SFT Balanced Stabilization Fund

Investments in Securities

March 31, 2026

(Unaudited)

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

	Principal		Value(a)
Long-Term Debt Securities (34.0%)
Government Obligations (1.8%)
U.S. Government Agencies and Obligations (1.8%)
Federal Home Loan Mortgage Corporation (0.0%)
3.000%, 09/01/43	$	38,709	$	35,544
3.500%, 10/01/44		38,950		36,619
3.500%, 11/01/44		38,525		36,215
3.500%, 12/01/44		42,069		39,547
				147,925
Federal National Mortgage Association (0.1%)
3.000%, 04/01/43		58,534		53,682
3.000%, 05/01/43		19,027		17,456
3.000%, 06/01/43		88,435		81,041
3.500%, 08/01/42		38,497		36,325
3.500%, 02/01/43		46,075		43,633
				232,137
U.S. Treasury (1.7%)
U.S. Treasury Bonds
4.000%, 11/15/42		5,530,000		5,013,506
4.000%, 11/15/52		1,200,000		1,033,500
U.S. Treasury Notes, 3.875%, 12/31/27		3,350,000		3,352,094
				9,399,100
Total government obligations (cost: $10,422,792)				9,779,162

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		1,443,695
Total other mortgage-backed securities (cost: $1,541,468)				1,443,695

Corporate Obligations (32.0%)
Basic Materials (0.7%)
Chemicals (0.2%)
Mosaic Co., 5.450%, 11/15/33		200,000		202,235
Yara International ASA, 3.148%, 06/04/30 (b)		1,000,000		930,804
				1,133,039
Mining (0.5%)
Anglo American Capital PLC, 2.625%, 09/10/30 (b)		2,000,000		1,824,895
Fortescue Treasury Pty. Ltd., 6.125%, 04/15/32 (b)		1,000,000		1,022,135
				2,847,030
Communications (2.4%)
Media (0.8%)
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750%, 02/15/28		1,500,000		1,473,602
6.834%, 10/23/55		1,000,000		943,496
Comcast Corp.
2.887%, 11/01/51		1,319,000		763,147
2.937%, 11/01/56		327,000		182,179
4.200%, 08/15/34 (c)		500,000		470,816
Walt Disney Co., 4.950%, 10/15/45		500,000		460,186
				4,293,426
Software (0.5%)
Amazon.com, Inc., 3.875%, 08/22/37		1,000,000		900,625
Netflix, Inc., 4.875%, 04/15/28		2,000,000		2,025,857
				2,926,482
Telecommunication (1.1%)
AT&T, Inc.
2.550%, 12/01/33		943,000		798,201
3.550%, 09/15/55		1,405,000		916,034

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

3.800%, 12/01/57	$	75,000	$	50,773
4.500%, 05/15/35		1,000,000		948,526
T-Mobile USA, Inc., 2.700%, 03/15/32		1,000,000		889,552
Verizon Communications, Inc.
2.650%, 11/20/40		1,000,000		701,795
2.987%, 10/30/56		1,194,000		703,026
3.000%, 11/20/60		2,000,000		1,152,625
				6,160,532
Consumer Cyclical (1.9%)
Auto Manufacturers (0.4%)
General Motors Financial Co., Inc., 5.000%, 04/09/27		2,000,000		2,008,689

Automobile Components (0.2%)
Aptiv Swiss Holdings Ltd., 5.150%, 09/13/34		1,000,000		1,020,565

Passenger Airlines (0.7%)
Air Canada Pass-Through Trust, Series 2015-2, Class A, 4.125%, 06/15/29 (b)		600,420		589,231
American Airlines Pass-Through Trust, Series 2015-2, Class A, 4.000%, 03/22/29		526,216		516,113
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/28 (b)		1,833,333		1,830,546
United Airlines Pass-Through Trust, Series 2018-1, Class AA, 3.500%, 09/01/31		755,017		733,414
				3,669,304
Retail (0.6%)
Lowe's Cos., Inc.
3.700%, 04/15/46		2,000,000		1,474,501
5.625%, 04/15/53		2,250,000		2,128,626
				3,603,127
Consumer, Non-cyclical (6.0%)
Agricultural Operations (0.4%)
Cargill, Inc.
3.125%, 05/25/51 (b)		1,000,000		664,953
4.375%, 04/22/52 (b)		2,150,000		1,763,475
				2,428,428
Beverages (0.3%)
Constellation Brands, Inc., 5.250%, 11/15/48		2,050,000		1,846,545

Biotechnology (1.1%)
Amgen, Inc., 4.050%, 08/18/29		2,000,000		1,981,388
Bio-Rad Laboratories, Inc., 3.700%, 03/15/32		2,000,000		1,857,544
Gilead Sciences, Inc., 4.600%, 09/01/35		2,000,000		1,955,690
				5,794,622
Commercial Services (0.8%)
Ashtead Capital, Inc., 5.500%, 08/11/32 (b)		2,000,000		2,027,962
Global Payments, Inc.
4.800%, 04/01/26		750,000		750,000
5.300%, 08/15/29		1,500,000		1,510,194
				4,288,156
Food Products (0.6%)
General Mills, Inc., 3.000%, 02/01/51		1,002,000		616,388
Kroger Co., 5.150%, 08/01/43		1,100,000		1,020,641
Mars, Inc., 3.950%, 04/01/49 (b)		1,000,000		774,631
Tyson Foods, Inc., 5.150%, 08/15/44		1,000,000		923,547
				3,335,207
Health Care Equipment & Supplies (0.2%)
Abbott Laboratories, 4.750%, 11/30/36		1,000,000		983,218

Health Care Providers & Services (0.9%)
Centene Corp., 2.625%, 08/01/31		2,000,000		1,670,820
Elevance Health, Inc., 4.375%, 12/01/47		1,000,000		806,880
HCA, Inc., 6.000%, 04/01/54		1,500,000		1,451,307
Novant Health, Inc., 2.637%, 11/01/36		1,000,000		791,156
				4,720,163
Household Products (0.1%)
Kimberly-Clark Corp., 3.900%, 05/04/47		1,000,000		773,060

Personal Care (0.1%)
Estee Lauder Cos., Inc., 4.150%, 03/15/47		1,000,000		772,431

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Pharmaceuticals (1.5%)
AbbVie, Inc.
4.400%, 11/06/42	$	1,000,000	$	879,621
4.450%, 05/14/46		1,000,000		859,950
Becton Dickinson & Co., 4.298%, 08/22/32		2,000,000		1,938,744
Bristol-Myers Squibb Co., 5.200%, 02/22/34		1,000,000		1,025,657
CVS Pass-Through Trust, 6.943%, 01/10/30		74,382		76,579
Takeda Pharmaceutical Co. Ltd., 5.000%, 11/26/28		2,000,000		2,025,932
Viatris, Inc., 4.000%, 06/22/50		2,000,000		1,313,809
				8,120,292
Energy (1.9%)
Oil & Gas (0.9%)
APA Corp., 6.100%, 02/15/35		1,000,000		1,027,905
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/27		1,000,000		985,565
BP Capital Markets America, Inc., 4.234%, 11/06/28		1,000,000		1,000,011
Coterra Energy, Inc., 3.900%, 05/15/27		1,000,000		992,828
Phillips 66, 4.650%, 11/15/34		1,000,000		967,046
				4,973,355
Pipelines (1.0%)
Energy Transfer LP, 4.900%, 03/15/35		1,000,000		967,571
Enterprise Products Operating LLC, Series J, 5.750%, 03/01/35		250,000		259,454
Kinder Morgan, Inc., 5.300%, 12/01/34		750,000		756,280
MPLX LP, 4.950%, 09/01/32		2,000,000		1,991,577
Whistler Pipeline LLC, 5.950%, 09/30/34 (b)		1,000,000		1,023,291
Williams Cos., Inc., 3.750%, 06/15/27		500,000		496,193
				5,494,366
Financial (10.6%)
Banks (6.8%)
Bank of America Corp.
Series L, 4.183%, 11/25/27		1,000,000		996,501
4.244%, 04/24/38 (3-Month USD TERM SOFR + 2.076%) (d)		1,000,000		906,525
4.948%, 07/22/28 (SOFRRATE + 2.040%) (d)		1,500,000		1,509,667
Bank of New York Mellon Corp.
3.442%, 02/07/28 (3-Month USD TERM SOFR + 1.331%) (d)		1,000,000		992,861
Series J, 4.967%, 04/26/34 (SOFRRATE + 1.606%) (d)		1,500,000		1,504,579
5.834%, 10/25/33 (SOFRRATE + 2.074%) (d)		1,000,000		1,060,121
Citigroup, Inc.
3.980%, 03/20/30 (3-Month USD TERM SOFR + 1.600%) (d)		1,000,000		983,781
4.650%, 07/23/48		1,250,000		1,059,835
4.750%, 05/18/46		1,200,000		1,012,392
Fifth Third Bancorp, 6.361%, 10/27/28 (SOFRRATE + 2.192%) (d)		1,000,000		1,028,341
Fifth Third Bank NA, 5.332%, 08/25/33 (SOFRRATE + 2.610%) (d)		2,000,000		2,002,738
First Republic Bank
Series BKNT, 4.375%, 08/01/46 (e)		575,000		172
Series BKNT, 4.625%, 02/13/47 (e)		1,379,000		414
Goldman Sachs Group, Inc.
3.850%, 01/26/27		1,000,000		996,765
4.482%, 08/23/28 (SOFRRATE + 1.725%) (d)		2,000,000		1,999,453
5.150%, 05/22/45		1,000,000		895,388
JPMorgan Chase & Co.
3.328%, 04/22/52 (SOFRRATE + 1.580%) (d)		2,000,000		1,364,629
3.897%, 01/23/49 (3-Month USD TERM SOFR + 1.482%) (d)		1,000,000		768,630
Keybank National Association, Series BKNT, 4.390%, 12/14/27		3,000,000		3,002,117
M&T Bank Corp., 5.400%, 07/30/35 (5 year CMT + 1.430%) (d)		3,000,000		2,990,846
Morgan Stanley
2.802%, 01/25/52 (SOFRRATE + 1.430%) (d)		2,000,000		1,224,099
6.342%, 10/18/33 (SOFRRATE + 2.560%) (d)		1,000,000		1,069,513
PNC Bank NA, Series BKNT, 4.050%, 07/26/28		1,000,000		991,489
State Street Corp., 6.123%, 11/21/34 (SOFRRATE + 1.958%) (d)		1,500,000		1,585,910
Truist Financial Corp.
5.867%, 06/08/34 (SOFRRATE + 2.361%) (d)		1,000,000		1,041,612
6.123%, 10/28/33 (SOFRRATE + 2.300%)(d)		2,000,000		2,113,613
U.S. Bancorp, 5.850%, 10/21/33 (SOFRRATE + 2.090%) (d)		1,000,000		1,050,493
Wells Fargo & Co.
3.068%, 04/30/41 (SOFRRATE + 2.530%) (d)		1,600,000		1,198,125
4.750%, 12/07/46		2,300,000		1,931,988
				37,282,597

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Financial Services (1.5%)
American Express Co.
3.300%, 05/03/27	$	1,000,000	$	991,564
4.050%, 12/03/42		1,000,000		830,876
Capital One Financial Corp.
4.100%, 02/09/27		1,000,000		997,690
5.468%, 02/01/29 (SOFRRATE + 2.080%)(d)		1,500,000		1,522,155
Eaton Vance Corp., 3.500%, 04/06/27		1,000,000		992,274
Intercontinental Exchange, Inc., 4.350%, 06/15/29		3,000,000		2,993,076
				8,327,635
Insurance (1.6%)
American Financial Group, Inc., 4.500%, 06/15/47		1,000,000		805,961
Arch Capital Finance LLC, 4.011%, 12/15/26 (c)		1,000,000		997,713
Marsh & McLennan Cos., Inc., 4.350%, 01/30/47		500,000		409,676
Metropolitan Life Global Funding I, 1.550%, 01/07/31 (b)		3,000,000		2,607,168
Old Republic International Corp., 5.750%, 03/28/34		1,500,000		1,532,165
Principal Life Global Funding II, 1.500%, 08/27/30 (b)		3,000,000		2,619,687
				8,972,370
Real Estate Investment Trust — Health Care (0.3%)
Alexandria Real Estate Equities, Inc., 4.500%, 07/30/29		500,000		497,170
DOC Dr. LLC, 4.300%, 03/15/27		1,000,000		998,925
				1,496,095
Specialized REITs (0.4%)
American Tower Corp., 3.375%, 10/15/26		1,000,000		994,121
Crown Castle, Inc., 4.750%, 05/15/47		1,000,000		832,011
Goodman U.S. Finance Four LLC, 4.500%, 10/15/37 (b)		500,000		458,487
				2,284,619
Industrials (2.6%)
Aerospace & Defense (0.3%)
RTX Corp.
4.050%, 05/04/47		500,000		396,710
4.125%, 11/16/28		1,500,000		1,493,631
				1,890,341
Aerospace & Defense (0.2%)
Lockheed Martin Corp., 1.850%, 06/15/30		1,000,000		902,801

Building Products (0.3%)
Carlisle Cos., Inc., 3.750%, 12/01/27		1,000,000		987,662
CRH America Finance, Inc., 4.400%, 05/09/47 (b)		1,000,000		823,789
				1,811,451
Electrical Equipment (0.5%)
Flex Ltd., 4.875%, 06/15/29		1,000,000		1,003,118
Jabil, Inc., 3.600%, 01/15/30		2,000,000		1,921,894
				2,925,012
Packaging & Containers (0.4%)
Amcor Finance USA, Inc., 4.500%, 05/15/28		1,000,000		999,818
Sealed Air Corp., 6.875%, 07/15/33 (b)		1,000,000		955,096
				1,954,914
Transportation (0.7%)
Canadian Pacific Railway Co., 4.300%, 05/15/43		250,000		213,288
FedEx Corp., 4.400%, 01/15/47		1,000,000		806,363
Union Pacific Corp., 5.375%, 06/01/33		2,500,000		2,567,191
				3,586,842
Trucking & Leasing (0.2%)
GATX Corp., 4.550%, 11/07/28		1,000,000		1,002,256

Information Technology (2.2%)
Computers (0.9%)
Apple, Inc., 4.375%, 05/13/45 (c)		1,000,000		876,766
Dell International LLC/EMC Corp., 6.200%, 07/15/30		2,000,000		2,111,649
Leidos, Inc., 4.375%, 05/15/30		2,000,000		1,969,325
				4,957,740
Semiconductor Equipment (0.8%)
Broadcom, Inc., 3.419%, 04/15/33		2,000,000		1,829,390

See accompanying notes to investments in securities.

SFT Balanced Stabilization Fund

Investments in Securities – continued

Micron Technology, Inc., 2.703%, 04/15/32	$	2,000,000	$	1,804,476
QUALCOMM, Inc., 4.650%, 05/20/35		1,000,000		985,223
				4,619,089
Software (0.5%)
Oracle Corp., 3.800%, 11/15/37		1,000,000		794,591
VMware LLC, 1.400%, 08/15/26		1,800,000		1,781,039
				2,575,630
Utilities (3.7%)
Electric Utilities (3.1%)
Alabama Power Co., 3.125%, 07/15/51		2,000,000		1,294,005
Ameren Illinois Co., 3.700%, 12/01/47		1,000,000		746,647
Arizona Public Service Co., 4.350%, 11/15/45		1,000,000		809,912
CenterPoint Energy Houston Electric LLC, Series AJ, 4.850%, 10/01/52		3,150,000		2,769,487
Duke Energy Corp., 4.500%, 08/15/32		1,000,000		984,343
Duke Energy Florida LLC, 5.950%, 11/15/52		1,000,000		1,014,009
Duke Energy Progress LLC, 3.600%, 09/15/47		1,000,000		730,166
Entergy Texas, Inc., 3.450%, 12/01/27		3,000,000		2,955,683
Northern States Power Co., 3.750%, 12/01/47		1,000,000		682,235
Oglethorpe Power Corp., 4.250%, 04/01/46		800,000		623,794
Oklahoma Gas & Electric Co., 4.150%, 04/01/47		500,000		396,078
Union Electric Co., 5.250%, 01/15/54		1,500,000		1,381,319
Wisconsin Power & Light Co., 3.950%, 09/01/32		3,000,000		2,858,036
				17,245,714
Gas Utilities (0.4%)
Atmos Energy Corp., 4.125%, 03/15/49		750,000		587,663
National Fuel Gas Co., 4.750%, 09/01/28		1,000,000		1,000,726
Washington Gas Light Co., Series K, 3.796%, 09/15/46		1,000,000		759,345
				2,347,734
Water Utilities (0.2%)
American Water Capital Corp., 3.750%, 09/01/47		1,000,000		747,044
Total corporate obligations (cost: $184,378,000)				176,121,921
Total long-term debt securities (cost: $196,342,260)				187,344,778

	Shares
Mutual Funds (61.7%)
Investment Companies (61.7%)
iShares Core S&P 500 ETF (c) (f)	35,840		23,411,046
SFT Index 500 Fund Class 1 (f) (g) (h)	9,974,083		291,122,242
State Street SPDR S&P 500 ETF Trust (c) (f)	33,000		21,461,220
Vanguard S&P 500 ETF (f)	6,700		4,003,585
Total mutual funds (cost: $112,063,701)			339,998,093

Short-Term Securities (3.6%)
Investment Companies (3.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	19,585,836		19,585,836
Total short-term securities (cost: $19,585,836)			19,585,836
Total investments excluding purchased options (99.3%) (cost: $327,991,797)			546,928,707
Total purchased options outstanding (0.3%) (cost: $1,034,129)			1,405,068
Total investments in securities (cost: $329,025,926)			548,333,775
Cash and other assets in excess of liabilities (0.4%)			2,194,070
Total net assets (100.0%)		$	550,527,845

Investments in Securities Legend
(a)	Securities are valued by procedures described in the notes to investments in securities.
(b)	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.
(c)	Fully or partially pledged as initial margin deposits on open futures contracts.
(d)	Variable rate security.
(e)	In default.
(f)	Reports and other information about these investment companies are available in the EDGAR database on the Securities and Exchange Commission's SEC's website at www.sec.gov.
(g)	Affiliated security.
(h)	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 March 31, 2026, securities with an aggregate market value of $21,391,079 have been pledged to cover margin requirements for the following open futures contracts:

Description	Expiration Date	Number of Contracts	Position Type	Notional Amount			Fair Value			Unrealized Appreciation/ (Depreciation)(a)
2 Year U.S. Treasury Note	June 2026	25	Long	$	5,223,888		$	5,186,133		$	(37,755	)
3-Month SOFR Futures	June 2026	60	Long		14,472,931			14,450,250			(22,681	)
5 Year U.S. Treasury Note	June 2026	215	Long		23,598,450			23,258,633			(339,817	)
10 Year U.S. Ultra	June 2026	110	Long		12,766,298			12,486,718			(279,580	)
Ultra U.S. Treasury Bond	June 2026	20	Long		2,409,584			2,331,250			(78,334	)
S&P 500 E-Mini Index Future	June 2026	78	Short		(25,589,099	)		(25,625,925	)		(36,826	)
							$	32,087,059		$	(794,993	)

Put Options Purchased:

The Fund had the following put options purchased open at March 31, 2026:

Description

Exercise

Price

Expiration

Date

Number of

Contracts

Notional

Amount

Value(a)

S&P 500 Index

6,550

April 2026

8,400

1,405,068

Put Options Written:

The Fund had the following put options written open at March 31, 2026:

Description

Exercise

Price

Expiration

Date

Number of

Contracts

Notional

Amount

Value(a)

S&P 500 Index

5,900

April 2026

8,400

(234,444

)

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities

March 31, 2026

(Unaudited)

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

	Principal		Value(a)

Long-Term Debt Securities (112.1%)
Government Obligations (65.8%)
U.S. Government Agencies and Obligations (65.8%)
Federal Home Loan Mortgage Corporation (9.8%)
2.000%, 07/01/41	$	1,307,679	$	1,141,910
2.000%, 11/01/51		4,288,318		3,472,234
2.000%, 03/01/52		2,410,549		1,951,512
2.500%, 03/01/52		6,464,646		5,476,112
3.000%, 08/01/42		212,052		194,549
3.000%, 12/01/42		74,013		67,902
3.000%, 01/01/43		107,172		98,289
3.000%, 02/01/43		241,167		221,254
3.000%, 04/01/43		379,378		347,755
3.000%, 02/01/52		2,676,723		2,375,799
3.500%, 05/01/32		45,430		44,519
3.500%, 03/01/42		260,590		246,615
3.500%, 08/01/42		216,281		204,683
3.500%, 11/01/52		4,464,983		4,096,534
4.000%, 09/01/40		206,919		200,044
4.000%, 11/01/40		380,699		366,920
4.000%, 02/01/41		91,742		88,618
4.000%, 03/01/41		94,223		90,995
4.000%, 08/01/52		5,954,674		5,626,101
4.000%, 09/01/52		2,548,289		2,413,407
4.000%, 11/01/52		2,968,281		2,802,806
4.000%, 02/01/53		483,283		457,067
4.500%, 09/01/40		28,804		28,484
4.500%, 01/01/41		133,245		131,863
4.500%, 02/01/41		87,816		86,904
4.500%, 03/01/41		196,259		194,222
4.500%, 04/01/41		172,008		169,970
4.500%, 09/01/52		552,548		535,882
4.500%, 10/01/52		910,108		882,095
4.500%, 11/01/52		3,631,011		3,518,877
4.500%, 10/01/53		1,183,421		1,147,118
5.000%, 05/01/29		3,063		3,075
5.000%, 04/01/35		31,262		31,422
5.000%, 08/01/35		13,976		14,098
5.000%, 11/01/35		32,262		32,579
5.000%, 11/01/39		171,307		173,121
5.000%, 04/01/40		55,074		55,658
5.000%, 08/01/40		34,623		34,989
5.000%, 05/01/55		1,270,599		1,253,934
5.500%, 05/01/34		181,198		183,274
5.500%, 10/01/34		52,914		54,190
5.500%, 07/01/35		73,459		74,648
5.500%, 10/01/35		78,999		80,850
5.500%, 12/01/38		45,649		46,809
6.000%, 11/01/33		90,715		92,784
6.500%, 09/01/32		8,761		9,055
6.500%, 11/01/32		8,217		8,493
6.500%, 06/01/36		54,744		57,948
7.000%, 12/01/37		18,841		19,764
				40,907,731
Federal National Mortgage Association (9.5%)
2.000%, 04/01/51		2,413,604		1,960,588
2.000%, 11/01/51		10,903,970		8,828,881
2.000%, 03/01/52		1,123,366		908,406
2.500%, 12/01/51		2,105,115		1,784,487
2.500%, 03/01/52		2,204,013		1,866,251
2.500%, 04/01/52		3,692,491		3,137,410
3.000%, 09/01/42		49,959		45,835
3.000%, 01/01/46		46,695		42,229

