%)
AstraZeneca PLC ADR (c)	43,355		3,377,788
Bristol-Myers Squibb Co.	22,400		1,158,976
Johnson & Johnson	30,554		4,951,581
Merck & Co., Inc.	10,997		1,248,820
			10,737,165
Industrials (15.0%)
Aerospace & Defense (3.1%)
Boeing Co. (b)	1,610		244,784
General Dynamics Corp.	5,128		1,549,682
General Electric Co.	11,832		2,231,279
L3Harris Technologies, Inc.	7,436		1,768,801
Northrop Grumman Corp.	1,094		577,709
			6,372,255
Air Freight & Logistics (0.6%)
FedEx Corp.	4,400		1,204,192

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

Building Products (0.2%)
Owens Corning	2,500	$	441,300

Commercial Services & Supplies (0.7%)
Republic Services, Inc.	6,900		1,385,796

Electrical Equipment (2.4%)
AMETEK, Inc.	16,616		2,853,133
Rockwell Automation, Inc.	7,800		2,093,988
			4,947,121
Ground Transportation (3.8%)
CSX Corp.	53,592		1,850,532
Norfolk Southern Corp.	8,439		2,097,091
Old Dominion Freight Line, Inc.	8,300		1,648,712
Union Pacific Corp.	9,066		2,234,588
			7,830,923
Machinery (3.7%)
Cummins, Inc.	4,713		1,526,022
Deere & Co.	4,775		1,992,751
Dover Corp.	1,100		210,914
Parker-Hannifin Corp.	1,550		979,321
Westinghouse Air Brake Technologies Corp.	16,734		3,041,739
			7,750,747
Trading Companies & Distributors (0.5%)
Ferguson Enterprises, Inc.	5,900		1,171,563

Information Technology (7.2%)
Electronic Equipment, Instruments & Components (3.0%)
Amphenol Corp. Class A	16,222		1,057,025
Keysight Technologies, Inc. (b)	19,759		3,140,298
TE Connectivity PLC (c)	12,794		1,931,766
			6,129,089
Semiconductors & Semiconductor Equipment (3.7%)
Advanced Micro Devices, Inc. (b)	12,000		1,968,960
Analog Devices, Inc.	5,987		1,378,028
Lam Research Corp.	734		599,003
QUALCOMM, Inc.	3,572		607,419
Texas Instruments, Inc.	15,020		3,102,681
			7,656,091
Software (0.5%)
Microsoft Corp.	2,358		1,014,647

Materials (5.3%)
Chemicals (2.4%)
Linde PLC (c)	4,170		1,988,506
Mosaic Co.	31,700		848,926
Sherwin-Williams Co.	5,300		2,022,851
			4,860,283
Construction Materials (0.5%)
Martin Marietta Materials, Inc.	1,951		1,050,126

Containers & Packaging (1.1%)
International Paper Co.	44,990		2,197,761

Metals & Mining (1.3%)
Franco-Nevada Corp. (c)	9,777		1,214,792
Freeport-McMoRan, Inc.	2,100		104,832
Southern Copper Corp.	5,117		591,884
Wheaton Precious Metals Corp. (c)	14,000		855,120
			2,766,628
Real Estate (1.8%)
Residential REITs (0.3%)
Equity LifeStyle Properties, Inc.	8,523		608,031

Specialized REITs (1.5%)
Equinix, Inc.	930		825,496

See accompanying notes to investments in securities.