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

3.000%, 05/01/52	$	2,068,310	$	1,823,203
3.000%, 06/01/52		363,281		322,084
3.500%, 12/01/32		40,204		39,367
3.500%, 11/01/40		172,938		164,059
3.500%, 01/01/41		198,890		188,775
3.500%, 02/01/41		226,833		215,347
3.500%, 04/01/41		108,808		103,108
3.500%, 11/01/41		688,024		651,555
3.500%, 12/01/41		139,690		132,228
3.500%, 05/01/42		72,194		68,412
3.500%, 01/01/43		151,342		142,670
3.500%, 02/01/43		184,299		174,530
3.500%, 05/01/43		611,545		572,370
4.000%, 12/01/40		25,040		24,059
4.000%, 04/01/41		373,902		360,859
4.000%, 09/01/41		93,608		90,342
4.000%, 11/01/41		64,832		62,566
4.000%, 06/01/42		196,912		190,021
4.000%, 09/01/43		119,723		115,283
4.000%, 06/01/52		1,059,013		1,002,961
4.500%, 05/01/35		52,576		52,002
4.500%, 07/01/35		123,645		122,684
4.500%, 09/01/37		44,530		44,160
4.500%, 06/01/39		55,999		55,283
4.500%, 04/01/41		449,129		444,469
4.500%, 07/01/41		333,350		329,847
4.500%, 07/01/47		131,676		129,075
4.500%, 08/01/52		4,760,700		4,612,708
4.500%, 04/01/53		801,368		776,948
5.000%, 11/01/33		50,628		51,134
5.000%, 03/01/34		38,679		38,692
5.000%, 05/01/34		9,569		9,648
5.000%, 12/01/34		50,646		50,808
5.000%, 07/01/35		47,225		47,581
5.000%, 08/01/35		21,839		22,016
5.000%, 03/01/38		20,615		20,820
5.000%, 04/01/38		41,755		41,973
5.000%, 06/01/39		36,816		37,117
5.000%, 12/01/39		126,420		127,759
5.000%, 06/01/40		15,966		16,135
5.000%, 04/01/41		157,850		159,523
5.000%, 05/01/53		1,957,935		1,940,093
5.000%, 11/01/53		1,802,960		1,783,822
5.500%, 04/01/33		187,989		189,942
5.500%, 05/01/33		2,214		2,248
5.500%, 12/01/33		17,537		17,823
5.500%, 01/01/34		36,316		36,941
5.500%, 02/01/34		36,679		36,880
5.500%, 03/01/34		30,771		30,926
5.500%, 04/01/34		33,706		34,025
5.500%, 05/01/34		1,062		1,068
5.500%, 09/01/34		50,068		51,179
5.500%, 10/01/34		15,634		15,899
5.500%, 01/01/35		26,051		26,213
5.500%, 02/01/35		57,035		57,455
5.500%, 04/01/35		58,848		59,215
5.500%, 06/01/35		2,692		2,758
5.500%, 08/01/35		36,393		36,763
5.500%, 10/01/35		81,008		83,182
5.500%, 11/01/35		17,419		17,972
5.500%, 09/01/36		34,040		34,697
5.500%, 12/01/39		23,149		23,790
5.500%, 07/01/53		1,143,235		1,152,188
5.500%, 09/01/53		801,781		807,693
6.000%, 09/01/32		3,324		3,457
6.000%, 10/01/32		108,353		110,444
6.000%, 11/01/32		124,021		128,883
6.000%, 03/01/33		84,475		86,105
6.000%, 12/01/33		42,223		43,343
6.000%, 08/01/34		8,558		8,836
6.000%, 09/01/34		8,108		8,308

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

6.000%, 11/01/34	$	4,446	$	4,532
6.000%, 12/01/34		30,498		31,525
6.000%, 11/01/36		4,415		4,618
6.000%, 01/01/37		60,859		63,839
6.000%, 08/01/37		31,069		32,501
6.000%, 10/01/38		42,301		44,376
6.500%, 12/01/31		9,116		9,422
6.500%, 02/01/32		56,282		58,170
6.500%, 04/01/32		29,418		30,604
6.500%, 05/01/32		5,913		6,111
6.500%, 07/01/32		34,660		35,822
6.500%, 08/01/32		30,329		31,346
6.500%, 09/01/32		19,834		20,498
6.500%, 10/01/32		23,659		24,452
6.500%, 09/01/34		1,503		1,575
6.500%, 11/01/34		1,739		1,798
6.500%, 03/01/35		21,633		22,483
6.500%, 09/01/37		38,525		40,429
6.500%, 11/01/37		16,752		17,713
7.000%, 07/01/31		15,392		16,146
7.000%, 09/01/31		48,344		50,713
7.000%, 11/01/31		33,937		35,600
7.000%, 02/01/32		18,272		19,167
7.000%, 03/01/32		2,471		2,592
7.000%, 07/01/32		12,232		12,832
7.500%, 04/01/31		8,443		8,565
7.500%, 05/01/31		2,716		2,751
				39,670,596
Government National Mortgage Association (6.0%)
3.000%, 03/15/45		311,604		279,879
3.000%, 04/15/45		569,297		511,331
3.000%, 05/15/45		29,288		26,306
3.250%, 04/20/33		42,860		41,281
3.250%, 03/20/35		476,955		456,098
3.250%, 11/20/35		266,297		254,258
3.250%, 01/20/36		464,484		442,820
3.500%, 11/15/40		40,491		38,146
3.500%, 04/20/46		173,387		160,107
3.750%, 03/20/46		532,895		498,262
4.000%, 07/20/31		93,266		92,304
4.000%, 04/20/39		95,011		90,268
4.000%, 12/20/40		257,351		244,984
4.000%, 01/15/41		14,144		13,598
4.000%, 02/15/41		113,491		108,279
4.000%, 10/15/41		77,885		74,740
4.000%, 12/20/44		33,520		32,159
4.000%, 10/20/52		1,244,309		1,177,932
4.000%, 12/20/52		1,545,039		1,459,106
4.500%, 06/15/40		75,854		75,071
4.500%, 10/20/52		1,930,573		1,879,112
5.000%, 05/15/33		17,395		17,526
5.000%, 12/15/39		30,930		31,304
5.000%, 01/15/40		252,466		255,521
5.000%, 07/15/40		62,554		63,186
5.500%, 07/15/38		77,918		80,543
5.500%, 10/15/38		83,381		85,982
5.500%, 06/20/53		1,047,043		1,061,748
3.500%, 04/21/56, TBA (b)		5,275,000		4,834,305
4.000%, 04/21/56, TBA (b)		6,700,000		6,270,591
4.500%, 04/21/56, TBA (b)		100,000		96,496
5.000%, 04/21/56, TBA (b)		2,375,000		2,351,253
5.500%, 04/21/56, TBA (b)		2,125,000		2,137,793
				25,242,289
U.S. Treasury (29.7%)
U.S. Treasury Bonds
4.625%, 02/15/46		11,210,000		10,828,160
4.750%, 02/15/56		16,602,000		16,233,643
U.S. Treasury Notes
3.375%, 02/29/28		1,452,000		1,440,429

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

3.500%, 03/15/29	$	9,315,000	$	9,232,038
3.500%, 02/28/31		7,757,000		7,607,314
3.875%, 03/31/28		22,461,000		22,493,463
3.875%, 03/31/31		39,360,000		39,237,000
4.125%, 02/15/36		5,509,000		5,427,226
4.250%, 03/31/33		11,405,000		11,488,756
				123,988,029
Uniform Mortgage-Backed Security (10.8%)
Uniform Mortgage-Backed Security,
2.500%, 05/13/56, TBA (b)		2,275,000		1,912,780
3.000%, 05/13/56, TBA (b)		3,050,000		2,679,634
3.500%, 05/13/56, TBA (b)		15,325,000		14,030,120
4.000%, 04/13/56, TBA (b)		9,175,000		8,650,282
4.000%, 05/13/56, TBA (b)		5,200,000		4,898,753
4.500%, 04/13/56, TBA (b)		7,175,000		6,923,651
5.000%, 04/13/56, TBA (b)		4,200,000		4,141,511
5.500%, 04/13/56, TBA (b)		2,125,000		2,134,759
				45,371,490
Total government obligations (cost: $279,784,047)				275,180,135

Asset-Backed Securities (11.7%)
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 08/15/46 (c)		630,000		623,560
Allegro CLO X Ltd., Series 2019-1A, Class ARR, 4.798%, 04/20/32 (3-Month USD TERM SOFR + 1.130%) (c) (d)		326,634		326,599
AMMC CLO 28 Ltd., Series 2024-28A, Class A1A, 5.218%, 07/20/37 (3-Month USD TERM SOFR + 1.550%) (c) (d)		1,000,000		1,000,417
Arbour CLO VII DAC, Series 7A, Class BR, 4.200%, 12/15/38 (3-Month EUR EURIBOR + 2.050%) (c) (d)		1,350,000		1,560,548
ARES LX CLO Ltd., Series 2021-60A, Class AR2, 4.628%, 07/18/34 (3-Month USD TERM SOFR + 0.960%) (c) (d)		1,100,000		1,097,070
ARES XXVII CLO Ltd., Series 2013-2A, Class BR3, 5.321%, 10/28/34 (3-Month USD TERM SOFR + 1.650%) (c) (d)		1,080,000		1,078,565
Bain Capital Credit CLO Ltd.
Series 2020-2A, Class AR3, 4.646%, 07/19/34 (3-Month USD TERM SOFR + 0.980%)(c) (d)		1,100,000		1,097,195
Series 2021-6A, Class A1R, 4.760%, 10/21/34 (3-Month USD TERM SOFR + 1.090%)(c) (d)		1,200,000		1,198,925
Ballyrock CLO 20 Ltd., Series 2022-20A, Class A1A3, 4.722%, 10/15/36 (3-Month USD TERM SOFR + 1.050%) (c) (d)		1,000,000		995,143
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE1, Class M1, 4.768%, 02/25/34 (1-Month USD TERM SOFR + 1.089%) (d)		244,830		251,870
BlueMountain CLO Ltd., Series 2018-3A, Class BR, 5.518%, 10/25/30 (3-Month USD TERM SOFR + 1.850%) (c) (d)		1,200,000		1,200,032
BSPDF Issuer LLC, Series 2026-FL3, Class AS, 5.350%, 09/18/43 (1-Month USD TERM SOFR + 1.700%) (c) (d)		860,000		859,993
Chase Funding Trust
Series 2002-3, Class 2A1, 4.433%, 08/25/32 (1-Month USD TERM SOFR + 0.754%) (d)		66,469		66,151
Series 2003-2, Class 2A2, 4.353%, 02/25/33 (1-Month USD TERM SOFR + 0.674%) (d)		67,193		67,008
CIFC Funding Ltd., Series 2014-4RA, Class A1A2, 4.658%, 01/17/35 (3-Month USD TERM SOFR + 0.990%) (c) (d)		1,070,000		1,068,749
Commonbond Student Loan Trust
Series 2017-AGS, Class C, 5.280%, 05/25/41 (c)		18,377		16,929
Series 2018-AGS, Class A1, 3.210%, 02/25/44 (c)		343,118		325,496
Series 2018-AGS, Class A2, 4.293%, 02/25/44 (1-Month USD TERM SOFR + 0.614%) (c) (d)		48,849		48,418
Series 2019-AGS, Class A1, 2.540%, 01/25/47 (c)		741,062		679,191
Series 2021-AGS, Class A, 1.200%, 03/25/52 (c)		315,852		271,324
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2, 6.000%, 05/20/55 (c)		385,000		390,705
Contego CLO IV DAC, Series 4A, Class B1RR, 4.047%, 10/23/39 (3-Month EUR EURIBOR + 2.050%) (c) (d)		1,000,000		1,153,110
Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 5.322%, 10/15/30 (3-Month USD TERM SOFR + 1.650%) (c) (d)		1,100,000		1,101,038
Dryden 98 CLO Ltd., Series 2022-98A, Class AR, 4.696%, 04/20/35 (3-Month USD TERM SOFR + 1.020%) (c) (d)		1,100,000		1,098,876
FIGRE Trust
Series 2025-HE3, Class A, 5.560%, 05/25/55 (c) (d)		1,276,881		1,281,131
Series 2025-HE7, Class A, 5.150%, 11/25/55 (c) (d)		968,574		962,182
FirstKey Homes Trust, Series 2021-SFR1, Class F2, 3.452%, 08/17/38 (c)		1,050,000		1,040,448
FRTKL Group, Inc., Series 2021-SFR1, Class G, 4.105%, 09/17/38 (c)		1,250,000		1,229,167
Home Partners of America Trust, Series 2021-1, Class A, 1.698%, 09/17/41 (c)		1,437,590		1,314,960
HPS Loan Management Ltd., Series 10A-16, Class A1R3, 4.788%, 04/20/34 (3-Month USD TERM SOFR + 1.120%) (c) (d)		1,000,000		999,067
ICG U.S. CLO Ltd., Series 2016-1A, Class A2R3, 5.271%, 04/29/34 (3-Month USD TERM SOFR + 1.600%) (c) (d)		1,100,000		1,099,409
KKR CLO 33 Ltd., Series 33A, Class AR, 4.748%, 07/20/34 (3-Month USD TERM SOFR + 1.080%) (c) (d)		1,000,000		999,727
Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2, 5.597%, 03/25/56 (c)		770,000		767,921
Magnetite XXIII Ltd., Series 2019-23A, Class AR2, 4.637%, 01/25/35 (3-Month USD TERM SOFR + 0.990%) (c) (d)		1,100,000		1,097,644
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310%, 01/15/69 (c)		292,615		278,037
Series 2021-BA, Class A, 0.940%, 07/15/69 (c)		813,909		742,423
Series 2021-FA, Class A, 1.110%, 02/18/70 (c)		856,971		764,027

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Series 2022-A, Class A, 2.230%, 07/15/70 (c)	$	997,554	$	905,750
Neuberger Berman Loan Advisers CLO 43Ltd., Series 2021-43A, Class AR, 4.718%, 07/17/36 (3-Month USD TERM SOFR + 1.050%) (c) (d)		1,100,000		1,098,543
Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd., Series 2023-1A, Class BR, 5.368%, 10/25/36 (3-Month USD TERM SOFR + 1.700%) (c) (d)		1,200,000		1,197,523
Oxford Finance Funding Trust LLC, Series 2025-1A, Class A2, 5.413%, 02/15/35 (c)		730,000		728,114
Park Avenue Institutional Advisers CLO Ltd.
Series 2017-1A, Class A2R2, 5.203%, 02/14/34 (3-Month USD TERM SOFR + 1.550%)(c) (d)		1,000,000		999,860
Series 2019-2A, Class A2RR, 5.163%, 10/15/34 (3-Month USD TERM SOFR + 1.500%)(c) (d)		400,000		398,748
Penta CLO 21 DAC, Series 2025-21A, Class B, 3.962%, 02/16/39 (3-Month EUR EURIBOR + 1.900%) (c) (d)		1,000,000		1,155,889
Progress Residential Trust
Series 2021-SFR7, Class D, 2.341%, 08/17/40 (c)		1,525,000		1,427,469
Series 2021-SFR8, Class F, 3.181%, 10/17/38 (c)		2,000,000		1,973,842
Regatta 32 Funding Ltd., Series 2025-4A, Class A1, 5.008%, 07/25/38 (3-Month USD TERM SOFR + 1.340%) (c) (d)		1,100,000		1,100,087
Rockford Tower CLO Ltd.
Series 2019-2A, Class AR2, 4.786%, 08/20/32 (3-Month USD TERM SOFR + 1.130%)(c) (d)		648,772		648,900
Series 2021-2A, Class BR, 5.368%, 07/20/34 (c) (d)		1,070,000		1,068,262
Series 2022-1A, Class BR, 5.368%, 07/20/35 (3-Month USD TERM SOFR + 1.700%)(c) (d)		1,100,000		1,098,427
Saxon Asset Securities Trust, Series 2004-1, Class A, 1.966%, 03/25/35 (1-Month USD TERM SOFR + 0.654%) (d)		151,999		136,145
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.140%, 02/15/47 (c)		1,152,080		1,033,266
SVC ABS LLC, Series 2026-1A, Class B, 5.795%, 03/20/56 (c)		600,000		591,963
Symphony CLO XX Ltd., Series 2018-20A, Class AR2, 4.771%, 01/16/32 (3-Month USD TERM SOFR + 1.100%) (c) (d)		190,326		190,286
Tricon American Homes Trust, Series 2020-SFR2, Class B, 1.832%, 11/17/39 (c)		975,000		928,364
Trinitas CLO XIV Ltd., Series 2020-14A, Class A1R2, 4.768%, 01/25/34 (3-Month USD TERM SOFR + 1.100%) (c) (d)		1,100,000		1,099,060
Vista Point Securitization Trust, Series 2024-CES3, Class A1, 5.679%, 01/25/55 (c) (e)		1,129,230		1,132,862
Total asset-backed securities (cost: $49,377,688)				49,066,415

Other Mortgage-Backed Securities (10.5%)
Collateralized Mortgage Obligations/Mortgage Revenue Bonds (7.7%)
Agate Bay Mortgage Trust, Series 2015-1, Class B2, 3.610%, 01/25/45 (c) (d)		27,640		27,176
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11/25/29		6,200		1,460
CIM Trust, Series 2021-R3, Class A1, 1.951%, 06/25/57 (c) (d)		1,313,643		1,196,500
Citigroup Mortgage Loan Trust, Inc.
Series 2018-RP1, Class A1, 3.000%, 09/25/64 (c) (d)		34,952		34,497
Series 2021-INV1, Class A7A, 2.500%, 05/25/51 (c) (d)		1,488,772		1,335,292
Cross Mortgage Trust
Series 2025-H10, Class A1, 4.968%, 01/25/71 (c) (d)		659,791		655,717
Series 2026-NQM2, Class A1, 4.833%, 03/25/61 (c) (d)		1,062,726		1,053,155
CSMC Trust
Series 2013-6, Class B4, 3.455%, 08/25/43 (c) (d)		345,845		300,474
Series 2017-HL1, Class A12, 3.500%, 06/25/47 (c) (d)		680,181		614,200
FARM Mortgage Trust, Series 2021-1, Class A, 2.180%, 01/25/51 (c) (d)		1,281,765		1,034,923
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-3, Class TT, 2.000%, 03/25/61		743,515		671,791
Federal Home Loan Mortgage Corp. STACR Debt Notes, Series 2017-DNA2, Class M2R, 4.726%, 10/25/29 (30 day USD SOFR Average + 1.064%) (d)		172,388		171,900
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust
Series 2015-SC01, Class 1A, 3.500%, 05/25/45		128,520		116,359
Series 2016-SC02, Class 1A, 3.000%, 10/25/46		36,247		31,332
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2016-C05, Class 2M2, 8.226%, 01/25/29 (30 day USD SOFR Average + 4.564%) (d)		226,138		228,018
Federal National Mortgage Association REMICS, Series 2004-33, Class AL, 4.500%, 05/25/34		537,000		534,520
Flagstar Mortgage Trust
Series 2021-5INV, Class A5, 2.500%, 07/25/51 (c) (d)		1,781,096		1,605,508
Series 2021-6INV, Class A6, 2.500%, 08/25/51 (c) (d)		1,610,536		1,448,641
GCAT Trust, Series 2025-NQM7, Class A2, 5.289%, 11/25/70 (c) (e)		1,040,462		1,035,950
Government National Mortgage Association REMICS
1.000%, 12/20/42		29,888		25,367
3.000%, 11/16/44		524,009		475,475
3.500%, 01/20/49		475,000		428,558
GS Mortgage-Backed Securities Trust, Series 2014-EB1A, Class B4, 6.207%, 07/25/44 (c) (d)		2,110,021		2,077,659
JP Morgan Mortgage Trust
Series 2014-2, Class B1, 3.346%, 06/25/29 (c) (d)		85,169		83,335
Series 2015-6, Class B4, 3.510%, 10/25/45 (c) (d)		1,375,000		1,031,833
Series 2016-3, Class B3, 3.309%, 10/25/46 (c) (d)		100,996		97,474
Series 2017-2, Class B4, 3.652%, 05/25/47 (c) (d)		2,217,037		2,041,166
Series 2021-13, Class A4, 2.500%, 04/25/52 (c) (d)		2,800,428		2,520,514
Series 2021-4, Class A5, 2.500%, 08/25/51 (c) (d)		2,400,000		1,678,739

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Luminent Mortgage Trust, Series 2005-1, Class A1, 4.313%, 11/25/35 (1-Month USD TERM SOFR + 0.634%) (d)	$	955,492	$	933,227
OBX Trust, Series 2022-NQM2, Class A1, 3.996%, 01/25/62 (c) (d)		1,644,972		1,578,854
PMT Loan Trust, Series 2024-INV1, Class A3, 5.500%, 10/25/59 (c) (d)		1,084,794		1,082,124
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071%, 11/25/56 (c) (d)		869,011		770,096
Sequoia Mortgage Trust
Series 2013-8, Class B4, 3.478%, 06/25/43 (d)		441,116		344,440
Series 2015-1, Class B2, 3.931%, 01/25/45 (c) (d)		76,623		74,634
Series 2015-3, Class B1, 3.726%, 07/25/45 (c) (d)		77,454		76,408
Series 2015-4, Class B2, 3.087%, 11/25/30 (c) (d)		20,585		19,773
Series 2017-1, Class B3, 3.601%, 02/25/47 (c) (d)		742,264		603,325
Shellpoint Co-Originator Trust, Series 2017-1, Class B4, 3.574%, 04/25/47 (c) (d)		1,058,763		742,612
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127%, 06/25/56 (c) (d)		578,972		503,201
Series 2021-6, Class A1, 1.920%, 11/25/66 (c) (d)		1,022,333		903,228
Structured Asset Mortgage Investments, Inc.
Series 1998-2, Class B, 6.750%, 05/02/30 (d)		5,571		72
Series 1998-2, Class C, 6.750%, 05/02/30 (d)		3,606		242
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.000%, 06/25/58 (c) (d)		1,238,159		1,171,306
WinWater Mortgage Loan Trust, Series 2015-4, Class B3, 3.698%, 06/20/45 (c) (d)		975,503		915,352
				32,276,427
Commercial Mortgage-Backed Securities (2.8%)
BX Commercial Mortgage Trust, Series 2025-JDI, Class C, 5.423%, 11/15/42 (1-Month USD TERM SOFR + 1.750%) (c) (d)		564,644		564,467
BX Trust, Series 2023-LIFE, Class A, 5.045%, 02/15/28 (c)		900,000		886,173
Hudson Yards Mortgage Trust
Series 2025-SPRL, Class A, 5.467%, 01/13/40 (c) (d)		430,000		439,990
Series 2025-SPRL, Class B, 5.758%, 01/13/40 (c) (d)		430,000		439,912
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.723%, 03/15/50		1,000,000		994,153
Sage AR Funding, Series 2026-1A, Class C, 5.484%, 05/18/38 (SONIA - 1.750%) (c) (d)		525,000		692,285
UBS Commercial Mortgage Trust
Series 2017-C1, Class AS, 3.724%, 06/15/50		2,750,000		2,693,084
Series 2017-C6, Class A5, 3.580%, 12/15/50		3,500,000		3,432,052
Series 2017-C7, Class AS, 4.061%, 12/15/50 (d)		1,505,000		1,469,415
				11,611,531
Total other mortgage-backed securities (cost: $47,383,548)				43,887,958

Corporate Obligations (16.1%)
Basic Materials (0.3%)
Chemicals (0.3%)
International Flavors & Fragrances, Inc., 2.300%, 11/01/30 (c)		1,205,000		1,073,016