SFT T. Rowe Price Value Fund

Investments in Securities – continued

Public Storage	6,329	$	2,302,933
			3,128,429
Utilities (4.5%)
Electric Utilities (2.8%)
Exelon Corp.	47,000		1,905,850
NextEra Energy, Inc.	11,768		994,749
Xcel Energy, Inc.	44,249		2,889,460
			5,790,059
Gas Utilities (0.6%)
Atmos Energy Corp.	9,200		1,276,132

Multi-Utilities (1.1%)
Ameren Corp.	25,010		2,187,374
Total common stocks (cost: $172,276,844)			205,912,934

Short-Term Securities (0.5%)
Investment Companies (0.5%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	394,131		394,131
T. Rowe Price Reserve Investment Fund, current rate 4.970%	605,279		605,279
Total short-term securities (cost: $999,410)			999,410
Total investments in securities (cost: $173,276,254)			206,912,344
Liabilities in excess of cash and other assets (0.0%)			(61,360	)
Total net assets (100.0%)		$	206,850,984

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 6.8% of net assets in foreign securities at September 30, 2024.

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities
September 30, 2024
(Unaudited)
(Percentages of each investment category relate to total net assets)

	Shares		Value(a)
Common Stocks (99.6%)
Communication Services (8.1%)
Entertainment (1.3%)
Netflix, Inc. (b)		2,416	$	1,713,596

Interactive Media & Services (6.8%)
Alphabet, Inc. Class A		33,186		5,503,898
Meta Platforms, Inc. Class A		6,121		3,503,906
				9,007,804
Consumer Discretionary (9.9%)
Automobiles (0.5%)
Tesla, Inc. (b)		2,799		732,302

Broadline Retail (4.6%)
Amazon.com, Inc. (b)		32,562		6,067,278

Hotels, Restaurants & Leisure (2.1%)
Marriott International, Inc. Class A		4,847		1,204,964
McDonald's Corp.		5,013		1,526,509
				2,731,473
Specialty Retail (1.9%)
AutoZone, Inc. (b)		468		1,474,219
TJX Cos., Inc.		8,556		1,005,672
				2,479,891
Textiles, Apparel & Luxury Goods (0.8%)
NIKE, Inc. Class B		11,865		1,048,866

Consumer Staples (4.9%)
Beverages (2.2%)
Brown-Forman Corp. Class B		19,863		977,260
Constellation Brands, Inc. Class A		3,770		971,491
Monster Beverage Corp. (b)		16,426		856,944
				2,805,695
Household Products (1.9%)
Procter & Gamble Co.		14,498		2,511,054

Personal Care Products (0.8%)
Estee Lauder Cos., Inc. Class A		10,729		1,069,574

Energy (2.8%)
Oil, Gas & Consumable Fuels (2.8%)
Chesapeake Energy Corp.		6,989		574,845
ConocoPhillips		12,202		1,284,627
EOG Resources, Inc.		9,591		1,179,022
Phillips 66		4,992		656,198
				3,694,692
Financial (12.7%)
Banks (4.9%)
Bank of America Corp.		47,740		1,894,323
JPMorgan Chase & Co.		14,090		2,971,017
Wells Fargo & Co.		27,671		1,563,135
				6,428,475
Capital Markets (1.7%)
Morgan Stanley		14,388		1,499,805
Nasdaq, Inc.		9,700		708,197
				2,208,002
Consumer Finance (1.3%)
American Express Co.		6,589		1,786,937

Financial Services (2.1%)
Mastercard, Inc. Class A		5,642		2,786,020

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities – continued

Insurance (2.7%)
Arch Capital Group Ltd. (b) (c)	8,846	$	989,690
Chubb Ltd. (c)	3,664		1,056,661
Progressive Corp.	5,929		1,504,543
			3,550,894
Health Care (13.7%)
Biotechnology (1.1%)
Vertex Pharmaceuticals, Inc. (b)	3,090		1,437,097