Communications (1.9%)
Internet & Telecom (0.8%)
Amazon.com, Inc.
4.450%, 03/16/45		225,000		255,416
4.850%, 03/16/64		190,000		216,997
4.875%, 03/13/36		300,000		297,489
5.800%, 03/13/56		685,000		686,723
Booking Holdings, Inc., 3.875%, 03/21/45		145,000		147,268
Getty Images, Inc., 10.500%, 11/15/30 (c)		70,000		62,778
ION Platform Finance U.S., Inc./ION Platform Finance SARL, 8.750%, 05/01/29 (c)		200,000		185,537
Meta Platforms, Inc.
4.875%, 11/15/35		375,000		368,047
5.625%, 11/15/55		1,185,000		1,114,347
				3,334,602
Media (0.7%)
CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 02/01/36 (c)		65,000		64,299
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800%, 04/01/31		1,130,000		1,014,553
3.500%, 03/01/42		280,000		192,137
4.800%, 03/01/50		315,000		233,397
CSC Holdings LLC
5.750%, 01/15/30 (c)		112,000		42,544
6.500%, 02/01/29 (c)		547,000		348,622
11.750%, 01/31/29 (c)		405,000		292,707
Time Warner Cable LLC, 5.500%, 09/01/41		145,000		124,995
Virgin Media O2 Vendor Financing Notes VI DAC, 8.500%, 03/15/33 (c)		94,000		81,978
VZ Secured Financing BV, 5.000%, 01/15/32 (c)		535,000		458,639
				2,853,871

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Software (0.2%)
Alphabet, Inc.
3.500%, 11/06/38	$	165,000	$	180,226
5.650%, 02/15/56		545,000		544,510
				724,736
Telecommunication (0.2%)
Altice Financing SA, 9.625%, 07/15/27 (c)		172,000		127,371
Altice France SA
6.500%, 04/15/32 (c)		11,082		10,473
6.875%, 07/15/32 (c)		44,000		41,691
9.500%, 11/01/29 (c)		8,265		8,350
Crown Castle Towers LLC, 4.241%, 07/15/48 (c)		625,000		620,965
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 09/20/29 (c)		200,000		200,976
Vmed O2 U.K. Financing I PLC, 7.750%, 04/15/32 (c)		73,000		69,913
Zayo Group Holdings, Inc., 9.250%, 03/09/30 (c)		45,031		44,767
				1,124,506
Consumer Cyclical (0.7%)
Auto Manufacturers (0.2%)
Volkswagen Group of America Finance LLC, 5.650%, 03/25/32 (c)		700,000		710,898
Volkswagen International Finance NV, 7.875%, 09/06/32 (9 year EUR Swap + 4.783%)(d)		100,000		127,571
				838,469
Automobile Components (0.0%)
Robert Bosch GmbH, 4.375%, 06/02/43		100,000		109,997

Entertainment (0.1%)
Discovery Global Holdings, Inc.
5.050%, 03/15/42		10,000		6,620
5.141%, 03/15/52		122,000		73,909
Flutter Treasury DAC, 6.125%, 06/04/31		110,000		140,274
Great Canadian Gaming Corp./Raptor LLC, 8.750%, 11/15/29 (c)		46,000		44,876
Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.000%, 08/01/30 (c)		34,000		32,539
Voyager Parent LLC, 9.250%, 07/01/32 (c)		48,000		49,833
				348,051
Housewares (0.0%)
Newell Brands, Inc., 7.375%, 04/01/36		80,000		73,630

Lodging-Hotel (0.1%)
Las Vegas Sands Corp., 6.000%, 06/14/30		425,000		437,076

Passenger Airlines (0.1%)
JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 09/20/31 (c)		27,000		25,531
JetBlue Pass-Through Trust, Series 2020-1, Class A, 4.000%, 05/15/34		578,621		548,168
				573,699
Retail (0.2%)
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc., 9.500%, 07/01/32 (c)		65,000		58,912
Ferrellgas LP/Ferrellgas Finance Corp.
5.875%, 04/01/29 (c)		101,000		96,545
9.250%, 01/15/31 (c)		140,000		145,826
Michaels Cos., Inc.
8.500%, 03/15/33 (c)		102,000		99,298
11.000%, 03/15/34 (c)		33,000		30,540
Papa John's International, Inc., 3.875%, 09/15/29 (c)		225,000		213,198
Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.500%, 12/15/35 (c)		135,000		130,989
				775,308
Consumer, Non-cyclical (3.2%)
Agricultural Products (0.3%)
Imperial Brands Finance PLC
3.875%, 07/26/29 (c)		30,000		29,260
6.125%, 07/27/27 (c)		470,000		479,749
Japan Tobacco, Inc., 5.250%, 06/15/30 (c)		635,000		650,515
				1,159,524
Beverages (0.2%)
Constellation Brands, Inc., 2.250%, 08/01/31		755,000		665,759
Maple Parent Holdings Corp., 4.728%, 03/26/35 (c)		180,000		206,915
				872,674

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Biotechnology (0.0%)
Amgen, Inc., 5.650%, 03/02/53	$	110,000	$	106,804

Commercial Services (0.1%)
AA Bond Co. Ltd., 5.500%, 07/31/50		100,000		127,871
Grand Canyon University, 5.125%, 10/01/28		70,000		69,012
Raven Acquisition Holdings LLC, 6.875%, 11/15/31 (c)		40,000		38,546
Upbound Group, Inc., 6.375%, 02/15/29 (c)		75,000		72,669
VT Topco, Inc., 8.500%, 08/15/30 (c)		132,000		134,369
				442,467
Food Products (0.3%)
Pilgrim's Pride Corp.
3.500%, 03/01/32		1,320,000		1,197,105
6.875%, 05/15/34		165,000		178,068
				1,375,173
Health Care Equipment & Supplies (0.2%)
Medline Borrower LP, 3.875%, 04/01/29 (c)		560,000		541,648
Sartorius Finance BV, 4.875%, 09/14/35		200,000		238,068
				779,716
Health Care Providers & Services (1.4%)
Centene Corp.
2.500%, 03/01/31		220,000		184,145
3.000%, 10/15/30		757,000		663,309
Cigna Group, 5.250%, 01/15/36		640,000		641,295
CommonSpirit Health, 4.350%, 11/01/42		405,000		344,230
Elevance Health, Inc.
5.000%, 01/15/36		565,000		554,249
5.375%, 06/15/34		275,000		278,782
Humana, Inc., 5.550%, 05/01/35		645,000		638,377
IQVIA, Inc., 5.700%, 05/15/28		825,000		840,972
Kedrion SpA, 6.500%, 09/01/29 (c)		305,000		294,111
Molina Healthcare, Inc.
6.250%, 01/15/33 (c)		73,000		70,578
6.500%, 02/15/31 (c)		42,000		41,279
Sinai Health System, 3.034%, 01/20/36		900,000		839,639
Star Parent, Inc., 9.000%, 10/01/30 (c)		88,000		91,520
UnitedHealth Group, Inc., 5.625%, 07/15/54		425,000		406,111
				5,888,597
Household Products (0.0%)
Spectrum Brands, Inc., 3.875%, 03/15/31 (c)		61,000		52,650

Pharmaceuticals (0.7%)
1261229 BC Ltd., 10.000%, 04/15/32 (c)		165,000		168,718
Bayer U.S. Finance II LLC
4.375%, 12/15/28 (c)		1,180,000		1,168,343
4.400%, 07/15/44 (c)		775,000		613,073
CVS Health Corp.
4.780%, 03/25/38		90,000		82,859
7.000%, 03/10/55 (5 year CMT + 2.886%)(d)		240,000		247,290
Grifols SA, 7.500%, 05/01/30		328,000		390,880
				2,671,163
Energy (1.0%)
Oil & Gas (0.2%)
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.737%, 03/11/46		100,000		113,839
Ecopetrol SA
8.375%, 01/19/36		100,000		101,533
8.875%, 01/13/33		40,000		42,264
KazMunayGas National Co. JSC, 5.375%, 04/24/30		300,000		302,861
Sunoco LP
5.625%, 07/15/34 (c)		50,000		49,154
7.875%, 09/18/30 (5 year CMT + 4.230%)(c) (d)		250,000		255,153
Transocean International Ltd., 8.750%, 02/15/30 (c)		31,500		32,768
				897,572
Pipelines (0.8%)
Energy Transfer LP, 6.850%, 02/15/40		1,850,000		1,968,131

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

NGPL PipeCo LLC, 3.250%, 07/15/31 (c)	$	1,000,000	$	918,978
Venture Global LNG, Inc., 9.000%, 09/30/29 (5 year CMT + 5.440%)(c) (d)		123,000		122,436
Venture Global Plaquemines LNG LLC
6.500%, 01/15/34 (c)		16,000		16,662
6.500%, 06/15/34 (c)		8,000		8,328
6.750%, 01/15/36 (c)		91,000		96,386
7.500%, 05/01/33 (c)		30,000		32,970
				3,163,891
Financial (4.8%)
Banks (2.4%)
Bank of America Corp., 2.884%, 10/22/30 (3-Month USD TERM SOFR + 1.452%)(d)		2,410,000		2,278,741
Citigroup, Inc.
2.520%, 11/03/32 (SOFRRATE + 1.177%)(d)		285,000		251,317
5.333%, 03/27/36 (SOFRRATE + 1.465%)(d)		55,000		55,208
Goldman Sachs Group, Inc.
2.383%, 07/21/32 (SOFRRATE + 1.248%)(d)		600,000		529,666
5.536%, 01/28/36 (SOFRRATE + 1.380%)(d)		55,000		55,887
HSBC Holdings PLC, 2.357%, 08/18/31 (SOFRRATE + 1.947%)(d)		95,000		85,675
JPMorgan Chase & Co.
1.470%, 09/22/27 (SOFRRATE + 0.765%)(d)		1,315,000		1,297,162
2.580%, 04/22/32 (3-Month USD TERM SOFR + 1.250%)(d)		195,000		176,196
4.946%, 10/22/35 (SOFRRATE + 1.340%)(d)		250,000		247,288
5.502%, 01/24/36 (SOFRRATE + 1.315%)(d)		175,000		179,336
Morgan Stanley
1.928%, 04/28/32 (SOFRRATE + 1.020%)(d)		219,000		189,827
2.511%, 10/20/32 (SOFRRATE + 1.200%)(d)		125,000		110,360
Morgan Stanley Private Bank NA
4.204%, 11/17/28 (SOFRRATE + 0.780%)(d)		250,000		249,125
4.465%, 11/19/31 (SOFRRATE + 1.020%)(d)		130,000		128,026
4.734%, 07/18/31 (SOFRRATE + 1.080%)(d)		590,000		588,007
U.S. Bancorp
3.000%, 07/30/29		765,000		730,470
Series J, 5.300%, 04/15/27 (3-Month USD TERM SOFR + 3.176%)(d)		800,000		795,431
Wells Fargo & Co.
2.393%, 06/02/28 (SOFRRATE + 2.100%)(d)		1,380,000		1,346,891
3.000%, 10/23/26		1,100,000		1,092,392
				10,387,005
Financial Services (0.5%)
Air Lease Corp., 3.250%, 10/01/29		620,000		588,260
American Express Co., 5.667%, 04/25/36 (SOFRRATE + 1.790%)(d)		425,000		439,335
Avolon Holdings Funding Ltd., 2.528%, 11/18/27 (c)		659,000		636,613
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/32 (c)		143,000		141,302
Lseg U.S. Fin Corp., 5.250%, 03/23/36 (c)		200,000		198,192
				2,003,702
Insurance (0.8%)
Acrisure LLC/Acrisure Finance, Inc., 8.250%, 02/01/29 (c)		40,000		39,506
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.500%, 10/01/31 (c)		16,000		15,708
7.000%, 01/15/31 (c)		14,000		14,063
7.375%, 10/01/32 (c)		16,000		15,846
Farmers Insurance Exchange
4.747%, 11/01/57 (3-Month USD LIBOR + 3.231%)(c) (d)		500,000		419,128
7.000%, 10/15/64 (10 year CMT + 3.864%)(c) (d)		235,000		234,775
Marsh & McLennan Cos., Inc., 4.950%, 03/15/36		570,000		563,494
Metropolitan Life Global Funding I, 5.150%, 03/28/33 (c)		290,000		293,078
Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (c)		2,125,000		1,710,951
				3,306,549
Investment Companies (0.1%)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.000%, 06/15/30		211,000		197,047
9.750%, 01/15/29		140,000		137,678
				334,725
Real Estate (0.1%)
Blackstone Property Partners Europe Holdings SARL, 3.500%, 01/29/31		110,000		123,028
DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH, 4.875%, 08/21/30		100,000		114,559
Vonovia SE, 5.717%, 09/03/35		190,000		122,393
				359,980

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Real Estate Investment Trust — Health Care (0.1%)
Healthcare Realty Holdings LP, 3.100%, 02/15/30	$	380,000	$	357,050

Real Estate Investment Trust — Office Property (0.1%)
Hudson Pacific Properties LP
3.250%, 01/15/30		89,000		71,934
3.950%, 11/01/27		10,000		9,435
4.650%, 04/01/29		2,000		1,705
5.950%, 02/15/28		265,000		250,567
				333,641
Specialized REITs (0.7%)
American Assets Trust LP, 6.150%, 10/01/34		110,000		109,075
American Tower Corp.
2.900%, 01/15/30		430,000		403,425
4.900%, 03/15/30		435,000		439,071
Digital Dutch Finco BV, 3.875%, 07/15/34 (b)		100,000		110,139
Equinix Europe 2 Financing Corp. LLC, 3.625%, 11/22/34		340,000		370,636
GLP Capital LP/GLP Financing II, Inc.
5.300%, 01/15/29		310,000		312,698
5.750%, 11/01/37		340,000		328,263
VICI Properties LP/VICI Note Co., Inc., 3.875%, 02/15/29 (c)		665,000		646,315
WP Carey, Inc., 3.750%, 05/10/35		255,000		274,904
				2,994,526
Storage REITs (0.0%)
Extra Space Storage LP, 2.400%, 10/15/31		70,000		61,234

Industrials (0.6%)
Construction & Engineering (0.0%)
Sydney Airport Finance Co. Pty. Ltd., 5.900%, 04/19/34		130,000		87,637

Environmental Control (0.0%)
Seche Environnement SACA, 5.870%, 01/09/31 (5 year EURIBOR ICE Swap + 3.707%)(d)		100,000		112,165

Machinery — Construction & Mining (0.1%)
Eaton Capital ULC
3.550%, 03/10/34		185,000		208,925
4.000%, 03/10/38		100,000		113,610
				322,535
Machinery — Diversified (0.0%)
Oregon Tool Lux LP, 7.875%, 10/15/29 (c) (f)		68,024		10,956

Miscellaneous Manufacture (0.1%)
Dyno Nobel Ltd., 5.400%, 11/08/32		130,000		85,327
Smiths Group PLC, 3.625%, 11/13/33		165,000		183,213
				268,540
Miscellaneous Manufacturing (0.0%)
Eaton Corp., 4.800%, 03/06/36		40,000		39,558

Packaging & Containers (0.2%)
Amcor Flexibles North America, Inc., 5.100%, 03/17/30		280,000		282,630
Amcor U.K. Finance PLC, 3.750%, 02/20/33		260,000		289,295
Ardagh Group SA
9.500%, 12/01/30 (c)		15,000		15,732
12.000%, 12/01/30 (c)		65,000		54,623
				642,280
Transportation (0.0%)
Pacific National Finance Pty. Ltd., 3.700%, 09/24/29		120,000		75,035

Trucking & Leasing (0.2%)
SMBC Aviation Capital Finance DAC, 5.100%, 04/01/30 (c)		440,000		443,578
SMBC Aviation Capital Finance DAC, 5.300%, 04/03/29 (c)		440,000		446,619
				890,197
Information Technology (0.9%)
Semiconductor Equipment (0.0%)
Foundry JV Holdco LLC, 5.500%, 01/25/31 (c)		75,000		76,586

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Software (0.9%)
Cloud Software Group, Inc., 8.250%, 06/30/32 (c)	$	123,000	$	116,336
Fiserv, Inc.
5.250%, 08/11/35		490,000		476,715
5.450%, 03/15/34		225,000		223,755
5.625%, 08/21/33		290,000		292,847
Open Text Corp., 6.900%, 12/01/27 (c)		85,000		87,222
Oracle Corp.
2.875%, 03/25/31		330,000		293,466
3.600%, 04/01/50		650,000		393,230
6.550%, 02/04/46		370,000		345,963
6.700%, 02/04/56		215,000		199,066
Paychex, Inc., 5.350%, 04/15/32		425,000		427,280
Salesforce, Inc.
4.650%, 03/15/29		215,000		215,351
5.550%, 03/15/36		425,000		423,822
TeamSystem SpA, 5.000%, 07/01/31		100,000		106,342
UKG, Inc., 6.875%, 02/01/31 (c)		75,000		72,778
				3,674,173
Utilities (2.7%)
Electric Utilities (2.1%)
Alliant Energy Corp., 5.750%, 04/01/56 (5 year CMT + 2.077%) (d)		345,000		335,393
American Electric Power Co., Inc.
Series C, 5.800%, 03/15/56 (5 year CMT + 2.128%) (d)		185,000		182,731
Series D, 6.050%, 03/15/56 (5 year CMT + 1.940%) (d)		760,000		752,976
Amprion GmbH, 4.580%, 01/15/46		200,000		225,240
Ausgrid Finance Pty. Ltd., 5.946%, 12/10/35		190,000		126,861
CenterPoint Energy, Inc., 5.950%, 04/01/56 (5 year CMT + 2.223%) (d)		350,000		346,676
Dominion Energy, Inc., 6.200%, 02/15/56 (5 year CMT + 2.006%) (d)		465,000		460,927
Electricite de France SA
2.000%, 12/09/49		200,000		136,200
4.750%, 06/17/44		500,000		568,986
7.375%, 06/17/35 (5 yr. U.K. Government Bond + 3.775%) (d)		100,000		132,768
EnBW International Finance BV, 5.792%, 02/26/36		300,000		198,194
Enel SpA, 4.500%, 10/14/34 (5 year EURIBOR ICE Swap + 1.821%) (d)		210,000		229,157
Entergy Corp., 6.100%, 06/15/56 (5 year CMT + 2.013%) (d)		515,000		508,165
Entergy Mississippi LLC, 3.250%, 12/01/27		500,000		491,209
Niagara Mohawk Power Corp., 4.278%, 10/01/34 (c)		490,000		455,922
Oncor Electric Delivery Co. LLC, 5.350%, 04/01/35		635,000		649,274
Southern Co., Series 21-A, 3.750%, 09/15/51 (5 year CMT + 2.915%) (d)		860,000		851,223
Southwestern Electric Power Co., 5.200%, 04/01/36		950,000		934,781
Trans-Allegheny Interstate Line Co., 5.000%, 01/15/31 (c)		1,060,000		1,076,699
WEC Energy Group, Inc., 5.625%, 05/15/56 (5 year CMT + 1.905%) (d)		275,000		269,411
				8,932,793
Gas Utilities (0.3%)
AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 06/01/28 (c)		101,000		103,678
Nortegas Energia Grupo SL, 4.125%, 01/21/33		200,000		223,164
Redexis SA, 4.375%, 05/30/31		200,000		231,153
Southern Co. Gas Capital Corp., 4.400%, 05/30/47		775,000		632,148
				1,190,143
Water (0.3%)
DWR Cymru Financing U.K. PLC, 2.375%, 03/31/34		280,000		274,312
Severn Trent Utilities Finance PLC, 4.000%, 03/05/34		180,000		206,794
United Utilities Water Finance PLC, 3.750%, 08/07/35		180,000		201,112
Yorkshire Water Finance PLC
2.750%, 04/18/41		200,000		163,427
6.375%, 11/18/34		205,000		272,451
				1,118,096
Total corporate obligations (cost: $68,516,478)				67,256,298

Bank Loans (1.6%)
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 5.418%, 09/20/30 (1-Month USD TERM SOFR + 1.750%) (c) (d)		49,392		49,244
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 5.918%, 12/21/28 (1-Month USD TERM SOFR + 2.250%) (c) (d)		45,115		45,015
Action Environmental Group, Inc., 2023 Term Loan B, 6.685%, 10/24/30 (3-Month USD TERM SOFR + 3.000%) (c) (d)		29,628		29,480