Health Care Equipment & Supplies (2.6%)
Abbott Laboratories	14,704		1,676,403
Boston Scientific Corp. (b)	20,362		1,706,336
			3,382,739
Health Care Providers & Services (3.2%)
Cencora, Inc.	5,505		1,239,065
UnitedHealth Group, Inc.	5,179		3,028,058
			4,267,123
Life Sciences Tools & Services (2.3%)
Danaher Corp.	5,506		1,530,778
Thermo Fisher Scientific, Inc.	2,502		1,547,662
			3,078,440
Pharmaceuticals (4.5%)
Eli Lilly & Co.	3,111		2,756,159
Merck & Co., Inc.	19,312		2,193,071
Zoetis, Inc.	5,180		1,012,069
			5,961,299
Industrials (8.7%)
Aerospace & Defense (2.5%)
General Dynamics Corp.	5,435		1,642,457
RTX Corp.	13,549		1,641,597
			3,284,054
Building Products (0.6%)
Builders FirstSource, Inc. (b)	4,029		781,062

Commercial Services & Supplies (0.8%)
Republic Services, Inc.	5,638		1,132,336

Electrical Equipment (2.4%)
AMETEK, Inc.	6,292		1,080,399
Emerson Electric Co.	7,890		862,929
GE Vernova, Inc. (b)	4,723		1,204,271
			3,147,599
Machinery (2.4%)
Deere & Co.	2,820		1,176,871
IDEX Corp.	3,131		671,599
Ingersoll Rand, Inc.	13,624		1,337,332
			3,185,802
Information Technology (31.7%)
Communications Equipment (1.5%)
Motorola Solutions, Inc.	4,281		1,924,866

Electronic Equipment, Instruments & Components (1.0%)
CDW Corp.	5,723		1,295,115

IT Services (0.9%)
Accenture PLC Class A (c)	3,374		1,192,641

Semiconductors & Semiconductor Equipment (10.9%)
Broadcom, Inc.	20,564		3,547,290
KLA Corp.	1,911		1,479,897
NVIDIA Corp.	63,584		7,721,641
Texas Instruments, Inc.	7,861		1,623,847
			14,372,675
Software (9.7%)
Microsoft Corp.	21,379		9,199,384

See accompanying notes to investments in securities.

SFT Wellington Core Equity Fund
Investments in Securities – continued

Roper Technologies, Inc.	2,498	$	1,389,987
Salesforce, Inc.	5,555		1,520,459
Workday, Inc. Class A (b)	3,090		755,227
			12,865,057
Technology Hardware Storage & Peripherals (7.7%)
Apple, Inc.	43,468		10,128,044

Materials (1.8%)
Chemicals (1.2%)
Linde PLC (c)	3,355		1,599,865

Metals & Mining (0.6%)
Freeport-McMoRan, Inc.	16,173		807,356

Real Estate (2.2%)
Health Care REITs (1.0%)
Welltower, Inc.	10,134		1,297,456

Industrial REITs (0.5%)
Lineage, Inc.	7,641		598,902

Specialized REITs (0.7%)
Iron Mountain, Inc.	8,094		961,810

Utilities (3.1%)
Electric Utilities (1.9%)
Duke Energy Corp.	10,458		1,205,807
PG&E Corp.	64,288		1,270,974
			2,476,781
Gas Utilities (1.0%)
Atmos Energy Corp.	10,061		1,395,561

Multi-Utilities (0.2%)
WEC Energy Group, Inc.	2,800		269,304
Total common stocks (cost: $77,436,349)			131,465,537

Short-Term Securities (0.1%)
Investment Companies (0.1%)
State Street Institutional U.S. Government Money Market Fund, current rate 4.940%	86,101		86,101
Total short-term securities (cost: $86,101)			86,101
Total investments in securities (cost: $77,522,450)			131,551,638
Cash and other assets in excess of liabilities (0.3%)			438,706
Total net assets (100.0%)		$	131,990,344

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 3.7% of net assets in foreign securities at September 30, 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.

Investment Companies

The Funds 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.

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.

Securian Funds Trust

Notes to Financial Statements – continued

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.

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.

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 September 30, 2024, the SFT Balanced Stabilization Fund held two illiquid securities with a market value of $2,122,190 which represents 0.3% of net assets.

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.