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Advantage Sales & Marketing, Inc., 2026 First Out Term Loan, 9.784%, 04/19/30 (1-Month USD TERM SOFR + 6.000%) (c) (d)	$	48,216	$	36,162
Alpha Generation LLC, Term Loan B, 5.418%, 09/30/31 (1-Month USD TERM SOFR + 1.750%) (c) (d)		90,574		90,257
Amspec Parent LLC, 2025 Term Loan, 7.200%, 12/22/31 (3-Month USD TERM SOFR + 3.500%) (c) (d)		57,166		56,928
Antylia Scientific, Term Loan, 7.661%, 05/27/32 (3-Month USD TERM SOFR + 4.000%) (c) (d)		39,901		39,452
Asurion LLC, 2021 Second Lien Term Loan B4, 9.032%, 01/20/29 (1-Month USD TERM SOFR + 5.250%) (c) (d)		13,656		13,540
Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 5.425%, 06/24/30 (1-Month USD TERM SOFR + 1.750%) (c) (d)		222,880		223,096
Balcan Innovations, Inc., Term Loan B, 8.417%, 10/18/31 (3-Month USD TERM SOFR + 4.750%) (c) (d)		36,818		23,931
Barracuda Networks, Inc., 2022 Term Loan, 8.167%, 08/15/29 (3-Month USD TERM SOFR + 4.500%) (c) (d)		27,738		17,475
BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 7.782%, 06/09/28 (1-Month USD TERM SOFR + 4.000%) (c) (d)		56,806		56,545
Blackhawk Network Holdings, Inc., 2026 Term Loan B, 7.168%, 03/12/29 (1-Month USD TERM SOFR + 3.500%) (c) (d)		48,992		48,303
BradyPlus Holdings LLC, 2025 Term Loan B, 7.201%, 12/29/32 (3-Month USD TERM SOFR + 3.500%) (c) (d)		140,571		138,287
C&S Wholesale Grocers, Inc., Term Loan B, 8.700%, 09/20/30 (3-Month USD TERM SOFR + 5.000%) (c) (d)		94,649		92,361
Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 7.417%, 12/29/28 (3-Month USD TERM SOFR + 3.750%) (c) (d)		20,964		8,251
CCRR Parent, Inc.
Term Loan B, 8.184%, 03/06/28 (3-Month USD TERM SOFR + 4.250%) (c) (d)		18,422		5,066
U.S. Acquisition Facility, 8.023%, 03/06/28 (3-Month USD TERM SOFR + 4.250%) (c) (d)		49,538		10,898
Celsius Holdings, Inc., 2025 Term Loan B, 6.200%, 04/01/32 (3-Month USD TERM SOFR + 2.500%) (c) (d)		33,847		33,898
Charter Communications Operating LLC, 2024 Term Loan B5, 5.911%, 12/15/31 (3-Month USD TERM SOFR + 2.250%) (c) (d)		93,157		93,157
City Football Group Ltd., 2024 Term Loan, 7.461%, 07/22/30 (3-Month USD TERM SOFR + 3.500%) (c) (d)		73,443		73,137
Cleanova U.S. Holdings LLC, 2025 Term Loan B, 8.425%, 06/14/32 (3-Month USD TERM SOFR + 4.750%) (c) (d)		26,741		26,708
Cloud Software Group, Inc., 2025 Term Loan B (2031), 6.950%, 03/21/31 (3-Month USD TERM SOFR + 3.250%) (c) (d)		35,104		32,055
Cloudera, Inc., 2021 Term Loan, 7.518%, 10/08/28 (1-Month USD TERM SOFR + 3.750%) (c) (d)		75,424		66,750
Cornerstone Generation LLC, Term Loan B, 5.917%, 08/11/32 (3-Month USD TERM SOFR + 2.250%) (c) (d)		21,591		21,550
Darktrace PLC, 1st Lien Term Loan, 6.898%, 10/09/31 (3-Month USD TERM SOFR + 3.250%) (c) (d)		47,902		45,730
Dave & Buster's, Inc., 2024 1st Lien Term Loan B, 6.938%, 11/01/31 (3-Month USD TERM SOFR + 3.250%) (c) (d)		56,336		46,940
Delivery Hero SE
2024 USD Term Loan B, 8.639%, 12/12/29 (3-Month USD TERM SOFR + 5.000%) (c) (d)		113,260		111,030
2026 Term Loan B, 10.750%, 06/30/32 (3-Month USD TERM SOFR + 4.000%) (c) (d)		39,750		38,346
DK Crown Holdings, Inc., 2025 Term Loan B, 5.419%, 03/04/32 (1-Month USD TERM SOFR + 1.750%) (c) (d)		29,402		29,352
DTI Holdco, Inc., 2025 Term Loan B, 7.668%, 04/26/29 (1-Month USD TERM SOFR + 4.000%) (c) (d)		24,961		21,504
Electronic Arts, Inc., USD Term Loan B, 0.000%, 03/24/33 (b) (c) (d) (g)		15,646		15,543
EOC Borrower LLC, Term Loan A, 7.418%, 03/24/28 (1-Month USD TERM SOFR + 3.750%) (c) (d)		21,675		21,602
Flutter Financing BV, 2024 Term Loan B, 5.450%, 11/30/30 (3-Month USD TERM SOFR + 1.750%) (c) (d)		61,783		61,011
GC Ferry Acquisition I, Inc.
Delayed Draw Term Loan, 0.000%, 08/16/32 (c) (d) (g)		7,110		6,998
Term Loan, 7.200%, 08/16/32 (3-Month USD TERM SOFR + 3.500%) (c) (d)		41,645		40,994
Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 6.168%, 01/30/32 (1-Month USD TERM SOFR + 2.500%) (c) (d)		29,516		28,141
GOGO Intermediate Holdings LLC, Term Loan B, 7.532%, 04/30/28 (1-Month USD TERM SOFR + 3.750%) (c) (d)		36,962		32,122
Great Canadian Gaming Corp., 2024 Term Loan B, 8.437%, 11/01/29 (3-Month USD TERM SOFR + 4.750%) (b) (c) (d)		67,313		65,967
Guggenheim Partners LLC, 2024 Term Loan B, 6.200%, 11/26/31 (3-Month USD TERM SOFR + 2.500%) (c) (d)		24,675		24,663
GVC Holdings Gibraltar Ltd., 2025 Term Loan B6 (2029), 5.951%, 10/31/29 (3-Month USD TERM SOFR + 2.250%) (c) (d)		29,361		29,340
HDI Aerospace Intermediate Holding III Corp., Term Loan B, 7.400%, 02/11/32 (3-Month USD TERM SOFR + 3.750%) (c) (d)		49,500		49,624
Healthpeak Properties, Inc.
2024 Term Loan A3, 4.480%, 03/01/29 (3-Month USD TERM SOFR + 0.850%) (c) (d)		280,012		275,812
Term Loan A1, 4.508%, 08/20/27 (1-Month USD TERM SOFR + 0.840%) (c) (d)		138,742		136,661
Term Loan A2, 4.508%, 02/22/27 (1-Month USD TERM SOFR + 0.840%) (c) (d)		138,742		136,661
Heartland Dental LLC, 2025 Term Loan, 7.418%, 08/25/32 (1-Month USD TERM SOFR + 3.750%) (c) (d)		73,431		73,147
Heritage Environmental Services, Inc., 2026 Term Loan B, 0.000%, 03/18/33 (b) (c) (d) (g)		30,057		30,019
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 5.429%, 11/08/30 (1-Month USD TERM SOFR + 1.750%) (c) (d)		226,949		227,209
Hologic, Inc., 2026 USD Term Loan B, 0.000%, 01/14/33 (b) (c) (d) (g)		42,499		41,919
Invitation Homes Operating Partnership LP, 2024 Term Loan, 4.528%, 09/09/28 (1-Month USD TERM SOFR + 0.850%) (c) (d)		397,356		392,389
IQVIA, Inc., 2025 Incremental Term Loan B5, 5.450%, 01/02/31 (3-Month USD TERM SOFR + 1.750%) (c) (d)		77,690		77,836
Jane Street Group LLC, 2024 Term Loan B1, 5.673%, 12/15/31 (3-Month USD TERM SOFR + 2.000%) (c) (d)		63,266		61,992
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, 5.918%, 05/05/28 (1-Month USD TERM SOFR + 2.250%) (c) (d)		48,824		48,980

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

KFC Holding Co., 2021 Term Loan B, 5.544%, 03/15/28 (1-Month USD TERM SOFR + 1.750%) (c) (d)	$	57,753	$	57,854
KUEHG Corp., 2025 Term Loan, 6.450%, 06/12/30 (3-Month USD TERM SOFR + 2.750%) (c) (d)		23,554		20,948
Lavender Dutch BorrowerCo BV, USD Term Loan, 0.000%, 12/30/32 (b) (c) (d) (g)		55,967		54,987
Lsf12 Crown U.S. Commercial Bidco LLC, 2026 Term Loan B, 6.668%, 12/02/31(1-Month USD TERM SOFR + 3.000%) (c) (d)		21,533		21,528
Magnite, Inc., 2025 Repriced Term Loan B, 6.668%, 02/06/31 (1-Month USD TERM SOFR + 3.000%) (c) (d)		60,448		59,768
McAfee LLC, 2024 USD 1st Lien Term Loan B, 6.668%, 03/01/29 (1-Month USD TERM SOFR + 3.000%)(c) (d)		40,853		36,388
MH Sub I LLC
2023 Term Loan, 7.918%, 05/03/28 (1-Month USD TERM SOFR + 4.250%) (c) (d)		46,153		39,519
2024 Term Loan B4, 7.918%, 12/31/31 (1-Month USD TERM SOFR + 4.250%) (c) (d)		72,035		47,633
Michaels Cos., Inc., 2026 Term Loan B, 8.669%, 03/15/33 (3-Month USD TERM SOFR + 5.000%) (c) (d)		115,911		111,935
ModivCare Buyer LLC
Super Senior Term Loan, 7.951%, 12/29/30 (3-Month USD TERM SOFR + 4.250%) (c) (d)		75,000		74,250
Takeback Term Loan, 7.951%, 12/30/32 (3-Month USD TERM SOFR + 4.250%) (c) (d)		118,398		109,074
Naked Juice LLC
2025 FLFO Term Loan, 9.200%, 01/24/29 (3-Month USD TERM SOFR + 5.500%) (c) (d)		250,965		249,501
2025 FLSO Term Loan, 7.050%, 01/24/29 (3-Month USD TERM SOFR + 3.250%) (c) (d)		46,496		24,556
Opal Bidco SAS, USD Term Loan B4, 6.700%, 04/28/32 (3-Month USD TERM SOFR + 3.000%) (c) (d)		35,922		35,892
Oregon Tool, Inc., 2025 2nd Lien Term Loan, 7.913%, 10/15/29 (3-Month USD TERM SOFR + 4.000%) (c) (d)		50,719		35,947
Peer Holding III BV
2025 USD Term Loan B, 5.950%, 09/29/32 (3-Month USD TERM SOFR + 2.250%) (c) (d)		76,854		76,109
2025 USD Term Loan B5B, 6.200%, 07/01/31 (3-Month USD TERM SOFR + 2.500%)(c) (d)		97,925		97,762
Pelican Products, Inc., 2021 Term Loan, 8.211%, 12/29/28 (3-Month USD TERM SOFR + 4.250%) (c) (d)		84,661		74,671
Peraton Corp., Term Loan B, 7.517%, 02/01/28 (3-Month USD TERM SOFR + 3.750%) (c) (d)		55,823		47,473
Plano HoldCo, Inc., Term Loan B, 7.200%, 10/02/31 (3-Month USD TERM SOFR + 3.500%) (c) (d)		14,850		11,880
Planview Parent, Inc., 2024 1st Lien Term Loan, 7.200%, 12/17/27 (3-Month USD TERM SOFR + 3.500%) (c) (d)		127,806		94,336
Potomac Energy Center LLC, 2026 Term Loan B, 6.417%, 08/05/32 (3-Month USD TERM SOFR + 2.750%) (c) (d)		24,894		24,894
Primo Brands Corp.
2025 Term Loan B, 5.950%, 03/31/28 (3-Month USD TERM SOFR + 2.250%) (c) (d)		11,273		11,271
2026 Term Loan B, 0.000%, 03/19/31 (b) (c) (d) (g)		23,467		23,485
Priority Holdings LLC, 2025 Term Loan B, 7.418%, 08/02/32 (c) (d)		68,906		66,896
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 6.950%, 10/26/30 (3-Month USD TERM SOFR + 3.250%) (c) (d)		139,285		104,812
PUG LLC, 2024 Extended Term Loan B, 8.418%, 03/15/30 (1-Month USD TERM SOFR + 4.750%) (c) (d)		32,403		31,815
Quartz Acquireco LLC, 2025 Term Loan B, 5.950%, 06/28/30 (3-Month USD TERM SOFR + 2.250%) (c) (d)		57,651		48,283
QuidelOrtho Corp.
Term Loan, 7.668%, 08/20/32 (1-Month USD TERM SOFR + 4.000%) (c) (d)		66,110		65,966
Term Loan A, 5.918%, 08/14/30 (1-Month USD TERM SOFR + 2.250%) (c) (d)		49,250		46,787
Raising Cane's Restaurants LLC, 2025 Term Loan B, 5.668%, 11/03/32 (1-Month USD TERM SOFR + 2.000%) (c) (d)		51,625		51,313
Red Ventures LLC, 2024 Term Loan B, 6.418%, 03/04/30 (1-Month USD TERM SOFR + 2.750%) (c) (d)		50,080		44,001
Renaissance Holding Corp., 2024 1st Lien Term Loan, 7.667%, 04/05/30 (3-Month USD TERM SOFR + 4.000%) (c) (d)		118,217		83,441
Research Now Group, Inc., 2024 First Lien First Out Term Loan, 8.913%, 07/15/28 (3-Month USD TERM SOFR + 5.000%) (c) (d)		11,556		11,316
Sabre GLBL, Inc., 2024 Term Loan B1, 9.768%, 11/15/29 (1-Month USD TERM SOFR + 6.000%) (c) (d)		20,042		15,616
Secretariat Advisors LLC
2025 Delayed Draw Term Loan, 0.000%, 02/28/32 (b) (c) (d) (g)		3,177		3,113
2025 Term Loan B, 0.000%, 02/28/32 (b) (c) (d) (g)		26,171		25,648
Showtime Acquisition LLC, 2024 1st Lien Term Loan, 8.402%, 08/16/31 (3-Month USD TERM SOFR + 4.750%) (c) (d)		46,479		45,782
SkyMiles IP Ltd., 2025 Repriced Term Loan B, 5.168%, 10/20/28 (3-Month USD TERM SOFR + 1.500%) (c) (d)		77,961		78,180
SonarSource Financing LLC, Term Loan, 8.168%, 12/19/30 (3-Month USD TERM SOFR + 4.500%) (c) (d)		50,456		45,915
South Field LLC
2025 1st Lien Term Loan B, 6.700%, 08/29/31 (3-Month USD TERM SOFR + 3.000%) (c) (d)		26,196		26,212
2025 1st Lien Term Loan C, 6.700%, 08/29/31 (3-Month USD TERM SOFR + 3.000%) (c) (d)		1,638		1,639
Star Parent, Inc., Term Loan B, 7.700%, 09/27/30 (3-Month USD TERM SOFR + 4.000%) (c) (d)		17,775		17,538
Station Casinos LLC, 2024 Term Loan B, 5.668%, 03/14/31 (1-Month USD TERM SOFR + 2.000%) (c) (d)		22,487		22,463
Surf Holdings LLC, 2025 Incremental Term Loan, 7.282%, 03/05/27 (1-Month USD TERM SOFR + 3.500%) (c) (d)		20,409		19,354
TCP Sunbelt Acquisition Co., 2024 Term Loan B, 7.923%, 10/24/31 (3-Month USD TERM SOFR + 4.250%) (c) (d)		44,438		44,326
TKO Worldwide Holdings LLC, 2025 Term Loan, 5.664%, 11/21/31 (3-Month USD TERM SOFR + 2.000%) (c) (d)		52,124		52,052
TransDigm, Inc.
2023 Term Loan J, 6.168%, 02/28/31 (1-Month USD TERM SOFR + 2.500%) (b) (c) (d)		58,516		58,491
2025 Term Loan M, 6.168%, 08/19/32 (1-Month USD TERM SOFR + 2.500%) (c) (d)		73,166		73,111
TripAdvisor, Inc., Term Loan, 6.418%, 07/08/31 (1-Month USD TERM SOFR + 2.750% ) (c) (d)		40,945		38,501
TTF Holdings LLC, 2024 Term Loan, 7.376%, 07/18/31 (6-Month USD TERM SOFR + 3.750%) (c) (d)		85,142		62,792
United Natural Foods, Inc., 2024 Term Loan, 8.418%, 05/01/31 (1-Month USD TERM SOFR + 4.750%) (c) (d)		55,516		55,668

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

Vistra Operations Co. LLC, 1st Lien Term Loan B3, 5.418%, 12/20/30 (1-Month USD TERM SOFR + 1.750%) (c) (d)	$	100,144	$	100,096
Voyager Parent LLC, Repriced Term Loan B, 7.950%, 07/01/32 (c) (d)		81,055		80,418
WEC U.S. Holdings Ltd., 2024 Term Loan, 5.668%, 01/27/31 (1-Month USD TERM SOFR + 2.000%) (c) (d)		40,646		40,552
Xerox Holdings Corp., 2023 Non-CoOp Term Loan, 7.627%, 11/19/29 (3-Month USD TERM SOFR + 4.000%, 6-Month USD TERM SOFR + 4.000%) (c) (d)		134,076		83,127
Zayo Group Holdings, Inc., 2025 USD Term Loan, 6.782%, 03/11/30 (1-Month USD TERM SOFR + 3.000%) (c) (d)		34,235		33,550
Ziggo Financing Partnership, 2025 Term Loan B, 7.027%, 01/15/33 (6-Month USD TERM SOFR + 3.250%) (c) (d)		51,713		50,187
Total bank loans (cost: $6,854,032)				6,573,700

Foreign Bonds (6.3%)
Abu Dhabi Government International Bonds, 5.500%, 04/30/54 (c)		510,000		488,610
Brazil Government International Bonds, 6.125%, 03/15/34		200,000		199,600
Colombia Government International Bonds, 7.750%, 11/07/36		200,000		204,460
Guatemala Government Bonds, 6.250%, 08/15/36		369,000		374,077
Hungary Government International Bonds, 2.125%, 09/22/31		250,000		211,722
Kuwait International Government Bonds, 4.652%, 10/09/35 (c)		405,000		388,818
Mexico Government International Bonds
4.875%, 05/19/33		287,000		271,488
5.625%, 09/22/35		278,000		267,575
New South Wales Treasury Corp.
4.750%, 02/20/37		1,105,000		699,569
5.250%, 02/24/38		585,000		381,967
Oman Government International Bonds, 6.250%, 01/25/31 (c)		200,000		208,540
Qatar Government International Bonds
4.400%, 04/16/50 (c)		244,000		202,088
5.103%, 04/23/48 (c)		204,000		188,353
Queensland Treasury Corp.
5.000%, 07/21/37		1,105,000		708,484
5.250%, 08/13/38		870,000		563,734
Republic of South Africa Government International Bonds
4.850%, 09/30/29		200,000		195,607
5.875%, 06/22/30		200,000		201,358
Romania Government International Bonds, 6.625%, 05/16/36		380,000		377,285
Saudi Government International Bonds
4.875%, 01/12/36 (c)		200,000		194,768
5.875%, 01/12/56 (c)		684,000		654,952
Treasury Corp. of Victoria, 2.000%, 11/20/37		550,000		254,484
U.K. Gilts
1.625%, 10/22/28		6,702,000		8,278,635
4.375%, 03/07/28		8,365,000		11,022,418
Total foreign bonds (cost: $26,886,923)				26,538,592

Convertible Foreign Bonds (0.1%)
Convertible Foreign Bonds (0.1%)
Cellnex Telecom SA, Series CLNX, 0.750%, 11/20/31		300,000		307,454
Davide Campari-Milano NV, 2.375%, 01/17/29		200,000		224,495
Total convertible foreign bonds (cost: $536,260)				531,949
Total long-term debt securities (cost: $479,338,976)				469,035,047

	Shares
Common Stocks (0.1%)
Health Care (0.0%)
Health Care Providers & Services (0.0%)
ModivCare, Inc., (h) (i)	15,292		99,398

Materials (0.1%)
Containers & Packaging (0.1%)
Ardagh Holdings SA (f) (h) (i)	17,718		130,670
Total common stocks (cost: $507,221)		$	230,068

Short-Term Securities (2.3%)
Investment Companies (1.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	7,443,425		7,443,425

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

	Principal
U.S. Government Agencies and Obligations (0.5%)
U.S. Treasury Bills, 3.627%, 04/28/26	$	2,240,000	$	2,233,886
Total short-term securities (cost: $9,677,333)				9,677,311
Total investments in securities (cost: $489,523,530)				478,942,426
Liabilities in excess of cash and other assets (-14.5%)				(60,795,150	)
Total net assets (100.0%)			$	418,147,276

Investments in Securities Legend
(a)	Securities are valued in accordance with procedures described in the notes to investments in securities.
(b)	Security is issued on a when-issued or forward commitment basis. As of March 31, 2026 the total cost of investments issued on a when-issued or forward commitment basis was $62,008,086.
(c)	Security sold within terms of a private placement memorandum exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and may be sold only to dealers in that program.
(d)	Variable rate security.
(e)	Step rate security.
(f)	This security is fair valued by Securian AM, as the Valuation Designee, in accordance with procedures approved by the Board of Trustees of Securian Funds Trust and in accordance with Provisions of the Investment Company Act of 1940, as amended.
(g)	Unsettled security, coupon rate undetermined at March 31, 2026.
(h)	This security has been determined to be illiquid pursuant to the procedures of the Funds’ Liquidity Risk Management Program.
(i)	Non-income producing security.

Foreign Forward Currency Contracts

On March 31, 2026, SFT Core Bond Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:

Settlement Date	Currency to be delivered - SELL			Currency to be received - BUY			Unrealized Appreciation(a)		Unrealized Depreciation(a)			Counterparty
04/01/26		223,448	GBP		298,828	USD	$	4,167	$	—			BOA
04/01/26		90,523	EUR		105,407	USD		1,106		—			BOA
04/01/26		494,510	AUD		333,052	USD		—		(5,637	)		BOA
04/01/26		67,364	GBP		91,966	USD		3,133		—			BOA
04/01/26		110,321	EUR		130,614	USD		3,502		—			BOA
04/01/26		100,517	EUR		117,103	USD		1,287		—			BOA
04/01/26		5,780,382	EUR		6,805,428	USD		145,273		—			CITI
04/01/26		719,413	GBP		972,725	USD		24,035		—			CITI
04/01/26		188,663	AUD		126,374	USD		—		(2,841	)		CITI
04/01/26		255,519	EUR		297,383	USD		2,975		—			CITI
04/01/26		101,129	GBP		139,676	USD		6,317		—			CITI
04/01/26		42,220	USD		60,364	AUD		—		(876	)		CITI
04/01/26		55,868	USD		80,564	AUD		—		(690	)		CITI
04/01/26		251,175	EUR		298,732	USD		9,328		—			CITI
04/01/26		525,000	GBP		708,563	USD		16,246		—			CITI
04/01/26		205,117	EUR		242,568	USD		6,232		—			CITI
04/01/26		323,025	USD		282,487	EUR		2,457		—			CITI
04/01/26		188,898	USD		164,032	EUR		100		—			CITI
04/01/26		21,885,467	USD		16,436,700	GBP		—		(210,401	)		CITI
04/01/26		183,109	EUR		214,346	USD		3,368		—			CITI
04/01/26		100,397	EUR		116,760	USD		1,083		—			CITI
04/01/26		184,721	EUR		214,589	USD		1,753		—			CITI
04/01/26		91,224	EUR		105,972	USD		864		—			CITI
04/01/26		99,978	EUR		116,256	USD		1,062		—			CITI
04/01/26		99,640	EUR		115,776	USD		970		—			CITI
04/01/26		65,568	GBP		87,775	USD		1,311		—			CITI
04/01/26		99,561	EUR		115,760	USD		1,046		—			CITI
04/01/26		132,621	EUR		152,211	USD		—		(595	)		CITI
04/01/26		6,314,013	GBP		8,478,356	USD		152,072		—			CITI
04/01/26		181,294	EUR		210,129	USD		1,242		—			CITI
04/01/26		95,053	EUR		110,191	USD		671		—			CITI
04/01/26		340,133	EUR		395,176	USD		3,275		—			CITI
04/01/26		4,266,574	AUD		2,863,861	USD		—		(58,316	)		GSI
04/01/26		274,961	AUD		183,610	USD		—		(4,711	)		GSI
04/01/26		101,475	EUR		119,226	USD		2,307		—			GSI
04/01/26		105,623	EUR		123,832	USD		2,134		—			GSI
04/01/26		106,662	EUR		126,850	USD		3,954		—			GSI
04/01/26		10,017,388	USD		8,694,894	EUR		868		—			GSI
04/01/26		3,501,173	USD		5,083,779	AUD		—		(19,293	)		GSI
04/01/26		329,978	EUR		382,138	USD		1,938		—			GSI

See accompanying notes to investments in securities.

SFT Core Bond Fund

Investments in Securities – continued

04/01/26	2,143,554	GBP	2,860,680	USD	$	33,977	$	—		GSI
04/01/26	6,277,211	GBP	8,305,723	USD		27,969		—		GSI
04/01/26	96,391	EUR	111,354	USD		292		—		GSI
06/26/26	222,518	EUR	259,595	USD		2,229		—		CITI
06/26/26	191,349	EUR	222,235	USD		919		—		CITI
06/26/26	16,436,700	GBP	21,878,234	USD		210,053		—		CITI
06/26/26	98,260	EUR	113,051	USD		—		(597	)	CITI
06/26/26	8,694,894	EUR	10,057,254	USD		672		—		GSI
06/26/26	5,083,779	AUD	3,496,369	USD		18,984		—		GSI
					$	701,171	$	(303,957	)

Currency Legend
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Counterparty Legend
BOA	Bank of America
CITI	Citi Bank
GSI	Goldman Sachs International

Holdings of Open Futures Contracts On March 31, 2026, $1,070,000 in cash has been pledged to cover margin requirements for the following open futures contracts:
Description	Expiration Date	Number of Contracts		Position Type	Notional Amount			Fair Value			Unrealized Appreciation/ (Depreciation)(a)
2 Year U.S. Treasury Note	June 2026		286	Long	$	59,728,370		$	59,329,359		$	(399,011	)
3 Year Australian Bond	June 2026		23	Short		(1,636,367	)		(1,632,845	)		3,522
5 Year U.S. Treasury Note	June 2026		18	Long		1,971,944			1,947,235			(24,709	)
10 Year Australian Bond	June 2026		44	Short		(3,250,982	)		(3,247,225	)		3,757
10 Year U.S. Ultra	June 2026		7	Long		810,969			794,609			(16,360	)
30 Year Euro BUXL	June 2026		4	Short		(518,023	)		(508,166	)		9,857
German Euro BOBL	June 2026		40	Short		(5,379,386	)		(5,319,937	)		59,449
German Euro Bund	June 2026		11	Short		(1,619,149	)		(1,589,218	)		29,931
German Euro Schatz	June 2026		22	Short		(2,696,875	)		(2,680,593	)		16,282
Long Gilt	June 2026		7	Short		(850,193	)		(810,380	)		39,813
U.S. Long Bond	June 2026		3	Long		352,693			341,625			(11,068	)
Ultra U.S. Treasury Bond	June 2026		70	Long		8,382,638			8,159,375			(223,263	)
								$	54,783,839		$	(511,800	)

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities

March 31, 2026

(Unaudited)

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

	Shares		Value(a)
Common Stocks (97.4%)
Communication Services (1.0%)
Entertainment (0.1%)
Warner Music Group Corp. Class A		10,832	$	276,649

Interactive Media & Services (0.3%)
Pinterest, Inc. Class A (b)		43,154		791,445

Media (0.6%)
New York Times Co. Class A		11,909		997,141
Nexstar Media Group, Inc.		2,104		380,466
				1,377,607
Consumer Discretionary (10.7%)
Automobile Components (1.0%)
Autoliv, Inc.		4,992		524,959
BorgWarner, Inc.		15,261		828,062
Gentex Corp.		16,138		352,615
Goodyear Tire & Rubber Co. (b)		21,099		139,886
Lear Corp.		3,736		452,355
Visteon Corp.		2,011		183,222
				2,481,099
Automobiles (0.2%)
Harley-Davidson, Inc.		8,609		174,074
Thor Industries, Inc.		3,816		304,860
				478,934
Broadline Retail (0.3%)
Macy's, Inc.		19,568		353,985
Ollie's Bargain Outlet Holdings, Inc. (b)		4,451		409,670
				763,655
Diversified Consumer Services (0.9%)
Duolingo, Inc. (b)		2,944		290,190
Graham Holdings Co. Class B		248		262,200
Grand Canyon Education, Inc. (b)		2,025		344,311
H&R Block, Inc.		9,343		296,547
Service Corp. International		10,216		842,922
				2,036,170
Hotels, Restaurants & Leisure (2.5%)
Aramark		19,373		785,381
Boyd Gaming Corp.		4,213		346,224
Cava Group, Inc. (b)		7,352		594,777
Choice Hotels International, Inc.		1,447		149,764
Churchill Downs, Inc.		4,889		439,179
Dutch Bros, Inc. Class A (b)		9,363		474,330
Hilton Grand Vacations, Inc. (b)		4,363		170,681
Hyatt Hotels Corp. Class A		2,997		430,939
Planet Fitness, Inc. Class A (b)		6,047		449,776
Texas Roadhouse, Inc.		4,843		799,773
Travel & Leisure Co.		4,662		322,564
Vail Resorts, Inc.		2,620		336,198
Wingstop, Inc.		2,008		311,180
Wyndham Hotels & Resorts, Inc.		5,506		447,252
				6,058,018
Household Durables (1.5%)
KB Home		4,619		239,033
Somnigroup International, Inc.		15,472		1,143,690
Taylor Morrison Home Corp. (b)		7,122		414,785
Toll Brothers, Inc.		7,024		958,566
TopBuild Corp. (b)		2,034		714,544
Whirlpool Corp.		4,595		247,763
				3,718,381

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Leisure Products (0.5%)
Brunswick Corp.	4,793	$	348,739
Mattel, Inc. (b)	22,909		332,868
Polaris, Inc.	3,887		211,841
YETI Holdings, Inc. (b)	5,670		207,465
			1,100,913
Specialty Retail (3.3%)
Abercrombie & Fitch Co. Class A (b)	3,328		304,079
AutoNation, Inc. (b)	1,894		369,823
Bath & Body Works, Inc.	15,026		280,535
Burlington Stores, Inc. (b)	4,567		1,486,011
Chewy, Inc. Class A (b)	17,581		474,687
Dick's Sporting Goods, Inc.	4,918		975,190
Five Below, Inc. (b)	4,054		926,258
Floor & Decor Holdings, Inc. Class A (b)	7,942		403,454
GameStop Corp. Class A (b)	30,381		699,978
Gap, Inc.	16,722		404,672
Lithia Motors, Inc.	1,768		441,505
Murphy USA, Inc.	1,243		614,005
Penske Automotive Group, Inc.	1,347		201,404
RH (b)	1,109		155,060
Valvoline, Inc. (b)	9,384		316,053
			8,052,714
Textiles, Apparel & Luxury Goods (0.5%)
Capri Holdings Ltd. (b)	8,783		154,756
Columbia Sportswear Co.	1,827		100,138
Crocs, Inc. (b)	3,683		305,763
PVH Corp.	3,354		233,975
VF Corp.	24,225		411,583
			1,206,215
Consumer Staples (4.5%)
Beverages (0.6%)
Boston Beer Co., Inc. Class A (b)	585		134,784
Celsius Holdings, Inc. (b)	11,780		417,955
Coca-Cola Consolidated, Inc.	4,222		809,526
			1,362,265
Consumer Staples Distribution & Retail (2.9%)
Albertsons Cos., Inc. Class A	27,274		464,749
BJ's Wholesale Club Holdings, Inc. (b)	9,601		944,930
Casey's General Stores, Inc.	2,732		1,988,514
Maplebear, Inc. (b)	13,546		507,433
Performance Food Group Co. (b)	11,579		991,857
Sprouts Farmers Market, Inc. (b)	7,095		547,237
U.S. Foods Holding Corp. (b)	16,247		1,498,136
			6,942,856
Food Products (0.8%)
Darling Ingredients, Inc. (b)	11,660		721,171
Flowers Foods, Inc.	15,566		126,863
Ingredion, Inc.	4,606		518,912
Marzetti Co.	1,497		207,080
Pilgrim's Pride Corp.	3,102		117,131
Post Holdings, Inc. (b)	3,110		307,455
			1,998,612
Personal Care Products (0.2%)
BellRing Brands, Inc. (b)	8,644		139,082
Coty, Inc. Class A (b)	27,243		54,758
elf Beauty, Inc. (b)	4,342		263,169
			457,009
Energy (5.3%)
Energy Equipment & Services (1.5%)
NOV, Inc.	26,482		498,126
TechnipFMC PLC	29,817		2,061,249
Valaris Ltd. (b)	4,715		462,259

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Weatherford International PLC	5,286	$	499,950
			3,521,584
Oil, Gas & Consumable Fuels (3.8%)
Antero Midstream Corp.	24,409		556,525
Antero Resources Corp. (b)	21,604		916,874
Chord Energy Corp.	4,191		595,876
CNX Resources Corp. (b)	10,494		404,544
DT Midstream, Inc.	7,494		1,009,217
HF Sinclair Corp.	11,525		719,045
Matador Resources Co.	8,513		537,851
Murphy Oil Corp.	9,890		407,963
Ovintiv, Inc.	20,443		1,213,496
PBF Energy, Inc. Class A	6,119		291,387
Permian Resources Corp. Class A	54,572		1,163,475
Range Resources Corp.	17,464		789,024
Viper Energy, Inc. Class A	13,697		643,622
			9,248,899
Financial (14.5%)
Banks (5.7%)
Associated Banc-Corp.	12,059		311,846
Bank OZK	7,594		348,489
Columbia Banking System, Inc.	21,699		595,204
Commerce Bancshares, Inc.	10,101		496,969
Cullen/Frost Bankers, Inc.	4,674		640,712
East West Bancorp, Inc.	10,141		1,082,653
First Financial Bankshares, Inc.	9,606		282,897
First Horizon Corp.	35,749		813,647
Flagstar Bank NA	22,076		290,741
FNB Corp.	26,337		440,355
Glacier Bancorp, Inc.	9,484		423,650
Hancock Whitney Corp.	5,993		381,095
Home BancShares, Inc.	13,484		363,124
International Bancshares Corp.	3,935		264,786
Old National Bancorp	25,562		564,920
Pinnacle Financial Partners, Inc.	11,096		955,809
Prosperity Bancshares, Inc.	7,447		500,289
Southstate Bank Corp.	7,217		667,717
Texas Capital Bancshares, Inc. (b)	3,192		302,857
UMB Financial Corp.	5,263		593,614
United Bankshares, Inc.	10,209		422,857
Valley National Bancorp	35,284		433,288
Webster Financial Corp.	11,884		824,987
Western Alliance Bancorp	7,521		532,863
Wintrust Financial Corp.	4,898		680,528
Zions Bancorp NA	10,883		627,078
			13,842,975
Capital Markets (2.6%)
Affiliated Managers Group, Inc.	2,118		586,051
Carlyle Group, Inc.	19,127		925,555
Evercore, Inc. Class A	2,891		862,992
Federated Hermes, Inc.	5,447		308,899
Hamilton Lane, Inc. Class A	3,030		301,182
Houlihan Lokey, Inc.	3,951		567,443
Janus Henderson Group PLC	9,006		462,638
Jefferies Financial Group, Inc.	12,188		502,999
Morningstar, Inc.	1,732		292,795
SEI Investments Co.	6,781		532,105
Stifel Financial Corp.	11,240		830,861
			6,173,520
Consumer Finance (0.7%)
Ally Financial, Inc.	20,692		811,747
FirstCash Holdings, Inc.	2,832		532,416
SLM Corp.	14,683		314,363
			1,658,526
Financial Services (1.4%)
Corebridge Financial, Inc.	18,817		448,974
Equitable Holdings, Inc.	20,881		774,894

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Essent Group Ltd.	6,944	$	405,807
Euronet Worldwide, Inc. (b)	2,827		187,628
MGIC Investment Corp.	16,169		424,436
Shift4 Payments, Inc. Class A (b)	4,920		215,152
Voya Financial, Inc.	6,835		466,967
WEX, Inc. (b)	2,557		391,323
			3,315,181
Insurance (3.5%)
American Financial Group, Inc.	5,103		651,704
Brighthouse Financial, Inc. (b)	4,141		247,963
CNO Financial Group, Inc.	6,949		285,326
Fidelity National Financial, Inc.	18,800		871,944
First American Financial Corp.	7,511		452,838
Hanover Insurance Group, Inc.	2,628		455,564
Kinsale Capital Group, Inc.	1,610		550,073
Old Republic International Corp.	16,780		669,522
Primerica, Inc.	2,323		581,865
Reinsurance Group of America, Inc.	4,850		990,176
RenaissanceRe Holdings Ltd.	3,206		952,919
RLI Corp.	6,769		386,104
Ryan Specialty Holdings, Inc.	8,406		283,618
Selective Insurance Group, Inc.	4,402		331,867
Unum Group	11,219		819,324
			8,530,807
Mortgage REITs (0.6%)
Annaly Capital Management, Inc.	52,952		1,119,935
Starwood Property Trust, Inc.	25,659		441,848
			1,561,783
Health Care (8.7%)
Biotechnology (3.0%)
Arrowhead Pharmaceuticals, Inc. (b)	10,321		647,127
BioMarin Pharmaceutical, Inc. (b)	14,160		799,898
Cytokinetics, Inc. (b)	9,012		593,981
Exelixis, Inc. (b)	19,143		821,043
Halozyme Therapeutics, Inc. (b)	8,668		560,213
Neurocrine Biosciences, Inc. (b)	7,398		974,613
Roivant Sciences Ltd. (b)	33,235		920,609
United Therapeutics Corp. (b)	3,173		1,881,526
			7,199,010
Health Care Equipment & Supplies (1.5%)
Dentsply Sirona, Inc.	14,709		170,624
Envista Holdings Corp. (b)	11,983		304,009
Globus Medical, Inc. Class A (b)	8,119		699,533
Haemonetics Corp. (b)	3,408		192,075
Lantheus Holdings, Inc. (b)	4,832		366,507
LivaNova PLC (b)	4,025		255,829
Masimo Corp. (b)	3,333		592,841
Penumbra, Inc. (b)	2,901		952,601
			3,534,019
Health Care Providers & Services (1.8%)
Chemed Corp.	1,071		404,559
Encompass Health Corp.	7,416		717,350
Ensign Group, Inc.	4,216		849,524
HealthEquity, Inc. (b)	6,266		523,650
Hims & Hers Health, Inc. (b)	15,354		318,749
Option Care Health, Inc. (b)	11,700		314,964
Tenet Healthcare Corp. (b)	6,505		1,227,558
			4,356,354
Health Care Technology (0.1%)
Doximity, Inc. Class A (b)	9,842		229,319

Life Sciences Tools & Services (1.6%)
Avantor, Inc. (b)	50,274		394,148
Bio-Rad Laboratories, Inc. Class A (b)	1,324		369,065
Bruker Corp.	8,175		295,281
Illumina, Inc. (b)	11,270		1,389,140

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Medpace Holdings, Inc. (b)	1,653	$	793,754
Repligen Corp. (b)	3,842		452,665
Sotera Health Co. (b)	17,171		246,232
			3,940,285
Pharmaceuticals (0.7%)
Elanco Animal Health, Inc. (b)	36,624		876,412
Jazz Pharmaceuticals PLC (b)	4,443		839,949
			1,716,361
Industrials (25.0%)
Aerospace & Defense (4.4%)
AeroVironment, Inc. (b)	2,325		425,591
ATI, Inc. (b)	10,015		1,456,782
BWX Technologies, Inc.	6,739		1,378,058
Carpenter Technology Corp.	3,668		1,445,742
Curtiss-Wright Corp.	2,717		1,850,603
Hexcel Corp.	5,592		452,561
Kratos Defense & Security Solutions, Inc. (b)	13,608		959,500
Moog, Inc. Class A	2,096		613,373
StandardAero, Inc. (b)	13,979		361,078
Woodward, Inc.	4,410		1,578,427
			10,521,715
Air Freight & Logistics (0.2%)
GXO Logistics, Inc. (b)	8,440		437,614

Building Products (1.8%)
AAON, Inc.	4,925		407,544
Advanced Drainage Systems, Inc.	5,282		724,321
Carlisle Cos., Inc.	3,038		1,013,538
Fortune Brands Innovations, Inc.	8,855		345,079
Owens Corning	5,990		648,238
Simpson Manufacturing Co., Inc.	3,062		525,500
Trex Co., Inc. (b)	7,905		287,900
UFP Industries, Inc.	4,294		395,563
			4,347,683
Commercial Services & Supplies (1.5%)
Brink's Co.	2,998		310,683
Clean Harbors, Inc. (b)	3,676		1,054,019
MSA Safety, Inc.	2,656		435,451
RB Global, Inc.	13,687		1,311,899
Tetra Tech, Inc.	19,224		579,027
			3,691,079
Construction & Engineering (2.6%)
AECOM	9,530		808,335
API Group Corp. (b)	28,283		1,146,027
Dycom Industries, Inc. (b)	2,210		748,792
Fluor Corp. (b)	11,880		554,202
MasTec, Inc. (b)	4,521		1,454,587
Sterling Infrastructure, Inc. (b)	2,280		928,576
Valmont Industries, Inc.	1,436		573,782
			6,214,301
Electrical Equipment (2.3%)
Acuity, Inc.	2,311		647,589
EnerSys	2,706		470,086
Nextpower, Inc. Class A (b)	10,944		1,319,299
nVent Electric PLC	11,894		1,406,822
Regal Rexnord Corp.	4,932		923,566
Sensata Technologies Holding PLC	10,738		378,193
Vicor Corp. (b)	1,675		269,675
			5,415,230
Ground Transportation (1.8%)
Avis Budget Group, Inc. (b)	1,259		183,625
Knight-Swift Transportation Holdings, Inc.	11,966		689,002
Landstar System, Inc.	2,544		407,829
Ryder System, Inc.	2,943		602,462
Saia, Inc. (b)	1,967		690,968

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

XPO, Inc. (b)	8,655	$	1,683,830
			4,257,716
Machinery (5.7%)
AGCO Corp.	4,389		508,553
Chart Industries, Inc. (b)	3,314		685,169
CNH Industrial NV	65,230		717,530
Crane Co.	3,563		609,273
Donaldson Co., Inc.	8,441		716,388
Esab Corp.	4,209		406,842
Flowserve Corp.	9,363		688,274
Graco, Inc.	12,220		1,034,423
ITT, Inc.	6,339		1,207,770
Lincoln Electric Holdings, Inc.	4,033		1,004,540
Middleby Corp. (b)	3,392		449,711
Mueller Industries, Inc.	8,183		906,676
Oshkosh Corp.	4,693		690,857
RBC Bearings, Inc. (b)	2,330		1,265,470
SPX Technologies, Inc. (b)	3,732		746,176
Terex Corp.	8,380		495,258
Timken Co.	4,672		469,863
Toro Co.	7,131		666,321
Watts Water Technologies, Inc. Class A	2,019		586,095
			13,855,189
Marine Transportation (0.2%)
Kirby Corp. (b)	3,940		523,547

Passenger Airlines (0.3%)
Alaska Air Group, Inc. (b)	8,389		308,547
American Airlines Group, Inc. (b)	48,671		522,727
			831,274
Professional Services (2.5%)
Booz Allen Hamilton Holding Corp.	8,840		689,785
CACI International, Inc. Class A (b)	1,631		887,052
Concentrix Corp.	3,151		86,211
ExlService Holdings, Inc. (b)	11,565		352,154
Exponent, Inc.	3,626		236,596
FTI Consulting, Inc. (b)	2,206		389,955
Genpact Ltd.	11,585		431,541
KBR, Inc.	9,360		345,010
Maximus, Inc.	3,959		253,772
Parsons Corp. (b)	3,900		211,263
Paylocity Holding Corp. (b)	3,155		340,866
Science Applications International Corp.	3,292		312,477
TransUnion	14,152		979,177
UL Solutions, Inc. Class A	5,694		488,033
			6,003,892
Trading Companies & Distributors (1.7%)
Applied Industrial Technologies, Inc.	2,779		737,324
Core & Main, Inc. Class A (b)	13,863		684,832
GATX Corp.	2,598		443,583
MSC Industrial Direct Co., Inc. Class A	3,281		302,738
Watsco, Inc.	2,574		936,395
WESCO International, Inc.	3,645		997,345
			4,102,217
Information Technology (12.0%)
Electronic Equipment, Instruments & Components (3.8%)
Advanced Energy Industries, Inc.	2,782		897,779
Arrow Electronics, Inc. (b)	3,757		538,791
Avnet, Inc.	6,034		371,815
Belden, Inc.	2,856		327,954
Cognex Corp.	12,214		598,364
Crane NXT Co.	3,640		147,748
Fabrinet (b)	2,640		1,376,813
Flex Ltd. (b)	27,101		1,774,031
IPG Photonics Corp. (b)	1,840		210,846
Littelfuse, Inc.	1,876		636,621
Novanta, Inc. (b)	2,637		311,456

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

TD SYNNEX Corp.	5,519	$	931,111
TTM Technologies, Inc. (b)	7,564		736,885
Vontier Corp.	10,437		370,200
			9,230,414
IT Services (1.1%)
Kyndryl Holdings, Inc. (b)	16,847		221,033
Okta, Inc. (b)	12,490		983,088
Twilio, Inc. Class A (b)	11,175		1,406,038
			2,610,159
Semiconductors & Semiconductor Equipment (3.6%)
Allegro MicroSystems, Inc. (b)	9,150		288,500
Amkor Technology, Inc.	8,385		377,577
Cirrus Logic, Inc. (b)	3,760		543,771
Entegris, Inc.	11,204		1,313,557
Lattice Semiconductor Corp. (b)	10,082		935,206
MACOM Technology Solutions Holdings, Inc. (b)	4,796		1,065,048
MKS, Inc.	4,989		1,146,522
Onto Innovation, Inc. (b)	3,660		750,556
Rambus, Inc. (b)	7,935		682,648
Silicon Laboratories, Inc. (b)	2,398		499,144
SiTime Corp. (b)	1,629		562,575
Synaptics, Inc. (b)	2,782		194,851
Universal Display Corp.	3,181		291,570
			8,651,525
Software (2.9%)
Appfolio, Inc. Class A (b)	1,794		283,129
Bentley Systems, Inc. Class B	10,977		385,512
Bill Holdings, Inc. (b)	6,396		244,967
Blackbaud, Inc. (b)	2,563		98,957
Commvault Systems, Inc. (b)	3,205		249,638
Docusign, Inc. (b)	14,762		699,866
Dolby Laboratories, Inc. Class A	4,451		267,327
Dropbox, Inc. Class A (b)	12,856		292,088
Dynatrace, Inc. (b)	21,971		812,488
Guidewire Software, Inc. (b)	6,299		942,079
InterDigital, Inc.	1,894		571,988
Manhattan Associates, Inc. (b)	4,417		587,991
Nutanix, Inc. Class A (b)	19,931		757,577
Pegasystems, Inc.	6,679		284,258
Qualys, Inc. (b)	2,609		229,201
UiPath, Inc. Class A (b)	31,563		350,349
			7,057,415
Technology Hardware Storage & Peripherals (0.6%)
Everpure, Inc. Class A (b)	23,120		1,365,005

Materials (5.7%)
Chemicals (1.7%)
Ashland, Inc.	3,279		182,345
Avient Corp.	6,749		244,989
Axalta Coating Systems Ltd. (b)	15,729		435,693
Cabot Corp.	3,756		282,864
NewMarket Corp.	584		374,315
Olin Corp.	8,316		247,235
RPM International, Inc.	9,444		938,734
Scotts Miracle-Gro Co.	3,294		200,308
Solstice Advanced Materials, Inc.	11,701		891,148
Westlake Corp.	2,403		280,718
			4,078,349
Construction Materials (0.3%)
Eagle Materials, Inc.	2,314		438,387
Knife River Corp. (b)	4,083		333,377
			771,764
Containers & Packaging (1.0%)
AptarGroup, Inc.	4,730		596,075
Crown Holdings, Inc.	8,209		822,952
Graphic Packaging Holding Co.	21,754		216,235

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Greif, Inc. Class A	1,725	$	115,696
Silgan Holdings, Inc.	6,391		247,971
Sonoco Products Co.	7,270		393,234
			2,392,163
Metals & Mining (2.6%)
Alcoa Corp.	19,088		1,266,107
Cleveland-Cliffs, Inc. (b)	42,043		355,263
Commercial Metals Co.	8,087		496,785
Hecla Mining Co.	49,393		920,192
MP Materials Corp. (b)	9,928		479,125
Reliance, Inc.	3,908		1,187,719
Royal Gold, Inc.	5,947		1,513,452
			6,218,643
Paper & Forest Products (0.1%)
Louisiana-Pacific Corp.	4,671		339,815

Real Estate (6.7%)
Diversified REITs (0.5%)
WP Carey, Inc.	16,153		1,097,758

Health Care REITs (1.2%)
American Healthcare REIT, Inc.	13,077		616,711
CareTrust REIT, Inc.	16,467		603,516
Healthcare Realty Trust, Inc.	25,626		435,386
Omega Healthcare Investors, Inc.	21,786		954,662
Sabra Health Care REIT, Inc.	18,585		357,390
			2,967,665
Hotels & Resort REITs (0.1%)
Park Hotels & Resorts, Inc.	14,734		155,149

Industrial REITs (1.0%)
EastGroup Properties, Inc.	3,945		730,180
First Industrial Realty Trust, Inc.	9,768		565,079
Rexford Industrial Realty, Inc.	16,929		554,086
STAG Industrial, Inc.	14,081		507,761
			2,357,106
Office REITs (0.4%)
COPT Defense Properties	8,327		254,806
Cousins Properties, Inc.	12,382		279,462
Kilroy Realty Corp.	8,036		226,696
Vornado Realty Trust	11,757		305,564
			1,066,528
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (b)	3,540		1,077,293

Residential REITs (0.8%)
American Homes 4 Rent Class A	24,030		670,918
Equity LifeStyle Properties, Inc.	14,287		891,794
Independence Realty Trust, Inc.	17,398		259,056
			1,821,768
Retail REITs (1.0%)
Agree Realty Corp.	8,833		665,832
Brixmor Property Group, Inc.	22,599		650,851
Kite Realty Group Trust	15,958		391,769
NNN REIT, Inc.	14,000		588,420
			2,296,872
Specialized REITs (1.3%)
CubeSmart	16,808		616,013
EPR Properties	5,612		280,375
Gaming & Leisure Properties, Inc.	20,860		925,558
Lamar Advertising Co. Class A	6,403		811,004
National Storage Affiliates Trust	5,143		194,097
Rayonier, Inc.	20,501		422,731
			3,249,778

See accompanying notes to investments in securities.