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

The following is a summary of the levels used as of September 30, 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 September 30, 2024 using
Fund	Level 1			Level 2		Level 3		Total
SFT Balanced Stabilization Fund
Assets
Government Obligations	$	—		$	26,413,795	$	—	$	26,413,795
Other Mortgage-Backed Securities		—			1,405,278		—		1,405,278
Corporate Obligations		—			212,879,461		—		212,879,461
Purchased Options		35,200			—		—		35,200
Investment Companies		391,735,185			—		—		391,735,185
Total Investments		391,770,385			240,698,534		—		632,468,919

Other Financial Instruments*
Futures Contracts		143,628			—		—		143,628

Liabilities
Other Financial Instruments*
Futures Contracts		(6,927	)						(6,927	)
Written Options		(10,890	)		—		—		(10,890	)

SFT Core Bond Fund
Assets
Government Obligations		—			333,162,721		—		333,162,721
Asset-Backed Securities		—			33,363,828		—		33,363,828
Other Mortgage-Backed Securities		—			49,064,915		—		49,064,915
Corporate Obligations		—			72,371,304		—		72,371,304
Bank Loans		—			6,066,590		—		6,066,590
Foreign Bonds		—			2,599,848		—		2,599,848
Investment Companies		13,335,204			—		—		13,335,204
U.S. Government Agencies and Obligations		—			5,499,789		—		5,499,789
Total Investments		13,335,204			502,128,995		—		515,464,199

Other Financial Instruments*
Futures Contracts		213,373			—		—		213,373

SFT Delaware Ivy^SM Growth Fund
Assets
Common Stocks		641,578,136			—		—		641,578,136
Investment Companies		4,874,175			—		—		4,874,175
Total Investments		646,452,311			—		—		646,452,311

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at September 30, 2024 using
Fund	Level 1			Level 2		Level 3		Total
SFT Delaware Ivy^SMSmall Cap Growth Fund
Assets
Common Stocks	$	155,116,538		$	—	$	—	$	155,116,538
Investment Companies		4,736,153			—		—		4,736,153
Total Investments		159,852,691			—		—		159,852,691

SFT Equity Stabilization Fund
Assets
Investment Companies		299,664,393			—		—		299,664,393
Purchased Options		16,000			—		—		16,000
Total Investments		299,680,393			—		—		299,680,393

Other Financial Instruments*
Futures Contracts		434,070			—		—		434,070

Liabilities
Other Financial Instruments*
Written Options		(4,950	)		—		—		(4,950	)

SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		226,303,394			—		—		226,303,394
Investment Companies		6,288,044			—		—		6,288,044
U.S. Government Agencies and Obligations		—			997,484		—		997,484
Total Investments		232,591,438			997,484		—		233,588,922

Other Financial Instruments*
Futures Contracts		168,963			—		—		168,963

SFT Index 500 Fund
Assets
Common Stocks		1,370,540,460			—		—		1,370,540,460
Investment Companies		54,152,311			—		—		54,152,311
Total Investments		1,424,692,771			—		—		1,424,692,771

Other Financial Instruments*
Futures Contracts		803,932			—		—		803,932

SFT Real Estate Securities Fund
Assets
Common Stocks		128,526,718			—		—		128,526,718
Investment Companies		524,730			—		—		524,730
Total Investments		129,051,448			—		—		129,051,448

SFT T. Rowe Price Value Fund
Assets
Common Stocks		205,912,934			—		—		205,912,934
Investment Companies		999,410			—		—		999,410
Total Investments		206,912,344			—		—		206,912,344

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at September 30, 2024 using
Fund	Level 1		Level 2		Level 3		Total
SFT Wellington Core Equity Fund
Assets
Common Stocks	$	131,465,537	$	—	$	—	$	131,465,537
Investment Companies		86,101		—		—		86,101
Total Investments		131,551,638		—		—		131,551,638

* 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.

Securian Funds Trust

Notes to Financial Statements – continued

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.

Securian Funds Trust NPORT-PSFT T. Rowe Price Value Fund (Sep 2024 report)