SFT Index 400 Mid-Cap Fund

Investments in Securities – continued

Utilities (3.3%)
Electric Utilities (0.9%)
IDACORP, Inc.		3,927	$	561,443
OGE Energy Corp.		15,145		726,354
Portland General Electric Co.		8,197		432,556
TXNM Energy, Inc.		7,144		417,638
				2,137,991
Gas Utilities (1.2%)
National Fuel Gas Co.		7,004		658,096
New Jersey Resources Corp.		7,433		408,220
ONE Gas, Inc.		4,364		375,871
Southwest Gas Holdings, Inc.		4,735		411,472
Spire, Inc.		4,366		395,298
UGI Corp.		15,821		576,201
				2,825,158
Independent Power And Renewable Electricity Producers (0.6%)
Ormat Technologies, Inc.		4,480		501,401
Talen Energy Corp. (b)		3,364		1,073,890
				1,575,291
Multi-Utilities (0.3%)
Black Hills Corp.		5,500		381,755
Northwestern Energy Group, Inc.		4,449		293,367
				675,122
Water Utilities (0.3%)
Essential Utilities, Inc.		20,858		839,952
Total common stocks (cost: $169,375,880)				234,991,305

Mutual Funds (0.3%)
Investment Companies (0.3%)
State Street SPDR Portfolio S&P 400 Mid Cap ETF (c) (d)		11,800		698,796
Total mutual funds (cost: $693,729)				698,796

Short-Term Securities (2.2%)
Investment Companies (1.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%		4,271,004		4,271,004

	Principal
U.S. Government Agencies and Obligations (0.4%)
U.S. Treasury Notes, 3.750%, 04/15/26 (d)	$	1,000,000		999,993
Total short-term securities (cost: $5,270,909)				5,270,997
Total investments in securities (cost: $175,340,518)				240,961,098
Cash and other assets in excess of liabilities (0.1%)				222,697
Total net assets (100.0%)			$	241,183,795

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)	Reports and other information about these investment companies are available in the EDGAR database on the SEC's website at www.sec.gov.
(d)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts

On March 31, 2026, securities with an aggregate fair value of in the amount of $1,148,043 have been pledged to cover margin requirements for the following open futures contracts:

Description		Expiration Date		Number of Contracts			Position Type		Notional Amount				Fair Value				Unrealized Appreciation/ (Depreciation)(a)
S&P Mid 400 E-Mini Index Future		June 2026			16		Long		$	5,354,738			$	5,434,400			$	79,662

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities

March 31, 2026

(Unaudited)

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

	Shares		Value(a)
Common Stocks (99.0%)
Communication Services (10.2%)
Diversified Telecommunication Services (0.9%)
AT&T, Inc.		189,914	$	5,505,607
Comcast Corp. Class A		97,347		2,794,832
Verizon Communications, Inc.		114,400		5,742,880
				14,043,319
Entertainment (1.3%)
Electronic Arts, Inc.		6,103		1,244,219
Live Nation Entertainment, Inc. (b)		4,256		649,082
Netflix, Inc. (b)		114,540		11,013,021
Take-Two Interactive Software, Inc. (b)		4,666		921,535
TKO Group Holdings, Inc.		1,795		361,962
Walt Disney Co.		48,058		4,631,830
Warner Bros Discovery, Inc. (b)		67,234		1,846,246
				20,667,895
Interactive Media & Services (7.6%)
Alphabet, Inc. Class A		157,942		45,417,801
Alphabet, Inc. Class C		126,871		36,394,215
Meta Platforms, Inc. Class A		59,335		33,947,334
				115,759,350
Media (0.2%)
Charter Communications, Inc. Class A (b)		2,292		494,797
EchoStar Corp. Class A (b)		3,651		427,423
Fox Corp. Class A		5,444		317,930
Fox Corp. Class B		3,840		203,904
News Corp. Class A		10,043		250,372
News Corp. Class B		3,296		93,969
Omnicom Group, Inc.		8,534		642,695
Paramount Skydance Corp. Class B		8,350		75,317
Trade Desk, Inc. Class A (b)		11,873		269,398
				2,775,805
Wireless Telecommunication Services (0.2%)
T-Mobile U.S., Inc.		12,853		2,699,515

Consumer Discretionary (9.8%)
Automobile Components (0.0%)
Aptiv PLC (b)		5,756		399,697

Automobiles (2.1%)
Ford Motor Co.		106,305		1,226,760
General Motors Co.		24,523		1,826,963
Tesla, Inc. (b)		76,297		28,363,410
				31,417,133
Broadline Retail (3.7%)
Amazon.com, Inc. (b)		265,011		55,193,841
eBay, Inc.		12,190		1,109,534
				56,303,375
Distributors (0.0%)
Genuine Parts Co.		3,740		395,505
Pool Corp.		870		176,027
				571,532
Hotels, Restaurants & Leisure (1.8%)
Airbnb, Inc. Class A (b)		11,464		1,447,674
Booking Holdings, Inc.		877		3,692,451
Carnival Corp.		31,201		807,482
Chipotle Mexican Grill, Inc. (b)		35,332		1,130,977
Darden Restaurants, Inc.		3,138		615,174
Domino's Pizza, Inc.		870		312,147
DoorDash, Inc. Class A (b)		10,165		1,526,275

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Expedia Group, Inc.	3,182	$	734,692
Hilton Worldwide Holdings, Inc.	6,220		1,891,378
Las Vegas Sands Corp.	8,173		440,361
Marriott International, Inc. Class A	5,956		1,948,029
McDonald's Corp.	19,365		6,018,448
MGM Resorts International (b)	5,205		192,637
Norwegian Cruise Line Holdings Ltd. (b)	12,279		229,617
Royal Caribbean Cruises Ltd.	6,796		1,870,123
Starbucks Corp.	30,814		2,760,626
Wynn Resorts Ltd.	2,222		225,644
Yum! Brands, Inc.	7,549		1,173,719
			27,017,454
Household Durables (0.3%)
DR Horton, Inc.	7,309		1,002,941
Garmin Ltd.	4,392		1,018,988
Lennar Corp. Class A	5,766		500,720
NVR, Inc. (b)	80		527,186
PulteGroup, Inc.	5,200		611,572
			3,661,407
Leisure Products (0.0%)
Hasbro, Inc.	3,557		332,935

Specialty Retail (1.7%)
AutoZone, Inc. (b)	452		1,526,757
Best Buy Co., Inc.	5,213		334,675
Carvana Co. (b)	3,846		1,209,105
Home Depot, Inc.	27,066		8,901,737
Lowe's Cos., Inc.	15,250		3,603,270
O'Reilly Automotive, Inc. (b)	22,839		2,108,268
Ross Stores, Inc.	8,743		1,893,996
TJX Cos., Inc.	30,125		4,810,963
Tractor Supply Co.	14,268		646,340
Ulta Beauty, Inc. (b)	1,278		668,023
Williams-Sonoma, Inc.	3,186		580,903
			26,284,037
Textiles, Apparel & Luxury Goods (0.2%)
Deckers Outdoor Corp. (b)	3,850		385,346
Lululemon Athletica, Inc. (b)	2,869		439,244
NIKE, Inc. Class B	32,239		1,702,864
Ralph Lauren Corp.	1,033		355,342
Tapestry, Inc.	5,464		771,025
			3,653,821
Consumer Staples (5.2%)
Beverages (1.1%)
Brown-Forman Corp. Class B	4,635		122,550
Coca-Cola Co.	105,026		7,987,227
Constellation Brands, Inc. Class A	3,806		570,900
Keurig Dr. Pepper, Inc.	36,842		970,050
Molson Coors Beverage Co. Class B	4,550		195,923
Monster Beverage Corp. (b)	19,294		1,398,043
PepsiCo, Inc.	37,075		5,757,377
			17,002,070
Consumer Staples Distribution & Retail (2.1%)
Costco Wholesale Corp.	12,051		12,007,978
Dollar General Corp.	5,918		702,644
Dollar Tree, Inc. (b)	5,016		549,302
Kroger Co.	15,794		1,142,854
Sysco Corp.	12,921		921,655
Target Corp.	12,256		1,485,427
Walmart, Inc.	118,919		14,779,253
			31,589,113
Food Products (0.4%)
Archer-Daniels-Midland Co.	12,967		942,571
Bunge Global SA	3,580		455,376
Campbell's Co.	5,242		116,739
Conagra Brands, Inc.	12,907		202,898

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

General Mills, Inc.	14,404	$	536,117
Hershey Co.	3,984		828,234
Hormel Foods Corp.	7,826		177,259
J.M. Smucker Co.	2,815		271,479
Kraft Heinz Co.	23,073		518,912
McCormick & Co., Inc.	6,844		345,211
Mondelez International, Inc. Class A	34,774		2,004,373
Tyson Foods, Inc. Class A	7,596		486,676
			6,885,845
Household Products (0.8%)
Church & Dwight Co., Inc.	6,421		599,208
Clorox Co.	3,222		333,896
Colgate-Palmolive Co.	21,818		1,859,548
Kimberly-Clark Corp.	8,923		860,802
Procter & Gamble Co.	63,046		9,106,364
			12,759,818
Personal Care Products (0.1%)
Estee Lauder Cos., Inc. Class A	6,685		479,782
Kenvue, Inc.	51,978		896,101
			1,375,883
Tobacco (0.7%)
Altria Group, Inc.	45,539		3,005,119
Philip Morris International, Inc.	42,228		6,981,977
			9,987,096
Energy (4.0%)
Energy Equipment & Services (0.3%)
Baker Hughes Co.	26,732		1,631,989
Halliburton Co.	22,721		885,892
SLB Ltd.	40,522		2,082,425
			4,600,306
Oil, Gas & Consumable Fuels (3.7%)
APA Corp.	9,544		405,047
Chevron Corp.	50,853		10,521,486
ConocoPhillips	33,236		4,387,152
Coterra Energy, Inc.	20,580		723,181
Devon Energy Corp.	16,826		846,684
Diamondback Energy, Inc.	5,271		1,042,551
EOG Resources, Inc.	14,654		2,118,529
EQT Corp.	16,869		1,073,543
Expand Energy Corp.	6,376		699,957
Exxon Mobil Corp.	113,369		19,234,185
Kinder Morgan, Inc.	53,111		1,780,812
Marathon Petroleum Corp.	8,003		1,954,173
Occidental Petroleum Corp.	19,456		1,264,640
ONEOK, Inc.	17,010		1,537,534
Phillips 66	10,956		1,995,964
Targa Resources Corp.	5,837		1,463,511
Texas Pacific Land Corp.	1,593		755,974
Valero Energy Corp.	8,293		2,049,034
Williams Cos., Inc.	33,107		2,409,528
			56,263,485
Financial (12.5%)
Banks (3.5%)
Bank of America Corp.	180,009		8,775,439
Citigroup, Inc.	47,406		5,376,314
Citizens Financial Group, Inc.	11,529		691,394
Fifth Third Bancorp	24,373		1,132,370
Huntington Bancshares, Inc.	55,064		861,752
JPMorgan Chase & Co.	73,144		21,516,039
KeyCorp	25,420		509,671
M&T Bank Corp.	4,079		843,211
PNC Financial Services Group, Inc.	10,957		2,280,042
Regions Financial Corp.	23,547		615,048
Truist Financial Corp.	34,248		1,574,380
U.S. Bancorp	42,168		2,193,158

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Wells Fargo & Co.	83,897	$	6,679,040
			53,047,858
Capital Markets (3.2%)
Ameriprise Financial, Inc.	2,526		1,122,554
ARES Management Corp. Class A	5,501		600,159
Bank of New York Mellon Corp.	18,670		2,214,822
Blackrock, Inc.	3,924		3,773,750
Blackstone, Inc.	20,310		2,335,447
Cboe Global Markets, Inc.	2,860		803,860
Charles Schwab Corp.	45,313		4,258,516
CME Group, Inc.	9,805		2,895,907
Coinbase Global, Inc. Class A (b)	6,047		1,055,867
FactSet Research Systems, Inc.	1,021		221,547
Franklin Resources, Inc.	8,258		195,054
Goldman Sachs Group, Inc.	8,156		6,899,894
Interactive Brokers Group, Inc. Class A	12,010		805,511
Intercontinental Exchange, Inc.	15,404		2,422,741
Invesco Ltd.	12,002		291,528
KKR & Co., Inc.	18,562		1,716,985
Moody's Corp.	4,172		1,820,035
Morgan Stanley	32,637		5,371,071
MSCI, Inc.	2,043		1,101,197
Nasdaq, Inc.	12,165		1,032,687
Northern Trust Corp.	5,042		703,712
Raymond James Financial, Inc.	4,680		677,617
Robinhood Markets, Inc. Class A (b)	21,382		1,481,773
S&P Global, Inc.	8,302		3,531,173
State Street Corp.	7,495		948,567
T. Rowe Price Group, Inc.	5,929		534,440
			48,816,414
Consumer Finance (0.5%)
American Express Co.	14,510		4,388,985
Capital One Financial Corp.	16,958		3,093,648
Synchrony Financial	9,429		641,360
			8,123,993
Financial Services (3.6%)
Apollo Global Management, Inc.	12,526		1,395,647
Berkshire Hathaway, Inc. Class B (b)	49,747		23,838,762
Block, Inc. (b)	14,792		890,183
Corpay, Inc. (b)	1,894		551,135
Fidelity National Information Services, Inc.	13,981		655,849
Fiserv, Inc. (b)	14,525		810,495
Global Payments, Inc.	6,437		433,210
Jack Henry & Associates, Inc.	1,888		298,380
Mastercard, Inc. Class A	22,094		11,039,488
PayPal Holdings, Inc.	24,976		1,129,664
Visa, Inc. Class A	45,605		13,783,655
			54,826,468
Insurance (1.7%)
Aflac, Inc.	12,664		1,389,367
Allstate Corp.	7,015		1,454,490
American International Group, Inc.	14,556		1,095,339
Aon PLC Class A	5,844		1,886,326
Arch Capital Group Ltd. (b)	9,697		930,815
Arthur J Gallagher & Co.	6,983		1,512,378
Assurant, Inc.	1,355		295,132
Brown & Brown, Inc.	7,884		514,116
Chubb Ltd.	9,852		3,211,062
Cincinnati Financial Corp.	4,219		663,860
Erie Indemnity Co. Class A	702		176,420
Everest Group Ltd.	1,152		376,531
Globe Life, Inc.	2,154		299,772
Hartford Insurance Group, Inc.	7,477		1,011,115
Loews Corp.	4,573		488,122
Marsh & McLennan Cos., Inc.	13,133		2,277,919
MetLife, Inc.	14,932		1,055,991
Principal Financial Group, Inc.	5,336		480,827
Progressive Corp.	15,845		3,141,113

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Prudential Financial, Inc.	9,417	$	919,947
Travelers Cos., Inc.	5,866		1,710,995
W.R. Berkley Corp.	8,063		534,416
Willis Towers Watson PLC	2,604		756,983
			26,183,036
Health Care (9.4%)
Biotechnology (1.8%)
AbbVie, Inc.	47,946		10,427,776
Amgen, Inc.	14,642		5,151,788
Biogen, Inc. (b)	3,945		723,237
Gilead Sciences, Inc.	33,636		4,687,849
Incyte Corp. (b)	4,535		426,834
Moderna, Inc. (b)	9,354		475,183
Regeneron Pharmaceuticals, Inc.	2,741		2,117,806
Vertex Pharmaceuticals, Inc. (b)	6,899		3,080,680
			27,091,153
Health Care Equipment & Supplies (1.8%)
Abbott Laboratories	47,172		4,843,149
Align Technology, Inc. (b)	1,832		314,060
Baxter International, Inc.	13,878		233,150
Becton Dickinson & Co.	7,693		1,209,570
Boston Scientific Corp. (b)	40,210		2,523,178
Cooper Cos., Inc. (b)	5,254		375,661
Dexcom, Inc. (b)	10,440		655,632
Edwards Lifesciences Corp. (b)	15,679		1,255,574
GE HealthCare Technologies, Inc.	12,286		874,517
Hologic, Inc. (b)	6,000		453,540
IDEXX Laboratories, Inc. (b)	2,168		1,218,178
Insulet Corp. (b)	1,903		399,326
Intuitive Surgical, Inc. (b)	9,640		4,443,944
Medtronic PLC	34,776		3,013,340
ResMed, Inc.	3,967		890,512
Solventum Corp. (b)	3,960		258,588
STERIS PLC	2,677		591,965
Stryker Corp.	9,359		3,075,274
Zimmer Biomet Holdings, Inc.	5,288		478,141
			27,107,299
Health Care Providers & Services (1.5%)
Cardinal Health, Inc.	6,348		1,341,396
Cencora, Inc.	5,272		1,656,146
Centene Corp. (b)	12,597		412,426
Cigna Group	7,147		1,906,462
CVS Health Corp.	34,418		2,471,901
DaVita, Inc. (b)	899		138,167
Elevance Health, Inc.	6,043		1,769,088
HCA Healthcare, Inc.	4,244		2,008,431
Henry Schein, Inc. (b)	2,692		198,400
Humana, Inc.	3,270		566,985
Labcorp Holdings, Inc.	2,244		598,722
McKesson Corp.	3,356		2,904,148
Quest Diagnostics, Inc.	2,963		580,689
UnitedHealth Group, Inc.	24,531		6,637,843
Universal Health Services, Inc. Class B	1,499		268,276
			23,459,080
Life Sciences Tools & Services (0.8%)
Agilent Technologies, Inc.	7,608		867,160
Bio-Techne Corp.	4,232		221,164
Charles River Laboratories International, Inc. (b)	1,310		225,975
Danaher Corp.	17,094		3,241,023
IQVIA Holdings, Inc. (b)	4,571		779,538
Mettler-Toledo International, Inc. (b)	555		699,966
Revvity, Inc.	3,058		267,911
Thermo Fisher Scientific, Inc.	10,216		5,021,471
Waters Corp. (b)	2,698		803,464
West Pharmaceutical Services, Inc.	1,927		482,983
			12,610,655

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Pharmaceuticals (3.5%)
Bristol-Myers Squibb Co.	55,246	$	3,350,670
Eli Lilly & Co.	21,494		19,769,536
Johnson & Johnson	65,377		15,980,754
Merck & Co., Inc.	67,333		8,099,487
Pfizer, Inc.	154,244		4,331,171
Viatris, Inc.	31,218		421,755
Zoetis, Inc.	11,451		1,353,623
			53,306,996
Industrials (8.9%)
Aerospace & Defense (2.3%)
Axon Enterprise, Inc. (b)	2,140		908,836
Boeing Co. (b)	21,292		4,237,747
General Dynamics Corp.	6,894		2,366,159
General Electric Co.	28,453		8,074,108
Howmet Aerospace, Inc.	10,832		2,496,343
Huntington Ingalls Industries, Inc.	1,089		413,711
L3Harris Technologies, Inc.	5,086		1,755,433
Lockheed Martin Corp.	5,537		3,346,507
Northrop Grumman Corp.	3,648		2,488,811
RTX Corp.	36,358		7,013,458
Textron, Inc.	4,691		410,744
TransDigm Group, Inc.	1,531		1,774,368
			35,286,225
Air Freight & Logistics (0.3%)
CH Robinson Worldwide, Inc.	3,156		524,117
Expeditors International of Washington, Inc.	3,644		521,930
FedEx Corp.	5,903		2,102,530
United Parcel Service, Inc. Class B	19,994		1,967,010
			5,115,587
Building Products (0.5%)
A.O. Smith Corp.	2,986		196,897
Allegion PLC	2,263		328,791
Builders FirstSource, Inc. (b)	2,968		244,356
Carrier Global Corp.	21,314		1,200,191
Johnson Controls International PLC	16,517		2,162,901
Lennox International, Inc.	900		417,717
Masco Corp.	5,523		333,424
Trane Technologies PLC	6,030		2,512,942
			7,397,219
Commercial Services & Supplies (0.4%)
Cintas Corp.	9,188		1,554,058
Copart, Inc. (b)	24,111		800,485
Republic Services, Inc.	5,471		1,198,258
Rollins, Inc.	7,880		420,871
Veralto Corp.	6,707		593,033
Waste Management, Inc.	10,078		2,315,824
			6,882,529
Construction & Engineering (0.3%)
Comfort Systems USA, Inc.	957		1,319,693
EMCOR Group, Inc.	1,257		928,056
Quanta Services, Inc.	4,055		2,226,276
			4,474,025
Electrical Equipment (1.2%)
AMETEK, Inc.	6,259		1,341,679
Eaton Corp. PLC	10,561		3,777,353
Emerson Electric Co.	15,176		1,988,360
GE Vernova, Inc.	7,312		6,382,645
Generac Holdings, Inc. (b)	1,618		316,044
Hubbell, Inc.	1,510		741,017
Rockwell Automation, Inc.	3,094		1,110,375
Vertiv Holdings Co. Class A	10,378		2,600,519
			18,257,992
Ground Transportation (0.8%)
CSX Corp.	50,446		2,070,808

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

JB Hunt Transport Services, Inc.	1,971	$	417,655
Norfolk Southern Corp.	6,101		1,750,987
Old Dominion Freight Line, Inc.	4,957		968,598
Uber Technologies, Inc. (b)	55,833		4,016,068
Union Pacific Corp.	16,129		3,913,218
			13,137,334
Industrial Conglomerates (0.4%)
3M Co.	14,288		2,075,046
Honeywell International, Inc.	17,263		3,901,956
			5,977,002
Machinery (1.8%)
Caterpillar, Inc.	12,623		8,942,890
Cummins, Inc.	3,807		2,048,242
Deere & Co.	6,836		3,850,719
Dover Corp.	3,680		767,096
Fortive Corp.	8,502		469,990
IDEX Corp.	2,049		388,388
Illinois Tool Works, Inc.	7,078		1,842,333
Ingersoll Rand, Inc.	9,655		773,559
Nordson Corp.	1,410		375,145
Otis Worldwide Corp.	10,497		809,109
PACCAR, Inc.	14,181		1,637,905
Parker-Hannifin Corp.	3,432		3,072,464
Pentair PLC	4,349		378,841
Snap-on, Inc.	1,455		528,485
Stanley Black & Decker, Inc.	4,195		298,097
Westinghouse Air Brake Technologies Corp.	4,638		1,159,083
Xylem, Inc.	6,580		786,310
			28,128,656
Passenger Airlines (0.2%)
Delta Air Lines, Inc.	17,537		1,165,860
Southwest Airlines Co.	13,328		500,733
United Airlines Holdings, Inc. (b)	8,703		801,285
			2,467,878
Professional Services (0.4%)
Automatic Data Processing, Inc.	10,898		2,214,256
Broadridge Financial Solutions, Inc.	3,140		510,187
Equifax, Inc.	3,228		581,266
Jacobs Solutions, Inc.	3,121		397,241
Leidos Holdings, Inc.	3,447		536,077
Paychex, Inc.	8,707		802,089
Verisk Analytics, Inc.	3,765		714,409
			5,755,525
Trading Companies & Distributors (0.3%)
Fastenal Co.	31,117		1,443,829
United Rentals, Inc.	1,706		1,242,923
WW Grainger, Inc.	1,227		1,338,424
			4,025,176
Information Technology (32.5%)
Communications Equipment (1.1%)
Arista Networks, Inc. (b)	27,978		3,435,139
Ciena Corp. (b)	3,838		1,490,027
Cisco Systems, Inc.	107,156		8,314,234
F5, Inc. (b)	1,521		440,071
Lumentum Holdings, Inc. (b)	1,937		1,361,246
Motorola Solutions, Inc.	4,528		1,965,016
			17,005,733
Electronic Equipment, Instruments & Components (0.9%)
Amphenol Corp. Class A	33,284		4,205,433
CDW Corp.	3,527		426,837
Coherent Corp. (b)	5,086		1,211,536
Corning, Inc.	21,115		2,871,007
Jabil, Inc.	2,898		769,796
Keysight Technologies, Inc. (b)	4,673		1,319,515
TE Connectivity PLC	7,999		1,671,951

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Teledyne Technologies, Inc. (b)	1,268	$	767,153
Zebra Technologies Corp. Class A (b)	1,310		273,895
			13,517,123
IT Services (0.8%)
Accenture PLC Class A	16,692		3,309,857
Akamai Technologies, Inc. (b)	3,823		439,071
Cognizant Technology Solutions Corp. Class A	12,974		795,955
EPAM Systems, Inc. (b)	1,489		201,611
Gartner, Inc. (b)	1,860		294,512
GoDaddy, Inc. Class A (b)	3,574		295,462
International Business Machines Corp.	25,317		6,136,588
VeriSign, Inc.	2,236		555,333
			12,028,389
Semiconductors & Semiconductor Equipment (14.3%)
Advanced Micro Devices, Inc. (b)	44,269		9,005,643
Analog Devices, Inc.	13,256		4,217,264
Applied Materials, Inc.	21,533		7,359,764
Broadcom, Inc.	128,623		39,810,105
First Solar, Inc. (b)	2,932		578,366
Intel Corp. (b)	127,375		5,621,059
KLA Corp.	3,573		5,260,921
Lam Research Corp.	33,877		7,238,160
Microchip Technology, Inc.	14,595		942,983
Micron Technology, Inc.	30,522		10,311,552
Monolithic Power Systems, Inc.	1,329		1,453,062
NVIDIA Corp.	659,220		114,967,968
NXP Semiconductors NV	6,842		1,346,916
ON Semiconductor Corp. (b)	10,689		661,863
Qnity Electronics, Inc.	5,594		645,436
QUALCOMM, Inc.	28,946		3,727,666
Skyworks Solutions, Inc.	4,079		218,430
Teradyne, Inc.	4,235		1,255,508
Texas Instruments, Inc.	24,607		4,777,203
			219,399,869
Software (8.1%)
Adobe, Inc. (b)	11,136		2,706,939
AppLovin Corp. Class A (b)	7,361		2,929,678
Autodesk, Inc. (b)	5,792		1,386,605
Cadence Design Systems, Inc. (b)	7,402		2,056,794
Crowdstrike Holdings, Inc. Class A (b)	6,824		2,664,158
Datadog, Inc. Class A (b)	8,833		1,042,736
Fair Isaac Corp. (b)	645		688,563
Fortinet, Inc. (b)	17,088		1,396,431
Gen Digital, Inc.	14,951		281,527
Intuit, Inc.	7,581		3,277,873
Microsoft Corp.	201,446		74,569,266
Oracle Corp.	46,002		6,767,354
Palantir Technologies, Inc. Class A (b)	61,970		9,064,972
Palo Alto Networks, Inc. (b)	21,922		3,514,535
PTC, Inc. (b)	3,191		454,685
Roper Technologies, Inc.	2,927		1,035,748
Salesforce, Inc.	25,419		4,744,965
ServiceNow, Inc. (b)	28,376		2,966,711
Synopsys, Inc. (b)	5,190		2,057,731
Trimble, Inc. (b)	6,445		420,407
Tyler Technologies, Inc. (b)	1,185		405,720
Workday, Inc. Class A (b)	5,778		750,678
			125,184,076
Technology Hardware Storage & Peripherals (7.3%)
Apple, Inc. (c)	398,276		101,078,466
Dell Technologies, Inc. Class C	8,062		1,323,216
Hewlett Packard Enterprise Co.	36,048		858,303
HP, Inc.	24,903		478,387
NetApp, Inc.	5,315		544,203
Sandisk Corp. (b)	4,019		2,553,431
Seagate Technology Holdings PLC	5,900		2,311,384
Super Micro Computer, Inc. (b)	13,635		310,469

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Western Digital Corp.	9,196	$	2,487,426
			111,945,285
Materials (2.1%)
Chemicals (1.2%)
Air Products & Chemicals, Inc.	6,051		1,757,755
Albemarle Corp.	3,126		561,211
CF Industries Holdings, Inc.	4,141		537,667
Corteva, Inc.	18,244		1,527,205
Dow, Inc.	19,465		810,717
DuPont de Nemours, Inc.	11,100		508,380
Ecolab, Inc.	6,931		1,843,785
International Flavors & Fragrances, Inc.	6,932		502,916
Linde PLC	12,697		6,294,665
LyondellBasell Industries NV Class A	6,969		561,423
Mosaic Co.	8,530		217,515
PPG Industries, Inc.	6,001		641,387
Sherwin-Williams Co.	6,269		2,009,528
			17,774,154
Construction Materials (0.2%)
CRH PLC	18,125		1,905,300
Martin Marietta Materials, Inc.	1,693		996,635
Vulcan Materials Co.	3,547		965,848
			3,867,783
Containers & Packaging (0.2%)
Amcor PLC	12,453		495,007
Avery Dennison Corp.	2,030		350,540
Ball Corp.	7,187		424,824
International Paper Co.	14,258		509,011
Packaging Corp. of America	2,382		505,508
Smurfit Westrock PLC	14,099		561,845
			2,846,735
Metals & Mining (0.5%)
Freeport-McMoRan, Inc.	38,945		2,289,187
Newmont Corp.	29,573		3,201,277
Nucor Corp.	6,223		1,052,310
Steel Dynamics, Inc.	3,703		666,540
			7,209,314
Real Estate (1.9%)
Health Care REITs (0.3%)
Alexandria Real Estate Equities, Inc.	4,153		192,782
Healthpeak Properties, Inc.	18,797		308,835
Ventas, Inc.	12,885		1,053,735
Welltower, Inc.	18,929		3,742,453
			5,297,805
Hotels & Resort REITs (0.0%)
Host Hotels & Resorts, Inc.	17,290		331,276

Industrial REITs (0.2%)
Prologis, Inc.	25,157		3,325,252

Office REITs (0.0%)
BXP, Inc.	3,933		204,123

Real Estate Management & Development (0.1%)
CBRE Group, Inc. Class A (b)	7,870		1,066,070
CoStar Group, Inc. (b)	11,424		460,844
			1,526,914
Residential REITs (0.2%)
AvalonBay Communities, Inc.	3,834		626,284
Camden Property Trust	2,734		267,003
Equity Residential	9,314		550,923
Essex Property Trust, Inc.	1,710		413,820
Invitation Homes, Inc.	15,235		378,590
Mid-America Apartment Communities, Inc.	3,136		382,968
UDR, Inc.	8,077		272,841
			2,892,429

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Retail REITs (0.3%)
Federal Realty Investment Trust	2,095	$	222,510
Kimco Realty Corp.	18,287		410,909
Realty Income Corp.	24,914		1,524,238
Regency Centers Corp.	4,435		335,552
Simon Property Group, Inc.	8,777		1,637,174
			4,130,383
Specialized REITs (0.8%)
American Tower Corp.	12,729		2,196,771
Crown Castle, Inc.	11,741		954,661
Digital Realty Trust, Inc.	8,751		1,577,018
Equinix, Inc.	2,666		2,613,320
Extra Space Storage, Inc.	5,671		743,638
Iron Mountain, Inc.	7,937		810,685
Public Storage	4,294		1,163,159
SBA Communications Corp.	2,838		488,448
VICI Properties, Inc.	28,963		791,269
Weyerhaeuser Co.	19,501		476,409
			11,815,378
Utilities (2.5%)
Electric Utilities (1.7%)
Alliant Energy Corp.	6,962		499,593
American Electric Power Co., Inc.	14,672		1,923,206
Constellation Energy Corp.	8,492		2,371,391
Duke Energy Corp.	21,046		2,755,763
Edison International	10,363		758,364
Entergy Corp.	12,271		1,378,770
Evergy, Inc.	6,205		508,314
Eversource Energy	10,087		698,827
Exelon Corp.	27,749		1,360,256
FirstEnergy Corp.	14,037		711,115
NextEra Energy, Inc.	56,497		5,247,441
NRG Energy, Inc.	5,782		844,982
PG&E Corp.	59,627		1,047,646
Pinnacle West Capital Corp.	3,215		323,911
PPL Corp.	20,014		764,535
Southern Co.	29,841		2,880,253
Xcel Energy, Inc.	15,985		1,269,848
			25,344,215
Gas Utilities (0.1%)
Atmos Energy Corp.	4,488		829,023

Independent Power And Renewable Electricity Producers (0.1%)
AES Corp.	19,263		271,416
Vistra Corp.	8,660		1,301,858
			1,573,274
Multi-Utilities (0.6%)
Ameren Corp.	7,498		824,180
CenterPoint Energy, Inc.	17,652		761,860
CMS Energy Corp.	8,257		640,578
Consolidated Edison, Inc.	9,714		1,099,431
Dominion Energy, Inc.	23,119		1,429,217
DTE Energy Co.	5,647		825,704
NiSource, Inc.	12,975		605,414
Public Service Enterprise Group, Inc.	13,472		1,090,558
Sempra	17,647		1,714,759
WEC Energy Group, Inc.	8,823		1,021,439
			10,013,140
Water Utilities (0.0%)
American Water Works Co., Inc.	5,305		721,957
Total common stocks (cost: $436,303,760)			1,516,312,621

Short-Term Securities (1.0%)
Investment Companies (1.0%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	16,066,508		16,066,508
Total short-term securities (cost: $16,066,508)			16,066,508

See accompanying notes to investments in securities.

SFT Index 500 Fund

Investments in Securities – continued

Total investments in securities (cost: $452,370,268)	$	1,532,379,129
Cash and other assets in excess of liabilities (0.0%)		590,574
Total net assets (100.0%)	$	1,532,969,703

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)	Fully or partially pledged as initial margin deposits on open futures contracts.

Holdings of Open Futures Contracts

On March 31, 2026, securities with an aggregate fair value of $35,530,600 have been pledged to cover margin requirements for the following open futures contracts:

Description		Expiration Date		Number of Contracts			Position Type		Notional Amount				Fair Value				Unrealized Appreciation/ (Depreciation)(a)
S&P 500 E-Mini Index Future		June 2026			47		Long		$	15,706,715			$	15,441,263			$	(265,452	)

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 fair 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 Funds may, as a practical expedient, estimate the fair value of an investment company based on the reported Net Asset Value (“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 and Foreign Currency Contracts

Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars at the closing rate of exchange. Foreign currency amounts related to the purchase or sale of securities, income and expenses are translated at the exchange rate on the transaction date.

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

For the purpose of hedging, efficient portfolio management, and/or enhancement of returns, the Funds may, from time to time, enter into currency forward contracts, including currency forwards and cross currency forwards, in addition to the use of other derivative instruments described herein (each of which may result in net short currency exposure). For hedging purposes, such transactions may be effected on non-U.S. Dollar denominated instruments owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. The Funds are not limited in their use of forward contracts in connection with direct hedging.

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.

Securian Funds Trust

Notes to Financial Statements – continued

Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value as determined by each relevant clearing agency and is aggregated at a Futures Commission Merchant (“FCM”) which is registered with the Commodity Futures Trading Commission or the applicable regulator. Subsequent payments (variation margin) are made or received by a Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. A Fund recognizes a realized gain or loss when the contract is closed or expired. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to a Fund’s assets in the segregated account. For a listing of open futures contracts see the Investments in Securities for each Fund.

Options Transactions

Each Fund may write (i.e., sell) covered call and secured put options and purchase and sell put and call options written by others. An option is a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised.

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 fair 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 fair value of the investment. At March 31, 2026, the SFT Core Bond Fund and SFT Real Estate Securities Fund held two and one illiquid securities with a fair value of $230,068 and $168,788 which represents 0.1% and 0.1% of net assets, respectively.

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement

The Trust utilizes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs when determining fair value. The hierarchy also establishes a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs include information market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the Trust’s estimates about the assumptions market participants would use in valuing the financial asset or liability based on the best information available in the circumstances. Level 1 includes unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed). Level 3 includes unobservable inputs, which may include the advisor’s own assumptions in determining the fair value of an investment or are based on independent non-binding broker quotes. Other financial instruments are derivative instruments not reflected in total investments, such as futures, swaps, and written options.

The following is a summary of the levels used as of March 31, 2026, in valuing the Fund’s assets and liabilities (please see the Investments in Securities for each Fund for a listing of all securities within each category):

	Fair Value Measurement at March 31, 2026 using
Fund	Level 1			Level 2		Level 3		Total
SFT Balanced Stabilization Fund
Assets
Government Obligations	$	—		$	9,779,162	$	—	$	9,779,162
Other Mortgage-Backed Securities		—			1,443,695		—		1,443,695
Corporate Obligations		—			176,121,921		—		176,121,921
Purchased Options		1,405,068			—		—		1,405,068
Investment Companies		359,583,929			—		—		359,583,929
Total Investments		360,988,997			187,344,778		—		548,333,775

Liabilities
Other Financial Instruments*
Futures Contracts		(794,993	)		—		—		(794,993	)
Written Options		(234,444	)		—		—		(234,444	)

SFT Core Bond Fund
Assets
Common Stocks		230,068			—		—		230,068
Government Obligations		—			275,180,135		—		275,180,135
Asset-Backed Securities		—			49,066,415		—		49,066,415
Other Mortgage-Backed Securities		—			43,887,958		—		43,887,958
Corporate Obligations		—			67,256,298		—		67,256,298
Bank Loans		—			6,573,700		—		6,573,700
Foreign Bonds		—			26,538,592		—		26,538,592
Convertible Foreign Bonds		—			531,949		—		531,949
Investment Companies		7,443,425			—		—		7,443,425
U.S. Government Agencies and Obligations		—			2,233,886		—		2,233,886
Total Investments		7,673,493			471,268,933		—		478,942,426

Other Financial Instruments*
Forward Foreign Currency Contracts		—			701,171		—		701,171
Futures Contracts		162,611			—		—		162,611

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at March 31, 2026 using
Fund	Level 1			Level 2			Level 3		Total
SFT Core Bond Fund (Continued)
Liabilities
Other Financial Instruments*
Forward Foreign Currency Contracts	$	—		$	(303,957	)	$	—	$	(303,957	)
Futures Contracts		(674,411	)		—			—		(674,411	)

SFT Equity Stabilization Fund
Assets
Investment Companies		241,738,906			—			—		241,738,906
Purchased Options		618,899			—			—		618,899
Total Investments		242,357,805			—			—		242,357,805

Liabilities
Other Financial Instruments*
Futures Contracts		(57,829	)		—			—		(57,829	)
Written Options		(103,267	)		—			—		(103,267	)

SFT Index 400 Mid-Cap Fund
Assets
Common Stocks		234,991,305			—			—		234,991,305
Investment Companies		4,969,800			—			—		4,969,800
U.S. Government Agencies and Obligations		—			999,993			—		999,993
Total Investments		239,961,105			999,993			—		240,961,098

Other Financial Instruments*
Futures Contracts		79,662			—			—		79,662

SFT Index 500 Fund
Assets
Common Stocks		1,516,312,621			—			—		1,516,312,621
Investment Companies		16,066,508			—			—		16,066,508
Total Investments		1,532,379,129			—			—		1,532,379,129

Other Financial Instruments*
Futures Contracts		(265,452	)		—			—		(265,452	)

SFT Nomura Growth Fund (formerly SFT Macquarie Growth Fund)
Assets
Common Stocks		542,553,953			—			—		542,553,953
Investment Companies		2,028,772			—			—		2,028,772
Total Investments		544,582,725			—			—		544,582,725

SFT Nomura Small Cap Growth Fund (formerly SFT Macquarie Small Cap Growth Fund)
Assets
Common Stocks		155,653,481			—			—		155,653,481
Investment Companies		2,580,449			—			—		2,580,449
Total Investments		158,233,930			—			—		158,233,930

SFT Real Estate Securities Fund
Assets
Common Stocks		114,468,736			—			—		114,468,736
Warrants		—			168,788			—		168,788
Investment Companies		934,866			—			—		934,866
Total Investments		115,403,602			168,788			—		115,572,390

Securian Funds Trust

Notes to Financial Statements – continued

Fair Value Measurement - (continued)

	Fair Value Measurement at March 31, 2026 using
Fund	Level 1		Level 2		Level 3		Total
SFT T. Rowe Price Value Fund
Assets
Common Stocks	$	199,699,960	$	—	$	—	$	199,699,960
Investment Companies		2,865,090		—		—		2,865,090
Total Investments		202,565,050		—		—		202,565,050

SFT Wellington Core Equity Fund
Assets
Common Stocks		126,688,467		—		—		126,688,467
Investment Companies		1,018,910		—		—		1,018,910
Total Investments		127,707,377		—		—		127,707,377

* 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.

Securian Funds Trust

Notes to Financial Statements – continued

Level 2 Measurements - (continued)

Forward Foreign Currency – These derivatives are traded in the over-the-counter derivative market and are principally valued using market price quotations or industry recognized modeling techniques. The significant inputs to the models are observable in the market or can be derived from or corroborated by observable market data. These significant inputs may include interest rates, foreign currency exchange rates, interest rate curves, contractual terms, market prices, and measures of volatility.

The Funds’ policy is to recognize transfers between the levels as of the end of the period. There were no transfers of financial assets between Levels 1, 2, and 3 during the period.

Other Risks

The Funds can invest in securities of foreign issuers, which may subject them to investment risks not normally associated with investing in U.S. securities. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war, acts of terrorism, financial institution failures, trade wars, including the imposition of tariffs, or other events, can adversely affect local and global markets and normal market operations.

	Shares		Value(a)
Mutual Funds (91.4%)
Investment Companies (91.4%)
iShares Core High Dividend ETF (b)		329,802	$	44,760,727
iShares MSCI EAFE Minimum Volatility Factor ETF (b)		671,769		61,379,534
iShares MSCI Emerging Markets Minimum Volatility Factor ETF (b)		215,206		13,930,284
iShares MSCI Germany ETF (b)		265,791		10,543,929
iShares MSCI USA Minimum Volatility Factor ETF (b) (c)		837,287		77,649,996
iShares Short Duration Bond Active ETF (b)		283,620		14,417,823
Total mutual funds (cost: $148,964,002)				222,682,293

Short-Term Securities (7.8%)
Investment Companies (7.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%		19,056,613		19,056,613
Total investments excluding purchased options (cost: $168,020,615)				241,738,906
Total purchased options outstanding (0.2%) (cost: $455,509)				618,899
Total investments in securities (cost: $168,476,124)				242,357,805
Cash and other assets in excess of liabilities (0.6%)				1,417,241
Total net assets (100.0%)			$	243,775,046

Description		Exercise Price			Expiration Date			Number of Contracts				Notional Amount				Value(a)
S&P 500 Index		$	6,550			April 2026			37			$	3,700			$	618,899

	Shares		Value(a)
Common Stocks (99.7%)
Communication Services (9.7%)
Entertainment (1.2%)
Netflix, Inc. (b)		67,144	$	6,455,895

Interactive Media & Services (8.5%)
Alphabet, Inc. Class A		119,792		34,447,388
Meta Platforms, Inc. Class A		20,717		11,852,817
				46,300,205
Consumer Discretionary (8.6%)
Automobiles (0.9%)
Ferrari NV		13,855		4,689,225

Broadline Retail (6.0%)
Amazon.com, Inc. (b)		157,462		32,794,611

Hotels, Restaurants & Leisure (1.7%)
Booking Holdings, Inc.		2,269		9,553,216

Consumer Staples (0.7%)
Beverages (0.7%)
Coca-Cola Co.		48,455		3,685,003

Financial (15.1%)
Capital Markets (7.2%)
Intercontinental Exchange, Inc.		98,016		15,415,956
MSCI, Inc.		17,881		9,638,038
S&P Global, Inc.		33,134		14,093,216
				39,147,210
Financial Services (7.9%)
Mastercard, Inc. Class A		32,759		16,368,362
Visa, Inc. Class A		88,278		26,681,143
				43,049,505
Health Care (9.3%)
Biotechnology (1.4%)
Gilead Sciences, Inc.		54,853		7,644,863

Health Care Equipment & Supplies (4.5%)
Edwards Lifesciences Corp. (b)		121,059		9,694,405
IDEXX Laboratories, Inc. (b)		9,045		5,082,295
Intuitive Surgical, Inc. (b)		20,636		9,512,989
				24,289,689
Health Care Technology (1.0%)
Veeva Systems, Inc. Class A (b)		32,116		5,641,497

Life Sciences Tools & Services (2.4%)
Danaher Corp.		67,934		12,880,286

Industrials (6.4%)
Commercial Services & Supplies (2.2%)
Waste Connections, Inc.		72,168		11,722,970

Ground Transportation (0.3%)
Old Dominion Freight Line, Inc.		8,910		1,741,014

Professional Services (3.9%)
Broadridge Financial Solutions, Inc.		36,500		5,930,520
Equifax, Inc.		23,215		4,180,325
Verisk Analytics, Inc.		59,614		11,311,756
				21,422,601
Information Technology (48.3%)
Communications Equipment (1.4%)
Motorola Solutions, Inc.		18,125		7,865,706

Semiconductors & Semiconductor Equipment (23.6%)
Advanced Micro Devices, Inc. (b)	54,607	$	11,108,702
Broadcom, Inc.	50,103		15,507,380
NVIDIA Corp.	484,201		84,444,654
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	51,182		17,296,957
			128,357,693
Software (14.0%)
Autodesk, Inc. (b)	19,820		4,744,908
Intuit, Inc.	17,608		7,613,347
Microsoft Corp.	163,537		60,536,491
Synopsys, Inc. (b)	8,735		3,463,253
			76,357,999
Technology Hardware Storage & Peripherals (9.3%)
Apple, Inc.	198,643		50,413,607

Materials (1.5%)
Construction Materials (1.5%)
Vulcan Materials Co.	30,398		8,277,375

Real Estate (0.1%)
Real Estate Management & Development (0.1%)
CoStar Group, Inc. (b)	6,539		263,783
Total common stocks (cost: $326,219,869)			542,553,953

Short-Term Securities (0.4%)
Investment Companies (0.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	2,028,772		2,028,772
Total short-term securities (cost: $2,028,772)			2,028,772
Total investments in securities (cost: $328,248,641)			544,582,725
Liabilities in excess of cash and other assets (-0.1%)			(456,059	)
Total net assets (100.0%)		$	544,126,666

	Shares		Value(a)
Common Stocks (98.1%)
Communication Services (2.5%)
Entertainment (2.5%)
IMAX Corp. (b)		104,233	$	3,961,896

Consumer Discretionary (9.1%)
Automobile Components (1.7%)
Dorman Products, Inc. (b)		12,074		1,260,042
Patrick Industries, Inc.		13,226		1,469,012
				2,729,054
Broadline Retail (1.4%)
Ollie's Bargain Outlet Holdings, Inc. (b)		24,823		2,284,709

Diversified Consumer Services (1.3%)
OneSpaWorld Holdings Ltd.		87,609		2,010,627

Hotels, Restaurants & Leisure (2.9%)
Cava Group, Inc. (b)		36,061		2,917,335
Shake Shack, Inc. Class A (b)		18,690		1,653,504
				4,570,839
Specialty Retail (1.8%)
Boot Barn Holdings, Inc. (b)		10,053		1,471,357
Group 1 Automotive, Inc.		4,149		1,371,784
				2,843,141
Consumer Staples (3.6%)
Consumer Staples Distribution & Retail (3.6%)
Chefs' Warehouse, Inc. (b)		42,647		2,535,364
PriceSmart, Inc.		21,490		3,234,245
				5,769,609
Energy (2.5%)
Energy Equipment & Services (0.9%)
Solaris Energy Infrastructure, Inc.		26,152		1,477,850

Oil, Gas & Consumable Fuels (1.6%)
APA Corp.		34,981		1,484,594
Magnolia Oil & Gas Corp. Class A		32,334		1,020,784
				2,505,378
Financial (8.4%)
Banks (2.5%)
Axos Financial, Inc. (b)		15,170		1,290,815
Seacoast Banking Corp. of Florida		88,453		2,679,242
				3,970,057
Capital Markets (3.1%)
Affiliated Managers Group, Inc.		2,935		812,115
Houlihan Lokey, Inc.		11,033		1,584,559
WisdomTree, Inc.		177,596		2,585,798
				4,982,472
Consumer Finance (2.2%)
FirstCash Holdings, Inc.		18,471		3,472,548

Financial Services (0.6%)
Paymentus Holdings, Inc. Class A (b)		37,294		947,267

Health Care (22.8%)
Biotechnology (7.1%)
Catalyst Pharmaceuticals, Inc. (b)		81,484		2,017,544
KalVista Pharmaceuticals, Inc. (b)		56,829		1,143,968
Mirum Pharmaceuticals, Inc. (b)		44,151		4,078,669
Travere Therapeutics, Inc. (b)		67,741		2,012,585
Vericel Corp. (b)		61,962		1,993,317
				11,246,083

Health Care Equipment & Supplies (2.7%)
Alphatec Holdings, Inc. (b)	141,289	$	1,537,224
Artivion, Inc. (b)	51,687		1,892,778
TransMedics Group, Inc. (b)	9,265		921,034
			4,351,036
Health Care Providers & Services (4.9%)
Encompass Health Corp.	31,565		3,053,283
GeneDx Holdings Corp. (b)	18,152		1,165,721
Guardant Health, Inc. (b)	20,819		1,923,051
HealthEquity, Inc. (b)	19,077		1,594,265
			7,736,320
Health Care Technology (0.5%)
Phreesia, Inc. (b)	85,105		713,180

Life Sciences Tools & Services (1.8%)
Adaptive Biotechnologies Corp. (b)	160,568		2,228,684
Repligen Corp. (b)	5,716		673,459
			2,902,143
Pharmaceuticals (5.8%)
ANI Pharmaceuticals, Inc. (b)	31,323		2,408,739
Axsome Therapeutics, Inc. (b)	13,705		2,316,419
Phathom Pharmaceuticals, Inc. (b)	131,796		1,464,254
Tarsus Pharmaceuticals, Inc. (b)	43,690		3,064,853
			9,254,265
Industrials (25.7%)
Aerospace & Defense (8.5%)
AAR Corp. (b)	28,987		3,172,917
AeroVironment, Inc. (b)	3,910		715,726
ATI, Inc. (b)	14,341		2,086,042
FTAI Aviation Ltd.	8,203		2,009,735
Kratos Defense & Security Solutions, Inc. (b)	8,679		611,956
Leonardo DRS, Inc.	50,362		2,242,116
Loar Holdings, Inc. (b)	14,804		848,121
Mercury Systems, Inc. (b)	13,218		963,724
York Space Systems, Inc. (b)	37,080		822,064
			13,472,401
Building Products (2.3%)
AAON, Inc.	17,912		1,482,218
Modine Manufacturing Co. (b)	10,236		2,218,243
			3,700,461
Construction & Engineering (5.1%)
Construction Partners, Inc. Class A (b)	22,503		2,500,533
Everus Construction Group, Inc. (b)	32,506		3,837,659
Legence Corp. Class A (b)	31,041		1,752,575
			8,090,767
Electrical Equipment (1.2%)
American Superconductor Corp. (b)	41,431		1,402,439
Bloom Energy Corp. Class A (b)	4,173		565,400
			1,967,839
Machinery (5.5%)
Atmus Filtration Technologies, Inc.	31,020		1,761,005
Federal Signal Corp.	6,622		716,103
Flowserve Corp.	25,917		1,905,159
SPX Technologies, Inc. (b)	11,840		2,367,290
Standex International Corp.	7,461		1,901,510
			8,651,067
Passenger Airlines (0.8%)
SkyWest, Inc. (b)	12,911		1,185,617

Professional Services (1.5%)
Huron Consulting Group, Inc. (b)	13,335		1,700,079
Willdan Group, Inc. (b)	9,705		743,015
			2,443,094

Trading Companies & Distributors (0.8%)
Xometry, Inc. Class A (b)	30,752	$	1,255,912

Information Technology (22.4%)
Communications Equipment (0.6%)
Lumentum Holdings, Inc. (b)	1,263		887,586

Electronic Equipment, Instruments & Components (7.9%)
Advanced Energy Industries, Inc.	15,365		4,958,439
Bel Fuse, Inc. Class B	5,582		1,105,125
Fabrinet (b)	1,156		602,877
Mirion Technologies, Inc. (b)	62,823		1,167,880
OSI Systems, Inc. (b)	17,616		4,677,224
			12,511,545
IT Services (1.1%)
DigitalOcean Holdings, Inc. (b)	19,744		1,693,640

Semiconductors & Semiconductor Equipment (7.3%)
Kulicke & Soffa Industries, Inc.	13,702		900,495
MACOM Technology Solutions Holdings, Inc. (b)	12,280		2,727,020
MKS, Inc.	12,508		2,874,463
Rambus, Inc. (b)	8,459		727,728
Silicon Motion Technology Corp. ADR	18,931		2,125,762
Synaptics, Inc. (b)	32,749		2,293,740
			11,649,208
Software (5.5%)
Agilysys, Inc. (b)	22,016		1,566,218
AvePoint, Inc. (b)	80,384		764,452
Descartes Systems Group, Inc. (b)	12,925		924,913
InterDigital, Inc.	3,873		1,169,646
Q2 Holdings, Inc. (b)	25,293		1,196,359
Rubrik, Inc. Class A (b)	20,028		980,771
SailPoint, Inc. (b)	110,867		1,467,879
ServiceTitan, Inc. Class A (b)	10,163		644,944
			8,715,182
Materials (1.1%)
Construction Materials (1.1%)
Knife River Corp. (b)	20,829		1,700,688
			1,700,688
Total common stocks (cost: $135,116,777)			155,653,481

Short-Term Securities (1.6%)
Investment Companies (1.6%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	2,580,449		2,580,449
Total short-term securities (cost: $2,580,449)			2,580,449
Total investments in securities (cost: $137,697,226)			158,233,930
Cash and other assets in excess of liabilities (0.3%)			515,386
Total net assets (100.0%)		$	158,749,316

	Shares		Value(a)
Common Stocks (98.8%)
Consumer Discretionary (1.6%)
Hotels, Restaurants & Leisure (1.6%)
Boyd Gaming Corp.		7,713	$	633,854
Caesars Entertainment, Inc. (b)		48,611		1,284,789
				1,918,643
Health Care (0.6%)
PACS Group, Inc. (b)		22,294		716,083

Real Estate (96.6%)
Diversified REITs (1.0%)
Essential Properties Realty Trust, Inc.		36,490		1,107,836

Health Care REITs (18.2%)
CareTrust REIT, Inc.		23,541		862,778
Healthcare Realty Trust, Inc.		136,635		2,321,429
Omega Healthcare Investors, Inc.		22,892		1,003,127
Ventas, Inc.		24,745		2,023,646
Welltower, Inc.		75,415		14,910,300
				21,121,280
Hotels & Resort REITs (2.5%)
Host Hotels & Resorts, Inc.		148,785		2,850,721

Industrial REITs (6.8%)
EastGroup Properties, Inc.		11,535		2,135,013
Prologis, Inc.		43,213		5,711,894
				7,846,907
Office REITs (3.5%)
BXP, Inc.		41,746		2,166,617
Highwoods Properties, Inc.		51,194		1,096,064
Hudson Pacific Properties, Inc. (b)		16,444		97,184
Kilroy Realty Corp.		939		26,489
SL Green Realty Corp.		19,821		732,188
				4,118,542
Residential REITs (10.4%)
Equity LifeStyle Properties, Inc.		14,460		902,593
Equity Residential		22,336		1,321,174
Essex Property Trust, Inc.		12,321		2,981,682
Invitation Homes, Inc.		78,471		1,950,004
Sun Communities, Inc.		28,558		3,597,166
UDR, Inc.		37,224		1,257,427
				12,010,046
Retail REITs (11.5%)
Agree Realty Corp.		60,350		4,549,183
Kimco Realty Corp.		130,510		2,932,559
Kite Realty Group Trust		76,136		1,869,139
Realty Income Corp.		30,354		1,857,058
Simon Property Group, Inc.		11,464		2,138,380
				13,346,319
Specialized REITs (42.7%)
American Tower Corp.		30,353		5,238,321
Crown Castle, Inc.		62,841		5,109,602
Digital Realty Trust, Inc.		54,881		9,890,105
Equinix, Inc.		7,781		7,627,247
Extra Space Storage, Inc.		38,475		5,045,227
Gaming & Leisure Properties, Inc.		19,834		880,035
Iron Mountain, Inc.		48,520		4,955,833
Lamar Advertising Co. Class A		4,529		573,643
Outfront Media, Inc.		33,166		878,899
Public Storage		9,368		2,537,604
SBA Communications Corp.		25,137		4,326,329

Weyerhaeuser Co.	96,992	$	2,369,514
			49,432,359
Total common stocks (cost: $107,507,304)			114,468,736

Warrants (0.2%)
Real Estate (0.2%)
Hudson Pacific Properties, Inc., Exp.12/31/49 (b) (c) (d)	28,902		168,788
Total Warrants (cost: $449,137)			168,788

Short-Term Securities (0.8%)
Investment Companies (0.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	934,866		934,866
Total short-term securities (cost: $934,866)			934,866
Total investments in securities (cost: $108,891,307)			115,572,390
Cash and other assets in excess of liabilities (0.2%)			237,178
Total net assets (100.0%)		$	115,809,568

Capital Markets (4.8%)
Charles Schwab Corp.	33,304	$	3,129,910
CME Group, Inc.	2,397		707,954
Goldman Sachs Group, Inc.	1,275		1,078,637
Intercontinental Exchange, Inc.	19,334		3,040,852
Morgan Stanley	10,042		1,652,612
			9,609,965
Consumer Finance (1.2%)
American Express Co.	7,785		2,354,807

Financial Services (3.7%)
Apollo Global Management, Inc.	2,000		222,840
Berkshire Hathaway, Inc. Class B (b)	12,205		5,848,636
Federal National Mortgage Association (b)	21,778		158,108
Visa, Inc. Class A	5,119		1,547,167
			7,776,751
Insurance (2.8%)
Allstate Corp.	11,529		2,390,423
Chubb Ltd.	3,669		1,195,837
MetLife, Inc.	11,261		796,378
Progressive Corp.	1,107		219,452
Travelers Cos., Inc.	3,402		992,295
			5,594,385
Mortgage REITs (0.3%)
Annaly Capital Management, Inc.	28,229		597,043

Health Care (12.8%)
Biotechnology (1.8%)
Gilead Sciences, Inc.	26,150		3,644,526

Health Care Equipment & Supplies (1.4%)
Abbott Laboratories	28,369		2,912,645

Health Care Providers & Services (5.6%)
Cencora, Inc.	9,139		2,870,925
CVS Health Corp.	18,800		1,350,216
Elevance Health, Inc.	2,509		734,510
Quest Diagnostics, Inc.	5,931		1,162,357
Tenet Healthcare Corp. (b)	12,925		2,439,077
UnitedHealth Group, Inc.	10,327		2,794,383
			11,351,468
Life Sciences Tools & Services (1.1%)
Danaher Corp.	971		184,102
Revvity, Inc.	22,438		1,965,793
			2,149,895
Pharmaceuticals (2.9%)
AstraZeneca PLC	6,749		1,331,038
Johnson & Johnson	13,491		3,297,740
Merck & Co., Inc.	10,436		1,255,346
			5,884,124
Industrials (14.8%)
Aerospace & Defense (0.5%)
Northrop Grumman Corp.	1,406		959,229

Commercial Services & Supplies (1.2%)
Republic Services, Inc.	10,929		2,393,670

Electrical Equipment (1.7%)
AMETEK, Inc.	15,916		3,411,754

Ground Transportation (2.2%)
CSX Corp.	50,251		2,062,804
Norfolk Southern Corp.	3,751		1,076,537
Old Dominion Freight Line, Inc.	6,265		1,224,181
			4,363,522

Machinery (8.3%)
Caterpillar, Inc.	3,712	$	2,629,804
Deere & Co.	9,386		5,287,134
Ingersoll Rand, Inc.	12,000		961,440
Otis Worldwide Corp.	13,106		1,010,210
Parker-Hannifin Corp.	1,917		1,716,175
Pentair PLC	14,100		1,228,251
Westinghouse Air Brake Technologies Corp.	16,041		4,008,806
			16,841,820
Professional Services (0.5%)
Equifax, Inc.	5,458		982,822

Trading Companies & Distributors (0.4%)
WW Grainger, Inc.	847		923,916

Information Technology (10.8%)
Communications Equipment (1.8%)
Arista Networks, Inc. (b)	10,105		1,240,692
Cisco Systems, Inc.	31,268		2,426,084
			3,666,776
Electronic Equipment, Instruments & Components (3.2%)
Keysight Technologies, Inc. (b)	22,728		6,417,705

IT Services (0.6%)
International Business Machines Corp.	5,274		1,278,365

Semiconductors & Semiconductor Equipment (4.7%)
Advanced Micro Devices, Inc. (b)	10,200		2,074,986
Analog Devices, Inc.	6,107		1,942,881
Intel Corp. (b)	23,494		1,036,790
KLA Corp.	849		1,250,076
Lam Research Corp.	5,728		1,223,845
Texas Instruments, Inc.	9,780		1,898,689
			9,427,267
Software (0.5%)
InterDigital, Inc.	1,772		535,144
Salesforce, Inc.	2,000		373,340
			908,484
Materials (4.3%)
Chemicals (1.7%)
Corteva, Inc.	5,200		435,292
Linde PLC	6,054		3,001,331
			3,436,623
Construction Materials (0.5%)
Martin Marietta Materials, Inc.	1,690		994,869

Containers & Packaging (2.1%)
Ball Corp.	24,947		1,474,618
International Paper Co.	47,533		1,696,928
Packaging Corp. of America	4,600		976,212
			4,147,758
Real Estate (3.4%)
Health Care REITs (1.1%)
Welltower, Inc.	10,874		2,149,898

Residential REITs (1.0%)
Equity LifeStyle Properties, Inc.	17,222		1,074,997
Essex Property Trust, Inc.	4,205		1,017,610
			2,092,607
Specialized REITs (1.3%)
Public Storage	6,841		1,853,090
VICI Properties, Inc.	29,327		801,214
			2,654,304
Utilities (3.5%)
Electric Utilities (2.4%)
Constellation Energy Corp.	4,700		1,312,475

Southern Co.	35,068	$	3,384,763
Xcel Energy, Inc.	2,708		215,124
			4,912,362
Gas Utilities (0.1%)
Atmos Energy Corp.	664		122,654

Multi-Utilities (1.0%)
Ameren Corp.	18,470		2,030,222
Total common stocks (cost: $167,137,596)			199,699,960

Short-Term Securities (1.4%)
Investment Companies (1.4%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	1,088,660		1,088,660
T. Rowe Price Government Reserve Fund, current rate 3.710%	1,776,430		1,776,430
Total short-term securities (cost: $2,865,090)			2,865,090
Total investments in securities (cost: $170,002,686)			202,565,050
Liabilities in excess of cash and other assets (-0.2%)			(439,248	)
Total net assets (100.0%)		$	202,125,802

	Shares		Value(a)
Common Stocks (99.2%)
Communication Services (11.4%)
Entertainment (1.5%)
Netflix, Inc. (b)		19,059	$	1,832,523

Interactive Media & Services (9.0%)
Alphabet, Inc. Class A		27,831		8,003,082
Meta Platforms, Inc. Class A		6,161		3,524,893
				11,527,975
Media (0.3%)
EchoStar Corp. Class A (b)		3,345		391,599

Wireless Telecommunication Services (0.6%)
T-Mobile U.S., Inc.		3,623		760,939

Consumer Discretionary (9.1%)
Automobiles (0.6%)
Tesla, Inc. (b)		1,968		731,604

Broadline Retail (4.9%)
Amazon.com, Inc. (b)		29,920		6,231,438

Distributors (0.6%)
Pool Corp.		4,109		831,374

Hotels, Restaurants & Leisure (0.9%)
Marriott International, Inc. Class A		3,331		1,089,470

Specialty Retail (2.1%)
AutoZone, Inc. (b)		367		1,239,645
Lowe's Cos., Inc.		6,348		1,499,906
				2,739,551
Consumer Staples (5.8%)
Beverages (0.6%)
Monster Beverage Corp. (b)		10,496		760,540

Consumer Staples Distribution & Retail (3.7%)
BJ's Wholesale Club Holdings, Inc. (b)		11,857		1,166,966
Casey's General Stores, Inc.		1,101		801,374
Performance Food Group Co. (b)		7,579		649,217
Walmart, Inc.		17,741		2,204,851
				4,822,408
Tobacco (1.5%)
Philip Morris International, Inc.		11,419		1,888,018

Energy (4.1%)
Oil, Gas & Consumable Fuels (4.1%)
Diamondback Energy, Inc.		2,030		401,514
EOG Resources, Inc.		4,448		643,047
Exxon Mobil Corp.		10,170		1,725,442
Phillips 66		3,156		574,960
Targa Resources Corp.		3,430		860,004
Williams Cos., Inc.		13,455		979,255
				5,184,222
Financial (11.5%)
Banks (4.1%)
Fifth Third Bancorp		18,215		846,269
JPMorgan Chase & Co.		9,351		2,750,690
Wells Fargo & Co.		20,353		1,620,302
				5,217,261
Capital Markets (3.6%)
Goldman Sachs Group, Inc.		1,656		1,400,959
Intercontinental Exchange, Inc.		9,099		1,431,091

KKR & Co., Inc.	4,479	$	414,308
Nasdaq, Inc.	16,361		1,388,885
			4,635,243
Consumer Finance (0.0%)
American Express Co.	187		56,564

Financial Services (1.9%)
Mastercard, Inc. Class A	4,891		2,443,837

Insurance (1.9%)
Arthur J Gallagher & Co.	5,713		1,237,321
Chubb Ltd.	3,533		1,151,511
			2,388,832
Health Care (9.6%)
Biotechnology (2.7%)
Gilead Sciences, Inc.	10,682		1,488,750
United Therapeutics Corp. (b)	1,222		724,622
Vertex Pharmaceuticals, Inc. (b)	2,804		1,252,098
			3,465,470
Health Care Equipment & Supplies (1.3%)
Abbott Laboratories	15,385		1,579,578

Health Care Providers & Services (1.6%)
Cencora, Inc.	4,009		1,259,387
HCA Healthcare, Inc.	1,713		810,660
			2,070,047
Pharmaceuticals (4.0%)
Eli Lilly & Co.	3,043		2,798,860
Johnson & Johnson	9,560		2,336,847
			5,135,707
Industrials (9.4%)
Aerospace & Defense (3.9%)
FTAI Aviation Ltd.	2,317		567,665
General Electric Co.	5,529		1,568,965
L3Harris Technologies, Inc.	3,467		1,196,635
RTX Corp.	8,758		1,689,418
			5,022,683
Building Products (1.4%)
Builders FirstSource, Inc. (b)	5,754		473,727
Trane Technologies PLC	2,998		1,249,386
			1,723,113
Commercial Services & Supplies (1.4%)
Cintas Corp.	5,825		985,240
Republic Services, Inc.	3,847		842,570
			1,827,810
Electrical Equipment (0.4%)
GE Vernova, Inc.	514		448,671

Machinery (1.6%)
Caterpillar, Inc.	227		160,820
ITT, Inc.	4,641		884,250
Parker-Hannifin Corp.	1,176		1,052,802
			2,097,872
Trading Companies & Distributors (0.7%)
Ferguson Enterprises, Inc.	3,833		894,086

Information Technology (31.4%)
Communications Equipment (1.1%)
Cisco Systems, Inc.	8,253		640,350
Motorola Solutions, Inc.	1,787		775,505
			1,415,855

Electronic Equipment, Instruments & Components (1.0%)
Corning, Inc.	8,850	$	1,203,334

Semiconductors & Semiconductor Equipment (13.9%)
Broadcom, Inc.	14,280		4,419,803
KLA Corp.	1,054		1,551,920
Micron Technology, Inc.	2,256		762,167
NVIDIA Corp.	59,619		10,397,554
NXP Semiconductors NV	3,226		635,070
			17,766,514
Software (7.8%)
Cadence Design Systems, Inc. (b)	1,308		363,454
Microsoft Corp.	20,162		7,463,367
Oracle Corp.	6,888		1,013,294
Palantir Technologies, Inc. Class A (b)	2,699		394,810
Trimble, Inc. (b)	11,580		755,363
			9,990,288
Technology Hardware Storage & Peripherals (7.6%)
Apple, Inc.	38,257		9,709,244

Materials (2.1%)
Chemicals (2.1%)
Linde PLC	2,863		1,419,361
Sherwin-Williams Co.	3,871		1,240,849
			2,660,210
Real Estate (2.1%)
Health Care REITs (1.2%)
Welltower, Inc.	7,540		1,490,734

Retail REITs (0.9%)
Simon Property Group, Inc.	6,527		1,217,481

Utilities (2.7%)
Gas Utilities (0.9%)
Atmos Energy Corp.	6,078		1,122,728

Multi-Utilities (1.8%)
Dominion Energy, Inc.	19,236		1,189,170
WEC Energy Group, Inc.	9,713		1,124,474
			2,313,644
Total common stocks (cost: $83,887,431)			126,688,467

Short-Term Securities (0.8%)
Investment Companies (0.8%)
State Street Institutional U.S. Government Money Market Fund, current rate 3.600%	1,018,910		1,018,910
Total short-term securities (cost: $1,018,910)			1,018,910
Total investments in securities (cost: $84,906,341)			127,707,377
Cash and other assets in excess of liabilities (0.0%)			54,461
Total net assets (100.0%)		$	127,761,838